V2X(US:VVX)2025-11-03 21:07Financial Performance - Record revenue of $1.17 billion, up 8% year-over-year[4] - Net income of $24.6 million, an increase of 63% from the prior year[5] - Adjusted EBITDA of $85.2 million, with a margin of 7.3%[5] - Adjusted diluted EPS of $1.37, up 6% year-over-year[4] - Net income for the nine months ended September 26, 2025, was $55,103,000, a significant increase from $9,651,000 for the same period in 2024, representing a growth of 471.5%[23] - Adjusted EBITDA for the nine months ended September 26, 2025, was $234,552,000, compared to $224,055,000 for the same period in 2024, reflecting an increase of 4.4%[29] - The adjusted net income for the nine months ended September 26, 2025, was $117,463,000, compared to $96,163,000 for the same period in 2024, indicating a growth of 22.1%[29] - The company reported an adjusted diluted earnings per share of $3.68 for the nine months ended September 26, 2025, compared to $3.01 for the same period in 2024, an increase of 22.2%[29] Revenue Guidance - Increased midpoint of 2025 revenue guidance to $4.5 billion[6] - Adjusted EBITDA guidance raised to $320 million[6] - Adjusted net cash provided by operating activities guidance lowered to $150 million[6] Cash Flow - Third quarter net cash provided by operating activities was $39.4 million[5] - Cash, cash equivalents, and restricted cash at the end of the period were $182,318,000, a decrease from $59,857,000 at the end of the same period in 2024[23] - The company experienced a net cash used in operating activities of $(27,484,000) for the nine months ended September 26, 2025, compared to $31,103,000 for the same period in 2024[30] Revenue Breakdown - Total revenue for the three months ended September 26, 2025, was $1,167,137,000, representing an increase of 7.9% compared to $1,081,656,000 for the same period in 2024[32] - Revenue for the nine months ended September 26, 2025, increased to $3,261,390,000 from $3,164,403,000, a growth of 3.1%[29] - Revenue from cost-plus and cost-reimbursable contracts increased by 8.1% to $702,557,000 for the three months ended September 26, 2025, compared to $649,925,000 in 2024[32] - Prime contractor revenue grew by 8.6% to $1,109,660,000 for the three months ended September 26, 2025, up from $1,021,497,000 in 2024[33] - Revenue from the United States increased by 13.2% to $684,659,000 for the three months ended September 26, 2025, compared to $604,872,000 in 2024[34] - Total revenue for the nine months ended September 26, 2025, was $3,261,390,000, a 3.1% increase from $3,164,403,000 in 2024[32] - Revenue from firm-fixed-price contracts decreased by 1.9% to $1,205,705,000 for the nine months ended September 26, 2025, compared to $1,229,565,000 in 2024[32] - Subcontractor revenue declined by 4.5% to $57,477,000 for the three months ended September 26, 2025, down from $60,159,000 in 2024[33] - Revenue from the Middle East decreased by 0.6% to $344,605,000 for the three months ended September 26, 2025, compared to $346,527,000 in 2024[34] - Revenue from Europe increased by 19.2% to $56,456,000 for the three months ended September 26, 2025, compared to $47,350,000 in 2024[34] - Time-and-materials revenue decreased by 1.9% to $28,052,000 for the three months ended September 26, 2025, compared to $28,599,000 in 2024[32] Contracts and Acquisitions - Awarded a $425 million contract to modernize F-16 cockpit displays for the U.S. Air Force[3] - Completed a strategic acquisition to enhance capabilities in the intelligence community[4] - The company reported a backlog of estimated future revenues under negotiated contracts, which is a key performance measure for assessing business performance[24] Segment Performance - The total revenue from the Navy segment increased by 6.6% to $390,542,000 for the three months ended September 26, 2025, compared to $366,217,000 in the same period of 2024[31] - The Air Force segment revenue saw a significant increase of 37.5%, reaching $167,571,000 for the three months ended September 26, 2025, compared to $121,863,000 in the same period of 2024[31]