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Good afternoon, everybody. My name is Dominic Aquilina, Managing Director with Jeffries and the Aerospace Defense and Government Group. With me today, I've got Jeremy Wensinger, the President and Chief Executive Officer of V2X. Appreciate everyone's time. Just a quick format check before we jump in. I'm going to turn it over to Jeremy to kick it off with a few slides, an overview of the company. We'll go through a few discussion points, and then we'll open it up to the floor for questions if we've got remaining time. thanks and Jeremy over to you thank you appreciate the time thanks for taking the time especially during the lunch hour to do this so V2X plays in the government services space we are principally a provider to DOW and the intel community we do have some civil work with NASA and the FBI and DEA but most of it is either going to be MRO work or some very specific work that we do for NASA, and then obviously we have some classified work that is in the portfolio as well. About, you know, you can see about $4.9 billion in revenue, you know, 16,000-ish employees. We're in almost every single time zone around the globe. It's a global company in the sense of supporting our customers, and we support them in kind of numerous ways. Base operating support, so think about a base. Somebody's got to be able to run the infrastructure for the base so that We can support the warfighter or in the MRO world, keeping aircraft in the air for our customers. And then there's another leg of the business. It's a lot of engineering, doing very bespoke work for the Department of War and some other customers. But it's a Lot of Engineering. It's about a million square feet in Indianapolis that we support that engineering business with. And then, there's a C5ISR part of the portfolio, mostly services again. and in the intel space which is a lot of services so again around the globe high logistics company in terms of our ability to move equipment around around the world pretty good balance in terms of portfolio of customers but again we play in the o m budget which is of a pretty attractive budget when it comes to budgetary activity on the hill typically doesn't get caught up in all of of, you know, the congressional stuff. And so we like we like where we play. And we've seen good growth in our in our, in our business over the last couple of years. And principally, it's because we have been able to take the entire company to a lot of these bids and create separation differentiation with our customers. And I'll just highlight on the next page. And here's some recent awards. And you can see on the left hand side, it kind of spans the entire portfolio. So we're winning work in each of our portfolio areas. We think the differentiation that the combination of these companies came together several years ago is starting to bear fruit. And if you look at our book to bill or you look at our revenue growth, I think all the metrics are pointing in the same direction that I just conveyed. We've really started to see the benefits of this merger several years go. So with that. Yeah, we'll step in. Well, Jeremy, I want to congratulate you for your just passing your your two-year anniversary with with v2x um and just curious kind of what some of your key takeaways with your your time so so far with the company and kind of why are you most excited about moving forward yeah i in the two years the things that i've been most impressed by is um the persistence of the missions we support um they are they have long legs to them. They're enduring. And just the complicating side of how do you do business in all these foreign countries? How do we get licensing, bank accounts? All the stuff that in my prior job was a stumbling block because it was not a core muscle memory of those companies where it is, I think for V2X, it's been very impressive. And then just the ability to move equipment around the globe seamlessly. Big supply chain. I really did not appreciate that when I first came in. But again, I think when I look at the overall missions that we support and the enduring nature that they are and our customers' willingness to continually turn to us based on our execution for continued growth. We do an awful lot of on-contract growth and we're winning our fair share or more of new work as well. So, you know, it's been a great two years in terms of learning for me to understand what are those levers that drive the business outcomes. And we've built a good team. And so over that two-year period, we've seen it kind of transform from dispersed companies that kind of came together to now it's really one company and it's operating as one. You know, I think top of mind for investors is always from a macro perspective, the budget environment. I'd say right now it seems to be more dynamic than it's been in a long time. Part of that is the threat environment. But how do you think about V2X and their relative positioning against some of the funding priorities and where dollars are heading, like readiness, modernization, national security, evolving threats? Yeah, if you look at those awards that I was showing on the other page, they're mostly readiness and modernization type of awards. This administration has put a strong focus on us being ready and modernizing where we can. And it plays well in terms of the portfolio, and I think that's why we're experiencing the growth that we're having. And two, like I said before, a lot of where we're at, these are enduring missions that they're not going to go away overnight. So when I look at budgetary stuff, I look At the overall O&M budget, like i said before it typically doesn't get a lot Of notice other than just the dollar size in terms Of congress fussing with it. what they really want is they want to keep aircraft in the air keep bases protected keep our personnel um um in a way that they're ready to fight and so i think when i look at what we do really well and then when i Look at you know the indie facility our ability to take very quick react contracts and put them in a in a Way that puts them in the theater in a very short period of time i think that capability has really proven well for us and and for our customers being being nimble quick I always refer to us as kind of scrappy you know we we are very easily easy to work with and also that I think just quick in terms of our ability to be responsive to needs you mentioned the Indy facility and you know like they just double click on that a little bit you know you're doing some rapid prototyping some modernization work there I think in the last quarter you called out an award for the multi production of the carriage equipment strategic bomber fleet. You mentioned the Tempest CUAS system. Not something that I think maybe some investors think about when they're looking at a traditional services company. Talk a little bit more about what's going on there and kind of how that positions you for growth going forward. I think when I, I mean, obviously the carriage was something that that facility does very well and has for a long period of time. But when I look at the Tempost family of products, that really started with a customer who took a visit to the site and realized that we had a million square feet they had an urgent need we went from back of the napkin to fielding those systems in you know months so it isn't like i have a five-year development program and i go to l rip and i got a production we were in theater in months and um i think the customer and it and it was it was taking everything best to breed and putting it all together in one system for this customer because they had an urgent and compelling need. And I think that site has given us lots of opportunities, I think, as I look downstream. But also, we use that engineering capability when we bid other parts of the business. So if you think about our Center of Excellence that's in Orlando, Florida for proposal support, if we're doing a bid down there, we may have people from all parts ofthe business contributing to that bid because there might be an engineering requirement for it. There might be a logistics requirement for it. There might be an MRO requirement. Whatever it is, we tend to bring everybody into that facility that can support that proposal activity. And I think it's boding well for us. Our CTO has a nice, I think a very focused perspective on the technologies that are going to be relevant to our business in the future. And we're making progress on that, both internally and in terms of creating separation with us in a competitive environment with his work. That's great. Maybe quickly hitting on Q2 a little bit more. Obviously, results you announced a few weeks ago, off to a really strong start for the year. I think you talked about some of the growth you're seeing in the Pacific theater. Talk a little more about what you're seeing there, the opportunity there. Maybe just more broadly, when you kicked off the presentation, you mentioned the global presence as a differentiator against some of your peers. um you know maybe talk and double click on that a little bit yeah i i mean obviously the pacific rim is a a high area of interest for not just this administration but administrations going back we have presence there we have presents that i think matters and i think one of the things that people don't underscore enough is one is the contract vehicle so they can get access to you But two, being present in theater where they have an urgent need or they have an emerging need and they can quickly turn to you. And so when I see the Pacific Rim, I see growth coming in the Pacific Rim. You know, you just cannot underscore the fact that being with the customer shoulder to shoulder with them every day, like I'm going to fly to Quadrant here at the end of the month for the sole purpose of they have urgent and compelling needs. and I want them to know we're focused and we're committed. So I'm going to go there just like I went to the Middle East last year. So I think the Indo-PACOM, I see growth definitely. I see the opportunity really in all regions that we're at by being present. Customer returns to you. And that was, I think we announced in the first quarter, an award in Israel. That award doesn't happen, or the one in Balad, doesn't happened if I wasn't present in that theater. It's almost like a geographic incumbency. It is. It's really hard to replicate and challenge if you're not there. Right. Now, we're not the only people in Indopaycom, but I don't think you're going to do a lot of work in Indipaycom if you'RE not there, you know. You mentioned earlier that the billion dollars of awards that you announced on the Q2 call, as well as your backlog, which is almost $13 billion. dollars um how how do you think about how that translates into revenue visibility um for you know the next couple years here yeah i we have very good revenue visibility just based on the type of work that we're awarded when you're awarded a five-year contract you can pretty much um you know work your way down that revenue profile um the fact that we've had so few re-competes. I called it a re-compete holiday. So the stuff that we're winning now is almost entirely, except for C12, that was a recompete that we won, gives us that opportunity to grow the top line. And you're seeing it kind of fall through, right? And you'RE seeing it in terms of our trailing 12-month book to bill. We're well over one, which is good. That'll give some visibility to an analyst as to the growth profile that we'RE going to demonstrate in the future. But again, you know, when I look at our revenue, again, having so few re-competes and being able to put new bids on the street that are, you know, going to create new opportunities for the company, our average contracts last between five and seven years. So, you know, that $12 billion of backlog, you can kind of get an idea of what that revenue profile looks like. And then again, as we continue to add new work through our bid process, we'll just continue to replenish that backlog. Yep. Maybe following up on kind of the bid environment, I think you reported last year a 50% increase in bid velocity for 25, targeting 30% this year. Where are you seeing strongest demand? What's giving you confidence in kind of converting those bids into wins? Well, I thank you, Saul, on the awards. We are not struggling to find things to bid. you know we are we are working in every part of our capabilities has its has its own pipeline has has the ability to grow and so when I look at that 30 percent you know growth it is really across the portfolio there's really not one area that I'm seeing is more high demand than others and the other thing that I think gets a little bit underscored sometimes not enough is the fact that our on-contract growth is a core competency of this company. The ability to be sitting somewhere in one of the regions of the world, have an existing contract, and the customers say, I have an emerging need, can we just add it to your contract? That doesn't come across as a new win. That comes across as on- contract growth, and our team does an exceptional job at that. That's great. Your margins have been fairly steady over the past few years and quarters, fairly predictable. What are the levels you have? Is it business mix, product versus services scale? Is it AI efficiency that you could push that? Yeah. Well, we're 60% cost plus. So that kind of tells you that you're kind of frozen a little bit until we bleed that backlog off. Now, those awards that we put up there, they were all margin accretive. We are highly focused on, as I tell the team all the time, we are going to get paid for what we do because we do it really well. And so when we look at, you know, pricing, we look at what competitive discriminators can we put on the table that's going to make it a compelling technical offering, and can we make that then a margin accretive? The cash flow side is very predictable because of the nature of work that we do. And so we are very strong cash flow conversion. We're highly focused on margin accresion. But again, some of the, you Know, some of the older stuff that's sitting in backlog has bleed its way out as some of the new stuff comes in so it's not going to be like overnight we're like popping on margins it's going to the slow boil that you know that you have to kind of go through to get up there yeah and you mentioned the cost plus versus you know fixed price dynamic you know it's it's definitely being discussed kind of the shift in certain areas of the mission that the government's pushing more and more contractors to focus on on fixed price some you know with success some with you know some challenges what's your kind of philosophy we we push our customers all the time to convert our stuff to fixed price. We love fixed price, we do exceptionally well on fixed price work. And in many of the places where we're doing cost plus work, I've been doing it for 10 years on cost plus. I know what to do, you know. I think, you Know, one of the challenges that the our customers have is, you know, when Doge came around, a lot of contracting officers took the offer. And so I think they're terribly overworked. and they do a great job, but there's just not enough of them. And so when we look at fixed-price conversions, we'd love to see it go faster, but it's moving, just not as fast as we'd like it to happen. AI is obviously being discussed in every meeting. You're being asked about it several times. I've talked about it seven times already today. Can you tell us, maybe give us a little bit on the B2X AI story and kind of where you're investing, where you are excited about it. Yeah. And I get it. Every meeting you're in, somebody is going to have to mention AI. You got to check the box. Yeah, you got to Check the Box. I get that. You know, for us, you know, in the type of work that we do, I can spend my calories keeping an aircraft in the air by fixing a broken part or I can spent my calories preventing that part from breaking to keep that aircraft in air. So I'll give you one example. If an aircraft goes down for maintenance or repair, even though I might flip that aircraft that day, that pilot has to wait seven days to get back on schedule. So if you think about your training profile, if you've got six weeks to train on an aircraft, now I've just extended you to seven weeks versus if I could get in front of that repair earlier. So what we're spending calories on AI is creating digital twins, digital twins of every aircraft that we service, digital twins of bases that we support. And it gives us the ability because we own all the data. So when we went to Google and IBM and all that, the advantage that I had with them is AI is on their critical path. And I wanted to hook my wagon to somebody whose future was dependent on them being great at AI. And I own all The Data, which was attractive to them. So taking our data and using it in a way that does more predictive analytics than reactive analytics is where we see AI being an enabler for us going forward. And then the corollary to that is we're using it internally, whether it's in writing software code, whether it's using bots to make your experience at the help desk better, whether it's using AI to help our supply chain better manage the global logistics. So we've kind of embraced it. And I will tell you, Google has been a tremendous partner. They've been wonderful to work with, and we're excited about the prospects of this going forward. On the digital twin side, are you finding that more to be kind of a pull from the customer, just a differentiator that you're able to bring? That's what, yeah. To kind of take labor out or be more competitive on pricing? How is it actually? I think it's all of the above. You know, the customer didn't ask for it. And we just saw this as a requirement for us to be relevant in the future. You know, and so not moving was going to mean we were not relevant. And so this is for us To Be Relevant. Give them a better solution. Give them better readiness rates and save them money in the long run. Yeah, that makes sense. Maybe flipping a little bit to the balance sheet. You guys have been steadily delivering. I think you're targeting below, at or below two times for the end of the year. As you continue to delever, kind of how are you thinking about capital deployment going forward and, you know, investment organic versus, you know, potentially M&A? Yeah, I think, you know, our internal investments are built into our rates. So, you know, that's really not a capital allocation strategy as much as it is more of an expense strategy and making sure we maintain our competitiveness from an expense standpoint. But when I look at the balance sheet and, you know get us to two or less, you know, in, in terms of capital deployment, we will be very disciplined, uh, on how we think about deploying that capital, you know, or there are areas that we're not going to change our stripes. So if we look at anything in terms OFM and a, it's going to be right down main street with what we do. So I'll give you the example. When we bought the, you Know, we did a small deal last year on kinetic. It was the Intel business. Um, the reason that we did that was there was a place in the Intel community that you, You can't bid there unless you have the tickets. We had tickets in a lot of other places, but this one gave us tickets to a place that buys the same things that we do today. They have global requirements. They have aircraft. So there's a lot OF things we can do for them that we already do for other people. And so what I always say, it kind of filled in a circle for us. It was small, but it was a very important strategic move. So when I think about acquisitions going forward, if in time we ever do one, it's going to be consistent with who we are. And it's either going to augment something we do already and give us more access to a customer or another capability that's going to augment what we already have and make us an even bigger player in that market. So, again, it'S not like we're going to go fly off the reservation and do something really, you know, turn left with the portfolio strategy. I like what we do. It's a very, very sticky business. And I think our customers appreciate our commitment to it because, you know, they keep turning to us in these awards. And I Think the best demonstration of someone's confidence in you is they keep awarding you work. So I, I like what we do. Yeah. Maybe one, one more question to kind of wrap up or wrap to where you, where you started. I mean, when you join, you Know, V2X was in year maybe two or three of its combination. Yeah, I think it was year two. I'm curious if you could talk about some examples of the power of the combination where you're succeeding in taking the capabilities and the combined footprint of the business to make a difference and win awards. I think – and I didn't bid. It was an award that happened right as I arrived, and that was the WTRS program. I don't think V2X would have been capable of bidding that without these companies coming together. It brought the best of all three parts of the company, the global logistics, the training side of it, some of the engineering side. So it was a good proof point that the investment thesis made sense. We have continued to use that investment thesis as we bid stuff. It's not uncommon, as I said, to show up in Orlando, and you will have multiple sides of the company all sitting around the table trying to figure out how we bring the best of the best to that offering. So I think the investment thesis was right. But staying true to who we are is probably the most important thing because, one, it's a very, very large market. it. We have competitive, I think we have competitive cost structure, and I think we have a competitive differentiation in terms of how we look at it with that global footprint and the engineering side of it. So, you know, I get excited about the portfolio going forward because, again, I'm not lacking things to go bid. You know, in many instances, it's, you know, we are resource constrained with people. You know, how many multi-billion dollar bids can you get out the door in one month, right? You know, you can only do so many. And so, you know, we're very selective about what we bid based on our ability to win it. But again, I think it's a great market. Yeah, maybe to that point, like, how are you prioritizing, you know, this, this plethora of opportunities that you're seeing? It is probably the hardest thing in our space is to figure out what you're not going to bid before what you bid. Because there are so many opportunities. And then there's just certain certain segments that are less attractive to us, even though it's a similar type work, that segment might be less attractive. And so we have a very good, what I call vetting process on how a bid arrives at a gate review and makes it way all the way up to an offering. So I love the discipline that we have in place. And, you know, I think it's standard around our, you know our industry, but I like the way we've done it. And I think it's proven to be a success model for us. That's great. Well, I want to give you the opportunity to provide some closing remarks, anything you want to leave with the audience. And I think we have a few minutes left to see if there's any. Yeah, no, I won't. Thank you for the time. I appreciate you showing interest in the company. Like I said, it's it is a great business and it's a great business model because of the nature of the work that we do ends up being, like I said very sticky and nationally important, you know, keeping training pilots, keeping aircraft in the air, you Making sure our bases are well operating and secure for the warfighter. If you can't get excited about doing this type of work, you're not going to get excited about national defense. And so I love what we do for a living, and I love the engineering component. I love that we took something that was on the back of a napkin, went in theater in six-ish months, and had a 97% kill rate. Incredible. Yeah. It's just fascinating to watch them do it. Anyway, thank you for the time, and I appreciate you showing interest in the company. Thanks. Any questions from the audience? Well, thank You, guys. Appreciate the time. Thank you.