8-K
filed May 9, 2023, 7:59 PM ET
ticker VVX
CIK 0001601548
earnings
confidence high
sentiment positive
materiality 0.70
V2X Q1 revenue $943.5M (+12% pro forma YoY), adj. EPS $0.80, reaffirms FY2023 guidance
V2X, Inc.
2023-Q1 EPS reported
-$0.57
revenue$943,460,000
- Q1 revenue $943.5M up 12% pro forma YoY; Pacific revenue surged ~300% YoY.
- Adjusted EBITDA $68.0M (7.2% margin); reported op. income $30.6M vs adj. $62.6M.
- GAAP diluted EPS ($0.57) on merger costs; adjusted diluted EPS $0.80.
- FY2023 guidance reaffirmed: revenue $3.8-3.9B, adj. EBITDA $290-310M, adj. EPS $3.80-4.30.
- Director Ed Boyington resigned; Abbas Elegba appointed to board (Vertex designee).
Key facts
Extracted from this filing and checked against the source text.
Earnings Releases
SEC 8-K Item 2.02
confidence 0.9
V2X, Inc. reported first quarter 2023 results: revenue $943.5 million, EPS Diluted EPS of ($0.57). Guidance reaffirmed.
- Period
- first quarter 2023
- Revenue
- $943.5 million
- EPS
- Diluted EPS of ($0.57)
- Guidance
- reaffirmed
- Result
- reported results
Exact text from the filing
99.1 PRESS RELEASE CONTACT: V2X, Inc. Mike Smith, CFA 719-637-5773 ir@gov2x.com V2X Announces Strong First Quarter 2023 Results First Quarter 2023 Highlights: • Revenue of $943.5 million, up 12.0% y/y on a pro forma basis • Continued expansion in the Pacific driving strong revenue growth of ~300% y/y • Awarded new contracts valued at ~$600 million and secured
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 1.0
Abbas Elegba was appointed as Director at V2X, Inc..
- Action
- appointed
- Role
- Director
Exact text from the filing
On May 8, 2023, in accordance with the terms of the Shareholders Agreement and at the request of Vertex Holdco, the Board appointed Mr. Elegba as a Class III Director to fill the vacancy on the Board created by reason of Mr. Boyington’s resignation for a term expiring at the 2026 Annual Meeting of Shareholders.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 1.0
John "Ed" Boyington Jr. resigned as Director at V2X, Inc..
- Action
- resigned
- Role
- Director
Exact text from the filing
Mr. John “Ed” Boyington, Jr. submitted to the Company’s Board of Directors (the “Board”) notice of his resignation from his position as a Class III Director of the Board and as member of its Strategy Committee, effective May 5, 2023.
View on SEC.gov
Shareholder Votes
SEC 8-K Item 5.07
confidence 0.9
V2X, Inc. shareholders approved Election of Class III Directors at the 2023-05-04 meeting.
- Proposal
- director election
- Outcome
- passed
- Meeting
- 2023-05-04
Exact text from the filing
1. Election of each of the persons named below as Class III Directors for a term of three years to expire at the 2026 Annual Meeting of Shareholders, or until their successors are elected and qualified, by the following vote. Class III Directors For Against Abstain Broker Non-Votes John "Ed" Boyington, Jr. 25,398,387 3,435,820 4,457 1,348,589 Melvin F. Parker 26,809,523 2,024,197 4,944 1,348,589 Stephen L. Waechter 27,699,951 1,133,793 4,920 1,348,589
View on SEC.gov
Shareholder Votes
SEC 8-K Item 5.07
confidence 0.9
V2X, Inc. shareholders approved Approval, on an advisory basis, of the compensation of the Company's named executive officers at the 2023-05-04 meeting.
- Proposal
- say on pay
- Outcome
- passed
- Meeting
- 2023-05-04
Exact text from the filing
3. Approval, on an advisory basis, of the compensation of the Company's named executive officers by the following vote. For Against Abstain Broker Non-Votes 26,766,126 1,966,013 106,525 1,348,589
View on SEC.gov
Shareholder Votes
SEC 8-K Item 5.07
confidence 0.9
V2X, Inc. shareholders approved Ratification of appointment of RSM US LLP as the independent registered public accounting firm for 2023 at the 2023-05-04 meeting.
- Proposal
- auditor ratification
- Outcome
- passed
- Meeting
- 2023-05-04
Exact text from the filing
2. Ratification of appointment of RSM US LLP as the independent registered public accounting firm for 2023 was approved by the following vote. For Against Abstain 30,166,253 13,282 7,718
View on SEC.gov
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