V2X, Inc.

Thank you for joining us for the V2X Fourth Quarter and Full Year 2025 Earnings Conference Call and Webcast. Today's call is being recorded. My name is Gary, and I'll be the operator for today's call. At this time, all participants have been placed in a listen-only mode. Following management's presentation, I will open up the call for a Q&A session. To ask a question, you may press star, then 1 on your telephone keypad. To withdraw your question, please press star, then two. And now I'll pass the call over to your host, Mike Smith, Vice President of Treasury, Investor Relations, and Corporate Development at V2X. Please go ahead.

Thank you. Good afternoon, everyone. Welcome to the V2X fourth quarter and full year 2025 earnings conference call. Joining us today are Jeremy Wenziger, President and Chief Executive Officer, and Sean Morrell. Senior Vice President and Chief Financial Officer. Slides for today's presentation are available on the investor relations section of our website, gov2x.com. Please turn to slide two. During today's presentation, management will be making forward-looking statements pursuant to the safe harbor provisions of the federal securities laws. Please review our safe harbor statements in our press release and presentation materials for a description of some of the factors that may cause actual results to differ materially from the results contemplated by these forward-looking statements. The company assumes no obligation to update its forward-looking statements. In addition, in today's remarks, we will refer to certain non-GAAP financial measures because management believes such measures are useful to investors. You can find a reconciliation of these measures to the most comparable measure calculated and presented in accordance with GAAP on our slide presentation and in our earnings release filed with the SEC, both of which are available on the investor relations section of our website. At this time, I'd like to turn the call over to Jeremy.

Thank you, Mike, and good afternoon, everyone. Thank you for joining us today. Please turn to slide three. Today, we'll be providing a recap of our fourth quarter and full year financials for 2025. We will also share more on our positioning and expectations for 2026. I'm pleased with the team's execution and our financial performance, which underscores the strength of our strategy and alignment with national security priorities for readiness and modernization. Looking to the future, we are focused on leading with innovation. We are continuing to prioritize investments and expanded partnerships to deliver innovative solutions that anticipate and fulfill our customer requirements. These growth priorities are further supported by the strength of our capital structure. We continue to see momentum across the business coming through contract wins in our key growth areas, and we are encouraged by the ongoing demand for our mission solutions. As we continue to execute our strategy and innovate the base, we are doing so from a strong position. Our focus on cash generation has yielded positive results. We have a strong capital structure and the flexibility to strategically deploy capital. We believe E2X is well positioned to continue delivering enhanced value for both customers and shareholders in 2026, as supported by the financial outlook we provided today. With that, let's turn to slide four. With more detail around the fourth quarter and full year 2025 results and the progress we made, We reported solid top line growth and strong operating performance. In the fourth quarter, we drove record quarterly revenue, adjusted EBITDA, and adjusted cash flow. This is a testament to our commitment to generate value. Revenue increased 5% year over year to a record $1.22 billion. For the full year, revenue grew 4% to $4.48 billion, hitting the upper end of our 2025 guidance range. Adjusted EBITDA was $88.7 million for the quarter, a record for the company. In exceeding our expectations, we delivered a full-year adjusted EBITDA of $323.3 million with a margin of 7.2%. Adjusted net income was $49.3 million, and adjusted EPS was $1.56, both representing double-digit year-over-year growth. Adjusted net income was $166.8 million for the full year, representing a 20% increase year over year. Adjusted diluted EPS was $5.24 for 2025, increasing 21% year over year. Our ongoing emphasis on reducing debt and generating cash allowed us to improve our net debt by $116 million compared to last year. As a result, our net leverage ratio now stands at 2.2 times. Sean will share more of our financials and our outlook later in the presentation. Turning to slide five, the progress we have made this year exemplifies how our readiness-enabled solutions continue to support our customers' evolving requirements and create tailwinds for continued growth. We have won a number of recent contracts across key growth areas, reflecting both the depth of our customer relationships and our ability to deliver at-scale, complex, high-consequence missions. In 2025, we delivered two contract wins valued at more than $1 billion each and 10 awards, each exceeding $100 million. In supporting mission readiness, the successful T-6 aircraft award represents approximately $4.3 billion and underscores customer confidence in our execution and industry-leading readiness rate. Similarly, the F-16 Modernization and Services Award reflects our ability to support fleet readiness through modernization, sustainment, integrated support, and capabilities that remain essential to our customers' mission priorities. We are also seeing continued traction in training and services. The more than $100 million General Motors Training Award demonstrates how our core competency translates effectively across both defense and commercial environments. In advanced capabilities, the MDA SHIELD IDIQ Award positions us to extend our space domain awareness and emerging missile defense priorities. The Advanced Technology Support Program, IDIQ, reflects our growing role in rapid development and fielding of emerging technologies, an area where speed, integration, and trust batter deeply. For national security programs, our classified awards across cyber operations and systems reinforce the relevance of our capabilities in highly sensitive mission critical environments. Looking ahead, our qualified pipeline stands at more than $60 billion, reflecting both scale of opportunities and demand for our offerings. We talked through 2025 about an increase of 50% in bid velocity, and that's exactly what we did. Our continued investment in people, process, and technology have allowed us to pursue expanded opportunities. In 2026, we are targeting an additional 30% increase as we further leverage investments to capture larger and more complex programs. We are confident in our momentum exiting 2025 and our ability to carry it forward. We are aligned with well-funded priorities, have secured long-duration programs, and are positioned with customers who value proven execution. Before we move on, I want to note that this slide really represents a company that's winning. V2X excels in mission-critical work with long-term customers in areas aligned with national security priorities. As we look ahead, we believe this foundation positions V2X well for continued growth. Turning to slide six, I'd like to discuss something that we are very excited about and the transformation it represents. We are continuing to build our technology-first foundation. including targeted investment and best-in-class partnerships. These efforts are driving innovation across our base and improving outcomes for our customers. Let me walk through how we think about this. Our investments are focused on high growth opportunities where technology can accelerate modernization and strengthen our technical depth for customers. These investments are designed to use data to move us faster from concept to deployment while remaining tightly aligned with mission needs. Second, we are partnering with the best. We recognize that innovation at scale requires access to world-class platforms and capabilities. That's why we've established partnerships with leading technology companies that bring AI, data automation, and advanced robotic capabilities to deliver mission outcomes. Recently, we announced a partnership with Amazon Web Services to advance smart warehousing and global logistics automation. This partnership helps modernize supply chains, improve visibility, and enhance resilience across distributed operations. We also recently partnered with Google Public Sector to deploy secure, responsible AI solutions in a way that meets the stringent security and compliance requirements of our customers. These partnerships allow our customers to benefit from proven, scalable platforms. And V2X provides the mission context, integration experience, and operational know-how needed to deploy them effectively at speed. These initiatives allow us to apply top-tier innovation across our base. We will be able to innovate program execution through predictive, data-enabled solutions to improve decision-making, increase speed, and drive more consistent outcomes. Simply put, we are deepening our bias for innovation. We are transforming our global presence into a true global persistence through speed and execution. With operations expanding some of the most complex environments in the world, speed matters. By connecting data systems and teams across geographies, we will be able to execute faster, respond quicker, and deliver consistent performance at scale. we are turning our footprint into a strategic advantage. When we put it all together, you can see how our capabilities come to life. This is what we mean by technology-first solutions, mission-tested engineering, and global persistent operations working together. No one is better positioned than V2X to meet the mission needs of our customers today and tomorrow. Our recent progress reflects our strategy, and as we continue to invest, partner, and innovate with discipline, We believe V2X is uniquely positioned to extend that momentum, delivering greater value for our customers and creating sustainable long-term value for our shareholders. With that, I'll turn the call over to Sean for a review of our financials.