Record Revenue and Profitability for Aviation
Segment
VSE Corporation (NASDAQ: VSEC, "VSE", or the "Company"), a
leading provider of aftermarket distribution and repair services,
announced today results for the first quarter 2024.
FIRST QUARTER 2024 RESULTS(1)
(As compared to the First Quarter 2023)
- Total Revenues of $241.5 million increased 28.1%
- GAAP Net Income of $12.1 million increased 49.0%
- GAAP EPS (Diluted) of $0.76 increased 20.6%
- Adjusted EBITDA(2) of $32.3 million increased 36.7%
- Adjusted Net Income(2) of $13.9 million increased
50.2%
- Adjusted EPS (Diluted)(2) of $0.87 increased 22.5%
1 From continuing operations
2 Non-GAAP measure. See additional
information at the end of this release regarding non-GAAP financial
measures
MANAGEMENT COMMENTARY
“We completed the first quarter of 2024 with record financial
results," said John Cuomo, President and CEO of VSE Corporation.
"Our Aviation segment reported 43% revenue growth and record
Adjusted EBITDA margins of 17% in the quarter. The Aviation
segment's robust results were supported by strong execution on
recently awarded distribution and MRO agreements, the introduction
of new product and service capabilities, the launch of a newly
acquired OEM licensed manufacturing program, and contributions from
the Desser Aerospace acquisition. Our Fleet segment continued to
diversify its customer base, driving strong growth in commercial
and e-commerce customers, offset by a near-term decrease in
maintenance activity within the United States Postal Service.”
Mr. Cuomo continued, “As previously communicated, our 2024 focus
is program implementation and execution. This involves the
expansion of a recently announced agreement with Pratt &
Whitney Canada to support Europe, Middle East, and Africa ("EMEA"),
the launch of the newly acquired OEM licensed manufacturing
program, and the integration of newly acquired businesses. As we
embark on this transformation and with our continued focus on
aviation aftermarket expansion, I am confident in our team’s
ability to execute these strategic initiatives while continuing to
drive above-market revenue growth and improved profitability.”
STRATEGIC UPDATE
- TURBINE CONTROLS ACQUISITION: On April 24, 2024, VSE
completed the acquisition of Turbine Controls, Inc. ("TCI"), a
leading provider of aftermarket maintenance, repair and overhaul
(“MRO”) support services for complex engine components, as well as
engine and airframe accessories. VSE acquired TCI for a total
consideration of approximately $120 million, comprising $110
million in cash and $10 million of common shares of the Company,
subject to working capital adjustments. TCI expands VSE's
OEM-authorized repair capabilities and increases VSE's exposure to
the commercial aviation market. In early May, the TCI team accepted
a key supplier award from Collins Aerospace, exemplifying TCI's
commitment to excellence and program execution.
- AVIATION NEW PROGRAM EXECUTION AND ACQUISITION UPDATE:
- The launch of the Pratt & Whitney Canada EMEA program,
announced in the fourth quarter of 2023, remains on track with the
opening of a new distribution facility in Hamburg, Germany, and the
initial shipments to customers in the first quarter.
- The Honeywell Fuel Controls program, announced in the fourth
quarter of 2023, is outpacing early expectations, contributing to
margin growth in the first quarter. The expansion of the Aviation
segment's Kansas facility, the future center of excellence for the
fuel control program, is on track to be operational by the end of
this year.
- During the first quarter, VSE Aviation expanded and renewed an
OEM engine accessory part distribution agreement for 10-years,
valued at approximately $175 million over the life of the
program.
- The integration of Desser Aerospace is in process and remains
on track to be completed over the next twelve-months, and is
expected to drive revenue growth and margin expansion.
- FEDERAL AND DEFENSE DIVESTITURE AND CORPORATE
RESTRUCTURING: In February 2024, VSE completed the sale of
substantially all of its Federal and Defense segment (“FDS”)
operating assets. The FDS sale was completed for a total cash
consideration of $44.0 million, subject to post-closing
adjustments. In the first quarter of 2024, we recognized an $18.7
million loss, net of tax, related to the FDS separation, which
includes a non-cash loss on the FDS Sale, other FDS impairment, and
loss from FDS operations and other one-time transaction expenses.
As previously disclosed, the Company expects to recognize
additional restructuring charges ranging from $15 to $18 million
related to certain corporate restructuring initiatives as we
complete all transition work by the end of 2024.
FIRST QUARTER SEGMENT RESULTS
Aviation segment revenue increased 43% year-over-year to
a record $162.4 million in the first quarter of 2024. The
year-over-year revenue improvement was attributable to strong
program execution of new and existing distribution awards,
increased MRO activity, and contributions from recent acquisitions.
On an organic basis, revenue increased approximately 20%, as
compared to the prior-year period. Aviation distribution and repair
revenue increased 38% and 58%, respectively, in the first quarter
of 2024, versus the prior-year period. The Aviation segment
reported operating income of $22.3 million in the first quarter,
compared to $15.7 million in the same period of 2023. Segment
Adjusted EBITDA increased by 46% in the first quarter to $27.7
million, versus $18.9 million in the prior-year period. Adjusted
EBITDA margin was 17.0%, an increase of approximately 30 basis
points versus the prior-year period, driven primarily by favorable
price and product mix, along with strong MRO revenue growth.
Fleet segment revenue increased 5% year-over-year to
$79.2 million in the first quarter of 2024. Revenue from commercial
customers increased 37% on a year-over-year basis, driven by growth
in e-commerce fulfillment and commercial fleet sales. Commercial
revenue represented 56% of total Fleet segment revenue in the
period. Revenue from the United States Postal Service ("USPS")
declined approximately 19% on a year-over-year basis. This revenue
decline was primarily driven by USPS' transition to a new Fleet
Management Information System, which is expected to be completed in
the third quarter of 2024, resulting in a temporary reduction in
maintenance related activity and parts usage. The Fleet segment
reported operating income of $6.6 million in the first quarter,
compared to $5.9 million in the same period of 2023. Segment
Adjusted EBITDA decreased 7%year-over-year to $7.5 million, and
Adjusted EBITDA margin declined approximately 130 basis points to
9.5%, primarily driven by customer and product mix.
FINANCIAL RESOURCES AND LIQUIDITY
As of March 31, 2024, the Company had $175 million in cash and
unused commitment availability under its $350 million revolving
credit facility maturing in 2026. As of March 31, 2024, VSE had a
total net debt outstanding of $471 million. Pro forma net leverage
was approximately 3.7 times EBITDA as of the end of the first
quarter.
Following the acquisition of TCI in April 2024, VSE's pro forma
net leverage ratio is expected to be approximately 4.1 times. Pro
forma net leverage is expected to be below 4 times by year-end,
driven by free cash flow generation in the second-half of the
year.
GUIDANCE
VSE is increasing its full-year 2024 revenue growth and Adjusted
EBITDA margin guidance for its Aviation segment. The guidance is as
follows:
- Aviation segment full-year 2024 revenue guidance range is
increasing from 24% to 28% to 34% to 38% growth, as compared to the
prior year, to reflect both current business performance and
current year contributions from the recent TCI acquisition.
- Aviation segment full-year 2024 Adjusted EBITDA margin guidance
range is increasing from 15% to 16% to 15.5% to 16.5%.
VSE is revising its full-year 2024 revenue growth and Adjusted
EBITDA margin guidance for its Fleet segment. The new guidance is
as follows:
- Fleet segment full-year 2024 revenue guidance range is
decreasing from 13% to 17% to a 0% to 5%, as compared to the prior
year. The USPS has decided to migrate all of their vehicle
maintenance facilities to a new Fleet Management Information System
("FMIS") in 2024, which is resulting in a temporary decline in the
number of transactions processed at converted facilities. To date,
the USPS has migrated one-third of their facilities to this new
system and expects to convert the remaining facilities by the end
of the third quarter of 2024. As a result, the Company expects USPS
revenue to decline 30% to 35% for the full year 2024, offset by an
approximate 40% increase in commercial revenue. The USPS recovery
following this temporary decline is anticipated to begin in the
fourth quarter of 2024.
- Fleet segment full-year 2024 Adjusted EBITDA margin guidance is
6% to 8%, driven by lower USPS sales volume and an increased mix of
commercial customers.
FIRST QUARTER RESULTS
Three months ended March 31,
(in thousands, except per share data)
2024
2023
% Change
Revenues
$
241,539
$
188,587
28.1
%
Operating income
$
24,174
$
16,778
44.1
%
Net income from continuing operations
$
12,100
$
8,120
49.0
%
EPS (Diluted)
$
0.76
$
0.63
20.6
%
FIRST QUARTER SEGMENT RESULTS
The following is a summary of revenues and operating income for
the three months ended March 31, 2024 and March 31, 2023:
Three months ended March 31,
(in thousands)
2024
2023
% Change
Revenues:
Aviation
$
162,383
$
113,235
43.4
%
Fleet
79,156
75,352
5.0
%
Total revenues
$
241,539
$
188,587
28.1
%
Operating income (loss):
Aviation
$
22,310
$
15,664
42.4
%
Fleet
6,617
5,899
12.2
%
Corporate/unallocated expenses
(4,753
)
(4,785
)
(0.7
)%
Operating income
$
24,174
$
16,778
44.1
%
The Company reported $7.7 million of total capital expenditures
for three months ended March 31, 2024.
NON-GAAP MEASURES
In addition to the financial measures prepared in accordance
with generally accepted accounting principles ("GAAP"), this
earnings release also contains Non-GAAP financial measures. These
measures provide useful information to investors, and a
reconciliation of these measures to the most directly comparable
GAAP measures and other information relating to these Non-GAAP
measures is included in the supplemental schedules attached.
NON-GAAP FINANCIAL INFORMATION
Adjusted Net Income from Continuing Operations and Adjusted
EPS
Three months ended March 31,
(in thousands)
2024
2023
% Change
Net income from continuing operations
$
12,100
$
8,120
49.0
%
Adjustments to income from continuing
operations:
Acquisition, integration and restructuring
costs
2,348
1,475
59.2
%
14,448
9,595
50.6
%
Tax impact of adjusted items
(586
)
(368
)
59.2
%
Adjusted net income from continuing
operations
$
13,862
$
9,227
50.2
%
Weighted average dilutive shares
15,940
12,926
23.3
%
Adjusted EPS (Diluted)
$
0.87
$
0.71
22.5
%
EBITDA and Adjusted EBITDA
Three months ended March 31,
(in thousands)
2024
2023
% Change
Net income from continuing operations
$
12,100
$
8,120
49.0
%
Interest expense
9,187
5,980
53.6
%
Income taxes
2,887
2,678
7.8
%
Amortization of intangible assets
3,381
3,939
(14.2
)%
Depreciation and other amortization
2,414
1,447
66.8
%
EBITDA
29,969
22,164
35.2
%
Acquisition, integration and restructuring
costs
2,348
1,475
59.2
%
Adjusted EBITDA
$
32,317
$
23,639
36.7
%
Adjusted EBITDA
Summary
(in thousands)
Three months ended March 31,
2024
2023
% Change
Aviation
$
27,678
$
18,918
46.3
%
Fleet
7,536
8,144
(7.5
)%
Adjusted Corporate expenses (1)
(2,897
)
(3,423
)
(15.4
)%
Adjusted EBITDA
$
32,317
$
23,639
36.7
%
(1) Includes certain adjustments not
directly attributable to any of our segments.
Segment EBITDA and Adjusted EBITDA
Three months ended March 31,
(in thousands)
2024
2023
% Change
Aviation
Operating income
$
22,310
$
15,664
42.4
%
Depreciation and amortization
4,933
3,254
51.6
%
EBITDA
27,243
18,918
44.0
%
Acquisition, integration and restructuring
costs
435
—
—
%
Adjusted EBITDA
$
27,678
$
18,918
46.3
%
Fleet
Operating income
$
6,617
$
5,899
12.2
%
Depreciation and amortization
755
2,087
(63.8
)%
EBITDA
7,372
7,986
(7.7
)%
Acquisition, integration and restructuring
costs
164
158
3.8
%
Adjusted EBITDA
$
7,536
$
8,144
(7.5
)%
Free Cash Flow
Three months ended
(in thousands)
March 31, 2024
December 31, 2023
Net cash used in operating activities
$
(79,060
)
$
27,942
Capital expenditures
(7,729
)
(7,871
)
Free cash flow
$
(86,789
)
$
20,071
Net Debt
(in thousands)
March 31, 2024
December 31, 2023
Principal amount of debt
$
484,946
$
433,000
Debt issuance costs
(3,324
)
(3,656
)
Cash and cash equivalents
(10,569
)
(7,768
)
Net Debt
$
471,053
$
421,576
Net Leverage Ratio
($ in thousands)
March 31, 2024
December 31, 2023
Net Debt
$
471,053
$
421,576
TTM Adjusted EBITDA (1)
$
122,515
$
113,833
Net Leverage Ratio
3.8 x
3.7 x
TTM Adjusted EBITDA Proforma (2)
$
128,481
$
124,304
Pro forma Net Leverage Ratio
3.7 x
3.4 x
(1) TTM Adjusted EBITDA is defined as
Adjusted EBITDA for the most recent twelve (12) month period.
(2) TTM Pro Forma Adjusted EBITDA includes
pre-acquisition portion of EBITDA for the trailing twelve months
that is not included in historical results.
The non-GAAP Financial Information set forth in this document is
not calculated in accordance with GAAP under SEC Regulation G. We
consider Adjusted Net Income, Adjusted EPS (Diluted), EBITDA,
Adjusted EBITDA, net debt and free cash flow as non-GAAP financial
measures and important indicators of performance and useful metrics
for management and investors to evaluate our business' ongoing
operating performance on a consistent basis across reporting
periods. These non-GAAP financial measures, however, should not be
considered in isolation or as a substitute for performance measures
prepared in accordance with GAAP. Adjusted Net Income represents
Net Income adjusted for acquisition-related costs, other discrete
items, and related tax impact. Adjusted EPS (Diluted) is computed
by dividing net income, adjusted for the discrete items as
identified above and the related tax impacts, by the diluted
weighted average number of common shares outstanding. EBITDA
represents net income before interest expense, income taxes,
amortization of intangible assets and depreciation and other
amortization. Adjusted EBITDA represents EBITDA (as defined above)
adjusted for discrete items as identified above. Adjusted EBITDA
Pro Forma represents Adjusted EBITDA plus the pre-acquisition
portion of EBITDA for the trailing twelve months. Net debt is
defined as principal amount of debt less debt issuance costs and
less cash and cash equivalents. Free cash flow represents operating
cash flow less capital expenditures. Pro Forma Net leverage ratio
is calculated as net debt divided by trailing twelve month Adjusted
EBITDA Pro Forma.
The Company has presented forward-looking statements regarding
Adjusted EBITDA margin. This non-GAAP financial measure is derived
by excluding certain amounts, expenses or income, from the
corresponding financial measure determined in accordance with GAAP.
The determination of the amounts that are excluded from this
non-GAAP financial measure is a matter of management judgment and
depends upon, among other factors, the nature of the underlying
expense or income amounts recognized in a given period in reliance
on the exception provided by item 10(e)(1)(i)(B) of Regulation S-K.
We are unable to present a quantitative reconciliation of
forward-looking Adjusted EBITDA margin to its most directly
comparable forward-looking GAAP financial measure because such
information is not available, and management cannot reliably
predict all of the necessary components of such GAAP measure
without unreasonable effort or expense. In addition, we believe
such reconciliation would imply a degree of precision that would be
confusing or misleading to investors. The unavailable information
could have a significant impact on the company's future financial
results. This non-GAAP financial measure is a preliminary estimate
and is subject to risks and uncertainties, including, among others,
changes in connection with quarter-end and year-end adjustments.
Any variation between the company's actual results and preliminary
financial data set forth above may be material.
CONFERENCE CALL
A conference call will be held Thursday, May 9, 2024 at 8:30
A.M. ET to review the Company’s financial results, discuss recent
events and conduct a question-and-answer session.
A webcast of the conference call and accompanying presentation
materials will be available in the Investor Relations section of
VSE’s website at https://ir.vsecorp.com. To listen to the live
broadcast, go to the site at least 15 minutes prior to the
scheduled start time in order to register, download and install any
necessary audio software.
To participate in the live teleconference:
Domestic Live:
(877) 407-0789
International Live:
(201) 689-8562
Audio Webcast:
https://viavid.webcasts.com/starthere.jsp?ei=1662673&tp_key=796d0d3183
To listen to a replay of the teleconference through May 23,
2024:
Domestic Replay:
(844) 512-2921
International Replay:
(412) 317-6671
Replay PIN Number:
13745309
ABOUT VSE CORPORATION
VSE is a leading provider of aftermarket distribution and repair
services. Operating through its two key segments, VSE significantly
enhances the productivity and longevity of its customers'
high-value, business-critical assets. The Aviation segment is a
leading provider of aftermarket parts distribution and maintenance,
repair, and overhaul ("MRO") services for components and engine
accessories to commercial, business, and general aviation
operators. The Fleet segment specializes in part distribution,
engineering solutions, and supply chain management services catered
to the medium and heavy-duty fleet market. For more detailed
information, please visit VSE's website at www.vsecorp.com.
Please refer to the Form 10-Q that will be filed with the
Securities and Exchange Commission ("SEC") on or about May 9, 2024
for more details on our first quarter 2024 results. Also, refer to
VSE’s Annual Report on Form 10-K for the year ended December 31,
2023 for further information and analysis of VSE’s financial
condition and results of operations. VSE encourages investors and
others to review the detailed reporting and disclosures contained
in VSE’s public filings for additional discussion about the status
of customer programs and contract awards, risks, revenue sources
and funding, dependence on material customers, and management’s
discussion of short- and long-term business challenges and
opportunities.
FORWARD LOOKING STATEMENTS
This document contains certain forward-looking statements. These
forward-looking statements, which are included in accordance with
the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995, may involve known and unknown risks,
uncertainties and other factors that may cause VSE’s actual results
and performance in future periods to be materially different from
any future results or performance suggested by the forward-looking
statements in this document. Although we believe the expectations
reflected in such forward-looking statements are based upon
reasonable assumptions, we can give no assurance that actual
results will not differ materially from these expectations.
“Forward-looking” statements, as such term is defined by the SEC in
its rules, regulations and releases, represent our expectations or
beliefs, including, but not limited to, statements concerning our
operations, economic performance, financial condition, growth and
acquisition strategies, investments and future operational plans.
Without limiting the generality of the foregoing, words such as
“may,” “will,” “expect,” “believe,” “anticipate,” “intend,”
“forecast,” “seek,” “plan,” “predict,” “project,” “could,”
“estimate,” “might,” “continue,” “seeking” or the negative or other
variations thereof or comparable terminology are intended to
identify forward-looking statements. These statements, by their
nature, involve substantial risks and uncertainties, certain of
which are beyond our control, and actual results may differ
materially depending on a variety of important factors, including,
but not limited to, factors identified in our reports filed or
expected to be filed with the SEC including our Annual Report on
Form 10-K for the year ended December 31, 2023. All forward-looking
statements made herein are qualified by these cautionary statements
and risk factors and there can be no assurance that the actual
results, events or developments referenced herein will occur or be
realized. Readers are cautioned not to place undue reliance on
these forward looking-statements, which reflect management's
analysis only as of the date hereof. We undertake no obligation to
update or revise forward-looking statements to reflect changed
assumptions, the occurrence of unanticipated events or changes to
future operating results.
VSE Corporation and
Subsidiaries
Unaudited Consolidated Balance
Sheets
(in thousands except share and per share
amounts)
March 31,
December 31,
2024
2023
Assets
Current assets:
Cash and cash equivalents
$
10,569
$
7,768
Receivables (net of allowance of $4.6
million and $3.4 million, respectively)
145,427
127,958
Contract assets
10,800
8,049
Inventories
521,247
500,864
Other current assets
55,053
36,389
Current assets held-for-sale
—
93,002
Total current assets
743,096
774,030
Property and equipment (net of accumulated
depreciation of $46.8 million and $37.4 million, respectively)
66,559
58,076
Intangible assets (net of accumulated
amortization of $69.6 million and $135.6 million, respectively)
110,749
114,130
Goodwill
351,112
351,781
Operating lease right-of-use asset
35,123
28,684
Other assets
30,285
23,637
Total assets
$
1,336,924
$
1,350,338
Liabilities and Stockholders' equity
Current liabilities:
Current portion of long-term debt
$
30,000
$
22,500
Accounts payable
155,478
173,036
Accrued expenses and other current
liabilities
35,988
36,383
Dividends payable
1,584
1,576
Current liabilities held-for-sale
—
53,391
Total current liabilities
223,050
286,886
Long-term debt, less current portion
451,622
406,844
Deferred compensation
7,677
7,939
Long-term operating lease obligations
31,431
24,959
Deferred tax liabilities
7,406
6,985
Other long-term liabilities
3,000
—
Total liabilities
724,186
733,613
Commitments and contingencies
Stockholders' equity:
Common stock, par value $0.05 per share,
authorized 23,000,000 shares; issued and outstanding $15,834,164
and $15,756,918, respectively
792
788
Additional paid-in capital
230,805
229,103
Retained earnings
376,505
384,702
Accumulated other comprehensive loss
4,636
2,132
Total stockholders' equity
612,738
616,725
Total liabilities and stockholders'
equity
$
1,336,924
$
1,350,338
VSE Corporation and
Subsidiaries
Unaudited Consolidated Statements of
Income
(in thousands except share and per share
amounts)
For the three months ended March
31,
2024
2023
Revenues:
Products
$
187,179
$
154,446
Services
54,360
34,141
Total revenues
241,539
188,587
Costs and operating expenses:
Products
162,983
135,249
Services
48,002
30,576
Selling, general and administrative
expenses
2,999
2,045
Amortization of intangible assets
3,381
3,939
Total costs and operating expenses
217,365
171,809
Operating income
24,174
16,778
Interest expense, net
9,187
5,980
Income from continuing operations before
income taxes
14,987
10,798
Provision for income taxes
2,887
2,678
Net income from continuing operations
12,100
8,120
(Loss) income from discontinued
operations, net of tax
(18,711
)
997
Net (loss) income
$
(6,611
)
$
9,117
Earnings (loss) per share:
Basic
Continuing operations
$
0.77
$
0.63
Discontinued operations
(1.19
)
0.08
$
(0.42
)
$
0.71
Diluted
Continuing operations
$
0.76
$
0.63
Discontinued operations
(1.17
)
0.08
$
(0.41
)
$
0.71
Weighted average shares outstanding:
Basic
15,783,915
12,844,458
Diluted
15,939,950
12,926,424
Dividends declared per share
$
0.10
$
0.10
VSE Corporation and
Subsidiaries
Unaudited Consolidated Statements of
Cash Flows
(in thousands)
For the three months ended March
31,
2024
2023
(a)
(a)
Cash flows from operating activities:
Net (loss) income
(6,611
)
9,117
Adjustments to reconcile net (loss) income
to net cash used in operating activities:
Depreciation and amortization
5,945
6,247
Amortization of debt issuance cost
332
213
Deferred taxes
(3,763
)
540
Stock-based compensation
2,498
2,081
Impairment and loss on sale of business
segment
16,867
—
Loss on sale of property and equipment
421
—
Changes in operating assets and
liabilities, net of impact of acquisitions:
Receivables, net
(24,604
)
(9,801
)
Contract assets
7,823
2,423
Inventories, net
(19,911
)
(33,230
)
Other current assets and other assets
(17,381
)
1,409
Operating lease assets and liabilities,
net
(166
)
68
Accounts payable and deferred
compensation
(25,676
)
(18,257
)
Accrued expenses and other current and
noncurrent liabilities
(14,834
)
(9,484
)
Net cash used in operating activities
(79,060
)
(48,674
)
Cash flows from investing activities:
Purchases of property and equipment
(7,729
)
(2,840
)
Proceeds from the sale of business
segment
41,137
—
Cash paid for acquisitions, net of cash
acquired
—
(11,754
)
Net cash provided (used) in investing
activities
33,408
(14,594
)
Cash flows from financing activities:
Borrowings on bank credit facilities
211,082
176,751
Repayments on bank credit facilities
(159,135
)
(111,363
)
Proceeds from issuance of common stock
—
248
Payment of taxes for equity
transactions
(2,079
)
(1,031
)
Dividends paid
(1,577
)
(1,283
)
Net cash provided by financing
activities
48,291
63,322
Net increase in cash and cash
equivalents
2,639
54
Cash and cash equivalents, beginning of
period
7,930
478
Cash and cash equivalents, end of
period
$
10,569
$
532
(a)
The cash flows related to discontinued
operations and held-for-sale assets and liabilities have not been
segregated, and remain included in the major classes of assets and
liabilities. Accordingly, the Consolidated Statements of Cash Flows
include the results of continuing and discontinued operations.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240508739633/en/
INVESTOR CONTACT Michael Perlman VP, Investor Relations
& Treasury T: (954) 547-0480 M: (561) 281-0247
investors@vsecorp.com
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