第 99.1 號展品
VSE 公司宣佈收購凱爾斯特龍航空航天
提供 2024 年第三季初步業績
凱爾斯特羅姆航空航空擴大 VSE 航空在不斷增長的商業引擎售後市場的業務
弗吉尼亞州亞歷山大，10 月 15, 2024 — VSE 公司（「VSE」或「公司」）（納斯達克：VSEC），領先的一家 售後配送和維修服務供應商今天宣布，該公司已簽署確定協議收購凱爾斯特龍航空航天集團股份有限公司（「凱爾斯特羅姆」），該公司由 AE 工業合作夥伴、LP 和 A 組成的投資組合公司 多元化的全球經銷商和服務供應商，支持商業航太發動機售後市場。該交易受到常規的收市條件，包括監管審查，預計將於第四季完成 二零二四年.
管理人員評論
「協議 收購 Kellstrom 對 VSE 航空來說是一個重要里程碑，」VSE 公司總裁兼首席執行官 John Cuomo 表示。「此次收購改善了我們在商業航空售後市場的地位，加強了我們 以 OEM 為中心 策略，擴大我們的售後產品和能力產品，並擴大我們的全球業務。此次收購還大幅增加了我們在飛機發動機維修的參與度 事件，代表當今商業售後市場中最大且成長最快的部分。與 VSE 一樣，Kellstrom 的核心差異之處在於其傑出團隊提供最高水平的服務和商業價值 客戶。」
VSE 總裁 Ben Thomas 表示：「我們很高興今年晚些時候歡迎 Kellstrom 團隊加入 VSE 航空家族。」 航空。「Kellstrom 集中引擎的產品和 MRO 服務組合，以及其技術諮詢能力和 以 OEM 為中心 方法，使此收購非常相互補充 VSE 航空的業務。此次收購預計將帶來顯著的銷售和營運協同效益，使我們能夠利用合併的優勢，優化資源，並推動航空售後市場的加速增長。」
凱爾斯特羅姆航空航天總裁兼首席執行官奧斯卡·托雷斯表示：「凱爾斯特羅姆很高興能加入 VSE 團隊。「這個組合是 預計將大幅擴大我們為全球客戶提供的產品和服務。我們相信，通過與 VSE Aviation 合作，我們將提高我們為客戶和供應商合作夥伴帶來的長期價值 商業航空航天售後市場。」
收購概述和戰略理由
Kellstrom 是一家領先的全方位服務售後解決方案供應商，為商業航空航天引擎提供增值配送和技術服務 售後市場。Kellstrom 擁有高技術性、高度觸控的全球銷售和產品線管理組織，為 30 多家 OEM 和約 800 名客戶提供支持，包括航空公司、空運運營商、租賃公司、OEM 和 MRO 遍及 75 個國家。
Kellstrom直接配合VSE航空的成長策略：
| • | 增加對商用航空引擎售後市場的曝光：Kellstrom的業務專注於商用航空引擎售後市場，提供一個強大的組合，包括新客戶、分銷產品、維修保養能力和技術服務，促進航空售後市場中最大且增長最快的板塊的增長。 |
| • | 與VSE航空的核心相符 以OEm為中心 策略：Kellstrom超過95%的分銷營業收入來自與世界領先的OEM建立的獨家、長期的合作夥伴關係。 |
| • | 擴大國際觸角: Kellstrom 約50% 的營業收入來自北美以外的地區，包括高增長的亞太地區。 |
| • | 與完全整合計劃相符，提供顯著的協同效應。：Kellstrom 與 VSE 航空的技術業務緊密相關。 以原始設備製造商為中心 配合 VSE 航空的技術分銷業務，並為最近收購的 Turbine Controls, Inc. 業務提供互補的產品和維修能力。 |
協議條款和時間表
| • | 總代價約為$200百萬，包括約$185百萬現金和約$15百萬公司普通股，視工作資本調整而定。 |
| • | 本交易需經常規結束條件審查，包括監管檢視，預計於2024年第四季度完結。 |
併購金融和整合摘要
| • | Kellstrom在截至2024年8月的過去十二個月中產生了約1.75億美元的營業收入。 |
| • | 協同效應和整合 |
| • | 預計產生約400萬美元的協同效應。 |
| • | 達到15%以上調整後EBITDA利潤率的近期路徑(1) Kellstrom有望通過整合協同效應和業務優化實現15%以上的調整EBITDA利潤率。 |
併購融資摘要
| • | 預計通過預期股權融資出售和公司現有信貸額度下的借款來資助此項併購。 |
| • | 在收購交易及預計籌措資金完成後，預格式淨槓桿率(1) 截至2024年第三季預計低於3.5倍。 |
顧問
Jones Day擔任VSE Corporation就Kellstrom收購交易的法律顧問，而Jefferies，LLC則擔任其唯一財務顧問。 Kirkland & Ellis LLP擔任Kellstrom的法律顧問，而perella weinberg partners則擔任其唯一財務顧問。
2024年第三季初步財務結果 (1)
|
3Q'24（初步 - 未經審計） | ||
| 營業收入 |
約268萬至275萬美元 | |
| 營業收入 |
約2200萬至2400萬美元 | |
| 調整後的稅前利潤減除折舊及攤銷後的費用(1) |
約3100萬至3400萬美元 |
| (1) | 非美國通用會計準則 在本次公告末尾查看更多詳細信息 非核心概念（non-GAAP） 財務指標 |
預計VSE在2024年第三季度表現和當前售後市場趨勢將支持航空業務全年營業收入增長超出公司預期和先前提供的指引，同時將影響艦隊業務，因為預計全年營業收入將同比下降。公司仍預計第三季度將報告正面的自由現金流，隨後第四季度自由現金流將增加。
2024年第三季業績發佈會
將於2024年11月6日星期三上午8:30舉行一次會議，以檢視公司的財務結果，討論最近事件並進行 問題與回答 議程。
業績發佈會的網絡轉播和相關的演示材料將在VSE網站的投資者關係部分提供。 https://ir.vsecorp.com要收聽直播，請在預定開始時間前至少15分鐘前往該網站註冊，下載並安裝任何必要的音頻軟體。
參與現場電話會議：
| 國內直撥： | (844) 826-3035 | |
| 國際直撥： | (412) 317-5195 | |
| 音頻網絡轉播： | https://viavid.webcasts.com/starthere.jsp?ei=1690580&tp_key=8747ae1c41 | |
關於 VSE CORPORATION
VSE是領先的售後配送和維修服務提供者。通過其兩個主要板塊的業務運營，VSE極大地提升了客戶高價值、業務關鍵資產的生產力和壽命。航空板塊是售後零件分銷和維修、維護和大修（MRO）服務的領先提供者，針對商業、通用航空運營商提供元件和發動機附件服務。艦隊板塊專注於中重型車隊市場的零件分銷、工程解決方案和供應鏈管理服務。欲了解更詳細信息，請訪問VSE公司的網站 www.vsecorp.com.
前瞻性聲明
本新聞稿包含了一些描述，符合私人證券訴訟改革法1995年的安全港條款的預見性陳述，這些陳述在很大程度上並非歷史事實的再現，符合1933年修正案第27A條和1934年修正案第21E條的“前瞻性陳述”的定義。所有此類陳述都旨在涵蓋私人證券訴訟改革法中前瞻性陳述的安全港條款，此聲明已納入《安全港條款》目的。
“Forward-looking” statements, as such term is defined by the Securities and Exchange Commission (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 speak only as of the date of this press release and we undertake no ongoing obligation, other than that imposed by law, to update these statements as a result of new information, future events or otherwise. These statements relate to, among other things, our intent, belief or current expectations with respect to the acquisition of Kellstrom, including anticipated financing and closing timeline related thereto: our future financial condition, results of operations or prospects; our business and growth strategies; and our financing plans and forecasts. You are cautioned that any such forward-looking statements are not guarantees of future performance and involve significant risks and uncertainties, certain of which are beyond our control, and that actual results may differ materially from those contained in or implied by the forward-looking statements as a result of various factors, some of which are unknown, including, without limitation:
| • | supply chain delays and disruptions; |
| • | risks related to our work on large government programs; |
| • | our ability to consummate, successfully integrate, and achieve the strategic and other objectives, including any expected synergies, relating to pending acquisitions, including the potential acquisition of Kellstrom Aerospace Group, Inc. (“Kellstrom Aerospace” or “Kellstrom”); |
| • | our ability to successfully integrate and realize the anticipated benefits of recently acquired businesses, including the acquisition of the Turbine Controls, LLC business; |
| • | our ability to successfully divest businesses and to transition facilities in connection therewith; |
| • | risks related to future business conditions resulting in impairments; |
| • | risks related to the intense competition in our industry; |
| • | risks related to the performance of the aviation aftermarket; |
| • | global economic and political conditions; |
| • | prolonged periods of inflation and our ability to mitigate the impact thereof; |
| • | challenges related to workforce management or any failure to attract or retain a skilled workforce; |
| • | our dependence on third-party package delivery companies; |
| • | compliance with government rules and regulations, including environmental and pollution risk; |
| • | risks related to technology security and cyber-attacks; |
| • | risks related to our outstanding indebtedness; |
| • | risks related to market volatility in the debt and equity capital markets; |
| • | risks related to our preliminary financial estimates, which represent management’s current estimates and are subject to change; and |
| • | the other 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 and our Quarterly Reports on Form 10-Q for the quarterly periods ended March 31, 2024 and June 30, 2024. |
You are advised, however, to consult any further disclosures we make on related subjects in our periodic reports on Forms 10-K, 10-Q or 8-K filed with or furnished to the SEC.
PRELIMINARY RESULTS
Our actual operating results remain subject to the completion of our quarter-end closing process, which includes review by management and our audit committee. While carrying out such procedures, we may identify items that would require us to make adjustments to the preliminary estimates of our operating results set forth herein. As a result, our actual operating results could be outside of the ranges set forth herein and such differences could be material. The preliminary estimates of our financial results included herein have been prepared by, and are the responsibility of, our management. Our independent registered public accountants have not audited, reviewed or performed any procedures with respect to such preliminary estimates of our operating results. The information presented herein should not be considered a substitute for the financial information we file with the SEC in our Quarterly Report on Form 10-Q for the third quarter of 2024. We have no intention or obligation to update the preliminary estimates of our operating results set forth above prior to the release of our consolidated financial statements as of and for the three and nine months ended September 30, 2024.
NON-GAAP MEASURES
In addition to the financial measures prepared in accordance with U.S. Generally Accepted Accounting Principles (GAAP), this release also contains non-GAAP financial measures. These measures provide useful information to investors.
The non-GAAP Financial Information set forth in this document is not calculated in accordance with GAAP under SEC Regulation G. We consider EBITDA and Adjusted EBITDA 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. Estimated Adjusted EBITDA for the quarter ended September 30, 2024 represents estimated operating income before depreciation and amortization expenses and excluding other non-recurring adjustments.
Additionally, our estimates of Adjusted EBITDA Margin and Pro Forma Net Leverage Ratio are forward-looking non-GAAP financial measures based solely on information available to us as of the date of this press release and may differ materially from our actual operating results as a result of developments that occur after the date of this press release. The determination of the amounts that are excluded from these non-GAAP financial measures 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. We are unable to present a quantitative reconciliation of the aforementioned forward-looking non-GAAP financial measures to their most directly comparable forward-looking GAAP financial measures because such information is not available, and management cannot reliably predict all of the necessary components of such GAAP measures without unreasonable effort or expense. For the same reasons, we are unable to address the probable significance of the unavailable information.
INVESTOR RELATIONS CONTACT:
Michael Perlman
Vice President of Investor Relations and Treasury
Phone: (954) 547-0480
Email: investors@vsecorp.com