Technology
V2X Reports Strong Third Quarter Results with Record Revenue, Net Income, and Adjusted EBITDA
Published
2 years agoon
By
Third Quarter Highlights
Record revenue of $1.08 billion, up 8% y/yIndo-Pacific revenue growth of 31% y/y driven by increased demandOperating income of $49.9 million; Adjusted operating income1 of $76.9 millionRecord net income of $15.1 million, up $21.5 million y/y; Adjusted net income1 of $41.3 million, up 76% y/yRecord adjusted EBITDA1 of $82.7 million, up 28% y/y with a margin of 7.6%Diluted EPS of $0.47; Adjusted diluted EPS1 of $1.29, up 77% y/y
2024 Guidance:
Raising full-year revenue and adjusted EPS1 guidance midpoint and reaffirming adjusted EBITDA and operating cash flow1
MCLEAN, Va., Nov. 4, 2024 /PRNewswire/ — V2X, Inc. (NYSE:VVX) announced third quarter 2024 financial results.
“V2X reported strong third quarter results with record revenue, net income, and adjusted EBITDA1, driven by our continued alignment to well-funded critical missions and the ability to deliver capabilities at scale across the globe,” said Jeremy Wensinger, President and Chief Executive Officer of V2X. “Revenue increased 8% year-over-year and adjusted EBITDA1 increased 28% year-over-year, reflecting strong program performance. Adjusted net income1 increased 76% year-over-year and adjusted diluted EPS1 increased 77% year-over-year.”
Mr. Wensinger continued, “During the third quarter we demonstrated continued growth in the Indo-Pacific region with revenue increasing 31% year-over-year. This performance was tied to the DoD’s continued focus on enhancing U.S. readiness in the region. We are seeing additional opportunities for growth in the region that align to improving the capacity and capabilities of U.S. allies and our partners.”
“Our full spectrum capabilities across the mission lifecycle serve as a differentiator. The fact that we are with our customers across the globe at every phase of mission execution, gives us prodigious knowledge, allowing us to deliver best of breed cost effective solutions that are enhancing outcomes. This unique position is yielding results with V2X securing approximately $5 billion of awards in the third quarter. This includes the $3.7 billion Warfighter-Training Readiness Solutions (W-TRS) award that represents a milestone win for V2X. We delivered a technology enabled solution that was compelling and will ensure every Army soldier has the tools necessary to conduct accurate training preparing them for whenever called upon to deploy. These wins validate our strong positioning in the marketplace and are expected to contribute to our financial performance for years to come.”
Mr. Wensinger concluded, “I believe there is additional opportunity to build on our momentum through further optimization of our business. This includes enhancing the breadth and depth of our pipeline as a result of the collective capabilities. W-TRS is a great example of a solution that leveraged the collective capabilities. We are building on that success to expand our addressable markets in all areas of the company. We are investing in this expanded pipeline to ensure we address opportunities with talent and solutions that will differentiate V2X offerings.”
Third Quarter 2024 Results
“V2X reported record revenue of $1.08 billion in the quarter, which represents 8% year-over-year growth,” said Shawn Mural, Senior Vice President and Chief Financial Officer. “We continued to deliver double digit revenue growth in the Indo-Pacific (31% year-over-year) and Middle East (13% year-over-year) regions, which was achieved through continued expansion of existing business as well as new programs.
“For the quarter, the Company reported operating income of $49.9 million and adjusted operating income1 of $76.9 million. V2X delivered record adjusted EBITDA1, increasing 28% year-over-year to $82.7 million, with a margin of 7.6%, reflecting our expected second half program performance. Third quarter GAAP diluted EPS was $0.47. Adjusted diluted EPS1 for the quarter increased 77% year-over-year to $1.29.”
“Third quarter net cash provided by operating activities was $62.7 million. Adjusted net cash provided by operating activities1 increased 35% year-over-year to $130.1 million. On a year-to-date basis, net cash provided by operating activities was $31.1 million. Adjusted net cash used by operating activities1 was $7.2 million.”
“At the end of the quarter, net debt for V2X was $1,089 million. Net leverage ratio1 was 3.27x, improving 0.29x sequentially. We continue to demonstrate progress on debt paydown and remain on track to be at or below a net leverage ratio of 3.0x, by the end of 2024.”
“Total backlog as of September 27, 2024, was $12.2 billion. Funded backlog was $3.0 billion. Book-to-bill in the quarter was approximately 1.0x. Backlog does not include the full contract value associated with recent awards.”
2024 Guidance
Mr. Mural concluded, “Given our strong performance through the first nine-months of the year we are updating our total year guidance.”
Guidance for 2024 is as follows:
$ millions, except for per share amounts
Prior 2024 Guidance
Updated 2024 Guidance
Revenue
$4,175
$4,275
$4,225
$4,275
Adjusted EBITDA1
$300
$315
$300
$315
Adjusted Diluted Earnings Per Share1
$3.85
$4.20
$3.95
$4.20
Adjusted Net Cash Provided by Operating Activities1
$145
$165
$145
$165
The Company is not providing a quantitative reconciliation with respect to the foregoing forward-looking non-GAAP measures in reliance on the “unreasonable efforts” exception set forth in SEC rules because certain financial information, the probable significance of which cannot be determined, is not available and cannot be reasonably estimated. For example, unusual, one-time, non-ordinary, or non-recurring costs, which relate to M&A, integration and related activities cannot be reasonably estimated. Forward-looking statements are based upon current expectations and are subject to factors that could cause actual results to differ materially from those suggested here, including those factors set forth in the Safe Harbor Statement below.
Third Quarter Conference Call
Management will conduct a conference call with analysts and investors at 4:30 p.m. ET on Monday, November 4, 2024. U.S.-based participants may dial in to the conference call at 877-506-6380, while international participants may dial 412-542-4198. A live webcast of the conference call as well as an accompanying slide presentation will be available here: https://app.webinar.net/8eqdGbMZ6Xa
A replay of the conference call will be posted on the V2X website shortly after completion of the call and will be available for one year. A telephonic replay will also be available through November 18, 2024, at 844-512-2921 (domestic) or 412-317-6671 (international) with passcode 10193464.
Presentation slides that will be used in conjunction with the conference call will also be made available online in advance on the “investors” section of the company’s website at https://gov2x.com. V2X recognizes its website as a key channel of distribution to reach public investors and as a means of disclosing material non-public information to comply with its obligations under the U.S. Securities and Exchange Commission (“SEC”) Regulation FD.
Footnotes:
1 See “Key Performance Indicators and Non-GAAP Financial Measures” for descriptions and reconciliations.
About V2X
V2X builds innovative solutions that integrate physical and digital environments by aligning people, actions, and technology. V2X is embedded in all elements of a critical mission’s lifecycle to enhance readiness, optimize resource management, and boost security. The company provides innovation spanning national security, defense, civilian, and international markets. With a global team of approximately 16,000 professionals, V2X enables mission success by injecting AI and machine learning capabilities to meet today’s toughest challenges across all operational domains.
Investor Contact
Media Contact
Mike Smith, CFA
Angelica Spanos Deoudes
719-637-5773
571-338-5195
Safe Harbor Statement
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 (the “Act”): Certain material presented herein includes forward-looking statements intended to qualify for the safe harbor from liability established by the Act. These forward-looking statements include, but are not limited to, all the statements and items listed under “2024 Guidance” above and other assumptions contained therein for purposes of such guidance, other statements about our 2024 performance outlook, revenue, contract opportunities, and any discussion of future operating or financial performance.
Forward-looking statements generally can be identified by the use of forward-looking terminology such as “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe,” “could,” “potential,” “continue” or similar terminology. These statements are based on the beliefs and assumptions of the management of the Company based on information currently available to management. Forward-looking statements in this press release, include, but are not limited to our discussion regarding the Army and its capabilities; our future performance and capabilities; investing in the expanded pipeline; future net leverage ratio; and our belief in our ability to achieve our updated total year guidance.
These forward-looking statements are not guarantees of future performance, conditions, or results, and involve a number of known and unknown risks, uncertainties, assumptions, and other important factors, many of which are outside our management’s control, which could cause actual results to differ materially from the results discussed in the forward-looking statements. In addition, forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from the Company’s historical experience and our present expectations or projections. For a discussion of some of the risks and uncertainties that could cause actual results to differ from such forward-looking statements, see the risks and other factors detailed from time to time in our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and other filings with the SEC.
We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
V2X, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (UNAUDITED)
Three Months Ended
Nine Months Ended
September 27,
September 29,
September 27,
September 29,
(In thousands, except per share data)
2024
2023
2024
2023
Revenue
$ 1,081,656
$ 1,001,507
$ 3,164,403
$ 2,922,819
Cost of revenue
990,220
930,828
2,928,858
2,685,910
Selling, general, and administrative expenses
41,549
49,640
127,901
151,021
Operating income
49,887
21,039
107,644
85,888
Loss on extinguishment of debt
—
—
(1,998)
(22,052)
Interest expense, net
(27,152)
(30,252)
(83,533)
(93,946)
Other expense, net
(3,198)
(2,024)
(9,566)
(2,335)
Income (loss) from operations before income taxes
19,537
(11,237)
12,547
(32,445)
Income tax expense (benefit)
4,486
(4,837)
2,896
(10,364)
Net income (loss)
$ 15,051
$ (6,400)
$ 9,651
$ (22,081)
Earnings (loss) per share
Basic
$ 0.48
$ (0.21)
$ 0.31
$ (0.71)
Diluted
$ 0.47
$ (0.21)
$ 0.30
$ (0.71)
Weighted average common shares outstanding – basic
31,550
31,179
31,458
31,048
Weighted average common shares outstanding – diluted
31,973
31,179
31,921
31,048
V2X, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
September 27,
December 31,
(In thousands, except per share data)
2024
2023
Assets
Current assets
Cash, cash equivalents and restricted cash
$ 59,857
$ 72,651
Receivables
766,399
705,995
Prepaid expenses and other current assets
156,042
96,223
Total current assets
982,298
874,869
Property, plant, and equipment, net
65,746
85,429
Goodwill
1,652,855
1,656,926
Intangible assets, net
345,712
407,530
Right-of-use assets
33,370
41,215
Other non-current assets
46,124
15,931
Total non-current assets
2,143,807
2,207,031
Total Assets
$ 3,126,105
$ 3,081,900
Liabilities and Shareholders’ Equity
Current liabilities
Accounts payable
$ 538,225
$ 453,052
Compensation and other employee benefits
115,569
158,088
Short-term debt
16,878
15,361
Other accrued liabilities
235,379
213,700
Total current liabilities
906,051
840,201
Long-term debt, net
1,096,865
1,100,269
Deferred tax liabilities
12,313
11,763
Operating lease liabilities
29,590
34,691
Other non-current liabilities
78,725
104,176
Total non-current liabilities
1,217,493
1,250,899
Total liabilities
2,123,544
2,091,100
Commitments and contingencies (Note 7)
Shareholders’ Equity
Preferred stock; $0.01 par value; 10,000,000 shares authorized; No shares issued and outstanding
—
—
Common stock; $0.01 par value; 100,000,000 shares authorized; 31,556,556 and 31,191,628 shares issued and outstanding as of September 27, 2024 and December 31, 2023, respectively
316
312
Additional paid in capital
766,690
762,324
Retained earnings
240,502
230,851
Accumulated other comprehensive loss
(4,947)
(2,687)
Total shareholders’ equity
1,002,561
990,800
Total Liabilities and Shareholders’ Equity
$ 3,126,105
$ 3,081,900
V2X, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
Nine Months Ended
September 27,
September 29,
(In thousands)
2024
2023
Operating activities
Net income (loss)
$ 9,651
$ (22,081)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation expense
16,442
16,532
Amortization of intangible assets
68,252
67,818
Amortization of cloud computing arrangements
2,073
213
Impairment of non-operating long-lived asset
2,192
—
Loss on disposal of property, plant, and equipment
1,170
625
Stock-based compensation
12,874
26,809
Deferred taxes
72
(9,887)
Amortization of debt issuance costs
5,717
6,875
Loss on extinguishment of debt
1,998
22,052
Changes in assets and liabilities:
Receivables
(25,614)
9,647
Other assets
(70,827)
7,916
Accounts payable
66,101
28,094
Compensation and other employee benefits
(42,417)
(28,620)
Other liabilities
(16,581)
9,182
Net cash provided by operating activities
31,103
135,175
Investing activities
Purchases of capital assets
(10,700)
(16,559)
Proceeds from the disposition of assets
14
16
Acquisitions of businesses
(16,939)
—
Distribution from joint venture
—
834
Net cash used in investing activities
(27,625)
(15,709)
Financing activities
Proceeds from issuance of long-term debt
—
250,000
Repayments of long-term debt
(7,669)
(428,763)
Proceeds from revolver
1,009,250
719,750
Repayments of revolver
(1,009,250)
(669,750)
Proceeds from stock awards and stock options
154
7
Payment of debt issuance costs
(1,188)
(7,507)
Prepayment premium on early redemption of debt
—
(1,600)
Payments of employee withholding taxes on stock-based compensation
(8,036)
(17,871)
Net cash used in financing activities
(16,739)
(155,734)
Exchange rate effect on cash
467
(1,540)
Net change in cash, cash equivalents and restricted cash
(12,794)
(37,808)
Cash, cash equivalents and restricted cash – beginning of period
72,651
116,067
Cash, cash equivalents and restricted cash – end of period
$ 59,857
$ 78,259
Supplemental disclosure of cash flow information:
Interest paid
$ 74,774
$ 89,635
Income taxes paid
$ 9,167
$ 5,242
Purchase of capital assets on account
$ 90
$ 2,882
Key Performance Indicators and Non-GAAP Measures
The primary financial performance measures we use to manage our business and monitor results of operations are revenue trends and operating income trends. Management believes that these financial performance measures are the primary drivers for our earnings and net cash from operating activities. Management evaluates its contracts and business performance by focusing on revenue, and operating income. Operating income represents revenue less both cost of revenue and selling, general and administrative (SG&A) expenses. Cost of revenue consists of labor, subcontracting costs, materials, and an allocation of indirect costs, which includes service center transaction costs. SG&A expenses consist of indirect labor costs (including wages and salaries for executives and administrative personnel), bid and proposal expenses and other general and administrative expenses not allocated to cost of revenue.
We manage the nature and amount of costs at the program level, which forms the basis for estimating our total costs and profitability. This is consistent with our approach for managing our business, which begins with management’s assessing the bidding opportunity for each contract and then managing contract profitability throughout the performance period.
In addition to the key performance measures discussed above, we consider adjusted net income, adjusted diluted earnings per share, adjusted operating income, adjusted EBITDA, adjusted EBITDA margin, and adjusted operating cash flow to be useful to management and investors in evaluating our operating performance, and to provide a tool for evaluating our ongoing operations. This information can assist investors in assessing our financial performance and measures our ability to generate capital for deployment among competing strategic alternatives and initiatives. We provide this information to our investors in our earnings releases, presentations, and other disclosures.
Adjusted net income, adjusted diluted earnings per share, adjusted operating income, adjusted EBITDA, adjusted EBITDA margin, and adjusted net cash provided by (used in) operating activities, however, are not measures of financial performance under GAAP and should not be considered a substitute for financial measures determined in accordance with GAAP. Definitions and reconciliations of these items are provided below.
Adjusted operating income is defined as operating income, adjusted to exclude items that may include, but are not limited to, significant charges or credits, and unusual and infrequent non-operating items that impact current results but are not related to our ongoing operations, such as M&A, integration, and related costs.Adjusted EBITDA is defined as operating income, adjusted to exclude depreciation and amortization of intangible assets, and items that may include, but are not limited to, significant charges or credits, and unusual and infrequent non-operating items that impact current results but are not related to our ongoing operations, such as M&A, integration, and related costs.Adjusted EBITDA margin is defined as adjusted EBITDA divided by revenue.Adjusted net income is defined as net income, adjusted to exclude items that may include, but are not limited to, significant charges or credits, and unusual and infrequent non-operating items that impact current results but are not related to our ongoing operations, such as M&A, integration and related costs, amortization of acquired intangible assets, amortization of debt issuance costs, and loss on extinguishment of debt.Adjusted diluted earnings per share is defined as adjusted net income divided by the weighted average diluted common shares outstanding.Cash interest expense, net is defined as interest expense, net adjusted to exclude amortization of debt issuance costs.Adjusted net cash provided by (used in) operating activities or adjusted operating cash flow is defined as net cash provided by (or used in) operating activities adjusted to exclude infrequent non-operating items, such as M&A payments and related costs.Net leverage ratio is defined as net debt (or total debt less unrestricted cash) divided by trailing twelve-month (TTM) bank EBITDA.
Non-GAAP Tables
($K, except per share data)
Three Months Ended
Nine Months Ended
September 27, 2024
September 29, 2023
September 27, 2024
September 29, 2023
Revenue
$ 1,081,656
$ 1,001,507
$ 3,164,403
$ 2,922,819
Net income (loss)
$ 15,051
$ (6,400)
$ 9,651
$ (22,081)
Plus:
Income tax expense (benefit)
4,486
(4,837)
2,896
(10,364)
Other expense, net
3,198
2,024
9,566
2,335
Interest expense, net
27,152
30,252
83,533
93,946
Loss on extinguishment of debt
—
—
1,998
22,052
Operating income
$ 49,887
$ 21,039
$ 107,644
$ 85,888
Plus:
Amortization of intangible assets
22,727
22,607
68,252
67,818
M&A, integration and related costs
4,319
15,824
29,644
41,565
Adjusted operating income
$ 76,933
$ 59,470
$ 205,540
$ 195,271
Plus:
Depreciation and CCA amortization
5,759
5,206
18,515
16,532
Adjusted EBITDA
$ 82,692
$ 64,676
$ 224,055
$ 211,803
Adjusted EBITDA margin
7.6 %
6.5 %
7.1 %
7.2 %
Minus:
Cash interest expense, net
25,598
28,069
77,816
87,071
Income tax expense, as adjusted
6,887
5,937
24,187
26,329
Depreciation and CCA amortization
5,759
5,206
18,515
16,532
Other expense, net, as adjusted
3,198
2,024
7,373
2,335
Adjusted net income
$ 41,250
$ 23,440
$ 96,163
$ 79,536
($K, except per share data)
Three Months Ended
Nine Months Ended
September 27, 2024
September 29, 2023
September 27, 2024
September 29, 2023
Diluted earnings (loss) per share
$ 0.47
$ (0.21)
$ 0.30
$ (0.71)
Plus:
M&A, integration and related costs
0.14
0.37
0.75
0.97
Amortization of intangible assets
0.63
0.52
1.72
1.58
Amortization of debt issuance costs and
Loss on extinguishment of debt
0.05
0.05
0.19
0.67
FMV land impairment
0.00
$ —
0.06
$ —
Adjusted diluted earnings per share
$ 1.29
$ 0.73
$ 3.01
$ 2.51
Average shares outstanding:
Basic, as reported
31,550
31,179
31,458
31,048
Diluted, as reported
31,973
31,179
31,921
31,048
Adjusted diluted
31,973
31,761
31,921
31,520
($K)
Three Months Ended
Nine Months Ended
September 27, 2024
September 29, 2023
September 27, 2024
September 29, 2023
Net cash provided by operating activities
62,654
57,035
31,103
135,175
Plus:
M&A, integration, CARES Act, and related payments
13,009
11,854
25,044
34,248
MARPA facility activity
54,471
27,168
(63,348)
(85,832)
Adjusted operating cash flow
130,134
96,057
(7,201)
83,591
($K)
TTM
September 27, 2024
Net income (loss)
$ 9,159
Plus:
Interest expense, net
112,030
Income tax expense
11,315
Depreciation and amortization
115,248
Additional permitted add-backs1
85,707
TTM Bank EBITDA
$ 333,458
($K, except ratio)
Period Ending
September 27, 2024
Total debt
$ 1,146,490
Cash, cash equivalents and restricted cash
$ 59,857
Less:
Restricted cash
(2,117)
Cash and cash equivalents
$ 57,740
Net debt
$ 1,088,750
TTM bank EBITDA
$ 333,458
Net leverage ratio
3.27x
1Additional permitted add-backs includes among other items, non-cash losses like loss on extinguishment of debt and/or lease impairments, stock compensation, transaction and integration related costs, and pro forma cost savings.
SUPPLEMENTAL INFORMATION
Revenue by client branch, contract type, contract relationship, and geographic region for the periods presented below was as follows:
Revenue by Client
Three Months Ended
Nine Months Ended
September 27,
September 29,
%
September 27,
September 29,
%
(In thousands)
2024
2023
Change
2024
2023
Change
Army
$ 455,877
$ 412,841
10.4 %
$ 1,345,997
$ 1,196,843
12.5 %
Navy
366,217
311,088
17.7 %
1,037,425
896,976
15.7 %
Air Force
121,863
134,728
(9.5) %
367,899
418,710
(12.1) %
Other
137,699
142,850
(3.6) %
413,082
410,290
0.7 %
Total revenue
$ 1,081,656
$ 1,001,507
$ 3,164,403
$ 2,922,819
Revenue by Contract Type
Three Months Ended
Nine Months Ended
September 27,
September 29,
%
September 27,
September 29,
%
(In thousands)
2024
2023
Change
2024
2023
Change
Cost-plus and cost-reimbursable
$ 649,925
$ 570,402
13.9 %
$ 1,850,584
$ 1,589,619
16.4 %
Firm-fixed-price
403,132
402,219
0.2 %
1,229,565
1,237,110
(0.6) %
Time-and-materials
28,599
28,886
(1.0) %
84,254
96,090
(12.3) %
Total revenue
$ 1,081,656
$ 1,001,507
$ 3,164,403
$ 2,922,819
Revenue by Contract Relationship
Three Months Ended
Nine Months Ended
September 27,
September 29,
%
September 27,
September 29,
%
(In thousands)
2024
2023
Change
2024
2023
Change
Prime contractor
$ 1,021,497
$ 945,669
8.0 %
$ 2,972,773
$ 2,740,908
8.5 %
Subcontractor
60,159
55,838
7.7 %
191,630
181,911
5.3 %
Total revenue
$ 1,081,656
$ 1,001,507
$ 3,164,403
$ 2,922,819
Revenue by Geographic Region
Three Months Ended
Nine Months Ended
September 27,
September 29,
%
September 27,
September 29,
%
(In thousands)
2024
2023
Change
2024
2023
Change
United States
$ 604,872
$ 571,405
5.9 %
$ 1,728,480
$ 1,698,689
1.8 %
Middle East
346,527
305,918
13.3 %
1,050,888
866,122
21.3 %
Asia
82,907
63,259
31.1 %
236,371
193,109
22.4 %
Europe
47,350
60,925
(22.3) %
148,664
164,899
(9.8) %
Total revenue
$ 1,081,656
$ 1,001,507
$ 3,164,403
$ 2,922,819
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SOURCE V2X, Inc.
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The acquisition marks a significant step in HCZ’s Wealth Builds–Universal Economic Mobility (WB-UEM) strategy, a national framework designed to help children and families build long-term economic security through cradle-to-career supports, financial education and experiences, and direct access to capital via a Child Capital Stack of asset boosts.
“We know that economic mobility is a two-generation challenge,” says Harlem Children’s Zone CEO Kwame Owusu-Kesse. “With this acquisition, we are solving for a critical component of Universal Economic Mobility by melding a proven financial education platform and HCZ’s decades of experience providing people with the knowledge and tools to build strong futures for themselves and their families. This is more than an investment in financial education. It is an investment in critical national infrastructure for economic mobility.”
Harlem Children’s Zone has decades of experience driving outcomes at scale, beginning as a one-block pilot, expanding to over 100 blocks in Central Harlem, and now working with over 70 communities across the United States. HCZ seeks to use its learnings, decades of experience driving outcomes at scale, and renowned best practices to provide pathways to economic mobility for all of America’s children and families.
“Goalsetter was built on the belief that everyone should have access to the financial knowledge and tools that can shape their future and livelihood,” said Tanya Van Court, Chief FinTech Officer at Harlem Children’s Zone and Founder of Goalsetter. “Joining Harlem Children’s Zone gives us an extraordinary opportunity to build on that work. Together, we can continue enhancing the platform, expand access for learners of all ages and walks of life, and demonstrate what is possible when mission, innovation, and technology come together to serve the most people.”
Goalsetter creates opportunities to deliver high-quality, developmentally appropriate and culturally relevant financial education with extensive reach, including to low-income and rural communities that have historically had limited access to these resources. Its current offerings include Goalsetter Classroom, which provides standards-aligned financial education curriculum for middle and high school students, and MoneyLingo, a mobile-first financial education experience for college-aged students and adults in the workforce, covering practical topics such as saving, investing, credit, debt, and financial decision-making.
“This acquisition sends an important signal to the field,” said Owusu-Kesse. “Social impact organizations should not have to choose between mission and scale. By bringing a proven technology platform into HCZ, we’re demonstrating how non-profit organizations can be centers of business excellence, using vehicles of innovation, AI, and technology to create efficient and effective pathways to scale and impact. This acquisition strengthens our in-house capacity to build, innovate, and continuously improve outcomes.”
The organization plans to build upon Goalsetter’s existing offerings by exploring financial education products for younger learners and creating opportunities to establish a continuous financial learning journey from early childhood through adulthood.
“This is ultimately about extending opportunity to all,” added Owusu-Kesse. “By connecting financial education, technology, family engagement, and access to assets, we can help create more accessible pathways to economic mobility.”
Services to current Goalsetter clients will be unaffected by this acquisition.
View original content:https://www.prnewswire.com/news-releases/harlem-childrens-zone-acquires-fintech-platform-goalsetter-to-accelerate-universal-economic-mobility-302917320.html
SOURCE Harlem Children’s Zone
Technology
Common Ground in the Battlegrounds? Surveys Reveal Widespread Bipartisan Agreement in 11 Competitive States and 28 Congressional Districts, as Well as Nationally
Published
52 minutes agoon
October 22, 2026By
Bipartisan Majorities Say If Congress Were to Listen to the People More, They Would More Likely Find Common Ground
COLLEGE PARK, Md., Oct. 22, 2026 /PRNewswire/ — The Program for Public Consultation (PPC) conducted extensive surveys in competitive states and congressional districts, as well as nationally, revealing a remarkable level of bipartisan common ground.
Majorities of both Democrats and Republicans agreed on:
106 policies nationally 82 policies in all states and districts surveyed101 policies in at least two-thirds of all the states and districts surveyed
Over 40,000 Americans were surveyed in two waves with representative samples of 600-2,016 in each of the 11 competitive states surveyed, and 400-592 in each of the 28 competitive congressional districts surveyed, and 1,200-2,509 nationwide.
Nearly all policy questions were based on congressional legislation or executive branch proposals.
Fourteen policy topics were covered: Artificial Intelligence, Housing, Healthcare, Low-Income Assistance, Families and Children, Social Security, Immigration, Abortion and Birth Control, Energy and Environment, Federal Taxes, Campaign Finance, Government Reform, Criminal Justice and America’s Role in the World. For every topic, most policies had bipartisan agreement across every battleground surveyed.
The policy questions used in these national and battleground surveys were chosen because they elicited bipartisan support in previous in-depth national surveys conducted by PPC, in which respondents received briefings on the topic and evaluated pro and con arguments for the proposed policy.
Steven Kull, director of PPC, comments, “What is striking here is that these surveys revealed widespread bipartisan agreement on over a dozen key issues that Congress has failed to resolve, from costs of healthcare, to risks of artificial intelligence, to Social Security’s impending insolvency, and many more. Clearly, there is far more common ground among the American people than there is in Congress.”
Americans Think Public Opinion Should Have More Influence
Respondents were also asked about the role of public opinion in policymaking. Across the battlegrounds, on average, respondents estimated that federally elected officials make the same decisions that the majority of Americans would make just 35% of the time.
Large majorities believe polarization in government comes not from the American people but from elected officials, and that more influence for the people would help break the logjam in Congress (Democrats 62 to 88%, Republicans 66 to 89%).
Perhaps most germane, overwhelming majorities of Democrats and Republicans in the battlegrounds believe that if members of Congress were more influenced by the people, they would be more likely to find common ground (Democrats 82 to 97%, Republicans 80 to 95%), and better serve the common good (Democrats 77 to 94%, Republicans 79 to 94%).
Steven Kull adds, “On the basis of this study, it does appear that the public is correct that if the people had more influence, Congress would be more likely to find common ground, and thus function better.”
Americans also say that public opinion should play a substantial role in news reporting about policy. Over two-thirds say news reports on policy matters should include public opinion data most of the time or always when reliable information is available (Democrats 71 to 88%, Republicans 67 to 89%). Similarly, when Congress is about to vote on a law, large numbers say it is very or extremely important for news outlets to report whether a majority of Americans favor or oppose it (Democrats 65 to 84%, Republicans 60 to 85%).
MORE INFORMATION
Battlegrounds Common Ground SheetIndividual State and District Results, Questionnaires and MethodologiesNational Questionnaire with Toplines, Crosstabs and Methodology
About the Surveys
The state and district surveys used for this analysis were fielded July 21 – August 17, 2026, to a total of 19,949 adults, and May 27 – July 1, 2026, to 19,564 adults. They included 600-2016 in each of the 11 states, and 400-592 in each of the 28 congressional districts. Response rates ranged from 7.1 to 9.0%. Confidence intervals range from +/- 2.9 to 8.1%, and maximum weights range from 1.9 to 10.0.
The national surveys were fielded February 11-26, 2026, with 2,509 adults, and March 11-19, 2026, with 1,200 adults. The response rates were 7.6% and 8.3%, respectively. The confidence interval is +/- 2.9% for both surveys, and the maximum weights are 2.5 and 1.9.
The sample was obtained from multiple online opt-in panels, including Cint, Dynata and Prodege. Sample collection and quality control were managed by QuantifyAI under the direction of the Program for Public Consultation. The surveys were offered in both English and Spanish.
The samples were pre-stratified and weighted by age, race, ethnicity, gender, education, household income, marital status, and home ownership to match the general adult population. The national sample was further weighted by Census region. The distribution of partisan affiliation was within expectations, based on voter registration data for non-leaners and/or Cook’s Partisan Voting Index for leaners, or weighted to reflect those benchmarks.
About the Common Ground in the Battlegrounds? Survey Series
This effort aims to identify bipartisan common ground in competitive states and districts across the nation. The project seeks to educate the public, policymakers and candidates about the findings; and provide journalists with independent, nonpartisan research that brings the public into the conversation about public policy.
In addition to PPC, project partners include the Civic Innovation Center at the University of Maryland (CivIC) and Voice of the People (VOP), a national nonpartisan organization seeking to give the public a greater voice in government. None of these entities advocate for policy positions or endorse candidates.
States surveyed: Alaska; Georgia; Iowa; Maine; Michigan; Minnesota; Montana; Nebraska; New Hampshire; North Carolina; Ohio; and Texas.
Congressional Districts surveyed: Arizona’s 1st and 6th; Colorado’s 8th; Iowa’s 1st, 2nd, 3rd and 4th; Maine’s 2nd; Michigan’s 4th, 7th, 8th and 10th; Montana’s 1st; Nebraska’s 2nd; Nevada’s 3rd; New Jersey’s 7th and 9th; New Mexico’s 2nd; New York’s 3rd, 4th, 17th and 19th; Oregon’s 5th; Pennsylvania’s 1st, 7th, 8th and 10th; and Washington’s 3rd.
The survey series excluded several competitive districts because they were in states that had recently been redistricted and thus had no Census data yet to use for demographic benchmarks.
Program for Public Consultation
The Program for Public Consultation (PPC), affiliated with the University of Maryland’s School of Public Policy, seeks to improve democratic governance by consulting the public and bringing the people’s views into the public discourse. It conducts surveys with representative samples on policies proposed by elected officials and shares its findings with government officials, the media, other academics, and the general public.
Civic Innovation Center
The Civic Innovation Center (CivIC) at the University of Maryland’s School of Public Policy works to strengthen the foundations of civic health. It contributes to important debates about civic education, civic engagement, and needed democratic reforms in the state of Maryland and nationwide, in partnership with other BIG 10 universities. It works to build the connective tissue that brings together students, scholars and practitioners to help elevate the UMD community’s contribution to our wider democracy.
Voice of the People
Voice of the People (VOP) is a nonpartisan organization working to re-anchor our democracy in its founding principles by giving ‘We the People’ a greater and more effective voice in government. It champions innovative methods and technology that enable the American people to play a role in the policymaking process and provide policymakers with a more accurate understanding of the views of their constituents.
Contact: Jonathan Casaverde, jonathan.casaverde@wardcirclestrategies.com,(786) 469-9422
View original content to download multimedia:https://www.prnewswire.com/news-releases/common-ground-in-the-battlegrounds-surveys-reveal-widespread-bipartisan-agreement-in-11-competitive-states-and-28-congressional-districts-as-well-as-nationally-302915872.html
SOURCE Program for Public Consultation
Technology
FDA grants 510(k) clearance for BoneEnhance, the first machine learning layer on RIVANNA’s Accuro XV platform
Published
52 minutes agoon
October 22, 2026By
Anatomy segmentation and three-dimensional skeletal visualization arrive with this clearance; an injury detection module for clinical decision support is in development on the platform roadmap
CHARLOTTESVILLE, Va., Oct. 22, 2026 /PRNewswire/ — RIVANNA®, developer of AI-enabled clinical decision-support solutions, today announced that the U.S. Food and Drug Administration (FDA) has granted 510(k) clearance for BoneEnhance®, a machine learning software module for the Accuro® XV diagnostic ultrasound system. The module segments bone and surrounding tissues and supports visualization of skeletal anatomy in three dimensions during image review.
The clearance moves the platform from acquisition toward interpretation. Accuro XV was cleared in April 2026 for B-mode imaging in musculoskeletal conventional and superficial applications. Its conformable three-dimensional probe automates large field-of-view image acquisition after initial patient positioning. BoneEnhance is the first machine learning software module cleared for the platform.
BoneEnhance identifies bone and surrounding tissues
Each automated acquisition creates a volumetric dataset for review. BoneEnhance identifies bone and surrounding tissues within that volume, then highlights them with color-coded overlays on the two-dimensional B-mode image. The original anatomical data remain unaltered and visible beneath the overlays. A three-dimensional indicator beside the image shows the scan orientation and the location of the displayed slice within the volume.
A platform milestone
The sequence is deliberate: decision support begins at acquisition. Accuro XV acquires the image; BoneEnhance identifies and labels the anatomy within it. Behind the integrated workflow stands a worldwide intellectual-property portfolio of more than 100 issued and pending patents across more than 20 patent families.
“We founded RIVANNA to solve a problem that cuts across care settings: decision-critical information sits outside the point-of-care workflow,” said Will Mauldin, PhD, Co-founder and CEO of RIVANNA. “BoneEnhance is where the stack begins to close that gap for musculoskeletal care: automated volumetric acquisition, now paired with cleared software-assisted review. This clearance is the foundation: the first machine learning layer, anchoring the decision-support capabilities now in development.”
Independently validated within a nationwide eight-site study
BoneEnhance was trained and validated within RIVANNA’s nationwide eight-site clinical study. Three sites contributed the training data; the other five provided the independent test set of 233 volumetric datasets, comprising 69,900 images from 173 subjects. None of the test data were used for training or tuning. Three board-certified radiologists established the reference labels, and per-volume label prediction accuracy, a measure of anatomical labeling, ranged from 95.1% to 100.0%.
Separate from the validation supporting this clearance, the platform’s automated acquisition carries peer-reviewed evidence: in a published study of 205 patients in the Journal of Emergency Medicine (DOI: 10.1016/j.jemermed.2025.11.011), operators with one hour of hands-on training acquired wrist and ankle images rated adequate for diagnostic interpretation in more than 90% of scans, with image quality comparable to physician-acquired scans.
“This clearance reflects the strength of the team RIVANNA has built across AI development, clinical affairs, and regulatory execution, and the commitment of the clinical sites that partnered with us to generate the evidence,” said Delphine Le Roux, PhD, PMP, Senior Director, Market Access and Strategic Partnerships at RIVANNA. “None of it happens without BARDA’s sustained support, which allowed us to do this the right way: rigorous, multi-site, and independent. The infrastructure, partnerships, and regulatory playbook we established for BoneEnhance are designed to carry forward. That execution engine is what positions us to pursue the next clearance with confidence.”
The next layer in development
The platform’s progression continues with an investigational musculoskeletal injury detection module. Where BoneEnhance labels the anatomy, the new module is being developed to assist clinicians in evaluating potential extremity fractures within acquired ultrasound images. The nationwide clinical study that trained and validated BoneEnhance, now expanded from eight to ten sites, is building the datasets used to train the module. Because the sites and data infrastructure were established once and are reused for each new module, every subsequent module builds on the program’s federal investment.
Federal funding acknowledgment
This project has been supported in whole or in part with federal funds from the U.S. Department of Health and Human Services; the Administration for Strategic Preparedness and Response (ASPR); Biomedical Advanced Research and Development Authority (BARDA), under contract number 75A50121C00035.
About Accuro XV
Accuro XV is a portable, small-footprint point-of-care volumetric ultrasound imaging system for musculoskeletal imaging. Its conformable three-dimensional probe automates large field-of-view B-mode image acquisition without ionizing radiation. BoneEnhance is a cleared machine learning software module available during review of Accuro XV volumetric image acquisitions. It segments bone and surrounding tissues and supports visualization of skeletal anatomy in three dimensions.
An investigational computer-aided musculoskeletal injury detection module is in development for Accuro XV. It is designed to assist clinicians in detecting extremity fractures from volumetric ultrasound and annotating soft-tissue signs associated with injury, and to support triage decisions, including referral for additional radiographic imaging.
Accuro XV is designed to provide a fracture-care layer at the point of triage, helping to streamline emergency department workflows, expedite evaluation of low-severity extremity injuries, and reduce reliance on X-ray referrals. The platform is designed to support just-in-time training to promote consistent use across clinical experience levels, advancing a shared mission to transform musculoskeletal injury care while supporting broader emergency preparedness objectives.
About RIVANNA
RIVANNA is a medical technology company developing clinical decision-support solutions powered by proprietary clinical datasets, AI models, and purpose-built imaging hardware. The company’s platform is designed to automate complex anatomical analysis at the point of care, support faster and more confident clinical decisions, reduce variability, and expand access to advanced capabilities. Its initial applications address interventional guidance and trauma triage, beginning with neuraxial procedures and musculoskeletal injury assessment. RIVANNA has established an FDA-cleared product portfolio and maintains a worldwide intellectual-property portfolio of more than 100 issued and pending patents. RIVANNA is headquartered in Charlottesville, Virginia, and operates an FDA-registered, ISO 13485:2016-certified manufacturing facility.
RIVANNA, Accuro, BoneEnhance, and the Rivanna Medical family of marks are registered and unregistered trademarks of Rivanna Medical, Inc. in the United States and other jurisdictions.
View original content to download multimedia:https://www.prnewswire.com/news-releases/fda-grants-510k-clearance-for-boneenhance-the-first-machine-learning-layer-on-rivannas-accuro-xv-platform-302917179.html
SOURCE RIVANNA
Harlem Children’s Zone Acquires FinTech Platform, Goalsetter, to Accelerate Universal Economic Mobility
Common Ground in the Battlegrounds? Surveys Reveal Widespread Bipartisan Agreement in 11 Competitive States and 28 Congressional Districts, as Well as Nationally
FDA grants 510(k) clearance for BoneEnhance, the first machine learning layer on RIVANNA’s Accuro XV platform
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