Technology
V2X Delivers Solid Fourth Quarter and Full-Year 2023 Results
Published
2 years agoon
By
Fourth Quarter 2023 Summary
Reported record revenue of $1.04 billion, up +6.4% y/y Achieved y/y revenue growth of 31% in the Pacific and 18% in the Middle EastOperating income of $38.5 million; adjusted operating income1 of $76.2 million Net income (loss) of ($0.5) million, up $10.1 million y/yAdjusted EBITDA1 of $82.1 million with a margin1 of 7.9%Diluted EPS of ($0.02); Adjusted diluted EPS1 of $1.22Strong year-to-date cash flow from operations of $188.0 million; Achieved net debt reduction of $137.1 millionAwarded first substantial foreign military sales program valued at $400 million over 5 years
2024 Guidance:
Establishing full-year 2024 guidance with revenue and adjusted EBITDA1 growth of 5% at mid-point
MCLEAN, Va., March 5, 2024 /PRNewswire/ — V2X, Inc. (NYSE:VVX) announced fourth quarter and full-year 2023 financial results.
“I’m pleased to report a strong finish to 2023, with record revenue and strong operational performance which drove significant cash generation and net debt reduction,” said Chuck Prow, President and Chief Executive Officer of V2X. “I’d like to thank our teams that demonstrated agility and excellent performance, delivering 8% pro forma revenue1 growth for the full-year and 6% for the quarter. We made significant progress advancing V2X as a leader in the operational segment of the federal services market while continuing to position the company for long-term growth. The leading indicators for our business remain strong with a backlog of approximately $13 billion, $9 billion of bids submitted currently under evaluation, and a robust pipeline of opportunities valued at $15 billion expected to be submitted over the next twelve months. Our capabilities and position in an expanding market, present opportunities to drive continued growth and value for our shareholders and clients.”
“V2X achieved several milestones during the fourth quarter, which includes our first substantial foreign military sales (FMS) win valued at approximately $400 million over the next five years,” said Mr. Prow. “This program is a long-term aviation support and training contract in the Middle East and was a direct result of our multi-year FMS campaign. Importantly, our evolution as a company has been an enabler to participate in this market. With this opportunity, the total value of V2X FMS’ portfolio is approximately $700 million with accretive margins. We plan to build on this success and continue pursuing FMS opportunities that leverage our geographic footprint, strong partnerships, and core capabilities.”
Mr. Prow continued, “Our ability to provide full life cycle solutions from concept to fielding and sustainment is a significant differentiator that’s yielding results. During the quarter, we demonstrated our capabilities through the fielding of a defense platform that modernized existing systems. This program launched as an engineering development and prototyping effort with a new client and today has yielded a brand-new product that’s designed, produced, and sustained by V2X. Additionally, our engineering, integration, modernization and sustainment solutions resulted in approximately $70 million of awards to V2X in the fourth quarter.”
Mr. Prow concluded, “I’d like to thank our teams for their contributions in 2023 and progress executing our strategic framework: Expand the Base, Capture New Markets, Deliver with Excellence, and Enhance Culture. Looking ahead, V2X continues to transform to deliver enhanced capabilities in an expanding market. We have strong momentum, robust backlog, a highly aligned pipeline, limited recompetes, and high free cash generation that provides an excellent fundamental profile to support value creation.”
Fourth Quarter 2023 Results
“V2X reported revenue of $1.0 billion in the quarter, which represents 6.4% year-over-year growth,” said Shawn Mural, Senior Vice President and Chief Financial Officer. “Revenue growth in the quarter was achieved through exceptional team performance delivering milestones ahead of schedule, expansion on existing programs, and new business. This solid execution resulted in year-over-year revenue growth of 31% in the Pacific and 18% in the Middle East.”
“For the quarter, the Company reported operating income of $38.5 million and adjusted operating income1 of $76.2 million. Adjusted EBITDA1 was $82.1 million with a margin of 7.9%. Fourth quarter GAAP diluted EPS was ($0.02), due primarily to merger and integration related costs, amortization of acquired intangible assets, and interest expense. Adjusted diluted EPS1 for the quarter was $1.22.”
“V2X’s ability to generate strong cash flow with low capital expenditures is an important attribute of our business and one that we are extremely focused on as a primary avenue to enhance value for shareholders. I’m pleased to announce that during the quarter, our teams demonstrated outstanding performance in all aspects of cash conversion, driving significant collections, a record low DSO, and operating cash flow that exceeded our guidance. Net cash provided by operating activities was $188.0 million year to date. Adjusted net cash provided by operating activities1 year to date was $159.5 million, adding back $26.9 million of M&A and integration costs with $13.4 million of CARES act payments, and removing the contribution of the master accounts receivable purchase or MARPA facility of $68.8 million.”
“Solid cash generation enabled net debt reduction of $137.1 million for the year. At the end of the quarter, net debt for V2X was $1,083.6 million. Net consolidated indebtedness to EBITDA1 (net leverage ratio) was 3.3x, improved from 3.7x at the end of 2022. Additionally, we believe our strong fundamentals will allow V2X to achieve a net leverage ratio at or under 3.0x by the end of 2024.”
“Total backlog as of December 31, 2023, was $12.8 billion. Funded backlog was $2.8 billion. Bookings in the quarter were $0.6 billion, resulting in a trailing twelve-month book-to-bill of 1.1x. It’s important to note that backlog and bookings do not include the full performance period of the $400 million FMS program as the contract is being definitized and the $458 million F-5 Adversary aircraft award, discussed last quarter, as it remains in protest,” said Mr. Mural.
Full-Year 2023 Results
Full-year revenue was $3.963 billion, up 8% pro forma year-on-year. The Company reported full-year operating income of $124.4 million and adjusted operating income1 of $271.4 million. Full-year EBITDA1 was $293.9 million with a margin of 7.4%. Full-year GAAP diluted EPS was ($0.73), due primarily to merger and integration related costs, amortization of acquired intangible assets, and interest expense. Adjusted diluted EPS1 for 2023 was $3.74.
2024 Guidance
Mr. Mural concluded, “Based on the positive trends in our business we are setting the mid-point of our guidance for revenue and Adjusted EBITDA1 at $4.150 billion and $308 million, respectively, representing approximately 5% year-over-year growth. We expect revenue and adjusted EBITDA to be weighted more heavily in the second half of the year. Importantly, guidance at the mid-point assumes approximately 90% of revenue from existing contracts and less than 5% from recompetes.”
Guidance for 2024 is as follows:
$ millions, except for per share amounts
2024 Guidance
2024 Mid-Point
Revenue
$4,100
$4,200
$4,150
Adjusted EBITDA1
$300
$315
$308
Adjusted Diluted Earnings Per Share1
$3.85
$4.20
$4.03
Adjusted Net Cash Provided by Operating Activities1
$145
$165
$155
The Company is not providing a quantitative reconciliation with respect to this forward-looking non-GAAP measure 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.
Fourth Quarter and Full-Year 2023 Conference Call
Management will conduct a conference call with analysts and investors at 8:00 a.m. ET on Tuesday, March 5, 2024. U.S.-based participants may dial in to the conference call at 877-407-3982, while international participants may dial 201-493-6780. A live webcast of the conference call as well as an accompanying slide presentation will be available here: https://app.webinar.net/WrwGVYwl6dA
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 March 19, 2024, at 844-512-2921 (domestic) or 412-317-6671 (international) with passcode 13743860 .
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 smart solutions designed to integrate physical and digital infrastructure – by aligning people, actions, and outputs. Formed by the merger of Vectrus and Vertex, we bring a combined 120 years of successful mission support. Our lifecycle solutions improve security, streamline logistics, and enhance readiness.
The Company delivers a comprehensive suite of integrated solutions across the operations and logistics, aerospace, training, and technology markets to national security, defense, civilian and international clients. Our global team of approximately 16,000 employees brings innovation to every point in the mission lifecycle, from preparation to operations, to sustainment, as it tackles the most complex challenges with agility, grit, and dedication.
Contact Information
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.
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 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.
CONSOLIDATED STATEMENTS OF (LOSS) INCOME
Year Ended December 31,
(In thousands, except per share data)
2023
2022
2021
Revenue
$ 3,963,126
$ 2,890,860
$ 1,783,665
Cost of revenue
3,628,271
2,595,848
1,623,245
Selling, general and administrative expenses
210,439
239,241
98,400
Operating income
124,416
55,771
62,020
Loss on extinguishment of debt
(22,298)
—
—
Interest expense, net
(122,442)
(61,879)
(7,985)
Other expense, net
(4,194)
—
—
(Loss) income from operations before income taxes
(24,518)
(6,108)
54,035
Income tax (benefit) expense
(1,945)
8,222
8,307
Net (loss) income
$ (22,573)
$ (14,330)
$ 45,728
(Loss) earnings per share
Basic
$ (0.73)
$ (0.68)
$ 3.91
Diluted
$ (0.73)
$ (0.68)
$ 3.86
Weighted average common shares outstanding – basic
31,084
20,996
11,705
Weighted average common shares outstanding – diluted
31,084
20,996
11,836
V2X, INC.
CONSOLIDATED BALANCE SHEETS
December 31,
(In thousands, except shares and per share data)
2023
2022
Assets
Current assets
Cash, cash equivalents and restricted cash
$ 72,651
$ 116,067
Receivables
705,995
728,582
Inventory, net
46,981
44,974
Prepaid expenses and other current assets
49,242
42,309
Total current assets
874,869
931,932
Property, plant, and equipment, net
85,429
78,715
Goodwill
1,656,926
1,653,822
Intangible assets, net
407,530
497,951
Right-of-use assets
41,215
52,825
Other non-current assets
15,931
17,858
Total non-current assets
2,207,031
2,301,171
Total Assets
$ 3,081,900
$ 3,233,103
Liabilities and Shareholders’ Equity
Current liabilities
Accounts payable
$ 453,052
$ 406,706
Compensation and other employee benefits
158,088
168,038
Short-term debt
15,361
11,850
Other accrued liabilities
213,700
196,538
Total current liabilities
840,201
783,132
Long-term debt, net
1,100,269
1,262,811
Deferred tax liabilities
11,763
15,813
Operating lease liabilities
34,691
41,083
Other non-current liabilities
104,176
133,185
Total non-current liabilities
1,250,899
1,452,892
Total liabilities
2,091,100
2,236,024
Commitments and contingencies (Note 15)
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; 31,191,628 and 30,470,475 shares issued and outstanding as of December 31, 2023 and 2022, respectively
312
305
Additional paid in capital
762,324
748,877
Retained earnings
230,851
253,424
Accumulated other comprehensive loss
(2,687)
(5,527)
Total shareholders’ equity
990,800
997,079
Total Liabilities and Shareholders’ Equity
$ 3,081,900
$ 3,233,103
V2X, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Year Ended December 31,
(In thousands)
2023
2022
2021
Operating activities
Net (loss) income
$ (22,573)
$ (14,330)
$ 45,728
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation expense
22,408
13,472
6,526
Amortization of intangible assets
90,423
48,643
10,028
Loss on disposal of property, plant, and equipment
683
59
65
Stock-based compensation
32,843
32,736
8,331
Deferred taxes
(7,509)
(15,554)
(7,280)
Amortization of debt issuance costs
9,067
7,805
912
Loss on extinguishment of debt
22,298
—
—
Gain on disposition of business
(450)
(2,082)
—
Changes in assets and liabilities:
Receivables
19,064
(52,311)
(36,376)
Inventory, net
(311)
(3,600)
(5,232)
Other assets
12,076
14,962
(7,613)
Accounts payable
43,153
71,837
56,985
Compensation and other employee benefits
(9,901)
42,878
1,133
Other liabilities
(23,303)
(51,020)
(11,868)
Net cash provided by operating activities
187,968
93,495
61,339
Investing activities
Purchases of capital assets and intangibles
(25,021)
(12,425)
(9,776)
Proceeds from the disposition of assets
16
9
16
Acquisition of business, net of cash acquired
—
193,677
262
Disposition of business
1,349
(5,303)
—
Distributions from (contributions to) joint venture
1,007
—
(3,145)
Net cash (used in) provided by investing activities
(22,649)
175,958
(12,643)
Financing activities
Proceeds from issuance of long-term debt
250,000
—
—
Repayments of long-term debt
(432,603)
(108,400)
(8,600)
Proceeds from revolver
922,750
392,000
529,000
Repayments of revolver
(922,750)
(472,925)
(594,000)
Proceeds from exercise of stock options
34
408
379
Payment of debt issuance costs
(8,818)
(2,325)
(17)
Prepayment premium on early redemption of debt
(1,600)
—
—
Payments of employee withholding taxes on share-based compensation
(18,036)
(1,994)
(2,347)
Net cash used in financing activities
(211,023)
(193,236)
(75,585)
Exchange rate effect on cash
2,288
1,337
(3,325)
Net change in cash, cash equivalents and restricted cash
(43,416)
77,554
(30,214)
Cash, cash equivalents and restricted cash – beginning of year
116,067
38,513
68,727
Cash, cash equivalents and restricted cash – end of year
$ 72,651
$ 116,067
$ 38,513
Supplemental Disclosure of Cash Flow Information:
Interest paid
$ 117,482
$ 54,267
$ 5,801
Income taxes paid
$ 8,356
$ 13,416
$ 9,703
Non-cash investing activities:
Purchase of capital assets on account
$ 3,043
$ 2,716
$ 277
Common stock issued for business acquisition
$ —
$ 630,636
$ —
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, adjusted operating cash flow, and pro forma revenue 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, adjusted net cash provided by (used in) operating activities, and pro forma revenue, 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.
Pro forma (PF) revenue is defined as the combined results of our operations as if the Merger had occurred on January 1, 2021.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.
In this document, the Company presents certain forward-looking non-GAAP metrics. The Company does not provide outlook on a GAAP basis because the items that the Company excludes from GAAP to calculate the comparable non-GAAP measure can be dependent on future events that are less capable of being controlled or reliably predicted by management and are not part of the Company’s routine operating activities. Additionally, management does not forecast many of the excluded items for internal use and therefore cannot create or rely on outlook done on a GAAP basis. The occurrence, timing, and amount of any of the items excluded from GAAP to calculate non-GAAP could significantly impact the Company’s fiscal 2023 GAAP results.
Non-GAAP Tables
($K, except per share data)
Three Months Ended
Twelve Months Ended
December 31,
2023
December 31,
2022
December 31,
2023
December 31,
2022
Revenue
$ 1,040,307
$ 978,167
$ 3,963,126
$ 2,890,860
Net income (loss)
$ (492)
$ (10,619)
$ (22,573)
$ (14,330)
Plus:
Income tax expense (benefit)
8,420
10,675
(1,945)
8,222
Other expense, net
1,859
—
4,194
—
Interest expense, net
28,497
30,971
122,442
61,879
Loss on extinguishment of debt
246
—
22,298
—
Amortization of intangible assets
22,606
20,046
90,423
48,643
M&A, integration and related costs
15,055
26,379
56,610
87,108
Adjusted operating income
$ 76,191
$ 77,452
$ 271,449
$ 191,522
Plus:
Depreciation expense
5,875
4,809
22,408
13,472
Adjusted EBITDA
$ 82,066
$ 82,261
$ 293,857
$ 204,994
Adjusted EBITDA margin
7.9 %
8.4 %
7.4 %
7.1 %
Minus:
Cash interest expense, net
26,305
27,069
113,375
54,074
Income tax expense, as adjusted
9,101
19,654
35,430
36,295
Depreciation expense
5,875
4,809
22,408
13,472
Other expense, net
1,859
—
4,194
—
Adjusted net income
$ 38,926
$ 30,729
$ 118,450
$ 101,153
($K, except per share data)
Three Months Ended
Twelve Months Ended
December 31,
2023
December 31,
2022
December 31,
2023
December 31,
2022
Diluted earnings (loss) per share
$ (0.02)
$ (0.35)
$ (0.73)
$ (0.68)
Plus:
M&A, integration and related costs
0.45
0.69
1.42
3.28
Amortization of intangible assets
0.68
0.53
2.26
1.84
Amortization of debt issuance costs and Loss on extinguishment of debt
0.11
0.10
0.79
0.29
Adjusted diluted earnings per share
$ 1.22
$ 0.97
$ 3.74
$ 4.73
Average shares outstanding
Basic, as reported
31,192
30,465
31,084
20,996
Diluted, as reported
31,192
30,465
31,084
20,996
Adjusted diluted
31,822
31,284
31,567
21,346
SUPPLEMENTAL INFORMATION
Revenue by client branch, contract type, contract relationship, and geographic region for the periods presented below was as follows:
Revenue by Client
Year Ended December 31,
(In thousands)
2023
%
2022
%
2021
%
Army
$ 1,633,525
41 %
$ 1,342,406
46 %
$ 1,134,849
64 %
Navy
1,233,463
31 %
713,732
25 %
224,407
13 %
Air Force
538,698
14 %
459,849
16 %
266,291
15 %
Other
557,440
14 %
374,873
13 %
158,118
8 %
Total revenue
$ 3,963,126
$ 2,890,860
$ 1,783,665
Revenue by Contract Type
Year Ended December 31,
(In thousands)
2023
%
2022
%
2021
%
Cost-plus and cost-reimbursable
$ 2,209,241
56 %
$ 1,625,196
56 %
$ 1,271,167
71 %
Firm-fixed-price
1,626,262
41 %
1,159,743
40 %
452,112
25 %
Time-and-materials
127,623
3 %
105,921
4 %
60,386
4 %
Total revenue
$ 3,963,126
$ 2,890,860
$ 1,783,665
Revenue by Contract Relationship
Year Ended December 31,
(In thousands)
2023
%
2022
%
2021
%
Prime contractor
$ 3,726,199
94 %
$ 2,695,067
93 %
$ 1,663,828
93 %
Subcontractor
236,927
6 %
195,793
7 %
119,837
7 %
Total revenue
$ 3,963,126
$ 2,890,860
$ 1,783,665
Revenue by Geographic Region
Year Ended December 31,
(In thousands)
2023
%
2022
%
2021
%
United States
$ 2,286,052
58 %
$ 1,494,255
52 %
$ 578,255
32 %
Middle East
1,193,598
30 %
1,024,674
35 %
1,000,877
56 %
Asia
264,346
7 %
167,629
6 %
61,927
3 %
Europe
219,130
5 %
204,302
7 %
142,606
9 %
Total revenue
$ 3,963,126
$ 2,890,860
$ 1,783,665
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SOURCE V2X, Inc.
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Affordability is another factor that draws many people to the area. Compared to larger cities, Chattanooga’s housing prices and property taxes remain relatively moderate. Still, trends vary by neighborhood. Some areas near downtown are experiencing rapid growth and rising prices. Buyers and renters who study these patterns in advance are better able to match their budget with the right community.
For families, schools are central to the relocation decision. Hamilton County features public, private, and charter schools, each offering different strengths. Many families select neighborhoods based on school zones, while others consider private education or alternative programs. Reviewing school ratings, extracurricular options, and long-term academic opportunities helps ensure the best fit for children.
Employment opportunities also make Chattanooga an attractive place to move. The job market has been growing steadily, with strengths in logistics, healthcare, technology, and advanced manufacturing. Expansion from existing companies and new businesses entering the region have created stability in both housing and employment. Prospective residents, however, should review industry-specific opportunities to confirm their career goals align with local options.
Beyond housing, schools, and work, lifestyle factors help determine how well a move turns out. Chattanooga’s reputation as an outdoor destination is one of its strongest assets. Residents enjoy access to hiking trails, mountain biking, and water activities along the Tennessee River. The city also features cultural events, a thriving restaurant scene, and live music, making it appealing for those who want balance between work and recreation.
Planning the details of the move itself is just as important. A relocation checklist can simplify the process, including securing housing, transferring utilities, and registering vehicles. Those moving from out of state should also remember to update driver’s licenses, insurance, and voter registration. Attention to these details reduces stress and prevents unnecessary delays.
Local expertise can help make the transition smoother. A real estate professional who understands Chattanooga can guide newcomers through the city’s neighborhoods, school districts, and commuting options. Their insight can save time, prevent costly mistakes, and ensure that newcomers choose a location that fits both their practical needs and lifestyle goals.
Relocating to Chattanooga offers opportunities that combine affordability, career growth, and outdoor living. Families, retirees, and young professionals are all drawn to the area’s variety of neighborhoods, active lifestyle, and strong sense of community. With careful planning, the move can be both seamless and rewarding.
What to Know Before Relocating to Chattanooga highlights the most important factors for a successful transition. This is according to Grace Frank, Real Estate Expert of Chattanooga, TN, who provides practical advice for those considering a move in HelloNation.
About HelloNation
HelloNation is a premier media platform that connects readers with trusted professionals and businesses across various industries. Through its innovative “edvertising” approach that blends educational content and storytelling, HelloNation delivers expert-driven articles that inform, inspire, and empower. Covering topics from home improvement and health to business strategy and lifestyle, HelloNation highlights leaders making a meaningful impact in their communities.
View original content to download multimedia:https://www.prnewswire.com/news-releases/in-hellonation-real-estate-expert-grace-frank-shares-what-to-know-before-relocating-to-chattanooga-302754736.html
SOURCE HelloNation
Technology
Hyperscale Data Subsidiary Ault Global Commodities Announces First Silver Purchase
Published
32 minutes agoon
April 27, 2026By
LAS VEGAS, April 27, 2026 /PRNewswire/ — Hyperscale Data, Inc. (NYSE American: GPUS), an artificial intelligence (“AI”) data center company anchored by Bitcoin (“Hyperscale Data” or the “Company”), today announced that its wholly-owned subsidiary Ault Global Commodities, Inc. (“AGC”) has completed its first purchase of physical silver, acquiring 10,000 ounces of .999 fine silver bullion. The transaction was executed through AGC’s strategic partner, Scottsdale Mint, LLLP, a leading private mint specializing in high-quality investment grade precious metals with which AGC has entered into a purchase and sale agreement (the “Agreement”).
This initial acquisition of silver under the Agreement marks the official launch of the Company’s precious metals strategy and represents a key step in the Company’s broader initiative to build a diversified commodities portfolio alongside its existing digital asset and AI operations, as well as its contemplated robotics plans, each as disclosed in prior press releases.
“This initial silver purchase represents more than merely an entry into precious metals; it reflects the continued evolution of the Company’s balance sheet,” stated Milton “Todd” Ault III, Executive Chairman of Hyperscale Data. “With more than $350 million in assets, including cash and Bitcoin, we are deliberately building a diversified balance sheet designed to endure across market cycles. We believe Bitcoin and precious metals will serve as foundational pillars of that strategy, combining the asymmetric upside of digital assets with the proven stability of hard commodities. As we continue to deploy capital, our objective is clear: Strengthen our asset base, expand our global portfolio of companies, and position Hyperscale Data to create long-term value through disciplined, opportunistic capital allocation.”
The Company expects AGC to make additional purchases in the future as it continues to scale its operations in the broader commodities sector.
For more information on Hyperscale Data and its subsidiaries, Hyperscale Data recommends that stockholders, investors and any other interested parties read Hyperscale Data’s public filings and press releases available under the Investor Relations section at hyperscaledata.com or available at www.sec.gov.
About Hyperscale Data, Inc.
Through its wholly owned subsidiary Sentinum, Inc., Hyperscale Data owns and operates a data center at which it mines digital assets and offers colocation and hosting services for the emerging AI ecosystems and other industries. Hyperscale Data’s other wholly owned subsidiary, Ault Capital Group, Inc. (“ACG”), is a diversified holding company pursuing growth by acquiring undervalued businesses and disruptive technologies with a global impact.
Hyperscale Data currently expects the divestiture of ACG (the “Divestiture”) to occur in the second quarter of 2027. Upon the occurrence of the Divestiture, the Company would be an owner and operator of data centers to support high-performance computing services, as well as a holder of the digital assets. Until the Divestiture occurs, the Company will continue to provide, through ACG and its wholly and majority-owned subsidiaries and strategic investments, mission-critical products that support a diverse range of industries, including an AI software platform, equipment rental services, defense/aerospace, industrial, automotive, medical/biopharma and hotel operations. In addition, ACG is actively engaged in private credit and structured finance through a licensed lending subsidiary. Hyperscale Data’s headquarters are located at 11411 Southern Highlands Parkway, Suite 190, Las Vegas, NV 89141.
On December 23, 2024, the Company issued one million (1,000,000) shares of a newly designated Series F Exchangeable Preferred Stock (the “Series F Preferred Stock”) to all common stockholders and holders of the Series C Preferred Stock on an as-converted basis. The Divestiture will occur through the voluntary exchange of the Series F Preferred Stock for shares of Class A Common Stock and Class B Common Stock of ACG (collectively, the “ACG Shares”). The Company reminds its stockholders that only those holders of the Series F Preferred Stock who agree to surrender such shares, and do not properly withdraw such surrender, in the exchange offer through which the Divestiture will occur, will be entitled to receive the ACG Shares and consequently be shareholders of ACG upon the occurrence of the Divestiture.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as “believes,” “plans,” “anticipates,” “projects,” “estimates,” “expects,” “intends,” “strategy,” “future,” “opportunity,” “may,” “will,” “should,” “could,” “potential,” or similar expressions. Statements that are not historical facts are forward-looking statements. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties.
Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update any of them publicly in light of new information or future events. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors. More information, including potential risk factors, that could affect the Company’s business and financial results are included in the Company’s filings with the U.S. Securities and Exchange Commission, including, but not limited to, the Company’s Forms 10-K, 10-Q and 8-K. All filings are available at www.sec.gov and on the Company’s website at hyperscaledata.com.
View original content to download multimedia:https://www.prnewswire.com/news-releases/hyperscale-data-subsidiary-ault-global-commodities-announces-first-silver-purchase-302753925.html
SOURCE Hyperscale Data Inc.
Technology
In HelloNation, Financial Advisor Jennifer Prosise of Joliet, IL Breaks Down When to Start Financial Planning
Published
32 minutes agoon
April 27, 2026By
JOLIET, Ill., April 27, 2026 /PRNewswire/ — When is the right time to begin financial planning? A recent HelloNation article featuring Financial Advisor Jennifer Prosise of The Voyager Group, Ltd. in Joliet, IL, explores why early financial planning can create lasting advantages, especially during key life transitions.
The article challenges the common belief that financial planning only becomes necessary later in life. According to the feature, waiting until retirement planning is urgent can limit flexibility and options. By starting earlier, individuals can make gradual adjustments that align with long-term goals and reduce financial stress over time.
Jennifer Prosise explains that financial planning is most effective when it starts at the moment questions begin to surface. The article notes that planning isn’t tied to age, but to life events, such as a career change, starting a family, or returning to school. These life transitions often reshape responsibilities and future priorities, making early financial planning both timely and practical.
One of the most valuable aspects of early financial planning is habit-building. The article emphasizes how small choices about income and savings, spending, or borrowing compound over time. Establishing a structure early creates momentum and makes it easier to adapt when circumstances shift.
Career changes are a key opportunity to begin planning. With changes in income, benefits, and risk, the article advises individuals to assess how income and savings can work together more efficiently. A financial advisor can help clarify goals and offer structure during times of professional change.
For growing families, financial planning provides support when expenses increase and new needs emerge. The article points out that early planning can balance short-term decisions with long-term goals like education costs, housing needs, or lifestyle flexibility. Financial clarity during these moments reduces uncertainty and helps families prioritize with confidence.
The article also highlights how education decisions, such as starting or returning to college, can benefit from early financial planning. Loans, tuition, and long-term earnings potential all come into play. Planning in advance helps individuals evaluate tradeoffs and avoid reactive decisions that may lead to unnecessary debt.
Entrepreneurs and small business owners also find value in starting early. Business ventures bring both opportunities and risks, and financial planning helps manage both. With income fluctuations and investment decisions to weigh, early structure ensures that personal and professional goals remain aligned.
The article explains that early financial planning also creates space for gradual change. Instead of making large corrections later in life, people can make smaller, more sustainable adjustments. This flexibility supports retirement planning over a longer horizon and builds resilience during financial shifts.
Jennifer Prosise also points out the emotional benefits of planning early. With a framework in place, people are less likely to feel overwhelmed during uncertain times. Financial planning reduces confusion and allows for steady progress toward long-term goals.
When It Makes Sense to Start Financial Planning features insights from Jennifer Prosise, Financial Advisor of Joliet, IL, in HelloNation.
About HelloNation
HelloNation is a premier media platform that connects readers with trusted professionals and businesses across various industries. Through its innovative “edvertising” approach that blends educational content and storytelling, HelloNation delivers expert-driven articles that inform, inspire, and empower. Covering topics from home improvement and health to business strategy and lifestyle, HelloNation highlights leaders making a meaningful impact in their communities.
View original content to download multimedia:https://www.prnewswire.com/news-releases/in-hellonation-financial-advisor-jennifer-prosise-of-joliet-il-breaks-down-when-to-start-financial-planning-302754763.html
SOURCE HelloNation
In HelloNation, Real Estate Expert Grace Frank Shares What to Know Before Relocating to Chattanooga
Hyperscale Data Subsidiary Ault Global Commodities Announces First Silver Purchase
In HelloNation, Financial Advisor Jennifer Prosise of Joliet, IL Breaks Down When to Start Financial Planning
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