VSEC Third Quarter 2022 Results Conference Call October 2022
R A I S E T H E B A R 2 This presentation contains statements that, to the extent they are not recitations of historical fact, constitute "forward looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Exchange Act. All such statements are intended to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of such safe harbor provisions. “Forward-looking” statements, as such term is defined by the SEC in its rules, regulations and releases, represent VSE Corporation’s (the “Company”) expectations or beliefs, including, but not limited to, statements concerning its 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 presentation and the Company undertakes no ongoing obligation, other than that imposed by law, to update these statements. These statements appear in a number of places in this presentation, and relate to, among other things, the Company’s intent, belief or current expectations with respect to: its 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, 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 the factors identified in the Company’s reports filed with the SEC including its Annual Report on Form 10-K for the year ended December 31, 2021. Forward-Looking Statements Non-GAAP Financial Measures In addition to the financial measures prepared in accordance with generally accepted accounting principles (GAAP), this document also contains Non-GAAP financial measures. We consider Adjusted Net Income, Adjusted EPS (Diluted), EBITDA, Adjusted EBITDA, trailing-twelve month Adjusted EBITDA, net debt and free cash flow (FCF) as non-GAAP financial measures and important indicators of performance and useful metrics for management and investors to evaluate our business’s ongoing operating performance on a consistent basis across reporting periods. Adjusted Net Income represents Net Income adjusted for discrete items. Adjusted EPS (Diluted) is computed by dividing net income, adjusted for the discrete items and the related tax impacts, by the diluted weighted average number of common shares outstanding. EBITDA represents net income before interest expense, income taxes, amortization of intangible assets and depreciation and other amortization. Adjusted EBITDA represents EBITDA adjusted for discrete items. Net debt is defined as total debt less cash and cash equivalents. Free cash flow represents operating cash flow less capital expenditures. Net leverage ratio is calculated as net debt divided by trailing twelve month Adjusted EBITDA. The reasons why we believe these measures provide useful information to investors and a reconciliation of these measures to the most directly comparable GAAP measures and other information relating to these Non-GAAP measures are included in the supplemental schedules attached.
R A I S E T H E B A R 3 3Q 2022 OVERVIEW Year-over-year Revenue Growth Across All Reporting Segments TOTAL VSE > Total Revenue: $242.5 million, +21% Y/Y; growth in all segments > Adjusted EBITDA: $24.0 million, +12% Y/Y AVIATION > Revenue: +40% Y/Y, second straight $100+ million quarter > Adjusted EBITDA +86% Y/Y to 13.2% FEDERAL & DEFENSE > Revenue +12% Y/Y, U.S. Navy services offset contract completions > Adjusted EBITDA of 3.7% driven by fixed-price vs. cost-plus mix FLEET > Revenue +7% Y/Y supported by Commercial customer growth > Commercial Revenue +23% Y/Y driven by e-Commerce fulfillment BALANCE SHEET > Free cash flow of $11.3 million; 3.4x Net Leverage Ratio > Amended & extended credit facility to support business growth Strong quarter with growth in revenue, profitability and free cash flow
R A I S E T H E B A R 4 UPDATE ON KEY STRATEGIC PRIORITIES Focused on new business development with a customer-centric value proposition Building Sustainable Revenue > Aviation: Announced four new distribution agreements valued at approximately $350 million; expanding geographic presence and leveraging proven distribution and product line management capabilities > Fleet: Revenue diversification continues as Commercial remains a strong source of continued growth. Launching a new, state-of-the-art, 425,000 square foot e-Commerce fulfillment center of excellence in the Memphis, Tennessee area, doubling the existing warehouse footprint Growing Adjusted EBITDA Optimizing Legacy Programs > Aviation: Record Adjusted EBITDA through successful implementation and execution of recently awarded distribution programs and increased MRO activity driving profitability improvements > Fleet: Growing adjusted EBITDA driven by steady contributions from USPS revenue and growth in Commercial Fleet > Aviation: Awarded multi-year contract renewals that provide sustained revenue and increased cross- selling opportunities > Announced a 5-year agreement with Lufthansa for 737NG material with MRO services support from VSE 737 used serviceable materials agreement > Fleet: Continued expansion of product offerings for all USPS vehicle types > Federal & Defense: NAVSEA program execution driving near-term revenue and bridge contract ceiling increase of $86 million solidifying revenue through 2024 $350 million of Aviation awards and Fleet commercial expansion highlight 3Q’22
R A I S E T H E B A R 5 VSE FINANCIAL SUMMARY ($ in millions except EPS) Quarter-to-Date 3Q'22 3Q’21 vs. 3Q'21 Revenue $242.5 $200.6 +21% Adjusted EBITDA $24.0 $21.4 +12% Adjusted EBITDA % 9.9% 10.7% (0.8) pts Operating Income $17.3 $13.9 +24% Net Income $9.4 $9.0 +4% Adjusted Net Income $9.8 $9.7 — Diluted EPS $0.73 $0.71 +3% Adjusted Diluted EPS $0.76 $0.76 — Revenue +21% year-over-year Second consecutive +$100M quarter for Aviation Year-to-Date YTD'22 YTD’21 vs. YTD'21 $715.4 $540.7 +32% $69.1 $55.7 +24% 9.7% 10.3% (0.6) pts $43.3 $10.8 +302% $23.2 $1.8 +1,214% $28.6 $22.7 +26% $1.81 $0.14 +1,093% 2.23 $1.80 +24% Revenue +21% Y/Y • Revenue growth Y/Y in all business segments driven by strong demand and execution: Aviation +40%, Fleet +7%, Federal & Defense +12% Adjusted EBITDA +12% Y/Y • Aviation MRO and distribution revenue growth and strong Fleet revenue drove increases, partially offset by Federal & Defense contract mix
R A I S E T H E B A R 6 CONSOLIDATED PERFORMANCE BRIDGE Y/Y Comparisons: • Aviation segment revenue and profit increase driven by program execution, end-market demand recovery and revenue growth within both MRO and distribution capabilities • Fleet segment revenue and EBITDA growth supported by higher sales in commercial fleet and e-commerce fulfillment and stable revenue from the USPS • Federal & Defense segment revenue growth driven by strong performance on U.S. Navy programs; profit headwinds driven by mix of cost-plus vs. fixed-price awards Revenue Adj. EBITDA Adj. EBITDA Margin % 3Q’21 QTD $200.6 $21.4 10.7% Aviation 29.5 6.3 +1.4 pts Fleet 4.5 1.0 +0.2 pts FDS 7.9 (3.7) (1.9) pts Corporate — (1.0) (0.4) pts 3Q'22 $242.5 $24.0 9.9% Program execution, strong end-markets, new business & optimization of legacy programs driving growth Revenue Adj. EBITDA Adj. EBITDA Margin % 3Q’21 YTD $540.7 $55.7 10.3% Aviation 135.9 22.9 +1.3 pts Fleet 23.5 2.4 — FDS 15.4 (10.4) (1.7) pts Corporate — (1.5) (0.2) pts 3Q'22 $715.4 $69.1 9.7%
R A I S E T H E B A R 7 AVIATION SEGMENT ($ in millions) Quarter-to-Date 3Q'22 3Q'21 vs. 3Q'21 Revenue $102.6 $73.1 +40% Adjusted EBITDA $13.6 $7.3 +86% Adjusted EBITDA % 13.2% 10.0% +3.2 pts Operating income (loss) $10.0 $3.7 +169% Revenue by Type: Distribution $73.6 $54.4 +35% Repair (MRO) $29.0 $18.7 +55% (1) Not Meaningful as prior period was a net loss Y/Y Comparisons: • Revenue +40% led by organic growth from recent distribution awards and contributions from Global Parts acquisition in July 2021 • Aviation distribution and repair revenue increased 35% and 55%, respectively, in the third quarter 2022 versus the prior-year period • Adjusted EBITDA +86% driven by contributions from new program wins, positive impacts of MRO recovery, and Global Parts acquisition 2022 Assumptions: • Total Segment Growth in quarterly Revenue Y/Y • Updated 2022 Adjusted EBITDA % from 10-11% to ~11-13% driven by improved B&GA market dynamics and MRO recovery Growth outlook supported by strong revenue and profit along with $350 million in new distribution awards Year-to-Date 3Q'22 3Q'21 vs. 3Q'21 $300.9 $165.0 +82% $36.4 $13.5 +169% 12.1% 8.2% +3.9pts $24.1 $(18.9) NM(1) $223.6 $109.0 +105% $77.3 $56.1 +38%
R A I S E T H E B A R 8 FLEET SEGMENT ($ in millions) Quarter-to-Date 3Q'22 3Q'21 vs 3Q’21 Revenue $64.8 $60.3 +7% Adjusted EBITDA $8.7 $7.7 +13% Adjusted EBITDA % 13.5% 12.8% +0.7 pts Operating income $6.5 $5.4 +21% Revenue by Type: Other Government $39.2 $36.8 +6% DoD $0.2 $2.7 (93)% Commercial $25.4 $20.7 +23% Y/Y Comparisons: • Revenue +7% driven by growth in commercial and e-commerce sales • Commercial revenue growth +23% as diversification strategy continues, and commercial revenue now comprises 39% of total Fleet vs. 34% in 3Q’21 • Adjusted EBITDA increased +13% driven by commercial growth and stable contributions from the United States Postal Service (USPS) 2022 Assumptions: • ~Flat to modest increases in quarterly revenue Y/Y as revenue mix shifts • 2022 Adjusted EBITDA % of ~12-13% and maintaining focus on growing segment Adjusted EBITDA $ Y/Y Commercial growth execution continues to deliver on multi-year revenue diversification strategy Year-to-Date 3Q'22 3Q'21 vs 3Q’21 $196.5 $173.1 +14% $25.3 $22.9 +10% 12.8% 13.2% (0.4)pts $18.3 $15.1 +21% $114.1 $109.8 +4% $3.2 $10.5 (70)% $79.3 $52.8 +50%
R A I S E T H E B A R 9 FEDERAL & DEFENSE SEGMENT ($ in millions) Quarter-to-Date 3Q'22 3Q'21 vs 3Q’21 Revenue $75.1 $67.2 +12% Adjusted EBITDA $2.8 $6.5 (57)% Adjusted EBITDA % 3.7% 9.7% (6.0)pts Operating income $1.9 $5.4 (64)% Contract Backlog: Bookings $94 $64 +47% Backlog $199 $218 (9)% Y/Y Comparisons: • Revenue increased +12% driven by U.S. Navy growth offset by U.S. Army contract completion • Revenue on the Naval Sea Systems Command (NAVSEA) contract increased +83% Y/Y, primarily from nonrecurring activity to transfer a naval frigate to Bahrain under our Foreign Military Sales (FMS) Program • Adjusted EBITDA decline due to shift of cost- plus vs. fixed-price contract mix with cost-plus contracts now representing 53% of revenue in 3Q22 compared to 40% in the prior year period 2022 Assumptions: • ~Flat quarterly revenue Y/Y • 2022 Adjusted EBITDA % of ~4-5% driven by contract mix of cost-plus and fixed-price awards Focus on building quality new capability backlog and optimizing legacy programs through NAVSEA program execution Year-to-Date 3Q'22 3Q'21 vs 3Q’21 $218.0 $202.6 +8% $10.0 $20.4 (51)% 4.6% 10.1% (5.5)pts $3.8 $17.4 (78)% $250 $234 +7% $199 $218 (9)%
R A I S E T H E B A R Third Quarter Highlights: • $11.3M free cash flow driven by revenue growth in all business segments and successful execution of recent Aviation distribution awards; Net Leverage Ratio of 3.4x • Maintaining focus on improving net leverage in 2022 through positive free cash flow and growth in EBITDA excluding strategic investments to support recently announced growth opportunities Credit Facility Update – October 2022: • Amended and extended credit facility in October 2022: • Increased term loan amount to $100M and reset amortization • Provides reduced interest rate margin • Extended loan maturity date to October 2025 • Created flexibility on key covenants to support growth outlook • Sufficient liquidity and unused commitment availability under $350M revolving credit facility (due 2025) to support growth initiatives 10 BALANCE SHEET OPTIONALITY ($ in millions) 3Q’22 2Q’22 1Q’22 Net Debt $298 $308 $303 Free Cash Flow $11.3 $(3.4) $(19.4) Net Leverage Ratio 3.4x 3.7x 3.8x Unused Commitments $99 $91 $100 $11.3M 3Q'22 Free Cash Flow Amend & extend of existing debt agreement allowing flexibility for next phase of transformation and growth
APPENDIX 11
R A I S E T H E B A R 12 GAAP TO NON-GAAP RECONCILIATIONS Adjusted Net Income and Adjusted EPS (Diluted) Calculation uses an estimated statutory tax rate on non-GAAP tax deductible adjustments. (in thousands, except per share data) 1Q2021 2Q2021 3Q2021 4Q2021 1Q2022 2Q2022 3Q2022 Net income (loss) $ 5,111 $ (12,366) $ 9,021 $ 6,200 $ 6,244 $ 7,548 $ 9,419 Adjustments to net income (loss): Acquisition, integration and restructuring costs 310 236 876 387 287 344 353 Executive transition costs — 905 — 25 — — — Inventory reserve — 24,420 84 — — — — Non-recurring professional fees — — — 357 218 — 111 Forward contract loss provision — — — — 3,482 — — Russia/Ukraine conflict — — — — — 2,335 — 5,421 13,195 9,981 6,969 10,231 10,227 9.883 Tax impact on adjusted items (78) (5,541) (240) (192) (997) (669) (116) Adjusted Net Income $ 5,343 $ 7,654 $ 9,741 $ 6,777 $ 9,234 $ 9,558 $ 9,767 Weighted Average Diluted Shares 12,172 12,702 12,775 12,810 12,803 12,811 12,834 Adjusted EPS (Diluted) $ 0.44 $ 0.60 $ 0.76 $ 0.53 $ 0.72 $ 0.75 $ 0.76
R A I S E T H E B A R 13 GAAP TO NON-GAAP RECONCILIATIONS EBITDA and Adjusted EBITDA (in thousands, except per share data) 1Q2021 2Q2021 3Q2021 4Q2021 1Q2022 2Q2022 3Q2022 Net income (loss) $ 5,111 $ (12,366) $ 9,021 $ 6,200 $ 6,244 $ 7,548 $ 9,419 Interest expense, net 3,030 2,666 2,780 3,593 3,609 3,872 4,818 Income taxes 1,462 (3,014) 2,091 946 2,061 2,731 3,035 Amortization of intangible assets 4,288 4,603 4,921 4,670 4,736 4,437 4,233 Depreciation and other amortization 1,360 1,424 1,599 1,635 1,600 1,659 1,986 EBITDA 15,251 (6,687) 20,412 17,044 18,250 20,247 23,491 Acquisition, integration and restructuring costs 310 236 876 387 287 344 353 Executive transition costs — 905 — 25 — — — Inventory reserve — 24,420 84 — — — — Non-recurring professional fees — — — 357 218 — 111 Forward contract loss provision — — — — 3,482 — — Russia/Ukraine conflict — — — — — 2,335 — Adjusted EBITDA $ 15,561 $ 18,874 $ 21,372 $ 17,813 $ 22,237 $ 22,926 $ 23,955
R A I S E T H E B A R 14 GAAP TO NON-GAAP RECONCILIATIONS Segment EBITDA and Adjusted EBITDA (in thousands) 1Q2021 2Q2021 3Q2021 4Q2021 1Q2022 2Q2022 3Q2022 Aviation Operating income (loss) $ (332) $ (22,272) $ 3,719 $ 4,512 $ 7,622 $ 6,450 $ 10,017 Depreciation and amortization 2,554 2,554 3,062 2,898 3,035 3,110 3,413 EBITDA 2,222 (19,718) 6,781 7,410 10,657 9,560 13,430 Acquisition, integration and restructuring costs — — 501 387 206 40 140 Inventory reserve — 23,727 — — — — — Russsdfsd Russia/Ukraine conflict — — — — — 2,335 — Adjusted EBITDA $ 2,222 $ 4,009 $ 7,282 $ 7,797 $ 10,863 $ 11,935 $ 13,570 Fleet Operating income $ 5,741 $ 4,000 $ 5,387 $ 5,298 $ 6,381 $ 5,366 $ 6,539 Depreciation and amortization 2,340 2,348 2,345 2,336 2,328 2,246 2,037 EBITDA $ 8,081 $ 6,348 $ 7,732 $ 7,634 $ 8,709 $ 7,612 $ 8,576 Acquisition, integration and restructuring costs — — — — 81 129 143 Inventory reserve — 693 — — — — — Adjusted EBITDA $ 8,081 $ 7,041 $ 7,732 $ 7,634 $ 8,790 $ 7,741 $ 8,719 Federal and Defense Operating income (loss) $ 5,025 $ 6,999 $ 5,386 $ 2,487 $ (688) $ 2,552 $ 1,939 Depreciation and amortization 754 1,124 1,112 1,072 973 739 769 EBITDA 5,779 $ 8,123 $ 6,498 $ 3,559 $ 285 $ 3,291 $ 2,708 Forward contract loss provision — — — — 3,482 — — Acquisition, integration and restructuring costs — — — — — 152 70 Adjusted EBITDA $ 5,779 $ 8,123 $ 6,498 $ 3,559 $ 3,767 $ 3,443 $ 2,778
R A I S E T H E B A R 15 GAAP TO NON-GAAP RECONCILIATIONS Balance Sheet (1) TTM Adjusted EBITDA is defined as Adjusted EBITDA for the most recent twelve (12) month period Reconciliation of Operating Cash Flow to Free Cash Flows Three Months Ended (in thousands) 31-Mar-21 30-Jun-21 30-Sep-21 31-Dec-21 31-Mar-22 30-Jun-22 30-Sep-22 Net cash (used in) provided by operating activities $ (36,367) $ (17,601) $ 23,445 $ 12,921 $ (18,174) $ (1,964) $ 15,932 Capital expenditures (2,109) (3,049) (2,448) (2,914) (1,269) (1,477) (4,670) Free Cash Flow $ (38,476) $ (20,650) $ 20,997 $ 10,007 $ (19,443) $ (3,441) $ 11,262 Reconciliation of Debt to Net Debt Three Months Ended (in thousands) 31-Mar-21 30-Jun-21 30-Sep-21 31-Dec-21 31-Mar-22 30-Jun-22 30-Sep-22 Principal amount of debt $ 255,635 $ 276,983 $ 296,584 $ 286,734 $ 305,800 $ 310,356 $ 299,230 Debt issuance costs (2,072) (1,776) (2,375) (2,165) (1,956) (1,746) (1,537) Cash and cash equivalents (347) (337) (383) (518) (498) (371) (90) Net Debt $ 253,216 $ 274,870 $ 293,826 $ 284,051 $ 303,346 $ 308,239 $ 297,603 Net Leverage Ratio Three Months Ended (in thousands) 31-Mar-21 30-Jun-21 30-Sep-21 31-Dec-21 31-Mar-22 30-Jun-22 30-Sep-22 Net Debt $ 253,216 $ 274,870 296,584 286,734 303,346 308,239 297,603 TTM Adjusted EBITDA (1) $ 68,052 $ 69,690 73,063 73,620 80,296 84,348 86,931 Net Leverage Ratio 3.7x 3.9x 4.0x 3.9x 3.8 x 3.7x 3.4x
R A I S E T H E B A R 16 INVESTMENT HIGHLIGHTS 3 Distinct End Markets $35M Adj. Net Income ~2,000 Employees $926M Revenue 63+ Years Aftermarket Services Pure-play independent aftermarket service provider with strong organic & inorganic growth opportunities $87M Adj. EBITDA Global provider of aftermarket distribution, maintenance, repair, and overhaul (“MRO”), and other services Fragmented end-markets provide for market share capture and high-return acquisition opportunities Strong customer/supplier relationships with embedded services enhance long-term opportunities and revenue stability Cultural transformation driving higher margin sustainable growth Balanced commercial and defense customer base provides resilience through economic and market cycles Note: Figures above reflect TTM 9/30/22
R A I S E T H E B A R VSE Senior Leadership 17 VSE EXECUTIVE TEAM John Cuomo President and CEO • 21+ years of aerospace distribution and services market industry experience • Appointed Chief Executive Officer and President of VSE Corporation in 2019 • Previously served as Vice President and General Manager of Boeing Distribution Services and Group President, KLX Aerospace Solutions Stephen Griffin Chief Financial Officer • 12+ years of senior finance leadership, most recently as CFO for GE Aviation Engine Services • Appointed CFO of VSE Corporation in November 2020 • Manages the financial and accounting operations for the consolidated corporation Chad Wheeler Group President, Wheeler Fleet Solutions Robert Moore Group President, Federal & Defense Services Ben Thomas Group President, Aviation Krista Stafford Chief Human Resources Officer Background & ResponsibilitiesBackground & Responsibilities Farinaz Tehrani Chief Legal Officer
R A I S E T H E B A R Representative Customers 18 AVIATION SEGMENT OVERVIEW MRO Capability Development • New MRO offerings to support range of components and engine accessory repairs including: fuel and hydraulics, engine components and accessories, interiors, auxiliary power units, and avionics Distribution Product Expansion • New proprietary OEM product additions to support aftermarket landing gear, airframes, engine accessories, avionics, and interiors International Expansion • Expansion in core aerospace markets for MRO and distribution Business and General Aviation (B&GA) • Ability to support underserved B&GA market niche with proprietary part distribution and component and accessory MRO Refocused Strategy: Higher growth, higher-margin commercial and B&GA distribution and MRO Growth Drivers ✓ Commercial and business & general aviation proprietary product distribution ✓ Supply chain & logistics services ✓ Landing gear market specialist ✓ Component & engine MRO services ✓ Rotable exchanges and sales Key Capabilities
R A I S E T H E B A R 19 FLEET SEGMENT OVERVIEW Commercial Customer Diversification • Expansion of commercial customer base to support new medium to large, high-duty cycle fleet customers Wallet Share Expansion • Product expansion to existing just-in-time clients E-commerce • Customized technology platform to support class 4-8 vehicle parts E-commerce Fulfillment • Inventory sales through 3rd-party channels Product Expansion • Addition of both new product offerings and growth in private label product Refocused Strategy: High growth Class 4-8 commercial distribution and e-commerce ✓ High-duty cycle, Class 4-8 (medium to heavy) vehicle parts distribution ✓ Just-in-time supply chain management ✓ E-commerce & e-commerce fulfillment ✓ Customized fleet logistics & IT solutions ✓ Technical support, engineering, sourcing, warehousing & kitting ✓ Private label products Representative CustomersGrowth DriversKey Capabilities
R A I S E T H E B A R 20 FEDERAL & DEFENSE SEGMENT OVERVIEW Market Expansion • Increase military aviation services with products, supply chain and repair services Capability Development • Broaden DoD logistics and supply chain offering to support underserved market demand International Growth • Utilize success in foreign markets to support foreign military sales opportunities Consulting/Technical Expansion • IT and Clean Energy consulting services Leverage Core Competency • Expand base operations support for U.S. Air Force, U.S. Army and U.S. Navy ✓ Transportation asset MRO services ✓ Base operations support ✓ Transportation & freight services ✓ Logistics, procurement & supply chain support ✓ Engineering & technical solutions ✓ IT & Clean Energy consulting services Refocused Strategy: Higher margin, differentiated supply chain, MRO and technical services Representative CustomersGrowth DriversKey Capabilities
R A I S E T H E B A R 21 UNIQUE VALUE PROPOSITION Differentiation drives market share gains, long-term sustainable revenue & margin expansion End-User and OEM-Centric Ability to offer bespoke solutions to support critical link between end-users and Original Equipment Manufacturers (“OEMs”) Agility Lean operating model and decentralized business units support on-demand customer requirements Pure-Play Aftermarket Uniquely positioned in the market as independent parts and services provider Transportation Asset Experience Support for land, sea, and air transportation assets to new-generation platforms, legacy platforms and end-of-life assets Performance Experience 63+ year history of proven performance and aftermarket service excellence Proprietary Technology Proprietary software and solutions provide embedded customer offerings and key decision- making data to drive customer benefits
R A I S E T H E B A R 22 INVESTMENT OPPORTUNITY Unique, pure-play independent aftermarket services company poised for growth Strategic Market Positioning, Strong Growth Strategy, Proven Execution Experience MISSION-CRITICAL AFTERMARKET SERVICES CULTURAL TRANSFORMATION DRIVING GROWTH STRONG CUSTOMER RELATIONSHIPS NEW EXPERIENCED MANAGEMENT TEAM FRAGMENTED END-MARKETS WELL-BALANCED BUSINESS SEGMENTS