Technology
V2X Delivers Solid Fourth Quarter and Full-Year 2023 Results
Published
7 months 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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As the UN General Assembly outlined in the Declaration and Programme of Action on a Culture of Peace a quarter of a century ago, this must include: “Respect for life, human rights and fundamental freedoms; the promotion of non-violence through education, dialogue and cooperation; commitment to peaceful settlement of conflicts; and adherence to freedom, justice, democracy, tolerance, solidarity, cooperation, pluralism, cultural diversity, dialogue and understanding at all levels of society and among nations.”
Educating for peace starts at home and continues in school through years of education. This takes place during the most formative years of a child learning about their identity, ethics, values, conscience, courage and compassion. Wherever there has been a failure in imparting on children the imperative for peace, the world is turned upside down. This is a global failure with no geographical boundaries.
Today, we live in a world of unprecedented violence, armed conflict and chaos. All the genuine and heartfelt commitments made in 1945 in the UN Charter seem to be fading away. Children and adolescents are the most vulnerable, the least protected, and the most impacted. They bear the brunt.
Global conflicts killed three times as many children in 2023 than in the previous year, according to the United Nations. The number of forcibly displaced people reached an unprecedented 120 million in May 2024.
“In 2023, the United Nations verified a record 32,990 grave violations against 22,557 children in 26 conflict zones, a 35% increase from the previous year,” according to recent analysis by the UN.
We can end these violations and invest in a constructive co-existence globally. We can use our resources for education, rather than for wars. In classrooms around the world, girls and boys who have withstood the wrath of war can rebuild their hopes and their lives. Cultivating a culture of peace is possible. The financial resources exist. The choice as to how we use them is ours.
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SOURCE Education Cannot Wait
Technology
Niutech at the Forefront: U.S.-China Circular Economy Forum Tackles “White Pollution”
Published
6 hours agoon
September 21, 2024By
BEIJING, Sept. 20, 2024 /PRNewswire/ — On September 6, 2024, the inaugural U.S.-China Circular Economy Cooperation Forum was held in Beijing. The forum, guided by the U.S.-China Climate Action Working Group Circular Economy Task Force, was co-organized by the China Circular Economy Association and the US-China Business Council. The forum brought together approximately 460 distinguished guests from the National Development and Reform Commission of China, the Ministry of Foreign Affairs, the Ministry of Industry and Information Technology, the Ministry of Ecology and Environment, the Ministry of Housing and Urban-Rural Development, the Ministry of Commerce, the General Administration of Market Regulation, the US State Department, the US Department of Energy and other government departments, as well as industry experts, business representatives and scientific research institutions of the two countries. As the domestic leader in continuous pyrolysis technology, Niutech was invited by the China Circular Economy Association to attend the forum and gave an insightful speech on the topic of waste plastic recycling, and the issues of ‘white pollution’ that can result from it.
Enhancing Quality and Efficiency in the Circular Economy with Innovative Forces
The forum was strategically designed to advance the goals outlined in the U.S.-China “The Sunnylands Statement on Enhancing Cooperation to Address the Climate Crisis” (hereinafter referred to as the Sunnylands Statement). It aimed to create a collaborative platform for the business community, social organizations, and research institutions from both countries to foster exchanges and drive tangible cooperation in the circular economy.
Zhao Chenxin, Deputy Director of the National Development and Reform Commission, John Podesta, Senior Advisor to the U.S. President on International Climate Policy, Liu Zhenmin, China’s Special Envoy for Climate Change Affairs, Nicholas Burns, U.S. Ambassador to China, and Xie Zhenhua, former Special Envoy for Climate Change Affairs of China, attended the opening ceremony of the Forum and delivered a speech, and Xie Feng, Chinese Ambassador to the U.S., made a video message. Deputy Director Zhao Chenxin said that addressing climate change is a common cause for all mankind and cannot be separated from the cooperation between the two global forces, China and the United States.
The China-US Circular Economy Cooperation Forum, held as an initiative to implement the Sunnylands Statement, marked another significant milestone in China-US cooperation on the circular economy. This collaboration is crucial for both nations as they join forces to tackle the climate crisis. On the afternoon of September 6, the forum organized four parallel meetings, where representatives engaged in in-depth exchanges on topics such as using the recycling economy to reduce greenhouse gas emissions, promoting the application of recycled materials, addressing plastic pollution and enhancing recycling, and increasing the recycling value of waste in the context of new industries and consumption patterns.
Niutech: International Experts on Continuous Pyrolysis Technology and Pioneers in solving the global “white pollution” problem
Globally, hundreds of millions of tons of waste plastics are generated annually, yet only about 30% undergo recycling. Traditional physical methods are typically limited to high-value, single-category, and relatively clean waste plastics. However, repeated recycling can degrade the quality of the plastics. Chemical recycling, on the other hand, offers a transformative approach by converting waste plastics into high-value products or fuels through chemical processes, thus overcoming the limitations of physical recycling.
Pyrolysis technology, a cornerstone of chemical recycling, addresses the challenges associated with the material recycling of waste plastics. It is adept at processing various types of low-value, mixed, and contaminated waste plastics. The products of pyrolysis can be further processed to manufacture new plastics, achieving a closed-loop system where waste plastics are repurposed into high-value new plastics. This not only retains the material’s utility at a high level but also converts “white pollution” into a “white oil field,” signifying a major shift in the management and valorization of plastic waste.
At the forum, as the international expert in continuous pyrolysis technology, the corporate representative of Niutech shared the cases of waste plastic chemical recycling projects deployed with international giants BASF and Quantafuel in Denmark, Thailand and other countries. Niutech has developed its own pyrolysis technology and equipment, which they fully own the intellectual property rights to. This technology enables the transformation of low-value, mixed, and contaminated waste plastics—including various polymers such as PP, PE, PS, ABS—into high-quality fuel oil.
The fuel oil derived from this process can undergo further refining into naphtha, a critical raw material in the production of new plastics. This advanced recycling process not only diverts plastics from landfills and the environment but also contributes to a circular economy by turning waste into a valuable resource.
In the future, Niutech will continue to champion the principle of “green, recycling and low-carbon” waste plastics pyrolysis. Armed with advanced technology, reliable equipment, abundant high-value solutions and proven experience, Niutech is committed to enhancing communication and cooperation with domestic and foreign partners. Together, they will drive forward the chemical recycling of waste plastics and the sustainable development of the global waste plastics recycling industry.
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SOURCE Niutech
Technology
Global Ultrasound Institute Launches GUSI Fellowships Platform: Elevating Point-of-Care Ultrasound Education
Published
7 hours agoon
September 21, 2024By
SAN FRANCISCO, Sept. 20, 2024 /PRNewswire/ — The Global Ultrasound Institute (GUSI) is proud to announce the launch of the GUSI Fellowships Platform, an innovative online platform designed to empower learners around the world to achieve confidence and competency in point-of-care ultrasound (POCUS). With a holistic, device-independent approach that includes comprehensive evidence-based education, personalized mentorship from world-class POCUS educators, detailed scan review feedback, quantitative assessments, and CME certification, GUSI is setting a new standard in POCUS education.
“GUSI’s online didactics are the best that I have seen. And what I like most about the fellowship were the 1:1 sessions and being able to interact with GUSI expert faculty who have many years of experience in POCUS. And you get to pick their brains and they get to instruct you 1:1. I have used the training I received from GUSI to do much more POCUS clinically and further impact my patients lives.”
Dr. James Wilcox,
Assistant POCUS Director, Indiana University School of Medicine
Adjunct Professor and Assistant Professor of Medicine
“Our mission at GUSI is to democratize access to high-quality ultrasound training,” said Dr. Kevin Bergman and Dr. Mena Ramos, Co-CEOs of Global Ultrasound Institute. “The GUSI Fellowships Platform enables learners from diverse backgrounds to enhance their skills in a supportive, flexible environment, making it easier than ever to reach their POCUS goals.”
With training options covering 38 different scan types, learners can expect personalized 1:1 mentorship with expert POCUS educators who provide timely feedback on practice scans.
“The GUSI fellowship mentors are the best: patient, kind, knowledgeable, experienced, and supportive. GUSI provided education in the areas I wanted and needed to obtain and in my home/office environment not requiring multiple trips around the country. It is not just the way course work is presented – learning is made easier by the support provided to each student.”
Dr. Glenda Patterson
Core Faculty, University of Arkansas Northwest Internal Medicine Residency
Physician, Veterans Health Care of the Ozarks
Board-certified in Internal Medicine, Pulmonary Medicine, and Critical Care Medicine
The GUSI Fellowships Platform features a scalable software system designed to monitor and track performance, ensuring learners can effectively measure their progress.
GUSI understands the challenges faced by healthcare professionals seeking to enhance their ultrasound skills amid demanding schedules. GUSI addresses these concerns with flexible scheduling options, allowing learners to progress at their own pace while balancing their professional and personal commitments. This adaptability and virtual experience is crucial for fostering a culture of continuous learning and skill development.
“I went from not being able to hold the probe to someone who can scan and diagnosing and finding pathologies. I worked with Dr. Milne-Price and she was amazing! She sharpened my skills and we did sessions of live scanning over Zoom. I feel confident in my skills now to scan on my own.”
Dr. Dalea Al-Hawarri
Faculty, Bryn Mawr Family Medicine Residency
As healthcare continues to evolve, the demand for proficient ultrasound practitioners has never been greater. GUSI is not only committed to providing exceptional education but also aims to inspire a new generation of healthcare professionals who can leverage POCUS to improve patient outcomes globally. Join us in this exciting journey towards excellence in ultrasound practice.
For more information on GUSI Fellowships and to start your journey toward ultrasound proficiency, visit https://globalultrasoundinstitute.com/.
About Global Ultrasound Institute:
Global Ultrasound Institute stands at the forefront of point-of-care ultrasound, providing wraparound education, training, AI, and administrative software tools to healthcare providers and health systems globally to lower barriers to POCUS adoption and implementation. GUSI has trained over 14,000 healthcare practitioners in over 60 countries. GUSI is working to create a better world in which every healthcare practitioner is empowered to offer a rapid, reliable, accurate ultrasound-enabled diagnosis directly at the point-of-care, for any patient, anywhere.
For more information about GUSI Fellowships or any of GUSI services, please visit https://globalultrasoundinstitute.com/
Contact:
Dr. Kevin Bergman, Co-Founder, co-CEO, Global Ultrasound Institute
Dr. Mena Ramos, Co-Founder, co-CEO, Global Ultrasound Institute
View original content to download multimedia:https://www.prnewswire.com/news-releases/global-ultrasound-institute-launches-gusi-fellowships-platform-elevating-point-of-care-ultrasound-education-302254656.html
SOURCE GLOBAL ULTRASOUND INSTITUTE
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