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On December 16, 2020, PAE (NASDAQ: PAE, PAEWW) was awarded a task order to provide COVID-19 testing services for winter and spring sports across all 14 universities in the Southeastern Conference. With support from Premier Medical Group, PAE aims to ensure the safety of athletes, coaches, and staff through effective testing logistics, continuing its commitment since fall 2020. PAE's substantial experience in project management and infectious disease response positions it as a trusted provider, extending its services through June 2021.
PAE (NASDAQ: PAE, PAEWW) has secured a single-award indefinite delivery, indefinite quantity contract worth $98 million to provide electronic warfare operations training and infrastructure maintenance for the U.S. Air Forces in Europe & Air Forces Africa. Additionally, PAE received a five-year, €46 million task order for operating and maintaining electronic warfare range systems in Germany and offering mobile training across Europe and Africa. This aligns with PAE’s strategy to enhance innovation and technology integration services for U.S. government customers.
PAE has completed its acquisition of Metis Solutions Corporation, enhancing its capabilities in intelligence analysis and training for the U.S. government and allies. This strategic move is expected to open new contract vehicles and customer opportunities, aligning PAE for significant revenue growth. PAE President John Heller emphasized the acquisition's potential to positively impact organic revenue growth and adjusted EBITDA margins. Combined with the CENTRA Technology acquisition, PAE aims to further solidify its position in intelligence and national security markets.
PAE (NASDAQ: PAE, PAEWW) has completed its acquisition of CENTRA Technology, Inc. This strategic move enhances PAE's service offerings in intelligence analysis, communication systems integration, and research services. The acquisition positions PAE to expand its addressable market into high-growth sectors, enabling access to previously unattainable opportunities. With CENTRA’s expertise and contract portfolio, PAE aims to strengthen its capabilities in defense and national security, aligning with U.S. government priorities.
PAE has announced the acquisition of Metis Solutions Corporation for $92 million in cash. This move aims to enhance PAE's intelligence, defense, and national security services, aligning with U.S. government priorities. The acquisition, alongside the prior CENTRA Technology deal, is expected to boost PAE’s capabilities in intelligence analysis and training. Financially, it is anticipated to be accretive to adjusted EBITDA margins and free cash flow, broadening PAE's customer base with eight strategic contract vehicles worth over $60 billion.
PAE (NASDAQ: PAE, PAEWW) has secured a position on the U.S. Air Force's Rotary Wing Maintenance Contract Consolidation with a ceiling value of $835 million over 10 years. The initial five-year task order is worth $84.3 million, focused on helicopter maintenance for training missions at Kirtland Air Force Base. This award enhances PAE's nearly 40 years of aviation support for U.S. government entities and allows the company to leverage its fleet management expertise. PAE will deliver mission-critical services alongside subcontractors to ensure optimal aircraft performance.
PAE reported third-quarter revenue of $666.2 million, a 4.5% decrease year-over-year. Operating income was $28.5 million, with net income at $10.3 million, or $0.11 per diluted share, marking a recovery from a previous loss. Adjusted EBITDA stood at $46.2 million, or 6.9% of revenue. Notably, net bookings reached $1.4 billion, reflecting a 2.1x book-to-bill ratio. PAE revised its 2020 guidance, projecting revenue between $2.625 billion and $2.675 billion.
PAE (NASDAQ: PAE, PAEWW) announced the closure of new senior secured credit facilities, totaling $1.065 billion. This includes a $740 million term loan and a $150 million delayed draw term loan, both maturing in October 2027, priced at LIBOR plus 4.50%. Additionally, a $175 million revolving credit facility maturing in October 2025 is included, priced at LIBOR plus 1.75% to 2.25%. The funds will improve free cash flow, support growth strategies, and potentially facilitate mergers and acquisitions while securing company assets against the loans.
PAE (NASDAQ: PAE, PAEWW) will host a webcast and conference call on November 5, 2020, at 8 a.m. ET to discuss its third quarter 2020 financial results. A press release will be issued prior to the call, with an archive of the webcast available afterward on the PAE Investor Relations website.
Listeners can access a presentation summarizing the results on the same website.
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