$VVX
V2X, Inc.

2017 Q3 Form 10-Q Financial Statement

#000160154817000128 Filed on November 07, 2017

View on sec.gov

Income Statement

Concept 2017 Q3 2016 Q3
Revenue $269.6M $307.9M
YoY Change -12.43% 2.94%
Cost Of Revenue $245.2M $257.7M
YoY Change -4.84% -5.34%
Gross Profit $24.41M $26.10M
YoY Change -6.47% -2.76%
Gross Profit Margin 9.05% 8.48%
Selling, General & Admin $14.32M $14.93M
YoY Change -4.13% -18.69%
% of Gross Profit 58.66% 57.23%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $300.0K $400.0K
YoY Change -25.0% -42.86%
% of Gross Profit 1.23% 1.53%
Operating Expenses $14.32M $14.93M
YoY Change -4.13% -18.69%
Operating Profit $10.09M $11.16M
YoY Change -9.6% 31.77%
Interest Expense -$1.058M -$1.348M
YoY Change -21.51% -14.85%
% of Operating Profit -10.49% -12.08%
Other Income/Expense, Net
YoY Change
Pretax Income $9.032M $9.814M
YoY Change -7.97% 42.48%
Income Tax $3.232M $3.207M
% Of Pretax Income 35.78% 32.68%
Net Earnings $5.800M $6.607M
YoY Change -12.21% -52.9%
Net Earnings / Revenue 2.15% 2.15%
Basic Earnings Per Share $0.52 $0.62
Diluted Earnings Per Share $0.51 $0.60
COMMON SHARES
Basic Shares Outstanding 11.08M shares 10.73M shares
Diluted Shares Outstanding 11.27M shares 11.06M shares

Balance Sheet

Concept 2017 Q3 2016 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $63.40M $50.00M
YoY Change 26.8% 21.36%
Cash & Equivalents
Short-Term Investments
Other Short-Term Assets $8.509M $8.890M
YoY Change -4.29% -35.92%
Inventory $11.80M $300.0K
Prepaid Expenses
Receivables $172.2M $174.6M
Other Receivables $2.710M $3.029M
Total Short-Term Assets $258.6M $231.2M
YoY Change 11.86% -16.6%
LONG-TERM ASSETS
Property, Plant & Equipment $3.259M $3.191M
YoY Change 2.13% -52.86%
Goodwill $216.9M $216.9M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.413M $1.194M
YoY Change 102.09% -24.76%
Total Long-Term Assets $222.6M $221.3M
YoY Change 0.58% -1.76%
TOTAL ASSETS
Total Short-Term Assets $258.6M $231.2M
Total Long-Term Assets $222.6M $221.3M
Total Assets $481.3M $452.5M
YoY Change 6.34% -9.95%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $109.1M $91.27M
YoY Change 19.54% -21.27%
Accrued Expenses $19.00M $21.68M
YoY Change -12.36% -42.75%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $21.00M $14.00M
YoY Change 50.0% -17.65%
Total Short-Term Liabilities $194.9M $176.3M
YoY Change 10.57% -27.67%
LONG-TERM LIABILITIES
Long-Term Debt $52.65M $77.81M
YoY Change -32.33% -22.61%
Other Long-Term Liabilities $2.322M $1.452M
YoY Change 59.92% -36.73%
Total Long-Term Liabilities $144.7M $164.3M
YoY Change -11.92% -6.53%
TOTAL LIABILITIES
Total Short-Term Liabilities $194.9M $176.3M
Total Long-Term Liabilities $144.7M $164.3M
Total Liabilities $339.6M $340.6M
YoY Change -0.28% -18.81%
SHAREHOLDERS EQUITY
Retained Earnings $75.85M $53.55M
YoY Change 41.64% 88.94%
Common Stock $111.0K $107.0K
YoY Change 3.74% 0.94%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $141.6M $112.0M
YoY Change
Total Liabilities & Shareholders Equity $481.3M $452.5M
YoY Change 6.34% -9.95%

Cashflow Statement

Concept 2017 Q3 2016 Q3
OPERATING ACTIVITIES
Net Income $5.800M $6.607M
YoY Change -12.21% -52.9%
Depreciation, Depletion And Amortization $300.0K $400.0K
YoY Change -25.0% -42.86%
Cash From Operating Activities $16.70M $17.60M
YoY Change -5.11% 72.55%
INVESTING ACTIVITIES
Capital Expenditures $500.0K $300.0K
YoY Change 66.67% 200.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 $100.0K
YoY Change -100.0%
Cash From Investing Activities -$500.0K -$200.0K
YoY Change 150.0% 100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -3.500M -5.300M
YoY Change -33.96% -44.79%
NET CHANGE
Cash From Operating Activities 16.70M 17.60M
Cash From Investing Activities -500.0K -200.0K
Cash From Financing Activities -3.500M -5.300M
Net Change In Cash 12.70M 12.10M
YoY Change 4.96% 2320.0%
FREE CASH FLOW
Cash From Operating Activities $16.70M $17.60M
Capital Expenditures $500.0K $300.0K
Free Cash Flow $16.20M $17.30M
YoY Change -6.36% 71.29%

Facts In Submission

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us-gaap Other Comprehensive Income Derivatives Qualifying As Hedges Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPortionAttributableToParent
61000 USD
CY2016Q3 us-gaap Other Comprehensive Income Derivatives Qualifying As Hedges Tax Portion Attributable To Parent
OtherComprehensiveIncomeDerivativesQualifyingAsHedgesTaxPortionAttributableToParent
94000 USD
us-gaap Other Comprehensive Income Derivatives Qualifying As Hedges Tax Portion Attributable To Parent
OtherComprehensiveIncomeDerivativesQualifyingAsHedgesTaxPortionAttributableToParent
-121000 USD
CY2017Q3 us-gaap Other Comprehensive Income Derivatives Qualifying As Hedges Tax Portion Attributable To Parent
OtherComprehensiveIncomeDerivativesQualifyingAsHedgesTaxPortionAttributableToParent
0 USD
us-gaap Other Comprehensive Income Derivatives Qualifying As Hedges Tax Portion Attributable To Parent
OtherComprehensiveIncomeDerivativesQualifyingAsHedgesTaxPortionAttributableToParent
34000 USD
CY2016Q3 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
512000 USD
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
360000 USD
CY2017Q3 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
893000 USD
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
2724000 USD
CY2016Q3 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
680000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
142000 USD
CY2017Q3 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
893000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
2785000 USD
CY2016Q3 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Before Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesBeforeTax
2000 USD
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Before Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesBeforeTax
-3000 USD
CY2017Q3 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Before Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesBeforeTax
0 USD
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Before Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesBeforeTax
0 USD
CY2016Q3 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodBeforeTax
264000 USD
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodBeforeTax
-342000 USD
CY2017Q3 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodBeforeTax
0 USD
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodBeforeTax
95000 USD
CY2016Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
2559000 USD
CY2017Q3 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
2322000 USD
CY2016Q4 us-gaap Other Receivables Net Current
OtherReceivablesNetCurrent
2930000 USD
CY2017Q3 us-gaap Other Receivables Net Current
OtherReceivablesNetCurrent
2710000 USD
us-gaap Payments For Restructuring
PaymentsForRestructuring
1260000 USD
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
221000 USD
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
0 USD
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
651000 USD
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
612000 USD
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
400000 USD
CY2017Q3 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
901000 USD
CY2016Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2017Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2016Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2017Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2016Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2017Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2016Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2016Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2017Q3 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
us-gaap Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital
ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital
346000 USD
us-gaap Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital
ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital
0 USD
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
74000000 USD
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
27500000 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
116000 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
0 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
568000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
1886000 USD
CY2016Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
3061000 USD
CY2017Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
3259000 USD
CY2016Q4 us-gaap Receivables Net Current
ReceivablesNetCurrent
172072000 USD
CY2017Q3 us-gaap Receivables Net Current
ReceivablesNetCurrent
174943000 USD
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
74000000 USD
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
27500000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
20500000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
10500000 USD
CY2016Q4 us-gaap Restructuring Reserve
RestructuringReserve
2014000 USD
CY2017Q3 us-gaap Restructuring Reserve
RestructuringReserve
1176000 USD
us-gaap Restructuring Reserve Accrual Adjustment1
RestructuringReserveAccrualAdjustment1
-46000 USD
CY2016Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
57959000 USD
CY2017Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
75847000 USD
CY2016Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
14933000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
46046000 USD
CY2017Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
14316000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
44560000 USD
us-gaap Severance Costs1
SeveranceCosts1
468000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
3542000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
3341000 USD
CY2016Q4 us-gaap Stockholders Equity
StockholdersEquity
117401000 USD
CY2017Q3 us-gaap Stockholders Equity
StockholdersEquity
141630000 USD
CY2016Q4 us-gaap Unbilled Contracts Receivable
UnbilledContractsReceivable
127150000 USD
CY2017Q3 us-gaap Unbilled Contracts Receivable
UnbilledContractsReceivable
140483000 USD
CY2017Q3 us-gaap Unbilled Receivables Not Billable At Balance Sheet Date Amount Expected To Be Collected After One Year
UnbilledReceivablesNotBillableAtBalanceSheetDateAmountExpectedToBeCollectedAfterOneYear
5400000 USD
CY2016Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
400000 USD
CY2017Q3 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
400000 USD
CY2016Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
11061000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
10966000 shares
CY2017Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
11272000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
11168000 shares
CY2016Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
10733000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
10688000 shares
CY2017Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
11075000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
10991000 shares
vec Defined Contribution Plan Numberof Plans
DefinedContributionPlanNumberofPlans
1 plan
vec Depreciation Depletionand Amortization Excluding Amortizationof Financing Costs
DepreciationDepletionandAmortizationExcludingAmortizationofFinancingCosts
1453000 USD
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:12px;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Estimates are revised as additional information becomes available. Estimates and assumptions are used for, but not limited to, revenue recognition, income tax contingency accruals, fair value and impairment of goodwill and valuation of assets and certain contingent liabilities. Actual results could differ from these estimates.</font></div></div>

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