$VVX
V2X, Inc.

2018 Q2 Form 10-Q Financial Statement

#000160154818000079 Filed on August 07, 2018

View on sec.gov

Income Statement

Concept 2018 Q2 2017 Q2
Revenue $321.1M $259.3M
YoY Change 23.84% -16.54%
Cost Of Revenue $292.1M $233.6M
YoY Change 25.04% -17.67%
Gross Profit $29.07M $25.74M
YoY Change 12.95% -4.58%
Gross Profit Margin 9.05% 9.92%
Selling, General & Admin $16.07M $16.53M
YoY Change -2.79% 9.04%
% of Gross Profit 55.28% 64.24%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $800.0K $400.0K
YoY Change 100.0% -33.33%
% of Gross Profit 2.75% 1.55%
Operating Expenses $16.07M $16.53M
YoY Change -2.79% 9.04%
Operating Profit $13.00M $9.204M
YoY Change 41.22% -22.07%
Interest Expense -$1.140M -$1.070M
YoY Change 6.54% -18.45%
% of Operating Profit -8.77% -11.63%
Other Income/Expense, Net
YoY Change
Pretax Income $11.86M $8.134M
YoY Change 45.78% -22.53%
Income Tax $2.663M $2.700M
% Of Pretax Income 22.46% 33.19%
Net Earnings $9.195M $5.461M
YoY Change 68.38% -17.12%
Net Earnings / Revenue 2.86% 2.11%
Basic Earnings Per Share $0.82 $0.50
Diluted Earnings Per Share $0.81 $0.49
COMMON SHARES
Basic Shares Outstanding 11.24M shares 10.99M shares
Diluted Shares Outstanding 11.38M shares 11.19M shares

Balance Sheet

Concept 2018 Q2 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $41.00M $49.50M
YoY Change -17.17% 28.24%
Cash & Equivalents $40.96M
Short-Term Investments
Other Short-Term Assets $10.49M $6.517M
YoY Change 60.95% -22.98%
Inventory $0.00 $18.60M
Prepaid Expenses
Receivables $213.8M $162.3M
Other Receivables $3.237M $2.777M
Total Short-Term Assets $268.5M $239.7M
YoY Change 12.03% -1.57%
LONG-TERM ASSETS
Property, Plant & Equipment $5.087M $2.975M
YoY Change 70.99% -21.71%
Goodwill $235.2M $216.9M
YoY Change 8.41% 0.0%
Intangibles $9.687M
YoY Change
Long-Term Investments
YoY Change
Other Assets $4.493M $1.374M
YoY Change 227.0% -16.12%
Total Long-Term Assets $254.4M $221.3M
YoY Change 14.99% -0.49%
TOTAL ASSETS
Total Short-Term Assets $268.5M $239.7M
Total Long-Term Assets $254.4M $221.3M
Total Assets $523.0M $461.0M
YoY Change 13.45% -1.06%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $126.8M $104.8M
YoY Change 20.97% 21.65%
Accrued Expenses $24.84M $18.99M
YoY Change 30.8% -24.84%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $4.000M $19.25M
YoY Change -79.22% -12.5%
Total Short-Term Liabilities $195.5M $180.1M
YoY Change 8.54% -4.83%
LONG-TERM LIABILITIES
Long-Term Debt $71.42M $57.72M
YoY Change 23.74% -33.15%
Other Long-Term Liabilities $1.433M $3.082M
YoY Change -53.5% 60.69%
Total Long-Term Liabilities $126.9M $146.6M
YoY Change -13.44% -18.38%
TOTAL LIABILITIES
Total Short-Term Liabilities $195.5M $180.1M
Total Long-Term Liabilities $126.9M $146.6M
Total Liabilities $322.4M $326.7M
YoY Change -1.32% -11.43%
SHAREHOLDERS EQUITY
Retained Earnings $132.6M $70.05M
YoY Change 89.36% 71.29%
Common Stock $112.0K $111.0K
YoY Change 0.9% 3.74%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $200.6M $134.2M
YoY Change
Total Liabilities & Shareholders Equity $523.0M $461.0M
YoY Change 13.45% -1.06%

Cashflow Statement

Concept 2018 Q2 2017 Q2
OPERATING ACTIVITIES
Net Income $9.195M $5.461M
YoY Change 68.38% -17.12%
Depreciation, Depletion And Amortization $800.0K $400.0K
YoY Change 100.0% -33.33%
Cash From Operating Activities $15.80M -$4.200M
YoY Change -476.19% -349.26%
INVESTING ACTIVITIES
Capital Expenditures $700.0K $400.0K
YoY Change 75.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities -$700.0K -$400.0K
YoY Change 75.0% -600.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -900.0K -1.700M
YoY Change -47.06% -58.81%
NET CHANGE
Cash From Operating Activities 15.80M -4.200M
Cash From Investing Activities -700.0K -400.0K
Cash From Financing Activities -900.0K -1.700M
Net Change In Cash 14.20M -6.300M
YoY Change -325.4% 166.72%
FREE CASH FLOW
Cash From Operating Activities $15.80M -$4.200M
Capital Expenditures $700.0K $400.0K
Free Cash Flow $15.10M -$4.600M
YoY Change -428.26% -373.0%

Facts In Submission

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us-gaap Other Comprehensive Income Derivatives Qualifying As Hedges Net Of Tax Portion Attributable To Parent
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OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPortionAttributableToParent
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us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
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CY2017Q2 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
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us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
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us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
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CY2017Q2 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Before Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesBeforeTax
1000 USD
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Before Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesBeforeTax
0 USD
CY2018Q2 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
1000 USD
CY2017Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
1461000 USD
CY2018Q2 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
1433000 USD
CY2017Q4 us-gaap Other Receivables Net Current
OtherReceivablesNetCurrent
2799000 USD
CY2018Q2 us-gaap Other Receivables Net Current
OtherReceivablesNetCurrent
3237000 USD
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
612000 USD
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
803000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
0 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
37210000 USD
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
364000 USD
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
764000 USD
CY2017Q4 us-gaap Postemployment Benefits Liability Current
PostemploymentBenefitsLiabilityCurrent
100000 USD
CY2018Q2 us-gaap Postemployment Benefits Liability Current
PostemploymentBenefitsLiabilityCurrent
100000 USD
CY2017Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
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PreferredStockParOrStatedValuePerShare
0.01
CY2017Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2018Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2017Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
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PreferredStockSharesIssued
0 shares
CY2017Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
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PreferredStockSharesOutstanding
0 shares
CY2017Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
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PreferredStockValue
0 USD
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
18000000 USD
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
55000000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
1886000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
1358000 USD
vec Contractwith Customer Liability Cumulative Catchup Adjustmentto Revenue Changein Measureof Progress And Modification Of Contract
ContractwithCustomerLiabilityCumulativeCatchupAdjustmenttoRevenueChangeinMeasureofProgressAndModificationOfContract
4918000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
2000000 USD
CY2017Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
3733000 USD
CY2018Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
5087000 USD
CY2017Q4 us-gaap Receivables Net Current
ReceivablesNetCurrent
174995000 USD
CY2018Q2 us-gaap Receivables Net Current
ReceivablesNetCurrent
217071000 USD
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
18000000 USD
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
55000000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
7000000 USD
CY2017Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
117415000 USD
CY2018Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
132644000 USD
CY2018Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
117338000 USD
CY2017Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
259318000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
549380000 USD
CY2018Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
321132000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
641649000 USD
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RevenueFromContractWithCustomerIncludingAssessedTax
259318000 USD
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
549400000 USD
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
549380000 USD
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RevenueFromContractWithCustomerIncludingAssessedTax
321132000 USD
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
641600000 USD
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
641649000 USD
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RevenueRemainingPerformanceObligation
719000000 USD
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RevenueRemainingPerformanceObligation
975000000 USD
CY2018Q2 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
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P6M
CY2018Q2 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P1Y
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RevenueRemainingPerformanceObligationPercentage
0.61
CY2018Q2 us-gaap Revenue Remaining Performance Obligation Percentage
RevenueRemainingPerformanceObligationPercentage
0.39
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16531000 USD
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SellingGeneralAndAdministrativeExpense
30244000 USD
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SellingGeneralAndAdministrativeExpense
16070000 USD
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SellingGeneralAndAdministrativeExpense
33865000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
2995000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
2521000 USD
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StockholdersEquity
183372000 USD
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StockholdersEquity
200560000 USD
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UnbilledContractsReceivable
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CY2018Q2 us-gaap Unbilled Contracts Receivable
UnbilledContractsReceivable
177841000 USD
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UnbilledReceivablesCurrent
132058000 USD
CY2017Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
11191000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
11132000 shares
CY2018Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
11383000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
11351000 shares
CY2017Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
10987000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
10948000 shares
CY2018Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
11235000 shares
CY2018Q2 vec Accrued Insurance Financing Current
AccruedInsuranceFinancingCurrent
10029000 USD
CY2017Q2 vec Contractwith Customer Liability Cumulative Catchup Adjustmentto Revenue Changein Measureof Progress And Modification Of Contract
ContractwithCustomerLiabilityCumulativeCatchupAdjustmenttoRevenueChangeinMeasureofProgressAndModificationOfContract
2199000 USD
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
11191000 shares
CY2017Q4 vec Accrued Insurance Financing Current
AccruedInsuranceFinancingCurrent
7426000 USD
CY2018Q2 vec Contractwith Customer Liability Cumulative Catchup Adjustmentto Revenue Changein Measureof Progress And Modification Of Contract
ContractwithCustomerLiabilityCumulativeCatchupAdjustmenttoRevenueChangeinMeasureofProgressAndModificationOfContract
3709000 USD
vec Contractwith Customer Liability Cumulative Catchup Adjustmentto Revenue Changein Measureof Progress And Modification Of Contract
ContractwithCustomerLiabilityCumulativeCatchupAdjustmenttoRevenueChangeinMeasureofProgressAndModificationOfContract
6551000 USD
CY2017Q2 vec Contractwith Customer Liability Cumulative Catchup Adjustmentto Revenue Favorable Changein Measureof Progress And Modification Of Contract
ContractwithCustomerLiabilityCumulativeCatchupAdjustmenttoRevenueFavorableChangeinMeasureofProgressAndModificationOfContract
4783000 USD
vec Contractwith Customer Liability Cumulative Catchup Adjustmentto Revenue Favorable Changein Measureof Progress And Modification Of Contract
ContractwithCustomerLiabilityCumulativeCatchupAdjustmenttoRevenueFavorableChangeinMeasureofProgressAndModificationOfContract
8325000 USD
CY2018Q2 vec Contractwith Customer Liability Cumulative Catchup Adjustmentto Revenue Favorable Changein Measureof Progress And Modification Of Contract
ContractwithCustomerLiabilityCumulativeCatchupAdjustmenttoRevenueFavorableChangeinMeasureofProgressAndModificationOfContract
6282000 USD
vec Contractwith Customer Liability Cumulative Catchup Adjustmentto Revenue Favorable Changein Measureof Progress And Modification Of Contract
ContractwithCustomerLiabilityCumulativeCatchupAdjustmenttoRevenueFavorableChangeinMeasureofProgressAndModificationOfContract
10435000 USD
CY2017Q2 vec Contractwith Customer Liability Cumulative Catchup Adjustmentto Revenue Gross Changein Measureof Progress And Modification Of Contract
ContractwithCustomerLiabilityCumulativeCatchupAdjustmenttoRevenueGrossChangeinMeasureofProgressAndModificationOfContract
2300000 USD
vec Contractwith Customer Liability Cumulative Catchup Adjustmentto Revenue Gross Changein Measureof Progress And Modification Of Contract
ContractwithCustomerLiabilityCumulativeCatchupAdjustmenttoRevenueGrossChangeinMeasureofProgressAndModificationOfContract
4700000 USD
CY2018Q2 vec Contractwith Customer Liability Cumulative Catchup Adjustmentto Revenue Gross Changein Measureof Progress And Modification Of Contract
ContractwithCustomerLiabilityCumulativeCatchupAdjustmenttoRevenueGrossChangeinMeasureofProgressAndModificationOfContract
3300000 USD
vec Contractwith Customer Liability Cumulative Catchup Adjustmentto Revenue Gross Changein Measureof Progress And Modification Of Contract
ContractwithCustomerLiabilityCumulativeCatchupAdjustmenttoRevenueGrossChangeinMeasureofProgressAndModificationOfContract
6600000 USD
CY2017Q2 vec Contractwith Customer Liability Cumulative Catchup Adjustmentto Revenue Unfavorable Changein Measureof Progress And Modification Of Contract
ContractwithCustomerLiabilityCumulativeCatchupAdjustmenttoRevenueUnfavorableChangeinMeasureofProgressAndModificationOfContract
2584000 USD
vec Contractwith Customer Liability Cumulative Catchup Adjustmentto Revenue Unfavorable Changein Measureof Progress And Modification Of Contract
ContractwithCustomerLiabilityCumulativeCatchupAdjustmenttoRevenueUnfavorableChangeinMeasureofProgressAndModificationOfContract
3407000 USD
CY2018Q2 vec Contractwith Customer Liability Cumulative Catchup Adjustmentto Revenue Unfavorable Changein Measureof Progress And Modification Of Contract
ContractwithCustomerLiabilityCumulativeCatchupAdjustmenttoRevenueUnfavorableChangeinMeasureofProgressAndModificationOfContract
2573000 USD
vec Contractwith Customer Liability Cumulative Catchup Adjustmentto Revenue Unfavorable Changein Measureof Progress And Modification Of Contract
ContractwithCustomerLiabilityCumulativeCatchupAdjustmenttoRevenueUnfavorableChangeinMeasureofProgressAndModificationOfContract
3884000 USD
vec Defined Contribution Plan Numberof Plans
DefinedContributionPlanNumberofPlans
2 plan
vec Depreciation Depletionand Amortization Excluding Amortizationof Financing Costs
DepreciationDepletionandAmortizationExcludingAmortizationofFinancingCosts
794000 USD
vec Depreciation Depletionand Amortization Excluding Amortizationof Financing Costs
DepreciationDepletionandAmortizationExcludingAmortizationofFinancingCosts
1624000 USD
CY2016Q4 vec Executives Retirement Age
ExecutivesRetirementAge
P65Y
vec Revenue Increase Decrease In Remaining Performance Obligations
RevenueIncreaseDecreaseInRemainingPerformanceObligations
256000000 USD
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:12px;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:italic;font-weight:bold;">Reclassifications</font></div><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;">Certain reclassifications have been made to the presentation of amounts in our Condensed Consolidated Balance Sheets as of </font><font style="font-family:Arial;font-size:10pt;">December&#160;31, 2017</font><font style="font-family:Arial;font-size:10pt;"> to conform to the current year presentation. Specifically, certain intangible assets were reclassified from non-current assets and are now presented separately on our Condensed Consolidated Balance Sheets.</font></div></div>
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;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:italic;font-weight:bold;">Use of Estimates</font></div><div style="line-height:120%;padding-bottom:12px;text-align:left;text-indent:42px;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, useful lives of intangible assets, and valuation of assets and certain contingent liabilities. Actual results could differ from these estimates.</font></div></div>

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