$VVX
V2X, Inc.

2019 Q1 Form 10-Q Financial Statement

#000160154819000090 Filed on May 07, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q1
Revenue $325.9M $320.5M
YoY Change 1.68% 10.5%
Cost Of Revenue $295.6M $294.1M
YoY Change 0.53% 11.09%
Gross Profit $30.31M $26.47M
YoY Change 14.52% 4.35%
Gross Profit Margin 9.3% 8.26%
Selling, General & Admin $19.92M $17.80M
YoY Change 11.94% 29.77%
% of Gross Profit 65.72% 67.24%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $788.0K $403.0K
YoY Change 95.53% 0.75%
% of Gross Profit 2.6% 1.52%
Operating Expenses $19.92M $17.80M
YoY Change 11.94% 29.77%
Operating Profit $10.39M $8.671M
YoY Change 19.84% -25.56%
Interest Expense -$1.575M -$1.164M
YoY Change 35.31% 2.65%
% of Operating Profit -15.16% -13.42%
Other Income/Expense, Net
YoY Change
Pretax Income $8.816M $7.507M
YoY Change 17.44% -28.61%
Income Tax $1.700M $1.396M
% Of Pretax Income 19.28% 18.6%
Net Earnings $7.074M $6.111M
YoY Change 15.76% -8.35%
Net Earnings / Revenue 2.17% 1.91%
Basic Earnings Per Share $0.63 $0.55
Diluted Earnings Per Share $0.62 $0.54
COMMON SHARES
Basic Shares Outstanding 11.29M shares 11.15M shares
Diluted Shares Outstanding 11.40M shares 11.34M shares

Balance Sheet

Concept 2019 Q1 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $48.20M $28.70M
YoY Change 67.94% -46.55%
Cash & Equivalents $48.17M $28.75M
Short-Term Investments
Other Short-Term Assets $13.94M $7.890M
YoY Change 76.65% 5.51%
Inventory $0.00
Prepaid Expenses
Receivables $237.8M $243.3M
Other Receivables $6.273M $2.729M
Total Short-Term Assets $306.2M $282.7M
YoY Change 8.33% 18.43%
LONG-TERM ASSETS
Property, Plant & Equipment $14.96M $4.236M
YoY Change 253.19% 58.12%
Goodwill $233.6M $231.2M
YoY Change 1.03% 6.59%
Intangibles $14.56M $10.22M
YoY Change 42.48%
Long-Term Investments
YoY Change
Other Assets $4.075M $7.820M
YoY Change -47.89% 495.13%
Total Long-Term Assets $286.8M $253.5M
YoY Change 13.15% 14.75%
TOTAL ASSETS
Total Short-Term Assets $306.2M $282.7M
Total Long-Term Assets $286.8M $253.5M
Total Assets $593.1M $536.2M
YoY Change 10.61% 16.66%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $143.8M $135.6M
YoY Change 6.04% 41.81%
Accrued Expenses $37.19M $28.57M
YoY Change 30.17% 54.67%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $5.000M $4.000M
YoY Change 25.0% -77.14%
Total Short-Term Liabilities $234.6M $216.2M
YoY Change 8.54% 18.45%
LONG-TERM LIABILITIES
Long-Term Debt $67.74M $72.32M
YoY Change -6.33% 15.18%
Other Long-Term Liabilities $8.403M $1.383M
YoY Change 507.59% -40.05%
Total Long-Term Liabilities $130.2M $128.3M
YoY Change 1.44% -15.78%
TOTAL LIABILITIES
Total Short-Term Liabilities $234.6M $216.2M
Total Long-Term Liabilities $130.2M $128.3M
Total Liabilities $364.8M $344.5M
YoY Change 5.9% 2.88%
SHAREHOLDERS EQUITY
Retained Earnings $160.0M $117.3M
YoY Change 36.35% 81.65%
Common Stock $114.0K $112.0K
YoY Change 1.79% 2.75%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $227.3M $191.7M
YoY Change
Total Liabilities & Shareholders Equity $593.1M $536.2M
YoY Change 10.61% 16.66%

Cashflow Statement

Concept 2019 Q1 2018 Q1
OPERATING ACTIVITIES
Net Income $7.074M $6.111M
YoY Change 15.76% -8.35%
Depreciation, Depletion And Amortization $788.0K $403.0K
YoY Change 95.53% 0.75%
Cash From Operating Activities -$6.386M -$11.64M
YoY Change -45.12% -217.38%
INVESTING ACTIVITIES
Capital Expenditures $9.900M $100.0K
YoY Change 9800.0%
Acquisitions $0.00 $37.21M
YoY Change -100.0%
Other Investing Activities $0.00 -$37.20M
YoY Change -100.0%
Cash From Investing Activities -$9.886M -$37.28M
YoY Change -73.48% 155245.83%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $1.000M $1.000M
YoY Change 0.0% -71.43%
Cash From Financing Activities -$1.081M -$476.0K
YoY Change 127.1% -88.18%
NET CHANGE
Cash From Operating Activities -$6.386M -$11.64M
Cash From Investing Activities -$9.886M -$37.28M
Cash From Financing Activities -$1.081M -$476.0K
Net Change In Cash -$17.97M -$48.71M
YoY Change -63.1% -930.74%
FREE CASH FLOW
Cash From Operating Activities -$6.386M -$11.64M
Capital Expenditures $9.900M $100.0K
Free Cash Flow -$16.29M -$11.74M
YoY Change 38.76% -218.39%

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-360000 USD
CY2019Q1 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationTax
-99000 USD
CY2019Q1 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Reclassification Before Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationBeforeTax
-20000 USD
CY2018Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
890000 USD
CY2018Q1 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodTax
113000 USD
CY2018Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
1462000 USD
CY2019Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
8403000 USD
CY2018Q4 us-gaap Other Receivables Net Current
OtherReceivablesNetCurrent
6242000 USD
CY2019Q1 us-gaap Other Receivables Net Current
OtherReceivablesNetCurrent
6273000 USD
CY2018Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
785000 USD
CY2019Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
683000 USD
CY2018Q1 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
37210000 USD
CY2019Q1 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
0 USD
CY2018Q1 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
73000 USD
CY2019Q1 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
9886000 USD
CY2018Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2019Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2018Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2019Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2018Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2019Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2018Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2019Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2018Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2019Q1 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2019Q1 us-gaap Proceeds From Income Tax Refunds
ProceedsFromIncomeTaxRefunds
296000 USD
CY2018Q1 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
31000000 USD
CY2019Q1 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
48000000 USD
CY2018Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
1309000 USD
CY2019Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
602000 USD
CY2018Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
13419000 USD
CY2019Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
14961000 USD
CY2018Q4 us-gaap Receivables Net Current
ReceivablesNetCurrent
232119000 USD
CY2019Q1 us-gaap Receivables Net Current
ReceivablesNetCurrent
244116000 USD
CY2018Q1 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
31000000 USD
CY2019Q1 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
48000000 USD
CY2018Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
1000000 USD
CY2019Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
1000000 USD
CY2018Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
152616000 USD
CY2019Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
159966000 USD
CY2018Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
320516000 USD
CY2019Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
325928000 USD
CY2019Q1 us-gaap Revenue Performance Obligation Description Of Timing
RevenuePerformanceObligationDescriptionOfTiming
Our contracts are multi-year contracts and typically include an initial period of one year or less with annual one-year (or less) option periods
CY2018Q4 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
858000000 USD
CY2019Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
1478000000 USD
CY2019Q1 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P9M
CY2019Q1 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P1Y
CY2019Q1 us-gaap Revenue Remaining Performance Obligation Percentage
RevenueRemainingPerformanceObligationPercentage
0.75
CY2019Q1 us-gaap Revenue Remaining Performance Obligation Percentage
RevenueRemainingPerformanceObligationPercentage
0.25
CY2019Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
3500000 USD
CY2018Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
17795000 USD
CY2019Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
19919000 USD
CY2018Q1 us-gaap Share Based Compensation
ShareBasedCompensation
1415000 USD
CY2019Q1 us-gaap Share Based Compensation
ShareBasedCompensation
1462000 USD
CY2019Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
11197000 USD
CY2018Q1 us-gaap Stock Granted During Period Value Sharebased Compensation
StockGrantedDuringPeriodValueSharebasedCompensation
867000 USD
CY2019Q1 us-gaap Stock Granted During Period Value Sharebased Compensation
StockGrantedDuringPeriodValueSharebasedCompensation
1117000 USD
CY2018Q1 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
523000 USD
CY2019Q1 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
-81000 USD
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
183372000 USD
CY2018Q1 us-gaap Stockholders Equity
StockholdersEquity
191686000 USD
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
221300000 USD
CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
228244000 USD
CY2018Q4 us-gaap Unbilled Contracts Receivable
UnbilledContractsReceivable
181009000 USD
CY2019Q1 us-gaap Unbilled Contracts Receivable
UnbilledContractsReceivable
195696000 USD
CY2018Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
1800000 USD
CY2019Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
2000000 USD
CY2019Q1 us-gaap Variable Lease Cost
VariableLeaseCost
173000 USD
CY2018Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
11338000 shares
CY2019Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
11399000 shares
CY2018Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
11146000 shares
CY2019Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
11292000 shares
CY2018Q1 vec Capital Expenditures Purchasedon Account
CapitalExpendituresPurchasedonAccount
0 USD
CY2019Q1 vec Capital Expenditures Purchasedon Account
CapitalExpendituresPurchasedonAccount
-966000 USD
CY2018Q1 vec Contractwith Customer Liability Cumulative Catchup Adjustmentto Revenue Changein Measureof Progress And Modification Of Contract
ContractwithCustomerLiabilityCumulativeCatchupAdjustmenttoRevenueChangeinMeasureofProgressAndModificationOfContract
2841000 USD
CY2019Q1 vec Contractwith Customer Liability Cumulative Catchup Adjustmentto Revenue Changein Measureof Progress And Modification Of Contract
ContractwithCustomerLiabilityCumulativeCatchupAdjustmenttoRevenueChangeinMeasureofProgressAndModificationOfContract
-1083000 USD
CY2018Q1 vec Contractwith Customer Liability Cumulative Catchup Adjustmentto Revenue Favorable Changein Measureof Progress And Modification Of Contract
ContractwithCustomerLiabilityCumulativeCatchupAdjustmenttoRevenueFavorableChangeinMeasureofProgressAndModificationOfContract
4152000 USD
CY2019Q1 vec Contractwith Customer Liability Cumulative Catchup Adjustmentto Revenue Favorable Changein Measureof Progress And Modification Of Contract
ContractwithCustomerLiabilityCumulativeCatchupAdjustmenttoRevenueFavorableChangeinMeasureofProgressAndModificationOfContract
2502000 USD
CY2018Q1 vec Contractwith Customer Liability Cumulative Catchup Adjustmentto Revenue Favorable Gross Changein Measureof Progress And Modification Of Contract
ContractwithCustomerLiabilityCumulativeCatchupAdjustmenttoRevenueFavorableGrossChangeinMeasureofProgressAndModificationOfContract
3400000 USD
CY2018Q1 vec Contractwith Customer Liability Cumulative Catchup Adjustmentto Revenue Unfavorable Changein Measureof Progress And Modification Of Contract
ContractwithCustomerLiabilityCumulativeCatchupAdjustmenttoRevenueUnfavorableChangeinMeasureofProgressAndModificationOfContract
1311000 USD
CY2019Q1 vec Contractwith Customer Liability Cumulative Catchup Adjustmentto Revenue Unfavorable Changein Measureof Progress And Modification Of Contract
ContractwithCustomerLiabilityCumulativeCatchupAdjustmenttoRevenueUnfavorableChangeinMeasureofProgressAndModificationOfContract
3585000 USD
CY2019Q1 vec Contractwith Customer Liability Cumulative Catchup Adjustmentto Revenue Unfavorable Gross Changein Measureof Progress And Modification Of Contract
ContractwithCustomerLiabilityCumulativeCatchupAdjustmenttoRevenueUnfavorableGrossChangeinMeasureofProgressAndModificationOfContract
400000 USD
CY2019Q1 vec Revenue Increase Decrease In Remaining Performance Obligations
RevenueIncreaseDecreaseInRemainingPerformanceObligations
619700000 USD
CY2019Q1 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:6px;padding-top:6px;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Reclassifications</font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;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 Statement of Cash Flows for the three months ended March 30, 2018 to conform to the current year presentation. Specifically, depreciation and amortization which were combined and disclosed as one amount are now presented separately.</font></div></div>

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