$VVX
V2X, Inc.

2020 Q2 Form 10-Q Financial Statement

#000160154820000106 Filed on May 12, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2019 Q1
Revenue $351.7M $325.9M
YoY Change 6.08% 1.68%
Cost Of Revenue $319.7M $295.6M
YoY Change 6.37% 0.53%
Gross Profit $32.04M $30.31M
YoY Change 3.24% 14.52%
Gross Profit Margin 9.11% 9.3%
Selling, General & Admin $19.56M $19.92M
YoY Change -1.44% 11.94%
% of Gross Profit 61.04% 65.72%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $996.0K $788.0K
YoY Change -28.86% 95.53%
% of Gross Profit 3.11% 2.6%
Operating Expenses $19.56M $19.92M
YoY Change -1.44% 11.94%
Operating Profit $12.48M $10.39M
YoY Change 11.53% 19.84%
Interest Expense -$1.703M -$1.575M
YoY Change 28.14% 35.31%
% of Operating Profit -13.64% -15.16%
Other Income/Expense, Net
YoY Change
Pretax Income $10.78M $8.816M
YoY Change 9.29% 17.44%
Income Tax $2.100M $1.700M
% Of Pretax Income 19.48% 19.28%
Net Earnings $8.668M $7.074M
YoY Change 13.8% 15.76%
Net Earnings / Revenue 2.46% 2.17%
Basic Earnings Per Share $0.75 $0.63
Diluted Earnings Per Share $0.74 $0.62
COMMON SHARES
Basic Shares Outstanding 11.55M shares 11.29M shares
Diluted Shares Outstanding 11.75M shares 11.40M shares

Balance Sheet

Concept 2020 Q2 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $146.2M $48.20M
YoY Change 107.97% 67.94%
Cash & Equivalents $146.2M $48.17M
Short-Term Investments
Other Short-Term Assets $21.21M $13.94M
YoY Change 1.46% 76.65%
Inventory
Prepaid Expenses
Receivables $251.9M $237.8M
Other Receivables $11.73M $6.273M
Total Short-Term Assets $431.0M $306.2M
YoY Change 31.2% 8.33%
LONG-TERM ASSETS
Property, Plant & Equipment $18.54M $14.96M
YoY Change 14.07% 253.19%
Goodwill $262.0M $233.6M
YoY Change 12.15% 1.03%
Intangibles $13.91M $14.56M
YoY Change 0.42% 42.48%
Long-Term Investments
YoY Change
Other Assets $5.789M $4.075M
YoY Change 36.76% -47.89%
Total Long-Term Assets $312.6M $286.8M
YoY Change 9.33% 13.15%
TOTAL ASSETS
Total Short-Term Assets $431.0M $306.2M
Total Long-Term Assets $312.6M $286.8M
Total Assets $743.6M $593.1M
YoY Change 21.02% 10.61%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $147.4M $143.8M
YoY Change -6.43% 6.04%
Accrued Expenses $39.33M $37.19M
YoY Change 5.68% 30.17%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $122.0M $5.000M
YoY Change 2118.18% 25.0%
Total Short-Term Liabilities $350.8M $234.6M
YoY Change 42.74% 8.54%
LONG-TERM LIABILITIES
Long-Term Debt $61.14M $67.74M
YoY Change -7.84% -6.33%
Other Long-Term Liabilities $20.10M $8.403M
YoY Change 97.52% 507.59%
Total Long-Term Liabilities $128.5M $130.2M
YoY Change -0.34% 1.44%
TOTAL LIABILITIES
Total Short-Term Liabilities $350.8M $234.6M
Total Long-Term Liabilities $128.5M $130.2M
Total Liabilities $479.4M $364.8M
YoY Change 27.91% 5.9%
SHAREHOLDERS EQUITY
Retained Earnings $193.7M $160.0M
YoY Change 15.61% 36.35%
Common Stock $116.0K $114.0K
YoY Change 0.87% 1.79%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $264.2M $227.3M
YoY Change
Total Liabilities & Shareholders Equity $743.6M $593.1M
YoY Change 21.02% 10.61%

Cashflow Statement

Concept 2020 Q2 2019 Q1
OPERATING ACTIVITIES
Net Income $8.668M $7.074M
YoY Change 13.8% 15.76%
Depreciation, Depletion And Amortization $996.0K $788.0K
YoY Change -28.86% 95.53%
Cash From Operating Activities $1.137M -$6.386M
YoY Change -94.81% -45.12%
INVESTING ACTIVITIES
Capital Expenditures $900.0K $9.900M
YoY Change -50.0% 9800.0%
Acquisitions $0.00
YoY Change -100.0%
Other Investing Activities $0.00
YoY Change -100.0%
Cash From Investing Activities -$917.0K -$9.886M
YoY Change -49.06% -73.48%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $1.500M $1.000M
YoY Change 0.0%
Cash From Financing Activities $111.7M -$1.081M
YoY Change 6106.33% 127.1%
NET CHANGE
Cash From Operating Activities $1.137M -$6.386M
Cash From Investing Activities -$917.0K -$9.886M
Cash From Financing Activities $111.7M -$1.081M
Net Change In Cash $110.9M -$17.97M
YoY Change 406.18% -63.1%
FREE CASH FLOW
Cash From Operating Activities $1.137M -$6.386M
Capital Expenditures $900.0K $9.900M
Free Cash Flow $237.0K -$16.29M
YoY Change -98.82% 38.76%

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OperatingLeaseRightOfUseAsset
12390000 USD
CY2020Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.063
CY2020Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y9M18D
CY2019Q4 us-gaap Other Assets Current
OtherAssetsCurrent
16154000 USD
CY2020Q2 us-gaap Other Assets Current
OtherAssetsCurrent
21212000 USD
CY2019Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
5366000 USD
CY2020Q2 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
5789000 USD
CY2019Q1 us-gaap Other Comprehensive Income Derivatives Qualifying As Hedges Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPortionAttributableToParent
-360000 USD
CY2020Q2 us-gaap Other Comprehensive Income Derivatives Qualifying As Hedges Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPortionAttributableToParent
-1290000 USD
CY2019Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
-823000 USD
CY2020Q2 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
-1934000 USD
CY2019Q1 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification And Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTax
-360000 USD
CY2020Q2 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification And Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTax
-1290000 USD
CY2019Q1 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationTax
-99000 USD
CY2020Q2 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationTax
-357000 USD
CY2019Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-1442000 USD
CY2020Q2 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-3224000 USD
CY2019Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
19997000 USD
CY2020Q2 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
20096000 USD
CY2019Q4 us-gaap Other Receivables Net Current
OtherReceivablesNetCurrent
11711000 USD
CY2020Q2 us-gaap Other Receivables Net Current
OtherReceivablesNetCurrent
11729000 USD
CY2019Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
683000 USD
CY2020Q2 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
1787000 USD
CY2019Q1 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
9886000 USD
CY2020Q2 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
917000 USD
CY2019Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2020Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2020Q2 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
1000 USD
CY2019Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2020Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2019Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2020Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2019Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2020Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2019Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2020Q2 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2019Q1 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
48000000 USD
CY2020Q2 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
144000000 USD
CY2019Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
602000 USD
CY2019Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
18844000 USD
CY2020Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
18540000 USD
CY2019Q4 us-gaap Receivables Net Current
ReceivablesNetCurrent
269144000 USD
CY2020Q2 us-gaap Receivables Net Current
ReceivablesNetCurrent
263601000 USD
CY2019Q1 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
48000000 USD
CY2020Q2 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
29000000 USD
CY2019Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
1000000 USD
CY2020Q2 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
1500000 USD
CY2019Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
185075000 USD
CY2020Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
193743000 USD
CY2019Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
325906000 USD
CY2020Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
351734000 USD
CY2020Q2 us-gaap Revenue Performance Obligation Description Of Timing
RevenuePerformanceObligationDescriptionOfTiming
The Company's contracts are multi-year contracts and typically include an initial period of one year or less with annual one-year (or less) option periods
CY2019Q4 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
849389000 USD
CY2020Q2 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
1217349000 USD
CY2020Q2 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P9M
CY2020Q2 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P1Y
CY2020Q2 us-gaap Revenue Remaining Performance Obligation Percentage
RevenueRemainingPerformanceObligationPercentage
0.72
CY2020Q2 us-gaap Revenue Remaining Performance Obligation Percentage
RevenueRemainingPerformanceObligationPercentage
0.28
CY2020Q2 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
500000 USD
CY2019Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
19919000 USD
CY2020Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
19558000 USD
CY2019Q1 us-gaap Share Based Compensation
ShareBasedCompensation
1462000 USD
CY2020Q2 us-gaap Share Based Compensation
ShareBasedCompensation
2367000 USD
CY2020Q2 us-gaap Stockholders Equity
StockholdersEquity
264243000 USD
CY2020Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
11545000 shares
CY2019Q1 vec Capital Expenditures Purchasedon Account
CapitalExpendituresPurchasedonAccount
966000 USD
CY2020Q2 vec Capital Expenditures Purchasedon Account
CapitalExpendituresPurchasedonAccount
606000 USD
CY2019Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
11197000 USD
CY2020Q2 us-gaap Short Term Lease Cost
ShortTermLeaseCost
10690000 USD
CY2019Q1 us-gaap Stock Granted During Period Value Sharebased Compensation
StockGrantedDuringPeriodValueSharebasedCompensation
1117000 USD
CY2020Q2 us-gaap Stock Granted During Period Value Sharebased Compensation
StockGrantedDuringPeriodValueSharebasedCompensation
1720000 USD
CY2019Q1 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
-81000 USD
CY2020Q2 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
-1786000 USD
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
220324000 USD
CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
227251000 USD
CY2019Q4 us-gaap Stockholders Equity
StockholdersEquity
258865000 USD
CY2019Q4 us-gaap Unbilled Contracts Receivable
UnbilledContractsReceivable
186365000 USD
CY2020Q2 us-gaap Unbilled Contracts Receivable
UnbilledContractsReceivable
199576000 USD
CY2019Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
7900000 USD
CY2020Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
8700000 USD
CY2019Q1 us-gaap Variable Lease Cost
VariableLeaseCost
173000 USD
CY2020Q2 us-gaap Variable Lease Cost
VariableLeaseCost
170000 USD
CY2019Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
11399000 shares
CY2020Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
11745000 shares
CY2019Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
11292000 shares
CY2019Q1 vec Contractwith Customer Liability Cumulative Catchup Adjustmentto Revenue Unfavorable Changein Measureof Progress And Modification Of Contract
ContractwithCustomerLiabilityCumulativeCatchupAdjustmenttoRevenueUnfavorableChangeinMeasureofProgressAndModificationOfContract
1100000 USD
CY2020Q2 vec Contractwith Customer Liability Cumulative Catchup Adjustmentto Revenue Unfavorable Changein Measureof Progress And Modification Of Contract
ContractwithCustomerLiabilityCumulativeCatchupAdjustmenttoRevenueUnfavorableChangeinMeasureofProgressAndModificationOfContract
2300000 USD
CY2019Q1 vec Contractwith Customer Liability Cumulative Catchup Adjustmentto Revenue Unfavorable Gross Changein Measureof Progress And Modification Of Contract
ContractwithCustomerLiabilityCumulativeCatchupAdjustmenttoRevenueUnfavorableGrossChangeinMeasureofProgressAndModificationOfContract
400000 USD
CY2020Q2 vec Contractwith Customer Liability Cumulative Catchup Adjustmentto Revenue Unfavorable Gross Changein Measureof Progress And Modification Of Contract
ContractwithCustomerLiabilityCumulativeCatchupAdjustmenttoRevenueUnfavorableGrossChangeinMeasureofProgressAndModificationOfContract
1600000 USD
CY2017Q4 vec Line Of Credit Facility Accordian Feature Increase Limit
LineOfCreditFacilityAccordianFeatureIncreaseLimit
100000000 USD
CY2020Q2 vec Revenue Increase Decrease In Remaining Performance Obligations
RevenueIncreaseDecreaseInRemainingPerformanceObligations
368000000 USD

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