$VVX
V2X, Inc.

2021 Q4 Form 10-Q Financial Statement

#000160154821000109 Filed on November 09, 2021

View on sec.gov

Income Statement

Concept 2021 Q4 2021 Q3 2020 Q4
Revenue $459.4M $470.8M $352.4M
YoY Change 30.36% 40.11% -3.52%
Cost Of Revenue $418.9M $422.7M $320.2M
YoY Change 30.81% 35.55% -3.22%
Gross Profit $40.51M $48.19M $35.69M
YoY Change 13.51% 98.73% 4.13%
Gross Profit Margin 8.82% 10.23% 10.13%
Selling, General & Admin $27.62M $25.61M $17.34M
YoY Change 59.24% 17.37% -6.75%
% of Gross Profit 68.18% 53.14% 48.6%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $4.321M $3.990M $2.000M
YoY Change 116.05% 99.5% 0.0%
% of Gross Profit 10.67% 8.28% 5.6%
Operating Expenses $27.62M $25.61M $17.34M
YoY Change 59.24% 17.37% -6.75%
Operating Profit $12.89M $22.58M $14.84M
YoY Change -13.12% 829.22% -5.19%
Interest Expense -$1.955M -$2.253M -$939.0K
YoY Change 108.2% 67.38% -44.76%
% of Operating Profit -15.17% -9.98% -6.33%
Other Income/Expense, Net
YoY Change
Pretax Income $10.94M $20.33M $13.90M
YoY Change -21.32% 1775.18% -0.73%
Income Tax $700.0K $4.400M $3.500M
% Of Pretax Income 6.4% 21.65% 25.18%
Net Earnings $10.26M $15.93M $10.39M
YoY Change -1.28% 1334.2% -2.38%
Net Earnings / Revenue 2.23% 3.38% 2.95%
Basic Earnings Per Share $0.87 $1.36 $0.89
Diluted Earnings Per Share $0.87 $1.35 $0.88
COMMON SHARES
Basic Shares Outstanding 11.73M shares 11.72M shares 11.62M shares
Diluted Shares Outstanding 11.85M shares 11.83M shares 11.75M shares

Balance Sheet

Concept 2021 Q4 2021 Q3 2020 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $56.23M $69.80M $63.70M
YoY Change -11.72% 11.33% 80.45%
Cash & Equivalents $38.51M $69.80M $66.95M
Short-Term Investments
Other Short-Term Assets $15.06M $27.59M $8.619M
YoY Change 74.75% 25.54% -46.64%
Inventory
Prepaid Expenses $21.16M $16.08M
Receivables $331.0M $343.5M $258.7M
Other Receivables $4.552M $10.29M $9.787M
Total Short-Term Assets $423.3M $451.2M $408.4M
YoY Change 3.66% 30.79% 27.38%
LONG-TERM ASSETS
Property, Plant & Equipment $23.76M $22.61M $22.57M
YoY Change 5.25% 18.34% 19.79%
Goodwill $321.7M $317.6M $339.7M
YoY Change -5.3% 21.18% 29.67%
Intangibles $66.58M $68.82M $48.11M
YoY Change 38.41% 433.27% 222.29%
Long-Term Investments $5.400M $1.400M
YoY Change 285.71%
Other Assets $10.39M $8.902M $6.325M
YoY Change 64.33% 20.53% 17.87%
Total Long-Term Assets $466.1M $444.9M $435.4M
YoY Change 7.05% 42.25% 37.89%
TOTAL ASSETS
Total Short-Term Assets $423.3M $451.2M $408.4M
Total Long-Term Assets $466.1M $444.9M $435.4M
Total Assets $889.5M $896.1M $843.8M
YoY Change 5.41% 36.24% 32.59%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $212.5M $175.0M $159.6M
YoY Change 33.18% 23.12% 7.82%
Accrued Expenses $55.03M $41.22M $40.66M
YoY Change 35.35% -9.71% 8.68%
Deferred Revenue $15.70M $13.06M
YoY Change 20.17% -7.06%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $10.40M $9.800M $8.600M
YoY Change 20.93% 30.67% 32.31%
Total Short-Term Liabilities $358.2M $316.7M $288.4M
YoY Change 24.21% 23.84% 17.68%
LONG-TERM LIABILITIES
Long-Term Debt $94.25M $164.0M $168.8M
YoY Change -44.15% 176.86% 167.68%
Other Long-Term Liabilities $20.13M $42.95M $28.36M
YoY Change -29.01% 59.48% 41.8%
Total Long-Term Liabilities $181.1M $246.7M $250.5M
YoY Change -27.68% 85.96% 89.11%
TOTAL LIABILITIES
Total Short-Term Liabilities $358.2M $316.7M $288.4M
Total Long-Term Liabilities $181.1M $246.7M $250.5M
Total Liabilities $539.4M $563.3M $538.9M
YoY Change 0.09% 45.06% 42.74%
SHAREHOLDERS EQUITY
Retained Earnings $267.8M $250.0M $222.0M
YoY Change 20.6% 28.31% 19.97%
Common Stock $117.0K $117.0K $116.0K
YoY Change 0.86% 0.86% 0.87%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $350.1M $332.8M $304.9M
YoY Change
Total Liabilities & Shareholders Equity $889.5M $896.1M $843.8M
YoY Change 5.41% 36.24% 32.59%

Cashflow Statement

Concept 2021 Q4 2021 Q3 2020 Q4
OPERATING ACTIVITIES
Net Income $10.26M $15.93M $10.39M
YoY Change -1.28% 1334.2% -2.38%
Depreciation, Depletion And Amortization $4.321M $3.990M $2.000M
YoY Change 116.05% 99.5% 0.0%
Cash From Operating Activities $39.35M $35.75M $3.300M
YoY Change 1092.48% 7.37% -512.5%
INVESTING ACTIVITIES
Capital Expenditures -$2.817M -$2.222M $1.100M
YoY Change -356.09% -270.92% -38.89%
Acquisitions
YoY Change
Other Investing Activities -$650.0K -$1.568M $0.00
YoY Change -100.0%
Cash From Investing Activities -$3.467M -$3.790M -$1.100M
YoY Change 215.18% 191.54% -60.71%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -47.04M -2.105M -1.600M
YoY Change 2840.31% -98.19% -38.46%
NET CHANGE
Cash From Operating Activities 39.35M 35.75M 3.300M
Cash From Investing Activities -3.467M -3.790M -1.100M
Cash From Financing Activities -47.04M -2.105M -1.600M
Net Change In Cash -11.16M 29.86M 600.0K
YoY Change -1960.0% -135.34% -109.68%
FREE CASH FLOW
Cash From Operating Activities $39.35M $35.75M $3.300M
Capital Expenditures -$2.817M -$2.222M $1.100M
Free Cash Flow $42.17M $37.98M $2.200M
YoY Change 1816.77% 18.68% -184.62%

Facts In Submission

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151000000 USD
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2600000 USD
vec Contract With Customer Liability Cumulative Catch Up Adjustment To Revenue Unfavorable Operating Income Change In Measure Of Progress And Modification Of Contract
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400000 USD
CY2020Q4 vec Contract With Customer Liability Cumulative Catch Up Adjustment To Revenue Favorable Operating Income Change In Measure Of Progress And Modification Of Contract
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100000 USD
vec Contract With Customer Liability Cumulative Catch Up Adjustment To Revenue Unfavorable Operating Income Change In Measure Of Progress And Modification Of Contract
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3800000 USD
CY2021Q4 vec Contract With Customer Liability Cumulative Catch Up Adjustment To Revenue Favorable Change In Measure Of Progress And Modification Of Contract
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3000000 USD
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1400000 USD
CY2020Q4 vec Contract With Customer Liability Cumulative Catch Up Adjustment To Revenue Unfavorable Change In Measure Of Progress And Modification Of Contract
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1100000 USD
vec Contract With Customer Liability Cumulative Catch Up Adjustment To Revenue Unfavorable Change In Measure Of Progress And Modification Of Contract
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500000 USD
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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1040212000 USD
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203100000 USD
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16660000 USD
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69088000 USD
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48105000 USD
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2600000 USD
us-gaap Amortization Of Intangible Assets
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7500000 USD
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P9Y8M12D
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7296000 USD
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6499000 USD
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35884000 USD
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100000000 USD
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100000000 USD
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2 letters_of_credit
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CY2020Q4 us-gaap Operating Lease Cost
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us-gaap Operating Lease Cost
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7372000 USD
us-gaap Operating Lease Cost
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184000 USD
CY2020Q4 us-gaap Variable Lease Cost
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191000 USD
us-gaap Variable Lease Cost
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599000 USD
us-gaap Variable Lease Cost
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546000 USD
CY2021Q4 us-gaap Short Term Lease Cost
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CY2020Q4 us-gaap Short Term Lease Cost
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14323000 USD
us-gaap Short Term Lease Cost
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47367000 USD
us-gaap Short Term Lease Cost
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40483000 USD
CY2021Q4 us-gaap Lease Cost
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20121000 USD
CY2020Q4 us-gaap Lease Cost
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15863000 USD
us-gaap Lease Cost
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55338000 USD
us-gaap Lease Cost
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46650000 USD
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43111000 USD
CY2020Q4 us-gaap Operating Lease Right Of Use Asset
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18718000 USD
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11280000 USD
CY2020Q4 us-gaap Operating Lease Liability Current
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6245000 USD
CY2021Q4 us-gaap Operating Lease Liability Noncurrent
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34308000 USD
CY2020Q4 us-gaap Operating Lease Liability Noncurrent
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13970000 USD
CY2021Q4 us-gaap Operating Lease Liability
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45588000 USD
CY2020Q4 us-gaap Operating Lease Liability
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20215000 USD
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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31400000 USD
CY2021Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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P5Y3M18D
CY2021Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
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0.037
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3300000 USD
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
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12020000 USD
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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11825000 USD
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7435000 USD
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3488000 USD
CY2021Q4 vec Lessee Operating Lease Liability To Be Paid After Year Four
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13139000 USD
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due
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51207000 USD
CY2021Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
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5619000 USD
CY2021Q4 us-gaap Operating Lease Liability
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45588000 USD
CY2021Q3 vec Lease Operating Lease Annual Payment
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20000000 USD
CY2021Q4 us-gaap Allocated Share Based Compensation Expense
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2004000 USD
CY2020Q4 us-gaap Allocated Share Based Compensation Expense
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1088000 USD
us-gaap Allocated Share Based Compensation Expense
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6927000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6499000 USD
CY2021Q4 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
435000 USD
CY2020Q4 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
235000 USD
us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
1504000 USD
us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
1404000 USD
CY2021Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
7200000 USD
CY2020Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
2700000 USD
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P1Y9M14D
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P1Y8M15D
CY2021Q4 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
700000 USD
CY2020Q4 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
3500000 USD
CY2021Q4 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.062
CY2020Q4 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.252
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
7600000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
5600000 USD
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.166
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.217
CY2021Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
9100000 USD
CY2020Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
7400000 USD
us-gaap Net Income Loss
NetIncomeLoss
20170000 USD
CY2021Q4 us-gaap Net Income Loss
NetIncomeLoss
10258000 USD
CY2020Q4 us-gaap Net Income Loss
NetIncomeLoss
10391000 USD
us-gaap Net Income Loss
NetIncomeLoss
38240000 USD
CY2021Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
11726000 shares
CY2020Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
11621000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
11696000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
11590000 shares
CY2021Q4 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
34000 shares
CY2020Q4 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
34000 shares
us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
38000 shares
us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
38000 shares
CY2021Q4 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
89000 shares
CY2020Q4 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
96000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
96000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
115000 shares
CY2021Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
11849000 shares
CY2020Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
11751000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
11830000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
11743000 shares
CY2021Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.87
CY2020Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.89
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
3.27
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.74
CY2021Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.87
CY2020Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.88
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
3.23
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.72
CY2021Q4 us-gaap Multiemployer Plan Employer Contribution Cost
MultiemployerPlanEmployerContributionCost
200000 USD
us-gaap Multiemployer Plan Employer Contribution Cost
MultiemployerPlanEmployerContributionCost
800000 USD
CY2020Q4 us-gaap Multiemployer Plan Employer Contribution Cost
MultiemployerPlanEmployerContributionCost
1000000 USD
us-gaap Multiemployer Plan Employer Contribution Cost
MultiemployerPlanEmployerContributionCost
3100000 USD
vec Number Of Multiemployer Pension Plans
NumberOfMultiemployerPensionPlans
1 plan
vec Number Of Multiemployer Pension Plans
NumberOfMultiemployerPensionPlans
8 plan

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