$VVX
V2X, Inc.

2023 Q2 Form 10-Q Financial Statement

#000160154823000024 Filed on May 09, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1
Revenue $977.9M $943.5M
YoY Change 114.22%
Cost Of Revenue $890.5M $864.6M
YoY Change 112.38%
Gross Profit $87.40M $78.83M
YoY Change 134.97%
Gross Profit Margin 8.94% 8.36%
Selling, General & Admin $53.13M $48.25M
YoY Change 66.24%
% of Gross Profit 60.79% 61.21%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $28.52M $5.412M
YoY Change 1692.52%
% of Gross Profit 32.63% 6.87%
Operating Expenses $53.13M $48.25M
YoY Change 66.24%
Operating Profit $34.27M $30.58M
YoY Change 554.38%
Interest Expense -$31.95M -$31.74M
YoY Change 1800.65%
% of Operating Profit -93.23% -103.81%
Other Income/Expense, Net $311.0K
YoY Change
Pretax Income $2.009M -$23.22M
YoY Change -43.5%
Income Tax $200.0K -$5.700M
% Of Pretax Income 9.96%
Net Earnings $1.799M -$17.48M
YoY Change -36.99%
Net Earnings / Revenue 0.18% -1.85%
Basic Earnings Per Share $0.06 -$0.57
Diluted Earnings Per Share $0.06 -$0.57
COMMON SHARES
Basic Shares Outstanding 31.01M shares 30.93M shares
Diluted Shares Outstanding 31.61M shares 30.93M shares

Balance Sheet

Concept 2023 Q2 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $70.31M $62.15M
YoY Change 205.73%
Cash & Equivalents $70.31M $62.15M
Short-Term Investments
Other Short-Term Assets $23.91M $26.02M
YoY Change 115.7%
Inventory
Prepaid Expenses $77.72M $78.22M
Receivables $735.5M $748.6M
Other Receivables $11.10M $11.23M
Total Short-Term Assets $918.5M $926.2M
YoY Change 109.91%
LONG-TERM ASSETS
Property, Plant & Equipment $82.28M $82.31M
YoY Change 242.15%
Goodwill $1.657B $1.656B
YoY Change 415.07%
Intangibles $452.7M $475.3M
YoY Change 604.31%
Long-Term Investments $6.300M $6.500M
YoY Change 36.96%
Other Assets $22.25M $21.37M
YoY Change 125.24%
Total Long-Term Assets $2.260B $2.283B
YoY Change 389.22%
TOTAL ASSETS
Total Short-Term Assets $918.5M $926.2M
Total Long-Term Assets $2.260B $2.283B
Total Assets $3.179B $3.209B
YoY Change 253.36%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $416.4M $402.7M
YoY Change 77.42%
Accrued Expenses $255.4M $198.1M
YoY Change 360.85%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $15.50M $15.50M
YoY Change 49.04%
Total Short-Term Liabilities $832.3M $760.2M
YoY Change 131.47%
LONG-TERM LIABILITIES
Long-Term Debt $1.190B $1.292B
YoY Change 997.89%
Other Long-Term Liabilities $114.4M $131.7M
YoY Change 882.74%
Total Long-Term Liabilities $1.354B $1.471B
YoY Change 628.5%
TOTAL LIABILITIES
Total Short-Term Liabilities $832.3M $760.2M
Total Long-Term Liabilities $1.354B $1.471B
Total Liabilities $2.186B $2.231B
YoY Change 300.8%
SHAREHOLDERS EQUITY
Retained Earnings $237.7M $235.9M
YoY Change -12.15%
Common Stock $311.0K $310.0K
YoY Change 163.56%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $992.7M $978.5M
YoY Change
Total Liabilities & Shareholders Equity $3.179B $3.209B
YoY Change 253.36%

Cashflow Statement

Concept 2023 Q2 2023 Q1
OPERATING ACTIVITIES
Net Income $1.799M -$17.48M
YoY Change -36.99%
Depreciation, Depletion And Amortization $28.52M $5.412M
YoY Change 1692.52%
Cash From Operating Activities $116.6M -$38.49M
YoY Change -542.11%
INVESTING ACTIVITIES
Capital Expenditures $2.467M $9.076M
YoY Change -212.39%
Acquisitions $0.00
YoY Change
Other Investing Activities $5.000K $0.00
YoY Change -70.59%
Cash From Investing Activities -$2.462M -$9.076M
YoY Change 13.04%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $421.0M
YoY Change
Cash From Financing Activities -105.7M -$7.921M
YoY Change -958.12%
NET CHANGE
Cash From Operating Activities 116.6M -$38.49M
Cash From Investing Activities -2.462M -$9.076M
Cash From Financing Activities -105.7M -$7.921M
Net Change In Cash 8.484M -$53.92M
YoY Change -154.69%
FREE CASH FLOW
Cash From Operating Activities $116.6M -$38.49M
Capital Expenditures $2.467M $9.076M
Free Cash Flow $114.2M -$47.57M
YoY Change -572.03%

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CY2023Q1 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
163750000 usd
CY2022Q2 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
200000000 usd
CY2023Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
5000 usd
CY2022Q2 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
0 usd
CY2023Q1 us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
7507000 usd
CY2022Q2 us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
458000 usd
CY2023Q1 us-gaap Payments Of Debt Extinguishment Costs
PaymentsOfDebtExtinguishmentCosts
1600000 usd
CY2022Q2 us-gaap Payments Of Debt Extinguishment Costs
PaymentsOfDebtExtinguishmentCosts
0 usd
CY2023Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
12806000 usd
CY2022Q2 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
1626000 usd
CY2023Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-7921000 usd
CY2022Q2 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
12316000 usd
CY2023Q1 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1567000 usd
CY2022Q2 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
729000 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-53922000 usd
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-15514000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
116067000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
38513000 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
62145000 usd
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
22999000 usd
CY2023Q1 us-gaap Interest Paid Net
InterestPaidNet
29066000 usd
CY2022Q2 us-gaap Interest Paid Net
InterestPaidNet
1513000 usd
CY2023Q1 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
300000 usd
CY2022Q2 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
66000 usd
CY2023Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
494000 usd
CY2022Q2 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
5000 usd
CY2021Q4 us-gaap Stockholders Equity
StockholdersEquity
350087000 usd
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
2855000 usd
CY2022Q2 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
-616000 usd
CY2022Q2 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification And Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTax
374000 usd
CY2022Q2 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
1000 usd
CY2022Q2 us-gaap Adjustments Related To Tax Withholding For Share Based Compensation
AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation
1626000 usd
CY2022Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
3100000 usd
CY2022Q2 us-gaap Stockholders Equity
StockholdersEquity
354175000 usd
CY2022Q4 us-gaap Stockholders Equity
StockholdersEquity
997079000 usd
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
-17480000 usd
CY2023Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
1806000 usd
CY2023Q1 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification And Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTax
-2199000 usd
CY2023Q1 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
5000 usd
CY2023Q1 us-gaap Adjustments Related To Tax Withholding For Share Based Compensation
AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation
12806000 usd
CY2023Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
12066000 usd
CY2023Q1 us-gaap Stockholders Equity
StockholdersEquity
978471000 usd
CY2023Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 segment
CY2023Q1 us-gaap Equity Method Investments
EquityMethodInvestments
6500000 usd
CY2022Q4 us-gaap Equity Method Investments
EquityMethodInvestments
7000000 usd
CY2023Q1 us-gaap Equity Method Investment Dividends Or Distributions
EquityMethodInvestmentDividendsOrDistributions
1800000 usd
CY2023Q1 vec Revenue From Contract With Customer Contract Term
RevenueFromContractWithCustomerContractTerm
P1Y
CY2023Q1 vec Revenue From Contract With Customer Renewal Option Term
RevenueFromContractWithCustomerRenewalOptionTerm
P1Y
CY2023Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
3425000 usd
CY2022Q4 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
2997000 usd
CY2023Q1 us-gaap Revenue Remaining Performance Obligation Percentage
RevenueRemainingPerformanceObligationPercentage
0.62
CY2023Q1 us-gaap Revenue Remaining Performance Obligation Percentage
RevenueRemainingPerformanceObligationPercentage
0.38
CY2023Q1 vec Contract With Customer Liability Cumulative Catch Up Adjustment To Revenue Favorable Operating Income Change In Measure Of Progress And Modification Of Contract
ContractWithCustomerLiabilityCumulativeCatchUpAdjustmentToRevenueFavorableOperatingIncomeChangeInMeasureOfProgressAndModificationOfContract
13100000 usd
CY2022Q2 vec Contract With Customer Liability Cumulative Catch Up Adjustment To Revenue Favorable Operating Income Change In Measure Of Progress And Modification Of Contract
ContractWithCustomerLiabilityCumulativeCatchUpAdjustmentToRevenueFavorableOperatingIncomeChangeInMeasureOfProgressAndModificationOfContract
600000 usd
CY2023Q1 vec Contract With Customer Liability Cumulative Catch Up Adjustment To Revenue Favorable Change In Measure Of Progress And Modification Of Contract
ContractWithCustomerLiabilityCumulativeCatchUpAdjustmentToRevenueFavorableChangeInMeasureOfProgressAndModificationOfContract
13900000 usd
CY2022Q2 vec Contract With Customer Liability Cumulative Catch Up Adjustment To Revenue Favorable Change In Measure Of Progress And Modification Of Contract
ContractWithCustomerLiabilityCumulativeCatchUpAdjustmentToRevenueFavorableChangeInMeasureOfProgressAndModificationOfContract
600000 usd
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
943460000 usd
CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
456471000 usd
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
943460000 usd
CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
456471000 usd
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
943460000 usd
CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
456471000 usd
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
943460000 usd
CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
456471000 usd
CY2023Q1 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
559300000 usd
CY2022Q4 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
487800000 usd
CY2023Q1 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
73100000 usd
CY2022Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
76400000 usd
CY2023Q1 vec Number Of Performance Based Awards
NumberOfPerformanceBasedAwards
2 award
CY2023Q1 us-gaap Billed Contract Receivables
BilledContractReceivables
189247000 usd
CY2022Q4 us-gaap Billed Contract Receivables
BilledContractReceivables
227718000 usd
CY2023Q1 us-gaap Unbilled Contracts Receivable
UnbilledContractsReceivable
559341000 usd
CY2022Q4 us-gaap Unbilled Contracts Receivable
UnbilledContractsReceivable
487758000 usd
CY2023Q1 us-gaap Other Receivables Net Current
OtherReceivablesNetCurrent
11225000 usd
CY2022Q4 us-gaap Other Receivables Net Current
OtherReceivablesNetCurrent
13106000 usd
CY2023Q1 us-gaap Receivables Net Current
ReceivablesNetCurrent
759813000 usd
CY2022Q4 us-gaap Receivables Net Current
ReceivablesNetCurrent
728582000 usd
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
12872000 usd
CY2022Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2558000 usd
CY2023Q1 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
2971000 usd
CY2022Q2 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
555000 usd
CY2023Q1 vec Sharebased Compensation Arrangementby Sharebased Payment Award Performance Based Award Percentage Paymentof Aggregate Target Valueof Shares Issued
SharebasedCompensationArrangementbySharebasedPaymentAwardPerformanceBasedAwardPercentagePaymentofAggregateTargetValueofSharesIssued
2
CY2023Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-5700000 usd
CY2022Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
700000 usd
CY2023Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.247
CY2022Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.197
CY2023Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
8400000 usd
CY2022Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
8600000 usd
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
-17480000 usd
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
2855000 usd
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
30927000 shares
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
11759000 shares
CY2023Q1 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
0 shares
CY2022Q2 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
27000 shares
CY2023Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0 shares
CY2022Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
116000 shares
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
30927000 shares
CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
11902000 shares
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.57
CY2022Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.24
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.57
CY2022Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.24
CY2023Q1 vec Number Of Defined Contribution Plan
NumberOfDefinedContributionPlan
2 plan
CY2023Q1 us-gaap Deferred Compensation Plan Assets
DeferredCompensationPlanAssets
2400000 usd
CY2022Q4 us-gaap Deferred Compensation Plan Assets
DeferredCompensationPlanAssets
1500000 usd
CY2023Q1 us-gaap Multiemployer Plan Employer Contribution Cost
MultiemployerPlanEmployerContributionCost
3300000 usd
CY2022Q2 us-gaap Multiemployer Plan Employer Contribution Cost
MultiemployerPlanEmployerContributionCost
200000 usd

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