VSE (VSEC) FY2017 results: revenue $760 million, up 9.9% on the year
VSE Corp. (VSEC) reported revenue of $760 million for fiscal 2017, the year ended 31 December 2017, up 9.9% on the year before. Net income was $39 million, up 45.9%, and diluted earnings per share $3.60. The figures are the company's own, from the 10-K it filed with the SEC on 7 March 2018.
Revenue
$760 million
+9.9% on the year
FY2010FY2017
Operating margin
7.1%
7.4% a year earlier
FY2010FY2017
Net income
$39 million
+45.9% on the year
FY2010FY2017
Diluted EPS
$3.60
+45.7% on the year
FY2010FY2017
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Revenue
760
692
534
+9.9%
Cost of revenue
687
618
465
+11.3%
Gross profit
72.8
74.2
69.4
-1.9%
Gross margin
9.6%
10.7%
13.0%
Selling, general and administrative
2.4
6.6
3.3
-63.2%
Operating income
54.3
51.5
50.5
+5.4%
Operating margin
7.1%
7.4%
9.5%
Pre-tax income
45.1
41.7
41.0
+8.2%
Income tax
6.0
14.9
16.1
-59.8%
Effective tax rate
13.3%
35.7%
39.2%
Net income
39.1
26.8
24.9
+45.9%
Net margin
5.1%
3.9%
4.7%
Diluted EPS
$3.60
$2.47
$2.31
+45.7%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Operating cash flow
50.4
47.2
37.6
+6.8%
Capital expenditure
3.7
6.5
10.6
-42.8%
Free cash flow
46.7
40.6
27.0
+14.8%
Free cash flow margin
6.1%
5.9%
5.1%
Cash from investing
-3.0
-6.5
-205
Cash from financing
-47.2
-41.0
168
Depreciation and amortisation
25.9
26.0
25.5
-0.6%
Share-based compensation
3.1
2.1
2.1
+45.5%
Dividends paid
2.8
2.5
2.3
+13.5%
Dividend per share
$0.27
$0.23
$0.21
+14.9%
Diluted shares, weighted
11m
11m
11m
+0.4%
Shares outstanding at period end
11m
11m
11m
+0.4%
Balance sheet
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Shareholders' equity
293
255
229
+14.9%
Debt
173
216
235
-20.2%
Operating lease liabilities
20.3
21.7
n/a
-6.5%
Other liabilities
143
169
153
-15.2%
Total liabilities and equity
629
662
617
-5.0%
Fixed assets
55.1
62.1
64.3
-11.1%
Goodwill
199
199
199
0.0%
Intangible assets
111
127
143
-12.6%
Cash and equivalents
0.6
0.4
0.7
+45.8%
Receivables
55.8
101
78.5
-44.9%
Other assets
208
173
132
+20.5%
Total assets
629
662
617
-5.0%
10-K for the year ended 31 December 2017, filed 7 March 2018: the filing.