VSE (VSEC) FY2018 results: revenue $697 million, down 8.3% on the year
VSE Corp. (VSEC) reported revenue of $697 million for fiscal 2018, the year ended 31 December 2018, down 8.3% on the year before. Net income was $35 million, down 10.3%, and diluted earnings per share $3.21. The figures are the company's own, from the 10-K it filed with the SEC on 7 March 2019.
Revenue
$697 million
-8.3% on the year
FY2011FY2018
Operating margin
7.8%
7.1% a year earlier
FY2011FY2018
Net income
$35 million
-10.3% on the year
FY2011FY2018
Diluted EPS
$3.21
-10.8% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
697
760
692
-8.3%
Cost of revenue
n/a
687
618
Gross profit
n/a
72.8
74.2
Gross margin
n/a
9.6%
10.7%
Selling, general and administrative
3.7
2.4
6.6
+52.9%
Operating income
54.2
54.3
51.5
-0.2%
Operating margin
7.8%
7.1%
7.4%
Pre-tax income
45.2
45.1
41.7
+0.4%
Income tax
10.2
6.0
14.9
+69.8%
Effective tax rate
22.5%
13.3%
35.7%
Net income
35.1
39.1
26.8
-10.3%
Net margin
5.0%
5.1%
3.9%
Diluted EPS
$3.21
$3.60
$2.47
-10.8%
$ 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
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
18.9
50.4
47.2
-62.6%
Capital expenditure
3.1
3.7
6.5
-16.7%
Free cash flow
15.7
46.7
40.6
-66.3%
Free cash flow margin
2.3%
6.1%
5.9%
Cash from investing
-1.3
-3.0
-6.5
Cash from financing
-18.0
-47.2
-41.0
Depreciation and amortisation
25.2
25.9
26.0
-2.5%
Share-based compensation
3.0
3.1
2.1
-1.3%
Dividends paid
3.3
2.8
2.5
+15.8%
Dividend per share
$0.31
$0.27
$0.23
+14.8%
Diluted shares, weighted
11m
11m
11m
+0.6%
Shares outstanding at period end
11m
11m
11m
+0.4%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
328
293
255
+12.0%
Debt
161
173
216
-6.9%
Operating lease liabilities
18.7
20.3
21.7
-7.9%
Other liabilities
131
143
169
-8.3%
Total liabilities and equity
639
629
662
+1.6%
Fixed assets
49.6
55.1
62.1
-10.0%
Goodwill
199
199
199
0.0%
Intangible assets
94.9
111
127
-14.4%
Cash and equivalents
0.2
0.6
0.4
-74.0%
Receivables
60.0
55.8
101
+7.6%
Other assets
236
208
173
+13.3%
Total assets
639
629
662
+1.6%
10-K for the year ended 31 December 2018, filed 7 March 2019: the filing.