VSE (VSEC) FY2019 results: revenue $753 million, up 7.9% on the year
VSE Corp. (VSEC) reported revenue of $753 million for fiscal 2019, the year ended 31 December 2019, up 7.9% on the year before. Net income was $37 million, up 5.5%, and diluted earnings per share $3.35. The figures are the company's own, from the 10-K it filed with the SEC on 9 March 2020.
Revenue
$753 million
+7.9% on the year
FY2012FY2019
Operating margin
8.0%
7.8% a year earlier
FY2012FY2019
Net income
$37 million
+5.5% on the year
FY2012FY2019
Diluted EPS
$3.35
+4.4% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
753
697
760
+7.9%
Cost of revenue
669
n/a
687
Gross profit
83.8
n/a
72.8
Gross margin
11.1%
n/a
9.6%
Selling, general and administrative
4.2
3.7
2.4
+12.9%
Operating income
60.3
54.2
54.3
+11.1%
Operating margin
8.0%
7.8%
7.1%
Pre-tax income
46.4
45.2
45.1
+2.6%
Income tax
9.4
10.2
6.0
-7.5%
Effective tax rate
20.3%
22.5%
13.3%
Net income
37.0
35.1
39.1
+5.5%
Net margin
4.9%
5.0%
5.1%
Diluted EPS
$3.35
$3.21
$3.60
+4.4%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
18.0
18.9
50.4
-4.6%
Capital expenditure
9.6
3.1
3.7
+209.0%
Free cash flow
8.4
15.7
46.7
-46.9%
Free cash flow margin
1.1%
2.3%
6.1%
Cash from investing
-123
-1.3
-3.0
Cash from financing
105
-18.0
-47.2
Depreciation and amortisation
26.9
25.2
25.9
+6.8%
Share-based compensation
3.3
3.0
3.1
+7.8%
Dividends paid
3.7
3.3
2.8
+14.2%
Dividend per share
$0.35
$0.31
$0.27
+12.9%
Diluted shares, weighted
11m
11m
11m
+1.0%
Shares outstanding at period end
11m
11m
11m
+0.8%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
363
328
293
+10.6%
Debt
270
161
173
+68.1%
Operating lease liabilities
24.4
18.7
20.3
+30.7%
Other liabilities
188
131
143
+43.6%
Total liabilities and equity
846
639
629
+32.4%
Fixed assets
43.5
49.6
55.1
-12.4%
Goodwill
276
199
199
+39.2%
Intangible assets
132
94.9
111
+39.3%
Cash and equivalents
0.7
0.2
0.6
+353.1%
Receivables
70.6
60.0
55.8
+17.7%
Other assets
322
236
208
+36.9%
Total assets
846
639
629
+32.4%
10-K for the year ended 31 December 2019, filed 9 March 2020: the filing.