VSE (VSEC) FY2021 results: revenue $481 million, down 27.2% on the year

VSE Corp. (VSEC) reported revenue of $481 million for fiscal 2021, the year ended 31 December 2021, down 27.2% on the year before. Net income was $8 million, and diluted earnings per share $0.63. The figures are the company's own, from the 10-K it filed with the SEC on 11 March 2022.

Revenue

$481 million

-27.2% on the year

FY2014FY2021

Operating margin

-0.6%

2.1% a year earlier

FY2014FY2021

Net income

$8 million

FY2014FY2021

Diluted EPS

$0.63

FY2014FY2021

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q4 FY2021

Income statement (profit and loss)

$ million	FY2021	FY2020	FY2019	On the year
Revenue	481	662	753	-27.2%
Cost of revenue	465	586	669	-20.7%
Gross profit	16.5	75.4	83.8	-78.1%
Gross margin	3.4%	11.4%	11.1%
Selling, general and administrative	3.5	3.1	4.2	+10.7%
Operating income	-2.7	13.9	60.3
Operating margin	-0.6%	2.1%	8.0%
Pre-tax income	-14.8	0.4	46.4
Income tax	-3.8	5.6	9.4
Effective tax rate	n/a	1311.0%	20.3%
Net income	8.0	-5.2	37.0
Net margin	1.7%	-0.8%	4.9%
Diluted EPS	$0.63	-$0.47	$3.35

$ million except per share.

Free 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	FY2021	FY2020	FY2019	On the year
Operating cash flow	-17.6	35.8	18.0
Capital expenditure	10.5	4.4	9.6	+137.6%
Free cash flow	-28.1	31.3	8.4
Free cash flow margin	-5.8%	4.7%	1.1%
Cash from investing	-61.6	20.2	-123
Cash from financing	79.4	-56.3	105
Depreciation and amortisation	24.6	24.1	26.9	+1.9%
Share-based compensation	3.9	2.9	3.3	+37.6%
Dividends paid	4.4	4.0	3.7	+11.5%
Dividend per share	$0.37	$0.36	$0.35	+2.8%
Diluted shares, weighted	13m	11m	11m	+14.5%
Shares outstanding at period end	13m	11m	11m	+15.1%

Balance sheet

$ million	FY2021	FY2020	FY2019	On the year
Shareholders' equity	417	356	363	+17.1%
Debt	285	251	270	+13.3%
Operating lease liabilities	27.2	22.8	24.4	+19.1%
Other liabilities	189	150	188	+26.4%
Total liabilities and equity	919	780	846	+17.8%
Fixed assets	42.5	36.4	43.5	+16.8%
Goodwill	217	238	276	-8.8%
Intangible assets	108	104	132	+4.5%
Cash and equivalents	0.5	0.4	0.7	+37.0%
Receivables	76.6	55.5	70.6	+38.1%
Other assets	473	346	322	+36.8%
Total assets	919	780	846	+17.8%

10-K for the year ended 31 December 2021, filed 11 March 2022: the filing.