V2X (VVX) FY2019 results: revenue $1.4 billion, up 8.1% on the year
V2X, Inc. (VVX) reported revenue of $1.4 billion for fiscal 2019, the year ended 31 December 2019, up 8.1% on the year before. Net income was $33 million, down 5.4%, and diluted earnings per share $2.86. The figures are the company's own, from the 10-K it filed with the SEC on 3 March 2020.
Revenue
$1.4 billion
+8.1% on the year
FY2016FY2019
Operating margin
3.6%
3.8% a year earlier
FY2016FY2019
Net income
$33 million
-5.4% on the year
FY2016FY2019
Diluted EPS
$2.86
-7.1% on the year
FY2016FY2019
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
1,383
1,279
1,115
+8.1%
Cost of revenue
1,253
1,165
1,013
+7.6%
Gross profit
130
115
102
+13.3%
Gross margin
9.4%
9.0%
9.1%
Selling, general and administrative
78.3
66.4
60.7
+18.0%
Operating income
49.6
48.1
41.2
+3.3%
Operating margin
3.6%
3.8%
3.7%
Pre-tax income
43.2
43.0
36.6
+0.5%
Income tax
10.0
7.9
-22.9
+26.7%
Effective tax rate
23.2%
18.4%
-62.6%
Net income
33.2
35.1
59.5
-5.4%
Net margin
2.4%
2.7%
5.3%
Diluted EPS
$2.86
$3.08
$5.31
-7.1%
$ 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
27.6
40.1
35.4
-31.2%
Capital expenditure
16.2
10.0
2.3
+61.1%
Free cash flow
11.4
30.0
33.1
-62.0%
Free cash flow margin
0.8%
2.3%
3.0%
Cash from investing
-55.8
-46.8
-2.3
Cash from financing
-1.9
-3.3
-7.1
Depreciation and amortisation
6.5
3.8
1.7
+70.9%
Share-based compensation
8.3
4.1
4.5
+101.7%
Diluted shares, weighted
12m
11m
11m
+2.1%
Shares outstanding at period end
12m
11m
11m
+2.3%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
259
220
183
+17.5%
Debt
69.5
73.6
77.2
-5.6%
Operating lease liabilities
9.8
n/a
n/a
Other liabilities
298
278
236
+7.2%
Total liabilities and equity
636
572
496
+11.2%
Fixed assets
18.8
13.4
3.7
+40.4%
Goodwill
262
234
217
+12.1%
Intangible assets
14.9
8.6
0.1
+73.0%
Cash and equivalents
35.3
66.1
77.5
-46.6%
Receivables
269
232
175
+16.0%
Other assets
36.2
18.3
22.3
+97.6%
Total assets
636
572
496
+11.2%
10-K for the year ended 31 December 2019, filed 3 March 2020: the filing.