V2X (VVX) FY2020 results: revenue $1.4 billion, up 0.9% on the year
V2X, Inc. (VVX) reported revenue of $1.4 billion for fiscal 2020, the year ended 31 December 2020, up 0.9% on the year before. Net income was $37 million, up 11.4%, and diluted earnings per share $3.14. The figures are the company's own, from the 10-K it filed with the SEC on 2 March 2021.
Revenue
$1.4 billion
+0.9% on the year
FY2016FY2020
Operating margin
3.1%
3.6% a year earlier
FY2016FY2020
Net income
$37 million
+11.4% on the year
FY2016FY2020
Diluted EPS
$3.14
+9.8% on the year
FY2016FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
1,396
1,383
1,279
+0.9%
Cost of revenue
1,271
1,253
1,165
+1.5%
Gross profit
124
130
115
-4.4%
Gross margin
8.9%
9.4%
9.0%
Selling, general and administrative
80.7
78.3
66.4
+3.0%
Operating income
43.5
49.6
48.1
-12.4%
Operating margin
3.1%
3.6%
3.8%
Pre-tax income
38.7
43.2
43.0
-10.4%
Income tax
1.7
10.0
7.9
-82.7%
Effective tax rate
4.5%
23.2%
18.4%
Net income
37.0
33.2
35.1
+11.4%
Net margin
2.6%
2.4%
2.7%
Diluted EPS
$3.14
$2.86
$3.08
+9.8%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
64.1
27.6
40.1
+132.5%
Capital expenditure
4.5
16.2
10.0
-72.1%
Free cash flow
59.6
11.4
30.0
+422.4%
Free cash flow margin
4.3%
0.8%
2.3%
Cash from investing
-138
-55.8
-46.8
Cash from financing
106
-1.9
-3.3
Depreciation and amortisation
8.1
6.5
3.8
+25.2%
Share-based compensation
9.4
8.3
4.1
+14.3%
Diluted shares, weighted
12m
12m
11m
+1.2%
Shares outstanding at period end
12m
12m
11m
+0.9%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
305
259
220
+17.8%
Debt
179
69.5
73.6
+157.4%
Operating lease liabilities
14.0
9.8
n/a
+42.4%
Other liabilities
346
298
278
+16.0%
Total liabilities and equity
844
636
572
+32.6%
Fixed assets
22.6
18.8
13.4
+19.8%
Goodwill
340
262
234
+29.7%
Intangible assets
48.1
14.9
8.6
+222.3%
Cash and equivalents
66.9
35.3
66.1
+89.6%
Receivables
315
269
232
+17.0%
Other assets
51.5
36.2
18.3
+42.4%
Total assets
844
636
572
+32.6%
10-K for the year ended 31 December 2020, filed 2 March 2021: the filing.