V2X (VVX) FY2021 results: revenue $1.8 billion, up 27.8% on the year

V2X, Inc. (VVX) reported revenue of $1.8 billion for fiscal 2021, the year ended 31 December 2021, up 27.8% on the year before. Net income was $46 million, up 23.8%, and diluted earnings per share $3.86. The figures are the company's own, from the 10-K it filed with the SEC on 7 March 2022.

Revenue

$1.8 billion

+27.8% on the year

FY2016FY2021

Operating margin

3.5%

3.1% a year earlier

FY2016FY2021

Net income

$46 million

+23.8% on the year

FY2016FY2021

Diluted EPS

$3.86

+22.9% on the year

FY2016FY2021

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	1,784	1,396	1,383	+27.8%
Cost of revenue	1,623	1,271	1,253	+27.7%
Gross profit	160	124	130	+29.2%
Gross margin	9.0%	8.9%	9.4%
Selling, general and administrative	98.4	80.7	78.3	+22.0%
Operating income	62.0	43.5	49.6	+42.7%
Operating margin	3.5%	3.1%	3.6%
Pre-tax income	54.0	38.7	43.2	+39.7%
Income tax	8.3	1.7	10.0	+379.9%
Effective tax rate	15.4%	4.5%	23.2%
Net income	45.7	37.0	33.2	+23.8%
Net margin	2.6%	2.6%	2.4%
Diluted EPS	$3.86	$3.14	$2.86	+22.9%

$ 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	61.3	64.1	27.6	-4.3%
Capital expenditure	9.8	4.5	16.2	+117.2%
Free cash flow	51.6	59.6	11.4	-13.5%
Free cash flow margin	2.9%	4.3%	0.8%
Cash from investing	-12.6	-138	-55.8
Cash from financing	-75.6	106	-1.9
Depreciation and amortisation	16.6	8.1	6.5	+103.7%
Share-based compensation	8.3	9.4	8.3	-11.8%
Diluted shares, weighted	12m	12m	12m	+0.7%
Shares outstanding at period end	12m	12m	12m	+1.0%

Balance sheet

$ million	FY2021	FY2020	FY2019	On the year
Shareholders' equity	350	305	259	+14.8%
Debt	105	179	69.5	-41.1%
Operating lease liabilities	34.5	14.0	9.8	+147.2%
Other liabilities	399	346	298	+15.5%
Total liabilities and equity	889	844	636	+5.4%
Fixed assets	23.8	22.6	18.8	+5.2%
Goodwill	322	340	262	-5.3%
Intangible assets	66.6	48.1	14.9	+38.4%
Cash and equivalents	38.5	66.9	35.3	-42.5%
Receivables	349	315	269	+10.7%
Other assets	90.3	51.5	36.2	+75.2%
Total assets	889	844	636	+5.4%

10-K for the year ended 31 December 2021, filed 7 March 2022: the filing.