V2X (VVX) FY2022 results: revenue $2.9 billion, up 62.1% on the year

V2X, Inc. (VVX) reported revenue of $2.9 billion for fiscal 2022, the year ended 31 December 2022, up 62.1% on the year before. Net income was -$14 million, and diluted earnings per share $-0.68. The figures are the company's own, from the 10-K it filed with the SEC on 2 March 2023.

Revenue

$2.9 billion

+62.1% on the year

FY2016FY2022

Operating margin

1.9%

3.5% a year earlier

FY2016FY2022

Net income

-$14 million

FY2016FY2022

Diluted EPS

-$0.68

FY2016FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	2,891	1,784	1,396	+62.1%
Cost of revenue	2,596	1,623	1,271	+59.9%
Gross profit	295	160	124	+83.9%
Gross margin	10.2%	9.0%	8.9%
Selling, general and administrative	239	98.4	80.7	+143.1%
Operating income	55.8	62.0	43.5	-10.1%
Operating margin	1.9%	3.5%	3.1%
Pre-tax income	-6.1	54.0	38.7
Income tax	8.2	8.3	1.7	-1.0%
Effective tax rate	n/a	15.4%	4.5%
Net income	-14.3	45.7	37.0
Net margin	-0.5%	2.6%	2.6%
Diluted EPS	-$0.68	$3.86	$3.14

$ 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	FY2022	FY2021	FY2020	On the year
Operating cash flow	93.5	61.3	64.1	+52.4%
Capital expenditure	12.4	9.8	4.5	+27.1%
Free cash flow	81.1	51.6	59.6	+57.2%
Free cash flow margin	2.8%	2.9%	4.3%
Cash from investing	176	-12.6	-138
Cash from financing	-193	-75.6	106
Depreciation and amortisation	62.1	16.6	8.1	+275.2%
Share-based compensation	32.7	8.3	9.4	+292.9%
Diluted shares, weighted	21m	12m	12m	+77.4%
Shares outstanding at period end	30m	12m	12m	+159.6%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	997	350	305	+184.8%
Debt	1,275	105	179	+1,109.4%
Operating lease liabilities	41.1	34.5	14.0	+19.0%
Other liabilities	920	399	346	+130.4%
Total liabilities and equity	3,233	889	844	+263.5%
Fixed assets	78.7	23.8	22.6	+231.3%
Goodwill	1,654	322	340	+414.0%
Intangible assets	498	66.6	48.1	+647.9%
Cash and equivalents	116	38.5	66.9	+201.4%
Receivables	729	349	315	+109.0%
Inventory	45.0	n/a	n/a
Other assets	113	90.3	51.5	+25.2%
Total assets	3,233	889	844	+263.5%

10-K for the year ended 31 December 2022, filed 2 March 2023: the filing.