V2X (VVX) Q4 FY2023 earnings: revenue $1.0 billion, up 6.4% on the year

V2X, Inc. (VVX) reported revenue of $1.0 billion for Q4 FY2023, the quarter ended 31 December 2023, up 6.4% on the same quarter a year earlier. Net income was -$492,000, and diluted earnings per share $-0.01. The figures are the company's own, from the 10-K it filed with the SEC on 5 March 2024.

Revenue$1.0 billionup 6.4%

Net income-$492,000

Diluted EPS$-0.01

QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	1,040	1,002	n/a	n/a
Cost of revenue	942	931	n/a	n/a
Gross profit	97.9	70.7	n/a	n/a
Gross margin	9.4%	7.1%	n/a
Selling, general and administrative	59.4	49.6	n/a	n/a
Operating income	38.5	21.0	n/a	n/a
Operating margin	3.7%	2.1%	n/a
Pre-tax income	7.9	-11.2	n/a	n/a
Income tax	8.4	-4.8	n/a	n/a
Effective tax rate	106.2%	n/a	n/a
Net income	-0.5	-6.4	n/a	n/a
Net margin	-0.0%	-0.6%	n/a
Diluted EPS	-$0.01	-$0.21	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. 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 and capital returned

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	52.8	57.0	n/a	n/a
Capital expenditure	8.5	5.0	n/a	n/a
Free cash flow	44.3	52.0	n/a	n/a
Free cash flow margin	4.3%	5.2%	n/a
Cash from investing	-6.9	-4.2	n/a	n/a
Cash from financing	-55.3	-42.1	n/a	n/a
Depreciation and amortisation	28.5	27.8	n/a	n/a
Share-based compensation	5.5	6.4	n/a	n/a
Diluted shares, weighted	31m	31m	n/a	n/a
Shares outstanding at period end	31m	31m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Shareholders' equity	991	989	n/a	n/a
Debt	1,100	1,153	n/a	n/a
Operating lease liabilities	34.7	35.1	n/a	n/a
Other liabilities	956	949	n/a	n/a
Total liabilities and equity	3,082	3,126	n/a	n/a
Fixed assets	85.4	82.9	n/a	n/a
Goodwill	1,657	1,657	n/a	n/a
Intangible assets	408	430	n/a	n/a
Cash and equivalents	72.7	78.3	n/a	n/a
Receivables	706	715	n/a	n/a
Inventory	47.0	n/a	n/a	n/a
Other assets	106	163	n/a	n/a
Total assets	3,082	3,126	n/a	n/a

Questions

What was V2X's revenue in Q4 FY2023?

V2X (VVX) reported revenue of $1.0 billion for Q4 FY2023, the quarter ended 31 December 2023, up 6.4% on the same quarter a year earlier.

How much did V2X earn in Q4 FY2023?

Net loss for Q4 FY2023 was $492,000, and the diluted loss per share $0.01.

When did V2X report Q4 FY2023 results?

V2X filed its 10-K for the year that ended with the quarter on 5 March 2024; the fourth quarter is the year less the first three.

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	1,002	1,040	1,011	1,072	1,082	1,158	1,016	1,078	1,167	1,219	1,254	1,257
Cost of revenue	931	942	940	998	990	1,050	938	983	1,073	1,114	1,148	1,147
Gross profit	70.7	97.9	70.3	73.8	91.4	107	78.1	95.7	94.5	105	106	110
Gross margin	7%	9%	7%	7%	8%	9%	8%	9%	8%	9%	8%	9%
SG&A	49.6	59.4	39.9	46.4	41.5	55.9	43.8	42.8	38.8	53.7	61.7	55.7
Operating income	21.0	38.5	30.3	27.4	49.9	51.6	34.3	52.9	55.7	51.4	44.1	53.8
Operating margin	2%	4%	3%	3%	5%	4%	3%	5%	5%	4%	4%	4%
Pre-tax income	-11.2	7.9	1.1	-8.1	19.5	26.3	10.1	29.4	32.7	28.6	23.5	33.2
Tax rate	n/a	106%	-2%	n/a	23%	5%	19%	24%	25%	20%	20%	23%
Net income	-6.4	-0.5	1.1	-6.5	15.1	25.0	8.1	22.4	24.6	22.8	18.9	25.5
Net margin	-1%	-0%	0%	-1%	1%	2%	1%	2%	2%	2%	2%	2%
Diluted EPS	-$0.21	-$0.01	$0.04	-$0.21	$0.47	$0.78	$0.25	$0.70	$0.77	$0.73	$0.60	$0.81
Operating cash flow	57.0	52.8	-57.2	25.7	62.7	223	-95.5	28.5	39.4	209	-130	21.6
Capital expenditure	5.0	8.5	7.8	0.7	2.2	1.1	2.7	2.5	4.5	2.3	2.3	1.1
Free cash flow	52.0	44.3	-65.0	24.9	60.5	222	-98.2	26.1	35.0	207	-132	20.5
Shares outstanding	31m	31m	31m	31m	32m	32m	32m	32m	32m	31m	31m	31m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 31 December 2023, filed 5 March 2024, accession 0001601548-24-000004: the filing on EDGAR. All of V2X, Inc.'s filings: EDGAR company page.

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