V2X (VVX) FY2023 results: revenue $4.0 billion, up 37.1% on the year

V2X, Inc. (VVX) reported revenue of $4.0 billion for fiscal 2023, the year ended 31 December 2023, up 37.1% on the year before. Net income was -$23 million, and diluted earnings per share $-0.73. The figures are the company's own, from the 10-K it filed with the SEC on 5 March 2024.

Revenue

$4.0 billion

+37.1% on the year

FY2016FY2023

Operating margin

3.1%

1.9% a year earlier

FY2016FY2023

Net income

-$23 million

FY2016FY2023

Diluted EPS

-$0.73

FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	3,963	2,891	1,784	+37.1%
Cost of revenue	3,628	2,596	1,623	+39.8%
Gross profit	335	295	160	+13.5%
Gross margin	8.4%	10.2%	9.0%
Selling, general and administrative	210	239	98.4	-12.0%
Operating income	124	55.8	62.0	+123.1%
Operating margin	3.1%	1.9%	3.5%
Pre-tax income	-24.5	-6.1	54.0
Income tax	-1.9	8.2	8.3
Effective tax rate	n/a	n/a	15.4%
Net income	-22.6	-14.3	45.7
Net margin	-0.6%	-0.5%	2.6%
Diluted EPS	-$0.73	-$0.68	$3.86

$ 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	FY2023	FY2022	FY2021	On the year
Operating cash flow	188	93.5	61.3	+101.0%
Capital expenditure	25.0	12.4	9.8	+101.4%
Free cash flow	163	81.1	51.6	+101.0%
Free cash flow margin	4.1%	2.8%	2.9%
Cash from investing	-22.6	176	-12.6
Cash from financing	-211	-193	-75.6
Depreciation and amortisation	113	62.1	16.6	+81.6%
Share-based compensation	32.8	32.7	8.3	+0.3%
Buybacks	0.0	n/a	n/a
Diluted shares, weighted	31m	21m	12m	+48.0%
Shares outstanding at period end	31m	30m	12m	+2.4%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	991	997	350	-0.6%
Debt	1,116	1,275	105	-12.5%
Operating lease liabilities	34.7	41.1	34.5	-15.6%
Other liabilities	941	920	399	+2.2%
Total liabilities and equity	3,082	3,233	889	-4.7%
Fixed assets	85.4	78.7	23.8	+8.5%
Goodwill	1,657	1,654	322	+0.2%
Intangible assets	408	498	66.6	-18.2%
Cash and equivalents	72.7	116	38.5	-37.4%
Receivables	706	729	349	-3.1%
Inventory	47.0	45.0	n/a	+4.5%
Other assets	106	113	90.3	-5.8%
Total assets	3,082	3,233	889	-4.7%

10-K for the year ended 31 December 2023, filed 5 March 2024: the filing.