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Share Name | Share Symbol | Market | Type |
---|---|---|---|
VSE Corporation | NASDAQ:VSEC | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
2.76 | 3.56% | 80.39 | 79.01 | 91.37 | 80.49 | 77.9875 | 78.87 | 97,206 | 00:59:28 |
DELAWARE
|
54-0649263
|
(State or Other Jurisdiction of Incorporation or Organization)
|
(I.R.S. Employer Identification No.)
|
6348 Walker Lane
|
|
|
|
|
Alexandria, Virginia
|
|
|
|
22310
|
(Address of Principal Executive Offices)
|
|
|
|
(Zip Code)
|
Title of each class
|
|
Trading Symbol
|
|
Name of each exchange on which registered
|
Common Stock, par value $0.05 per share
|
|
VSEC
|
|
The NASDAQ Global Select Market
|
TABLE OF CONTENTS
|
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|
|
Page
|
|
|
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|
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ITEM 1
|
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ITEM 1A
|
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ITEM 1B
|
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ITEM 2
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ITEM 3
|
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ITEM 4
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||
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ITEM 5
|
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ITEM 6
|
||
ITEM 7
|
||
ITEM 7A
|
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ITEM 8
|
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ITEM 9
|
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ITEM 9A
|
||
ITEM 9B
|
||
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|
ITEM 10
|
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ITEM 11
|
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ITEM 12
|
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ITEM 13
|
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ITEM 14
|
||
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ITEM 15
|
||
|
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|
||
|
|
|
|
||
|
|
|
|
|
|
|
Revenues
(in thousands) Years ended December 31, |
||||||||||||||||
|
2019
|
|
%
|
|
2018
|
|
%
|
|
2017
|
|
%
|
||||||
Aviation Group
|
$
|
224,546
|
|
|
30
|
|
$
|
145,423
|
|
|
21
|
|
$
|
134,809
|
|
|
18
|
Supply Chain Management Group
|
214,520
|
|
|
28
|
|
214,809
|
|
|
31
|
|
214,542
|
|
|
28
|
|||
Federal Services Group
|
313,561
|
|
|
42
|
|
336,986
|
|
|
48
|
|
410,762
|
|
|
54
|
|||
|
$
|
752,627
|
|
|
100
|
|
$
|
697,218
|
|
|
100
|
|
$
|
760,113
|
|
|
100
|
|
|
Revenues by Customer
(dollars in thousands)
Years ended December 31,
|
||||||||||||||||
Customer
|
|
2019
|
|
%
|
|
2018
|
|
%
|
|
2017
|
|
%
|
||||||
DoD
|
|
$
|
304,334
|
|
|
41
|
|
$
|
334,494
|
|
|
48
|
|
$
|
402,229
|
|
|
53
|
Other government*
|
|
205,775
|
|
|
27
|
|
212,118
|
|
|
30
|
|
218,426
|
|
|
29
|
|||
Commercial
|
|
242,518
|
|
|
32
|
|
150,606
|
|
|
22
|
|
139,458
|
|
|
18
|
|||
Total
|
|
$
|
752,627
|
|
|
100
|
|
$
|
697,218
|
|
|
100
|
|
$
|
760,113
|
|
|
100
|
•
|
Increasing our vulnerability to adverse economic or industry conditions;
|
•
|
Requiring us to dedicate a portion of our cash flow from operations to payments on our debt, thereby reducing the availability of our cash flow to fund working capital, capital expenditures, strategic initiatives, and general corporate purposes;
|
•
|
Increasing our vulnerability to, and limiting our flexibility in planning for, or reacting to, changes in our business or the industries in which we operate;
|
•
|
Exposing us to the risk of higher interest rates on borrowings under our Credit Facility, which are subject to variable rates of interest;
|
•
|
Placing us at a competitive disadvantage compared to our competitors that have less debt; and
|
•
|
Limiting our ability to borrow additional funds.
|
|
2014
|
|
2015
|
|
2016
|
|
2017
|
|
2018
|
|
2019
|
VSE
|
100
|
|
95.01
|
|
119.55
|
|
149.98
|
|
93.28
|
|
119.94
|
NASDAQ Composite
|
100
|
|
106.96
|
|
116.45
|
|
150.96
|
|
146.67
|
|
200.49
|
Current Peer Group
|
100
|
|
85.74
|
|
132.66
|
|
162.72
|
|
190.89
|
|
296.10
|
Previous Peer Group
|
100
|
|
110.39
|
|
116.61
|
|
134.13
|
|
135.94
|
|
169.43
|
|
Years ended December 31,
|
||||||||||||||||||
|
2019
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Revenues
|
$
|
752,627
|
|
|
$
|
697,218
|
|
|
$
|
760,113
|
|
|
$
|
691,790
|
|
|
$
|
533,982
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income (1)
|
$
|
37,024
|
|
|
$
|
35,080
|
|
|
$
|
39,096
|
|
|
$
|
26,793
|
|
|
$
|
24,918
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic earnings per share:
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income (1)
|
$
|
3.38
|
|
|
$
|
3.23
|
|
|
$
|
3.61
|
|
|
$
|
2.48
|
|
|
$
|
2.32
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Diluted earnings per share:
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income (1)
|
$
|
3.35
|
|
|
$
|
3.21
|
|
|
$
|
3.60
|
|
|
$
|
2.47
|
|
|
$
|
2.31
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash dividends per common share
|
$
|
0.35
|
|
|
$
|
0.31
|
|
|
$
|
0.27
|
|
|
$
|
0.235
|
|
|
$
|
0.215
|
|
|
As of December 31,
|
||||||||||||||||||
|
2019
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Working capital
|
$
|
191,158
|
|
|
$
|
176,342
|
|
|
$
|
134,563
|
|
|
$
|
110,021
|
|
|
$
|
100,780
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total assets
|
$
|
845,864
|
|
|
$
|
638,828
|
|
|
$
|
629,013
|
|
|
$
|
661,839
|
|
|
$
|
617,354
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Long-term debt
|
$
|
253,128
|
|
|
$
|
151,133
|
|
|
$
|
165,614
|
|
|
$
|
193,621
|
|
|
$
|
215,243
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Long-term lease obligations
|
$
|
24,441
|
|
|
$
|
18,913
|
|
|
$
|
20,581
|
|
|
$
|
21,959
|
|
|
$
|
23,251
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Stockholders' equity
|
$
|
363,101
|
|
|
$
|
328,395
|
|
|
$
|
293,095
|
|
|
$
|
255,194
|
|
|
$
|
229,309
|
|
|
|
(in thousands)
Years ended December 31,
|
||||||||||||||||
Source of Revenues
|
|
2019
|
|
%
|
|
2018
|
|
%
|
|
2017
|
|
%
|
||||||
DoD
|
|
$
|
304,334
|
|
|
41
|
|
$
|
334,494
|
|
|
48
|
|
$
|
402,229
|
|
|
53
|
Other government
|
|
205,775
|
|
|
27
|
|
212,118
|
|
|
30
|
|
218,426
|
|
|
29
|
|||
Commercial
|
|
242,518
|
|
|
32
|
|
150,606
|
|
|
22
|
|
139,458
|
|
|
18
|
|||
Total Revenues
|
|
$
|
752,627
|
|
|
100
|
|
$
|
697,218
|
|
|
100
|
|
$
|
760,113
|
|
|
100
|
|
2019
|
|
2018
|
|
2017
|
||||||
Bookings
|
$
|
228
|
|
|
$
|
321
|
|
|
$
|
430
|
|
Revenues
|
$
|
314
|
|
|
$
|
337
|
|
|
$
|
411
|
|
Funded Backlog
|
$
|
213
|
|
|
$
|
290
|
|
|
$
|
324
|
|
|
Consolidated Statements of Income
(in thousands)
Years ended December 31,
|
|||||||||||||||||||
|
2019
|
|
%
|
|
2018
|
|
%
|
|
2017
|
|
%
|
|||||||||
Revenues
|
$
|
752,627
|
|
|
100.0
|
|
|
$
|
697,218
|
|
|
100.0
|
|
|
$
|
760,113
|
|
|
100.0
|
|
Costs and operating expenses
|
692,370
|
|
|
92.0
|
|
|
644,688
|
|
|
92.4
|
|
|
705,788
|
|
|
92.9
|
|
|||
Gain on sale of contract
|
—
|
|
|
—
|
|
|
1,700
|
|
|
0.2
|
|
|
—
|
|
|
—
|
|
|||
Operating income
|
60,257
|
|
|
8.0
|
|
|
54,230
|
|
|
7.8
|
|
|
54,325
|
|
|
7.1
|
|
|||
Interest expense, net
|
13,830
|
|
|
1.8
|
|
|
8,982
|
|
|
1.3
|
|
|
9,240
|
|
|
1.2
|
|
|||
Income before income taxes
|
46,427
|
|
|
6.2
|
|
|
45,248
|
|
|
6.5
|
|
|
45,085
|
|
|
5.9
|
|
|||
Provision for income taxes
|
9,403
|
|
|
1.3
|
|
|
10,168
|
|
|
1.5
|
|
|
5,989
|
|
|
0.8
|
|
|||
Net income
|
$
|
37,024
|
|
|
4.9
|
|
|
$
|
35,080
|
|
|
5.0
|
|
|
$
|
39,096
|
|
|
5.1
|
|
|
Years ended December 31,
|
||||||||||||||||||
|
2019
|
|
%
|
|
2018
|
|
%
|
|
2017
|
|
%
|
||||||||
Revenues
|
$
|
224,546
|
|
|
100.0
|
|
|
145,423
|
|
|
100.0
|
|
|
134,809
|
|
|
100.0
|
|
|
Costs and operating expenses
|
206,645
|
|
|
92.0
|
|
|
134,347
|
|
|
92.4
|
|
|
125,114
|
|
|
92.8
|
|
||
Operating income
|
$
|
17,901
|
|
|
8.0
|
|
|
$
|
11,076
|
|
|
7.6
|
|
|
9,695
|
|
|
7.2
|
|
|
Years ended December 31,
|
|||||||||||||||||||
|
2019
|
|
%
|
|
2018
|
|
%
|
|
2017
|
|
%
|
|||||||||
Revenues
|
$
|
214,520
|
|
|
100.0
|
|
|
$
|
214,809
|
|
|
100.0
|
|
|
$
|
214,542
|
|
|
100.0
|
|
Costs and operating expenses
|
184,701
|
|
|
86.1
|
|
|
184,183
|
|
|
85.7
|
|
|
180,788
|
|
|
84.3
|
|
|||
Operating income
|
$
|
29,819
|
|
|
13.9
|
|
|
$
|
30,626
|
|
|
14.3
|
|
|
33,754
|
|
|
15.7
|
|
|
Years ended December 31,
|
|||||||||||||||||
|
2019
|
|
%
|
|
2018
|
|
%
|
|
2017
|
|
%
|
|||||||
Revenues
|
$
|
313,561
|
|
|
100.0
|
|
|
336,986
|
|
|
100.0
|
|
|
410,762
|
|
|
100.0
|
|
Costs and operating expenses
|
295,417
|
|
|
94.2
|
|
|
322,889
|
|
|
95.8
|
|
|
397,343
|
|
|
96.7
|
|
|
Gain on sale of contract
|
—
|
|
|
—
|
|
|
1,700
|
|
|
0.5
|
|
|
—
|
|
|
—
|
|
|
Operating income
|
$
|
18,144
|
|
|
5.8
|
|
|
15,797
|
|
|
4.7
|
|
|
13,419
|
|
|
3.3
|
|
|
|
Payments Due by Period
|
||||||||||||||||||
Contractual Obligations
|
|
Total
|
|
Less than 1 year
|
|
1-3 years
|
|
4-5 years
|
|
After 5 years
|
||||||||||
Bank loan debt
|
|
$
|
272,800
|
|
|
$
|
17,800
|
|
|
$
|
44,100
|
|
|
$
|
210,900
|
|
|
$
|
—
|
|
Operating lease obligations
|
|
34,382
|
|
|
5,468
|
|
|
10,390
|
|
|
9,091
|
|
|
9,433
|
|
|||||
Purchase obligations
|
|
130
|
|
|
56
|
|
|
74
|
|
|
—
|
|
|
—
|
|
|||||
Total
|
|
$
|
307,312
|
|
|
$
|
23,324
|
|
|
$
|
54,564
|
|
|
$
|
219,991
|
|
|
$
|
9,433
|
|
Index to Consolidated Financial Statements
|
|
|
|
|
Page
|
|
|
Arlington, Virginia
|
|
March 9, 2020
|
|
|
As of December 31,
|
||||||
|
2019
|
|
2018
|
||||
Assets
|
|
|
|
||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
734
|
|
|
$
|
162
|
|
Receivables, net
|
70,630
|
|
|
60,004
|
|
||
Unbilled receivables, net
|
46,279
|
|
|
41,255
|
|
||
Inventories, net
|
218,627
|
|
|
166,392
|
|
||
Other current assets
|
19,071
|
|
|
13,407
|
|
||
Total current assets
|
355,341
|
|
|
281,220
|
|
||
|
|
|
|
||||
Property and equipment, net
|
43,465
|
|
|
49,606
|
|
||
Intangible assets, net
|
132,175
|
|
|
94,892
|
|
||
Goodwill
|
276,450
|
|
|
198,622
|
|
||
Operating lease - right-of-use asset
|
20,943
|
|
|
—
|
|
||
Other assets
|
17,490
|
|
|
14,488
|
|
||
Total assets
|
$
|
845,864
|
|
|
$
|
638,828
|
|
|
|
|
|
||||
Liabilities and Stockholders' equity
|
|
|
|
|
|
||
Current liabilities:
|
|
|
|
|
|
||
Current portion of long-term debt
|
$
|
16,883
|
|
|
$
|
9,466
|
|
Accounts payable
|
68,099
|
|
|
57,408
|
|
||
Current portion of earn-out obligations
|
31,700
|
|
|
—
|
|
||
Accrued expenses and other current liabilities
|
46,514
|
|
|
37,133
|
|
||
Dividends payable
|
987
|
|
|
871
|
|
||
Total current liabilities
|
164,183
|
|
|
104,878
|
|
||
|
|
|
|
||||
Long-term debt, less current portion
|
253,128
|
|
|
151,133
|
|
||
Deferred compensation
|
18,146
|
|
|
17,027
|
|
||
Long-term lease obligations, less current portion
|
—
|
|
|
18,913
|
|
||
Long-term lease obligations under operating leases
|
24,441
|
|
|
—
|
|
||
Earn-out obligations, less current portion
|
5,000
|
|
|
—
|
|
||
Deferred tax liabilities
|
17,865
|
|
|
18,482
|
|
||
Total liabilities
|
482,763
|
|
|
310,433
|
|
||
|
|
|
|
||||
Commitments and contingencies (Note 12)
|
|
|
|
|
|
||
|
|
|
|
||||
Stockholders' equity:
|
|
|
|
|
|
||
Common stock, par value $0.05 per share, authorized 15,000,000 shares; issued and outstanding 10,970,123 and 10,886,036 respectively
|
549
|
|
|
544
|
|
||
Additional paid-in capital
|
29,411
|
|
|
26,632
|
|
||
Retained earnings
|
334,246
|
|
|
301,073
|
|
||
Accumulated other comprehensive income
|
(1,105
|
)
|
|
146
|
|
||
Total stockholders' equity
|
363,101
|
|
|
328,395
|
|
||
Total liabilities and stockholders' equity
|
$
|
845,864
|
|
|
$
|
638,828
|
|
|
For the years ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Revenues:
|
|
|
|
|
|
||||||
Products
|
$
|
376,633
|
|
|
$
|
360,505
|
|
|
$
|
350,129
|
|
Services
|
375,994
|
|
|
336,713
|
|
|
409,984
|
|
|||
Total revenues
|
752,627
|
|
|
697,218
|
|
|
760,113
|
|
|||
|
|
|
|
|
|
||||||
Costs and operating expenses:
|
|
|
|
|
|
|
|
|
|||
Products
|
321,312
|
|
|
303,881
|
|
|
291,769
|
|
|||
Services
|
347,549
|
|
|
321,076
|
|
|
395,573
|
|
|||
Selling, general and administrative expenses
|
4,192
|
|
|
3,714
|
|
|
2,429
|
|
|||
Amortization of intangible assets
|
19,317
|
|
|
16,017
|
|
|
16,017
|
|
|||
Total costs and operating expenses
|
692,370
|
|
|
644,688
|
|
|
705,788
|
|
|||
|
|
|
|
|
|
||||||
Gain on sale of contract
|
—
|
|
|
1,700
|
|
|
—
|
|
|||
|
|
|
|
|
|
||||||
Operating income
|
60,257
|
|
|
54,230
|
|
|
54,325
|
|
|||
|
|
|
|
|
|
||||||
Interest expense, net
|
13,830
|
|
|
8,982
|
|
|
9,240
|
|
|||
|
|
|
|
|
|
||||||
Income before income taxes
|
46,427
|
|
|
45,248
|
|
|
45,085
|
|
|||
|
|
|
|
|
|
||||||
Provision for income taxes
|
9,403
|
|
|
10,168
|
|
|
5,989
|
|
|||
|
|
|
|
|
|
||||||
Net income
|
$
|
37,024
|
|
|
$
|
35,080
|
|
|
$
|
39,096
|
|
|
|
|
|
|
|
||||||
Basic earnings per share:
|
$
|
3.38
|
|
|
$
|
3.23
|
|
|
$
|
3.61
|
|
|
|
|
|
|
|
||||||
Basic weighted average shares outstanding
|
10,957,750
|
|
|
10,876,201
|
|
|
10,834,562
|
|
|||
|
|
|
|
|
|
||||||
Diluted earnings per share:
|
$
|
3.35
|
|
|
$
|
3.21
|
|
|
$
|
3.60
|
|
|
|
|
|
|
|
||||||
Diluted weighted average shares outstanding
|
11,044,731
|
|
|
10,936,057
|
|
|
10,867,834
|
|
|
For the years ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
|
|
|
|
|
|
||||||
Net income
|
$
|
37,024
|
|
|
$
|
35,080
|
|
|
$
|
39,096
|
|
Change in fair value of interest rate swap agreements, net of tax
|
(1,251
|
)
|
|
(35
|
)
|
|
136
|
|
|||
Other comprehensive (loss) income, net of tax
|
(1,251
|
)
|
|
(35
|
)
|
|
136
|
|
|||
Comprehensive income
|
$
|
35,773
|
|
|
$
|
35,045
|
|
|
$
|
39,232
|
|
|
|
|
|
|
Additional
Paid-In
Capital
|
|
Retained
Earnings
|
|
Accumulated
Other
Comprehensive
Income (Loss)
|
|
Total
Stockholders'
Equity
|
|||||||||||
|
Common Stock
|
|
|
|
|
|||||||||||||||||
|
Shares
|
|
Amount
|
|
|
|
|
|||||||||||||||
Balance at December 31, 2016
|
10,799
|
|
|
$
|
540
|
|
|
$
|
22,876
|
|
|
$
|
231,733
|
|
|
$
|
45
|
|
|
$
|
255,194
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
39,096
|
|
|
—
|
|
|
39,096
|
|
|||||
Stock-based compensation
|
40
|
|
|
2
|
|
|
1,594
|
|
|
—
|
|
|
—
|
|
|
1,596
|
|
|||||
Change in fair value of interest rate swap agreements, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
136
|
|
|
136
|
|
|||||
Dividends declared ($0.27 per share)
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,927
|
)
|
|
—
|
|
|
(2,927
|
)
|
|||||
Balance at December 31, 2017
|
10,839
|
|
|
542
|
|
|
24,470
|
|
|
267,902
|
|
|
181
|
|
|
293,095
|
|
|||||
Cumulative effect of adoption of ASU 2014-09, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
1,465
|
|
|
—
|
|
|
1,465
|
|
|||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
35,080
|
|
|
—
|
|
|
35,080
|
|
|||||
Stock-based compensation
|
47
|
|
|
2
|
|
|
2,162
|
|
|
—
|
|
|
—
|
|
|
2,164
|
|
|||||
Change in fair value of interest rate swap agreements, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(35
|
)
|
|
(35
|
)
|
|||||
Dividends declared ($0.31 per share)
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,374
|
)
|
|
—
|
|
|
(3,374
|
)
|
|||||
Balance at December 31, 2018
|
10,886
|
|
|
544
|
|
|
26,632
|
|
|
301,073
|
|
|
146
|
|
|
328,395
|
|
|||||
Cumulative effect of adoption of ASU 2016-02, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
(9
|
)
|
|
—
|
|
|
(9
|
)
|
|||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
37,024
|
|
|
—
|
|
|
37,024
|
|
|||||
Stock-based compensation
|
84
|
|
|
5
|
|
|
2,779
|
|
|
—
|
|
|
—
|
|
|
2,784
|
|
|||||
Change in fair value of interest rate swap agreements, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,251
|
)
|
|
(1,251
|
)
|
|||||
Dividends declared ($0.35 per share)
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,842
|
)
|
|
—
|
|
|
(3,842
|
)
|
|||||
Balance at December 31, 2019
|
10,970
|
|
|
$
|
549
|
|
|
$
|
29,411
|
|
|
$
|
334,246
|
|
|
$
|
(1,105
|
)
|
|
$
|
363,101
|
|
|
For the years ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Cash flows from operating activities:
|
|
|
|
|
|
||||||
Net income
|
$
|
37,024
|
|
|
$
|
35,080
|
|
|
$
|
39,096
|
|
Adjustments to reconcile net income to net cash provided by operating
activities:
|
|
|
|
|
|
|
|
|
|||
Depreciation and amortization
|
26,927
|
|
|
25,224
|
|
|
25,882
|
|
|||
Deferred taxes
|
(505
|
)
|
|
(1,371
|
)
|
|
(10,534
|
)
|
|||
Stock-based compensation
|
3,264
|
|
|
3,027
|
|
|
3,068
|
|
|||
Gain on sale of contract
|
—
|
|
|
(1,700
|
)
|
|
—
|
|
|||
Earn-out obligation adjustment
|
1,900
|
|
|
—
|
|
|
—
|
|
|||
Changes in operating assets and liabilities, net of impact of acquisitions:
|
|
|
|
|
|
|
|
|
|||
Receivables
|
(3,331
|
)
|
|
(3,754
|
)
|
|
(91
|
)
|
|||
Unbilled receivables
|
(4,593
|
)
|
|
4,706
|
|
|
2,972
|
|
|||
Inventories
|
(44,219
|
)
|
|
(35,558
|
)
|
|
3,749
|
|
|||
Other current assets and noncurrent assets
|
(7,405
|
)
|
|
4,789
|
|
|
3,681
|
|
|||
Accounts payable and deferred compensation
|
7,725
|
|
|
(7,405
|
)
|
|
(23,587
|
)
|
|||
Accrued expenses and other current liabilities
|
1,207
|
|
|
(2,515
|
)
|
|
7,562
|
|
|||
Long-term lease obligations
|
—
|
|
|
(1,668
|
)
|
|
(1,378
|
)
|
|||
|
|
|
|
|
|
||||||
Net cash provided by operating activities
|
17,994
|
|
|
18,855
|
|
|
50,420
|
|
|||
|
|
|
|
|
|
||||||
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|||
Purchases of property and equipment
|
(9,630
|
)
|
|
(3,117
|
)
|
|
(3,743
|
)
|
|||
Proceeds from the sale of property and equipment
|
4
|
|
|
122
|
|
|
732
|
|
|||
Proceeds from the sale of contract
|
—
|
|
|
1,700
|
|
|
—
|
|
|||
Cash paid for acquisitions, net of cash acquired
|
(113,181
|
)
|
|
—
|
|
|
—
|
|
|||
|
|
|
|
|
|
||||||
Net cash used in investing activities
|
(122,807
|
)
|
|
(1,295
|
)
|
|
(3,011
|
)
|
|||
|
|
|
|
|
|
||||||
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|||
Borrowings on loan agreement
|
752,259
|
|
|
539,471
|
|
|
348,675
|
|
|||
Repayments on loan agreement
|
(642,193
|
)
|
|
(550,436
|
)
|
|
(391,285
|
)
|
|||
Payment of debt financing costs
|
—
|
|
|
(1,702
|
)
|
|
—
|
|
|||
Payments on financing lease obligations
|
—
|
|
|
(1,452
|
)
|
|
(1,287
|
)
|
|||
Payment of taxes for equity transactions
|
(955
|
)
|
|
(641
|
)
|
|
(500
|
)
|
|||
Dividends paid
|
(3,726
|
)
|
|
(3,262
|
)
|
|
(2,816
|
)
|
|||
|
|
|
|
|
|
||||||
Net cash provided by (used in) financing activities
|
105,385
|
|
|
(18,022
|
)
|
|
(47,213
|
)
|
|||
|
|
|
|
|
|
||||||
Net increase (decrease) in cash and cash equivalents
|
572
|
|
|
(462
|
)
|
|
196
|
|
|||
Cash and cash equivalents at beginning of year
|
162
|
|
|
624
|
|
|
428
|
|
|||
Cash and cash equivalents at end of year
|
$
|
734
|
|
|
$
|
162
|
|
|
$
|
624
|
|
Supplemental cash flow disclosures:
|
|
|
|
|
|
||||||
|
|
|
|
|
|
||||||
Cash paid for:
|
|
|
|
|
|
||||||
Interest
|
$
|
13,468
|
|
|
$
|
7,523
|
|
|
$
|
7,606
|
|
Income taxes
|
$
|
11,645
|
|
|
$
|
9,534
|
|
|
$
|
16,346
|
|
|
Years Ended December 31,
|
|||||||
|
2019
|
|
2018
|
|
2017
|
|||
Basic weighted average common shares outstanding
|
10,957,750
|
|
|
10,876,201
|
|
|
10,834,562
|
|
Effect of dilutive shares
|
86,981
|
|
|
59,856
|
|
|
33,272
|
|
Diluted weighted average common shares outstanding
|
11,044,731
|
|
|
10,936,057
|
|
|
10,867,834
|
|
Description
|
|
Fair Value
|
||
Accounts receivable
|
|
$
|
7,295
|
|
Unbilled receivables
|
|
431
|
|
|
Inventories
|
|
8,016
|
|
|
Prepaid expenses and other current assets
|
|
766
|
|
|
Property and equipment
|
|
4,521
|
|
|
Intangibles - customer related
|
|
54,500
|
|
|
Intangibles - trade name
|
|
2,100
|
|
|
Goodwill
|
|
77,828
|
|
|
Operating lease right-of-use assets
|
|
2,594
|
|
|
Other assets
|
|
333
|
|
|
Other current liabilities
|
|
(6,576
|
)
|
|
Long-term operating lease liabilities
|
|
(2,127
|
)
|
|
|
|
$
|
149,681
|
|
|
|
|
||
Cash consideration
|
|
$
|
113,181
|
|
Acquisition date estimated fair value of earn-out obligation
|
|
34,800
|
|
|
Section 338(h)(10) election
|
|
1,700
|
|
|
Total
|
|
$
|
149,681
|
|
|
|
|
|
|
|
Year ended December 31,
|
||||
|
|
|
|
|
|
|
|
2018
|
||
Revenue
|
|
|
|
|
|
|
|
$
|
743,347
|
|
Net Income
|
|
|
|
|
|
|
|
$
|
35,963
|
|
Basic earnings per share
|
|
|
|
|
|
|
|
$
|
3.31
|
|
Diluted earnings per share
|
|
|
|
|
|
|
|
$
|
3.29
|
|
Customer
|
|
Supply Chain Management
|
|
Aviation
|
|
Federal Services
|
|
Total
|
||||||||
DoD
|
|
24,246
|
|
|
3,775
|
|
|
276,313
|
|
|
304,334
|
|
||||
Other government
|
|
168,113
|
|
|
1,885
|
|
|
35,777
|
|
|
205,775
|
|
||||
Commercial
|
|
22,161
|
|
|
218,886
|
|
|
1,471
|
|
|
242,518
|
|
||||
|
|
$
|
214,520
|
|
|
$
|
224,546
|
|
|
$
|
313,561
|
|
|
$
|
752,627
|
|
Customer
|
|
Supply Chain Management
|
|
Aviation
|
|
Federal Services
|
|
Total
|
||||||||
DoD
|
|
24,280
|
|
|
7,387
|
|
|
302,827
|
|
|
334,494
|
|
||||
Other government
|
|
176,200
|
|
|
2,172
|
|
|
33,746
|
|
|
212,118
|
|
||||
Commercial
|
|
14,329
|
|
|
135,864
|
|
|
413
|
|
|
150,606
|
|
||||
|
|
$
|
214,809
|
|
|
$
|
145,423
|
|
|
$
|
336,986
|
|
|
$
|
697,218
|
|
|
2019
|
|
2018
|
||||
Receivables, net
|
$
|
70,630
|
|
|
$
|
60,004
|
|
Unbilled receivables, net
|
46,279
|
|
|
41,255
|
|
||
|
$
|
116,909
|
|
|
$
|
101,259
|
|
|
2019
|
|
2018
|
||||
Buildings and building improvements
|
$
|
31,463
|
|
|
$
|
53,121
|
|
Computer equipment
|
26,697
|
|
|
26,489
|
|
||
Furniture, fixtures, equipment and other
|
38,637
|
|
|
32,991
|
|
||
Leasehold improvements
|
3,717
|
|
|
600
|
|
||
Land and land improvements
|
5,151
|
|
|
4,551
|
|
||
|
105,665
|
|
|
117,752
|
|
||
Less accumulated depreciation and amortization
|
(62,200
|
)
|
|
(68,146
|
)
|
||
Total property and equipment, net
|
$
|
43,465
|
|
|
$
|
49,606
|
|
|
Supply Chain Management
|
|
Federal Services
|
|
Aviation
|
|
Total
|
||||||||
Balance as of December 31, 2017
|
$
|
63,190
|
|
|
$
|
30,883
|
|
|
$
|
104,549
|
|
|
$
|
198,622
|
|
Increase from acquisitions
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Balance as of December 31, 2018
|
$
|
63,190
|
|
|
$
|
30,883
|
|
|
$
|
104,549
|
|
|
$
|
198,622
|
|
Increase from acquisitions
|
—
|
|
|
—
|
|
|
77,828
|
|
|
77,828
|
|
||||
Balance as of December 31, 2019
|
$
|
63,190
|
|
|
$
|
30,883
|
|
|
$
|
182,377
|
|
|
$
|
276,450
|
|
|
Cost
|
|
Accumulated Amortization
|
|
Accumulated Impairment Loss
|
|
Net Intangible Assets
|
||||||||
December 31, 2019
|
|
|
|
|
|
|
|
||||||||
Contract and customer-related
|
$
|
227,594
|
|
|
$
|
(102,169
|
)
|
|
$
|
(1,025
|
)
|
|
$
|
124,400
|
|
Acquired technologies
|
12,400
|
|
|
(9,660
|
)
|
|
—
|
|
|
2,740
|
|
||||
Trade names
|
18,770
|
|
|
(13,735
|
)
|
|
—
|
|
|
5,035
|
|
||||
Total
|
$
|
258,764
|
|
|
$
|
(125,564
|
)
|
|
$
|
(1,025
|
)
|
|
$
|
132,175
|
|
|
|
|
|
|
|
|
|
||||||||
December 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
||||
Contract and customer-related
|
$
|
173,094
|
|
|
$
|
(86,076
|
)
|
|
$
|
(1,025
|
)
|
|
$
|
85,993
|
|
Acquired technologies
|
12,400
|
|
|
(8,533
|
)
|
|
—
|
|
|
3,867
|
|
||||
Trade names
|
16,670
|
|
|
(11,638
|
)
|
|
—
|
|
|
5,032
|
|
||||
Total
|
$
|
202,164
|
|
|
$
|
(106,247
|
)
|
|
$
|
(1,025
|
)
|
|
$
|
94,892
|
|
|
Amortization
|
||
2020
|
$
|
18,809
|
|
2021
|
18,446
|
|
|
2022
|
16,700
|
|
|
2023
|
12,700
|
|
|
2024
|
9,119
|
|
|
Thereafter
|
56,401
|
|
|
Total
|
$
|
132,175
|
|
|
December 31,
|
||||||
|
2019
|
|
2018
|
||||
Bank credit facility - term loan
|
$
|
120,800
|
|
|
$
|
80,800
|
|
Bank credit facility - revolver loans
|
152,000
|
|
|
81,934
|
|
||
Principal amount of long-term debt
|
272,800
|
|
|
162,734
|
|
||
Less debt issuance costs
|
(2,789
|
)
|
|
(2,135
|
)
|
||
Total long-term debt
|
270,011
|
|
|
160,599
|
|
||
Less current portion
|
(16,883
|
)
|
|
(9,466
|
)
|
||
Long-term debt, net of current portion
|
$
|
253,128
|
|
|
$
|
151,133
|
|
|
2019
|
|
2018
|
|
2017
|
||||||
Employees
|
$
|
2,667
|
|
|
$
|
2,332
|
|
|
$
|
2,416
|
|
Non-employee Directors
|
597
|
|
|
553
|
|
|
642
|
|
|||
Total
|
$
|
3,264
|
|
|
$
|
2,885
|
|
|
$
|
3,058
|
|
|
2019
|
|
2018
|
|
2017
|
||||||
Stock-based compensation included in costs and operating expenses
|
$
|
3,264
|
|
|
$
|
3,027
|
|
|
$
|
3,068
|
|
Income tax benefit recognized for stock-based compensation
|
(663
|
)
|
|
(755
|
)
|
|
(1,180
|
)
|
|||
Stock-based compensation expense, net of income tax benefit
|
$
|
2,601
|
|
|
$
|
2,272
|
|
|
$
|
1,888
|
|
|
2019
|
|
2018
|
|
2017
|
||||||
Current
|
|
|
|
|
|
||||||
Federal
|
$
|
7,739
|
|
|
$
|
9,667
|
|
|
$
|
14,149
|
|
State
|
1,344
|
|
|
1,758
|
|
|
2,511
|
|
|||
Foreign
|
825
|
|
|
140
|
|
|
—
|
|
|||
|
9,908
|
|
|
11,565
|
|
|
16,660
|
|
|||
Deferred
|
|
|
|
|
|
|
|
|
|||
Federal
|
(66
|
)
|
|
(1,114
|
)
|
|
(10,645
|
)
|
|||
State
|
(490
|
)
|
|
(347
|
)
|
|
110
|
|
|||
Foreign
|
51
|
|
|
64
|
|
|
(136
|
)
|
|||
|
(505
|
)
|
|
(1,397
|
)
|
|
(10,671
|
)
|
|||
Provision for income taxes
|
$
|
9,403
|
|
|
$
|
10,168
|
|
|
$
|
5,989
|
|
|
2019
|
|
2018
|
|
2017
|
||||||
Tax at statutory federal income tax rate
|
$
|
9,749
|
|
|
$
|
9,502
|
|
|
$
|
15,780
|
|
Increases (decreases) in tax resulting from:
|
|
|
|
|
|
|
|
|
|||
State taxes, net of federal tax benefit
|
1,805
|
|
|
1,861
|
|
|
1,732
|
|
|||
Permanent differences, net
|
(195
|
)
|
|
367
|
|
|
(275
|
)
|
|||
Impact of Tax Act
|
—
|
|
|
(795
|
)
|
|
(10,556
|
)
|
|||
Tax credits
|
(612
|
)
|
|
(375
|
)
|
|
(368
|
)
|
|||
Prior year true-up adjustment
|
(1,274
|
)
|
|
(113
|
)
|
|
(346
|
)
|
|||
Other provision adjustments
|
(70
|
)
|
|
(279
|
)
|
|
22
|
|
|||
Provision for income taxes
|
$
|
9,403
|
|
|
$
|
10,168
|
|
|
$
|
5,989
|
|
|
2019
|
|
2018
|
||||
Gross deferred tax assets
|
|
|
|
||||
Deferred compensation and accrued paid leave
|
$
|
7,498
|
|
|
$
|
5,794
|
|
Accrued expenses
|
303
|
|
|
1,310
|
|
||
Stock-based compensation
|
678
|
|
|
819
|
|
||
Interest rate swaps
|
367
|
|
|
—
|
|
||
Reserve for contract disallowances
|
145
|
|
|
120
|
|
||
Acquisition-related expenses
|
—
|
|
|
151
|
|
||
Capitalized inventory
|
—
|
|
|
742
|
|
||
State operating loss carryforward
|
24
|
|
|
24
|
|
||
Tax credit carryforward
|
1,547
|
|
|
47
|
|
||
Foreign country operating loss carryforward
|
—
|
|
|
157
|
|
||
|
10,562
|
|
|
9,164
|
|
||
Valuation allowance (a)
|
(1,165
|
)
|
|
(107
|
)
|
||
Total gross deferred tax assets
|
9,397
|
|
|
9,057
|
|
||
|
|
|
|
||||
Gross deferred tax liabilities
|
|
|
|
||||
Interest rate swaps
|
—
|
|
|
(49
|
)
|
||
Depreciation
|
(1,877
|
)
|
|
(1,739
|
)
|
||
Deferred revenues
|
(1,681
|
)
|
|
(2,164
|
)
|
||
Goodwill and intangible assets
|
(23,383
|
)
|
|
(23,395
|
)
|
||
Prepaid expenses
|
(60
|
)
|
|
(120
|
)
|
||
Capitalized inventory
|
(240
|
)
|
|
—
|
|
||
Total gross deferred tax liabilities
|
(27,241
|
)
|
|
(27,467
|
)
|
||
Net deferred tax liabilities
|
$
|
(17,844
|
)
|
|
$
|
(18,410
|
)
|
|
|
|
|
Year ended
|
||
|
|
|
|
December 31, 2019
|
||
Operating lease cost
|
|
|
|
$
|
6,106
|
|
Short-term lease cost
|
|
|
|
698
|
|
|
Less: sublease income
|
|
|
|
(1,022
|
)
|
|
Total lease cost, net
|
|
|
|
$
|
5,782
|
|
|
|
Operating Leases
|
||
2020
|
|
$
|
5,468
|
|
2021
|
|
5,210
|
|
|
2022
|
|
5,180
|
|
|
2023
|
|
4,758
|
|
|
2024
|
|
4,333
|
|
|
After 2024
|
|
9,433
|
|
|
Minimum lease payments
|
|
34,382
|
|
|
Less: imputed interest
|
|
(6,231
|
)
|
|
Present value of minimum lease payments
|
|
28,151
|
|
|
Less: current maturities of lease liabilities
|
|
(3,710
|
)
|
|
Long-term lease liabilities
|
|
$
|
24,441
|
|
|
For the years ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Revenues
|
|
|
|
|
|
||||||
Aviation Group
|
$
|
224,546
|
|
|
$
|
145,423
|
|
|
$
|
134,809
|
|
Supply Chain Management Group
|
214,520
|
|
|
214,809
|
|
|
214,542
|
|
|||
Federal Services Group
|
313,561
|
|
|
336,986
|
|
|
410,762
|
|
|||
Total revenues
|
$
|
752,627
|
|
|
$
|
697,218
|
|
|
$
|
760,113
|
|
|
|
|
|
|
|
||||||
Operating income:
|
|
|
|
|
|
|
|
|
|||
Aviation Group
|
$
|
17,901
|
|
|
$
|
11,076
|
|
|
$
|
9,695
|
|
Supply Chain Management Group
|
29,819
|
|
|
30,626
|
|
|
33,754
|
|
|||
Federal Services Group
|
18,144
|
|
|
15,797
|
|
|
13,419
|
|
|||
Corporate expenses
|
(5,607
|
)
|
|
(3,269
|
)
|
|
(2,543
|
)
|
|||
Operating income
|
$
|
60,257
|
|
|
$
|
54,230
|
|
|
$
|
54,325
|
|
|
|
|
|
|
|
||||||
Depreciation and amortization expense:
|
|
|
|
|
|
|
|
|
|||
Aviation Group
|
$
|
12,546
|
|
|
$
|
5,123
|
|
|
$
|
4,835
|
|
Supply Chain Management Group
|
11,085
|
|
|
7,299
|
|
|
6,536
|
|
|||
Federal Services Group
|
3,296
|
|
|
12,802
|
|
|
14,511
|
|
|||
Total depreciation and amortization
|
$
|
26,927
|
|
|
$
|
25,224
|
|
|
$
|
25,882
|
|
|
|
|
|
|
|
||||||
Capital expenditures:
|
|
|
|
|
|
|
|
|
|||
Aviation Group
|
$
|
8,396
|
|
|
$
|
1,772
|
|
|
$
|
1,387
|
|
Supply Chain Management Group
|
1,076
|
|
|
802
|
|
|
1,376
|
|
|||
Federal Services Group
|
58
|
|
|
209
|
|
|
177
|
|
|||
Corporate
|
130
|
|
|
334
|
|
|
373
|
|
|||
Total capital expenditures
|
$
|
9,660
|
|
|
$
|
3,117
|
|
|
$
|
3,313
|
|
|
December 31,
|
||||||
|
2019
|
|
2018
|
||||
Total assets:
|
|
|
|
||||
Aviation Group
|
$
|
522,446
|
|
|
$
|
316,197
|
|
Supply Chain Management Group
|
170,142
|
|
|
166,015
|
|
||
Federal Services Group
|
88,966
|
|
|
92,098
|
|
||
Corporate
|
64,310
|
|
|
64,518
|
|
||
Total assets
|
$
|
845,864
|
|
|
$
|
638,828
|
|
|
|
(in thousands)
Years ended December 31, |
||||||||||||||||
Source of Revenues
|
|
2019
|
|
%
|
|
2018
|
|
%
|
|
2017
|
|
%
|
||||||
DoD
|
|
$
|
304,334
|
|
|
41
|
|
$
|
334,494
|
|
|
48
|
|
$
|
402,229
|
|
|
53
|
Other government
|
|
205,775
|
|
|
27
|
|
212,118
|
|
|
30
|
|
218,426
|
|
|
29
|
|||
Commercial
|
|
242,518
|
|
|
32
|
|
150,606
|
|
|
22
|
|
139,458
|
|
|
18
|
|||
Total Revenues
|
|
$
|
752,627
|
|
|
100
|
|
$
|
697,218
|
|
|
100
|
|
$
|
760,113
|
|
|
100
|
|
|
Years ended December 31,
|
||||||||||
|
|
2019
|
|
2018
|
|
2017
|
||||||
United States
|
|
$
|
659,451
|
|
|
$
|
647,168
|
|
|
$
|
708,474
|
|
Other Countries (1)
|
|
93,176
|
|
|
50,050
|
|
|
51,639
|
|
|||
Total revenue
|
|
$
|
752,627
|
|
|
$
|
697,218
|
|
|
$
|
760,113
|
|
Amounts Recorded at Fair Value
|
|
Financial Statement Classification
|
|
Fair Value Hierarchy
|
|
Fair Value December 31, 2019
|
|
Fair Value December 31, 2018
|
||||
Non-COLI assets held in Deferred Supplemental Compensation Plan
|
|
Other assets
|
|
1
|
|
$
|
710
|
|
|
$
|
403
|
|
Interest rate swaps
|
|
Accrued expenses/Other current assets
|
|
2
|
|
$
|
1,473
|
|
|
$
|
195
|
|
Earn-out obligation-current
|
|
Current portion of earn-out obligation
|
|
3
|
|
$
|
31,700
|
|
|
$
|
—
|
|
Earn-out obligation-long-term
|
|
Earn-out obligation
|
|
3
|
|
$
|
5,000
|
|
|
$
|
—
|
|
|
2019 Quarters
|
||||||||||||||
|
1st
|
|
2nd
|
|
3rd
|
|
4th
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Revenues
|
$
|
169,919
|
|
|
$
|
189,111
|
|
|
$
|
198,326
|
|
|
$
|
195,271
|
|
Costs and operating expenses
|
$
|
158,106
|
|
|
$
|
172,695
|
|
|
$
|
181,111
|
|
|
$
|
180,458
|
|
Operating income
|
$
|
11,813
|
|
|
$
|
16,416
|
|
|
$
|
17,215
|
|
|
$
|
14,813
|
|
Net income
|
$
|
6,603
|
|
|
$
|
9,898
|
|
|
$
|
10,527
|
|
|
$
|
9,996
|
|
|
|
|
|
|
|
|
|
||||||||
Basic earnings per share:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net income
|
$
|
0.60
|
|
|
$
|
0.90
|
|
|
$
|
0.96
|
|
|
$
|
0.92
|
|
Basic weighted average shares outstanding
|
10,920
|
|
|
10,970
|
|
|
10,970
|
|
|
10,882
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Diluted earnings per share:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net income
|
$
|
0.60
|
|
|
$
|
0.89
|
|
|
$
|
0.95
|
|
|
$
|
0.90
|
|
Diluted weighted average shares outstanding
|
10,974
|
|
|
11,073
|
|
|
11,060
|
|
|
11,071
|
|
|
2018 Quarters
|
||||||||||||||
|
1st
|
|
2nd
|
|
3rd
|
|
4th
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Revenues
|
$
|
176,897
|
|
|
$
|
170,394
|
|
|
$
|
168,931
|
|
|
$
|
180,996
|
|
Costs and operating expenses
|
$
|
165,304
|
|
|
$
|
156,539
|
|
|
$
|
154,934
|
|
|
$
|
167,911
|
|
Operating income
|
$
|
11,593
|
|
|
$
|
13,855
|
|
|
$
|
15,697
|
|
|
$
|
13,085
|
|
Net income (1)
|
$
|
7,052
|
|
|
$
|
8,751
|
|
|
$
|
10,034
|
|
|
$
|
9,243
|
|
|
|
|
|
|
|
|
|
||||||||
Basic earnings per share:
|
|
|
|
|
|
|
|
||||||||
Net income (1)
|
$
|
0.65
|
|
|
$
|
0.80
|
|
|
$
|
0.92
|
|
|
$
|
0.85
|
|
Basic weighted average shares outstanding
|
10,861
|
|
|
10,881
|
|
|
10,881
|
|
|
10,882
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Diluted earnings per share:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net income
|
$
|
0.65
|
|
|
$
|
0.80
|
|
|
$
|
0.92
|
|
|
$
|
0.84
|
|
Diluted weighted average shares outstanding
|
10,897
|
|
|
10,919
|
|
|
10,935
|
|
|
10,991
|
|
Arlington, Virginia
|
|
March 9, 2020
|
|
|
EXHIBIT INDEX
|
|
|
|
|
Reference No.
Per Item 601 of
Regulation S-K
|
Description of Exhibit
|
Exhibit No.
In this Form 10-K
|
|
|
|
3.1
|
*
|
|
3.2
|
*
|
|
4.1
|
Specimen Stock Certificate as of May 19, 1983 (Exhibit 4 to Registration Statement No. 2-83255 dated April 22, 1983 on Form S-2)
|
* + P
|
4.2
|
Exhibit 4.2
|
|
10.1
|
Material contracts
|
|
10.2
|
* +
|
|
10.3
|
* +
|
|
10.4
|
Amended and Restated Employment Agreement dated as of December 6, 2013 by and between VSE Corporation and Maurice A. Gauthier (Exhibit 10.3 to Form 10-Q dated April 29, 2016); Amendment Agreement dated as of December 14, 2016 by and between VSE Corporation and Maurice A. Gauthier (Exhibit 10.1 to Form 8-K dated December 16, 2016; and an Amendment Agreement dated as of March 1, 2019 by and between VSE Corporation and Maurice A. Gauthier (Exhibit 10.3 to Form 10-K dated March 6, 2019)
|
* +
|
10.5
|
* +
|
|
10.6
|
* +
|
|
10.7
|
*
|
|
10.8
|
*
|
|
10.9
|
*
|
|
10.1
|
* +
|
10.11
|
* +
|
|
21.1
|
Exhibit 21
|
|
23.1
|
Exhibit 23.1
|
|
23.2
|
Exhibit 23.2
|
|
31.1
|
Exhibit 31.1
|
|
31.2
|
Exhibit 31.2
|
|
32.1
|
Exhibit 32.1
|
|
32.2
|
Exhibit 32.2
|
|
99.1
|
*
|
|
101.INS
|
XBRL Instance Document
|
|
101.SCH
|
XBRL Taxonomy Extension Schema Document
|
|
101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
|
101.DEF
|
XBRL Taxonomy Extension Definition Linkbase Document
|
|
101.LAB
|
XBRL Taxonomy Extension Label Linkbase Document
|
|
101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
|
|
|
|
VSE CORPORATION
|
|
|
|
|
Date:
|
March 9, 2020
|
By:
|
/s/ John A. Cuomo
|
|
|
|
John A. Cuomo
|
|
|
|
Chief Executive Officer and President
|
|
|
|
|
Name
|
Title
|
Date
|
|
|
|
|
|
|
/s/ John A. Cuomo
|
Director, Chief Executive
|
March 9, 2020
|
John A. Cuomo
|
Officer and President
|
|
|
|
|
|
|
|
/s/ Thomas R. Loftus
|
Executive Vice President
|
March 9, 2020
|
Thomas R. Loftus
|
and Chief Financial Officer
|
|
|
(Principal Accounting Officer)
|
|
|
|
|
|
|
|
/s/ Ralph E. Eberhart
|
Chairman/Director
|
March 9, 2020
|
Ralph E. Eberhart
|
|
|
|
|
|
|
|
|
/s/ Calvin S. Koonce
|
Director
|
March 9, 2020
|
Calvin S. Koonce
|
|
|
|
|
|
|
|
|
/s/ James F. Lafond
|
Director
|
March 9, 2020
|
James F. Lafond
|
|
|
|
|
|
|
|
|
/s/ Bonnie K. Wachtel
|
Director
|
March 9, 2020
|
Bonnie K. Wachtel
|
|
|
|
|
|
|
|
|
/s/ Jack C. Stultz
|
Director
|
March 9, 2020
|
Jack C. Stultz
|
|
|
|
|
|
|
|
|
/s/ John E. Potter
|
Director
|
March 9, 2020
|
John E. Potter
|
|
|
|
|
|
|
|
|
/s/ Mark E. Ferguson III
|
Director
|
March 9, 2020
|
Mark E. Ferguson III
|
|
|
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