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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 | |
---|---|---|---|---|---|---|---|---|---|---|
2.51 | 3.12% | 82.90 | 78.86 | 132.56 | 83.14 | 80.07 | 81.72 | 182,587 | 22:30:00 |
DELAWARE
|
54-0649263
|
(State or Other Jurisdiction of
|
(I.R.S. Employer
|
Incorporation or Organization)
|
Identification No.)
|
6348 Walker Lane
|
|
|
|
|
Alexandria, Virginia
|
|
22310
|
|
www.vsecorp.com
|
(Address of Principal Executive Offices)
|
|
(Zip Code)
|
|
(Webpage)
|
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
|
Large accelerated filer [ ]
|
Accelerated filer [x]
|
Non-accelerated filer [ ]
|
Smaller reporting company [ ]
|
|
Emerging growth company [ ]
|
|
TABLE OF CONTENTS
|
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Page
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ITEM 1.
|
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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 1.
|
||
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ITEM 2.
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||
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ITEM 6.
|
||
|
|
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||
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|
|
June 30,
|
|
December 31,
|
||||
|
2019
|
|
2018
|
||||
Assets
|
|
|
|
||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
760
|
|
|
$
|
162
|
|
Receivables, net
|
74,012
|
|
|
60,004
|
|
||
Unbilled receivables, net
|
45,961
|
|
|
41,255
|
|
||
Inventories, net
|
197,213
|
|
|
166,392
|
|
||
Other current assets
|
15,232
|
|
|
13,407
|
|
||
Total current assets
|
333,178
|
|
|
281,220
|
|
||
|
|
|
|
||||
Property and equipment, net
|
44,216
|
|
|
49,606
|
|
||
Intangible assets, net
|
147,921
|
|
|
94,892
|
|
||
Goodwill
|
259,212
|
|
|
198,622
|
|
||
Operating lease right-of-use assets
|
25,256
|
|
|
—
|
|
||
Other assets
|
16,992
|
|
|
14,488
|
|
||
Total assets
|
$
|
826,775
|
|
|
$
|
638,828
|
|
|
|
|
|
||||
Liabilities and Stockholders' equity
|
|
|
|
|
|
||
Current liabilities:
|
|
|
|
|
|
||
Current portion of long-term debt
|
$
|
10,091
|
|
|
$
|
9,466
|
|
Accounts payable
|
74,310
|
|
|
57,408
|
|
||
Current portion of earn-out obligation
|
10,700
|
|
|
—
|
|
||
Accrued expenses and other current liabilities
|
39,428
|
|
|
37,133
|
|
||
Dividends payable
|
987
|
|
|
871
|
|
||
Total current liabilities
|
135,516
|
|
|
104,878
|
|
||
|
|
|
|
||||
Long-term debt, less current portion
|
268,985
|
|
|
151,133
|
|
||
Deferred compensation
|
17,201
|
|
|
17,027
|
|
||
Long-term lease obligations, less current portion
|
—
|
|
|
18,913
|
|
||
Long-term operating lease liabilities
|
25,716
|
|
|
—
|
|
||
Earn-out obligation
|
14,300
|
|
|
—
|
|
||
Deferred tax liabilities
|
18,720
|
|
|
18,482
|
|
||
Total liabilities
|
480,438
|
|
|
310,433
|
|
||
|
|
|
|
||||
Commitments and contingencies (Note 6)
|
|
|
|
|
|
||
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
|
317,652
|
|
|
301,073
|
|
||
Accumulated other comprehensive (loss) income
|
(1,275
|
)
|
|
146
|
|
||
Total stockholders' equity
|
346,337
|
|
|
328,395
|
|
||
Total liabilities and stockholders' equity
|
$
|
826,775
|
|
|
$
|
638,828
|
|
|
|
For the three months ended June 30,
|
|
For the six months ended June 30,
|
||||||||||||
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Revenues:
|
|
|
|
|
|
|
|
|
||||||||
Products
|
|
$
|
93,875
|
|
|
$
|
90,119
|
|
|
$
|
182,776
|
|
|
$
|
178,792
|
|
Services
|
|
95,236
|
|
|
80,275
|
|
|
176,254
|
|
|
168,499
|
|
||||
Total revenues
|
|
189,111
|
|
|
170,394
|
|
|
359,030
|
|
|
347,291
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Costs and operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Products
|
|
79,380
|
|
|
75,834
|
|
|
155,673
|
|
|
150,560
|
|
||||
Services
|
|
87,347
|
|
|
75,971
|
|
|
162,787
|
|
|
161,726
|
|
||||
Selling, general and administrative expenses
|
|
988
|
|
|
730
|
|
|
2,370
|
|
|
1,549
|
|
||||
Amortization of intangible assets
|
|
4,980
|
|
|
4,004
|
|
|
9,971
|
|
|
8,008
|
|
||||
Total costs and operating expenses
|
|
172,695
|
|
|
156,539
|
|
|
330,801
|
|
|
321,843
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Operating income
|
|
16,416
|
|
|
13,855
|
|
|
28,229
|
|
|
25,448
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Interest expense, net
|
|
3,398
|
|
|
2,182
|
|
|
6,556
|
|
|
4,357
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Income before income taxes
|
|
13,018
|
|
|
11,673
|
|
|
21,673
|
|
|
21,091
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Provision for income taxes
|
|
3,120
|
|
|
2,922
|
|
|
5,172
|
|
|
5,288
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Net income
|
|
$
|
9,898
|
|
|
$
|
8,751
|
|
|
$
|
16,501
|
|
|
$
|
15,803
|
|
|
|
|
|
|
|
|
|
|
||||||||
Basic earnings per share
|
|
$
|
0.90
|
|
|
$
|
0.80
|
|
|
$
|
1.51
|
|
|
$
|
1.45
|
|
|
|
|
|
|
|
|
|
|
||||||||
Basic weighted average shares outstanding
|
|
10,969,899
|
|
|
10,881,106
|
|
|
10,945,172
|
|
|
10,870,887
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Diluted earnings per share
|
|
$
|
0.89
|
|
|
$
|
0.80
|
|
|
$
|
1.50
|
|
|
$
|
1.45
|
|
|
|
|
|
|
|
|
|
|
||||||||
Diluted weighted average shares outstanding
|
|
11,072,745
|
|
|
10,918,927
|
|
|
11,023,685
|
|
|
10,907,777
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Dividends declared per share
|
|
$
|
0.09
|
|
|
$
|
0.08
|
|
|
$
|
0.17
|
|
|
$
|
0.15
|
|
|
|
For the three months ended June 30,
|
|
For the six months ended June 30,
|
||||||||||||
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Net income
|
|
$
|
9,898
|
|
|
$
|
8,751
|
|
|
$
|
16,501
|
|
|
$
|
15,803
|
|
|
|
|
|
|
|
|
|
|
||||||||
Change in fair value of interest rate swap agreements, net of tax
|
|
(729
|
)
|
|
123
|
|
|
(1,421
|
)
|
|
334
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Other comprehensive (loss) income, net of tax
|
|
(729
|
)
|
|
123
|
|
|
(1,421
|
)
|
|
334
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Comprehensive income
|
|
$
|
9,169
|
|
|
$
|
8,874
|
|
|
$
|
15,080
|
|
|
$
|
16,137
|
|
Three months ended June 30, 2019
|
||||||||||||||||||||||
|
|
|
|
|
Additional
Paid-In
Capital
|
|
Retained
Earnings
|
|
Accumulated
Other
Comprehensive
Loss
|
|
Total
Stockholders'
Equity
|
|||||||||||
|
Common Stock
|
|
|
|
|
|||||||||||||||||
|
Shares
|
|
Amount
|
|
|
|
|
|||||||||||||||
Balance at March 31, 2019
|
10,950
|
|
|
$
|
547
|
|
|
$
|
28,788
|
|
|
$
|
308,742
|
|
|
$
|
(546
|
)
|
|
$
|
337,531
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
9,898
|
|
|
—
|
|
|
9,898
|
|
|||||
Stock-based compensation
|
20
|
|
|
2
|
|
|
623
|
|
|
—
|
|
|
—
|
|
|
625
|
|
|||||
Other comprehensive loss, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(729
|
)
|
|
(729
|
)
|
|||||
Dividends declared ($0.09 per share)
|
—
|
|
|
—
|
|
|
—
|
|
|
(988
|
)
|
|
—
|
|
|
(988
|
)
|
|||||
Balance at June 30, 2019
|
10,970
|
|
|
$
|
549
|
|
|
$
|
29,411
|
|
|
$
|
317,652
|
|
|
$
|
(1,275
|
)
|
|
$
|
346,337
|
|
Three months ended June 30, 2018
|
||||||||||||||||||||||
|
|
|
|
|
Additional
Paid-In
Capital
|
|
Retained
Earnings
|
|
Accumulated
Other
Comprehensive
Income
|
|
Total
Stockholders'
Equity
|
|||||||||||
|
Common Stock
|
|
|
|
|
|||||||||||||||||
|
Shares
|
|
Amount
|
|
|
|
|
|||||||||||||||
Balance at March 31, 2018
|
10,881
|
|
|
$
|
544
|
|
|
$
|
26,490
|
|
|
$
|
275,887
|
|
|
$
|
392
|
|
|
$
|
303,313
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
8,751
|
|
|
—
|
|
|
8,751
|
|
|||||
Other comprehensive income, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
123
|
|
|
123
|
|
|||||
Dividends declared ($0.08 per share)
|
—
|
|
|
—
|
|
|
—
|
|
|
(871
|
)
|
|
—
|
|
|
(871
|
)
|
|||||
Balance at June 30, 2018
|
10,881
|
|
|
$
|
544
|
|
|
$
|
26,490
|
|
|
$
|
283,767
|
|
|
$
|
515
|
|
|
$
|
311,316
|
|
Six months ended June 30, 2019
|
||||||||||||||||||||||
|
|
|
|
|
Additional
Paid-In
Capital
|
|
Retained
Earnings
|
|
Accumulated
Other
Comprehensive
Income (Loss)
|
|
Total
Stockholders'
Equity
|
|||||||||||
|
Common Stock
|
|
|
|
|
|||||||||||||||||
|
Shares
|
|
Amount
|
|
|
|
|
|||||||||||||||
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
|
—
|
|
|
—
|
|
|
—
|
|
|
1,944
|
|
|
—
|
|
|
1,944
|
|
|||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
16,501
|
|
|
—
|
|
|
16,501
|
|
|||||
Stock-based compensation
|
84
|
|
|
5
|
|
|
2,779
|
|
|
—
|
|
|
—
|
|
|
2,784
|
|
|||||
Other comprehensive loss, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,421
|
)
|
|
(1,421
|
)
|
|||||
Dividends declared ($0.17 per share)
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,866
|
)
|
|
—
|
|
|
(1,866
|
)
|
|||||
Balance at June 30, 2019
|
10,970
|
|
|
$
|
549
|
|
|
$
|
29,411
|
|
|
$
|
317,652
|
|
|
$
|
(1,275
|
)
|
|
$
|
346,337
|
|
Six months ended June 30, 2018
|
||||||||||||||||||||||
|
|
|
|
|
Additional
Paid-In
Capital
|
|
Retained
Earnings
|
|
Accumulated
Other
Comprehensive
Income
|
|
Total
Stockholders'
Equity
|
|||||||||||
|
Common Stock
|
|
|
|
|
|||||||||||||||||
|
Shares
|
|
Amount
|
|
|
|
|
|||||||||||||||
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
|
—
|
|
|
—
|
|
|
—
|
|
|
1,695
|
|
|
—
|
|
|
1,695
|
|
|||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
15,803
|
|
|
—
|
|
|
15,803
|
|
|||||
Stock-based compensation
|
42
|
|
|
2
|
|
|
2,020
|
|
|
—
|
|
|
—
|
|
|
2,022
|
|
|||||
Other comprehensive income, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
334
|
|
|
334
|
|
|||||
Dividends declared ($0.15 per share)
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,633
|
)
|
|
—
|
|
|
(1,633
|
)
|
|||||
Balance at June 30, 2018
|
10,881
|
|
|
$
|
544
|
|
|
$
|
26,490
|
|
|
$
|
283,767
|
|
|
$
|
515
|
|
|
$
|
311,316
|
|
|
|
For the six months ended June 30,
|
||||||
|
|
2019
|
|
2018
|
||||
Cash flows from operating activities:
|
|
|
|
|
||||
Net income
|
|
$
|
16,501
|
|
|
$
|
15,803
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
|
||
Depreciation and amortization
|
|
13,637
|
|
|
12,723
|
|
||
Deferred taxes
|
|
(312
|
)
|
|
(888
|
)
|
||
Stock-based compensation
|
|
1,982
|
|
|
1,676
|
|
||
Changes in operating assets and liabilities, net of impact of acquisitions:
|
|
|
|
|
|
|
||
Receivables, net
|
|
(6,599
|
)
|
|
1,131
|
|
||
Unbilled receivables, net
|
|
(4,706
|
)
|
|
9,604
|
|
||
Inventories, net
|
|
(23,942
|
)
|
|
(34,352
|
)
|
||
Other current assets and noncurrent assets
|
|
(3,914
|
)
|
|
4,227
|
|
||
Accounts payable and deferred compensation
|
|
14,149
|
|
|
(6,164
|
)
|
||
Accrued expenses and other current and noncurrent liabilities
|
|
(2,744
|
)
|
|
(6,568
|
)
|
||
Long-term lease obligations
|
|
—
|
|
|
(816
|
)
|
||
|
|
|
|
|
||||
Net cash provided by (used in) operating activities
|
|
4,052
|
|
|
(3,624
|
)
|
||
|
|
|
|
|
||||
Cash flows from investing activities:
|
|
|
|
|
|
|
||
Purchases of property and equipment
|
|
(6,303
|
)
|
|
(1,880
|
)
|
||
Proceeds from the sale of property and equipment
|
|
4
|
|
|
46
|
|
||
Cash paid for acquisitions, net of cash acquired
|
|
(112,660
|
)
|
|
—
|
|
||
|
|
|
|
|
||||
Net cash used in investing activities
|
|
(118,959
|
)
|
|
(1,834
|
)
|
||
|
|
|
|
|
||||
Cash flows from financing activities:
|
|
|
|
|
|
|
||
Borrowings on loan agreement
|
|
300,726
|
|
|
359,554
|
|
||
Repayments on loan agreement
|
|
(182,516
|
)
|
|
(349,534
|
)
|
||
Payment of debt financing costs
|
|
—
|
|
|
(1,692
|
)
|
||
Payments on capital lease obligations
|
|
—
|
|
|
(707
|
)
|
||
Payments of taxes for equity transactions
|
|
(955
|
)
|
|
(641
|
)
|
||
Dividends paid
|
|
(1,750
|
)
|
|
(1,522
|
)
|
||
|
|
|
|
|
||||
Net cash provided by financing activities
|
|
115,505
|
|
|
5,458
|
|
||
|
|
|
|
|
||||
Net increase in cash and cash equivalents
|
|
598
|
|
|
—
|
|
||
Cash and cash equivalents at beginning of period
|
|
162
|
|
|
624
|
|
||
Cash and cash equivalents at end of period
|
|
$
|
760
|
|
|
$
|
624
|
|
Description
|
|
Fair Value
|
||
Cash
|
|
$
|
396
|
|
Accounts receivable
|
|
7,409
|
|
|
Inventories
|
|
6,879
|
|
|
Prepaid expenses and other current assets
|
|
382
|
|
|
Property and equipment
|
|
4,044
|
|
|
Intangibles - customer related
|
|
55,000
|
|
|
Intangibles - trade name
|
|
8,000
|
|
|
Goodwill
|
|
60,590
|
|
|
Operating lease right-of-use assets
|
|
2,643
|
|
|
Other assets
|
|
333
|
|
|
Other current liabilities
|
|
(5,244
|
)
|
|
Long-term operating lease liabilities
|
|
(2,376
|
)
|
|
|
|
$
|
138,056
|
|
|
|
|
||
Cash consideration
|
|
$
|
113,056
|
|
Acquisition date estimated fair value of earn-out obligation
|
|
25,000
|
|
|
Total
|
|
$
|
138,056
|
|
|
|
Three months ended June 30,
|
|
Six months ended June 30,
|
||||||||||||
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Revenue
|
|
$
|
189,111
|
|
|
$
|
181,569
|
|
|
$
|
360,589
|
|
|
$
|
368,988
|
|
Net Income
|
|
$
|
10,025
|
|
|
$
|
8,870
|
|
|
$
|
17,064
|
|
|
$
|
16,171
|
|
Basic earnings per share
|
|
$
|
0.92
|
|
|
$
|
0.82
|
|
|
$
|
1.56
|
|
|
$
|
1.49
|
|
Diluted earnings per share
|
|
$
|
0.91
|
|
|
$
|
0.81
|
|
|
$
|
1.55
|
|
|
$
|
1.48
|
|
|
|
Three months ended June 30, 2019
|
||||||||||||||
Customer
|
|
Supply Chain Management
|
|
Aviation
|
|
Federal Services
|
|
Total
|
||||||||
USPS
|
|
$
|
42,112
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
42,112
|
|
DoD
|
|
6,461
|
|
|
260
|
|
|
68,359
|
|
|
75,080
|
|
||||
Commercial
|
|
5,090
|
|
|
54,086
|
|
|
—
|
|
|
59,176
|
|
||||
Other government
|
|
142
|
|
|
651
|
|
|
11,950
|
|
|
12,743
|
|
||||
|
|
$
|
53,805
|
|
|
$
|
54,997
|
|
|
$
|
80,309
|
|
|
$
|
189,111
|
|
|
|
Six months ended June 30, 2019
|
||||||||||||||
Customer
|
|
Supply Chain Management
|
|
Aviation
|
|
Federal Services
|
|
Total
|
||||||||
USPS
|
|
$
|
84,795
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
84,795
|
|
DoD
|
|
11,303
|
|
|
1,155
|
|
|
125,323
|
|
|
137,781
|
|
||||
Commercial
|
|
9,070
|
|
|
102,561
|
|
|
1,104
|
|
|
112,735
|
|
||||
Other government
|
|
341
|
|
|
651
|
|
|
22,727
|
|
|
23,719
|
|
||||
|
|
$
|
105,509
|
|
|
$
|
104,367
|
|
|
$
|
149,154
|
|
|
$
|
359,030
|
|
|
|
Three months ended June 30, 2018
|
||||||||||||||
Customer
|
|
Supply Chain Management
|
|
Aviation
|
|
Federal Services
|
|
Total
|
||||||||
USPS
|
|
$
|
43,089
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
43,089
|
|
DoD
|
|
7,525
|
|
|
1,025
|
|
|
73,637
|
|
|
82,187
|
|
||||
Commercial
|
|
3,413
|
|
|
34,037
|
|
|
31
|
|
|
37,481
|
|
||||
Other government
|
|
236
|
|
|
742
|
|
|
6,659
|
|
|
7,637
|
|
||||
|
|
$
|
54,263
|
|
|
$
|
35,804
|
|
|
$
|
80,327
|
|
|
$
|
170,394
|
|
|
|
Six months ended June 30, 2018
|
||||||||||||||
Customer
|
|
Supply Chain Management
|
|
Aviation
|
|
Federal Services
|
|
Total
|
||||||||
USPS
|
|
$
|
87,120
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
87,120
|
|
DoD
|
|
15,701
|
|
|
2,240
|
|
|
151,899
|
|
|
169,840
|
|
||||
Commercial
|
|
6,799
|
|
|
65,572
|
|
|
233
|
|
|
72,604
|
|
||||
Other government
|
|
507
|
|
|
742
|
|
|
16,478
|
|
|
17,727
|
|
||||
|
|
$
|
110,127
|
|
|
$
|
68,554
|
|
|
$
|
168,610
|
|
|
$
|
347,291
|
|
|
|
Three months ended June 30, 2019
|
||||||||||||||
Contract Type
|
|
Supply Chain Management
|
|
Aviation
|
|
Federal Services
|
|
Total
|
||||||||
Cost-type
|
|
$
|
—
|
|
|
$
|
169
|
|
|
$
|
33,496
|
|
|
$
|
33,665
|
|
Fixed-price
|
|
53,805
|
|
|
25,056
|
|
|
19,153
|
|
|
98,014
|
|
||||
Time and materials
|
|
—
|
|
|
29,772
|
|
|
27,660
|
|
|
57,432
|
|
||||
Total revenues
|
|
$
|
53,805
|
|
|
$
|
54,997
|
|
|
$
|
80,309
|
|
|
$
|
189,111
|
|
|
June 30,
|
|
December 31,
|
||||
|
2019
|
|
2018
|
||||
Bank credit facility - term loan
|
$
|
75,800
|
|
|
$
|
80,800
|
|
Bank credit facility - revolver loans
|
205,144
|
|
|
81,934
|
|
||
Principal amount of long-term debt
|
280,944
|
|
|
162,734
|
|
||
Less debt issuance costs
|
(1,868
|
)
|
|
(2,135
|
)
|
||
Total long-term debt
|
279,076
|
|
|
160,599
|
|
||
Less current portion
|
(10,091
|
)
|
|
(9,466
|
)
|
||
Long-term debt, net of current portion
|
$
|
268,985
|
|
|
$
|
151,133
|
|
2019
|
|
$
|
5,000
|
|
2020
|
|
11,875
|
|
|
2021
|
|
14,375
|
|
|
2022
|
|
15,000
|
|
|
2023
|
|
29,550
|
|
|
Total
|
|
$
|
75,800
|
|
|
|
Three months ended June 30,
|
|
Six months ended June 30,
|
||||||||
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||
Basic weighted average common shares outstanding
|
|
10,969,899
|
|
|
10,881,106
|
|
|
10,945,172
|
|
|
10,870,887
|
|
Effect of dilutive shares
|
|
102,846
|
|
|
37,821
|
|
|
78,513
|
|
|
36,890
|
|
Diluted weighted average common shares outstanding
|
|
11,072,745
|
|
|
10,918,927
|
|
|
11,023,685
|
|
|
10,907,777
|
|
|
|
Three months
|
|
Six months
|
||||
Operating lease cost
|
|
$
|
1,625
|
|
|
$
|
3,250
|
|
Short-term lease cost
|
|
175
|
|
|
299
|
|
||
Less: sublease income
|
|
(251
|
)
|
|
(540
|
)
|
||
Total lease cost, net
|
|
$
|
1,549
|
|
|
$
|
3,009
|
|
|
|
Operating Leases
|
||
Last six months of 2019
|
|
$
|
2,439
|
|
2020
|
|
5,384
|
|
|
2021
|
|
5,088
|
|
|
2022
|
|
5,112
|
|
|
2023
|
|
4,790
|
|
|
After 2023
|
|
14,149
|
|
|
Minimum lease payments
|
|
36,962
|
|
|
Less: imputed interest
|
|
(7,078
|
)
|
|
Present value of minimum lease payments
|
|
29,884
|
|
|
Less: current maturities of lease liabilities
|
|
(4,168
|
)
|
|
Long-term lease liabilities
|
|
$
|
25,716
|
|
|
|
Three months ended June 30,
|
|
Six months ended June 30,
|
||||||||||||
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Revenues:
|
|
|
|
|
|
|
|
|
||||||||
Supply Chain Management Group
|
|
$
|
53,805
|
|
|
$
|
54,263
|
|
|
$
|
105,509
|
|
|
$
|
110,127
|
|
Aviation Group
|
|
54,997
|
|
|
35,804
|
|
|
104,367
|
|
|
68,554
|
|
||||
Federal Services Group
|
|
80,309
|
|
|
80,327
|
|
|
149,154
|
|
|
168,610
|
|
||||
Total revenues
|
|
$
|
189,111
|
|
|
$
|
170,394
|
|
|
$
|
359,030
|
|
|
$
|
347,291
|
|
|
|
|
|
|
|
|
|
|
||||||||
Operating income:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Supply Chain Management Group
|
|
$
|
7,557
|
|
|
$
|
8,168
|
|
|
$
|
14,545
|
|
|
$
|
15,764
|
|
Aviation Group
|
|
5,204
|
|
|
2,846
|
|
|
8,252
|
|
|
5,107
|
|
||||
Federal Services Group
|
|
5,059
|
|
|
3,606
|
|
|
8,444
|
|
|
6,084
|
|
||||
Corporate/unallocated expenses
|
|
(1,404
|
)
|
|
(765
|
)
|
|
(3,012
|
)
|
|
(1,507
|
)
|
||||
Operating income
|
|
$
|
16,416
|
|
|
$
|
13,855
|
|
|
$
|
28,229
|
|
|
$
|
25,448
|
|
|
|
Three months ended June 30,
|
|
Six months ended June 30,
|
||||||||||||||||||||||||
Customer
|
|
2019
|
|
%
|
|
2018
|
|
%
|
|
2019
|
|
%
|
|
2018
|
|
%
|
||||||||||||
USPS
|
|
$
|
42,112
|
|
|
22.3
|
%
|
|
$
|
43,089
|
|
|
25.3
|
%
|
|
$
|
84,795
|
|
|
23.6
|
%
|
|
$
|
87,120
|
|
|
25.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
U.S. Navy
|
|
22,202
|
|
|
11.8
|
%
|
|
35,696
|
|
|
20.9
|
%
|
|
42,807
|
|
|
11.9
|
%
|
|
78,281
|
|
|
22.5
|
%
|
||||
U.S. Army
|
|
47,333
|
|
|
25.0
|
%
|
|
41,548
|
|
|
24.4
|
%
|
|
84,052
|
|
|
23.4
|
%
|
|
84,335
|
|
|
24.3
|
%
|
||||
U.S. Air Force
|
|
5,545
|
|
|
2.9
|
%
|
|
4,943
|
|
|
2.9
|
%
|
|
10,922
|
|
|
3.1
|
%
|
|
7,224
|
|
|
2.1
|
%
|
||||
Total - DoD
|
|
75,080
|
|
|
39.7
|
%
|
|
82,187
|
|
|
48.2
|
%
|
|
137,781
|
|
|
38.4
|
%
|
|
169,840
|
|
|
48.9
|
%
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial aviation
|
|
54,086
|
|
|
28.6
|
%
|
|
34,037
|
|
|
20.0
|
%
|
|
102,561
|
|
|
28.6
|
%
|
|
65,572
|
|
|
18.9
|
%
|
||||
Other commercial
|
|
5,090
|
|
|
2.7
|
%
|
|
3,444
|
|
|
2.0
|
%
|
|
10,174
|
|
|
2.8
|
%
|
|
7,032
|
|
|
2.0
|
%
|
||||
Total - Commercial
|
|
59,176
|
|
|
31.3
|
%
|
|
37,481
|
|
|
22.0
|
%
|
|
112,735
|
|
|
31.4
|
%
|
|
72,604
|
|
|
20.9
|
%
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Other government
|
|
12,743
|
|
|
6.7
|
%
|
|
7,637
|
|
|
4.5
|
%
|
|
23,719
|
|
|
6.6
|
%
|
|
17,727
|
|
|
5.1
|
%
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total
|
|
$
|
189,111
|
|
|
100
|
%
|
|
$
|
170,394
|
|
|
100
|
%
|
|
$
|
359,030
|
|
|
100
|
%
|
|
$
|
347,291
|
|
|
100
|
%
|
|
|
Supply Chain Management
|
|
Federal Services
|
|
Aviation
|
|
Total
|
||||||||
Balance as of December 31, 2018
|
|
$
|
63,190
|
|
|
$
|
30,883
|
|
|
$
|
104,549
|
|
|
$
|
198,622
|
|
Increase from acquisition
|
|
—
|
|
|
—
|
|
|
60,590
|
|
|
60,590
|
|
||||
Balance as of June 30, 2019
|
|
$
|
63,190
|
|
|
$
|
30,883
|
|
|
$
|
165,139
|
|
|
$
|
259,212
|
|
|
|
Cost
|
|
Accumulated Amortization
|
|
Accumulated
Impairment Loss
|
|
Net Intangible Assets
|
||||||||
June 30, 2019
|
|
|
|
|
|
|
|
|
||||||||
Contract and customer-related
|
|
$
|
228,094
|
|
|
$
|
(94,185
|
)
|
|
$
|
(1,025
|
)
|
|
$
|
132,884
|
|
Acquired technologies
|
|
12,400
|
|
|
(9,096
|
)
|
|
—
|
|
|
3,304
|
|
||||
Trade names
|
|
24,670
|
|
|
(12,937
|
)
|
|
—
|
|
|
11,733
|
|
||||
Total
|
|
$
|
265,164
|
|
|
$
|
(116,218
|
)
|
|
$
|
(1,025
|
)
|
|
$
|
147,921
|
|
|
|
|
|
|
|
|
|
|
||||||||
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
|
|
Amounts Recorded at Fair Value
|
|
Financial Statement Classification
|
|
Fair Value Hierarchy
|
|
Fair Value June 30, 2019
|
|
Fair Value December 31, 2018
|
||||
Non-COLI assets held in Deferred Supplemental Compensation Plan
|
|
Other assets
|
|
Level 1
|
|
$
|
611
|
|
|
$
|
403
|
|
Interest rate swap agreements
|
|
Accrued expenses/Other current assets
|
|
Level 2
|
|
$
|
1,699
|
|
|
$
|
195
|
|
Earn-out obligation - short-term
|
|
Current portion of earn-out obligation
|
|
Level 3
|
|
$
|
10,700
|
|
|
$
|
—
|
|
Earn-out obligation - long-term
|
|
Earn-out obligation
|
|
Level 3
|
|
$
|
14,300
|
|
|
$
|
—
|
|
|
|
2019
|
|
2018
|
||||
Bookings
|
|
$
|
123
|
|
|
$
|
189
|
|
Revenues
|
|
$
|
149
|
|
|
$
|
169
|
|
Funded Contract Backlog
|
|
$
|
269
|
|
|
$
|
339
|
|
|
|
Three months
|
|
Six months
|
|
Change
|
||||||||||||||||||
|
|
ended June 30,
|
|
ended June 30,
|
|
Three
|
|
Six
|
||||||||||||||||
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
Months
|
|
Months
|
||||||||||||
Revenues
|
|
$
|
189,111
|
|
|
$
|
170,394
|
|
|
$
|
359,030
|
|
|
$
|
347,291
|
|
|
$
|
18,717
|
|
|
$
|
11,739
|
|
Costs and operating expenses
|
|
172,695
|
|
|
156,539
|
|
|
330,801
|
|
|
321,843
|
|
|
16,156
|
|
|
8,958
|
|
||||||
Operating income
|
|
16,416
|
|
|
13,855
|
|
|
28,229
|
|
|
25,448
|
|
|
2,561
|
|
|
2,781
|
|
||||||
Interest expense, net
|
|
3,398
|
|
|
2,182
|
|
|
6,556
|
|
|
4,357
|
|
|
1,216
|
|
|
2,199
|
|
||||||
Income before income taxes
|
|
13,018
|
|
|
11,673
|
|
|
21,673
|
|
|
21,091
|
|
|
1,345
|
|
|
582
|
|
||||||
Provision for income taxes
|
|
3,120
|
|
|
2,922
|
|
|
5,172
|
|
|
5,288
|
|
|
198
|
|
|
(116
|
)
|
||||||
Net income
|
|
$
|
9,898
|
|
|
$
|
8,751
|
|
|
$
|
16,501
|
|
|
$
|
15,803
|
|
|
$
|
1,147
|
|
|
$
|
698
|
|
|
|
Three months
|
|
Six months
|
|
Change
|
||||||||||||||||||
|
|
ended June 30,
|
|
ended June 30,
|
|
Three
|
|
Six
|
||||||||||||||||
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
Months
|
|
Months
|
||||||||||||
Revenues
|
|
$
|
53,805
|
|
|
$
|
54,263
|
|
|
$
|
105,509
|
|
|
$
|
110,127
|
|
|
$
|
(458
|
)
|
|
$
|
(4,618
|
)
|
Costs and operating expenses
|
|
46,248
|
|
|
46,095
|
|
|
90,964
|
|
|
94,363
|
|
|
153
|
|
|
(3,399
|
)
|
||||||
Operating income
|
|
$
|
7,557
|
|
|
$
|
8,168
|
|
|
$
|
14,545
|
|
|
$
|
15,764
|
|
|
$
|
(611
|
)
|
|
$
|
(1,219
|
)
|
Profit percentage
|
|
14.0
|
%
|
|
15.1
|
%
|
|
13.8
|
%
|
|
14.3
|
%
|
|
|
|
|
|
|
|
|
Three months
|
|
Six months
|
|
Change
|
||||||||||||||||||
|
|
ended June 30,
|
|
ended June 30,
|
|
Three
|
|
Six
|
||||||||||||||||
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
Months
|
|
Months
|
||||||||||||
Revenues
|
|
$
|
54,997
|
|
|
$
|
35,804
|
|
|
$
|
104,367
|
|
|
$
|
68,554
|
|
|
$
|
19,193
|
|
|
$
|
35,813
|
|
Costs and operating expenses
|
|
49,793
|
|
|
32,958
|
|
|
96,115
|
|
|
63,447
|
|
|
16,835
|
|
|
32,668
|
|
||||||
Operating income
|
|
$
|
5,204
|
|
|
$
|
2,846
|
|
|
$
|
8,252
|
|
|
$
|
5,107
|
|
|
$
|
2,358
|
|
|
$
|
3,145
|
|
Profit percentage
|
|
9.5
|
%
|
|
7.9
|
%
|
|
7.9
|
%
|
|
7.4
|
%
|
|
|
|
|
|
|
|
|
Three months
|
|
Six months
|
|
Change
|
||||||||||||||||||
|
|
ended June 30,
|
|
ended June 30,
|
|
Three
|
|
Six
|
||||||||||||||||
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
Months
|
|
Months
|
||||||||||||
Revenues
|
|
$
|
80,309
|
|
|
$
|
80,327
|
|
|
$
|
149,154
|
|
|
$
|
168,610
|
|
|
$
|
(18
|
)
|
|
$
|
(19,456
|
)
|
Costs and operating expenses
|
|
75,250
|
|
|
76,721
|
|
|
140,710
|
|
|
162,526
|
|
|
(1,471
|
)
|
|
(21,816
|
)
|
||||||
Operating income
|
|
$
|
5,059
|
|
|
$
|
3,606
|
|
|
$
|
8,444
|
|
|
$
|
6,084
|
|
|
$
|
1,453
|
|
|
$
|
2,360
|
|
Profit percentage
|
|
6.3
|
%
|
|
4.5
|
%
|
|
5.7
|
%
|
|
3.6
|
%
|
|
|
|
|
|
|
|
|
Maximum Ratio
|
|
Actual Ratio
|
Total Funded Debt/EBITDA Ratio
|
|
3.50 to 1
|
|
3.19 to 1
|
|
|
Minimum Ratio
|
|
Actual Ratio
|
Fixed Charge Coverage Ratio
|
|
1.20 to 1
|
|
3.20 to 1
|
(a) Exhibits
|
|
|
|
Section 302 CEO Certification
|
|
|
Section 302 CFO and PAO Certification
|
|
|
Section 906 CEO Certification
|
|
|
Section 906 CFO and PAO Certification
|
|
Exhibit 101.INS
|
|
XBRL Instance Document
|
Exhibit 101.SCH
|
|
XBRL Taxonomy Extension Schema Document
|
Exhibit 101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
Exhibit 101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase Document
|
Exhibit 101.LAB
|
|
XBRL Taxonomy Extension Label Linkbase Document
|
Exhibit 101.PRE
|
|
XBRL Taxonomy Extension Presentation Document
|
|
|
|
VSE CORPORATION
|
|
|
|
|
Date:
|
July 31, 2019
|
By:
|
/s/ John A. Cuomo
|
|
|
|
John A. Cuomo
|
|
|
|
Chief Executive Officer and President
|
|
|
|
(Principal Executive Officer)
|
Date:
|
July 31, 2019
|
By:
|
/s/ Thomas R. Loftus
|
|
|
|
Thomas R. Loftus
|
|
|
|
Executive Vice President and
|
|
|
|
Chief Financial Officer
|
|
|
|
(Principal Accounting Officer)
|
1 Year VSE Chart |
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