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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Vectrus Inc | NYSE:VEC | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 32.84 | 0 | 01:00:00 |
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Indiana
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38-3924636
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(State or other jurisdiction of incorporation or organization)
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(I.R.S. Employer Identification No.)
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2424 Garden of the Gods Road, Colorado Springs, Colorado 80919
|
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(Address of Principal Executive Offices) (Zip Code)
|
||
Registrant’s telephone number, including area code:
|
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(719) 591-3600
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Title of each class
|
Trading symbol(s)
|
Name of each exchange on which registered
|
Common Stock, Par Value $0.01 Per Share
|
VEC
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New York Stock Exchange
|
Large accelerated filer ¨
|
Accelerated filer þ
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Non-accelerated filer ¨
|
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Smaller reporting company ¨
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Emerging growth company ¨
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Page No.
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|||
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|||
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Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
September 27,
|
|
September 28,
|
|
September 27,
|
|
September 28,
|
||||||||
(In thousands, except per share data)
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Revenue
|
|
$
|
359,854
|
|
|
$
|
308,095
|
|
|
$
|
1,017,371
|
|
|
$
|
949,744
|
|
Cost of revenue
|
|
325,537
|
|
|
278,964
|
|
|
921,685
|
|
|
865,078
|
|
||||
Selling, general and administrative expenses
|
|
19,934
|
|
|
15,125
|
|
|
59,697
|
|
|
48,990
|
|
||||
Operating income
|
|
14,383
|
|
|
14,006
|
|
|
35,989
|
|
|
35,676
|
|
||||
Interest expense, net
|
|
(1,907
|
)
|
|
(1,314
|
)
|
|
(4,811
|
)
|
|
(3,619
|
)
|
||||
Income from operations before income taxes
|
|
12,476
|
|
|
12,692
|
|
|
31,178
|
|
|
32,057
|
|
||||
Income tax expense
|
|
3,094
|
|
|
2,826
|
|
|
7,088
|
|
|
6,884
|
|
||||
Net income
|
|
$
|
9,382
|
|
|
$
|
9,866
|
|
|
$
|
24,090
|
|
|
$
|
25,173
|
|
|
|
|
|
|
|
|
|
|
||||||||
Earnings per share
|
|
|
|
|
|
|
|
|
||||||||
Basic
|
|
$
|
0.82
|
|
|
$
|
0.88
|
|
|
$
|
2.11
|
|
|
$
|
2.25
|
|
Diluted
|
|
$
|
0.80
|
|
|
$
|
0.86
|
|
|
$
|
2.08
|
|
|
$
|
2.21
|
|
Weighted average common shares outstanding - basic
|
|
11,506
|
|
|
11,248
|
|
|
11,420
|
|
|
11,210
|
|
||||
Weighted average common shares outstanding - diluted
|
|
11,678
|
|
|
11,406
|
|
|
11,566
|
|
|
11,380
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
September 27,
|
|
September 28,
|
|
September 27,
|
|
September 28,
|
||||||||
(In thousands)
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Net income
|
|
$
|
9,382
|
|
|
$
|
9,866
|
|
|
$
|
24,090
|
|
|
$
|
25,173
|
|
Other comprehensive income, net of tax
|
|
|
|
|
|
|
|
|
||||||||
Changes in derivative instruments:
|
|
|
|
|
|
|
|
|
||||||||
Net change in fair value of interest rate swap
|
|
(194
|
)
|
|
296
|
|
|
(1,570
|
)
|
|
1,177
|
|
||||
Net change in fair value of foreign currency forward contracts
|
|
(207
|
)
|
|
(34
|
)
|
|
(123
|
)
|
|
(196
|
)
|
||||
Net (loss) gain reclassified to interest expense
|
|
(8
|
)
|
|
—
|
|
|
43
|
|
|
—
|
|
||||
Tax benefit (expense)
|
|
88
|
|
|
(64
|
)
|
|
357
|
|
|
(254
|
)
|
||||
Net change in derivative instruments
|
|
(321
|
)
|
|
198
|
|
|
(1,293
|
)
|
|
727
|
|
||||
Foreign currency translation adjustments, net of tax
|
|
(1,526
|
)
|
|
(43
|
)
|
|
(1,801
|
)
|
|
(943
|
)
|
||||
Accounting Standards Update (ASU) 2018-02 reclassification of certain tax effects to retained earnings
|
|
—
|
|
|
—
|
|
|
(259
|
)
|
|
—
|
|
||||
Other comprehensive (loss) income, net of tax
|
|
(1,847
|
)
|
|
155
|
|
|
(3,353
|
)
|
|
(216
|
)
|
||||
Total comprehensive income
|
|
$
|
7,535
|
|
|
$
|
10,021
|
|
|
$
|
20,737
|
|
|
$
|
24,957
|
|
|
|
September 27,
|
|
December 31,
|
||||
(In thousands, except share information)
|
|
2019
|
|
2018
|
||||
Assets
|
|
|
|
|
||||
Current assets
|
|
|
|
|
||||
Cash
|
|
$
|
41,050
|
|
|
$
|
66,145
|
|
Receivables
|
|
254,796
|
|
|
232,119
|
|
||
Other current assets
|
|
22,588
|
|
|
15,063
|
|
||
Total current assets
|
|
318,434
|
|
|
313,327
|
|
||
Property, plant, and equipment, net
|
|
18,159
|
|
|
13,419
|
|
||
Goodwill
|
|
260,872
|
|
|
233,619
|
|
||
Intangible assets, net
|
|
15,934
|
|
|
8,630
|
|
||
Right-of-use assets
|
|
18,233
|
|
|
—
|
|
||
Other non-current assets
|
|
3,803
|
|
|
3,248
|
|
||
Total non-current assets
|
|
317,001
|
|
|
258,916
|
|
||
Total Assets
|
|
$
|
635,435
|
|
|
$
|
572,243
|
|
Liabilities and Shareholders' Equity
|
|
|
|
|
||||
Current liabilities
|
|
|
|
|
||||
Accounts payable
|
|
$
|
144,828
|
|
|
$
|
156,393
|
|
Compensation and other employee benefits
|
|
60,897
|
|
|
41,790
|
|
||
Short-term debt
|
|
5,500
|
|
|
4,500
|
|
||
Other accrued liabilities
|
|
39,524
|
|
|
22,303
|
|
||
Total current liabilities
|
|
250,749
|
|
|
224,986
|
|
||
Long-term debt, net
|
|
66,438
|
|
|
69,137
|
|
||
Deferred tax liability
|
|
50,560
|
|
|
55,358
|
|
||
Other non-current liabilities
|
|
19,353
|
|
|
1,462
|
|
||
Total non-current liabilities
|
|
136,351
|
|
|
125,957
|
|
||
Total liabilities
|
|
387,100
|
|
|
350,943
|
|
||
Commitments and contingencies (Note 13)
|
|
|
|
|
||||
Shareholders' Equity
|
|
|
|
|
||||
Preferred stock; $0.01 par value; 10,000,000 shares authorized; No shares issued and outstanding
|
|
—
|
|
|
—
|
|
||
Common stock; $0.01 par value; 100,000,000 shares authorized; 11,506,228 and 11,266,906 shares issued and outstanding as of September 27, 2019 and December 31, 2018, respectively
|
|
115
|
|
|
113
|
|
||
Additional paid in capital
|
|
77,766
|
|
|
71,729
|
|
||
Retained earnings
|
|
176,965
|
|
|
152,616
|
|
||
Accumulated other comprehensive loss
|
|
(6,511
|
)
|
|
(3,158
|
)
|
||
Total shareholders' equity
|
|
248,335
|
|
|
221,300
|
|
||
Total Liabilities and Shareholders' Equity
|
|
$
|
635,435
|
|
|
$
|
572,243
|
|
|
|
Nine Months Ended
|
||||||
|
|
September 27,
|
|
September 28,
|
||||
(In thousands)
|
|
2019
|
|
2018
|
||||
Operating activities
|
|
|
|
|
||||
Net income
|
|
$
|
24,090
|
|
|
$
|
25,173
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||
Depreciation expense
|
|
2,395
|
|
|
1,078
|
|
||
Amortization of intangible assets
|
|
2,103
|
|
|
1,468
|
|
||
Loss on disposal of property, plant, and equipment
|
|
2
|
|
|
315
|
|
||
Stock-based compensation
|
|
5,952
|
|
|
3,410
|
|
||
Amortization of debt issuance costs
|
|
301
|
|
|
318
|
|
||
Changes in assets and liabilities:
|
|
|
|
|
||||
Receivables
|
|
(7,521
|
)
|
|
(15,179
|
)
|
||
Other assets
|
|
(5,820
|
)
|
|
(5,669
|
)
|
||
Accounts payable
|
|
(14,458
|
)
|
|
(5,259
|
)
|
||
Deferred taxes
|
|
(4,240
|
)
|
|
(2,101
|
)
|
||
Compensation and other employee benefits
|
|
17,863
|
|
|
5,002
|
|
||
Other liabilities
|
|
7,781
|
|
|
98
|
|
||
Net cash provided by operating activities
|
|
28,448
|
|
|
8,654
|
|
||
Investing activities
|
|
|
|
|
||||
Purchases of capital assets and intangibles
|
|
(14,440
|
)
|
|
(6,115
|
)
|
||
Proceeds from the disposition of assets
|
|
5,400
|
|
|
33
|
|
||
Acquisition of business, net of cash acquired
|
|
(43,963
|
)
|
|
(36,855
|
)
|
||
Net cash used in investing activities
|
|
(53,003
|
)
|
|
(42,937
|
)
|
||
Financing activities
|
|
|
|
|
||||
Repayments of long-term debt
|
|
(2,000
|
)
|
|
(3,000
|
)
|
||
Proceeds from revolver
|
|
226,000
|
|
|
138,000
|
|
||
Repayments of revolver
|
|
(226,000
|
)
|
|
(138,000
|
)
|
||
Proceeds from exercise of stock options
|
|
3,467
|
|
|
1,388
|
|
||
Payments of employee withholding taxes on share-based compensation
|
|
(768
|
)
|
|
(803
|
)
|
||
Net cash provided by (used in) financing activities
|
|
699
|
|
|
(2,415
|
)
|
||
Exchange rate effect on cash
|
|
(1,239
|
)
|
|
(1,171
|
)
|
||
Net change in cash
|
|
(25,095
|
)
|
|
(37,869
|
)
|
||
Cash-beginning of year
|
|
66,145
|
|
|
77,453
|
|
||
Cash-end of period
|
|
$
|
41,050
|
|
|
$
|
39,584
|
|
|
|
|
|
|
||||
Supplemental disclosure of cash flow information:
|
|
|
|
|
||||
Interest paid
|
|
$
|
4,363
|
|
|
$
|
3,241
|
|
Income taxes paid
|
|
$
|
5,076
|
|
|
$
|
11,222
|
|
Non-cash investing activities:
|
|
|
|
|
||||
Purchase of capital assets on account
|
|
$
|
394
|
|
|
$
|
1,374
|
|
|
|
Common Stock Issued
|
|
Additional Paid-in Capital
|
|
|
|
Accumulated Other Comprehensive Loss
|
|
Total Shareholders' Equity
|
|||||||||||||
(In thousands)
|
|
Shares
|
|
Amount
|
|
|
Retained Earnings
|
|
|
||||||||||||||
Balance at December 31, 2017
|
|
11,121
|
|
|
$
|
111
|
|
|
$
|
67,526
|
|
|
$
|
117,415
|
|
|
$
|
(1,680
|
)
|
|
$
|
183,372
|
|
Net income
|
|
|
|
|
|
|
|
6,111
|
|
|
|
|
6,111
|
|
|||||||||
Cumulative effects of adoption of Accounting Standards Codification (ASC) Topic 606 revenue recognition guidance
|
|
|
|
|
|
|
|
(77
|
)
|
|
|
|
(77
|
)
|
|||||||||
Foreign currency translation adjustments
|
|
|
|
|
|
|
|
|
|
487
|
|
|
487
|
|
|||||||||
Unrealized gain on cash flow hedge
|
|
|
|
|
|
|
|
|
|
403
|
|
|
403
|
|
|||||||||
Employee stock awards and stock options
|
|
101
|
|
|
1
|
|
|
522
|
|
|
|
|
|
|
523
|
|
|||||||
Stock-based compensation
|
|
|
|
|
|
867
|
|
|
|
|
|
|
867
|
|
|||||||||
Balance at March 30, 2018
|
|
11,222
|
|
|
$
|
112
|
|
|
$
|
68,915
|
|
|
$
|
123,449
|
|
|
$
|
(790
|
)
|
|
$
|
191,686
|
|
Net income
|
|
|
|
|
|
|
|
9,195
|
|
|
|
|
9,195
|
|
|||||||||
Foreign currency translation adjustments
|
|
|
|
|
|
|
|
|
|
(1,388
|
)
|
|
(1,388
|
)
|
|||||||||
Unrealized gain on cash flow hedge
|
|
|
|
|
|
|
|
|
|
127
|
|
|
127
|
|
|||||||||
Employee stock awards and stock options
|
|
26
|
|
|
|
|
32
|
|
|
|
|
|
|
32
|
|
||||||||
Stock-based compensation
|
|
|
|
|
|
908
|
|
|
|
|
|
|
908
|
|
|||||||||
Balance at June 28, 2018
|
|
11,248
|
|
|
$
|
112
|
|
|
$
|
69,855
|
|
|
$
|
132,644
|
|
|
$
|
(2,051
|
)
|
|
$
|
200,560
|
|
Net income
|
|
|
|
|
|
|
|
9,866
|
|
|
|
|
9,866
|
|
|||||||||
Foreign currency translation adjustments
|
|
|
|
|
|
|
|
|
|
(43
|
)
|
|
(43
|
)
|
|||||||||
Unrealized gain on cash flow hedge
|
|
|
|
|
|
|
|
|
|
198
|
|
|
198
|
|
|||||||||
Employee stock awards and stock options
|
|
1
|
|
|
1
|
|
|
30
|
|
|
|
|
|
|
31
|
|
|||||||
Stock-based compensation
|
|
|
|
|
|
874
|
|
|
|
|
|
|
874
|
|
|||||||||
Balance at September 28, 2018
|
|
11,249
|
|
|
$
|
113
|
|
|
$
|
70,759
|
|
|
$
|
142,510
|
|
|
$
|
(1,896
|
)
|
|
$
|
211,486
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Balance at December 31, 2018
|
|
11,267
|
|
|
$
|
113
|
|
|
$
|
71,729
|
|
|
$
|
152,616
|
|
|
$
|
(3,158
|
)
|
|
$
|
221,300
|
|
Net income
|
|
|
|
|
|
|
|
7,091
|
|
|
|
|
7,091
|
|
|||||||||
Cumulative effects of adoption of ASU 2018-02 reclassification of certain tax effects from accumulated other comprehensive loss
|
|
|
|
|
|
|
|
259
|
|
|
(259
|
)
|
|
—
|
|
||||||||
Foreign currency translation adjustments
|
|
|
|
|
|
|
|
|
|
(823
|
)
|
|
(823
|
)
|
|||||||||
Unrealized loss on cash flow hedge
|
|
|
|
|
|
|
|
|
|
(360
|
)
|
|
(360
|
)
|
|||||||||
Employee stock awards and stock options
|
|
85
|
|
|
1
|
|
|
(82
|
)
|
|
|
|
|
|
(81
|
)
|
|||||||
Stock-based compensation
|
|
|
|
|
|
1,117
|
|
|
|
|
|
|
1,117
|
|
|||||||||
Balance at March 29, 2019
|
|
11,352
|
|
|
$
|
114
|
|
|
$
|
72,764
|
|
|
$
|
159,966
|
|
|
$
|
(4,600
|
)
|
|
$
|
228,244
|
|
Net income
|
|
|
|
|
|
|
|
7,617
|
|
|
|
|
7,617
|
|
|||||||||
Foreign currency translation adjustments
|
|
|
|
|
|
|
|
|
|
547
|
|
|
547
|
|
|||||||||
Unrealized loss on cash flow hedge
|
|
|
|
|
|
|
|
|
|
(611
|
)
|
|
(611
|
)
|
|||||||||
Employee stock awards and stock options
|
|
154
|
|
|
1
|
|
|
2,779
|
|
|
|
|
|
|
2,780
|
|
|||||||
Stock-based compensation
|
|
|
|
|
|
1,099
|
|
|
|
|
|
|
1,099
|
|
|||||||||
Balance at June 27, 2019
|
|
11,506
|
|
|
$
|
115
|
|
|
$
|
76,642
|
|
|
$
|
167,583
|
|
|
$
|
(4,664
|
)
|
|
$
|
239,676
|
|
Net income
|
|
|
|
|
|
|
|
9,382
|
|
|
|
|
9,382
|
|
|||||||||
Foreign currency translation adjustments
|
|
|
|
|
|
|
|
|
|
(1,526
|
)
|
|
(1,526
|
)
|
|||||||||
Unrealized loss on cash flow hedge
|
|
|
|
|
|
|
|
|
|
(321
|
)
|
|
(321
|
)
|
|||||||||
Employee stock awards and stock options
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|
—
|
|
|||||||
Stock-based compensation
|
|
|
|
|
|
1,124
|
|
|
|
|
|
|
1,124
|
|
|||||||||
Balance at September 27, 2019
|
|
11,506
|
|
|
$
|
115
|
|
|
$
|
77,766
|
|
|
$
|
176,965
|
|
|
$
|
(6,511
|
)
|
|
$
|
248,335
|
|
|
|
September 27,
|
|
December 31,
|
||||
(In millions)
|
|
2019
|
|
2018
|
||||
Performance Obligations
|
|
$
|
959
|
|
|
$
|
858
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
September 27,
|
|
September 28,
|
|
September 27,
|
|
September 28,
|
||||||||
(In thousands)
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Cost-plus and cost-reimbursable ¹
|
|
$
|
272,810
|
|
|
$
|
240,338
|
|
|
$
|
781,024
|
|
|
$
|
713,289
|
|
Firm-fixed-price
|
|
87,044
|
|
|
67,757
|
|
|
236,347
|
|
|
236,455
|
|
||||
Total revenue
|
|
$
|
359,854
|
|
|
$
|
308,095
|
|
|
$
|
1,017,371
|
|
|
$
|
949,744
|
|
|
|
|
|
|
|
|
|
|
||||||||
¹ Includes time and material contracts
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
September 27,
|
|
September 28,
|
|
September 27,
|
|
September 28,
|
||||||||
(In thousands)
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Middle East
|
|
$
|
244,142
|
|
|
$
|
223,636
|
|
|
$
|
695,626
|
|
|
$
|
662,734
|
|
United States
|
|
77,228
|
|
|
54,379
|
|
|
219,534
|
|
|
203,015
|
|
||||
Europe
|
|
38,484
|
|
|
30,080
|
|
|
102,211
|
|
|
83,995
|
|
||||
Total revenue
|
|
$
|
359,854
|
|
|
$
|
308,095
|
|
|
$
|
1,017,371
|
|
|
$
|
949,744
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
September 27,
|
|
September 28,
|
|
September 27,
|
|
September 28,
|
||||||||
(In thousands)
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Prime contractor
|
|
$
|
334,383
|
|
|
$
|
290,090
|
|
|
$
|
954,172
|
|
|
$
|
892,206
|
|
Subcontractor
|
|
25,471
|
|
|
18,005
|
|
|
63,199
|
|
|
57,538
|
|
||||
Total revenue
|
|
$
|
359,854
|
|
|
$
|
308,095
|
|
|
$
|
1,017,371
|
|
|
$
|
949,744
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
September 27,
|
|
September 28,
|
|
September 27,
|
|
September 28,
|
||||||||
(In thousands)
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Army
|
|
$
|
245,817
|
|
|
$
|
224,038
|
|
|
$
|
698,377
|
|
|
$
|
700,265
|
|
Air Force
|
|
86,557
|
|
|
64,278
|
|
|
227,081
|
|
|
189,954
|
|
||||
Navy
|
|
13,344
|
|
|
8,567
|
|
|
45,249
|
|
|
26,912
|
|
||||
Other
|
|
14,136
|
|
|
11,212
|
|
|
46,664
|
|
|
32,613
|
|
||||
Total revenue
|
|
$
|
359,854
|
|
|
$
|
308,095
|
|
|
$
|
1,017,371
|
|
|
$
|
949,744
|
|
(In thousands)
|
|
Allocation of Purchase Price
|
||
Receivables
|
|
$
|
11,535
|
|
Other current assets
|
|
2,719
|
|
|
Property, plant and equipment
|
|
155
|
|
|
Goodwill
|
|
27,253
|
|
|
Intangible assets
|
|
8,300
|
|
|
Other non-current assets
|
|
1,868
|
|
|
Accounts payable
|
|
(4,223
|
)
|
|
Other current liabilities
|
|
(1,519
|
)
|
|
Accrued compensation
|
|
(907
|
)
|
|
Other non-current liabilities
|
|
(1,218
|
)
|
|
Purchase price, net of cash acquired
|
|
$
|
43,963
|
|
(In thousands)
|
Allocation of Purchase Price
|
||
Receivables
|
$
|
23,339
|
|
Property, plant and equipment
|
810
|
|
|
Goodwill
|
16,689
|
|
|
Intangible assets
|
10,500
|
|
|
Other current assets
|
975
|
|
|
Accounts payable
|
(10,012
|
)
|
|
Other current liabilities
|
(5,446
|
)
|
|
Purchase price, net of cash acquired
|
$
|
36,855
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
September 27,
|
|
September 28,
|
|
September 27,
|
|
September 28,
|
||||||||
(In thousands, except per share data)
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Net income
|
|
$
|
9,382
|
|
|
$
|
9,866
|
|
|
$
|
24,090
|
|
|
$
|
25,173
|
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted average common shares outstanding
|
|
11,506
|
|
|
11,248
|
|
|
11,420
|
|
|
11,210
|
|
||||
Add: Dilutive impact of stock options
|
|
37
|
|
|
68
|
|
|
45
|
|
|
75
|
|
||||
Add: Dilutive impact of restricted stock units
|
|
135
|
|
|
90
|
|
|
101
|
|
|
95
|
|
||||
Diluted weighted average common shares outstanding
|
|
11,678
|
|
|
11,406
|
|
|
11,566
|
|
|
11,380
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Earnings per share
|
|
|
|
|
|
|
|
|
||||||||
Basic
|
|
$
|
0.82
|
|
|
$
|
0.88
|
|
|
$
|
2.11
|
|
|
$
|
2.25
|
|
Diluted
|
|
$
|
0.80
|
|
|
$
|
0.86
|
|
|
$
|
2.08
|
|
|
$
|
2.21
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||
|
|
September 27,
|
|
September 28,
|
|
September 27,
|
|
September 28,
|
||||
(In thousands)
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||
Anti-dilutive stock options
|
|
—
|
|
|
1
|
|
|
1
|
|
|
2
|
|
Anti-dilutive restricted stock units
|
|
—
|
|
|
—
|
|
|
3
|
|
|
—
|
|
Total
|
|
—
|
|
|
1
|
|
|
4
|
|
|
2
|
|
|
|
September 27,
|
|
December 31,
|
||||
(In thousands)
|
|
2019
|
|
2018
|
||||
Billed receivables
|
|
$
|
48,297
|
|
|
$
|
44,868
|
|
Unbilled receivables (contract assets)
|
|
194,729
|
|
|
181,009
|
|
||
Other
|
|
11,770
|
|
|
6,242
|
|
||
Total receivables
|
|
$
|
254,796
|
|
|
$
|
232,119
|
|
(In thousands)
|
|
Payments due
|
||
2019 (excluding the nine months ended September 27, 2019)
|
|
$
|
2,500
|
|
2020
|
|
6,500
|
|
|
2021
|
|
8,600
|
|
|
2022
|
|
55,400
|
|
|
Total
|
|
$
|
73,000
|
|
(In thousands)
|
|
Fair Value
|
||||
|
|
Balance sheet caption
|
|
Amount
|
||
Interest rate swap designated as cash flow hedge
|
|
Other accrued liabilities
|
|
$
|
315
|
|
Interest rate swap designated as cash flow hedge
|
|
Other non-current liabilities
|
|
$
|
995
|
|
(In thousands)
|
|
Fair Value
|
||||
|
|
Balance sheet caption
|
|
Amount
|
||
Interest rate swap designated as cash flow hedge
|
|
Other current assets
|
|
$
|
121
|
|
Interest rate swap designated as cash flow hedge
|
|
Other non-current assets
|
|
$
|
104
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||
(In thousands)
|
|
September 27, 2019
|
|
September 27, 2019
|
||||
Operating lease expense
|
|
$
|
3,827
|
|
|
$
|
10,890
|
|
Variable lease expense
|
|
196
|
|
|
594
|
|
||
Short-term lease expense
|
|
12,436
|
|
|
35,055
|
|
||
Total lease expense
|
|
$
|
16,459
|
|
|
$
|
46,539
|
|
(In thousands)
|
|
|
September 27, 2019
|
||
Right-of-use assets
|
|
|
$
|
18,233
|
|
|
|
|
|
||
Current lease liabilities (recorded in other accrued liabilities)
|
|
|
$
|
8,402
|
|
Long-term lease liabilities (recorded in other non-current liabilities)
|
|
|
10,683
|
|
|
Total operating lease liabilities
|
|
|
$
|
19,085
|
|
|
|
September 27, 2019
|
|
December 31, 2018
|
||||||||||||
(In thousands)
|
|
Gross Carrying Amount
|
|
Accumulated Amortization
|
|
Gross Carrying Amount
|
|
Accumulated Amortization
|
||||||||
Amortizing intangible assets
|
|
$
|
19,900
|
|
|
$
|
4,102
|
|
|
$
|
10,500
|
|
|
$
|
1,999
|
|
Non-amortizing intangible assets
|
|
136
|
|
|
—
|
|
|
129
|
|
|
—
|
|
||||
Balance
|
|
$
|
20,036
|
|
|
$
|
4,102
|
|
|
$
|
10,629
|
|
|
$
|
1,999
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
(In thousands)
|
|
September 27, 2019
|
|
September 28, 2018
|
|
September 27, 2019
|
|
September 28, 2018
|
||||||||
Compensation costs for equity-based awards
|
|
$
|
1,124
|
|
|
$
|
874
|
|
|
$
|
3,339
|
|
|
$
|
2,650
|
|
Compensation costs for liability-based awards
|
|
798
|
|
|
14
|
|
|
2,613
|
|
|
760
|
|
||||
Total compensation costs, pre-tax
|
|
$
|
1,922
|
|
|
$
|
888
|
|
|
$
|
5,952
|
|
|
$
|
3,410
|
|
Future tax benefit
|
|
$
|
416
|
|
|
$
|
192
|
|
|
$
|
1,288
|
|
|
$
|
737
|
|
|
|
NQOs
|
|
RSUs
|
||||||||||
(In thousands, except per share data)
|
|
Shares
|
|
Weighted Average Exercise Price Per Share
|
|
Shares
|
|
Weighted Average Grant Date Fair Value Per Share
|
||||||
Outstanding at January 1, 2019
|
|
251
|
|
|
$
|
23.00
|
|
|
257
|
|
|
$
|
28.90
|
|
Granted
|
|
—
|
|
|
—
|
|
|
205
|
|
|
$
|
30.03
|
|
|
Exercised
|
|
152
|
|
|
$
|
22.89
|
|
|
—
|
|
|
—
|
|
|
Vested
|
|
—
|
|
|
—
|
|
|
126
|
|
|
$
|
27.66
|
|
|
Forfeited or expired
|
|
12
|
|
|
$
|
24.47
|
|
|
21
|
|
|
$
|
29.04
|
|
Outstanding at September 27, 2019
|
|
87
|
|
|
$
|
22.98
|
|
|
315
|
|
|
$
|
30.14
|
|
|
|
% of Total Revenue
|
||
|
|
Nine Months Ended
|
||
Contract Name
|
|
September 27, 2019
|
|
September 28, 2018
|
Kuwait Base Operations and Security Support Services (K-BOSSS)
|
|
36.2%
|
|
40.4%
|
Operations, Maintenance and Defense of Army Communications in Southwest Asia and Central Asia (OMDAC-SWACA)
|
|
15.8%
|
|
14.2%
|
|
|
September 27,
|
|
December 31,
|
||||
(In millions)
|
|
2019
|
|
2018
|
||||
Funded backlog
|
|
$
|
807
|
|
|
$
|
689
|
|
Unfunded backlog
|
|
2,238
|
|
|
2,323
|
|
||
Total backlog
|
|
$
|
3,045
|
|
|
$
|
3,012
|
|
|
|
Three Months Ended
|
|
Change
|
|||||||||||
(In thousands, except for percentages)
|
|
September 27, 2019
|
|
September 28, 2018
|
|
$
|
|
%
|
|||||||
Revenue
|
|
$
|
359,854
|
|
|
$
|
308,095
|
|
|
$
|
51,759
|
|
|
16.8
|
%
|
Cost of revenue
|
|
325,537
|
|
|
278,964
|
|
|
46,573
|
|
|
16.7
|
%
|
|||
% of revenue
|
|
90.5
|
%
|
|
90.5
|
%
|
|
|
|
|
|||||
Selling, general and administrative expenses
|
|
19,934
|
|
|
15,125
|
|
|
4,809
|
|
|
31.8
|
%
|
|||
% of revenue
|
|
5.5
|
%
|
|
4.9
|
%
|
|
|
|
|
|||||
Operating income
|
|
14,383
|
|
|
14,006
|
|
|
377
|
|
|
2.7
|
%
|
|||
Operating margin
|
|
4.0
|
%
|
|
4.5
|
%
|
|
|
|
|
|||||
Interest expense, net
|
|
(1,907
|
)
|
|
(1,314
|
)
|
|
(593
|
)
|
|
45.1
|
%
|
|||
Income before taxes
|
|
12,476
|
|
|
12,692
|
|
|
(216
|
)
|
|
(1.7
|
)%
|
|||
% of revenue
|
|
3.5
|
%
|
|
4.1
|
%
|
|
|
|
|
|||||
Income tax expense
|
|
3,094
|
|
|
2,826
|
|
|
268
|
|
|
9.5
|
%
|
|||
Effective income tax rate
|
|
24.8
|
%
|
|
22.3
|
%
|
|
|
|
|
|||||
Net Income
|
|
$
|
9,382
|
|
|
$
|
9,866
|
|
|
$
|
(484
|
)
|
|
(4.9
|
)%
|
|
|
Nine Months Ended
|
|
Change
|
|||||||||||
(In thousands, except for percentages)
|
|
September 27, 2019
|
|
September 28, 2018
|
|
$
|
|
%
|
|||||||
Revenue
|
|
$
|
1,017,371
|
|
|
$
|
949,744
|
|
|
$
|
67,627
|
|
|
7.1
|
%
|
Cost of revenue
|
|
921,685
|
|
|
865,078
|
|
|
56,607
|
|
|
6.5
|
%
|
|||
% of revenue
|
|
90.6
|
%
|
|
91.1
|
%
|
|
|
|
|
|||||
Selling, general and administrative expenses
|
|
59,697
|
|
|
48,990
|
|
|
10,707
|
|
|
21.9
|
%
|
|||
% of revenue
|
|
5.9
|
%
|
|
5.2
|
%
|
|
|
|
|
|||||
Operating income
|
|
35,989
|
|
|
35,676
|
|
|
313
|
|
|
0.9
|
%
|
|||
Operating margin
|
|
3.5
|
%
|
|
3.8
|
%
|
|
|
|
|
|||||
Interest expense, net
|
|
(4,811
|
)
|
|
(3,619
|
)
|
|
(1,192
|
)
|
|
(32.9
|
)%
|
|||
Income before taxes
|
|
31,178
|
|
|
32,057
|
|
|
(879
|
)
|
|
(2.7
|
)%
|
|||
% of revenue
|
|
3.1
|
%
|
|
3.4
|
%
|
|
|
|
|
|||||
Income tax expense
|
|
7,088
|
|
|
6,884
|
|
|
204
|
|
|
3.0
|
%
|
|||
Effective income tax rate
|
|
22.7
|
%
|
|
21.5
|
%
|
|
|
|
|
|||||
Net Income
|
|
$
|
24,090
|
|
|
$
|
25,173
|
|
|
$
|
(1,083
|
)
|
|
(4.3
|
)%
|
|
|
Three Months Ended
|
|
Change
|
|
Nine Months Ended
|
|
Change
|
||||||||||||||||||||||
(In thousands, except for percentages)
|
|
September 27, 2019
|
|
September 28, 2018
|
|
$
|
|
%
|
|
September 27, 2019
|
|
September 28, 2018
|
|
$
|
|
%
|
||||||||||||||
Interest income
|
|
$
|
61
|
|
|
$
|
98
|
|
|
$
|
(37
|
)
|
|
(37.8
|
)
|
|
$
|
169
|
|
|
$
|
137
|
|
|
$
|
32
|
|
|
23.4
|
|
Interest expense
|
|
(1,968
|
)
|
|
(1,412
|
)
|
|
(556
|
)
|
|
(39.4
|
)
|
|
(4,980
|
)
|
|
(3,756
|
)
|
|
(1,224
|
)
|
|
(32.6
|
)
|
||||||
Interest expense, net
|
|
$
|
(1,907
|
)
|
|
$
|
(1,314
|
)
|
|
$
|
(593
|
)
|
|
(45.1
|
)
|
|
$
|
(4,811
|
)
|
|
$
|
(3,619
|
)
|
|
$
|
(1,192
|
)
|
|
(32.9
|
)
|
|
|
Nine Months Ended
|
||||||
(In thousands)
|
|
September 27, 2019
|
|
September 28, 2018
|
||||
Operating activities
|
|
$
|
28,448
|
|
|
$
|
8,654
|
|
Investing activities
|
|
(53,003
|
)
|
|
(42,937
|
)
|
||
Financing activities
|
|
699
|
|
|
(2,415
|
)
|
||
Foreign exchange1
|
|
(1,239
|
)
|
|
(1,171
|
)
|
||
Net change in cash
|
|
$
|
(25,095
|
)
|
|
$
|
(37,869
|
)
|
1 Impact on cash balances due to changes in foreign exchange rates.
|
|
|
|
|
10.1
|
|
31.1
|
|
31.2
|
|
32.1
|
|
32.2
|
|
101
|
The following materials from Vectrus, Inc.’s Quarterly Report on Form 10-Q for the quarter ended September 27, 2019, formatted in XBRL (Extensible Business Reporting Language): (i) Unaudited Condensed Consolidated Statements of Income, (ii) Unaudited Condensed Consolidated Statements of Comprehensive Income, (iii) Unaudited Condensed Consolidated Balance Sheets, (iv) Unaudited Condensed Consolidated Statements of Cash Flows, (v) Unaudited Condensed Consolidated Statements of Changes to Shareholders' Equity and (vi) Notes to Condensed Consolidated Financial Statements. #
|
VECTRUS, INC.
|
|
/s/ William B. Noon
|
|
By: William B. Noon
|
|
Corporate Vice President and Chief Accounting Officer
|
|
(Principal Accounting Officer)
|
|
Date: November 5, 2019
|
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