Vectrus Announces Fourth Quarter and Full-Year 2020 Results

- Backlog grew 84% yr/yr to a record high of $5.1 billion - Improved long-term visibility with $882 million five-year OMDAC-SWACA recompete win - Added key clients and capabilities through two key acquisitions, accelerating converged infrastructure strategy - Q4 record high adjusted EBITDA margin(1) of 5.0% driven by ongoing performance initiatives - Q4 revenue of $355 million; COVID-19 adversely impacted revenue by $26 million or 7.1% yr/yr; Q4 diluted EPS of $1.42; Adjusted diluted EPS(1) of $1.18 - 2020 revenue of $1.4 billion, COVID-19 adversely impacted revenue by $63 million or 4.6% yr/yr; 2020 diluted EPS of $3.14; Adjusted diluted EPS(1) of $3.07 - Strong 2020 operating cash flow generation of $51 million excluding CARES Act tax deferrals

March 2, 2021 4:05 PM EST

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COLORADO SPRINGS, Colo., March 2, 2021 /PRNewswire/ -- Vectrus, Inc. (NYSE: VEC) announced fourth quarter and full-year 2020 financial results.

"Our 2020 results reflect the operating and financial resiliency of our business model, the dedication of our team to our clients' missions, and the advancements we're making to lead in the converged infrastructure market," said Chuck Prow, Chief Executive Officer of Vectrus. "Our team did an outstanding job delivering high operational readiness in support of our clients' critical infrastructures and national security missions across the globe despite the challenging environment."

"We ended 2020 on a high note, achieving several important milestones during the fourth quarter," said Prow. "In December, Vectrus was formally announced as the winner of the Operations, Maintenance and Defense of Army Communications ("OMDAC-SWACA") recompete. OMDAC-SWACA adds $882 million in backlog to Vectrus over a five-year period of performance and will represent 30 years of client support associated with this important mission. We are proud of the Army's continued confidence in Vectrus to provide uninterrupted support, reliability, and protection of the largest, most dynamic network ever deployed in combat. We also reported record backlog and adjusted EBITDA margin1 of $5.1 billion and 5.0%, respectively. In addition, we reported strong operating cash flows of $50.9 million excluding the benefit from the CARES Act, a new company high. Finally, on December 31, 2020, Vectrus acquired two companies, Zenetex and HHB, that accelerate our converged infrastructure strategy and enable us to deliver a more integrated and comprehensive suite of solutions to our clients globally."

"Zenetex brings new capabilities including high-end logistics, integrated security, mission-critical readiness services for vital defense aviation programs, while expanding our engineering and digital integration offerings," said Prow. "Importantly, the acquisition brings unique access to new intelligence and foreign military clients, providing key channels for future growth."    

Prow continued, "HHB provides integrated solutions that support physical and digital infrastructures within the intelligence community and enhances our capabilities in computer-aided facility management, engineering, design, and planning. The company also provides asset management, logistics, information technology and cybersecurity solutions."  

"I am delighted with the new talent, clients, and capabilities that will enhance the diversification of our business. We look forward to leveraging our combined capabilities to accelerate growth and yield greater opportunities for the business," said Prow.

Fourth Quarter 2020 Results

Fourth quarter 2020 revenue of $355.3 million was down year on year by 2.7% mainly due to COVID-19 pandemic-related deferrals of $25.8 million or 7.1%. Revenue was up $2.9 million sequentially or 0.8%.

Operating income was $13.7 million or 3.9% margin in the fourth quarter of 2020. Adjusted operating income1 was $15.8 million or 4.4% margin. Fourth quarter operating margin was negatively impacted by 10 basis points due to COVID-19 pandemic-related deferrals.

EBITDA1 was $15.8 million or 4.5% margin for the fourth quarter 2020. Adjusted EBITDA1 was $17.9 million or a record 5.0% margin for the fourth quarter 2020. Fourth quarter 2020 EBITDA margin was negatively impacted by 10 basis points due to COVID-19 pandemic-related deferrals.

Fully diluted EPS for the fourth quarter of 2020 was $1.42. Diluted EPS was favorably affected by the recognition of a tax benefit in the period relating to 2018, 2019 and 2020 of $0.60. Adjusted diluted EPS1 for the quarter was $1.18. Fully diluted EPS and Adjusted diluted EPS1  were negatively impacted by $0.10 due to COVID-19 pandemic related deferrals.

Full-Year 2020 Results

Full-year 2020 revenue was $1.396 billion up slightly year on year by 1.0%. COVID-19 adversely impacted revenue $63 million or 4.6% year on year.

Operating income for the year was $43.5 million or 3.1% margin. Full-year adjusted operating income1 was $48.2 million or 3.5% margin. Full-year operating margin was negatively impacted by 20 basis points due to COVID-19 pandemic-related deferrals.

Full-year 2020 EBITDA1 was $51.6 million or 3.7% margin. Adjusted EBITDA1 for the year was $56.3 million or 4.0%. Full-year EBITDA margin was negatively impacted by 20 basis points due to COVID-19 pandemic-related deferrals.

Full-year diluted EPS was $3.14.  Diluted EPS was favorably affected by the recognition of a tax benefit in the period relating to 2018, 2019 and 2020 of $0.60.  Adjusted diluted EPS1 for the year was $3.07 and includes a $0.22 tax benefit pertaining to 2020.  Fully diluted EPS and Adjusted diluted EPS1 was negatively impacted by $0.39 due to COVID-19 pandemic-related deferrals.

"We announced a robust end to the year, reporting fourth quarter 2020 adjusted EBITDA margin1 of 5.0%, the highest level in our company's history. This is a result of our continued focus on automating our core program and support processes, cost efficiencies, supply chain leverage and technology enhancements to modernize our programs and support functions," said Susan Lynch, Senior Vice President and Chief Financial Officer. "Additionally, we reported record operating cash flows.  Excluding the impact of the CARES Act, operating cash flow conversion was 140% as compared to adjusted net income1. Vectrus continues to generate significant positive cash flows, a testament to the resiliency of our business model." 

"During the quarter and in conjunction with our acquisitions, we also negotiated and expanded our credit facility, increasing the amount of funding available under our revolver while improving our covenants. This improved facility is indicative of our strong financial position and the substantial visibility associated with our $5.1 billion backlog. Our balance sheet remains strong and provides flexibility for the company to pursue organic and inorganic growth opportunities that align with our strategy," said Lynch.

Cash provided by operating activities through December 31, 2020 was $64.1 million. The company benefitted from the CARES Act tax deferrals by approximately $13.2 million.

Net debt at December 31, 2020 was $112.1 million, up from $35.2 million at December 31, 2019 due to the acquisitions of Zenetex and HHB on December 31, 2020. Total debt at December 31, 2020 was $179.0 million, up $108.5 million from $70.5 million at December 31, 2019. Cash at year-end was $66.9 million, up $31.6 million from $35.3 million at December 31, 2019. Total liquidity on December 31, 2020 was more than $220 million. Total consolidated indebtedness to consolidated EBITDA1 (total leverage ratio) was 2.05x.

Total backlog as of December 31, 2020 was $5.1 billion and funded backlog was $0.9 billion.  The trailing twelve-month book-to-bill was 2.1x as of December 31, 2020.

Establishing 2021 Guidance

Lynch continued, "In 2021, we will continue to phase in LOGCAP V, integrate our recent acquisitions and continue organic expansion associated with our campaigns and new business pipeline. Additionally, we expect to see the initial benefits from the implementation of our new enterprise IT platform, which is streamlining, modernizing, and automating our core processes. Guidance for 2021 is as follows:

$ millions, except for EBITDA margins and per share amounts

2021 Guidance

Revenue

$1,645

to

$1,715

Adjusted EBITDA Margin1

4.6%

to

5.0%

Adjusted Diluted Earnings Per Share1

$3.48

to

$4.08

Net Cash Provided by Operating Activities

$55.0

to

$65.0

Forward-looking statements are based upon current expectations and are subject to factors that could cause actual results to differ materially from those suggested here, including those factors set forth in the Safe Harbor Statement below. 

Fourth Quarter 2020 Conference Call

Management will conduct a conference call with analysts and investors at 4:30 p.m. ET on Tuesday, March 2, 2021. U.S.-based participants may dial in to the conference call at 877-407-0792, while international participants may dial 201-689-8263. For all other listeners, a live webcast of the conference call will be available on the Vectrus Investor Relations website at http://investors.vectrus.com or https://www.webcaster4.com/Webcast/Page/1431/40096. An accompanying slide presentation will also be available on the Vectrus Investor Relations website.

A replay of the conference call will be posted on the Vectrus website shortly after completion of the call and will be available for one year. A telephonic replay will also be available through March 16, 2021, at 844-512-2921 (domestic) or 412-317-6671 (international) with passcode 13716448.

Footnotes:1 See "Key Performance Indicators and Non-GAAP Financial Measures" for reconciliation.

About Vectrus

Vectrus is a leading provider of global service solutions with a history in the services market that dates back more than 70 years. The company provides facility and base operations; supply chain and logistics services; information technology mission support; and engineering and digital integration services primarily to U.S. government customers around the world. Vectrus is differentiated by operational excellence, superior program performance, a history of long-term customer relationships and a strong commitment to its clients' mission success. Vectrus is headquartered in Colorado Springs, Colo., and includes about 7,100 employees spanning 148 locations in 26 countries and territories. In 2020, Vectrus generated sales of $1.4 billion. For more information, visit the company's website at www.vectrus.com or connect with Vectrus on Facebook, Twitter, and LinkedIn.

Safe Harbor Statement

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 (the "Act"): Certain material presented herein includes forward-looking statements intended to qualify for the safe harbor from liability established by the Act. These forward-looking statements include, but are not limited to, all of the statements and items listed in the table in "2021 Guidance" above and other assumptions contained therein for purposes of such guidance, other statements about our 2021 performance outlook, five-year growth plan, revenue, DSO, contract opportunities, the potential impact of COVID-19, and any discussion of future operating or financial performance.

Whenever used, words such as "may," "are considering," "will," "likely," "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," "target," "could," "potential," "continue," "goal" or similar terminology are forward-looking statements. These statements are based on the beliefs and assumptions of our management based on information currently available to management.

These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside our management's control, that could cause actual results to differ materially from the results discussed in the forward-looking statements. For a discussion  of some of the risks and important factors that could cause actual results to differ from such forward-looking statements, see the risks and other factors detailed from time to time our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and other filings with the U.S. Securities and Exchange Commission.

We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

CONTACT:

Vectrus Mike Smith, CFA 719-637-5773 michael.smith@vectrus.com

 

VECTRUS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

Year Ended December 31,

(In thousands, except per share data)

2020

2019

2018

Revenue

$

1,395,529

$

1,382,525

$

1,279,036

Cost of revenue

1,271,375

1,254,560

1,164,609

Selling, general and administrative expenses

80,679

78,316

66,372

Operating income

43,475

49,649

48,055

Interest expense, net

(4,793)

(6,470)

(5,071)

Income from operations before income taxes

38,682

43,179

42,984

Income tax expense

1,731

10,003

7,898

Net income

$

36,951

$

33,176

$

35,086

Earnings per share

Basic

$

3.19

$

2.90

$

3.13

Diluted

$

3.14

$

2.86

$

3.08

Weighted average common shares outstanding - basic

11,599

11,444

11,224

Weighted average common shares outstanding - diluted

11,751

11,612

11,378

 

VECTRUS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

December 31,

(In thousands, except share information)

2020

2019

Assets

Current assets

Cash and cash equivalents

$

66,949

$

35,318

Restricted cash

1,778

Receivables

314,959

269,144

Other current assets

24,702

16,154

Total current assets

408,388

320,616

Property, plant, and equipment, net

22,573

18,844

Goodwill

339,702

261,983

Intangible assets, net

48,105

14,926

Right-of-use assets

18,718

14,654

Other non-current assets

6,325

5,366

Total non-current assets

435,423

315,773

Total Assets

$

843,811

$

636,389

Liabilities and Shareholders' Equity

Current liabilities

Accounts payable

$

159,586

$

148,015

Compensation and other employee benefits

79,568

53,155

Short-term debt

8,600

6,500

Other accrued liabilities

40,657

37,409

Total current liabilities

288,411

245,079

Long-term debt, net

168,751

63,041

Deferred tax liability

39,386

49,407

Other non-current liabilities

42,325

19,997

 Total non-current liabilities

250,462

132,445

Total liabilities

538,873

377,524

 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; 11,624,717 and 11,523,691 shares issued and outstanding as of December 31, 2020 and 2019, respectively                                      

116

115

Additional paid in capital

82,823

78,757

Retained earnings

222,026

185,075

Accumulated other comprehensive loss

(27)

(5,082)

Total shareholders' equity

304,938

258,865

Total Liabilities and Shareholders' Equity

$

843,811

$

636,389

 

 

VECTRUS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Year Ended December 31,

(In thousands)

2020

2019

2018

Operating activities

Net income

$

36,951

$

33,176

$

35,086

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation expense

4,097

3,379

1,798

Amortization of intangible assets

4,029

3,111

1,999

(Gain) loss on disposal of property, plant, and equipment

(14)

62

348

Stock-based compensation

9,445

8,262

4,096

Amortization of debt issuance costs

386

404

426

Changes in assets and liabilities:

Receivables

1,000

(21,053)

(24,646)

Other assets

(7,232)

1,537

(8,193)

Accounts payable

(2,680)

(11,733)

29,960

Deferred taxes

(10,665)

(7,173)

475

Compensation and other employee benefits

12,004

9,652

178

Other liabilities

16,760

7,933

(1,471)

Net cash provided by operating activities

64,081

27,557

40,056

Investing activities

Purchases of capital assets

(4,500)

(16,151)

(10,025)

Proceeds from the disposition of assets

84

5,400

33

Acquisition of business, net of cash acquired

(133,609)

(45,074)

(36,855)

Net cash (used in) investing activities

(138,025)

(55,825)

(46,847)

Financing activities

Repayments of long-term debt

(6,500)

(4,500)

(4,000)

Proceeds from revolver

314,000

333,500

207,000

Repayments of revolver

(199,000)

(333,500)

(207,000)

Proceeds from exercise of stock options

59

3,672

1,595

Payment of debt issuance costs

(830)

Payments of employee withholding taxes on share-based compensation

(1,955)

(1,068)

(880)

Net cash provided by (used in) financing activities

105,774

(1,896)

(3,285)

Exchange rate effect on cash

1,579

(663)

(1,232)

Net change in cash, cash equivalents and restricted cash

33,409

(30,827)

(11,308)

Cash, cash equivalents and restricted cash - beginning of year

35,318

66,145

77,453

Cash, cash equivalents and restricted cash - end of year

$

68,727

$

35,318

$

66,145

Supplemental Disclosure of Cash Flow Information:

Interest paid

$

3,717

$

6,229

$

4,973

Income taxes paid

$

14,520

$

4,511

$

11,588

Purchase of capital assets on account

$

2,226

$

556

$

1,128

Key Performance Indicators and Non-GAAP Measures

The primary financial performance measures we use to manage our business and monitor results of operations are revenue trends and operating income trends. Management believes that these financial performance measures are the primary drivers for our earnings and net cash from operating activities. Management evaluates its contracts and business performance by focusing on revenue, operating income and operating margin. Operating income represents revenue less both cost of revenue and selling, general and administrative (SG&A) expenses. Cost of revenue consists of labor, subcontracting costs, materials, and an allocation of indirect costs, which includes service center transaction costs. SG&A expenses consist of indirect labor costs (including wages and salaries for executives and administrative personnel), bid and proposal expenses and other general and administrative expenses not allocated to cost of revenue. We define operating margin as operating income divided by revenue.

We manage the nature and amount of costs at the program level, which forms the basis for estimating our total costs and profitability. This is consistent with our approach for managing our business, which begins with management's assessing the bidding opportunity for each contract and then managing contract profitability throughout the performance period.

In addition to the key performance measures discussed above, we consider adjusted operating income, adjusted operating margin, adjusted net income, adjusted diluted earnings per share, EBITDA, adjusted EBITDA, EBITDA margin, adjusted EBITDA margin, and organic revenue to be useful to management and investors in evaluating our operating performance, and to provide a tool for evaluating our ongoing operations. This information can assist investors in assessing our financial performance and measures our ability to generate capital for deployment among competing strategic alternatives and initiatives. We provide this information to our investors in our earnings releases, presentations and other disclosures.

Adjusted operating income, adjusted operating margin, adjusted net income, adjusted diluted earnings per share, EBITDA, adjusted EBITDA, EBITDA margin, adjusted EBITDA margin, and organic revenue, however, are not measures of financial performance under GAAP and should not be considered a substitute for operating income, operating margin, net income and diluted earnings per share as determined in accordance with GAAP.  Definitions and reconciliations of these items are provided below.

  • Adjusted operating income is defined as operating income, adjusted to exclude items that may include, but are not limited to significant charges or credits, and unusual and infrequent non-operating items, such as M&A transaction and LOGCAP V pre-operational legal costs that impact current results but are not related to our ongoing operations.
  • Adjusted operating margin is defined as adjusted operating income divided by revenue.
  • Adjusted net income is defined as net income, adjusted to exclude items that may include, but are not limited to, significant charges or credits, and unusual and infrequent non-operating items, such as M&A transaction and LOGCAP V pre-operational legal costs, that impact current results but are not related to our ongoing operations.
  • Adjusted diluted earnings per share is defined as adjusted net income divided by the weighted average diluted common shares outstanding.
  • EBITDA is defined as operating income, adjusted to exclude depreciation and amortization.
  • Adjusted EBITDA is defined as EBITDA, adjusted to exclude items that may include, but are not limited to, significant charges or credits and unusual and infrequent non-operating items, such as M&A transaction and LOGCAP V pre-operational legal costs that impact current results but are not related to our ongoing operations.
  • EBITDA margin is defined as EBITDA divided by revenue.
  • Adjusted EBITDA margin is defined as Adjusted EBITDA divided by revenue.
  • Organic revenue is defined as revenue, adjusted to exclude revenue from acquired companies.

 

Adjusted Net Income, Adjusted Diluted Earnings Per Share (Non-GAAP Measures)

($ in thousands, except per share data)

Three

Months

Ended

December

31, 2020 As

Reported

M&A

Related

Costs

LOGCAP V

Pre-

Operational

Legal Costs

Tax

Adjustment

Related to

Prior Yrs

Three

Months

Ended

December

31, 2020 As

Reported –

Adjusted

Revenue

$

355,317

$

$

$

$

355,317

Growth

(2.7)

%

(2.7)

%

Operating income

13,725

1,960

120

15,805

Operating margin

3.9

%

4.4

%

Interest expense, net

(806)

(806)

Income from operations before income taxes

$

12,919

$

1,960

$

120

$

$

14,999

Income tax expense/(benefit)

(3,862)

451

28

4,505

1,122

Income tax rate

(29.9)

%

7.5

%

Net income

$

16,781

$

1,509

$

92

$

(4,505)

$

13,877

Weighted average common shares outstanding, diluted

11,782

11,782

Diluted earnings per share

$

1.42

$

0.13

$

0.01

$

(0.38)

$

1.18

EBITDA (Non-GAAP Measures)

($ in thousands)

Three

Months

Ended

December

31, 2020 As

Reported

M&A

Related

Costs

LOGCAP V

Pre-

Operational

Legal Costs

Tax

Adjustment

Related to

Prior Yrs

Three

Months

Ended

December

31, 2020 As

Reported –

Adjusted

Operating Income

$

13,725

$

1,960

$

120

$

$

15,805

Add:

Depreciation and amortization

2,094

2,094

EBITDA

$

15,819

$

1,960

$

120

$

$

17,899

EBITDA Margin

4.5

%

5.0

%

Adjusted Net Income, Adjusted Diluted Earnings Per Share (Non-GAAP Measures)

($ in thousands, except per share data)

Three

Months

Ended

December

31, 2019 As

Reported

M&A

Related

Costs

LOGCAP V

Pre-

Operational

Legal Costs

Tax

Adjustment

Related to

Prior Yrs

Three

Months

Ended

December

31, 2019 As

Reported –

Adjusted

Revenue

$

365,157

$

$

$

$

365,156

Operating income

15,649

(11)

390

16,028

Operating margin

4.3

%

4.4

%

Interest expense, net

(1,659)

(1,659)

Income from operations before income taxes

$

13,990

$

(11)

$

390

$

$

14,369

Income tax expense

3,345

(3)

93

3,435

Income tax rate

23.9

%

23.9

%

Net income

$

10,644

$

(8)

$

297

$

$

10,934

Weighted average common shares outstanding, diluted

11,728

11,728

Diluted earnings per share

$

0.91

$

$

0.03

$

$

0.93

EBITDA (Non-GAAP Measures)

($ in thousands)

Three

Months

Ended

December

31, 2019 As

Reported

M&A

Related

Costs

LOGCAP V

Pre-

Operational

Legal Costs

Tax

Adjustment

Related to

Prior Yrs

Three

Months

Ended

December

31, 2019 As

Reported –

Adjusted

Operating Income

15,649

(11)

$

390

$

$

16,028

Add:

Depreciation and amortization

1,992

1,992

EBITDA

$

17,641

$

(11)

$

390

$

$

18,020

EBITDA Margin

4.8

%

4.9

%

Adjusted Net Income, Adjusted Diluted Earnings Per Share (Non-GAAP Measures)

($ in thousands, except per share data)

Year Ended

December

31, 2020 As

Reported

M&A

Related

Costs

LOGCAP V

Pre-

Operational

Legal Costs

Tax

Adjustment

Related to

Prior Yrs

Year Ended

December

31, 2020 As

Reported –

Adjusted

Revenue

$

1,395,529

$

$

$

$

1,395,529

Operating income

43,475

4,367

345

48,187

Operating margin

3.1

%

3.5

%

Interest expense, net

(4,793)

(4,793)

Income from operations before income taxes

$

38,682

$

4,367

$

345

$

$

43,394

Income tax expense

1,731

1,004

76

4,505

7,316

Income tax rate

4.5

%

16.9

%

Net income

$

36,951

$

3,363

$

269

$

(4,505)

$

36,078

Weighted average common shares outstanding, diluted

11,751

11,751

Diluted earnings per share

$

3.14

$

0.29

$

0.02

$

(0.38)

$

3.07

EBITDA (Non-GAAP Measures)

($ in thousands)

Year Ended

December

31, 2020 As

Reported

M&A

Related

Costs

LOGCAP V

Pre-

Operational

Legal Costs

Tax

Adjustment

Related to

Prior Yrs

Year Ended

December

31, 2020 As

Reported –

Adjusted

Operating Income

$

43,475

$

4,367

$

345

$

$

48,187

Add:

Depreciation and amortization

8,126

8,126

EBITDA

$

51,601

$

4,367

$

345

$

$

56,313

EBITDA Margin

3.7

%

4.0

%

Adjusted Net Income, Adjusted Diluted Earnings Per Share (Non-GAAP Measures)

($ in thousands, except per share data)

Year Ended

December

31, 2019 As

Reported

M&A

Related

Costs

LOGCAP V

Pre-

Operational

Legal Costs

Tax

Adjustment

Related to

Prior Yrs

Year Ended

December

31, 2019 As

Reported –

Adjusted

Revenue

$

1,382,525

$

$

$

$

1,382,525

Operating income

49,649

2,121

1,166

52,936

Operating margin

3.6

%

3.8

%

Interest expense, net

(6,470)

(6,470)

Income from operations before income taxes

$

43,179

$

2,121

$

1,166

$

$

46,466

Income tax expense

10,003

490

269

10,762

Income tax rate

23.2

%

23.2

%

Net income

$

33,176

$

1,631

$

897

$

$

35,704

Weighted average common shares outstanding, diluted

11,612

11,612

Diluted earnings per share

$

2.86

$

0.14

$

0.08

$

$

3.07

EBITDA (Non-GAAP Measures)

($ in thousands)

Year Ended

December

31, 2019 As

Reported

M&A

Related

Costs

LOGCAP V

Pre-

Operational

Legal Costs

Tax

Adjustment

Related to

Prior Yrs

Year Ended

December

31, 2019 As

Reported –

Adjusted

Operating Income

$

49,649

$

2,121

$

1,166

$

$

52,936

Add:

Depreciation and amortization

6,490

6,490

EBITDA

$

56,139

$

2,121

$

1,166

$

$

59,426

EBITDA Margin

4.1

%

4.3

%

 

(In thousands)

Year EndedDecember 31, 2020 As Reported

Six Months Ended July 3, 2020 Advantor

Year Ended December 31, 2020 As Reported - Organic

Revenue

$

1,395,529

$

21,473

$

1,374,056

($ In thousands)

Year EndedDecember 31, 2019 As Reported

Six Months Ended June 28, 2019 Advantor

Year Ended December 31, 2019 As Reported - Organic

Revenue

$

1,382,525

$

$

1,382,525

Organic Revenue $

$

(8,469)

Organic Revenue %

(0.6)

%

SUPPLEMENTAL INFORMATION

Revenue by client branch, contract type, contract relationship, and geographic region for the periods presented below was as follows: 

Revenue by Client

Year Ended December 31,

(In thousands)

2020

%

2019

%

2018

%

Army

$

965,558

69

%

$

958,582

69

%

$

934,427

73

%

Air Force

299,272

21

%

306,767

22

%

259,511

20

%

Navy

68,748

5

%

56,236

4

%

38,534

3

%

Other

61,951

5

%

60,940

5

%

46,564

4

%

Total revenue

$

1,395,529

$

1,382,525

$

1,279,036

Revenue by Contract Type

Year Ended December 31,

(In thousands)

2020

%

2019

%

2018

%

Cost-plus and cost-reimbursable¹

$

991,535

71

%

$

1,048,015

76

%

$

995,415

78

%

Firm-fixed-price

403,994

29

%

334,510

24

%

283,621

22

%

Total revenue

$

1,395,529

$

1,382,525

$

1,279,036

¹ Includes time and material contracts

Revenue by Contract Relationship

Year Ended December 31,

(In thousands)

2020

%

2019

%

2018

%

Prime contractor

$

1,324,628

95

%

$

1,312,928

95

%

$

1,200,726

94

%

Subcontractor

70,901

5

%

69,597

5

%

78,310

6

%

Total revenue

$

1,395,529

$

1,382,525

$

1,279,036

Revenue by Geographic Region

Year Ended December 31,

(In thousands)

2020

%

2019

%

2018

%

Middle East

$

906,470

65

%

$

939,685

68

%

$

889,620

70

%

United States

334,128

24

%

304,925

22

%

269,482

21

%

Europe

154,931

11

%

137,915

10

%

119,934

9

%

Total revenue

$

1,395,529

$

1,382,525

$

1,279,036

 

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/vectrus-announces-fourth-quarter-and-full-year-2020-results-301238965.html

SOURCE Vectrus, Inc.



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