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VSE (VSEC) - 2022 Q2 - Earnings Call Transcript
2022-07-30 11:41
Financial Data and Key Metrics Changes - Total revenue increased by 38% year-over-year, reaching $241.7 million in Q2 2022 [24][8] - Adjusted EBITDA rose by 21% year-over-year to $22.9 million, with an adjusted EBITDA margin of 9.5% [27][8] - Adjusted net income increased by 25% compared to the prior year [8] Business Line Data and Key Metrics Changes - **Aviation Segment**: Revenue reached a record $105 million, up 121% year-over-year, with distribution revenue increasing by 177% and MRO revenue by 37% [12][28] - **Fleet Segment**: Revenue grew by 12% year-over-year, driven by strong commercial fleet and e-commerce fulfillment sales [16][32] - **Federal and Defense Segment**: Revenue increased by 3% year-over-year, but adjusted EBITDA declined by 58% due to a shift in contract mix [19][35] Market Data and Key Metrics Changes - The Aviation segment's adjusted EBITDA margin improved by 293 basis points to 11.4% [14][31] - Commercial revenue in the Fleet segment increased by over 48% year-over-year, now representing 40% of total segment revenue [17][32] - Federal and Defense segment margins declined to 4.8%, down 690 basis points year-over-year [36] Company Strategy and Development Direction - The company is focused on building sustainable revenue channels, margin expansion, and optimizing core revenue channels through customer service [9][10] - Continued investment in new capabilities and integrated solutions is planned to support growth in general aviation and commercial customers [30][31] - The company aims to maintain a long-term mid-teen adjusted EBITDA margin target [31] Management's Comments on Operating Environment and Future Outlook - Management acknowledged challenges in the macro environment, including supply chain disruptions and labor constraints, but expressed confidence in the company's resilience and demand for its products [6][21] - The company anticipates further growth in the second half of 2022, driven by program execution and market share gains [22][21] - Management remains cautious about the pace of recovery in the commercial repair market but is optimistic about the backlog and customer activity in the Business and General Aviation segment [48][49] Other Important Information - The company announced the addition of two new directors to its Board as part of a long-term succession plan [20] - Cash and unused commitment availability at the end of Q2 was $91 million, with total net debt outstanding at $308 million [37][38] - The company executed $150 million of forward starting interest rate swaps to mitigate interest rate exposure [39] Q&A Session Summary Question: Insights on Aviation business repair segment - Management noted improvements in both commercial and Business and General Aviation repair businesses, with cautious optimism about future growth [45][46] Question: Performance of Global Parts acquisition - The Global Parts acquisition has exceeded expectations, with strong integration and performance relative to plan [49][50] Question: Margin dynamics in the second half - Management indicated that mix will drive margins, with no expected step down in MRO revenues [56][57] Question: USPS contract performance - Management expects USPS performance to improve due to aging vehicles and market share gains [78][79] Question: Supply chain and pricing strategy - The company is well-positioned with sufficient inventory to support demand, and has flexibility in pricing due to the aftermarket nature of its business [86][87]
VSE (VSEC) - 2022 Q2 - Quarterly Report
2022-07-28 21:31
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period from _____ to _____ Commission File Number: 000-03676 VSE CORPORATION (Exact Name of Registrant as Specified in its Charter) (State or Other Jurisdiction of Incorporation or Orga ...
VSE (VSEC) - 2022 Q1 - Earnings Call Transcript
2022-04-29 10:07
VSE Corporation (NASDAQ:VSEC) Q1 2022 Earnings Conference Call April 28, 2022 8:30 AM ET Company Participants Noel Ryan – Head of IR John A. Cuomo – CEO and President Stephen D. Griffin – SVP & CFO Conference Call Participants Austin Moeller - Canaccord Genuity Kenneth Herbert - RBC Capital Markets Michael Ciarmoli - Truist Securities Michael DiPalma - William Blair Jeffrey Van Sinderen - B. Riley Securities Operator Greetings, and welcome to the VSE Corporation First Quarter 2022 Earnings Conference Call. ...
VSE (VSEC) - 2022 Q1 - Quarterly Report
2022-04-28 21:49
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period from _____ to _____ Commission File Number: 000-03676 VSE CORPORATION (Exact Name of Registrant as Specified in its Charter) (State or Other Jurisdiction of Incorporation or Org ...
VSE (VSEC) - 2022 Q1 - Earnings Call Presentation
2022-04-28 15:21
First Quarter 2022 Results Conference Call April 2022 Forward-Looking Statements This presentation contains statements that, to the extent they are not recitations of historical fact, constitute "forward looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Exchange Act. All such statements are intended to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigat ...
VSE (VSEC) - 2021 Q4 - Annual Report
2022-03-10 23:19
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended December 31, 2021 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period from _____ to _____ Commission File Number: 000-3676 VSE CORPORATION (Exact Name of Registrant as Specified in its Charter) Delaware 54-0649263 (State or Other Jurisdictio ...
VSE (VSEC) - 2021 Q4 - Earnings Call Transcript
2022-03-10 19:06
VSE Corporation (NASDAQ:VSEC) Q4 2021 Earnings Conference Call March 10, 2022 8:30 AM ET Company Participants Noel Ryan - IR John Cuomo - President and CEO Steve Griffin - CFO Conference Call Participants Michael Ciarmoli - Truist Securities Stephen Strackhouse - RBC Capital Markets Louis De Palma - William Blair Josh Sullivan - The Benchmark Company, LLC Jeff Van Sinderen - B. Riley & Co. Chris McGinnis - Sidoti & Company Operator Greetings. Welcome to the VSE Corporation Fourth Quarter and Full Year 2021 ...
VSE (VSEC) - 2021 Q4 - Earnings Call Presentation
2022-03-10 14:01
Fourth Quarter 2021 Results Conference Call March 2022 Forward-Looking Statements This presentation contains statements that, to the extent they are not recitations of historical fact, constitute "forward looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Exchange Act. All such statements are intended to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litiga ...
VSE (VSEC) - 2021 Q3 - Earnings Call Transcript
2021-10-31 06:00
VSE Corporation (NASDAQ:VSEC) Q3 2021 Earnings Conference Call October 28, 2021 8:30 AM ET Company Participants Noel Ryan - IR John Cuomo - President and CEO Steve Griffin - CFO Conference Call Participants Ken Herbert - RBC Capital Markets Michael Ciarmoli - Truist Louis De Palma - William Blair Austin Moeller - Canaccord Jeff Van Sinderen - B. Riley Chris McGinnis - Sidoti & Company Operator Greetings. Welcome to the VSE Corporation Third Quarter 2021 Earnings Conference Call. [Operator Instructions] Plea ...
VSE (VSEC) - 2021 Q3 - Quarterly Report
2021-10-28 20:40
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2021 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (Exact Name of Registrant as Specified in its Charter) (State or Other Jurisdiction of Incorporation or Organization) (I.R.S. Employer Identification No.) 6348 Walker Lane Alexandria, Virginia 22310 ...