VSE (US:VSEC)2022-07-30 11:45Financial Performance - Total revenue increased by 38% year-over-year, reaching $241.7 million in 2Q22 compared to $175.1 million in 2Q21[8, 15] - Adjusted EBITDA increased by 21% year-over-year, reaching $22.9 million in 2Q22 compared to $18.9 million in 2Q21[8, 15] - Adjusted Net Income increased by $1.9 million year-over-year[8] - Aviation segment revenue increased by 121% year-over-year, reaching $105 million in 2Q22 compared to $47.5 million in 2Q21[9, 23] - Fleet segment revenue increased by 12% year-over-year, reaching $64.7 million in 2Q22 compared to $58.1 million in 2Q21[9, 26] - Federal & Defense segment revenue increased by 3% year-over-year, reaching $72.0 million in 2Q22 compared to $69.5 million in 2Q21[9, 27] Segment Highlights - Aviation distribution revenue increased by 177% year-over-year and repair revenue increased by 37% year-over-year[9, 21] - Fleet commercial revenue increased by 48% year-over-year, driven by e-commerce fulfillment[9] - Commercial sales represent approximately 40% of Fleet segment revenue[6, 26] Balance Sheet - Net debt increased to $308 million in 2Q22 from $284 million in 4Q21[31] - Free cash flow was $(3.4) million in 2Q22[31]