VSE (US:VSEC)2022-03-10 14:01Financial Performance - Total revenue increased by 40% year-over-year in 4Q'21[12,17], reaching $210.2 million[15], and 13% year-over-year for the full year 2021[14], reaching $750.9 million[14] - Adjusted EBITDA increased by 3% year-over-year in 4Q'21[12,23], reaching $17.8 million[15], but decreased by 2% year-over-year for the full year 2021[14,23], reaching $73.6 million[14] - Adjusted net income increased by 17% year-over-year in 4Q'21[12], reaching $6.8 million[15] Segment Performance - Aviation segment revenue increased by 115% year-over-year in 4Q'21[12,20,32], reaching $82.8 million[32], and 50% year-over-year for the full year 2021[6,32,33], reaching $247.9 million[32] - Fleet segment revenue increased by 12% year-over-year in 4Q'21[12,21,37,39], reaching $60.5 million[38], and decreased by 4% year-over-year for the full year 2021[37], reaching $233.5 million[6,37], but increased by 8% excluding a non-recurring PPE order in 2020[6,37,39] - Federal & Defense segment revenue increased by 16% year-over-year in 4Q'21[12,22,41,42], reaching $66.9 million[41], and 6% year-over-year for the full year 2021[41], reaching $269.5 million[41] Strategic Initiatives - Commercial revenue in the Fleet segment grew by 61% year-over-year in 4Q'21[12,38], and 72% year-over-year for the full year 2021[8], representing 32% of total Fleet revenue in 2021 compared to 18% in 2020[39] - The company has $122 million in cash and unused commitment availability under a $350 million revolving credit facility[44,45]