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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, 2025 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 VSE CORPORATION (Exact Name of Registrant as Specified in its Charter) (State or Other Jurisdiction of Incorporation or Organization) (I.R.S. Employer Identification No.) 3361 Enterprise Way Miramar, Flo ...

VSE (VSEC) Q1 2025 Earnings Call May 07, 2025 08:30 AM ET Company Participants Michael Perlman - Vice President of Investor Relations & CommunicationsJohn Cuomo - CEO, President & DirectorAdam Cohn - Chief Financial OfficerKen Herbert - Managing DirectorMichael Ciarmoli - Managing Director - Aerospace & Defense Equity ResearchEllen Page - Equity Associate Conference Call Participants Jeff Van Sinderen - Senior AnalystLouie Dipalma - Research AnalystJosh Sullivan - Managing Director & Equity Research Analyst ...

VSE (VSEC) Q1 2025 Earnings Call May 07, 2025 08:30 AM ET Speaker0 Good day, and welcome to the VSE Corporation First Quarter twenty twenty five Results Conference Call. All participants will be in the listen only mode. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star, then 1 on your telephone keypad. To withdraw your question, please press then 2. Please note this event is being recorded. I would now like to turn the conference over to Michael ...

First Quarter 2025 Results Conference Call May 7, 2025 vsecorp.com Introduction 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 ...

VSE Corporation Announces First Quarter 2025 Results Record Revenue and Profitability Reaffirms 2025 Guidance MIRAMAR, FLORIDA, May 6, 2025 - VSE Corporation (NASDAQ: VSEC, "VSE", or the "Company"), a leading provider of aviation aftermarket distribution and repair services, announced today results for the first quarter 2025. FIRST QUARTER 2025 RESULTS (1) (As compared to the First Quarter 2024) From continuing operations 1 Non-GAAP measures, which reflect a change in the definition of Adjusted EBITDA. See ...

Have you been searching for a stock that might be well-positioned to maintain its earnings-beat streak in its upcoming report? It is worth considering VSE (VSEC) , which belongs to the Zacks Engineering - R and D Services industry.When looking at the last two reports, this supply and logistics company has recorded a strong streak of surpassing earnings estimates. The company has topped estimates by 17.99%, on average, in the last two quarters.For the last reported quarter, VSE came out with earnings of $0.9 ...

VSE Corporation (VSEC) , a leader in aftermarket distribution and repair services, has completed the sale of its Fleet business segment, Wheeler Fleet Solutions. The transaction with One Equity Partners is valued at up to $230 million.The company plans to use the initial cash proceeds to repay outstanding borrowings under its revolving loan facility.VSEC stock climbed 1.5% during the trading session yesterday.Strategic Divestment Strengthens VSEC's Position in AviationThe strategic divestment of the Fleet b ...

Revenue Segments - The Aviation segment accounted for 73% of consolidated revenues in 2024, down from 63% in 2023 and 61% in 2022[22]. - The Fleet segment represented 27% of consolidated revenues in 2024, compared to 37% in 2023 and 39% in 2022[23]. - The Aviation segment achieved record revenue of $786 million for the year ended December 31, 2024, representing a 45% year-over-year increase[114]. - Distribution revenue increased by 27% and repair revenue surged by 86% during the year ended December 31, 2024, compared to the prior year[114]. - The Fleet segment's commercial customer revenue grew by 18% in 2024, with commercial revenues accounting for 61% of total Fleet segment revenue compared to 48% in 2023[116]. - The United States Postal Service (USPS) revenue in 2024 decreased by 30% due to a transition to a new Fleet Management Information System, but maintenance activity began to improve in Q4 2024[116]. - Total revenues for 2024 reached $1,080,132, an increase of 25.6% compared to $860,488 in 2023[171]. - Product revenues increased to $776,676 in 2024, up 12.1% from $693,035 in 2023[171]. - Service revenues surged to $303,456, a significant increase of 81.1% from $167,453 in 2023[171]. Financial Performance - Revenues increased by $219.6 million, or 26%, in 2024 compared to 2023, driven by a $242.2 million increase in the Aviation segment, partially offset by a $22.6 million decline in the Fleet segment[117]. - Operating income for 2024 was $81,419, a decrease of 7.1% from $87,996 in 2023[171]. - Net income from continuing operations was $36,498, down 15.5% from $43,152 in 2023[171]. - The company reported a net income of $15,324 for 2024, a decline of 60.9% compared to $39,134 in 2023[174]. - Basic earnings per share from continuing operations decreased to $2.04 in 2024 from $3.05 in 2023[171]. - The effective tax rate for continued operations decreased to 21.5% in 2024 from 24.2% in 2023, primarily due to a favorable excess stock tax deduction[121]. Costs and Expenses - Costs and operating expenses rose by $226.2 million, or 29%, in 2024 compared to 2023, reflecting increased business activity and revenue generation[118]. - The company incurred total costs and operating expenses of $998,713 in 2024, up 29.2% from $772,492 in 2023[171]. - Interest expense increased by approximately $3.9 million, or 12%, in 2024, attributed to higher average debt facility borrowings[121]. Debt and Assets - The company had $430 million of total debt outstanding as of December 31, 2024, which may increase vulnerability to adverse economic conditions[75]. - As of December 31, 2024, goodwill and intangible assets accounted for 28% and 11% of total assets, respectively[59]. - Goodwill increased significantly to $491.5 million in 2024, compared to $351.8 million in 2023, reflecting a growth of about 40%[169]. - The total assets of the company reached $1.73 billion in 2024, up from $1.35 billion in 2023, marking an increase of approximately 28%[169]. - The current portion of long-term debt increased to $30.0 million in 2024 from $22.5 million in 2023, a rise of 33%[169]. - The company's cash and cash equivalents increased to $29.0 million in 2024, compared to $7.8 million in 2023, representing a growth of over 270%[169]. - Total stockholders' equity rose to $988.2 million in 2024, up from $616.7 million in 2023, indicating an increase of approximately 60%[169]. Strategic Initiatives - The company is focused on growth through acquisitions, seeking complementary assets to enhance its product offerings and market presence[54]. - The company completed the acquisition of Turbine Controls, Inc. in April 2024 and Kellstrom Aerospace Group, Inc. in December 2024, enhancing its position in the aftermarket services[108]. - The company initiated a public offering in May 2024, raising net proceeds of $162.0 million, and another offering in October 2024, raising $163.8 million, to support acquisitions and repay debt[110][111]. - The company plans to continue focusing on market expansion and new product development in the upcoming year[183]. Employee and Operational Insights - As of December 31, 2024, the company employed approximately 1,400 employees, with a focus on specialized experience in various fields[29]. - The company emphasizes a commitment to employee safety through a Health, Environmental and Safety Program, providing ongoing training[30]. - The company aims to attract and retain top talent by offering competitive compensation and comprehensive benefits[34]. - The company operates 33 locations with a total floor space of 1,928 thousand square feet as of December 31, 2024[86]. Risks and Challenges - Global economic conditions and geopolitical factors may adversely affect revenues, particularly in foreign markets[48]. - Supply chain disruptions could impact the company's ability to source products and services, potentially leading to increased costs[49]. - The company faces intense competition in the aviation and vehicle parts industries, with larger competitors posing significant challenges[50]. - Prolonged inflation could increase costs beyond recoverable price increases, adversely affecting profit margins[57]. - The company faces risks related to cybersecurity threats, which could disrupt operations and impact financial results[73]. - Legal and regulatory risks in the aviation industry could expose the company to potential liabilities[66]. - Environmental regulations may impose substantial future costs, affecting financial results[69]. - Market volatility may affect access to cost-effective funding sources, impacting operational capabilities[76]. - The company may experience difficulties in divesting certain businesses, which could disrupt operations and lead to financial losses[61]. - Adverse equity market conditions could lead to impairment of goodwill or intangible assets, affecting financial position[60]. Cash Flow and Financing - Cash used in operating activities increased by $9.2 million in 2024 compared to 2023, primarily due to the working capital impact of the FDS Sale[130]. - Cash provided by financing activities increased by $50.8 million in 2024, mainly due to a $196.0 million increase in proceeds from public offerings of common stock[132]. - The company had $194 million of unused commitments under the credit agreement as of December 31, 2024, indicating a stable financial condition[129]. Accounting and Valuation - The company recognizes revenues for the sale of aircraft parts at a point in time when control is transferred to the customer, typically upon shipment[201]. - The company allocates the purchase price of acquired entities to the underlying tangible and identifiable intangible assets based on their estimated fair values[212]. - The assessment of slow-moving inventory write-downs in the Aviation segment requires significant management judgment, impacting the valuation of inventory[164]. - The company recognizes purchased intangible assets at fair value on the acquisition date, with significant estimates and assumptions involved in determining fair values[146]. - The company assesses the adequacy of allowances for credit losses quarterly based on historical collectability and current market conditions[204].

VSE Corporation (NASDAQ:VSEC) Q4 2024 Earnings Conference Call February 27, 2025 8:30 AM ET Company Participants Michael Perlman - Vice President, Investor Relations & Treasury John Cuomo - President & Chief Executive Officer Adam Cohn - Chief Financial Officer Conference Call Participants Sheila Kahyaoglu - Jefferies Ken Herbert - RBC Capital Markets Michael Ciarmoli - Truist Louie Dipalma - William Blair Jeff Van Sinderen - B. Riley Securities Josh Sullivan - Benchmark Operator Good morning, and welcome t ...