$VVX

V2X, Inc.

CIK:0001601548|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 03, 2026	Jun. 27, 2025	Jul. 03, 2026	Jun. 27, 2025
Income Statement [Abstract]
Revenue	$ 1,256,643	$ 1,078,330	$ 2,510,771	$ 2,094,253
Cost of revenue	1,147,139	982,597	2,295,449	1,920,417
Selling, general, and administrative expenses	55,694	42,793	117,422	86,598
Operating income	53,810	52,940	97,900	87,238
Loss on extinguishment of debt	(1,739)	(313)	(1,739)	(2,527)
Interest expense, net	(16,705)	(20,598)	(34,830)	(40,317)
Other expense, net	(2,137)	(2,579)	(4,583)	(4,874)
Income from operations before income taxes	33,229	29,450	56,748	39,520
Income tax expense	7,689	7,059	12,283	9,022
Net income	$ 25,540	$ 22,391	$ 44,465	$ 30,498
Earnings per share
Basic (in dollars per share)	$ 0.82	$ 0.71	$ 1.42	$ 0.96
Diluted (in dollars per share)	$ 0.81	$ 0.70	$ 1.41	$ 0.96
Weighted average common shares outstanding - basic (in shares)	31,327	31,693	31,270	31,643
Weighted average common shares outstanding - diluted (in shares)	31,524	31,883	31,519	31,886

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	6 Months Ended
	Jul. 03, 2026	Jun. 27, 2025
Operating activities
Net income	$ 44,465	$ 30,498
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation expense	8,074	8,175
Amortization of intangible assets	45,796	45,125
Amortization of cloud computing arrangements	2,524	2,453
Loss on disposal of property, plant, and equipment	5	325
Stock-based compensation	8,419	6,181
Deferred taxes	4,649	(4,807)
Amortization of debt issuance costs	3,240	3,032
Loss on extinguishment of debt	1,739	2,527
Changes in assets and liabilities:
Receivables	(89,623)	(20,635)
Other assets	(34,928)	(13,894)
Accounts payable	(10,683)	(116,931)
Compensation and other employee benefits	(42,236)	(17,322)
Other liabilities	(49,801)	8,342
Net cash used in operating activities	(108,360)	(66,931)
Investing activities
Purchases of capital assets	(3,374)	(5,180)
Proceeds from the disposition of assets	0	90
Net cash used in investing activities	(3,374)	(5,090)
Financing activities
Repayments of long-term debt	(37,390)	(3,812)
Proceeds from revolver	0	319,000
Repayments of revolver	0	(319,000)
Proceeds from stock awards and stock options	142	77
Payment of debt issuance costs	(1,194)	(3,909)
Payments of employee withholding taxes on stock-based compensation	(5,335)	(2,974)
Net cash used in financing activities	(43,777)	(10,618)
Exchange rate effect on cash	830	4,775
Net change in cash, cash equivalents and restricted cash	(154,681)	(77,864)
Cash, cash equivalents and restricted cash - beginning of period	368,994	268,321
Cash, cash equivalents and restricted cash - end of period	214,313	190,457
Supplemental disclosure of cash flow information:
Interest paid	33,959	32,956
Income taxes paid	7,861	5,164
Purchase of capital assets on account	$ 1,458	$ 2,125

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Jul. 03, 2026	Dec. 31, 2025
Current assets
Cash, cash equivalents and restricted cash	$ 214,313	$ 368,994
Receivables	827,359	730,256
Prepaid expenses and other current assets	163,671	127,102
Total current assets	1,205,343	1,226,352
Property, plant, and equipment, net	48,990	52,383
Goodwill	1,676,954	1,677,154
Intangible assets, net	194,163	239,760
Other non-current assets	72,876	76,525
Total non-current assets	1,992,983	2,045,822
Total Assets	3,198,326	3,272,174
Current liabilities
Accounts payable	547,403	557,042
Compensation and other employee benefits	134,173	176,530
Short-term debt	16,107	14,935
Other accrued liabilities	216,723	258,373
Total current liabilities	914,406	1,006,880
Long-term debt, net	1,047,980	1,083,234
Deferred tax liabilities	33,640	28,357
Other non-current liabilities	67,844	69,067
Total non-current liabilities	1,149,464	1,180,658
Total liabilities	2,063,870	2,187,538
Commitments and contingencies (Note 7)
Shareholders' Equity
Preferred stock; $0.01 par value; 10,000,000 shares authorized; No shares issued and outstanding	0	0
Common stock; $0.01 par value; 100,000,000 shares authorized; 31,908,996 shares issued and 31,345,358 shares outstanding as of July 3, 2026; 31,735,083 shares issued and 31,171,445 shares outstanding as of December 31, 2025	319	317
Treasury stock, at cost - (563,638) shares as of both July 3, 2026 and December 31, 2025	(30,274)	(30,274)
Additional paid in capital	782,308	779,084
Retained earnings	387,882	343,417
Accumulated other comprehensive loss	(5,779)	(7,908)
Total shareholders' equity	1,134,456	1,084,636
Total Liabilities and Shareholders' Equity	$ 3,198,326	$ 3,272,174