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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, 2024
| | | | | |
| ☐ | 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 Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.) |
| | | | | | | | | | | | | | | | | |
| 3361 Enterprise Way | | | | |
| Miramar, | Florida | | | | 33025 |
| (Address of Principal Executive Offices) | | | | (Zip Code) |
Registrant's Telephone Number, Including Area Code: (954) 430-6600
Securities registered pursuant to Section 12(b) of the Act:
| | | | | | | | | | | | | | |
| Title of each class | | Trading Symbol | | Name of each exchange on which registered |
| Common Stock, par value $0.05 per share | | VSEC | | The NASDAQ Global Select Market |
Securities registered pursuant to Section 12(g) of the Act: None
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ☒
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☒
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Large accelerated filer | ☒ | Accelerated filer | ☐ | Non-accelerated filer | ☐ | Smaller reporting company | ☐ | Emerging growth company | ☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transaction period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐
Indicate by a check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒
The aggregate market value of the registrant's common stock held by non-affiliates of the registrant as of June 28, 2024 (the last business day of the registrant's most recently completed second quarter) was approximately $1.4 billion based upon the closing price of $88.28 as reported on the NASDAQ Global Select Market as of that date.
Number of shares of Common Stock outstanding as of February 21, 2025: 20,600,674
DOCUMENTS INCORPORATED BY REFERENCE
Portions of Registrant's definitive proxy statement for the Annual Meeting of Stockholders expected to be held on May 8, 2025, which is expected to be filed with the Securities and Exchange Commission on or about March 24, 2025, have been incorporated herein by reference into Part III of this report.
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Forward Looking Statements
This Annual Report on Form 10-K ("Form 10-K") 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 Securities Exchange Act of 1934, as amended (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 Litigation Reform Act of 1995 and include this statement for purposes of such safe harbor provisions.
“Forward-looking” statements, as such term is defined by the Securities and Exchange Commission (the “SEC”) in its rules, regulations and releases, represent our expectations or beliefs, including, but not limited to, statements concerning our operations, economic performance, financial condition, growth and acquisition strategies, investments and future operational plans. Without limiting the generality of the foregoing, words such as “may,” “will,” “expect,” “believe,” “anticipate,” “intend,” “forecast,” “seek,” “plan,” “predict,” “project,” “could,” “estimate,” “might,” “continue,” “seeking” or the negative or other variations thereof or comparable terminology are intended to identify forward-looking statements. These statements, by their nature, involve substantial risks and uncertainties, certain of which are beyond our control, and actual results may differ materially depending on a variety of important factors, including, but not limited to, those identified in Item 1A, "Risk Factors” in this Form 10-K. All forward-looking statements made herein are qualified by these cautionary statements and risk factors and there can be no assurance that the actual results, events or developments referenced herein will occur or be realized.
Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management's analysis only as of the date hereof. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that occur or arise after the date hereof.
PART I
ITEM 1. Business
History and Organization
VSE Corporation, through its subsidiaries (collectively, "VSE," the "Company," "we," "us," or "our"), is a leading provider of aftermarket distribution and maintenance, repair and overhaul ("MRO") services for air and land transportation assets for commercial and government markets. VSE was incorporated in Delaware in 1959.
Purpose, Vision and Our Core Values
Purpose and Vision Statement
We deliver trusted solutions to inspire the performance of tomorrow.
We are focused on enhancing the productivity and longevity of our customer's high-value, business-critical assets. We strive to achieve this through our dedication to creating better solutions, anticipating global needs, and building stronger relationships with our customers.
Core Values
•Customer Obsessed: Our exceptional service sets us apart
•Own It: Accountability is our responsibility
•Speak Up: Our experience and our voice matters
•Better Together: We collaborate to win
•Results Matter: We inspire and deliver our key results
Business Operations
Our business operations are managed under two reportable operating segments: Aviation and Fleet. Prior to the sale of the Federal and Defense segment, as discussed below, we operated in three reportable operating segments.
Aviation
The Aviation segment is a leading provider of aftermarket parts distribution and MRO services for components and engine accessories supporting commercial, business and general aviation ("B&GA") operators. This business offers a range of services to a diversified global client base of commercial airlines, regional airlines, air cargo transporters, MRO integrators and providers, aviation manufacturers, corporate and private aircraft owners, and fixed-base operators ("FBOs"). Our Aviation segment accounted for 73%, 63%, and 61% of our consolidated revenues in 2024, 2023 and 2022, respectively.
Fleet
The Fleet segment specializes in parts distribution, engineering solutions, and mission critical supply chain management services supporting the medium and heavy-duty fleet market. Fleet segment operations are conducted under the brand Wheeler Fleet Solutions, which supports the United States Postal Service ("USPS") and commercial truck fleets with parts, sustainment solutions and managed inventory services. Our Fleet segment accounted for 27%, 37%, and 39% of our consolidated revenues in 2024, 2023 and 2022, respectively.
Federal and Defense
Prior to its sale, the Federal and Defense segment provided aftermarket refurbishment and sustainment services to extend and maintain the life cycle of military vehicles, ships and aircraft for the United States Department of Defense ("DoD"). In February 2024, we entered into two separate agreements to sell substantially all of the Federal and Defense segment assets ("FDS Sale"). We have reflected the results of operations for this business as discontinued operations for all periods presented. See Note (3) "Discontinued Operations" to our Consolidated Financial Statements included in Item 8 of this annual report on Form 10-K for
further information.
Products and Services
We provide a broad array of aftermarket parts distribution and service capabilities to support our clients’ aircraft and vehicle fleets. We focus on creating value by sustaining and extending the life and improving the performance of our client transportation assets through core offerings in parts supply and distribution, supply chain management, and MRO services.
We supply parts through our global distribution centers of excellence and provide MRO services from our strategically positioned repair facilities ensuring expedient delivery and turn-around of customers products enabling aircraft and fleet vehicles to return to service on time. See Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” for more information regarding our business operations.
Marketing
Our marketing activities are conducted separately by each of our two business segments by industry-specific sales representatives and professional marketing and business development staff. New customer contacts and information concerning new parts or programs, requirements and opportunities become available through sales calls and client visits, negotiation with key customer and supplier business partners, and formal and informal briefings. We participate in various professional organizations and trade associations, and attend global industry trade shows and events in order to increase our brand awareness and strengthen our service offerings.
Human Capital Resources
Workforce Demographics
Our employees have a variety of specialized experience, training and skills that provide the expertise required to service our customers. As of December 31, 2024, we employed approximately 1,400 employees. Principal employee categories include (i) mechanics and vehicle, aircraft and equipment technicians, (ii) logisticians, (iii) finance, information technology, and human resources support personnel, (iv) warehouse and sales personnel, and (v) engineers.
Employee Health and Safety
We are committed to providing a safe working environment for our employees. Supported by a Health, Environmental and Safety Program, we strive to minimize the risk of injury or illness to workers. We provide our employees with upfront and continuing safety training to communicate and implement safety policies and procedures. We also provide our employees with any additional information, leadership, support and equipment needed to safely perform their job function.
Talent Acquisition, Retention and Development
We strive to attract, develop and retain top talent at all levels of the company. To support this objective, we seek to provide opportunities for professional development and career growth to recognize and reward our employees for their contributions and accomplishments.
We encourage employees to provide feedback about their experience and we regularly conduct employee engagement surveys to gauge employee satisfaction and to understand the effectiveness of engaging our employees on all levels. These surveys provide valuable information on drivers of engagement and areas of improvement to help us maintain an employee-focused experience and culture. We also host quarterly town hall meetings to provide an open and frequent line of communication for all employees.
Company culture is a priority. We model our values and focus on reinforcing these through employee recognition. Our people and teams remain a key market differentiator for our business. Developing internal talent and sourcing for new talent that fits our culture is a key part of our strategy.
We offer competitive compensation and comprehensive benefits to attract, reward and retain a qualified and diverse workforce to achieve our vision and mission and meet the dynamic needs of employees and their families. In addition to competitive base pay, we offer bonus opportunities, a Company matched 401(k) plan, an employee stock purchase plan, healthcare insurance benefits, health savings and flexible spending accounts, paid time off, holiday pay, flexible work schedules, education reimbursement, and employee assistance programs.
Inclusion
We embrace and encourage inclusion and strive to build a culture and company environment supporting inclusivity. Our initiatives include our practices on employee engagement, and the development of a work environment built on the premise of inclusion. We are focused on creating a framework and action plan for inclusion related initiatives across the organization, regularly hosts roundtable discussions aimed at increasing awareness and promoting dialogue to encourage a culture that values inclusive behavior in our workplace.
We also support employee resource groups, which are voluntary, employee-led groups that are open to all employees and provide a forum for all employees to share experiences and support our company's initiatives. We firmly believe in the power of our employee resource groups to foster inclusivity in our workplace. These groups serve as platforms for employees from different backgrounds to connect, share experiences, and advocate for continuous improvement within our organization. We actively seek initiatives and participate in outreach programs to assist individuals who served in the U.S. Armed Forces. These efforts include an emphasis on hiring military veterans to enhance the quality of our workforce. In our continuous pursuit of creating a more inclusive and diverse workplace, we provide training programs to support these initiatives. The goal of this initiative is to increase awareness and promote cultural sensitivity among our employees.
Code of Business Conduct and Ethics
We are committed to the highest ethical standards, and we expect all of our directors, officers and employees to comply with our standards and applicable laws and regulations in the conduct of our business. Our Code of Business Conduct and Ethics (the "Code") sets forth our policies and expectations on what is appropriate behavior and guides ethical business decisions that maintain a commitment to integrity. In addition, we require annual ethics and compliance training for our employees to provide them with the knowledge necessary to maintain our standards of ethics and compliance.
Regulation and Supervision
Our businesses are subject to extensive regulation in the markets we serve. We work with numerous U.S. government agencies and entities, including but not limited to, the Federal Aviation Administration ("FAA") and the USPS. Similar government authorities and regulations exist in the other countries in which we do business.
The FAA regulates the manufacture, repair and operation of all aircraft and aircraft parts operated in the United States. Its regulations are designed to ensure that all aircraft and aviation equipment are continuously maintained in proper condition to ensure safe operation of the aircraft. The inspection, maintenance, and repair procedures for various types of aircraft and equipment are prescribed by these regulatory authorities and can be performed only at certified repair facilities utilizing certified technicians. Certification and conformance are required prior to installation of a part on an aircraft. The FAA requires that various maintenance routines be performed on aircraft components, and we currently satisfy these maintenance standards in our MRO services.
For additional information on regulations and risks affecting our business, refer to Item 1A., "Risk Factors".
Competition
Our businesses operate in highly competitive industries that include numerous competitors, many of which are larger in size and have greater name recognition, financial resources, and larger technical staff than we do. We also compete against smaller, more specialized competitors that concentrate their resources on narrower service offerings.
The extent of competition that we will encounter because of changing economic or competitive conditions, customer requirements or technological developments is unpredictable. We believe the principal competitive factors for our business are customer knowledge, product availability, technical and financial qualifications, past performance, repair turnaround time, government budgetary priorities, sales force initiatives and price.
Available Information
We maintain an internet website at www.vsecorp.com. We make available free of charge through our website, our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and amendments to those reports filed with or otherwise furnished to the SEC pursuant to Section 13(a) or 15(d) of the Exchange Act as soon as reasonably practicable after the reports are electronically filed with, or furnished to, the SEC. The information on or obtainable through our
website is not intended to be incorporated into this Annual Report on Form 10-K. The SEC also maintains an internet website (http://www.sec.gov) that contains reports, proxy and information statements and other information regarding issuers that file electronically with the SEC.
ITEM 1A. Risk Factors
Our future results may differ materially from past results and from those projected in the forward-looking statements contained in this Form 10-K due to various uncertainties and risks, including those risks set forth below, nonrecurring events and other important factors disclosed previously and from time to time in our other reports filed with the SEC.
Operational Risks
Our success is highly dependent on the performance of the aviation aftermarket, which could be impacted by lower demand for business aviation and commercial air travel or airline fleet changes causing lower demand for our goods and services.
General global industry and economic conditions that affect the aviation industry may also affect our business. We are subject to macroeconomic cycles, and when recessions occur, we may experience reduced orders, payment delays, supply chain disruptions or other factors as a result of the economic challenges faced by our customers, prospective customers and suppliers. Further, the aviation industry has historically, from time to time, been subject to downward cycles which reduce the overall demand for jet engine and aircraft component replacement parts and repair and overhaul services, and such downward cycles result in lower sales and greater credit risk. Demand for commercial air travel can be influenced by airline industry profitability, world trade policies, government-to-government relations, terrorism, political unrest, war (including the ongoing Russia-Ukraine conflict and Middle East conflicts), disease outbreaks, environmental constraints imposed upon aircraft operations, technological changes, price, and other competitive factors. These global industry and economic conditions may have a material adverse effect on our business, financial condition, and results of operations.
Global economic conditions and political factors could adversely affect our revenues.
Revenues for work performed in or products delivered to foreign countries are subject to economic conditions in these countries and to political risks posed by ongoing foreign conflicts, including the ongoing Russia-Ukraine conflict and Middle East conflicts, and potential terrorist activity. Significant domestic and political unrest in client countries can constrain our ability to maintain consistent staffing levels, resulting in a fluctuating level of services performed by our employees. We cannot predict when these conditions will occur or the effect it will have on our revenues. Regime changes in these countries can result in government restrictions upon the continuation of ongoing work. Economic conditions in both the United States and foreign countries, and global prices and availability of oil and other commodities could potentially have an adverse effect on the demand for some of our services, including our aviation services.
Supply chain delays, disruptions, and potential geopolitical uncertainty could adversely affect our business operations and expenses.
Due to current economic and geopolitical uncertainty and supply chain disruptions, our business could be adversely impacted by delays or the inability to source products and services for our customers. If our suppliers experience increased disruptions to their operations as a result of these dynamics, they may be unable to fill our supply needs in a timely, compliant and cost-effective manner. We have incurred and may in the future incur additional costs and delays in our business, including higher prices, schedule delays or the costs associated with identifying alternative suppliers. In instances where we may not be able to mitigate these consequences, our ability to perform on our contracts may be impacted, which could result in reduced revenues and profits.
Competition from existing and new competitors may harm our business.
The aviation and vehicle parts industries are highly fragmented, have several highly visible leading companies, and are characterized by intense competition. Some of our original equipment manufacturer ("OEM") competitors have greater name recognition than VSE or our subsidiaries, as well as complementary lines of business and financial, marketing and other resources that we do not have. In addition, OEMs, aircraft maintenance providers, leasing companies and U.S. FAA certificated repair facilities may attempt to bundle their services and product offerings in the supply industry, thereby significantly increasing industry competition.
Investments in inventory and facilities could cause losses if certain work is disrupted or discontinued.
We have made investments in inventory, facilities, and lease commitments to support specific business programs, work requirements, and service offerings. A slowing or disruption of these business programs, work requirements, or service offerings that results in operating below intended levels could cause us to suffer financial losses.
Our business could be adversely affected by incidents that could cause an interruption in our operations or impose a significant financial liability on us.
Disruption of our operations due to internal or external system or service failures, accidents or incidents involving employees or third parties working in high-risk locations, or other crises could adversely affect our financial performance and condition. A fire, flood, earthquake, other natural disaster, or other crisis at or affecting physical facilities, procurement systems, or contractual deliveries could potentially interrupt the revenues from our operations.
The nature of our operations and work performed by our employees presents certain challenges related to workforce management.
Our financial performance is heavily dependent on the abilities of our operating and administrative staff with respect to technical skills, operating performance, pricing, cost management, safety, and administrative and compliance efforts. A wide diversity of contract types, nature of work, work locations, and legal and regulatory complexities challenge our administrative staff and skill sets. We also face challenges associated with our quality of workforce, quality of work, safety, and labor relations compliance. Our current and projected work in foreign countries exposes us to challenges associated with export and ethics compliance, local laws and customs, workforce issues, extended supply chain, political unrest, and war zone threats. Failure to attract or retain an adequately skilled workforce, lack of knowledge or training in critical functions, or inadequate staffing levels, can result in lost work, reduced profit margins, losses from cost overruns, performance deficiencies, workplace accidents, and regulatory noncompliance.
Acquisitions, which are a part of our business strategy, present certain risks.
A key element of our business strategy is growth through the acquisition of additional companies. We are focused on acquiring complementary assets that add new products, new customers, and new capabilities or new geographic and/or operational competitive advantages in both new and existing markets within our core competencies. Our acquisition strategy is affected by, and poses a number of challenges and risks, including the availability of suitable acquisition candidates, availability of capital, diversion of management’s attention, effective integration of the operations and personnel of acquired companies, potential write downs of acquired intangible assets, potential loss of key employees of acquired companies, use of a significant portion of our available cash, compliance with debt covenants and consummation of acquisitions on satisfactory terms.
We may not be able to successfully execute our acquisition strategy, and the failure to do so could have a material adverse effect on our business, financial condition, and results of operations.
We are dependent on access to and the performance of third-party package delivery companies.
Our ability to provide efficient distribution of the products we sell to our customers is an integral component of our overall business strategy, both domestic and international. We do not maintain our own delivery networks, and instead rely on third‑party package delivery companies. We cannot guarantee that we will always be able to ensure access to preferred shipping and delivery companies or that these companies will continue to meet our needs or provide reasonable pricing terms. In addition, if the package delivery companies on which we rely experience delays resulting from inclement weather or other disruptions, we may be unable to maintain appropriate stock of inventory or deliver products to our customers on a timely basis, which may adversely affect our results of operations and financial condition.
Prolonged periods of inflation where we do not have adequate inflation protections in our customer contracts may adversely affect us by increasing costs beyond what we can recover through price increases.
Inflation can adversely affect us by increasing the costs of labor, material and other costs. In addition, inflation is often accompanied by higher interest rates, which increases the cost associated with our variable rate outstanding debt obligations and could increase rates for any new debt obligations that we incur. In an inflationary environment, depending on economic conditions, we may be unable to raise prices enough to keep up with the rate of inflation, which would reduce our profit margins. We have experienced, and continue to experience, increases in the prices of labor, materials, and other costs of providing service. Continued inflationary pressures could impact our profitability.
Changes in future business conditions could cause business investments, recorded goodwill, and/or purchased intangible assets to become impaired, resulting in substantial losses and write-downs that would reduce our operating income.
As part of our business strategy, we make acquisitions and investments following careful analysis and due diligence processes designed to achieve a desired return or strategic objective. Business acquisitions involve estimates, assumptions, and judgments to determine acquisition prices, which are allocated among acquired assets, including goodwill, based upon fair market values. Notwithstanding our analyses, due diligence processes, and business integration efforts, actual operating results of acquired businesses may vary significantly from initial estimates. In such events, we may be required to write down our carrying value of the related goodwill and/or purchased intangible assets. In addition, declines in the trading price of our common stock or the market as a whole could result in goodwill and/or purchased intangible asset impairment charges associated with our existing businesses.
As of December 31, 2024, goodwill and intangible assets, net of amortization, accounted for 28% and 11%, respectively, of our total assets. We test our goodwill for impairment annually in the fourth quarter or when evidence of potential impairment exists. We test acquired intangible assets for impairment whenever events or changes in circumstances indicate their carrying value may be impaired. The impairment tests are based on several factors requiring judgments. As a general matter, a significant decrease in expected cash flows or changes in market conditions may indicate potential impairment of recorded goodwill or intangible assets.
Adverse equity market conditions that result in a decline in market multiples and the trading price of our common stock, or other events, such as reductions in future contract awards or significant adverse changes in our operating margins or the operating results of acquired businesses that vary significantly from projected results on which purchase prices are based, could result in an impairment of goodwill or other intangible assets. Any such impairments that result in us recording goodwill or intangible asset impairment charges could have a material adverse effect on our financial position or results of operations.
Circumstances associated with divestitures could adversely affect the Company's results of operations and financial condition.
We may periodically divest or seek to divest certain businesses that are no longer a part of our ongoing strategic plan. A decision to divest or discontinue assets, businesses, or product lines may result in asset impairments, including those related to goodwill and other intangible assets, and losses upon disposition, both of which could have adverse effects on our results of operations and financial condition. In addition, we may encounter difficulty in finding buyers or executing alternative exit strategies at acceptable prices and terms in a timely manner and prospective buyers may have difficulty obtaining financing. These divestitures may require a significant investment of time and resources and may disrupt our business, distract management from other responsibilities, and may involve the retention of certain current or future liabilities in order to induce a buyer to complete a divestiture or may otherwise result in losses on disposal or continued financial involvement in the divested business, including through indemnification or other arrangements, for a period of time following the transaction, which could adversely affect our financial results. We may not be successful in managing these or any other significant risks that we may encounter in divesting or discontinuing a business or product line, which could have a material adverse effect on our business.
Certain customers comprise a material portion of our revenue. Our work on large government fleets present a risk to revenue growth and sustainability and profit margins.
The loss of or disruption of revenues on a single customer may reduce our revenues and profits. Our USPS managed inventory program constitutes a material portion of our revenues and profits. This concentration of our revenue subjects us to the risk of material adverse revenue disruptions if customer operational decisions, government contract matters, or other issues prevent or delay the fulfillment of work requirements associated with these key customer fleets. Variations in volume and types of parts purchased by the USPS in recent years have caused changes in our profit margins. The USPS has initiated a fleet replacement program for the next generation of the delivery vehicle fleet. The timing of the new vehicle deployment and the retirement of existing vehicles could potentially have a significant impact on our future revenues and profits.
We face various risks related to health epidemics, pandemics and similar outbreaks, which could adversely affect our business.
We face a wide variety of risks related to health epidemics, pandemics, and similar outbreaks. These events have adversely affected, and may continue to adversely affect, our operations, supply chains and distribution systems. Public health crises pose a risk that we or our employees, customers, suppliers, manufacturers, and other partners may be prevented from conducting
business activities for an indefinite period of time, including due to the spread of the disease or shutdowns requested or mandated by governmental authorities.
The extent to which public health crises may have a material adverse effect on our future business, financial condition and results of operations will depend on many factors that are not within our control, including but not limited to the path and effect of epidemics, pandemics, crises or public health concerns, including factors like new variants, vaccinations, potential supply chain disruptions, and inflation, which can impact our key markets.
Legal and Regulatory Risks
We are subject to numerous government rules and regulations that could expose us to potential liabilities or work loss.
The aviation industry is highly regulated by the FAA and similar regulatory agencies in other countries. Aviation engines, engine accessories and components that we sell components and repair services for must meet certain airworthiness standards established by the FAA or the equivalent agencies in certain other countries. We also operate repair facilities that are licensed by the FAA and equivalent agencies of certain other countries to perform such services. New and more stringent regulations may be adopted in the future that could have an adverse effect on us.
Additionally, border tariffs and new trade deals, of which new border tariffs and trade deals may be introduced domestically as indicated by the new presidential administration, could have significant effects on our customers and, in turn, on our suppliers, which may impact our business.
Due to the nature of our work, we could potentially be exposed to legal actions arising from our operations.
Our work includes many manual tasks, including warehousing, shipping, and packing of truck parts inventory, and maintaining and repairing aircraft components and equipment. Some of our work efforts involve the handling of hazardous materials. These services may pose certain challenges that could cause us to be exposed to legal and other liabilities arising from performance issues, work related incidents or employee misconduct that result in damages, injury or death to third parties. Such events could cause us to suffer financial losses and adversely affect our financial condition. See Item 3, "Legal Proceedings” below.
Environmental and pollution risks could potentially impact our financial results.
Our operations are subject to and affected by a variety of existing federal, state, and local environmental protection laws and regulations. In addition, we could be affected by future laws or regulations, including those imposed in response to concerns over climate change, other aspects of the environment, or natural resources. We expect to incur future capital and operating costs to comply with current and future environmental laws and regulations, and such costs could be substantial, depending on the future proliferation of environmental rules and regulations and the extent to which we discover currently unknown environmental conditions.
Some of our contract work includes the use of chemical solvents and the handling of hazardous materials to maintain, repair, and refurbish vehicles, aircraft engines, and equipment. This exposes us to certain environmental and pollution risks. Various federal, state, and local environmental laws and regulations impose restrictions on the discharge of pollutants into the environment and establish standards for the transportation, storage, and disposal of toxic and hazardous wastes. Substantial fines, penalties, and criminal sanctions may be imposed for noncompliance, and certain environmental laws impose joint and several "strict liability" for remediation of spills and releases of oil and hazardous substances. Such laws and regulations impose liability upon a party for environmental cleanup and remediation costs and damage without regard to negligence or fault on the part of such party and could expose us to liability for the conduct of or conditions caused by third parties.
Costs associated with compliance with federal, state, and local provisions regulating the discharge of materials or that otherwise relate to the protection of the environment have not had a material adverse effect on our capital expenditures, earnings, or competitive position. However, we cannot predict the likelihood of such a material adverse effect should we experience the occurrence of a future environmental or pollution event.
The adoption of new environmental laws and regulations, stricter enforcement of existing laws and regulations, imposition of new cleanup requirements, discovery of previously unknown or more extensive contamination, litigation involving environmental impacts, our inability to recover related costs under our government contracts, or the financial insolvency of other responsible parties could cause us to incur costs that could have a material adverse effect on our financial position, results of operations, or cash flows.
Technology Risks
Technology and cybersecurity threats, risks, and incidents could potentially impact our financial results.
We face cybersecurity risk related to our computer systems and data, which may include unauthorized access, acts by computer hackers, computer viruses, malicious code, organized cybersecurity attacks and other security problems and system disruptions, including possible unauthorized access to our and our customers' information. Cybersecurity incidents and similar attacks vary in their form and can include the deployment of harmful malware or ransomware, denial-of-services attacks, and other attacks, which may affect business continuity and threaten the availability, confidentiality and integrity of our systems and data. Cybersecurity incidents can also include employee or personnel failures, fraud, phishing or other social engineering attempts or other methods to cause confidential information, payments, account access or access credentials, or other data to be transmitted to an unintended recipient. Cybersecurity threat actors also may attempt to exploit vulnerabilities through software including that is software commonly used by companies in cloud-based services and bundled software. We also rely on third-parties to host certain enterprise systems and manage and host our data and that of our customers. Our ability to monitor such third parties’ security measures and the full impact of the systemic risk is limited. If our systems, data, or any third party service that we use is unavailable to us for any reason, our customers may experience service interruptions, which could significantly impact our operations, reputation, business, and financial results. Lack of access to our data and that of our clients, or failure of our systems or those of our third-party service providers, may result in interruptions in our service, all of which may cause a loss in customers, refunds of product fees, and/or material harm to our reputation and operating results.
We maintain a cybersecurity risk management program to monitor and mitigate cybersecurity threats and an incident response plan for emerging threats. To date, costs associated with preventing or remediating information management security breaches or complying with related laws and regulations have not had a material adverse effect on our capital expenditures, earnings or competitive position. Additionally, we have obtained insurance that provides coverage for certain cybersecurity incidents. Despite these efforts, we can make no assurances that we will be able to mitigate, detect, prevent, timely and adequately respond, or fully recover from the negative effects of cybersecurity incidents or other cybersecurity compromises, and such cybersecurity incidents, depending on their nature and scope, could potentially result in the misappropriation, destruction, corruption, or unavailability of personal information, critical data and confidential or proprietary information (our own or that of third parties) and the disruption of business operations. Additionally, sophistication of cybersecurity threats, including through the use of artificial intelligence, continues to increase, and the controls and preventative actions we take to reduce the risk of cybersecurity incidents and protect our systems, including the regular testing of our incident response plan, may be insufficient. The potential consequences of a material cybersecurity incident include financial loss, reputational damage, damage to our IT systems, data loss, litigation with third parties, theft of intellectual property, fines, customer attrition, diminution in the value of our investment in research and development, costs related to remediation or the payment of ransom, and increased cybersecurity protection and remediation costs due to the increasing sophistication and proliferation of threats, which in turn could adversely affect our competitiveness and results of operations. Any imposition of liability, particularly liability that is not covered by insurance or is in excess of insurance coverage, could materially harm our operating results and financial condition.
Financial Risks
Our debt exposes us to certain risks.
As of December 31, 2024, we had $430 million of total debt outstanding (net of unamortized debt issuance costs). The amount of our existing debt, combined with our ability to incur significant amounts of debt in the future, could have important consequences, including:
•Increasing our vulnerability to adverse economic or industry conditions;
•Requiring us to dedicate a portion of our cash flow from operations to payments on our debt, thereby reducing the availability of our cash flow to fund working capital, capital expenditures, strategic initiatives, and general corporate purposes;
•Increasing our vulnerability to, and limiting our flexibility in planning for, or reacting to, changes in our business or the industries in which we operate;
•Exposing us to the risk of higher interest rates on borrowings under our credit facility, which is subject to variable rates of interest;
•Placing us at a competitive disadvantage compared to our competitors that have less debt; and
•Limiting our ability to borrow additional funds.
Market volatility and adverse capital market conditions may affect our ability to access cost-effective sources of funding and may expose us to risks associated with the financial viability of suppliers.
The financial markets can experience high levels of volatility and disruption, reducing the availability of credit and other capital sources for certain issuers. We may access these markets from time to time to support certain business activities, including funding acquisitions and refinancing existing indebtedness. We may also access these markets to acquire credit support for our letters of credit. A number of factors could cause us to incur higher borrowing costs, experience greater difficulty accessing public and private markets for debt or prevent us from raising capital in the equity capital markets. These factors include disruptions or declines in the global capital markets, a decline in our financial performance, outlook, or credit ratings and/or volatility in the price of shares of our common stock due to our trading volume and public float. The occurrence of any or all of these events may adversely affect our ability to fund our operations, meet contractual commitments, make future investments or desirable acquisitions, or respond to competitive challenges.
There can be no assurance we will continue to pay dividends at current levels or in the future.
The payment of cash dividends and repurchases of our common stock are subject to limitations under applicable law and our credit agreement, and to the discretion of our board of directors, considered in the context of then current conditions, including our earnings, other operating results, and capital requirements. Declines in asset values or increases in liabilities, including liabilities associated with benefit plans and assets and liabilities associated with taxes, can reduce stockholders’ equity. A deficit in stockholders’ equity could limit our ability under Delaware law to pay dividends.
ITEM 1B. Unresolved Staff Comments
None.
ITEM 1C. Cybersecurity
Risk Management and Strategy
We have an information security process integrated into our overall enterprise risk management (ERM) process that is designed to identify, assess, and manage material risks and threats from cybersecurity. To protect our information systems against cybersecurity threats, we employ a range of security processes designed to identify, prevent, detect, respond to, and recover from identified vulnerabilities and cybersecurity incidents in a timely manner. These include internal reporting mechanisms, monitoring solutions, and detection tools. We also leverage the expertise and support of key cybersecurity third-party partners and tools. Our protective measures include technical and organizational safeguards, employee training, incident response capability assessments, cybersecurity insurance, and business continuity mechanisms. We perform employee training as part of our information security processes for all employees. We regularly assess cybersecurity risks and technology threats, utilizing a qualitative risk model to identify, measure, and prioritize certain risks, and develop related security controls and safeguards.
Risk assessments are conducted when we onboard certain new services and new vendors, including third-party vendors, applications, and other technology services, and when there are significant changes to IT or security architecture. Further, we monitor key vendors to understand how such vendors manage cybersecurity risks and threats during the term of their provision services or products to us.
As part of our cybersecurity incident response framework, our incident response team focuses on responding to, containing, and recovering from a cybersecurity threat and minimizing any business impact. In the event of a cybersecurity incident, the cybersecurity team assesses, among other factors, data and personal information loss, business operations disruption, projected cost and potential for reputational harm, with support from business stakeholders and external technical, legal and law enforcement support.
Governance
Our Board of Directors ("Board") and Audit Committee have oversight responsibility for cybersecurity risks and incidents, including compliance with disclosure requirements, collaboration with law enforcement, and related effects on financial and other risks. Findings and recommendations are reported, as deemed appropriate, to the Board. Senior management including our Chief Information Security Officer ("CISO") engages in regular discussions with the Board regarding cybersecurity risks,
trends, and any material incidents that may arise. Furthermore, the Board receives briefings on cybersecurity matters from the CISO on our cybersecurity and information security.
Our CISO has served in various roles in information technology and information security for over 20 years, with experience in technology risk management, cybersecurity, compliance, network engineering, information systems, and business resiliency. He is a Certified Information Systems Security Professional. Our CISO manages the Company's information security and oversees our data security personnel and our incident response and business continuity management programs to assess and manage the cybersecurity element of our risk management program, including policies, cybersecurity training, security operations and engineering, cyber threat detection and incident response. Our CISO promptly informs and updates the Board about any information regarding security incidents that may pose a significant risk to the Company.
To date, we have not identified any cybersecurity incidents that have materially affected or are reasonably likely to materially affect our business strategy, results of our operations, or financial condition. However, we have been the target of cybersecurity threats and expect them to continue as cybersecurity threats have been rapidly evolving in sophistication and becoming more prevalent. We cannot provide assurance that they will not be materially affected in the future by such risks or any future material incidents. For more information on our cybersecurity related risks, see Item 1A Risk Factors of this Annual Report on Form 10-K.
ITEM 2. Properties
As of December 31, 2024, we owned or leased building space (including offices, warehouses, shops, and other facilities) at 33 locations. Our major operations are at the following locations:
Aviation - Doral, Miramar and Davie, Florida; Independence and Augusta, Kansas; Hebron, Kentucky; Phoenix, Arizona; Montebello and San Bernardino, California; Bloomfield, Connecticut; Roselle, Illinois; Lydney and Southend-on-Sea, United Kingdom; Shannon and Dublin, Ireland; and Norderstedt, Germany
Fleet - Somerset, Pennsylvania; Olive Branch, Mississippi; and Grand Prairie, Texas
The following is a summary of the square footage of our floor space as of December 31, 2024 (in thousands):
| | | | | | | | | | | | | | | | | | | | |
| | Owned | | Leased | | Total |
| Aviation Segment | | 91 | | | 990 | | | 1,081 | |
| Fleet Segment | | 271 | | | 572 | | | 843 | |
Corporate (1) | | — | | | 4 | | | 4 | |
| Total | | 362 | | | 1,566 | | | 1,928 | |
(1) Represents the square footage of our corporate offices in Vienna, Virginia. Our corporate headquarters in Miramar, Florida is shared with our Aviation segment and the square footage is included under the Aviation segment Leased square footage caption. |
We consider our facilities to be in good operating condition and sufficient to meet our operational needs for the foreseeable future.
ITEM 3. Legal Proceedings
We may have certain claims in the normal course of business, including legal proceedings against us and against other parties. In our opinion, the resolution of these claims will not have a material adverse effect on our results of operations, financial position or cash flows. However, because the results of any legal proceedings cannot be predicted with certainty, the amount of loss, if any, cannot be reasonably estimated.
Further, from time-to-time, government agencies investigate whether our operations are being conducted in accordance with applicable contractual and regulatory requirements. Government investigations of us, whether relating to government contracts or conducted for other reasons, could result in administrative, civil or criminal liabilities, including repayments, fines or penalties being imposed upon us, or could lead to suspension or debarment from future government contracting. Government investigations often take years to complete and many result in no adverse action against us. We believe, based upon current information, that the outcome of any such government disputes and investigations will not have a material adverse effect on our results of operations, financial condition or cash flows.
ITEM 4. Mine Safety Disclosures
Not applicable.
PART II
ITEM 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
VSE common stock, par value $0.05 per share, is traded on the NASDAQ Global Select Market ("NASDAQ"), trading symbol, "VSEC."
Common Stock - Dividend Paid Per Share
| | | | | | | | | | | | | | |
| | Dividend Paid Per Share |
| Quarter Ended | | 2024 | | 2023 |
| March 31 | | $ | 0.10 | | | $ | 0.10 | |
| June 30 | | $ | 0.10 | | | $ | 0.10 | |
| September 30 | | $ | 0.10 | | | $ | 0.10 | |
| December 31 | | $ | 0.10 | | | $ | 0.10 | |
| For the Year | | $ | 0.40 | | | $ | 0.40 | |
Holders
As of February 3, 2025, VSE common stock, par value $0.05 per share, was held by approximately 196 stockholders of record. The number of stockholders of record is not representative of the number of beneficial holders because many of VSE's shares are held by depositories, brokers or nominees.
Dividends
Pursuant to our credit agreement, as discussed in Note (7) "Debt" to our Consolidated Financial Statements included in Item 8 of this annual report on Form 10-K, the payment of cash dividends is subject to annual restrictions. We have paid cash dividends each year since 1973.
Certain Sales and Repurchases of VSE Common Stock
During the fiscal year covered by this Form 10-K, we acquired Turbine Controls, Inc. ("TCI") on April 24, 2024 and Kellstrom Aerospace Group, Inc. ("Kellstrom Aerospace") on December 3, 2024. The purchase price of these acquisitions consisted of a combination of cash consideration and in-kind payment in the form of shares of the Company's common stock (127,268 shares and 172,414 shares were issued in connection with the acquisition of TCI and Kellstrom Aerospace, respectively). The common stock issued in connection with both acquisitions was not registered under the Securities Act of 1933, in accordance with Section 4(a)(2) and Rule 506(b) of Regulation D thereunder, as transactions by an issuer not involving any public offering. See Note (2) "Acquisitions" for further information.
During the fiscal year covered by this Form 10-K, no purchases of equity securities of VSE were made by or on behalf of VSE or any "affiliated purchaser" (as defined in Rule 10b-18 (a)(3) under the Exchange Act) other than 34,233 shares of our common stock that were voluntarily forfeited to VSE by participants in its 2006 Restricted Stock Plan (the "2006 Plan") to cover their personal tax liability for vesting stock awards under the 2006 Plan.
Equity Compensation Plan Information
We have two compensation plans approved by our stockholders under which our equity securities are authorized for issuance to employees and directors: the 2006 Plan, and the VSE Corporation 2021 Employee Stock Purchase Plan ("ESPP"). The following table sets forth the amounts of securities authorized for issuance under the 2006 Plan and the ESPP as of December 31, 2024.
| | | | | | | | | | | | | | | | | |
| Plan Category | Number of securities to be issued upon exercise of outstanding options, warrants and rights | | Weighted-average exercise price of outstanding options, warrants and rights | | Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a)) |
| (a) | | (b) | | (c) |
| Equity compensation plans approved by security holders | 229,617 | | | $ | 43.59 | | | 649,202 | |
| Equity compensation plans not approved by security holders | — | | | $ | — | | | — | |
| Total | 229,617 | | | $ | 43.59 | | | 649,202 | |
See Note (10) "Stock-Based Compensation Plans" to our Consolidated Financial Statements included in Item 8 of this annual report on Form 10-K for additional information regarding the 2006 Plan and the ESPP.
Performance Graph
The following graph compares the cumulative total return on our common stock with (i) a performance index for the broad market, the NASDAQ Global Select Market, on which our common stock is traded, and (ii) a published industry index, the S&P 500 Aerospace & Defense Index.
The graph assumes an initial investment of $100 on 12/31/19 and that all dividends have been reinvested. The comparisons are not intended to be indicative of future performance of our common stock.
*$100 invested on 12/31/19 in stock or index, including reinvestment of dividends.
Fiscal year ending December 31.
Performance Graph Table
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 2019 | | 2020 | | 2021 | | 2022 | | 2023 | | 2024 |
| VSE | 100.00 | | 102.53 | | 163.58 | | 127.02 | | 176.39 | | 260.93 |
| NASDAQ Composite | 100.00 | | 144.92 | | 177.06 | | 119.45 | | 172.77 | | 223.87 |
| S&P Aerospace & Defense | 100.00 | | 83.94 | | 95.03 | | 111.54 | | 119.09 | | 136.24 |
ITEM 6. [Reserved]
ITEM 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
The following discussion and analysis should be read in conjunction with our consolidated statements and related notes included in Item 8. "Financial Statements and Supplementary Data" of this Annual Report on Form 10-K. The following generally discusses 2024 and 2023 items and year-to-year comparisons between 2024 and 2023. Discussions of 2022 items and year-to-year comparisons between 2023 and 2022 that are not included in this Form 10-K can be found under Item 7. "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Annual Report on Form 10-K for fiscal year ended December 31, 2023, filed with the SEC on March 8, 2024.
Business Overview
VSE Corporation, through its subsidiaries (collectively, "VSE," the "Company," "we," "us," or "our"), is a leading provider of aftermarket distribution and maintenance, repair and overhaul ("MRO") services for air and land transportation assets for commercial and government markets. Our operations are conducted within two reportable segments aligned with our operating segments: Aviation and Fleet.
Recent Developments
Sale of Federal and Defense Segment
In February 2024, we entered into two separate agreements to sell substantially all of the Federal and Defense segment assets ("FDS Sale"). We have reported the results of operations for the Federal and Defense segment as discontinued operations for all periods presented. See Note (3) "Discontinued Operations" to our Consolidated Financial Statements for further information.
Sale of Fleet Segment
In February 2025, we entered into an agreement to sell the Fleet segment. See Note (19) "Subsequent Event" for further information.
2024 Acquisitions
In April 2024, we completed the acquisition of Turbine Controls, Inc. ("TCI"), a leading provider of aftermarket MRO support services for complex engine components, as well as engine and airframe accessories, across commercial and military applications.
In December 2024, we completed the acquisition of Kellstrom Aerospace Group, Inc. ("Kellstrom Aerospace"), a diversified global distributor and service provider supporting the commercial aerospace engine aftermarket.
See Note (2) "Acquisitions" to the consolidated financial statements for further information.
Underwritten Public Offerings
In May 2024, we initiated a public offering of the Company's common stock relating to the issuance and sale of 2,429,577 shares at a public offering price of $71.00 per share. The offering closed in two transactions, and net proceeds of $162.0 million were received by the Company, which were used to repay outstanding borrowings under our revolving credit facility, including amounts borrowed to pay the purchase price of the TCI acquisition and for general corporate purposes.
In October 2024, we initiated a public offering of the Company's common stock relating to the issuance and sale of 1,982,757 shares at a public offering price of $87.00 per share. The offering closed on October 17, 2024, and net proceeds of $163.8 million were received by the Company, which were used to finance a portion of the cash consideration for the Kellstrom Aerospace acquisition and repay outstanding borrowings under our revolving facility.
See Note (15) "Capital Stock" to the consolidated financial statements for further information.
Business Trends
The following discussion provides a brief description of some of the key business factors impacting our results of operations detailed by segment.
Aviation Segment
Our strong program execution of new and existing distribution awards, our expanded portfolio of MRO capabilities and contributions from recent acquisitions resulted in record revenue of $786 million for the year ended December 31, 2024, a 45% increase year-over-year. Distribution and repair revenue increased 27% and 86%, respectively, during the year ended December 31, 2024, compared to the same period in the prior year. Growth of our distribution business was driven by strong execution of new and existing programs, and contributions from recent acquisitions. Our repair business's growth was driven by the expansion of new repair capabilities, market share gains in the commercial and business and general aviation ("B&GA") markets, improved throughput across our MRO facilities, and contributions from the TCI acquisition. In 2024, we ramped up several multi-year distribution and repair programs for both domestic and new international markets, including an expansion of our flagship distribution agreement with Pratt & Whitney Canada supporting Europe, the Middle East, and Africa. These new programs are expected to drive sustainable and recurring revenue with growth opportunities, contributing to future positive results.
Investments in the Aviation segment are focused on businesses and programs that broaden our portfolio of products, expand our repair capabilities and reach new customers and geographies. The April 2024 acquisition of TCI strengthens our position in the commercial aviation engine MRO aftermarket, while providing additional opportunities for organic growth. The December 2024 acquisition of Kellstrom Aerospace improves our position in the commercial aviation engine aftermarket, expands our aftermarket product and capability offerings, and broadens our global footprint. The Aviation segment is expected to see continued growth due to progress on new and existing programs, an expansion of repair capabilities, and synergies from recent acquisitions.
Fleet Segment
Our Fleet segment continues to see growth in revenue from commercial fleet customers and e-commerce fulfillment, as the segment moves towards revenue diversification. Fleet is executing its revenue diversification strategy by continuing to scale our Olive Branch, MS, e-commerce fulfillment distribution facility, acquiring new customers, and expanding product options for our commercial business. Commercial customer revenue continues to experience strong growth, increasing 18% in 2024 compared to the prior year. We anticipate continued growth as we extend our reach to meet the increasing demand from the commercial market. In 2024, commercial revenues were 61% of total Fleet segment revenue compared to 48% in 2023, demonstrating the continued success of our revenue diversification strategy. The United States Postal Services ("USPS") revenue in 2024 decreased 30%, as compared to the prior year. During 2024, USPS elected to migrate all of their vehicle maintenance facilities ("VMFs") to a new Fleet Management Information System ("FMIS"), resulting in a temporary decline in maintenance activity. The transition to the new FMIS was completed in the third quarter of 2024. As of the fourth quarter of 2024, maintenance activity has begun to improve, which has resulted in increased demand for our parts. We remain committed to supporting the USPS as they emerge from their FMIS conversion.
Results of Operations
The following table summarizes our consolidated results of operations (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | |
|
Years ended December 31, | | | | |
| | 2024 | | 2023 | | Change ($) | | Change (%) |
| Revenues | $ | 1,080,132 | | | $ | 860,488 | | | $ | 219,644 | | | 26 | % |
| Costs and operating expenses | 998,713 | | | 772,492 | | | 226,221 | | | 29 | % |
| Operating income | 81,419 | | | 87,996 | | | (6,577) | | | (7) | % |
| Interest expense, net | 34,939 | | | 31,083 | | | 3,856 | | | 12 | % |
Income from continuing operations before income taxes | 46,480 | | | 56,913 | | | (10,433) | | | (18) | % |
| Provision for income taxes | 9,982 | | | 13,761 | | | (3,779) | | | (27) | % |
Net income from continuing operations | $ | 36,498 | | | $ | 43,152 | | | $ | (6,654) | | | (15) | % |
Revenues. Revenues increased $219.6 million, or 26%, in 2024 compared to 2023 due to revenue growth in our Aviation segment of $242.2 million, partially offset by a decline in our Fleet segment of $22.6 million. See "Segment Operating Results" section below for further discussion of revenues by segment.
Costs and Operating Expenses. Costs and operating expenses increased $226.2 million, or 29%, in 2024 compared to 2023. Costs and operating expenses for our operating segments increase and decrease in conjunction with the level of business
activity and revenues generated by each segment. See "Segment Operating Results" section below for further discussion of costs and operating expenses by segment.
Operating Income. Operating income decreased $6.6 million, or 7%, in 2024 compared to 2023 primarily attributable to an increase in corporate costs, including net lease abandonment and termination charges of $12.2 million, corporate restructuring charges of $4.2 million, and acquisition-related expenses incurred in connection with current year acquisitions, and a decrease in operating income for our Fleet segment of $14.2 million. These operating income decreases were partially offset by an increase of $30.2 million for our Aviation segment. See "Segment Operating Results" section below for further discussion of operating income by segment.
Interest Expense. Interest expense increased approximately $3.9 million, or 12% in 2024 compared to 2023 primarily due to an increase in our average debt facility borrowings during the current period.
Provision for Income Taxes. The effective tax rate for continued operations was 21.5% in 2024 compared to 24.2% in 2023. The decrease in our effective tax rate primarily resulted from a favorable excess stock tax deduction and lower pre-tax book income in 2024.
Our tax rate is also affected by discrete items that may occur in any given year but may not be consistent from year to year. In addition to state income taxes, certain federal and state tax credits and permanent book-tax differences such as foreign derived intangible income ("FDII") deduction, I.R.C. Section 162(m) executive compensation limitation and unrealized investment income or loss from our COLI plan caused differences between the statutory U.S. federal income tax rate and our effective tax rate.
Segment Operating Results
Aviation Segment Results
The results of operations for our Aviation segment were as follows (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | |
| | Years ended December 31, | | | | |
| 2024 | | 2023 | | Change ($) | | Change (%) |
| Revenues | $ | 786,256 | | | $ | 544,020 | | | $ | 242,236 | | | 45 | % |
| Costs and operating expenses | 684,869 | | | 472,852 | | | 212,017 | | | 45 | % |
Operating income | $ | 101,387 | | | $ | 71,168 | | | $ | 30,219 | | | 42 | % |
| | | | | | | | | | | | | | | | | | | | | | | |
Profit percentage | 12.9 | % | | 13.1 | % | | | | |
Revenues. Revenues increased $242.2 million, or 45%, in 2024 compared to 2023. Distribution revenue increased $106.3 million, or 27%, driven by strong program execution on new and existing distribution programs and contributions from the acquisitions of Desser Aerospace (July 2023) and Kellstrom Aerospace (December 2024). Repair revenue increased $135.9 million, or 86%, driven by an expansion of repair capabilities, improved end market demand, share gains with commercial and B&GA customers, and contributions from the acquisition of TCI (April 2024).
Costs and Operating Expenses. Costs and operating expenses increased $212.0 million, or 45%, in 2024 compared to 2023 primarily due to increased revenues as discussed above. In addition, costs and operating expenses for this segment included expenses for amortization of intangible assets associated with acquisitions and allocated corporate costs. Expense for amortization of intangible assets increased $5.9 million in 2024 to $17.6 million from $11.7 million in 2023 driven by newly acquired intangibles in connection with acquisitions completed in the current year. Expense for allocated corporate costs was $18.5 million for 2024 as compared to $12.9 million for 2023.
Operating Income. Operating income increased $30.2 million, or 42%, in 2024 compared to 2023 primarily due to revenue growth and a favorable shift in sales mix and pricing, partially offset by an increase in intangible amortization and allocated corporate costs.
Fleet Segment Results
The results of operations for our Fleet segment were as follows (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | |
| | Years ended December 31, | | | | |
| 2024 | | 2023 | | Change ($) | | Change (%) |
| Revenues | $ | 293,876 | | | $ | 316,468 | | | $ | (22,592) | | | (7) | % |
| Costs and operating expenses | 276,858 | | | 285,211 | | | (8,353) | | | (3) | % |
| Operating income | $ | 17,018 | | | $ | 31,257 | | | $ | (14,239) | | | (46) | % |
| | | | | | | | | | | | | | | | | | | | | | | |
Profit percentage | 5.8 | % | | 9.9 | % | | | | |
Revenues. Revenues decreased $22.6 million, or 7%, in 2024 compared to 2023. The decrease was primarily driven by a decline in revenues from other government customers of $50.1 million, or 30%, partially offset by an increase in revenues from commercial customers of $27.7 million, or 18%. Revenues from other government customers decreased primarily due to lower maintenance activity within the USPS vehicle fleet program driven by USPS' transition to a new FMIS. Commercial customer revenue growth was driven by our commercial fleet and e-commerce fulfillment business.
Costs and Operating Expenses. Costs and operating expenses decreased $8.4 million, or 3%, primarily due to decreased revenues. In addition, costs and operating expenses for this segment included expense for amortization of intangible assets associated with acquisitions and allocated corporate costs. Expense for amortization of intangible assets decreased $2.5 million in 2024 to $0.1 million from $2.6 million in 2023 driven by substantially all intangibles becoming fully amortized during the prior year. Expense for allocated corporate costs was $7.2 million for 2024 as compared to $7.8 million for 2023.
Operating Income. Operating income decreased $14.2 million, or 46%, in 2024 compared to 2023, primarily driven by a shift in sales mix, the result of decreased revenues from our USPS vehicle fleet program, partially offset by decreased amortization expense and allocated corporate costs.
Financial Condition
There has been no material adverse change in our financial condition in 2024. Our outstanding borrowings under our term loan and revolving facility decreased $0.5 million, and we had $194 million of unused commitments under the credit agreement as of December 31, 2024. In May and October 2024, we completed underwritten public offerings of the Company's common stock, generating proceeds, net of issuance costs, of $162.0 million and $163.8 million, respectively. Changes to other asset and liability accounts were primarily due to our earnings; our level of business activity; the timing and level of inventory purchases to support new distribution programs, and vendor payments required to perform our work; and collections from our customers.
Liquidity and Capital Resources
Cash Flows
The following table summarizes our cash flows (in thousands):
| | | | | | | | | | | |
| For the years ended December 31, |
| 2024 | | 2023 |
Net cash used in operating activities | $ | (31,037) | | | $ | (21,829) | |
Net cash used in investing activities | (263,669) | | | (235,690) | |
Net cash provided by financing activities | 315,806 | | | 264,971 | |
Net increase in cash and cash equivalents | $ | 21,100 | | | $ | 7,452 | |
Cash used in operating activities increased $9.2 million in 2024 compared to 2023 primarily due to the working capital impact of the FDS Sale and related expenses incurred.
Cash used in investing activities increased $28.0 million in 2024 compared to 2023 primarily due to an increase of $64.5 million in net cash paid for acquisitions completed in the current period as discussed in Note (2) "Acquisitions" to the consolidated financial statements, partially offset by cash provided of $40.2 million related to the FDS sale as discussed in Note (3) "Discontinued Operations" to the consolidated financial statements.
Cash provided by financing activities increased $50.8 million in 2024 compared to 2023 primarily due to an increase of $196.0 million in proceeds related to our public underwritten offerings of our common stock in the current period as compared to the prior year, partially offset by a decrease in net borrowings of our debt during the current period of $144.9 million.
We paid cash dividends totaling approximately $7.1 million, or $0.40 per share, in 2024. Pursuant to our credit agreement, our payment of cash dividends is subject to annual restrictions. We have paid cash dividends each year since 1973.
Liquidity
Our internal sources of liquidity are primarily from operating activities, specifically from changes in our level of revenues and associated inventory, accounts receivable and accounts payable, and from profitability. Significant increases or decreases in these operating activities can affect our liquidity. Our inventory and accounts payable levels can be affected by the timing of large opportunistic inventory purchases and by distributor agreement requirements. Our accounts receivable and accounts payable levels can be affected by changes in the level of work we perform and by the timing of large purchases. In addition to operating cash flows, other significant factors that affect our overall management of liquidity include capital expenditures; investments in expansion; improvement and maintenance of our operational and administrative facilities; and investments in the acquisition of businesses.
Our primary source of external financing is our credit agreement. Our credit agreement is with a bank group and includes a term loan and revolving facility, with an aggregate maximum borrowing capacity under our revolving facility of $350.0 million. Under the credit agreement we may elect to increase the maximum availability of the term loan, the revolving facility, or a combination of both, subject to customary lender commitment approvals. The aggregate limit of increases is $25.0 million.
We believe our existing balances of cash and cash equivalents, along with our cash flows from operations and debt instruments under our credit agreement mentioned above, will provide sufficient liquidity for our business operations as well as capital expenditures, dividends, and other capital requirements associated with our business operations over the next twelve months and thereafter for the foreseeable future.
Other Obligations and Commitments
See Note (7) "Debt" to our Consolidated Financial Statements for information regarding our long-term debt obligations. We estimate cash requirements for interest payments on our debt facilities to be approximately $30.1 million for 2025 and $24.2 million for 2026. The estimates do not take into account future draw downs and repayments on the debt or changes in the variable interest rate, and actual interest may be different. The estimates included variable rate interest obligations estimated based on rates as of December 31, 2024. The interest payments are estimated through the maturity date of our term loan. Interest payments under our revolving facility have been excluded because a reasonable estimate of timing and amount of cash out flows cannot be determined.
See Note (12) "Leases" to our Consolidated Financial Statements for information pertaining to future minimum lease payments relating to our operating lease obligations.
Inflation and Pricing
Our Aviation and Fleet segments have experienced broad-based inflationary impacts consistent with overall trends in the aerospace and industrial distribution market, due primarily to increased materials, labor, and services costs. The effect of these increased costs on total company net income has been mitigated with improved efficiency in our underlying business through productivity improvements and pass-through price increases. Given broader inflation in the economy, we are monitoring the risk inflation presents to active and future contracts.
Off-Balance Sheet Arrangements
We do not have any off-balance sheet arrangements that have, or are reasonably likely to have, a current or future material effect on our financial condition, changes in financial condition, revenue or expenses, results of operations, liquidity, capital expenditures or capital resources.
Critical Accounting Policies, Estimates and Judgments
Our consolidated financial statements are prepared in accordance with United States generally accepted accounting principles ("U.S. GAAP"), which require us to make estimates and assumptions. Certain critical accounting policies affect the more significant accounts, particularly those that involve judgments, estimates and assumptions used in the preparation of our consolidated financial statements. The development and selection of these critical accounting policies have been determined by our management. Due to the significant judgment involved in selecting certain of the assumptions used in these policies, it is possible that different parties could choose different assumptions and reach different conclusions. We consider our policies relating to the following matters to be critical accounting policies.
Revenue Recognition
We account for revenue in accordance with ASC 606. The unit of account in ASC 606 is a performance obligation. At the inception of each contract with a customer, we determine our performance obligations under the contract and the contract's transaction price. A performance obligation is a promise in a contract to transfer a distinct good or service to the customer and is defined as the unit of account. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when the performance obligation is satisfied. The majority of our contracts have a single performance obligation to transfer goods or services. Our performance obligations are satisfied over time as work progresses or at a point in time based on transfer of control of products and services to our customers.
Our Aviation segment revenues result from the sale of aircraft parts and the performance of MRO services. Our Aviation segment recognizes revenues for the sale of aircraft parts at a point in time when control is transferred to the customer, which usually occurs when the parts are shipped. Our Aviation segment recognizes revenues for MRO services over time as the services are transferred to the customer. MRO services revenue recognition is measured based on the cost-to-cost input method, as costs incurred reflect the work completed, and therefore, the services transferred to date. Sales returns and allowances are not significant.
Substantially all Fleet segment revenues from the sale of vehicle parts to customers are recognized at the point in time of the transfer of control to the customer. Sales returns and allowances for vehicle parts are not significant.
We have applied the practical expedient for our parts sales and MRO services to exclude the amount of remaining performance obligations for contracts with an original expected term of one year or less.
Inventory Valuation
Inventories are stated at the lower of cost or net realizable value using the first-in, first-out ("FIFO") method. Inventories for our Aviation segment consist primarily of aftermarket parts for distribution, and general aviation engine accessories and parts, and also include related purchasing, overhaul labor, storage and handling costs. Inventories for our Fleet segment consist primarily of vehicle replacement parts, and also include related purchasing, storage and handling costs. We periodically evaluate the carrying value of inventory, considering factors such as its physical condition, sales patterns and demand in order to estimate the amount necessary to write down any slow moving, obsolete or damaged inventory. These estimates could vary significantly from actual amounts based on future economic conditions, customer inventory levels or competitive factors that were not foreseen or did not exist when the estimated write-downs were made.
Business Combinations
We account for business combinations under the acquisition method of accounting. The purchase price of each business acquired is allocated to the tangible and intangible assets acquired and the liabilities assumed based on information regarding their respective fair values on the date of acquisition. Any excess of the purchase price over the fair value of the separately identifiable assets acquired and liabilities assumed is allocated to goodwill. Determining the fair value of assets acquired and liabilities assumed requires management's judgment and often involves the use of significant estimates and assumptions, including assumptions with respect to future cash inflows and outflows, discount rates, and market multiples, among other items. We determine the fair values of intangible assets acquired generally in consultation with third-party valuation advisors. The valuation of assets acquired and liabilities assumed requires a number of judgments and is subject to revision as additional information about the fair values becomes available. We will recognize any adjustments to provisional amounts that are identified during the period not to exceed twelve months from the acquisition date (the "measurement period") in which the adjustments are determined. Acquisition costs are expensed as incurred. The results of operations of businesses acquired are included in the consolidated financial statements from their dates of acquisition.
Valuation of Goodwill and Intangible Assets
Goodwill represents the excess of fair value of consideration paid for an acquisition over the fair value of the net assets acquired and liabilities assumed as of the acquisition date. We recognize purchased intangible assets in connection with our business acquisitions at fair value on the acquisition date. We evaluate goodwill for our reporting units for impairment at least annually on the first day of the fourth quarter, or whenever events or other changes in circumstances indicate that the carrying value may not be fully recoverable. When testing goodwill for impairment, we may initially qualitatively assess whether it is necessary to perform a quantitative goodwill impairment test, which is only required if we conclude that it is more likely than not that a reporting unit's fair value is less than its carrying amount. In evaluating whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, we considered the totality of all relevant events and circumstances that affect the fair value or carrying amount of a reporting unit in accordance with ASC 350-20-35-3C. In the event we deem a quantitative impairment test necessary, we estimate and compare the fair value of each reporting unit to its respective carrying value including goodwill. We estimate the fair value of our reporting units using a weighting of fair values derived from the income approach and market approach. The analysis relies on significant judgements and assumptions about expected future cash flows, weighted-average cost of capital, discount rates, expected long-term growth rates, and financial measures derived from observable market data of comparable public companies. Based on the annual goodwill impairment test performed during the fourth quarter of 2024, our qualitative impairment test determined that it was more likely than not that each reporting unit's fair value exceeded its carrying value.
Intangible assets with finite lives are amortized using the method that best reflects how their economic benefits are utilized or, if a pattern of economic benefits cannot be reliably determined, on a straight-line basis over their estimated useful lives. Intangible assets with finite lives are assessed for impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable.
Accounting for Income Taxes
Income taxes are accounted for under the asset and liability method. Under the asset and liability method, deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. This method also requires the recognition of future tax benefits, such as net operating loss and capital loss carryforwards, to the extent that realization of such benefits is more likely than not. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.
The carrying value of net deferred tax assets is based on assumptions regarding our ability to generate sufficient future taxable income to utilize these deferred tax assets within the carryback or carryforward periods provided for in the tax law for each applicable tax jurisdiction. Deferred tax assets are evaluated quarterly to determine if valuation allowances are required or should be adjusted.
Recent Accounting Pronouncements
See "Recent Accounting Pronouncements" in Note (1) "Nature of Business and Summary of Significant Accounting Policies" to our Consolidated Financial Statements included below in Item 8 of this annual report on Form 10-K for additional information.
ITEM 7A. Quantitative and Qualitative Disclosures About Market Risks
Interest Rates
Our credit agreement provides available borrowing at variable interest rates. Our interest expense is impacted by the overall global economic and interest rate environment. Accordingly, an increase in interest rates could have a material adverse impact on our results of operations, financial position, or cash flows. To mitigate the risks associated with future interest rate movements we have employed interest rate hedges to fix the rate on a portion of our outstanding borrowings for various periods.
A hypothetical 1% increase to interest rates would have increased interest expense by approximately $4.6 million and would have decreased our net income and operating cash flows by a comparable amount.
For additional information related to our debt and interest rate swap agreements, see Note (7) and Note (8), respectively, to our Consolidated Financial Statements contained in this report.
ITEM 8. Financial Statements and Supplementary Data
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Report of Independent Registered Public Accounting Firm
Board of Directors and Shareholders
VSE Corporation
Opinion on the financial statements
We have audited the accompanying consolidated balance sheets of VSE Corporation (a Delaware corporation) and subsidiaries (the “Company”) as of December 31, 2024 and 2023, the related consolidated statements of income, comprehensive income, stockholders’ equity, and cash flows for each of the three years in the period ended December 31, 2024, and the related notes and financial statement schedule included under Item 15.2 (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2024, in conformity with accounting principles generally accepted in the United States of America.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (“PCAOB”), the Company’s internal control over financial reporting as of December 31, 2024, based on criteria established in the 2013 Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”), and our report dated March 3, 2025 expressed an unqualified opinion.
Basis for opinion
These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s consolidated financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
Critical audit matter
The critical audit matter communicated below is a matter arising from the current period audit of the financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.
Assessment of the write-down of slow moving inventory at certain locations within the Aviation segment
As described further in note 1 to the consolidated financial statements, the Company records inventory within its Aviation Segment at the lower of cost or net realizable value. The Company periodically evaluates the carrying value of inventory which requires the write-down of slow-moving inventory for excess or obsolescence based on certain inputs and assumptions used to determine the net realizable value. These assumptions include the recovery rates applied to slow moving inventory. Changes in these assumptions could have a significant impact on the valuation of the inventory for the Aviation Segment.
The principal considerations for our determination that the assessment of the write-down of slow moving inventory at certain locations within the Aviation Segment are the magnitude of the inventory balance and that the inputs and assumptions used in determining the write-down are subject to significant management judgement. The inputs and assumptions used in determining the write-down of slow-moving inventory includes the recovery rates applied to slow moving inventory, the identification of specific inventories associated with aircraft with declining usage trends and the impact of exclusive distribution agreements. The assessment of these inputs required a high degree of auditor judgement in evaluating the recovery rates for slow moving inventory.
Our audit procedures related to the write-down of slow moving inventories at certain locations, within the Aviation Segment, included the following, among others.
•We tested the design and operating effectiveness of controls relating to the Company’s inventory process, including controls over the Company’s evaluation of the impact on the estimate of net realizable value based on the number of days transpiring from the date the inventory was originally received, sales of the inventory, specific inventories identified to relate to aircraft with declining usage and the approval and evaluation of distribution agreements.
•We assessed the recovery rates applied to slow moving inventory.
•We assessed the identification of specific inventory with declining usage trends by evaluating external industry information.
•We conducted sensitivity analysis around the reserve assumptions applied to aged inventory.
/s/ GRANT THORNTON LLP
We have served as the Company’s auditor since 2019. | | | | | |
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| Charlotte, North Carolina | |
March 3, 2025 | |
VSE CORPORATION AND SUBSIDIARIES
Consolidated Balance Sheets
| | | | | | | | | | | |
| | As of December 31, |
(in thousands, except share data) | 2024 | | 2023 |
| Assets | | | |
| Current assets: | | | |
| Cash and cash equivalents | $ | 29,030 | | | $ | 7,768 | |
| Receivables, net | 197,563 | | | 127,958 | |
Contract assets | 29,960 | | | 8,049 | |
| Inventories | 576,318 | | | 500,864 | |
Prepaid expenses and other current assets | 41,956 | | | 36,389 | |
| Current assets held-for-sale | — | | | 93,002 | |
| Total current assets | 874,827 | | | 774,030 | |
| Property and equipment, net | 85,586 | | | 58,076 | |
| Intangible assets, net | 197,281 | | | 114,130 | |
| Goodwill | 491,453 | | | 351,781 | |
Operating lease right-of-use assets | 53,326 | | | 28,684 | |
| Other assets | 32,147 | | | 23,637 | |
| Total assets | $ | 1,734,620 | | | $ | 1,350,338 | |
| Liabilities and Stockholders' equity | | | |
| Current liabilities: | | | |
| Current portion of long-term debt | $ | 30,000 | | | $ | 22,500 | |
| Accounts payable | 187,590 | | | 173,036 | |
| Accrued expenses and other current liabilities | 62,195 | | | 36,383 | |
| Dividends payable | 2,059 | | | 1,576 | |
| Current liabilities held-for-sale | — | | | 53,391 | |
| Total current liabilities | 281,844 | | | 286,886 | |
| Long-term debt, less current portion | 400,173 | | | 406,844 | |
| Deferred compensation | 7,262 | | | 7,939 | |
| Long-term operating lease obligations | 48,144 | | | 24,959 | |
| Deferred tax liabilities | — | | | 6,985 | |
| Other long-term liabilities | 9,011 | | | — | |
| Total liabilities | 746,434 | | | 733,613 | |
Commitments and contingencies (Note 13) | | | |
| Stockholders' equity: | | | |
Common stock, par value $0.05 per share, authorized 23,000,000 shares; issued and outstanding 20,590,496 and 15,756,918 respectively | 1,030 | | | 788 | |
| Additional paid-in capital | 591,600 | | | 229,103 | |
| Retained earnings | 392,484 | | | 384,702 | |
Accumulated other comprehensive income | 3,072 | | | 2,132 | |
| Total stockholders' equity | 988,186 | | | 616,725 | |
| Total liabilities and stockholders' equity | $ | 1,734,620 | | | $ | 1,350,338 | |
The accompanying notes are an integral part of these financial statements.
VSE CORPORATION AND SUBSIDIARIES
Consolidated Statements of Income
| | | | | | | | | | | | | | | | | |
| | For the years ended December 31, |
(in thousands, except share and per share amounts) | 2024 | | 2023 | | 2022 |
| Revenues: | | | | | |
| Products | $ | 776,676 | | | $ | 693,035 | | | $ | 554,010 | |
| Services | 303,456 | | | 167,453 | | | 115,438 | |
| Total revenues | 1,080,132 | | | 860,488 | | | 669,448 | |
| | | | | |
| Costs and operating expenses: | | | | | |
| Products | 675,015 | | | 605,682 | | | 495,965 | |
| Services | 279,168 | | | 144,813 | | | 100,509 | |
| Selling, general and administrative expenses | 14,576 | | | 7,619 | | | 3,635 | |
Lease abandonment and termination costs | 12,205 | | | — | | | — | |
| Amortization of intangible assets | 17,749 | | | 14,378 | | | 15,735 | |
| Total costs and operating expenses | 998,713 | | | 772,492 | | | 615,844 | |
Operating income | 81,419 | | | 87,996 | | | 53,604 | |
| | | | | |
| Interest expense, net | 34,939 | | | 31,083 | | | 17,893 | |
Income from continuing operations before income taxes | 46,480 | | | 56,913 | | | 35,711 | |
Provision for income taxes | 9,982 | | | 13,761 | | | 9,052 | |
Net income from continuing operations | 36,498 | | | 43,152 | | | 26,659 | |
| (Loss) income from discontinued operations, net of tax | (21,174) | | | (4,018) | | | 1,400 | |
| Net income | $ | 15,324 | | | $ | 39,134 | | | $ | 28,059 | |
| | | | | |
| Earnings (loss) per share: | | | | | |
| Basic | | | | | |
| Continuing operations | $ | 2.04 | | | $ | 3.05 | | | $ | 2.09 | |
| Discontinued operations | (1.18) | | | (0.28) | | | 0.11 |
| $ | 0.86 | | | $ | 2.77 | | | $ | 2.20 | |
Diluted | | | | | |
| Continuing operations | $ | 2.03 | | | $ | 3.04 | | | $ | 2.08 | |
| Discontinued operations | (1.18) | | | (0.28) | | | 0.11 |
| $ | 0.85 | | | $ | 2.76 | | | $ | 2.19 | |
| | | | | |
| Weighted average shares outstanding: | | | | | |
| Basic | 17,878,608 | | | 14,130,334 | | | 12,780,117 | |
| Diluted | 17,975,295 | | | 14,184,729 | | | 12,827,894 | |
The accompanying notes are an integral part of these financial statements.
VSE CORPORATION AND SUBSIDIARIES
Consolidated Statements of Comprehensive Income
| | | | | | | | | | | | | | | | | |
| | For the years ended December 31, |
| | 2024 | | 2023 | | 2022 |
(in thousands) | | | | | |
Net income | $ | 15,324 | | | $ | 39,134 | | | $ | 28,059 | |
Other comprehensive income (loss), net of tax: | | | | | |
| Change in fair value of interest rate swap agreements, net of tax | 940 | | | (2,836) | | | 5,144 | |
Total other comprehensive income (loss), net of tax | 940 | | | (2,836) | | | 5,144 | |
Comprehensive income | $ | 16,264 | | | $ | 36,298 | | | $ | 33,203 | |
The accompanying notes are an integral part of these financial statements.
VSE CORPORATION AND SUBSIDIARIES
Consolidated Statements of Stockholders' Equity
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Additional
Paid-In
Capital | | Retained
Earnings | | Accumulated Other Comprehensive Income (Loss) | | Total
Stockholders'
Equity |
| | Common Stock | | | | |
(in thousands) | Shares | | Amount | | | | |
| Balance at December 31, 2021 | 12,727 | | | $ | 636 | | | $ | 88,515 | | | $ | 328,358 | | | $ | (176) | | | $ | 417,333 | |
| Net income | — | | | — | | | — | | | 28,059 | | | — | | | 28,059 | |
| Stock-based compensation | 90 | | | 5 | | | 4,105 | | | — | | | — | | | 4,110 | |
| Other comprehensive income, net of tax | — | | | — | | | — | | | — | | | 5,144 | | | 5,144 | |
Dividends declared ($0.40 per share) | — | | | — | | | — | | | (5,120) | | | — | | | (5,120) | |
| Balance at December 31, 2022 | 12,817 | | | 641 | | | 92,620 | | | 351,297 | | | 4,968 | | | 449,526 | |
| Net income | — | | | — | | | — | | | 39,134 | | | — | | | 39,134 | |
| Issuance of common stock | 2,846 | | | 142 | | | 128,968 | | | — | | | — | | | 129,110 | |
| Stock-based compensation | 94 | | | 5 | | | 7,515 | | | — | | | — | | | 7,520 | |
| Other comprehensive loss, net of tax | — | | | — | | | — | | | — | | | (2,836) | | | (2,836) | |
Dividends declared ($0.40 per share) | — | | | — | | | — | | | (5,729) | | | — | | | (5,729) | |
| Balance at December 31, 2023 | 15,757 | | | 788 | | | 229,103 | | | 384,702 | | | 2,132 | | | 616,725 | |
| Net income | — | | | — | | | — | | | 15,324 | | | — | | | 15,324 | |
| Issuance of common stock | 4,412 | | | 221 | | | 324,960 | | | — | | | — | | | 325,181 | |
| Stock issuance in connection with acquisitions | 300 | | | 15 | | | 30,252 | | | | | | | 30,267 | |
| Stock-based compensation | 122 | | | 6 | | | 7,285 | | | — | | | — | | | 7,291 | |
| Other comprehensive income, net of tax | — | | | — | | | — | | | — | | | 940 | | | 940 | |
Dividends declared ($0.40 per share) | — | | | — | | | — | | | (7,542) | | | — | | | (7,542) | |
| Balance at December 31, 2024 | 20,591 | | | $ | 1,030 | | | $ | 591,600 | | | $ | 392,484 | | | $ | 3,072 | | | $ | 988,186 | |
The accompanying notes are an integral part of these financial statements.
VSE CORPORATION AND SUBSIDIARIES
Consolidated Statements of Cash Flows
| | | | | | | | | | | | | | | | | |
| | For the years ended December 31, |
(in thousands) | 2024 | | 2023 | | 2022 |
| (a) | | (a) | | (a) |
| Cash flows from operating activities: | | | | | |
| Net income | $ | 15,324 | | | $ | 39,134 | | | $ | 28,059 | |
| Adjustments to reconcile net income to net cash (used in) provided by operating activities: | | | | | |
| Depreciation and amortization | 28,762 | | | 23,416 | | | 24,602 | |
Amortization of debt issuance costs | 1,330 | | | 1,544 | | | 968 | |
| Deferred taxes | (9,996) | | | (1,979) | | | (1,139) | |
| Stock-based compensation | 8,315 | | | 7,738 | | | 4,465 | |
| Specific provision for inventory | — | | | 742 | | | 1,094 | |
Impairment and loss on sale of business segment | 19,403 | | | — | | | — | |
Loss on sale of property and equipment | 479 | | | — | | | 122 | |
Lease abandonment and termination costs | 12,205 | | | — | | | — | |
| Changes in operating assets and liabilities, net of impact of acquisitions: | | | | | |
| Receivables | (40,239) | | | (25,923) | | | (26,606) | |
Contract assets | 7,781 | | | 5,148 | | | (6,425) | |
| Inventories | (31,668) | | | (87,529) | | | (59,099) | |
Prepaid expenses and other current assets and other assets | (6,685) | | | (3,191) | | | 2,563 | |
Operating lease assets and liabilities, net | (10,247) | | | (390) | | | (486) | |
| Accounts payable and deferred compensation | (31,756) | | | 23,913 | | | 36,193 | |
| Accrued expenses and other current and noncurrent liabilities | 5,955 | | | (4,452) | | | 3,740 | |
Net cash (used in) provided by operating activities | (31,037) | | | (21,829) | | | 8,051 | |
| Cash flows from investing activities: | | | | | |
| Purchases of property and equipment | (20,704) | | | (18,666) | | | (11,212) | |
Proceeds from the sale of business segment | 40,157 | | | — | | | — | |
| Proceeds from payments on notes receivable | — | | | 1,557 | | | 8,835 | |
| Cash paid for acquisitions, net of cash acquired | (283,122) | | | (218,581) | | | — | |
Net cash used in investing activities | (263,669) | | | (235,690) | | | (2,377) | |
| Cash flows from financing activities: | | | | | |
| Borrowings on bank credit facilities | 739,236 | | | 844,262 | | | 520,223 | |
| Repayments on bank credit facilities | (739,736) | | | (699,872) | | | (518,347) | |
| Proceeds from issuance of common stock | 325,999 | | | 130,020 | | | 899 | |
| Earn-out obligation payments | — | | | — | | | (1,250) | |
| Payment of debt financing costs | — | | | (2,890) | | | (1,113) | |
| Payment of taxes for equity transactions | (2,633) | | | (1,113) | | | (1,015) | |
| Dividends paid | (7,060) | | | (5,436) | | | (5,111) | |
Net cash provided by (used in) financing activities | 315,806 | | | 264,971 | | | (5,714) | |
Net increase (decrease) in cash and cash equivalents | 21,100 | | | 7,452 | | | (40) | |
Cash and cash equivalents, beginning of period | 7,930 | | | 478 | | | 518 | |
Cash and cash equivalents, end of period | $ | 29,030 | | | $ | 7,930 | | | $ | 478 | |
| | | | | | | | | | | | | | | | | |
Supplemental disclosures of cash flow information: | | | | | |
Cash paid for interest | $ | 37,076 | | | $ | 35,039 | | | $ | 16,423 | |
Cash paid for income taxes | $ | 12,230 | | | $ | 13,944 | | | $ | 10,332 | |
| | | | | |
(a) The cash flows related to discontinued operations and held-for-sale assets and liabilities have not been segregated and remain included in the major classes of assets and liabilities. Accordingly, the Consolidated Statements of Cash Flows include the results of continuing and discontinued operations. |
The accompanying notes are an integral part of these financial statements
VSE CORPORATION AND SUBSIDIARIES
Notes to Consolidated Financial Statements
(1) Nature of Business and Summary of Significant Accounting Policies
Nature of Business
VSE is a diversified aftermarket products and services company serving commercial and government markets. Our operations include aircraft and airframe parts supply and distribution, supply chain and inventory management services; MRO services of aircraft components and engine accessories; vehicle fleet sustainment programs; and vehicle fleet parts supply and distribution. We operate in two reportable segments aligned with our operating segments: Aviation and Fleet.
Basis of Presentation
The accompanying consolidated financial statements of the Company have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC") and include the assets, liabilities, results of operations and cash flows our parent company and our wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.
In February 2024, we entered into two separate agreements to sell substantially all of the Federal and Defense segment assets. See Note (3) "Discontinued Operations" for further information. The consolidated financial statements reflect the Federal and Defense segment's results of operations as discontinued operations, and the related assets and liabilities as held-for-sale for all periods presented.
Certain reclassifications have been made to the prior period financial information to reflect discontinued operations presentation. Unless otherwise noted, amounts and disclosures throughout these Notes to Consolidated Financial Statements relate solely to continuing operations and exclude all discontinued operations.
Summary of Significant Accounting Policies
Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingencies at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates affecting the financial statements may include, but are not limited to, fair value measurements, inventory provisions, collectability of receivables, valuation allowances on deferred tax assets, fair value of goodwill and other intangible assets and contingencies.
Stock-Based Compensation
We issue stock-based awards as compensation to employees and directors. Stock-based awards include stock-settled bonus awards, time-vested stock awards and performance share awards. We recognize stock-based compensation expense over the underlying award’s requisite service period, as measured using the award’s grant date fair value. Our policy is to recognize forfeitures as they occur. For performance share awards, we assess the probability of achieving the performance conditions at each reporting period end and adjust compensation expense based on the number of shares we expect to ultimately issue.
Earnings Per Share
Basic earnings per share ("EPS") is computed by dividing net income by the weighted average number of shares of common stock outstanding during each period. Shares issued during the period are weighted for the portion of the period that they were outstanding. Our calculation of diluted earnings per common share includes the dilutive effects for the assumed vesting of outstanding stock-based awards. The antidilutive common stock equivalents excluded from the diluted per share calculation are not material.
The weighted-average number of shares outstanding used to compute basic and diluted EPS were as follows:
| | | | | | | | | | | | | | | | | |
| | For the years ended December 31, |
| | 2024 | | 2023 | | 2022 |
| Basic weighted average common shares outstanding | 17,878,608 | | | 14,130,334 | | | 12,780,117 | |
| Effect of dilutive shares | 96,687 | | | 54,395 | | | 47,777 | |
| Diluted weighted average common shares outstanding | 17,975,295 | | | 14,184,729 | | | 12,827,894 | |
Cash and Cash Equivalents
We consider all highly liquid investments with an original maturity of three months or less to be cash equivalents. Due to the short maturity of these instruments, the carrying values on our consolidated balance sheets approximate fair value. Although certain cash balances exceed insurance limits of the Federal Deposit Insurance Corporation, we do not limit our credit exposure to any one financial institution and utilize financial institutions with high credit quality.
As of December 31, 2024, we held approximately $5.9 million of cash in foreign bank accounts, primarily in connection with our acquisitions of Desser Holding Company, LLC ("Desser Aerospace") and Kellstrom Aerospace. Refer to Note (2) "Acquisitions," for details regarding our acquisitions.
Property and Equipment
Property and equipment is recorded at cost, net of accumulated depreciation and amortization. Depreciation and amortization is generally provided on the straight-line method over the estimated useful lives of the various assets. Property and equipment is generally depreciated over the following estimated useful lives: computer equipment, furniture, other equipment from three to 15 years; and buildings and land improvements from 15 to 20 years. Amortization of leasehold improvements is provided by the straight-line method over the lesser of their useful life or the remaining term of the lease.
Leases
We determine at inception whether an arrangement that provides us control over the use of an asset is a lease. Substantially all of our leases are long-term operating leases for facilities with fixed payment terms. We recognize a right-of-use ("ROU") asset and a lease liability upon commencement of our operating leases. The initial lease liability is equal to the future fixed minimum lease payments discounted using our incremental borrowing rate, on a secured basis. The lease term includes option renewal periods and early termination payments when it is reasonably certain that we will exercise those rights. The initial measurement of the ROU asset is equal to the initial lease liability plus any initial indirect costs and prepayments, less any lease incentives.
We recognize lease costs on a straight-line basis over the remaining lease term, except for variable lease payments that are expensed in the period in which the obligation for those payments is incurred.
Leases with an initial term of 12 months or less with purchase options or extension options that are not reasonably certain to be exercised are not recorded on the balance sheet. Operating lease cost is included in costs and operating expenses on our consolidated statement of income.
Concentrations of Credit Risk
Financial instruments that potentially subject us to concentration of credit risk consist primarily of our trade receivables. Our trade receivables consist of amounts due from various commercial entities and government clients. We believe that concentrations of credit risk with respect to trade receivables are limited due to the large number of customers comprising the customer base and their dispersion across many different geographic regions. The credit risk, with respect to contracts with the government, is limited due to the creditworthiness of the respective governmental entity. We perform ongoing credit evaluations and monitoring of the financial condition of all our customers. We maintain an allowance for credit losses based upon several factors, including historical collection experience, current aging status of the customer accounts and financial condition of our customers.
Revenue Recognition
We account for revenue in accordance with ASC 606. The unit of account in ASC 606 is a performance obligation. At the inception of each contract with a customer, we determine our performance obligations under the contract and the contract's
transaction price. A performance obligation is a promise in a contract to transfer a distinct good or service to the customer and is defined as the unit of account. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when the performance obligation is satisfied. The majority of our contracts have a single performance obligation as the promise to transfer the respective goods or services is not separately identifiable from other promises in the contracts and is, therefore, not distinct. For product sales, each product sold to a customer typically represents a distinct performance obligation. Our performance obligations are satisfied over time as work progresses or at a point in time based on transfer of control of products and services to our customers.
Substantially all our Fleet segment revenues from the sale of vehicle parts to customers are recognized at the point in time of the transfer of control to the customer. Sales returns and allowances for vehicle parts are not significant.
Our Aviation segment revenues result from the sale of aircraft parts and performance of MRO services for private and commercial aircraft owners, other aviation MRO providers, and aviation original equipment manufacturers. Our Aviation segment recognizes revenues for the sale of aircraft parts at a point in time when control is transferred to the customer, which usually occurs when the parts are shipped. Our Aviation segment recognizes revenues for MRO services over time as the services are transferred to the customer. MRO services revenue recognized is measured based on the cost-to-cost input method, as costs incurred reflect the work completed, and therefore the services transferred to date. Sales returns and allowances are not significant.
Receivables and Contract Balances
Receivables are recorded at amounts earned less an allowance. We review our receivables regularly to determine if there are any potentially uncollectible accounts.
Contract assets include unbilled amounts typically resulting from sales under contracts when the cost-to-cost method of revenue recognition is utilized, and revenue recognized exceeds the amount billed to the customer. The amounts may not exceed their estimated net realizable value. Contract assets are classified as current based on our contract operating cycle. Contract liabilities include customer advances and billings in excess of revenue recognized and are included within accrued expenses and other current liabilities in our consolidated balance sheets.
Allowance for Credit Losses
We establish allowances for credit losses on our accounts receivable and contract assets. To measure expected credit losses, we have disaggregated pools of receivable balances by segment. Within each segment, receivables exhibit similar risk characteristics. In determining the amount of the allowance for credit losses, we consider historical collectability based on past due status. We also consider current market conditions and forecasts of future economic conditions to inform potential adjustments to historical loss data. In addition, we also record allowances for credit losses for specific receivables that are deemed to have a higher risk profile than the rest of the respective pool of receivables, such as concerns about a specific customer's inability to meet its financial obligation to us. The adequacy of these allowances is assessed quarterly through consideration of factors on a collective basis where similar characteristics exist and on an individual basis.
Inventories
Inventories are stated at the lower of cost or net realizable value using the FIFO method. Inventories consist primarily of finished goods replacement parts for our Fleet and Aviation segments, and also include related purchasing, storage, and handling costs. Inventories for our Aviation segment consist primarily of aftermarket parts for distribution, and general aviation engine accessories and parts, and also include related purchasing, overhaul labor, storage, and handling costs.
We periodically evaluate the carrying value of inventory, considering factors such as its physical condition, sales patterns and demand in order to estimate the amount necessary to write down any slow moving, obsolete or damaged inventory. These estimates could vary significantly from actual amounts based upon future economic conditions, customer inventory levels or competitive factors that were not foreseen or did not exist when the estimated write-downs were made.
Deferred Compensation Plans
We provide for certain key management employees to be incentivized and rewarded based on overall company performance through the VSE Corporation Deferred Supplemental Compensation Plan (the "DSC Plan"). We recognized DSC Plan expenses of $0.3 million, $0.4 million, and $0.3 million for the years ended December 31, 2024, 2023 and 2022, respectively.
We invest in corporate owned life insurance ("COLI") products and in mutual funds that are held in a Rabbi Trust to fund the DSC Plan obligations. The COLI investments are recorded at cash surrender value and the mutual fund investments are recorded at fair value. The DSC Plan assets are included in other assets on the accompanying consolidated balance sheets. Our DSC Plan assets were $12.0 million and $11.0 million as of December 31, 2024 and December 31, 2023, respectively. Gains and losses recognized on the changes in fair value of the investments are recorded as selling, general and administrative expenses on the accompanying consolidated statements of income. We recorded net gains of $0.6 million for the years ended December 31, 2024 and 2023 and $22 thousand for the year ended December 31, 2022.
Derivative Instruments
Derivative instruments are recorded on the consolidated balance sheets at fair value. Unrealized gains and losses on derivatives designated as cash flow hedges are reported in other comprehensive income and reclassified into earnings in a manner that matches the timing of the earnings impact of the hedged transactions.
Income Taxes
Income taxes are accounted for under the asset and liability method. Under the asset and liability method, deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. This method also requires the recognition of future tax benefits, such as net operating loss carryforwards, to the extent that realization of such benefits is more likely than not. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.
The carrying value of net deferred tax assets is based on assumptions regarding our ability to generate sufficient future taxable income to utilize these deferred tax assets.
Business Combinations
We allocate the purchase price of acquired entities to the underlying tangible and identifiable intangible assets acquired and liabilities assumed based on their respective estimated fair values, with any excess recorded as goodwill. The operating results of acquired businesses are included in our results of operations beginning as of their effective acquisition dates. For contingent consideration arrangements, a liability is recognized at fair value as of the acquisition date with subsequent fair value adjustments recorded in operations.
Goodwill
Goodwill represents the purchase price paid in excess of the fair value of net tangible and intangible assets acquired in a business combination. Goodwill is tested for potential impairment at the reporting unit level annually at the beginning of the fourth quarter, or whenever events or changes in circumstances indicate that the carrying value may not be recoverable.
When testing goodwill for impairment, we may initially qualitatively assess whether it is necessary to perform a quantitative goodwill impairment test, which is only required if we conclude that it is more likely than not that a reporting unit's fair value is less than its carrying amount. In evaluating whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, we considered the totality of all relevant events and circumstances that affect the fair value or carrying amount of a reporting unit in accordance with ASC 350-20-35-3C. In the event we deem a quantitative impairment test necessary, we estimate and compare the fair value of each reporting unit to its respective carrying value including goodwill. The fair value of our reporting units is determined using a combination of the income approach and the market approach, which involves the use of estimates and assumptions, including projected future operating results and cash flows, the cost of capital, and financial measures derived from observable market data of comparable public companies. If the fair value is less than the carrying value, the amount of impairment expense is equal to the difference between the reporting unit’s fair value and the reporting unit’s carrying value.
Impairment of Long-Lived Assets
We review our long-lived assets, including amortizable intangible assets, operating lease right-of-use assets, and property and equipment, for impairment whenever events or changes in facts and circumstances indicate that their carrying values may not be fully recoverable and the carrying amount of the asset exceeds its estimated future undiscounted cash flows. When the carrying
amount of the asset exceeds its estimated future undiscounted cash flows, an impairment loss is recognized to reduce the asset’s carrying amount to its estimated fair value based on the present value of its estimated future cash flows.
Recent Accounting Pronouncements
Recently Adopted Accounting Pronouncements
In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires public entities to disclose information about their reportable segments’ significant expenses and other segment items on an interim and annual basis. We adopted the standard in the fourth quarter of 2024 and applied the disclosure retrospectively to all prior periods presented in the financial statements. The adoption of ASU 2023-07 did not have an impact on our consolidated financial position, results of operations or cash flows. See Note (14) "Business Segments and Customer Information" for further information.
Recently Issued Accounting Pronouncements Not Yet Adopted
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the disclosure impact of this ASU, however, the standard will not have an impact on our consolidated financial position, results of operations or cash flows.
In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires public entities to disclose additional information about specific expense categories in the notes to the financial statements. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. We are currently evaluating the impact that adoption of ASU 2024-03 may have on our consolidated financial statements and disclosures.
(2) Acquisitions
Fiscal 2024
Turbine Controls, Inc.
On April 24, 2024, we completed the acquisition of TCI for a total consideration of $122.4 million, consisting of net cash consideration of $112.4 million, which included $1.5 million as a net working capital adjustment, and in-kind payment in the form of shares of the Company's common stock with a value equal to approximately $10.0 million. The purchase price of this acquisition was funded by borrowings under our revolving credit facility. TCI is a leading provider of aftermarket MRO support services for complex engine components, as well as engine and airframe accessories, across commercial and military applications. The acquisition presents an opportunity for VSE's Aviation segment to accelerate its MRO strategy, including expanding our repair capability offerings and adding several new OEM relationships.
The purchase price for TCI was allocated on a preliminary basis, among assets acquired and liabilities assumed at fair value based on the best available information on the acquisition date, with the excess purchase price recorded as goodwill. The fair values of the non-financial assets acquired, and liabilities assumed, were determined based on preliminary estimates, assumptions, and other information compiled by management, including independent valuations utilizing established industry valuation techniques. We have not yet finalized the determination of the fair values allocated to various assets and liabilities, including, but not limited to, income taxes. Therefore, the allocation of the total consideration for the acquisition to the tangible and identifiable intangible assets acquired, and liabilities assumed, is preliminary until we obtain final information regarding their fair values, which could potentially result in changes to the TCI opening balance sheet.
During the year ended December 31, 2024, we adjusted the purchase price allocation as a result of working capital and measurement period adjustments. The adjustments were recorded as a result of new information obtained about facts and circumstances that existed as of the acquisition date and resulted in immaterial impacts to accrued expense and other current liabilities, goodwill, and cash consideration, net of cash acquired.
The adjusted preliminary purchase price allocation is as follows (in thousands):
| | | | | | | | |
| | |
| Receivables | | $ | 9,122 | |
| Contract assets | | 16,193 | |
| Inventories | | 5,512 | |
Prepaid expenses and other current assets | | 570 | |
| Other assets | | 214 | |
| Property and equipment, net | | 6,434 | |
| Intangible asset - customer related | | 59,000 | |
| Goodwill | | 40,201 | |
| Operating lease right-of-use assets | | 7,832 | |
| Total assets acquired | | 145,078 | |
| Accounts payable | | (9,764) | |
| Accrued expense and other current liabilities | | (5,624) | |
| Long-term operating lease obligations | | (7,339) | |
| Total liabilities assumed | | (22,727) | |
| Net assets acquired, excluding cash | | $ | 122,351 | |
| | |
| Cash consideration, net of cash acquired | | $ | 112,351 | |
VSE common stock, at fair value | | 10,000 | |
| Total | | $ | 122,351 | |
Goodwill resulting from the acquisition of TCI reflects the strategic advantage of expanding our MRO services to new customers. The value attributed to goodwill and customer relationships is deductible for income tax purposes. The estimated value attributed to the customer relationship intangible assets is being amortized on a straight-line basis using a useful life of 10 years.
The operating results of TCI were included in our consolidated results of operations from the date of acquisition. Our consolidated revenues and operating income for the year ended December 31, 2024 include $84.4 million and $7.1 million, respectively, from the acquisition of TCI. Operating income does not include the impact of acquisition-related expenses incurred by VSE Corporation. Acquisition-related expenses related to the TCI acquisition totaled $2.2 million for the year ended December 31, 2024, and are included in selling, general and administrative expenses.
The following unaudited pro forma financial information presents the combined results of operations for TCI and VSE Corporation for the years ended December 31, 2024, and 2023, respectively. The unaudited consolidated pro forma results of operations are as follows (in thousands):
| | | | | | | | | | | | | | |
| | For the years ended December 31, |
| | 2024 | | 2023 |
Revenue | | $ | 1,111,915 | | | $ | 949,019 | |
Income from continuing operations | | $ | 37,226 | | | $ | 38,981 | |
The unaudited pro forma combined financial information presented above has been prepared from historical financial statements that have been adjusted to give effect to the acquisition of TCI as though it had occurred on January 1, 2023 and includes adjustments for intangible asset amortization; interest expense and debt issuance costs on long-term debt; and acquisition and other transaction costs. The unaudited pro forma financial information is not intended to reflect the actual results of operations that would have occurred if the acquisition had occurred on January 1, 2023, nor is it indicative of future operating results.
Kellstrom Aerospace Group, Inc.
On December 3, 2024, we completed the acquisition of Kellstrom Aerospace for a total consideration of approximately $191.0 million, subject to post-closing adjustments, consisting of net cash consideration of $170.8 million and in-kind payment in the form of shares of the Company's common stock with a value equal to approximately $20.3 million. The purchase price of this acquisition was funded by our October 2024 underwritten public offering and borrowings under our revolving credit facility. Kellstrom Aerospace is a diversified global distributor and service provider supporting the commercial aerospace engine aftermarket. The acquisition provides an opportunity to improve our position in the commercial aviation aftermarket by expanding product and capability offerings both domestically and internationally, including our participation in aircraft engine maintenance events.
The purchase price for Kellstrom Aerospace was allocated on a preliminary basis, among assets acquired, and liabilities assumed, at fair value based on the best available information on the acquisition date, with the excess purchase price recorded as goodwill. The fair values of the non-financial assets acquired, and liabilities assumed, were determined based on preliminary estimates, assumptions, and other information compiled by management, including independent valuations utilizing established industry valuation techniques. We have not yet finalized the determination of the fair values allocated to various assets and liabilities, including, but not limited to, working capital and income taxes. Therefore, the allocation of the total consideration for the acquisition to the tangible and identifiable intangible assets acquired, and liabilities assumed, is preliminary until we obtain final information regarding their fair values, which could potentially result in changes to the Kellstrom Aerospace opening balance sheet. Adjustments or changes to goodwill, assets or liabilities remain possible.
The preliminary purchase price is as follows (in thousands):
| | | | | | | | |
| | |
| Receivables | | $ | 27,379 | |
| Contract assets | | 2,925 | |
| Inventories | | 37,686 | |
Prepaid expenses and other current assets | | 2,723 | |
| Property and equipment, net | | 10,301 | |
| Intangible asset - customer related | | 41,900 | |
| Goodwill | | 100,711 | |
| Operating lease right-of-use assets | | 10,793 | |
| Total assets acquired | | 234,418 | |
| Accounts payable | | (27,750) | |
| Accrued expense and other current liabilities | | (6,096) | |
| Deferred tax liabilities | | (201) | |
| Long-term operating lease obligations | | (9,348) | |
| Total liabilities assumed | | (43,395) | |
| Net assets acquired, excluding cash | | $ | 191,023 | |
| | |
| Cash consideration, net of cash acquired | | $ | 170,756 | |
VSE common stock, at fair value | | 20,267 | |
| Total | | $ | 191,023 | |
Goodwill resulting from the acquisition reflects the strategic advantage of growing our distribution and MRO capabilities in the commercial aerospace aftermarket. The value attributed to goodwill and customer relationships is not deductible for income tax purposes. The estimated value attributed to the customer relationship intangible assets is being amortized on a straight-line basis using a useful life of 8 years.
The operating results of Kellstrom Aerospace were included in our consolidated results of operations from the date of acquisition. Our consolidated revenues and operating income for the year ended December 31, 2024 include $17.0 million and $1.2 million, respectively, from the acquisition of Kellstrom Aerospace. Kellstrom Aerospace's operating income does not include the impact of acquisition-related expenses incurred by VSE Corporation. Acquisition-related expenses related to the
Kellstrom Aerospace acquisition totaled $2.7 million for the year ended December 31, 2024, and are included in selling, general and administrative expenses.
The following unaudited pro forma financial information presents the combined results of operations for Kellstrom Aerospace and VSE Corporation for the years ended December 31, 2024, and 2023, respectively. The unaudited consolidated pro forma results of operations are as follows (in thousands):
| | | | | | | | | | | | | | |
| | For the years ended December 31, |
| | 2024 | | 2023 |
Revenue | | $ | 1,244,344 | | | $ | 1,021,260 | |
Income from continuing operations | | $ | 45,241 | | | $ | 48,528 | |
The unaudited pro forma combined financial information presented above has been prepared from historical financial statements that have been adjusted to give effect to the acquisition of Kellstrom Aerospace as though it had occurred on January 1, 2023 and includes adjustments for intangible asset amortization; interest expense and debt issuance costs on long-term debt; and acquisition and other transaction costs. The unaudited pro forma financial information is not intended to reflect the actual results of operations that would have occurred if the acquisition had occurred on January 1, 2023, nor is it indicative of future operating results.
Fiscal 2023
Precision Fuel Components, LLC ("Precision Fuel")
On February 1, 2023, our Aviation segment acquired Precision Fuel Components, LLC for a purchase price of $11.7 million. Precision Fuel's operating results are included in our Aviation segment beginning on the acquisition date. The acquisition was not material to our consolidated financial statements.
During the year ended December 31, 2023, we incurred $0.2 million of acquisition-related expenses related to the acquisition of Precision Fuel, which are included in selling, general and administrative expenses.
Desser Holding Company, LLC
On July 3, 2023, we completed the acquisition of Desser Aerospace, a global aftermarket solutions provider of specialty distribution and MRO services. We purchased Desser Aerospace for cash consideration of $131.5 million. Concurrent with the closing of the transaction, we immediately sold, in a separate transaction, Desser Aerospace’s propriety solutions businesses to Loar Group Inc. (“Loar”) for a cash consideration of $31.8 million.
During the year ended December 31, 2024, we adjusted the purchase price allocation as a result of certain measurement period adjustments to acquired assets and liabilities assumed due to updated valuation reports received from our external valuation specialist, revisions to internal estimates, and new information obtained about facts and circumstances that existed as of the acquisition date. The measurement period adjustments included: a decrease in deferred tax liabilities of $1.6 million and an increase in inventories of $0.1 million. These adjustments resulted in a decrease to goodwill of $1.7 million.
We completed the purchase accounting valuation for Desser Aerospace during the second quarter of 2024. The final purchase price is as follows (in thousands):
| | | | | | | | |
Receivables | | $ | 7,383 | |
| Inventories | | 31,228 | |
Prepaid expenses and other current assets | | 515 | |
| Property and equipment | | 2,527 | |
Intangible assets | | 21,950 | |
| Goodwill | | 53,942 | |
| Operating lease right-of-use-assets | | 6,679 | |
Total assets acquired | | 124,224 | |
| Accounts payable | | (10,128) | |
| Accrued expenses and other current liabilities | | (5,793) | |
Long-term operating lease obligations | | (5,937) | |
Deferred tax liabilities | | (2,666) | |
Total liabilities assumed | | (24,524) | |
| Net assets acquired, excluding cash | | $ | 99,700 | |
| | |
Cash consideration, net of cash acquired | | $ | 101,870 | |
Post-close adjustment | | (2,170) | |
Total | | $ | 99,700 | |
Goodwill resulting from the acquisition of Desser Aerospace reflects the strategic advantage of expanding our specialty distribution and MRO services to new customers. The value attributed to goodwill and customer relationships is not fully deductible for income tax purposes. The estimated value attributed to the customer relationship intangible assets is being amortized on a straight-line basis using a weighted average useful life of 8.3 years.
We incurred $3.2 million of acquisition-related expenses related to the Desser Aerospace acquisition during the year ended December 31, 2023, which are included in selling, general and administrative expenses.
The following unaudited pro forma financial information presents the combined results of operations for Desser Aerospace and VSE Corporation for the years ended December 31, 2024, and 2023, respectively. The unaudited consolidated pro forma results of operations are as follows (in thousands):
| | | | | | | | | | | |
| For the years ended December 31, |
| 2024 | | 2023 |
Revenue | $ | 1,080,132 | | | $ | 908,243 | |
Income from continuing operations | $ | 36,498 | | | $ | 46,265 | |
The unaudited pro forma combined financial information presented above has been prepared from historical financial statements that have been adjusted to give effect to the acquisition of Desser Aerospace as though it had occurred on January 1, 2023 and includes adjustments for intangible asset amortization; interest expense and debt issuance costs on long-term debt; acquisition and other transaction costs; and certain costs allocated from the former parent. The unaudited pro forma financial information is not intended to reflect the actual results of operations that would have occurred if the acquisition had occurred on January 1, 2023, nor is it indicative of future operating results.
Honeywell Fuel Control Systems ("Honeywell FCS Acquisition")
On September 27, 2023, our Aviation segment entered into an Asset Purchase and License Agreement with Honeywell International Inc. ("Honeywell"), for a purchase price of $105.0 million, to exclusively manufacture, sell, market, distribute, and repair certain Honeywell fuel control systems. The purchase price of this acquisition was funded by borrowings under our
revolving credit facility. This agreement expands existing distribution and MRO capabilities supporting certain Honeywell fuel control systems and associated subcomponents.
The acquisition was accounted for as a business combination under ASC 805, Business Combinations. During the year ended December 31, 2024, we adjusted the purchase price allocation as a result of a measurement period adjustment to acquired assets due to updated valuation reports received from Honeywell. The measurement period adjustment resulted in a decrease in prepaid expenses and other current assets of $0.5 million, with a corresponding increase to goodwill. We completed the purchase accounting valuation for the Honeywell FCS Acquisition during the third quarter of 2024.
The final purchase price allocation is as follows (in thousands):
| | | | | | | | |
Prepaid expenses and other current assets (a) | | $ | 11,500 | |
Property and equipment | | 2,714 | |
Intangible assets | | 16,200 | |
Goodwill | | 74,586 | |
Total assets acquired | | $ | 105,000 | |
| | |
Cash consideration | | $ | 105,000 | |
Total consideration | | $ | 105,000 | |
(a) Represents prepaid inventory consisting of finished goods acquired but not in our physical possession as of the acquisition date. |
Goodwill resulting from the acquisition reflects the expected synergies from the acquisition. The value attributed to goodwill and customer relationship is deductible for income tax purposes. The estimated value attributed to the customer relationship intangible asset is being amortized on a straight-line basis using a useful life of 10 years.
We incurred $0.3 million of acquisition-related expenses related to the Honeywell FCS Acquisition during the year ended December 31, 2023, which are included in selling, general and administrative expenses. The pro-forma impact of the acquisition is not material to the Company’s results of operations.
(3) Discontinued Operations
In February 2024, we entered into two separate agreements to sell substantially all of the Federal and Defense segment assets for a cash consideration of $43.0 million, including amounts in escrow, subject to post-closing adjustments. The FDS Sale is consistent with our long-term strategic growth strategy focused on higher margin and higher growth aftermarket parts distribution and MRO businesses.
We recorded a pre-tax loss on the FDS Sale of $15.2 million and transaction fees of $2.5 million during the year ended December 31, 2024, which are included in (loss) income from discontinued operations, net of tax in the consolidated statements of income.
The results of operations for the Federal and Defense segment are reported in (loss) income from discontinued operations, net of tax within the consolidated statements of income for the years ended December 31, 2024, 2023, and 2022, and the related assets and liabilities are presented within assets and liabilities held-for-sale on the consolidated balance sheets as of December 31, 2023.
The components of (loss) income from discontinued operations, net of tax consist of the following (in thousands):
| | | | | | | | | | | | | | | | | |
| For the years ended December 31, |
| 2024 | | 2023 | | 2022 |
| Revenues | $ | 26,268 | | | $ | 252,466 | | | $ | 280,314 | |
| Costs and operating expenses | 34,684 | | | 258,125 | | | 278,779 | |
(Loss) income from discontinued operations before income taxes | (8,416) | | | (5,659) | | | 1,535 | |
| Other FDS impairment | 4,204 | | | — | | | — | |
| Loss on the sale of discontinued operations | 15,199 | | | — | | | — | |
| (Loss) income from discontinued operations before income taxes | (27,819) | | | (5,659) | | | 1,535 | |
(Benefit) provision for income taxes | (6,645) | | | (1,641) | | | 135 | |
(Loss) income from discontinued operations, net of tax | $ | (21,174) | | | $ | (4,018) | | | $ | 1,400 | |
The assets and liabilities reported as held-for-sale consist of the following (in thousands):
| | | | | | | | | | | | | |
| | | As of December 31, | | |
| | 2023 | | |
| Assets | | | | |
| Cash and cash equivalents | | $ | 162 | | | |
| Receivables, net | | 10,805 | | | |
| Contract assets | | 25,109 | | | |
| Inventories | | 472 | | | |
| Prepaid expenses and other current assets | | 6,154 | | | |
| Property and equipment, net | | 6,102 | | | |
| Intangible assets, net | | 3,505 | | | |
| Goodwill | | 31,575 | | | |
| Operating lease right-of-use assets | | 9,097 | | | |
| Other assets | | 21 | | | |
| Total assets held-for-sale (a) | | $ | 93,002 | | | |
| Liabilities | | | | |
| Accounts payable | | $ | 20,893 | | | |
| Accrued expenses and other current liabilities | | 19,537 | | | |
| Long-term operating lease obligations | | 8,942 | | | |
| Deferred tax liabilities | | 4,019 | | | |
| Total liabilities held-for-sale (a) | | $ | 53,391 | | | |
(a) Amounts were classified as current for the prior period consolidated balance sheet. |
Certain assets and liabilities previously reported as held-for-sale were excluded from the FDS sale and were reclassified in 2024 as held and used, at their respective fair values, on the consolidated balance sheets. The reclassification related to our Alexandria, VA headquarters office space and consisted of an operating lease right-of-use-asset of $7.1 million, property and equipment of $2.6 million, and an operating lease obligation of $11.0 million. In 2024, we vacated the headquarters office space, resulting in a write down of the associated lease right-of-use asset and property and equipment, and then subsequently terminated the lease for the vacated headquarters office space. See Note (12) "Leases" for further information.
The FDS Sale resulted in the divestiture of certain government contracts requiring novation. Until the novation process is finalized, we continue to receive cash collections related to these contracts, which are due to the purchaser. As of December 31, 2024, we have recorded a $0.3 million liability for these collections within accrued expenses and other current liabilities on our consolidated balance sheets.
Selected financial information related to cash flows from discontinued operations is as follows (in thousands):
| | | | | | | | | | | | | | | | | |
| For the years ended December 31, |
| 2024 | | 2023 | | 2022 |
| Depreciation and amortization | $ | 150 | | | $ | 2,289 | | | $ | 3,576 | |
| Purchases of property and equipment | $ | — | | | $ | 295 | | | $ | 331 | |
| Stock-based compensation | $ | — | | | $ | 139 | | | $ | 63 | |
(4) Revenue Recognition
Disaggregated Revenue
Our revenues are derived from the delivery of products and services performed for commercial and government customers.
A summary of revenues by customer for each of our operating segments is as follows (in thousands):
| | | | | | | | | | | | | | | | | |
| Year Ended December 31, 2024 | Aviation | | Fleet | | Total |
| Commercial | $ | 779,008 | | | $ | 178,509 | | | $ | 957,517 | |
| | | | | |
| Other government | 7,248 | | | 115,367 | | | 122,615 | |
| Total | $ | 786,256 | | | $ | 293,876 | | | $ | 1,080,132 | |
| | | | | |
| Year Ended December 31, 2023 | | | | | |
| Commercial | $ | 539,592 | | | $ | 150,835 | | | $ | 690,427 | |
| DoD | — | | | 209 | | | 209 | |
| Other government | 4,428 | | | 165,424 | | | 169,852 | |
| Total | $ | 544,020 | | | $ | 316,468 | | | $ | 860,488 | |
| | | | | |
| Year Ended December 31, 2022 | | | | | |
| Commercial | $ | 403,155 | | | $ | 104,162 | | | $ | 507,317 | |
| DoD | — | | | 3,286 | | | 3,286 | |
| Other government | 4,957 | | | 153,888 | | | 158,845 | |
| Total | $ | 408,112 | | | $ | 261,336 | | | $ | 669,448 | |
A summary of revenues by type for each of our operating segments is as follows (in thousands):
| | | | | | | | | | | | | | | | | |
| Year Ended December 31, 2024 | Aviation | | Fleet | | Total |
| Repair | $ | 293,063 | | | $ | — | | | $ | 293,063 | |
| Distribution | 493,193 | | | 293,876 | | | 787,069 | |
| Total | $ | 786,256 | | | $ | 293,876 | | | $ | 1,080,132 | |
| | | | | |
| Year Ended December 31, 2023 | | | | | |
| Repair | $ | 157,154 | | | $ | — | | | $ | 157,154 | |
| Distribution | 386,866 | | | 316,468 | | | 703,334 | |
| Total | $ | 544,020 | | | $ | 316,468 | | | $ | 860,488 | |
| | | | | |
| Year Ended December 31, 2022 | | | | | |
| Repair | $ | 107,399 | | | $ | — | | | $ | 107,399 | |
| Distribution | 300,713 | | | 261,336 | | | 562,049 | |
| Total | $ | 408,112 | | | $ | 261,336 | | | $ | 669,448 | |
Contract Balances
Contract balances were as follows (in thousands):
| | | | | | | | | | | | | | | | | | | | |
| | | | As of December 31, |
| | Financial Statement Classification | | 2024 | | 2023 |
Billed and billable receivables | | Receivables, net (a) | | $ | 197,563 | | | $ | 127,958 | |
Contract assets - unbilled receivables | | Contract assets | | $ | 29,960 | | | $ | 8,049 | |
| Contract liabilities | | Accrued expenses and other current liabilities | | $ | 4,479 | | | $ | 2,785 | |
(a) Net of allowance of $6.5 million and $3.4 million as of December 31, 2024 and 2023, respectively. | | | | |
The increase in contract assets during fiscal 2024 is primarily in connection with the acquisition of TCI during the current period. Refer to Note (2) "Acquisitions" for further information. During fiscal 2024 and 2023, respectively, we recognized $2.1 million and $0.9 million of revenue that was previously included in the beginning balance of contract liabilities.
(5) Property and Equipment
Property and equipment, net consisted of the following (in thousands):
| | | | | | | | | | | |
| As of December 31, |
| | 2024 | | 2023 |
| Buildings and building improvements | $ | 25,279 | | | $ | 24,555 | |
| Computer equipment | 14,490 | | | 8,309 | |
Furniture, fixtures, and equipment (a) | 64,185 | | | 41,208 | |
| Leasehold improvements | 10,104 | | | 6,151 | |
| Construction in process | 16,722 | | | 13,675 | |
| Land and land improvements | 1,454 | | | 1,617 | |
| 132,234 | | | 95,515 | |
| Less: accumulated depreciation and amortization | (46,648) | | | (37,439) | |
| Total property and equipment, net | $ | 85,586 | | | $ | 58,076 | |
(a) Certain amounts from prior year have been reclassified to conform with current year presentation. |
Depreciation and amortization expense for the years ended December 31, 2024, 2023 and 2022 was $10.9 million, $6.8 million, and $5.3 million, respectively.
(6) Goodwill and Other Intangible Assets
Goodwill
Changes in the carrying amount of goodwill by operating segment for the years ended December 31, 2024 and 2023 were as follows (in thousands):
| | | | | | | | | | | | | | | | | |
| | Fleet | | Aviation | | Total |
| Balance as of December 31, 2022 | $ | 63,190 | | | $ | 154,072 | | | $ | 217,262 | |
| Goodwill acquired | — | | | 134,519 | | | 134,519 | |
| Balance as of December 31, 2023 | $ | 63,190 | | | $ | 288,591 | | | $ | 351,781 | |
| Goodwill acquired | — | | | 140,804 | | | 140,804 | |
| Measurement period adjustments | — | | | (1,132) | | | (1,132) | |
| Balance as of December 31, 2024 | $ | 63,190 | | | $ | 428,263 | | | $ | 491,453 | |
Goodwill increased during the year ended December 31, 2024 in connection with acquisitions completed during the period as discussed in Note (2) "Acquisitions." There were no impairments of goodwill during the years ended December 31, 2024, 2023 and 2022.
Other Intangible Assets
Intangible assets consisted of the following (in thousands):
| | | | | | | | | | | | | | | | | |
| | Cost | | Accumulated Amortization | | Net Intangible Assets |
| December 31, 2024 | | | | | |
| Contract and customer-related | $ | 272,590 | | | $ | (75,309) | | | $ | 197,281 | |
| Trade names | 8,670 | | | (8,670) | | | — | |
| Total | $ | 281,260 | | | $ | (83,979) | | | $ | 197,281 | |
| | | | | |
| December 31, 2023 | | | | | |
| Contract and customer-related | $ | 241,090 | | | $ | (127,022) | | | $ | 114,068 | |
| Trade names | 8,670 | | | (8,608) | | | 62 | |
| Total | $ | 249,760 | | | $ | (135,630) | | | $ | 114,130 | |
The gross carrying amount of contract and customer-related intangibles increased during the year ended December 31, 2024 in connection with acquisitions completed during the year as discussed in Note (2) "Acquisitions." This increase was partially offset by intangible assets with a cost of $69.4 million being fully amortized and no longer reflected in the intangible asset values as of December 31, 2024. There were no impairment losses during the years ended December 31, 2024, 2023 and 2022. The weighted-average useful life for all intangible assets as of December 31, 2024 is 12.2 years.
The estimated future annual amortization expense related to intangible assets are as follows (in thousands):
| | | | | |
| Year Ending December 31, | |
| 2025 | $ | 24,520 | |
| 2026 | 24,349 | |
| 2027 | 22,602 | |
| 2028 | 21,768 | |
| 2029 | 21,706 | |
| Thereafter | 82,336 | |
| Total | $ | 197,281 | |
(7) Debt
Long-term debt consisted of the following (in thousands):
| | | | | | | | | | | |
| As of December 31, |
| | 2024 | | 2023 |
| Bank credit facility - term loan | $ | 277,500 | | | $ | 300,000 | |
| Bank credit facility - revolving facility | 155,000 | | | 133,000 | |
| Principal amount of long-term debt | 432,500 | | | 433,000 | |
Less: debt issuance costs | (2,327) | | | (3,656) | |
Total debt | 430,173 | | | 429,344 | |
Less: current portion | (30,000) | | | (22,500) | |
| Long-term debt, net of current portion | $ | 400,173 | | | $ | 406,844 | |
We have a credit agreement with a bank group from which we borrow amounts under the agreement to provide working capital support, fund letters of credit, and finance acquisitions. The credit agreement includes term and revolving facilities. The revolving facility provides for revolving loans and letters of credit. Borrowings under our term loan and revolving facility mature in October 2026.
The maximum amount of credit available under the credit agreement for revolving loans and letters of credit is $350 million. We may elect to increase the maximum availability of the term loan facility, the revolving facility, or both facilities up to an aggregate additional amount of $25 million subject to lender approvals. The credit agreement also provides for letters of credit aggregating up to $25 million.
Borrowings under our credit agreement bear interest at a variable rate of interest based on Term SOFR or a base rate, plus in each case an applicable margin (based on our Total Funded Debt to EBITDA Ratio). The base rate for any day is a fluctuating rate per annum equal to the highest of (i) the Federal Funds Rate plus .50%; (ii) the Prime Rate and (iii) the sum of Term SOFR for a one-month interest period, plus the difference between the additional Term SOFR interest margin for SOFR rate loans and the additional base rate interest margin for base rate loans. The applicable margins for SOFR loans ranges from 1.50% to 3.75% and .50% to 2.75% for base rate loans. We also pay a commitment fee with respect to undrawn amounts under the revolving loan facility ranging from .25% to .50% (based on our Total Funded Debt to EBITDA Ratio) and fees on letters of credit that are issued.
As of December 31, 2024, the interest rate on our outstanding term loan and weighted average interest rate on our aggregate outstanding revolving facility was 7.40% and 7.21%, respectively. We had letters of credit outstanding of $0.8 million as of December 31, 2024 and 2023.
Future required term loan and revolving facility payments as of December 31, 2024 are as follows (in thousands):
| | | | | | | | | | | | | | | | | | | | |
| Year Ending December 31, | | Term | | Revolving Facility | | Total |
| 2025 | | $ | 30,000 | | | $ | — | | | $ | 30,000 | |
| 2026 | | 247,500 | | | 155,000 | | | 402,500 | |
| Total | | $ | 277,500 | | | $ | 155,000 | | | $ | 432,500 | |
The credit agreement contains collateral requirements to secure our loan agreement obligations, restrictive covenants, a limit on annual dividends, and other affirmative and negative covenants, conditions, and limitations. Restrictive covenants include a maximum Total Funded Debt to EBITDA Ratio and a minimum Fixed Charge Coverage Ratio. We were in compliance with required ratios and other terms and conditions as of December 31, 2024.
(8) Derivative Instruments and Hedging Activities
We are party to fixed interest rate swap instruments that are designated and accounted for as cash flow hedges to manage risks associated with interest rate fluctuations on a portion of our floating rate debt. Our derivative instruments designated as cash flow hedges as of December 31, 2024 were (in thousands):
| | | | | | | | | | | | | | |
| Notional Amount | Paid Fixed Rate | Receive Variable Rate | Settlement and Termination |
Interest rate swap | $150,000 | 2.8% | 1-month term SOFR | Monthly through October 31, 2027 |
Interest rate swap | $100,000 | 4.5% | 1-month term SOFR | Monthly through July 31, 2026 |
These derivative instruments are recorded on the consolidated balance sheets at fair value. Unrealized changes in the fair value on cash flow hedges are recognized in other comprehensive income (loss) and the amounts are reclassified from accumulated other comprehensive income (loss) into earnings in a manner that matches the timing of the earnings impact of the hedged transactions. For the years ended December 31, 2024 and 2023, we reclassified $4.3 million and $3.8 million, respectively, from accumulated other comprehensive income to interest expense, net. We estimate that we will reclassify $1.5 million of unrealized gains from accumulated other comprehensive income into earnings in the twelve months following December 31, 2024. See Note (17) "Fair Value Measurements" for the fair value of the interest rate swaps.
(9) Accrued Expenses and Other Current Liabilities
Accrued expenses and other current liabilities consisted of the following (in thousands):
| | | | | | | | | | | |
| As of December 31, |
| | 2024 | | 2023 |
| Accrued compensation and benefits | $ | 19,527 | | | $ | 15,734 | |
| Accrued customer rebates and royalties | 6,731 | | | 5,545 | |
| Current portion of lease liabilities | 6,889 | | | 4,957 | |
| Accrued lease termination fee | 6,010 | | — | |
| Contract liabilities | 4,479 | | 2,785 |
| Accrued interest | 1,734 | | 469 |
| Accrued warranty | 1,541 | | 1,282 |
| Accrued income taxes | 839 | | 116 |
Other (a) | 14,445 | | | 5,495 | |
| Total | $ | 62,195 | | | $ | 36,383 | |
(a) Certain amounts from prior year have been reclassified to conform with current year presentation. |
(10) Stock-Based Compensation Plans
The VSE Corporation 2006 Restricted Stock Plan, as amended (the "2006 Plan"), provides VSE's employees and directors the opportunity to receive various types of stock-based compensation and cash awards. The total number of shares authorized for issuance under this plan was 1,875,000 and, as of December 31, 2024, 448,083 shares remained available for issuance. As of December 31, 2024, we have outstanding stock-settled bonus awards, time-vested stock awards, and performance share awards under this plan.
Stock-settled bonus awards are a fixed dollar-denominated award. On the first anniversary of the grant date, the total fixed dollar value of the award is converted into shares based on our closing stock price on the date of conversion. Vesting occurs over a three-year service period in three equal tranches. Beginning with the 2023 stock-settled bonus awards, the first vesting occurs one year after the award is converted into shares. For awards granted prior to 2023, the first vesting occurs one year after the grant date. On each vesting date, 100% of the vested award is paid in stock. Expense is recognized on a straight-line basis over the requisite service period for each tranche, which results in an accelerated pattern for an award.
Time-vested stock awards generally vest over a three-year service period in equal installments on each anniversary of the grant date. Our directors receive a grant of stock annually as part of their compensation and the stock vests immediately upon grant.
We grant performance share awards to certain employees under the 2006 Plan. Performance share awards are rights to receive shares of our stock on the satisfaction of service requirements and performance conditions. These awards vest ratably in equal
installments over a three-year period on the anniversary of each grant date, subject to meeting the minimum service requirements and the achievement of certain annual or cumulative financial metrics of our performance, with the number of shares ultimately issued, if any, ranging up to 200% of the specified target shares beginning in 2023. If performance is below the minimum threshold level of performance, no shares will be issued. For all performance share awards granted, the annual and cumulative financial metrics are based on our achievement of adjusted EBITDA.
During fiscal 2021, we established the Employee Stock Purchase Plan ("ESPP") to allow eligible employees to purchase shares of our VSE common stock at a discount of up to 15% of the fair market value on specified dates. For ESPP offerings in the year ended December 31, 2024, the purchase price was 12% off the lesser of the fair market value on the date of the offering and the fair market value on the date of purchase, thereby resulting in stock compensation expense of $0.1 million. As of December 31, 2024, 500,000 shares of VSE common stock are authorized for issuance under the ESPP.
Expense and Related Tax Benefits Recognized
Stock-based compensation expense is recognized within products and services costs within our consolidated statements of income. Stock-based compensation expense and related tax benefits recognized under the 2006 Plan were as follows (in thousands):
| | | | | | | | | | | | | | | | | |
| For the years ended December 31, |
| | 2024 | | 2023 | | 2022 |
| Stock-settled bonus awards | $ | 428 | | | $ | 1,166 | | | $ | 1,186 | |
Time-vested stock awards | 3,727 | | | 2,639 | | | 2,089 | |
Performance share awards | 4,053 | | | 3,807 | | | 1,067 | |
| Total | $ | 8,208 | | | $ | 7,612 | | | $ | 4,342 | |
| Tax benefit recognized from stock-based compensation | $ | 2,048 | | | $ | 1,899 | | | $ | 1,083 | |
Stock-Settled Bonus Awards
In March 2024, the employees eligible for the 2023 awards, 2022 awards, and the 2021 awards received a total of 9,972 shares of common stock. The grant-date fair value of these awards for the years ended December 31, 2024, 2023 and 2022 was $75.12, $42.23, and $43.30 per share, respectively. The total compensation cost related to non-vested stock-settled bonus awards not yet recognized was approximately $1.0 million with a weighted average amortization period of 2.2 years as of December 31, 2024. The total fair value of stock-settled bonus awards that vested in the years ended December 31, 2024, 2023 and 2022 was $0.7 million, $1.2 million, and $0.9 million, respectively.
Time-Vested Stock Awards
Time-vested stock award activity for the year ended December 31, 2024 was:
| | | | | | | | | | | | | | |
| | Number of Shares | | Weighted Average Grant Date Fair Value |
| Unvested as of December 31, 2023 | | 97,843 | | $ | 44.68 | |
| Granted | | 83,784 | | | $ | 79.30 | |
| Vested | | (46,561) | | | $ | 45.13 | |
| Forfeited | | (15,606) | | $ | 57.12 | |
| Unvested as of December 31, 2024 | | 119,460 | | $ | 67.16 | |
The grant date fair value of time-vested stock awards is based on the closing market price of our common stock on the grant date. The weighted average grant date fair value of the time-vested stock awards granted for the years ended December 31, 2024, 2023 and 2022 was $79.30, $45.78, and $43.01, respectively. As of December 31, 2024 there was $5.5 million of unrecognized compensation cost related to time-vested stock awards, which is expected to be recognized over a weighted-average period of 2.1 years. The total fair value of time-vested stock awards that vested in the years ended December 31, 2024, 2023 and 2022 was $3.7 million, $1.2 million, and $1.7 million, respectively.
Performance Share Awards
Performance Share award activity for the year ended December 31, 2024 was:
| | | | | | | | | | | | | | |
| | Number of Shares | | Weighted Average Grant Date Fair Value |
| Unvested as of December 31, 2023 | | 168,280 | | $ | 42.41 | |
| Granted | | 45,246 | | | $ | 77.54 | |
| Vested | | (73,442) | | | $ | 42.42 | |
| Forfeited | | (29,927) | | $ | 52.14 | |
| Unvested as of December 31, 2024 | | 110,157 | | $ | 54.20 | |
The actual number of shares to be issued upon vesting range between 0-200% of the target number of shares granted. The weighted average grant date fair value of the performance share awards granted for the years ended December 31, 2024, 2023 and 2022 was $77.54, $42.23, and $43.30, respectively. As of December 31, 2024 there was $3.3 million of unrecognized compensation cost related to performance share awards, which is expected to be recognized over a weighted-average period of 1.4 years. The total fair value of performance share awards that vested in the year ended December 31, 2024 was $5.6 million.
(11) Income Taxes
We are subject to U.S. federal income tax as well as income tax in multiple state and local jurisdictions. With few exceptions, the statute of limitations for these jurisdictions is no longer open for audit or examinations for the years before 2020 for federal and state income taxes in the U.S.
We file consolidated federal income tax returns that include all of our U.S. subsidiaries. The components of income from continuing operations before income taxes were as follows (in thousands):
| | | | | | | | | | | | | | | | | |
| For the years ended December 31, |
| | 2024 | | 2023 | | 2022 |
Domestic | $ | 41,599 | | | $ | 52,137 | | | $ | 36,694 | |
| Foreign | 4,881 | | | 4,776 | | | (983) | |
Income from continuing operations before income taxes | $ | 46,480 | | | $ | 56,913 | | | $ | 35,711 | |
The components of the provision for income taxes from continuing operations were as follows (in thousands):
| | | | | | | | | | | | | | | | | |
| For the years ended December 31, |
| | 2024 | | 2023 | | 2022 |
| Current: | | | | | |
| Federal | $ | 11,670 | | | $ | 11,556 | | | $ | 9,483 | |
| State | 2,132 | | | 2,205 | | | 1,485 | |
| Foreign | 1,573 | | | 1,138 | | | 35 | |
Total current | 15,375 | | | 14,899 | | | 11,003 | |
| Deferred: | | | | | |
| Federal | (4,725) | | | (1,148) | | | (1,890) | |
| State | (489) | | | 3 | | | (61) | |
| Foreign | (179) | | | 7 | | | — | |
Total deferred | (5,393) | | | (1,138) | | | (1,951) | |
| Provision for income taxes | $ | 9,982 | | | $ | 13,761 | | | $ | 9,052 | |
The Company's effective tax rate differs from the federal statutory rate. A reconciliation of the provision for income taxes from continuing operations to the amount computed by applying the statutory federal income tax rate is as follows (in thousands):
| | | | | | | | | | | | | | | | | |
| For the years ended December 31, |
| | 2024 | | 2023 | | 2022 |
| Tax at statutory federal income tax rate | $ | 9,761 | | | $ | 11,952 | | | $ | 7,499 | |
| Increases (decreases) in tax resulting from: | | | | | |
| State taxes, net of federal tax benefit | 1,738 | | | 2,019 | | | 1,459 | |
| Permanent differences, net | (634) | | | (193) | | | 287 | |
| Tax credits | (454) | | | (461) | | | (418) | |
| Prior year true-up adjustment | (931) | | | 269 | | | (45) | |
| Valuation allowance | 378 | | | 77 | | | 324 | |
| Other provision adjustments | 124 | | | 98 | | | (54) | |
| Provision for income taxes | $ | 9,982 | | | $ | 13,761 | | | $ | 9,052 | |
Effective tax rate | 21.5 | % | | 24.2 | % | | 25.3 | % |
The tax effect of temporary differences representing deferred tax assets and liabilities was as follows (in thousands):
| | | | | | | | | | | |
| As of December 31, |
| | 2024 | | 2023 |
| Deferred compensation and accrued paid leave | $ | 2,767 | | | $ | 3,003 | |
| Accrued expense | 2,094 | | | 1,429 | |
| Inventory reserve | 23,463 | | | 13,980 | |
| Operating lease liabilities | 14,362 | | | 6,249 | |
| Stock-based compensation | 2,084 | | | 1,697 | |
| Capitalized inventory | 1,741 | | | 1,335 | |
| US operating and capital loss carryforward | 12,777 | | | 7,637 | |
| Disallowed interest expense | 9,450 | | | 1,663 | |
| Tax credit carryforward | 1,421 | | | 1,492 | |
| Foreign country operating loss carryforward | 1,364 | | | 806 | |
| Interest capitalized | 2,030 | | | — | |
| Transaction costs | 357 | | | — | |
| 73,910 | | | 39,291 | |
Valuation allowance (a) | (19,301) | | | (9,906) | |
| Total gross deferred tax assets | 54,609 | | | 29,385 | |
| | | |
| Interest rate swaps | (1,021) | | | (708) | |
| Depreciation | (3,959) | | | (2,925) | |
| Goodwill and intangible assets | (38,279) | | | (26,666) | |
| Operating lease right-of-use assets | (10,962) | | | (5,939) | |
| Other | (270) | | | (132) | |
| Total gross deferred tax liabilities | (54,491) | | | (36,370) | |
| | | |
Net deferred tax assets (liabilities) (b) | $ | 118 | | | $ | (6,985) | |
(a) A valuation allowance was provided against US capital loss in connection with the stock sale of Prime Turbines, certain state net operating loss, tax credit, and foreign tax loss deferred tax assets arising from carryforwards of unused tax benefits. |
| (b) Deferred tax assets are included within other assets in our consolidated balance sheets. |
|
As of December 31, 2024, we had various tax losses and tax credits that may be applied against future taxable income. The majority of such tax attributes will expire in 2025 through 2044; however, some may be carried forward indefinitely.
The Organization for Economic Co-operation and Development has issued Pillar Two model rules introducing a new global minimum tax of 15% intended to be effective on January 1, 2024. While the US has not yet adopted the Pillar Two rules, many countries took steps to incorporate Pillar Two model rule concepts into their domestic laws in 2023. Considering that we do not have material operations in jurisdictions with tax rates lower than the Pillar Two minimum, we do not expect these rules will significantly increase our global tax costs. We will continue to monitor US and global legislative action related to Pillar Two for future potential impacts.
(12) Leases
Our operating lease cost was as follows for the years ended December 31, (in thousands):
| | | | | | | | | | | | | | | | | | | | |
| | 2024 | | 2023 | | 2022 |
Operating lease cost (a) | | $ | 9,327 | | | $ | 6,480 | | | $ | 2,714 | |
(a) Excludes short-term lease expense, which is not material. |
Our lease arrangements do not contain any material residual guarantees, variable payment provisions, or restrictive covenants.
The table below summarizes future minimum lease payments under operating leases, recorded on the balance sheet, as of December 31, 2024 (in thousands):
| | | | | | | | |
| Year ending December 31, | | |
| 2025 | | $ | 10,178 | |
| 2026 | | 9,807 | |
| 2027 | | 9,620 | |
| 2028 | | 8,713 | |
| 2029 | | 7,558 | |
| Thereafter | | 27,520 | |
| Minimum lease payments | | 73,396 | |
| Less: imputed interest | | (18,363) | |
| Present value of minimum lease payments | | 55,033 | |
Less: current portion of lease liabilities (a) | | (6,889) | |
| Long-term lease liabilities | | $ | 48,144 | |
| | |
(a) The current portion of lease liabilities are presented within accrued expenses and other current liabilities on our consolidated balance sheets. Refer to Note (9) "Accrued Expenses and Other Current Liabilities." |
Other supplemental operating lease information for the year ended December 31, was as follows (in thousands):
| | | | | | | | | | | | | | | | | | | | |
| | 2024 | | 2023 | | 2022 |
| Cash paid for amounts included in the measurement of operating lease liabilities | | $ | 9,818 | | | $ | 5,045 | | | $ | 2,441 | |
| Right-of-use assets obtained in exchange for new operating lease liabilities | | $ | 30,314 | | | $ | 11,812 | | | $ | 11,876 | |
The weighted-average discount rate was 6.5% and 5.9% and the weighted-average remaining lease term was 8.6 years and 5.7 years as of December 31, 2024, and 2023, respectively.
Lease Abandonment and Termination
In connection with the FDS sale as described in Note (3) "Discontinued Operations", we implemented changes that resulted in one-time charges primarily related to the lease abandonment and termination of our headquarters office space.
On June 28, 2024, we ceased use of our 95,000 sq. ft. leased office space in Alexandria, VA. We relocated our VA-based corporate staff to a 4,000 sq. ft. office space in Vienna, VA under a new short-term lease. We recognized one-time lease abandonment costs of $12.9 million, which comprised of a reduction in our operating lease right-of-use assets of $6.7 million, exit costs of $3.7 million, and a non-cash write-off of certain property and equipment of $2.5 million. These one-time costs are included within lease abandonment and termination costs on our consolidated statements of income.
On September 4, 2024, we entered into an agreement to immediately terminate the Alexandria, VA, office space lease in exchange for $12.0 million, payable in two equal installments due in January 2025 and January 2026. As a result, we recognized a lease termination gain of $0.7 million, which comprised of a $1.1 million net liability reduction, partially offset by a $0.4 million decrease in our remaining operating lease right-of-use asset. The lease termination gain is included within lease abandonment and termination costs on our consolidated statements of income. As of December 31, 2024, $6.0 million of the $12.0 million due as a result of the lease termination is classified within accrued expenses and other current liabilities, while the remaining $6.0 million is classified within other long-term liabilities.
(13) Commitments and Contingencies
We may have certain claims in the normal course of business, including legal proceedings, against us and against other parties. In our opinion, the resolution of these claims will not have a material adverse effect on our results of operations, financial position, or cash flows. However, because the results of any legal proceedings cannot be predicted with certainty, the amount of loss, if any, cannot be reasonably estimated.
Further, from time-to-time, government agencies audit or investigate whether our operations are being conducted in accordance with applicable contractual and regulatory requirements. Government audits or investigations, whether relating to government contracts or conducted for other reasons, could result in administrative, civil or criminal liabilities, including repayments, fines or penalties imposed, or could lead to suspension or debarment from future government contracting. Government investigations often take years to complete and many result in no adverse action. We believe, based upon current information, that the outcome of any such government disputes, audits and investigations will not have a material adverse effect on our results of operations, financial condition, or cash flows.
(14) Business Segments and Customer Information
Segment Information
The sale of the Federal and Defense segment allows us to focus on a long-term strategic growth strategy focused on higher margin and higher growth aftermarket parts distribution and MRO businesses. Following the sale of the Federal and Defense segment, management of our business operations is conducted under two reportable operating segments:
Aviation: Our Aviation segment provides aftermarket MRO and distribution services to commercial, business and general aviation, cargo, military and defense, and rotorcraft customers globally. Core services include parts distribution, MRO services including fuel controls, avionics, pneumatics, hydraulics, wheel and brake, and rotable exchange and supply chain services.
Fleet: Our Fleet segment provides parts, inventory management, e-commerce fulfillment, logistics, supply chain support and other services to support the commercial aftermarket medium- and heavy-duty truck market, and the USPS. Core services include vehicle parts distribution, sourcing, IT solutions, customized fleet logistics, warehousing, kitting, just-in-time supply chain management, alternative product sourcing, and engineering and technical support.
The operating segments reported below are our segments for which separate financial information is available and for which segment results are evaluated regularly by our President and Chief Executive Officer, who is our Chief Operating Decision Maker ("CODM"), in deciding how to allocate resources and in assessing performance. Our CODM evaluates segment performance based on consolidated revenues and operating income and considers budget-to-actual, sequential period and prior period variances on a monthly basis when making decisions about allocating capital and personnel to the segments. Segment costs, depreciation and amortization, and allocated corporate costs are viewed as significant segment expenses as part of the CODM’s evaluation.
Net sales of our business segments exclude inter-segment sales as these activities are eliminated in consolidation. Corporate expenses are primarily selling, general and administrative expenses not allocated to segments. Corporate assets are primarily cash, property and equipment and investments held in separate trust.
Our segment information is as follows (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | |
Year Ended December 31, 2024 | | | | | | |
| Aviation | | Fleet | | Corporate /
unallocated expenses | | Consolidated |
| Revenues | $ | 786,256 | | | $ | 293,876 | | | $ | — | | | $ | 1,080,132 | |
| Costs and operating expenses: | | | | | | | |
Segment costs (a) | 640,895 | | | 266,689 | | | 36,831 | | | 944,415 | |
| Depreciation and amortization | 25,500 | | | 2,957 | | | 155 | | | 28,612 | |
Allocated corporate cost (b) | 18,474 | | | 7,212 | | | — | | | 25,686 | |
| Total costs and operating expenses | 684,869 | | | 276,858 | | | 36,986 | | | 998,713 | |
Operating income (loss) (c) | $ | 101,387 | | | $ | 17,018 | | | $ | (36,986) | | | $ | 81,419 | |
| | | | | | | |
Capital Expenditures (d) | $ | 19,030 | | | $ | 2,386 | | | $ | 215 | | | $ | 21,631 | |
| Total Assets | $ | 1,409,426 | | | $ | 282,820 | | | $ | 42,374 | | | $ | 1,734,620 | |
| | | | | | | | | | | | | | | | | | | | | | | |
Year Ended December 31, 2023 | | | | | | |
| Aviation | | Fleet | | Corporate /
unallocated expenses | | Consolidated |
| Revenues | $ | 544,020 | | | $ | 316,468 | | | $ | — | | | $ | 860,488 | |
| Costs and operating expenses: | | | | | | | |
Segment costs (a) | 443,909 | | | 272,084 | | | 14,682 | | | 730,675 | |
| Depreciation and amortization | 16,080 | | | 5,300 | | | (253) | | | 21,127 | |
Allocated corporate cost (b) | 12,863 | | | 7,827 | | | — | | | 20,690 | |
| Total costs and operating expenses | 472,852 | | | 285,211 | | | 14,429 | | | 772,492 | |
Operating income (loss) (c) | $ | 71,168 | | | $ | 31,257 | | | $ | (14,429) | | | $ | 87,996 | |
| | | | | | | |
Capital Expenditures (d) | $ | 16,467 | | | $ | 2,198 | | | $ | 269 | | | $ | 18,934 | |
Total Assets (e) | $ | 950,143 | | | $ | 274,382 | | | $ | 125,813 | | | $ | 1,350,338 | |
| | | | | | | |
| For the Year Ended December 31, 2022 | | | | | | |
| Aviation | | Fleet | | Corporate /
unallocated expenses | | Consolidated |
| Revenues | $ | 408,112 | | | $ | 261,336 | | | $ | — | | | $ | 669,448 | |
| Costs and operating expenses: | | | | | | | |
Segment costs (a) | 345,614 | | | 221,137 | | | 7,654 | | | 574,405 | |
| Depreciation and amortization | 13,174 | | | 8,783 | | | (931) | | | 21,026 | |
Allocated corporate cost (b) | 12,908 | | | 7,505 | | | — | | | 20,413 | |
| Total costs and operating expenses | 371,696 | | | 237,425 | | | 6,723 | | | 615,844 | |
Operating income (loss) (c) | $ | 36,416 | | | $ | 23,911 | | | $ | (6,723) | | | $ | 53,604 | |
| | | | | | | |
Capital Expenditures (d) | $ | 5,961 | | | $ | 5,502 | | | $ | 861 | | | $ | 12,324 | |
| | | | | | | |
(a) Segment costs consist of material, labor, overhead, and selling, general, and administrative costs not separately disclosed within this footnote. |
(b) Primarily includes costs for information technology, human resources, accounting, and legal support services. |
(c) Certain corporate costs previously allocated to the Federal and Defense business for segment reporting purposes did not qualify for classification within discontinued operations and have been reallocated to continuing operations. |
|
(d) Amounts differ from consolidated statements of cash flows due to inclusion of capital expenditures for which payment has not yet been remitted. |
(e) Corporate assets in 2023 include $93,002 of assets held-for-sale. |
Customer Information
Our revenues are derived from the delivery of products and services performed for commercial and government customers. Revenues from the USPS, reported within our Fleet segment, represented 11%, 19%, and 23% of consolidated revenues for 2024, 2023 and 2022, respectively. Our customers also include various other commercial entities and government agencies. See Note (4) "Revenue Recognition" for revenue by customer.
We do not measure revenue or profit by product or service lines, either for internal management or external financial reporting purposes, because it would be impractical to do so. Products offered and services performed are determined by contract requirements and the types of products and services provided for one contract bear no relation to similar products and services provided on another contract. Products and services provided vary when new contracts begin, or current contracts expire. In many cases, more than one product or service is provided under a contract. Accordingly, cost and revenue tracking are designed to best serve contract requirements and segregating costs and revenues by product or service lines in situations for which it is not required would be difficult and costly to both us and our customers.
Geographical Information
Revenue by geography is based on the billing address of the customer. Our revenue by geographic area is as follows (in thousands):
| | | | | | | | | | | | | | | | | | | | |
| | | For the years ended December 31, |
| | | 2024 | | 2023 | | 2022 |
| United States | | $ | 785,599 | | | $ | 656,767 | | | $ | 557,615 | |
Other Countries (a) | | 294,533 | | | 203,721 | | | 111,833 | |
| Total revenue | | $ | 1,080,132 | | | $ | 860,488 | | | $ | 669,448 | |
(a) No individual country, other than disclosed above, exceeded 10% of our total revenue for any period presented.
(15) Capital Stock
Our common stock has a par value of $0.05 per share. Proceeds from common stock issuances that are greater than $0.05 per share are credited to additional paid in capital. Holders of common stock are entitled to one vote per common share held on all matters voted on by our stockholders. Stockholders of record are entitled to the amount of dividends declared per common share held.
In May 2024, we entered into an underwriting agreement with certain underwriters relating to the issuance and sale of up to 2,429,577 shares of the Company's common stock at a public offering price of $71.00 per share. On May 17, 2024, the Company issued 2,429,577 shares, which included the exercise by the underwriters of their option to purchase additional shares, pursuant to the underwriting agreement. Net proceeds of $162.0 million were received by the Company, which were used to repay outstanding borrowings under our revolving credit facility, including amounts borrowed to pay the purchase price of the acquisition of TCI and for general corporate purposes. We incurred legal and accounting fees of $0.4 million associated with the May 2024 public offering.
In October 2024, we entered into an underwriting agreement with certain underwriters relating to the issuance and sale of 1,724,137 shares of the Company's common stock at a public offering price of $87.00 per share. Under the terms of the agreement, we granted the underwriters an option, exercisable for 30 days, to purchase up to an additional 258,620 shares of common stock. The offering closed on October 17, 2024, resulting in the issuance of 1,982,757 shares, which included the exercise by the underwriters of their option to purchase additional shares, pursuant to the underwriting agreement, for which we received net proceeds of $163.8 million, net of issuance costs. Additionally, we incurred legal and accounting fees of $0.3 million associated with the October 2024 public offering. The net proceeds were used to finance a portion of the cash consideration for the Kellstrom Aerospace acquisition and general corporate purposes, including repaying outstanding borrowings under our revolving facility.
(16) 401(k) Plan
We maintain a defined contribution plan under Section 401(k) of the Internal Revenue Code of 1986, as amended, that covers substantially all our employees. Under the provisions of our 401(k) plan, employees' eligible contributions are matched at rates specified in the plan documents. Our expense associated with this plan was approximately $2.0 million, $1.6 million, and $1.7 million for the years ended December 31, 2024, 2023, and 2022, respectively.
(17) Fair Value Measurements
We utilize fair value measurement guidance prescribed by GAAP to value our financial instruments. The accounting standard for fair value measurements establishes a three-tier value hierarchy, which prioritizes the inputs used in measuring fair value as follows: observable inputs such as quoted prices in active markets (Level 1); inputs other than the quoted prices in active markets that are observable either directly or indirectly (Level 2); and unobservable inputs in which there is little or no market data, which requires the Company to develop its own assumptions (Level 3).
The carrying amounts of cash and cash equivalents, receivables, accounts payable and amounts included in prepaid expenses and other current assets and accrued expenses and other current liabilities that meet the definition of a financial instrument approximate fair value due to their relatively short maturity. The carrying value of our outstanding debt obligations approximates its fair value. The fair value of long-term debt is calculated using Level 2 inputs based on interest rates available for debt with terms and maturities similar to our existing debt arrangements.
Non-financial assets acquired and liabilities assumed in business combinations were measured at fair value using income, market and cost valuation methodologies. See Note (2), "Acquisitions." The fair value measurements were estimated using significant inputs that are not observable in the market and thus represent a Level 3 measurement.
The following table summarizes the financial assets and liabilities measured at fair value on a recurring basis and the level they fall within the fair value hierarchy (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | As of December 31, |
| Amounts Recorded at Fair Value | | Financial Statement Classification | | Fair Value Hierarchy | | 2024 | | 2023 |
Non-COLI assets held in Deferred Supplemental Compensation Plan(a) | | Other assets | | Level 1 | | $ | 629 | | | $ | 594 | |
| Interest rate swaps | | Other assets | | Level 2 | | $ | 4,093 | | | $ | 2,840 | |
(a) Non-COLI assets held in our deferred supplemental compensation plan consist of equity funds with fair value based on observable inputs such as quoted prices for identical assets in active markets and changes in fair value are recorded as selling, general and administrative expenses. |
(18) Restructuring Costs
During the year ended December 31, 2024, we incurred $4.2 million of corporate restructuring expenses, which are included in selling, general and administrative expenses, primarily related to the cancellation of contracts and leasing agreements associated with the FDS Sale. As of December 31, 2024, approximately $0.8 million of these costs are included within accrued expenses and other current liabilities on our consolidated balance sheets. Our corporate restructuring activities related to the FDS Sale are substantially complete, and we do not expect to incur additional material costs associated with these activities.
(19) Subsequent Event
On February 17, 2025, we signed a definitive agreement to sell all of the issued and outstanding shares of common stock of our Fleet segment for a total consideration of up to $230 million (the “Fleet Sale”). This consideration assumes a $140 million cash payment at the closing of the Fleet Sale, a $25 million seller note, and an earn-out payment of up to $65 million, subject to the achievement of certain milestones. The Fleet Sale is expected to close in the second quarter of 2025 and is subject to customary closing conditions and approvals. We currently intend to use the net proceeds from the Fleet Sale to reduce existing borrowings under the credit agreement.
ITEM 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
None.
ITEM 9A. Controls and Procedures
Evaluation of Disclosure Controls and Procedures
Our management has evaluated, with the participation of our Chief Executive Officer and Chief Financial Officer, the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15(d)-15(e) under the Exchange Act). Based on this evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that, as of December 31, 2024, our disclosure controls and procedures were effective to ensure that information we are required to disclose in reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.
Management's Report on Internal Control Over Financial Reporting
Management is responsible for establishing and maintaining adequate internal control over financial reporting and for assessing the effectiveness of internal control over financial reporting, as such term is defined in Exchange Act Rules 13a-15(f) and 15d-15(f). Internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles and includes those policies and procedures that: (i) pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of the issuer; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the issuer are being made only in accordance with authorizations of management and directors of the issuer; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the issuer’s assets that could have a material effect on the financial statements.
Our management, with the participation of the Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of our internal control over financial reporting as of December 31, 2024, based on the framework in Internal Control – Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 Framework). Based on the assessment, management has concluded that its internal control over financial reporting was effective as of December 31, 2024.
As permitted by the SEC rules, management's assessment and conclusion on the effectiveness of the Company's internal control over financial reporting as of December 31, 2024, excludes an assessment of internal control over financial reporting of TCI and Kellstrom Aerospace, acquired on April 24, 2024 and December 3, 2024, respectively. TCI and Kellstrom Aerospace represent total assets, excluding goodwill and intangibles related to the acquisitions, and revenues constituting 15% and 9%, respectively, of our consolidated total assets and total revenues as of and for the year ended December 31, 2024.
Grant Thornton LLP, an independent registered public accounting firm, audited our consolidated financial statements included in this report and our internal control over financial reporting, and the firm's report on our internal control over financial reporting are set forth below.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Change in Internal Controls
During the fourth quarter of fiscal year 2024, there were no changes in our internal control over financial reporting, as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act), that have materially affected these controls or are reasonably likely to materially affect these controls after the evaluation of these controls.
Report of Independent Registered Public Accounting Firm
Board of Directors and Shareholders
VSE Corporation
Opinion on internal control over financial reporting
We have audited the internal control over financial reporting of VSE Corporation (a Delaware corporation) and subsidiaries (the “Company”) as of December 31, 2024, based on criteria established in the 2013 Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”). In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2024, based on criteria established in the 2013 Internal Control—Integrated Framework issued by COSO.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (“PCAOB”), the consolidated financial statements of the Company as of and for the year ended December 31, 2024, and our report dated March 3, 2025 expressed an unqualified opinion on those financial statements.
Basis for opinion
The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management’s Report on Internal Control Over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.
Our audit of, and opinion on, the Company’s internal control over financial reporting does not include the internal control over financial reporting of Turbine Controls, Inc. ("TCI") and Kellstrom Aerospace Group, Inc. ("Kellstrom Aerospace"), both wholly-owned subsidiaries, whose combined financial statements reflect total assets, excluding goodwill and intangibles related to the acquisition, and revenues constituting 15 and 9 percent, respectively, of the related consolidated financial statement amounts as of and for the year ended December 31, 2024. As indicated in Management’s Report on Internal Control Over Financial Reporting, TCI and Kellstrom Aerospace were both acquired during 2024. Management’s assertion on the effectiveness of the Company’s internal control over financial reporting excluded internal control over financial reporting of TCI and Kellstrom Aerospace.
Definition and limitations of internal control over financial reporting
A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
/s/ GRANT THORNTON LLP
| | | | | |
| Charlotte, North Carolina | |
| March 3, 2025 | |
ITEM 9B. Other Information
During the three months ended December 31, 2024, no director or "officer," as defined in Rule 16a-1(f) of the Exchange Act, of the Company adopted, modified, or terminated a "Rule 10b5-1 trading arrangement" or a "non-Rule 10b5-1 trading arrangement," as each term is defined in Item 408 of Regulation S-K.
ITEM 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections
None.
PART III
Except as otherwise indicated below, the information required by Items 10, 11, 12, 13 and 14 of Part III of Form 10-K has been omitted in reliance of General Instruction G(3) to Form 10-K and is incorporated herein by reference to our definitive proxy statement to be filed with the SEC not later than 120 days after December 31, 2024 in respect of the Annual Meeting of VSE's stockholders scheduled to be held on May 8, 2025 (the "Proxy Statement").
ITEM 10. Directors, Executive Officers and Corporate Governance
Information called on by Item 10 will be set forth in our Proxy Statement, which information is incorporated herein by reference.
ITEM 11. Executive Compensation
Information called on by Item 11 will be set forth in our Proxy Statement, which information is incorporated herein by reference.
ITEM 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
Except for the "Equity Compensation Plan Information" disclosed in Item 5 above, the information called on by this Item 12 will be set forth in our Proxy Statement, which information is incorporated herein by reference.
ITEM 13. Certain Relationships and Related Transactions, and Director Independence
Information called on by Item 13 will be set forth in our Proxy Statement, which information is incorporated herein by reference.
ITEM 14. Principal Accountant Fees and Services
Information called on by Item 14 will be set forth in our Proxy Statement, which information is incorporated herein by reference.
PART IV
ITEM 15. Exhibits and Financial Statement Schedules
1.Financial Statements
The consolidated financial statements are listed under Item 8 of this Form 10-K.
2.Supplemental Financial Statement Schedules
The following financial statement schedule is included herein:
All other schedules have been omitted because they are not applicable, not required, or the information has been otherwise supplied in the financial statements or notes to the financial statements.
3.Exhibits
See "Exhibit Index" hereinafter contained and incorporated by reference.
ITEM 16. Form 10-K Summary
None.
VSE CORPORATION AND SUBSIDIARIES
Schedule II - Valuation and Qualifying Accounts
| | | | | | | | | | | | | | | | | |
| For the years ended December 31, |
| 2024 | | 2023 | | 2022 |
Allowance for credit losses (in thousands): | | | | | |
| Allowance as of beginning of year | $ | 3,449 | | | $ | 2,019 | | | $ | 1,677 | |
Additions charged to costs and operating expenses | 3,922 | | | 1,484 | | | 2,084 | |
Deductions | (910) | | | (54) | | | (1,742) | |
| Allowance as of end of year | $ | 6,461 | | | $ | 3,449 | | | $ | 2,019 | |
| | | | | |
| | | | | |
| For the years ended December 31, |
| 2024 | | 2023 | | 2022 |
Valuation allowance for deferred tax assets (in thousands): | | | | | |
| Allowance as of beginning of year | $ | 9,906 | | | $ | 8,337 | | | $ | 8,257 | |
Additions charged to costs and operating expenses | 520 | | | 75 | | | 80 | |
Additions charged to other accounts (a) | 8,875 | | | 1,494 | | | — | |
| Allowance as of end of year | $ | 19,301 | | | $ | 9,906 | | | $ | 8,337 | |
(a) 2024 activity primarily includes the valuation allowance established from the Kellstrom Aerospace acquisition. |
| | | | | | | | |
| | EXHIBIT INDEX | |
| | | |
Reference No.
Per Item 601 of
Regulation S-K | Description of Exhibit | Exhibit No.
In this Form 10-K |
| | | |
| 3.1 | | * |
| 3.2 | | * |
| 3.3 | | * |
| 3.4 | | * |
| 3.5 | | * |
| 4.1 | Specimen Stock Certificate as of May 19, 1983 (Exhibit 4 to Registration Statement No. 2-83255 dated April 22, 1983 on Form S-2) | * + P |
| 4.2 | | * + |
| 10.1 | | * + |
| 10.2 |
| * + |
| 10.3 | | * + |
| 10.4 | | * + |
| 10.5 | | * + |
| 10.6 | | * + |
| 10.7 | | * + |
| 10.8 | | * + |
| 10.9 | | * + |
| | | | | | | | |
| 10.10 | | * |
10.11 | | * |
10.12 | | * |
| 10.13 | | * |
| 10.14 | | * |
| 10.15 | | * |
| 10.16 | | * |
| 10.17 | | * |
| 10.18 | | * |
| 10.19 | | * |
| 10.20 | | * |
| 10.21 | | * + |
| 19.1 | | Exhibit 19.1 |
| 21.1 | | Exhibit 21 |
| 23.1 | | Exhibit 23.1 |
| 31.1 | | Exhibit 31.1 |
| 31.2 | | Exhibit 31.2 |
| 32.1 | | Exhibit 32.1 |
| | | | | | | | |
| 32.2 | | Exhibit 32.2 |
| 97.1 | | * |
| 101.INS | XBRL Instance Document | |
| 101.SCH | XBRL Taxonomy Extension Schema Document | |
| 101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | |
| 101.DEF | XBRL Taxonomy Extension Definition Linkbase Document | |
| 101.LAB | XBRL Taxonomy Extension Label Linkbase Document | |
| 101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document | |
| 104 | The cover page from VSE Corporation's Annual Report on Form 10-K for the fiscal year ended December 31, 2021 has been formatted in Inline XBRL. | |
* Document has been filed as indicated and is incorporated by reference herein.
+ Indicates management contract or compensatory plan or arrangement.
P Indicates exhibit was submitted to the Securities and Exchange Commission as a paper filing prior to the time that electronic filing on EDGAR became mandatory.
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| | | | | | | | | | | |
| | | VSE CORPORATION |
| | | |
| Date: | March 3, 2025 | By: | /s/ John A. Cuomo |
| | | John A. Cuomo |
| | | Chief Executive Officer and President |
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed by the following persons on behalf of Registrant and in the capacities and on the dates indicated.
| | | | | | | | |
| Name | Title | Date |
| | | |
| | | |
| /s/ John A. Cuomo | Director, Chief Executive | March 3, 2025 |
| John A. Cuomo | Officer and President | |
| (Principal Executive Officer) | |
| | | |
/s/ Adam R. Cohn | Chief Financial Officer | March 3, 2025 |
Adam R. Cohn | (Principal Financial Officer) | |
| | | |
/s/ Tarang Sharma | Chief Accounting Officer | March 3, 2025 |
Tarang Sharma | (Principal Accounting Officer) | |
| | |
| /s/ Ralph E. Eberhart | Chairman/Director | March 3, 2025 |
| Ralph E. Eberhart | | |
| | |
| /s/ Bonnie K. Wachtel | Director | March 3, 2025 |
| Bonnie K. Wachtel | | |
| | | |
| /s/ John E. Potter | Director | March 3, 2025 |
| John E. Potter | | |
| | | |
| /s/ Mark E. Ferguson III | Director | March 3, 2025 |
| Mark E. Ferguson III | | |
| | | |
| /s/ Edward P. Dolanski | Director | March 3, 2025 |
| Edward P. Dolanski | | |
| | |
| /s/ Anita D. Britt | Director | March 3, 2025 |
| Anita D. Britt | | |
| | |
| /s/ Lloyd E. Johnson | Director | March 3, 2025 |
| Lloyd E. Johnson | | |
VSE CORPORATION CONSOLIDATED GENERAL POLICY MEMORANDUM NO. 1201 DATE: February 28, 2025 OWNER: Farinaz S. Tehrani, Chief Legal Officer and Corporate Secretary APPROVED: John Cuomo, President and Chief Executive Officer SUBJECT: Insider Trading Policy REVISION: CGPM 1201 replaces CGPM 1201 dated September 23, 2022 DISTIBUTION: All Employees, Officers and Directors of VSE Corporation and its subsidiaries 1. Purpose of the Policy. This Insider Trading Policy (the “Policy”) provides guidelines with respect to transactions in the securities of VSE Corporation (the “Company”) and the handling of confidential information about the Company and the companies with which the Company does business. The Company has adopted this Policy to promote compliance with U.S. federal and state securities laws that prohibit certain persons who are aware of Material Nonpublic Information (as defined below) about a company from: (A) trading in securities of that company; or (B) providing (or “tipping”) Material Nonpublic Information to other persons who may trade on the basis of that information. 2. Applicability of the Policy. A. Transactions Subject to the Policy. This Policy applies to transactions in the Company’s securities, including common or preferred stock, options and warrants to purchase common stock, notes, bonds, convertible securities and any other debt or equity securities that the Company may issue, as well as to derivative securities that are not issued by the Company, such as put or call options or swaps relating to the Company’s securities (collectively referred to as “Company Securities”). In addition, when a person who is subject to this Policy, in connection with working for the Company, becomes aware of Material Nonpublic Information of a company with which the Company does business, including customers and suppliers, this Policy also applies equally to transactions in the securities of such other company. Each person who is subject to this Policy must treat Material Nonpublic Information of the Company’s business partners, customers and suppliers with the same care required with respect to Company’s Material Nonpublic Information. B. Persons Subject to the Policy. This Policy applies to all members of the Company’s Board of Directors and all officers and employees of the Company and its subsidiaries. The Company may also determine from time to time that other persons will be subject to this Policy, such as contractors or consultants who have access to Material Nonpublic Information (collectively, all such persons are referred to as “Company Persons”). This Policy also applies to family members, other members of a person’s household and entities controlled by a person covered by this Policy, as described more fully below. C. Transactions by Family Members and Others. This Policy applies to family members who reside with a Company Person (including a spouse, a child, stepchildren, grandchildren, parents, stepparents, grandparents, siblings and in-laws), anyone else who lives in a REV 3.0 PRINTED COPIES ARE UNCONTROLLED
CGPM-1201 2 February 28, 2025 REV 4.0 PRINTED COPIES ARE UNCONTROLLED Company Person’s household, and any family members who do not live in a Company Person’s household but whose transactions in Company Securities are directed by a Company Person or are subject to a Company Person’s influence or control, such as parents or children who consult with a Company Person before they trade in Company Securities (collectively referred to as “Family Members”). Company Persons are responsible for the transactions of these other persons and therefore should make them aware of the need to confer with such Company Persons before they trade in Company Securities, and Company Persons must treat all such transactions for the purposes of this Policy and applicable securities laws as if the transactions were for such Company Person’s own account. This Policy does not, however, apply to personal securities transactions of Family Members where the purchase or sale decision is made by a third party not controlled by, influenced by or related to a Company Person or his or her Family Members. D. Transactions by Entities that a Company Person Influences or Controls. This Policy applies to any entities that a Company Person influences or controls, including any corporations, partnerships or trusts (collectively referred to as “Controlled Entities” and, together with Company Persons and Family Members, “Insiders”), and transactions by these Controlled Entities must be treated for the purposes of this Policy and applicable securities laws as if they were for the Company Person’s own account. 3. Definition of Material Nonpublic Information. A. When Information is Considered Material. Information is considered “material” if a reasonable investor would consider that information important in making a decision to buy, hold or sell securities. Any information that could be expected to affect the Company’s stock price, whether it is positive or negative, should be considered material. There is no bright-line standard for assessing materiality; rather, materiality is based on an assessment of all of the facts and circumstances, and is often evaluated by enforcement authorities with the benefit of hindsight. While it is not possible to define all categories of material information, some examples of information that ordinarily would be regarded as material are: financial condition or results; unpublished projections regarding future earnings or losses, other earnings guidance, changes to previously announced earnings guidance or the decision to suspend earnings guidance; the gain or loss of a significant contract, customer, supplier, or finance source; pending or proposed mergers, acquisitions, dispositions, restructurings, tender offers, joint ventures, partnerships or spin-offs; a change in dividend policy, the declaration of a stock split, an offering of additional securities or the establishment of a repurchase program for Company Securities; financing transactions not in the ordinary course of business; significant change in management; significant pending or threatened litigation or government investigations; significant disruption in operations or loss (including environmental- or safety-related incidents), potential loss, breach or unauthorized access of property or assets, including as a result of a cybersecurity incident or otherwise; significant bank borrowings or other financing transactions out of the ordinary course;
CGPM-1201 3 February 28, 2025 REV 4.0 PRINTED COPIES ARE UNCONTROLLED extraordinary items for accounting purposes; a change in auditors or notification that the auditor’s reports may no longer be relied upon; and impending defaults on indebtedness, bankruptcy, or the existence of significant liquidity problems. B. When Information is Considered Public. Information that has not been disclosed to the public is generally considered to be nonpublic information. To establish that the information has been disclosed to the public, it may be necessary to demonstrate that the information has been widely disseminated. Information generally would be considered widely disseminated if it has been disclosed through a press release, newswire services, published in a widely-available newspaper, magazine or news website, on the Company’s external website or public disclosure documents filed with the U.S. Securities and Exchange Commission (the “SEC”) that are available on the SEC’s website. By contrast, information would likely not be considered widely disseminated if it is available only to our employees, or if it is only available to a select group of analysts, brokers and institutional investors. The circulation of rumors, even if accurate and reported in the media, does not constitute effective widespread dissemination. As a general rule, information should not be considered fully absorbed by the marketplace until after the second full business day after the day on which the information is released. Depending on the particular circumstances, the Company may determine that a longer or shorter period should apply to the release of specific Material Nonpublic Information. 4. Statement of the Policy. A. Prohibition Against Insider Trading. i. No Transactions on the Basis of Material Nonpublic Information. No Insider may, directly or indirectly through third parties, buy, sell, or otherwise engage in any transactions in Company Securities if such Insider possesses Material Nonpublic Information. The only exceptions to this prohibition are described below under “Permitted Transactions.” ii. No Recommendations on the Basis of Material Nonpublic Information. No Insider may make recommendations or express opinions about trading in Company Securities if such Insider possesses Material Nonpublic Information. iii. No Tipping of Material Nonpublic Information. No Insider may, directly or indirectly, disclose (“tip”) Material Nonpublic Information to any person within the Company whose jobs do not require them to have that information, or outside of the Company to other persons, including, but not limited to, family, friends, business associates, and investors, unless any such disclosure is made in accordance with the Company’s policies regarding the protection or authorized external disclosure of information about the Company. Insiders may be liable for tipping Material Nonpublic Information to any third party (a “Tippee”). Tippees inherit an insider’s duties and may be liable for trading on Material Nonpublic Information illegally tipped to them by an Insider. Tippees can obtain Material Nonpublic Information by receiving overt tips from others or through, among other things, conversations at social, business or other gatherings. Therefore, Insiders
CGPM-1201 4 February 28, 2025 REV 4.0 PRINTED COPIES ARE UNCONTROLLED must keep all Material Nonpublic Information relating to the Company strictly confidential (as further described below). iv. Maintaining Confidentiality of Material Nonpublic Information. All Material Nonpublic Information relating to the Company is the property of the Company and the Company has the sole and exclusive right to determine how and when to disclose such information to the public. Unless specifically authorized by the Company, no Insider should publicly disclose Material Nonpublic Information and all such information must be kept strictly confidential. B. Other Prohibited Transactions in Company Securities. The Company has also determined that there is a heightened legal risk and the appearance of improper or inappropriate conduct if Insiders engage in certain types of other transactions. Therefore, the following rules are applicable to Insiders: i. Short Sales. Short sales of Company Securities (i.e., the sale of a security that the seller does not own) may evidence an expectation on the part of the seller that the securities will decline in value, and therefore have the potential to signal to the market that the seller lacks confidence in the Company’s prospects. In addition, short sales may reduce a seller’s incentive to seek to improve the Company’s performance. For these reasons, short sales of Company Securities are prohibited. In addition, Section 16(c) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) prohibits officers and directors from engaging in short sales of Company securities. ii. Publicly-Traded Options. Given the relatively short term of publicly-traded options, transactions in options may create the appearance that an Insider is trading based on Material Nonpublic Information and focus an Insider’s attention on short-term performance at the expense of the Company’s long-term objectives. Accordingly, transactions in put options, call options or other derivative securities, on an exchange or in any other organized market, are prohibited by this Policy. iii. Hedging Transactions. Hedging or monetization transactions can be accomplished through a number of possible mechanisms, including through the use of financial instruments such as prepaid variable forwards, equity swaps, short sale instruments, puts, collars and exchange funds or through other transactions that hedge or offset, or are designed to hedge or offset, any decrease in the market value of Company Securities. Such hedging transactions may permit an Insider to continue to own Company Securities obtained through employee benefit plans or otherwise, but without the full risks and rewards of ownership. When that occurs, Insiders may no longer have the same objectives as the Company’s other stockholders. Accordingly, hedging transactions by any Insider, or any of their designees, are prohibited under this Policy. iv. Margin Accounts and Pledged Securities. Securities held in a margin account or pledged as collateral for a margin loan may be sold by the broker without the customer’s consent if the customer fails to meet a margin call. Similarly, securities pledged, hypothecated or otherwise used as collateral for a loan may be sold in foreclosure if the borrower defaults on the loan. A margin sale or foreclosure sale may occur at a time when the owner is aware of Material Nonpublic Information or otherwise is not permitted to trade in Company Securities. For these reasons, Insiders are
CGPM-1201 5 February 28, 2025 REV 4.0 PRINTED COPIES ARE UNCONTROLLED prohibited from pledging, hypothecating or otherwise using Company Securities as collateral for a loan or other form of indebtedness, including, without limitation, holding Company Securities in a margin account as collateral for a margin loan. v. Standing and Limit Orders. Standing and limit orders (except standing and limit orders under approved Rule 10b5-1 Plans, as described below) create heightened risks for insider trading violations similar to the use of margin accounts. There is no control over the timing of purchases or sales that result from standing instructions to a broker, and as a result, the broker could execute a transaction when an Insider is in possession of Material Nonpublic Information. The Company therefore discourages placing standing or limit orders on Company Securities. If an Insider determines that they must use a standing order or limit order, the order should be limited to short duration and should otherwise comply with the guidelines outlined below. C. Permitted Transactions. i. Transactions under Company Plans. This Policy does not apply to transactions with the Company involving Company Securities, except as specifically noted. a. Restricted Stock and Restricted Stock Units. This Policy does not apply to the vesting of restricted stock and restricted stock units under the Company’s equity plans, or when related shares or units are withheld by the Company for the Company Person to pay withholding taxes upon vesting (if authorized by the Company). This Policy does apply, however, to any market sale of stock upon vesting. b. Employee Stock Purchase Plan, Savings Plan and Deferred Compensation Plans, if adopted. This Policy will not apply to purchases of Company Securities in the Company’s employee stock purchase plan, 401(k) plan, or deferred compensation plan or other similar employee benefit plans resulting from a Company Person’s periodic contribution of money to the plan pursuant to his or her payroll deduction election. This Policy will apply, if adopted, however, to certain elections a Company Person may make under these plans, including: (a) an election to increase or decrease the percentage of his or her periodic contributions that will be allocated to his or her Company stock fund; (b) an election to switch an existing account balance into or out of a Company Person’s Company stock fund; (c) an election to borrow money against a Company Person’s plan account if the loan will result in a liquidation of some or all of his or her Company stock fund; (d) an election to withdraw money from a Company Person’s plan account if the withdrawal will result in a liquidation of some or all of his or her Company stock fund; and (e) an election to pre-pay a plan loan if the pre-payment will result in allocation of loan proceeds to a Company Person’s Company stock fund. c. Other Similar Transactions. Any other purchase of Company Securities from the Company or sales of Company Securities to the Company are not subject to this Policy. d. Gifts. Bona fide gifts of Company Securities to a family member, charitable organization, or any other person (including a transfer to a family trust) are not
CGPM-1201 6 February 28, 2025 REV 4.0 PRINTED COPIES ARE UNCONTROLLED transactions subject to this Policy, unless the person making the gift has reason to believe that the recipient intends to sell the Company Securities while the person making the gift is aware of Material Nonpublic Information, or the person making the gift is subject to the trading restrictions specified below under the heading “Additional Procedures” and the sales by the recipient of the Company Securities occur during a Black Out Period (as defined below). However, whether a gift is a bona fide gift will depend on the circumstances surrounding each gift, including, but not limited to, the donor’s relationship with the recipient and the nature of the tax benefit to the donor. e. Mutual Funds. Transactions in a mutual fund or other collective investment vehicle (e.g., hedge fund or exchange traded fund) that is invested in Company Securities and (1) is publicly traded and widely held, (2) is broad based and diversified, and (3) has investment discretion for fund investments exercised by an independent third party are not transactions subject to this Policy. 5. Additional Procedures. The Company has established additional procedures, applicable only to certain persons (as described below), in order to assist in the administration of this Policy, to facilitate compliance with laws prohibiting insider trading while in possession of Material Nonpublic Information, and to avoid the appearance of any impropriety. A. Pre-Clearance Procedures. Certain designated persons may not engage in any transaction in Company Securities, including gifts involving the transfer of Company Securities, without first obtaining pre-clearance of the transaction from the Company by contacting the Chief Legal Officer (the “Pre-Clearance Procedures”). The following category of persons (the “Covered Persons”) are subject to the Company’s Pre-Clearance Procedures. The Chief Legal Officer will maintain a specific list of Covered Persons and will review the list quarterly with the executive management team. directors; executive officers; certain employees who are serving in management roles, as determined by the Chief Executive Officer, Chief Financial Officer or Chief Legal Officer; employees who are involved in the preparation of financial statements, or with knowledge of the Company’s consolidated financial performance, as determined by the Company’s Chief Financial Officer; members of the Company’s legal department; other persons designated by the Chief Executive Officer, Chief Financial Officer or Chief Legal Officer; and Family Members and Controlled Entities of any persons described above. A request for pre-clearance to trade in Company Securities should be submitted in writing to the Chief Legal Officer (or other designated attorneys) at least one business day in advance of the proposed transaction. When a request for pre-clearance is made, the requestor should confirm in the request that he or she (1) has reviewed this Policy and (2) is not aware of any Material Nonpublic Information about the Company.
CGPM-1201 7 February 28, 2025 REV 4.0 PRINTED COPIES ARE UNCONTROLLED The Company is under no obligation to approve a transaction submitted for pre-clearance and may determine not to permit the transaction. If the Chief Legal Officer does not respond to a request for pre-clearance, the request will be deemed to have been denied. If a person seeks pre-clearance and permission to engage in the transaction and the request is denied or not responded to, then he or she must refrain from initiating any transaction in Company Securities, and must not inform any other person of the restriction. If permission to engage in the transaction is granted, then the transaction must be initiated within five business days of receipt of pre-clearance, unless an exception is granted or the person becomes aware of Material Nonpublic Information before the trade is executed, in which case the preclearance is void and the trade must not be completed. If transactions are not effected within the time limit, pre-clearance must be requested and approved in writing again. B. Quarterly Blackout Periods. Covered Persons may not conduct any transactions involving Company Securities (other than as specified by this Policy) during certain “Blackout Periods.” Quarterly Blackout Periods begin on the last day of the last month of each fiscal quarter (March 31, June 30, September 30 and December 31) and end at the end of the second business day following the date of the public release of the Company’s earnings results for that quarter. In other words, these persons may only conduct transactions in Company Securities during the “Window Period” beginning on the third business day following the public release of Company’s quarterly earnings and ending on the last day of the last month of the next fiscal quarter. C. Event-Specific Blackout Periods. From time to time, an event may occur, or information may exist that is material to the Company and is known by only certain directors, officers and/or employees. So long as the event or information remains material and nonpublic, certain persons designated by the Chief Executive Officer, Chief Financial Officer or Chief Legal Officer may not engage in any transaction in Company Securities during such Event- Specific Blackout Period. In addition, the Company’s financial results may be sufficiently material in a particular fiscal quarter that, in the judgment of the Chief Executive Officer, Chief Financial Officer or Chief Legal Officer, designated persons should refrain from trading in Company Securities even sooner than the typical Blackout Period described above. In either situation, the Chief Executive Officer, Chief Financial Officer or Chief Legal Officer may notify these persons that they must not engage in transactions in Company Securities, without disclosing the reason for the restriction. The existence of an event- specific trading restriction period or extension of a Blackout Period will not be announced to the Company as a whole and must not be communicated to any other person. Exceptions will not be granted during an event-specific trading restriction period. D. Exceptions. Blackout Periods do not apply to those transactions to which this Policy does not apply, as described above under the heading “Permitted Transactions.” Further, the requirements for Pre-Clearance Procedures and Blackout Periods do not apply to transactions conducted pursuant to approved Rule 10b5-1 plans, as described below under the heading “Rule 10b5-1 Plans.” 6. Rule 10b5-1 Plans. Rule 10b5-1 promulgated under the Exchange Act provides a defense from insider trading liability. In order to be eligible to rely on this defense, a person subject to this Policy must enter into a Rule 10b5-1 Plan for transactions in Company Securities that meets the requirements of Rule 10b5-1 (a “Rule 10b5-1 Plan”). If the Rule 10b5-1 Plan meets such requirements, Company Securities may be purchased or sold without regard to certain
CGPM-1201 8 February 28, 2025 REV 4.0 PRINTED COPIES ARE UNCONTROLLED insider trading restrictions. To comply with this Policy, Rule 10b5-1 Plans must be approved by the Chief Legal Officer. In general, a Rule 10b5-1 Plan must be entered into at a time when (i) the person entering into the plan is not aware of Material Nonpublic Information and (ii) a Blackout Period is not in effect. Once a Rule 10b5-1 Plan is adopted, the person must not exercise any influence over the amount of securities to be traded, the price at which they are to be traded or the date of the trade. A Rule 10b5-1 Plan cannot be modified when the person is aware of Material Nonpublic Information. The Rule 10b5-1 Plan must either specify the amount, pricing and timing of transactions in advance or delegate discretion on these matters to an independent third party. Any Rule 10b5-1 Plan must be submitted to the Chief Legal Officer for approval five business days prior to the entry into the Rule 10b5-1 Plan. Subsequent modifications to any Rule 10b5- 1 Plan must also be pre-approved by the Chief Legal Officer. Once a Rule 10b5-1 Plan is approved, no further pre-approval of transactions conducted pursuant to the Rule 10b5-1 Plan is required. 7. Section 16 Reports. Certain Company Persons, including directors, officers designated as such for SEC reporting purposes by the Board of Directors and certain stockholders of the Company (collectively, “Section 16 Reporting Persons”), are required to file reports with the SEC that disclose such Company Person’s trading and other transactions relating to Company Securities (“Section 16 Reports”). The Chief Legal Officer’s office will assist Section 16 Reporting Persons that are directors and officers in preparing and filing the required Section 16 Reports; however, such Section 16 Reporting Persons retain responsibility for the filing and accuracy of Section 16 Reports. To ensure compliance with all reporting requirements, such Section 16 Reporting Persons must, on the date of any trade, provide the Chief Legal Officer’s office with all information relating to the trade that is necessary to properly prepare a Form 4 or other Section 16 Report. Such Section 16 Reporting Persons must also execute a Form 4 or other Section 16 Report (either individually or through a duly authorized power of attorney) within a sufficient amount of time to allow the Chief Legal Officer’s office to electronically file the Form 4 with the SEC before the end of the second business day following the trade. 8. Form 144A Reports. Certain Company Persons, including directors, certain officers designated by the Board of Directors and certain stockholders of the Company (collectively, “144A Reporting Persons”) are required to file a Form 144 before making an open market sale of Company Securities. A Form 144 notifies the SEC of the 144A Reporting Person’s intent to sell Company Securities. This form is generally prepared and filed by the 144A Reporting Person’s broker and is in addition to the Section 16 Reports filed on the 144A Reporting Person’s behalf by the Chief Legal Officer’s office. 9. Post-Termination Transactions. This Policy continues to apply to transactions in Company Securities even after termination of service to, or employment with, the Company. If an individual is in possession of Material Nonpublic Information when his or her service or employment terminates, that individual may not trade in Company Securities until that information has become public or is no longer material, as determined by the Chief Legal Officer. To facilitate the Chief Legal Officer’s determination, such an individual may not trade in Company Securities without first obtaining pre-clearance of the transaction from the Chief
CGPM-1201 9 February 28, 2025 REV 4.0 PRINTED COPIES ARE UNCONTROLLED Legal Officer, in accordance with the pre-clearance procedures set forth in “Additional Procedures—Pre-Clearance Procedures” above. 10. Individual Responsibility. Insiders have ethical and legal obligations to maintain the confidentiality of information about the Company and to not engage in transactions in Company Securities while in possession of Material Nonpublic Information. Each Company Person is individually responsible for making sure that he or she complies with this Policy, and that any of his or her Family Members or Controlled Entities also comply with this Policy. In all cases, the ultimate responsibility for determining whether an individual is in possession of Material Nonpublic Information rests with that individual, and any action on the part of Company, the Chief Legal Officer or any other employee or director pursuant to this Policy (or otherwise) does not in any way constitute legal advice or insulate an individual from liability under applicable securities laws. 11. Violations. A. Consequences of Violations. The purchase or sale of securities while aware of Material Nonpublic Information, or the disclosure of Material Nonpublic Information to others who then trade in Company Securities, is prohibited by U.S. federal and state laws. Insider trading violations are pursued vigorously by the SEC, the U.S. Department of Justice and state enforcement authorities. Punishment for insider trading violations is severe, and could include significant fines and imprisonment. While the regulatory authorities concentrate their efforts on individuals who trade, or who tip inside information to others who trade, the U.S. federal securities laws also impose potential liability on companies and other “controlling persons” if they fail to take reasonable steps to prevent insider trading by company personnel. In addition, an individual’s failure to comply with this Policy may subject the individual to discipline by Company, including termination for cause, whether or not the individual’s failure to comply results in a violation of law. B. Reporting of Violations. Any Insider who violates this Policy or any U.S. federal or state governing insider trading, or knows of any such violation by any Insider, must report the violation immediately to the Chief Legal Officer. 12. Company Assistance. If you have any questions about this Policy or its application to any proposed transaction, please contact the Company’s Chief Legal Officer, who can be reached by telephone at 703.329.3209 or by e-mail at ftehrani@vsecorp.com, for additional guidance. 13. Certification. You must sign, date and return the Certification attached as Exhibit A stating that you have received, read, understand and agree to comply with this Policy. Please note that you are bound by the Policy whether or not you sign the Certification. * * * This Policy supersedes any previous policy of the Company concerning securities trading. In the event of any conflict or inconsistency between this Policy and other materials previously distributed by the Company, this Policy shall govern.
CGPM-1201 10 February 28, 2025 REV 4.0 PRINTED COPIES ARE UNCONTROLLED EXHIBIT A CERTIFICATION I hereby certify that: 1. I have read and understand the Company’s Insider Trading Policy. 2. I understand that the Company’s Chief Legal Officer is available to answer any questions I have regarding the Insider Trading Policy. 3. I will comply with the Insider Trading Policy for as long as I am subject to the Policy. Print name: Signature: Date:
CGPM-1201 11 February 28, 2025 REQUEST FOR CLEARANCE TO TRADE To: VSE Corporation Chief Legal Officer Name: Title: I hereby request clearance for myself (or a member of my immediate family or household) to execute the following transaction relating to the securities of VSE Corporation (“VSE”). Type of Transaction: I w i s h to purchase. Number an d type of securities to be purchased: I wish to sell. Number and type of securities to be sold: I wish to exercise an option and sell all or a portion of the shares of common stock purchased at the then market price in a “cashless exercise” or “same day sale” and hold any remaining shares of common stock in my brokerage account. Number of options to be exercised: Number of shares of common stock to be sold: Number of shares of common stock held in account: Other transaction: If the request is for a member of my immediate family or household: Name of Person: Relationship: I hereby represent and certify that I am not aware of any material, non-public information concerning VSE at the time of submitting this request, and I agree that should I become aware of any material, non-public information concerning VSE before completing the approved transaction, I will not complete the transaction. I understand that once approved, this authorization is valid on the date of approval and for five-business days thereafter. I further understand that the approval will lapse if I become in possession of, or, in the judgment of the Chief Legal Officer, I am likely to be in possession of material, non-public information, or otherwise on the earliest of expiration of (i) the five-business day period of this approval, or (ii) the trading window in which approval is granted, whichever is the first to occur. Date Signature Approved by: Chief Legal Officer Date REV 4.0 PRINTED COPIES ARE UNCONTROLLED
Exhibit 21
SUBSIDIARIES OF THE REGISTRANT
The following is a listing of the subsidiaries of the Registrant:
| | | | | |
| Jurisdiction Organization |
| Wheeler Fleet Solutions, Co. | Pennsylvania |
| VSE Aviation, Inc. | Delaware |
| Global Parts Group, Inc. | Kansas |
| VSE Aviation Services, Inc. | Florida |
| VSE Aviation, Inc. | Florida |
| VSE Aviation Singapore PTE LTD | Singapore |
| VSE Aviation Services, LLC | Kansas |
| VSE Aviation Services, Co. | Kansas |
| VSE Aviation Germany GmbH | Germany |
| Desser Holding Company, LLC | Delaware |
| Desser Tire & Rubber Co., LLC | Delaware |
| Aero Wheel & Brake Service Corporation | California |
| Cee Bailey’s Aircraft Plastics | California |
| Watts Desser Limited | United Kingdom |
| Desser Tire & Rubber Co., Pty Ltd | Australia |
| Sabrinae Limited | United Kingdom |
| VSE Aviation Limited | United Kingdom |
| Rotable Repairs Group Limited | United Kingdom |
| Rotable Repairs Limited | United Kingdom |
| Turbine Controls, LLC | Delaware |
| Turbine Controls, LLC | Florida |
| Kellstrom Aerospace Group, Inc. | Delaware |
| Kellstrom Commercial Aerospace, Inc. | Delaware |
| Kellstrom Aerospace Asia Pacific PTE, LTD. | Singapore |
| Vortex Aviation, Inc. | Florida |
| Vortex Aviation Ireland Holdings Limited | Ireland |
| Vortex Aviation Ireland Limited | Ireland |
| Vortex Aviation Singapore PTE, LTD. | Singapore |
| TAG One, Inc. | Arizona |
Consent of Independent Registered Public Accounting Firm
We have issued our reports dated March 3, 2025, with respect to the consolidated financial statements and internal control over financial reporting included in the Annual Report of VSE Corporation on Form 10-K for the year ended December 31, 2024. We consent to the incorporation by reference of said reports in the Registration Statements of VSE Corporation on Forms S-3 (File No. 333-281222 and File No. 333-273085) and on Forms S-8 (File No. 333-271707, File No. 270469, File No. 333-257247, File No. 333-195803, File No. 333-195802, and File No. 333-134285).
/s/ GRANT THORNTON LLP
Charlotte, North Carolina
March 3, 2025
Exhibit 31.1
CERTIFICATION PURSUANT TO
RULE 13A-14 OF THE SECURITIES EXCHANGE ACT OF 1934,
AS ADOPTED PURSUANT TO
SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, John A. Cuomo, certify that:
1. I have reviewed this annual report on Form 10-K of VSE Corporation;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f))for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent function):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
| | | | | | | | | | | |
| Dated: | March 3, 2025 | /s/ John A. Cuomo | |
| | John A. Cuomo | |
| | Chief Executive Officer and President | |
Exhibit 31.2
CERTIFICATION PURSUANT TO
RULE 13A-14 OF THE SECURITIES EXCHANGE ACT OF 1934,
AS ADOPTED PURSUANT TO
SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Adam R. Cohn, certify that:
1. I have reviewed this annual report on Form 10-K of VSE Corporation;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f))for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent function):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
| | | | | | | | | | | |
| Date: | March 3, 2025 | /s/ Adam R. Cohn | |
| | Adam R. Cohn |
| | Chief Financial Officer |
| | (Principal Financial Officer) |
Exhibit 32.1
CERTIFICATION PURSUANT TO
SECTION 1350, CHAPTER 63 OF TITLE 18, UNITED STATES CODE,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
Pursuant to Section 1350, Chapter 63 of Title 18, United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned, as President and Chief Executive Officer of VSE Corporation (the "Company"), does hereby certify that to the best of the undersigned's knowledge:
1) our Annual Report on Form 10-K for the year ending December 31, 2024 (the "Report"), fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
2) the information contained in our Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
| | | | | | | | |
| Date: | March 3, 2025 | /s/ John A. Cuomo |
| | John A. Cuomo |
| | Chief Executive Officer and President |
Exhibit 32.2
CERTIFICATION PURSUANT TO
SECTION 1350, CHAPTER 63 OF TITLE 18, UNITED STATES CODE,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
Pursuant to Section 1350, Chapter 63 of Title 18, United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned, as Chief Financial Officer of VSE Corporation (the "Company"), does hereby certify that to the best of the undersigned's knowledge:
1) our Annual Report on Form 10-K for the year ending December 31, 2024 (the "Report"), fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
2) the information contained in our Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
| | | | | | | | |
| Date: | March 3, 2025 | /s/ Adam R. Cohn |
| | Adam R. Cohn |
| | Chief Financial Officer |
| | (Principal Financial Officer) |
v3.25.0.1
Cover - USD ($)
$ in Billions |
12 Months Ended |
|
|
Dec. 31, 2024 |
Feb. 21, 2025 |
Jun. 28, 2024 |
| Cover [Abstract] |
|
|
|
| Document Type |
10-K
|
|
|
| Document Annual Report |
true
|
|
|
| Document Period End Date |
Dec. 31, 2024
|
|
|
| Current Fiscal Year End Date |
--12-31
|
|
|
| Document Transition Report |
false
|
|
|
| Entity File Number |
000-3676
|
|
|
| Entity Registrant Name |
VSE CORPORATION
|
|
|
| Entity Incorporation, State or Country Code |
DE
|
|
|
| Entity Tax Identification Number |
54-0649263
|
|
|
| Entity Address, Address Line One |
3361 Enterprise Way
|
|
|
| Entity Address, City or Town |
Miramar,
|
|
|
| Entity Address, State or Province |
FL
|
|
|
| Entity Address, Postal Zip Code |
33025
|
|
|
| City Area Code |
954
|
|
|
| Local Phone Number |
430-6600
|
|
|
| Title of 12(b) Security |
Common Stock, par value $0.05 per share
|
|
|
| Trading Symbol |
VSEC
|
|
|
| Security Exchange Name |
NASDAQ
|
|
|
| Entity Well-known Seasoned Issuer |
No
|
|
|
| Entity Voluntary Filers |
No
|
|
|
| Entity Current Reporting Status |
Yes
|
|
|
| Entity Interactive Data Current |
Yes
|
|
|
| Entity Filer Category |
Large Accelerated Filer
|
|
|
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false
|
|
|
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false
|
|
|
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|
|
|
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false
|
|
|
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false
|
|
|
| Entity Public Float |
|
|
$ 1.4
|
| Entity Common Stock, Shares Outstanding (in shares) |
|
20,600,674
|
|
| Documents Incorporated by Reference |
Portions of Registrant's definitive proxy statement for the Annual Meeting of Stockholders expected to be held on May 8, 2025, which is expected to be filed with the Securities and Exchange Commission on or about March 24, 2025, have been incorporated herein by reference into Part III of this report.
|
|
|
| Entity Central Index Key |
0000102752
|
|
|
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2024
|
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FY
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v3.25.0.1
Consolidated Balance Sheets - USD ($)
$ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
| Current assets: |
|
|
| Cash and cash equivalents |
$ 29,030
|
$ 7,768
|
| Receivables, net |
197,563
|
127,958
|
| Contract assets |
29,960
|
8,049
|
| Inventories |
576,318
|
500,864
|
| Prepaid expenses and other current assets |
41,956
|
36,389
|
| Current assets held-for-sale |
0
|
93,002
|
| Total current assets |
874,827
|
774,030
|
| Noncurrent assets: |
|
|
| Property and equipment, net |
85,586
|
58,076
|
| Intangible assets, net |
197,281
|
114,130
|
| Goodwill |
491,453
|
351,781
|
| Operating lease right-of-use assets |
53,326
|
28,684
|
| Other assets |
32,147
|
23,637
|
| Total assets |
1,734,620
|
1,350,338
|
| Current liabilities: |
|
|
| Current portion of long-term debt |
30,000
|
22,500
|
| Accounts payable |
187,590
|
173,036
|
| Accrued expenses and other current liabilities |
62,195
|
36,383
|
| Dividends payable |
2,059
|
1,576
|
| Current liabilities held-for-sale |
0
|
53,391
|
| Total current liabilities |
281,844
|
286,886
|
| Noncurrent liabilities: |
|
|
| Long-term debt, less current portion |
400,173
|
406,844
|
| Deferred compensation |
7,262
|
7,939
|
| Long-term operating lease obligations |
48,144
|
24,959
|
| Deferred tax liabilities |
0
|
6,985
|
| Other long-term liabilities |
9,011
|
0
|
| Total liabilities |
746,434
|
733,613
|
| Commitments and contingencies (Note 13) |
|
|
| Stockholders' equity: |
|
|
| Common stock, par value $0.05 per share, authorized 23,000,000 shares; issued and outstanding 20,590,496 and 15,756,918 respectively |
1,030
|
788
|
| Additional paid-in capital |
591,600
|
229,103
|
| Retained earnings |
392,484
|
384,702
|
| Accumulated other comprehensive income |
3,072
|
2,132
|
| Total stockholders' equity |
988,186
|
616,725
|
| Total liabilities and stockholders' equity |
$ 1,734,620
|
$ 1,350,338
|
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Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
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v3.25.0.1
Consolidated Balance Sheets (Parenthetical) - $ / shares
|
Dec. 31, 2024 |
Dec. 31, 2023 |
| Statement of Financial Position [Abstract] |
|
|
| Common stock, par value (in dollars per share) |
$ 0.05
|
$ 0.05
|
| Common stock, authorized (in shares) |
23,000,000
|
23,000,000
|
| Common stock, issued (in shares) |
20,590,496
|
15,756,918
|
| Common stock, outstanding (in shares) |
20,590,496
|
15,756,918
|
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v3.25.0.1
Consolidated Statements of Income - USD ($)
$ in Thousands |
12 Months Ended |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
| Revenues: |
|
|
|
|
| Total revenues |
|
$ 1,080,132
|
$ 860,488
|
$ 669,448
|
| Costs and operating expenses: |
|
|
|
|
| Selling, general and administrative expenses |
|
14,576
|
7,619
|
3,635
|
| Lease abandonment and termination costs |
[1] |
12,205
|
0
|
0
|
| Amortization of intangible assets |
|
17,749
|
14,378
|
15,735
|
| Total costs and operating expenses |
|
998,713
|
772,492
|
615,844
|
| Operating income |
|
81,419
|
87,996
|
53,604
|
| Interest expense, net |
|
34,939
|
31,083
|
17,893
|
| Income from continuing operations before income taxes |
|
46,480
|
56,913
|
35,711
|
| Provision for income taxes |
|
9,982
|
13,761
|
9,052
|
| Net income from continuing operations |
|
36,498
|
43,152
|
26,659
|
| (Loss) income from discontinued operations, net of tax |
|
(21,174)
|
(4,018)
|
1,400
|
| Net income |
[1] |
$ 15,324
|
$ 39,134
|
$ 28,059
|
| Basic |
|
|
|
|
| Continuing operations (usd per share) |
|
$ 2.04
|
$ 3.05
|
$ 2.09
|
| Discontinued operations (usd per share) |
|
(1.18)
|
(0.28)
|
0.11
|
| Basic earnings (loss) per share (usd per share) |
|
0.86
|
2.77
|
2.20
|
| Diluted |
|
|
|
|
| Continuing operations (usd per share) |
|
2.03
|
3.04
|
2.08
|
| Discontinued operations (usd per share) |
|
(1.18)
|
(0.28)
|
0.11
|
| Diluted earnings (loss) per share (usd per share) |
|
$ 0.85
|
$ 2.76
|
$ 2.19
|
| Weighted average shares outstanding: |
|
|
|
|
| Basic (in shares) |
|
17,878,608
|
14,130,334
|
12,780,117
|
| Diluted (in shares) |
|
17,975,295
|
14,184,729
|
12,827,894
|
| Products |
|
|
|
|
| Revenues: |
|
|
|
|
| Total revenues |
|
$ 776,676
|
$ 693,035
|
$ 554,010
|
| Costs and operating expenses: |
|
|
|
|
| Costs and operating expenses |
|
675,015
|
605,682
|
495,965
|
| Services |
|
|
|
|
| Revenues: |
|
|
|
|
| Total revenues |
|
303,456
|
167,453
|
115,438
|
| Costs and operating expenses: |
|
|
|
|
| Costs and operating expenses |
|
$ 279,168
|
$ 144,813
|
$ 100,509
|
|
|
| X |
- DefinitionThe aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets. As a noncash expense, this element is added back to net income when calculating cash provided by or used in operations using the indirect method. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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v3.25.0.1
Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands |
12 Months Ended |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
| Statement of Comprehensive Income [Abstract] |
|
|
|
|
| Net income |
[1] |
$ 15,324
|
$ 39,134
|
$ 28,059
|
| Other comprehensive income (loss), net of tax: |
|
|
|
|
| Change in fair value of interest rate swap agreements, net of tax |
|
940
|
(2,836)
|
5,144
|
| Total other comprehensive income (loss), net of tax |
|
940
|
(2,836)
|
5,144
|
| Comprehensive income |
|
$ 16,264
|
$ 36,298
|
$ 33,203
|
|
|
| X |
- DefinitionAmount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
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-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(24))
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-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2
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-Topic 942
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(26))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1
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-Paragraph 1
-Subparagraph (SX 210.7-04(22))
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v3.25.0.1
Consolidated Statements of Stockholders' Equity - USD ($)
$ in Thousands |
Total |
Common Stock |
Additional Paid-In Capital |
Retained Earnings |
Accumulated Other Comprehensive Income (Loss) |
| Balance, beginning balance (in shares) at Dec. 31, 2021 |
|
|
12,727,000
|
|
|
|
| Balance, beginning balance at Dec. 31, 2021 |
$ 417,333
|
|
$ 636
|
$ 88,515
|
$ 328,358
|
$ (176)
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
| Net income |
28,059
|
[1] |
|
|
28,059
|
|
| Stock-based compensation (in shares) |
|
|
90,000
|
|
|
|
| Stock-based compensation |
4,110
|
|
$ 5
|
4,105
|
|
|
| Other comprehensive income (loss), net of tax |
5,144
|
|
|
|
|
5,144
|
| Dividends declared |
(5,120)
|
|
|
|
(5,120)
|
|
| Balance, ending balance (in shares) at Dec. 31, 2022 |
|
|
12,817,000
|
|
|
|
| Balance, ending balance at Dec. 31, 2022 |
449,526
|
|
$ 641
|
92,620
|
351,297
|
4,968
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
| Net income |
39,134
|
[1] |
|
|
39,134
|
|
| Issuance of common stock (in shares) |
|
|
2,846,000
|
|
|
|
| Issuance of common stock |
129,110
|
|
$ 142
|
128,968
|
|
|
| Stock-based compensation (in shares) |
|
|
94,000
|
|
|
|
| Stock-based compensation |
7,520
|
|
$ 5
|
7,515
|
|
|
| Other comprehensive income (loss), net of tax |
(2,836)
|
|
|
|
|
(2,836)
|
| Dividends declared |
$ (5,729)
|
|
|
|
(5,729)
|
|
| Balance, ending balance (in shares) at Dec. 31, 2023 |
15,756,918
|
|
15,757,000
|
|
|
|
| Balance, ending balance at Dec. 31, 2023 |
$ 616,725
|
|
$ 788
|
229,103
|
384,702
|
2,132
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
| Net income |
15,324
|
[1] |
|
|
15,324
|
|
| Issuance of common stock (in shares) |
|
|
4,412,000
|
|
|
|
| Issuance of common stock |
325,181
|
|
$ 221
|
324,960
|
|
|
| Stock issuance in connection with acquisitions (in shares) |
|
|
300,000
|
|
|
|
| Stock issuance in connection with acquisitions |
30,267
|
|
$ 15
|
30,252
|
|
|
| Stock-based compensation (in shares) |
|
|
122,000
|
|
|
|
| Stock-based compensation |
7,291
|
|
$ 6
|
7,285
|
|
|
| Other comprehensive income (loss), net of tax |
940
|
|
|
|
|
940
|
| Dividends declared |
$ (7,542)
|
|
|
|
(7,542)
|
|
| Balance, ending balance (in shares) at Dec. 31, 2024 |
20,590,496
|
|
20,591,000
|
|
|
|
| Balance, ending balance at Dec. 31, 2024 |
$ 988,186
|
|
$ 1,030
|
$ 591,600
|
$ 392,484
|
$ 3,072
|
|
|
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v3.25.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands |
12 Months Ended |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
| Cash flows from operating activities: |
|
|
|
|
| Net income |
[1] |
$ 15,324
|
$ 39,134
|
$ 28,059
|
| Adjustments to reconcile net income to net cash (used in) provided by operating activities: |
|
|
|
|
| Depreciation and amortization |
[1] |
28,762
|
23,416
|
24,602
|
| Amortization of debt issuance costs |
[1] |
1,330
|
1,544
|
968
|
| Deferred taxes |
[1] |
(9,996)
|
(1,979)
|
(1,139)
|
| Stock-based compensation |
[1] |
8,315
|
7,738
|
4,465
|
| Specific provision for inventory |
[1] |
0
|
742
|
1,094
|
| Impairment and loss on sale of business segment |
[1] |
19,403
|
0
|
0
|
| Loss on sale of property and equipment |
[1] |
479
|
0
|
122
|
| Lease abandonment and termination costs |
[1] |
12,205
|
0
|
0
|
| Changes in operating assets and liabilities, net of impact of acquisitions: |
|
|
|
|
| Receivables |
[1] |
(40,239)
|
(25,923)
|
(26,606)
|
| Contract assets |
[1] |
7,781
|
5,148
|
(6,425)
|
| Inventories |
[1] |
(31,668)
|
(87,529)
|
(59,099)
|
| Other current assets and other assets |
[1] |
(6,685)
|
(3,191)
|
2,563
|
| Operating lease assets and liabilities, net |
[1] |
(10,247)
|
(390)
|
(486)
|
| Accounts payable and deferred compensation |
[1] |
(31,756)
|
23,913
|
36,193
|
| Accrued expenses and other current and noncurrent liabilities |
[1] |
5,955
|
(4,452)
|
3,740
|
| Net cash (used in) provided by operating activities |
[1] |
(31,037)
|
(21,829)
|
8,051
|
| Cash flows from investing activities: |
|
|
|
|
| Purchases of property and equipment |
[1] |
(20,704)
|
(18,666)
|
(11,212)
|
| Proceeds from the sale of business segment |
[1] |
40,157
|
0
|
0
|
| Proceeds from payments on notes receivable |
[1] |
0
|
1,557
|
8,835
|
| Cash paid for acquisitions, net of cash acquired |
[1] |
(283,122)
|
(218,581)
|
0
|
| Net cash used in investing activities |
[1] |
(263,669)
|
(235,690)
|
(2,377)
|
| Cash flows from financing activities: |
|
|
|
|
| Borrowings on bank credit facilities |
[1] |
739,236
|
844,262
|
520,223
|
| Repayments on bank credit facilities |
[1] |
(739,736)
|
(699,872)
|
(518,347)
|
| Proceeds from issuance of common stock |
[1] |
325,999
|
130,020
|
899
|
| Earn-out obligation payments |
[1] |
0
|
0
|
(1,250)
|
| Payment of debt financing costs |
[1] |
0
|
(2,890)
|
(1,113)
|
| Payment of taxes for equity transactions |
[1] |
(2,633)
|
(1,113)
|
(1,015)
|
| Dividends paid |
[1] |
(7,060)
|
(5,436)
|
(5,111)
|
| Net cash provided by (used in) financing activities |
[1] |
315,806
|
264,971
|
(5,714)
|
| Net increase (decrease) in cash and cash equivalents |
[1] |
21,100
|
7,452
|
(40)
|
| Cash and cash equivalents, beginning of period |
[1] |
7,930
|
478
|
518
|
| Cash and cash equivalents, end of period |
[1] |
29,030
|
7,930
|
478
|
| Supplemental disclosures of cash flow information: |
|
|
|
|
| Cash paid for interest |
[1] |
37,076
|
35,039
|
16,423
|
| Cash paid for income taxes |
[1] |
$ 12,230
|
$ 13,944
|
$ 10,332
|
|
|
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v3.25.0.1
Nature of Business and Significant Accounting Policies
|
12 Months Ended |
Dec. 31, 2024 |
|---|
| Accounting Policies [Abstract] |
|
| Nature of Business and Significant Accounting Policies |
Nature of Business and Summary of Significant Accounting Policies Nature of Business
VSE is a diversified aftermarket products and services company serving commercial and government markets. Our operations include aircraft and airframe parts supply and distribution, supply chain and inventory management services; MRO services of aircraft components and engine accessories; vehicle fleet sustainment programs; and vehicle fleet parts supply and distribution. We operate in two reportable segments aligned with our operating segments: Aviation and Fleet.
Basis of Presentation
The accompanying consolidated financial statements of the Company have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC") and include the assets, liabilities, results of operations and cash flows our parent company and our wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.
In February 2024, we entered into two separate agreements to sell substantially all of the Federal and Defense segment assets. See Note (3) "Discontinued Operations" for further information. The consolidated financial statements reflect the Federal and Defense segment's results of operations as discontinued operations, and the related assets and liabilities as held-for-sale for all periods presented.
Certain reclassifications have been made to the prior period financial information to reflect discontinued operations presentation. Unless otherwise noted, amounts and disclosures throughout these Notes to Consolidated Financial Statements relate solely to continuing operations and exclude all discontinued operations.
Summary of Significant Accounting Policies
Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingencies at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates affecting the financial statements may include, but are not limited to, fair value measurements, inventory provisions, collectability of receivables, valuation allowances on deferred tax assets, fair value of goodwill and other intangible assets and contingencies.
Stock-Based Compensation
We issue stock-based awards as compensation to employees and directors. Stock-based awards include stock-settled bonus awards, time-vested stock awards and performance share awards. We recognize stock-based compensation expense over the underlying award’s requisite service period, as measured using the award’s grant date fair value. Our policy is to recognize forfeitures as they occur. For performance share awards, we assess the probability of achieving the performance conditions at each reporting period end and adjust compensation expense based on the number of shares we expect to ultimately issue.
Earnings Per Share
Basic earnings per share ("EPS") is computed by dividing net income by the weighted average number of shares of common stock outstanding during each period. Shares issued during the period are weighted for the portion of the period that they were outstanding. Our calculation of diluted earnings per common share includes the dilutive effects for the assumed vesting of outstanding stock-based awards. The antidilutive common stock equivalents excluded from the diluted per share calculation are not material. The weighted-average number of shares outstanding used to compute basic and diluted EPS were as follows: | | | | | | | | | | | | | | | | | | | | For the years ended December 31, | | | 2024 | | 2023 | | 2022 | | Basic weighted average common shares outstanding | 17,878,608 | | | 14,130,334 | | | 12,780,117 | | | Effect of dilutive shares | 96,687 | | | 54,395 | | | 47,777 | | | Diluted weighted average common shares outstanding | 17,975,295 | | | 14,184,729 | | | 12,827,894 | |
Cash and Cash Equivalents
We consider all highly liquid investments with an original maturity of three months or less to be cash equivalents. Due to the short maturity of these instruments, the carrying values on our consolidated balance sheets approximate fair value. Although certain cash balances exceed insurance limits of the Federal Deposit Insurance Corporation, we do not limit our credit exposure to any one financial institution and utilize financial institutions with high credit quality.
As of December 31, 2024, we held approximately $5.9 million of cash in foreign bank accounts, primarily in connection with our acquisitions of Desser Holding Company, LLC ("Desser Aerospace") and Kellstrom Aerospace. Refer to Note (2) "Acquisitions," for details regarding our acquisitions.
Property and Equipment
Property and equipment is recorded at cost, net of accumulated depreciation and amortization. Depreciation and amortization is generally provided on the straight-line method over the estimated useful lives of the various assets. Property and equipment is generally depreciated over the following estimated useful lives: computer equipment, furniture, other equipment from three to 15 years; and buildings and land improvements from 15 to 20 years. Amortization of leasehold improvements is provided by the straight-line method over the lesser of their useful life or the remaining term of the lease.
Leases
We determine at inception whether an arrangement that provides us control over the use of an asset is a lease. Substantially all of our leases are long-term operating leases for facilities with fixed payment terms. We recognize a right-of-use ("ROU") asset and a lease liability upon commencement of our operating leases. The initial lease liability is equal to the future fixed minimum lease payments discounted using our incremental borrowing rate, on a secured basis. The lease term includes option renewal periods and early termination payments when it is reasonably certain that we will exercise those rights. The initial measurement of the ROU asset is equal to the initial lease liability plus any initial indirect costs and prepayments, less any lease incentives.
We recognize lease costs on a straight-line basis over the remaining lease term, except for variable lease payments that are expensed in the period in which the obligation for those payments is incurred.
Leases with an initial term of 12 months or less with purchase options or extension options that are not reasonably certain to be exercised are not recorded on the balance sheet. Operating lease cost is included in costs and operating expenses on our consolidated statement of income.
Concentrations of Credit Risk
Financial instruments that potentially subject us to concentration of credit risk consist primarily of our trade receivables. Our trade receivables consist of amounts due from various commercial entities and government clients. We believe that concentrations of credit risk with respect to trade receivables are limited due to the large number of customers comprising the customer base and their dispersion across many different geographic regions. The credit risk, with respect to contracts with the government, is limited due to the creditworthiness of the respective governmental entity. We perform ongoing credit evaluations and monitoring of the financial condition of all our customers. We maintain an allowance for credit losses based upon several factors, including historical collection experience, current aging status of the customer accounts and financial condition of our customers.
Revenue Recognition
We account for revenue in accordance with ASC 606. The unit of account in ASC 606 is a performance obligation. At the inception of each contract with a customer, we determine our performance obligations under the contract and the contract's transaction price. A performance obligation is a promise in a contract to transfer a distinct good or service to the customer and is defined as the unit of account. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when the performance obligation is satisfied. The majority of our contracts have a single performance obligation as the promise to transfer the respective goods or services is not separately identifiable from other promises in the contracts and is, therefore, not distinct. For product sales, each product sold to a customer typically represents a distinct performance obligation. Our performance obligations are satisfied over time as work progresses or at a point in time based on transfer of control of products and services to our customers. Substantially all our Fleet segment revenues from the sale of vehicle parts to customers are recognized at the point in time of the transfer of control to the customer. Sales returns and allowances for vehicle parts are not significant.
Our Aviation segment revenues result from the sale of aircraft parts and performance of MRO services for private and commercial aircraft owners, other aviation MRO providers, and aviation original equipment manufacturers. Our Aviation segment recognizes revenues for the sale of aircraft parts at a point in time when control is transferred to the customer, which usually occurs when the parts are shipped. Our Aviation segment recognizes revenues for MRO services over time as the services are transferred to the customer. MRO services revenue recognized is measured based on the cost-to-cost input method, as costs incurred reflect the work completed, and therefore the services transferred to date. Sales returns and allowances are not significant.
Receivables and Contract Balances
Receivables are recorded at amounts earned less an allowance. We review our receivables regularly to determine if there are any potentially uncollectible accounts.
Contract assets include unbilled amounts typically resulting from sales under contracts when the cost-to-cost method of revenue recognition is utilized, and revenue recognized exceeds the amount billed to the customer. The amounts may not exceed their estimated net realizable value. Contract assets are classified as current based on our contract operating cycle. Contract liabilities include customer advances and billings in excess of revenue recognized and are included within accrued expenses and other current liabilities in our consolidated balance sheets.
Allowance for Credit Losses
We establish allowances for credit losses on our accounts receivable and contract assets. To measure expected credit losses, we have disaggregated pools of receivable balances by segment. Within each segment, receivables exhibit similar risk characteristics. In determining the amount of the allowance for credit losses, we consider historical collectability based on past due status. We also consider current market conditions and forecasts of future economic conditions to inform potential adjustments to historical loss data. In addition, we also record allowances for credit losses for specific receivables that are deemed to have a higher risk profile than the rest of the respective pool of receivables, such as concerns about a specific customer's inability to meet its financial obligation to us. The adequacy of these allowances is assessed quarterly through consideration of factors on a collective basis where similar characteristics exist and on an individual basis.
Inventories
Inventories are stated at the lower of cost or net realizable value using the FIFO method. Inventories consist primarily of finished goods replacement parts for our Fleet and Aviation segments, and also include related purchasing, storage, and handling costs. Inventories for our Aviation segment consist primarily of aftermarket parts for distribution, and general aviation engine accessories and parts, and also include related purchasing, overhaul labor, storage, and handling costs.
We periodically evaluate the carrying value of inventory, considering factors such as its physical condition, sales patterns and demand in order to estimate the amount necessary to write down any slow moving, obsolete or damaged inventory. These estimates could vary significantly from actual amounts based upon future economic conditions, customer inventory levels or competitive factors that were not foreseen or did not exist when the estimated write-downs were made.
Deferred Compensation Plans
We provide for certain key management employees to be incentivized and rewarded based on overall company performance through the VSE Corporation Deferred Supplemental Compensation Plan (the "DSC Plan"). We recognized DSC Plan expenses of $0.3 million, $0.4 million, and $0.3 million for the years ended December 31, 2024, 2023 and 2022, respectively. We invest in corporate owned life insurance ("COLI") products and in mutual funds that are held in a Rabbi Trust to fund the DSC Plan obligations. The COLI investments are recorded at cash surrender value and the mutual fund investments are recorded at fair value. The DSC Plan assets are included in other assets on the accompanying consolidated balance sheets. Our DSC Plan assets were $12.0 million and $11.0 million as of December 31, 2024 and December 31, 2023, respectively. Gains and losses recognized on the changes in fair value of the investments are recorded as selling, general and administrative expenses on the accompanying consolidated statements of income. We recorded net gains of $0.6 million for the years ended December 31, 2024 and 2023 and $22 thousand for the year ended December 31, 2022.
Derivative Instruments
Derivative instruments are recorded on the consolidated balance sheets at fair value. Unrealized gains and losses on derivatives designated as cash flow hedges are reported in other comprehensive income and reclassified into earnings in a manner that matches the timing of the earnings impact of the hedged transactions.
Income Taxes
Income taxes are accounted for under the asset and liability method. Under the asset and liability method, deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. This method also requires the recognition of future tax benefits, such as net operating loss carryforwards, to the extent that realization of such benefits is more likely than not. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.
The carrying value of net deferred tax assets is based on assumptions regarding our ability to generate sufficient future taxable income to utilize these deferred tax assets.
Business Combinations
We allocate the purchase price of acquired entities to the underlying tangible and identifiable intangible assets acquired and liabilities assumed based on their respective estimated fair values, with any excess recorded as goodwill. The operating results of acquired businesses are included in our results of operations beginning as of their effective acquisition dates. For contingent consideration arrangements, a liability is recognized at fair value as of the acquisition date with subsequent fair value adjustments recorded in operations.
Goodwill
Goodwill represents the purchase price paid in excess of the fair value of net tangible and intangible assets acquired in a business combination. Goodwill is tested for potential impairment at the reporting unit level annually at the beginning of the fourth quarter, or whenever events or changes in circumstances indicate that the carrying value may not be recoverable.
When testing goodwill for impairment, we may initially qualitatively assess whether it is necessary to perform a quantitative goodwill impairment test, which is only required if we conclude that it is more likely than not that a reporting unit's fair value is less than its carrying amount. In evaluating whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, we considered the totality of all relevant events and circumstances that affect the fair value or carrying amount of a reporting unit in accordance with ASC 350-20-35-3C. In the event we deem a quantitative impairment test necessary, we estimate and compare the fair value of each reporting unit to its respective carrying value including goodwill. The fair value of our reporting units is determined using a combination of the income approach and the market approach, which involves the use of estimates and assumptions, including projected future operating results and cash flows, the cost of capital, and financial measures derived from observable market data of comparable public companies. If the fair value is less than the carrying value, the amount of impairment expense is equal to the difference between the reporting unit’s fair value and the reporting unit’s carrying value.
Impairment of Long-Lived Assets
We review our long-lived assets, including amortizable intangible assets, operating lease right-of-use assets, and property and equipment, for impairment whenever events or changes in facts and circumstances indicate that their carrying values may not be fully recoverable and the carrying amount of the asset exceeds its estimated future undiscounted cash flows. When the carrying amount of the asset exceeds its estimated future undiscounted cash flows, an impairment loss is recognized to reduce the asset’s carrying amount to its estimated fair value based on the present value of its estimated future cash flows.
Recent Accounting Pronouncements
Recently Adopted Accounting Pronouncements
In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires public entities to disclose information about their reportable segments’ significant expenses and other segment items on an interim and annual basis. We adopted the standard in the fourth quarter of 2024 and applied the disclosure retrospectively to all prior periods presented in the financial statements. The adoption of ASU 2023-07 did not have an impact on our consolidated financial position, results of operations or cash flows. See Note (14) "Business Segments and Customer Information" for further information.
Recently Issued Accounting Pronouncements Not Yet Adopted
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the disclosure impact of this ASU, however, the standard will not have an impact on our consolidated financial position, results of operations or cash flows.
In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires public entities to disclose additional information about specific expense categories in the notes to the financial statements. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. We are currently evaluating the impact that adoption of ASU 2024-03 may have on our consolidated financial statements and disclosures.
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v3.25.0.1
Acquisitions
|
12 Months Ended |
Dec. 31, 2024 |
|---|
| Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] |
|
| Acquisitions |
Acquisitions Fiscal 2024
Turbine Controls, Inc.
On April 24, 2024, we completed the acquisition of TCI for a total consideration of $122.4 million, consisting of net cash consideration of $112.4 million, which included $1.5 million as a net working capital adjustment, and in-kind payment in the form of shares of the Company's common stock with a value equal to approximately $10.0 million. The purchase price of this acquisition was funded by borrowings under our revolving credit facility. TCI is a leading provider of aftermarket MRO support services for complex engine components, as well as engine and airframe accessories, across commercial and military applications. The acquisition presents an opportunity for VSE's Aviation segment to accelerate its MRO strategy, including expanding our repair capability offerings and adding several new OEM relationships.
The purchase price for TCI was allocated on a preliminary basis, among assets acquired and liabilities assumed at fair value based on the best available information on the acquisition date, with the excess purchase price recorded as goodwill. The fair values of the non-financial assets acquired, and liabilities assumed, were determined based on preliminary estimates, assumptions, and other information compiled by management, including independent valuations utilizing established industry valuation techniques. We have not yet finalized the determination of the fair values allocated to various assets and liabilities, including, but not limited to, income taxes. Therefore, the allocation of the total consideration for the acquisition to the tangible and identifiable intangible assets acquired, and liabilities assumed, is preliminary until we obtain final information regarding their fair values, which could potentially result in changes to the TCI opening balance sheet.
During the year ended December 31, 2024, we adjusted the purchase price allocation as a result of working capital and measurement period adjustments. The adjustments were recorded as a result of new information obtained about facts and circumstances that existed as of the acquisition date and resulted in immaterial impacts to accrued expense and other current liabilities, goodwill, and cash consideration, net of cash acquired. The adjusted preliminary purchase price allocation is as follows (in thousands): | | | | | | | | | | | | | Receivables | | $ | 9,122 | | | Contract assets | | 16,193 | | | Inventories | | 5,512 | | Prepaid expenses and other current assets | | 570 | | | Other assets | | 214 | | | Property and equipment, net | | 6,434 | | | Intangible asset - customer related | | 59,000 | | | Goodwill | | 40,201 | | | Operating lease right-of-use assets | | 7,832 | | | Total assets acquired | | 145,078 | | | Accounts payable | | (9,764) | | | Accrued expense and other current liabilities | | (5,624) | | | Long-term operating lease obligations | | (7,339) | | | Total liabilities assumed | | (22,727) | | | Net assets acquired, excluding cash | | $ | 122,351 | | | | | | Cash consideration, net of cash acquired | | $ | 112,351 | | VSE common stock, at fair value | | 10,000 | | | Total | | $ | 122,351 | |
Goodwill resulting from the acquisition of TCI reflects the strategic advantage of expanding our MRO services to new customers. The value attributed to goodwill and customer relationships is deductible for income tax purposes. The estimated value attributed to the customer relationship intangible assets is being amortized on a straight-line basis using a useful life of 10 years.
The operating results of TCI were included in our consolidated results of operations from the date of acquisition. Our consolidated revenues and operating income for the year ended December 31, 2024 include $84.4 million and $7.1 million, respectively, from the acquisition of TCI. Operating income does not include the impact of acquisition-related expenses incurred by VSE Corporation. Acquisition-related expenses related to the TCI acquisition totaled $2.2 million for the year ended December 31, 2024, and are included in selling, general and administrative expenses.
The following unaudited pro forma financial information presents the combined results of operations for TCI and VSE Corporation for the years ended December 31, 2024, and 2023, respectively. The unaudited consolidated pro forma results of operations are as follows (in thousands):
| | | | | | | | | | | | | | | | | For the years ended December 31, | | | 2024 | | 2023 | Revenue | | $ | 1,111,915 | | | $ | 949,019 | | Income from continuing operations | | $ | 37,226 | | | $ | 38,981 | |
The unaudited pro forma combined financial information presented above has been prepared from historical financial statements that have been adjusted to give effect to the acquisition of TCI as though it had occurred on January 1, 2023 and includes adjustments for intangible asset amortization; interest expense and debt issuance costs on long-term debt; and acquisition and other transaction costs. The unaudited pro forma financial information is not intended to reflect the actual results of operations that would have occurred if the acquisition had occurred on January 1, 2023, nor is it indicative of future operating results. Kellstrom Aerospace Group, Inc.
On December 3, 2024, we completed the acquisition of Kellstrom Aerospace for a total consideration of approximately $191.0 million, subject to post-closing adjustments, consisting of net cash consideration of $170.8 million and in-kind payment in the form of shares of the Company's common stock with a value equal to approximately $20.3 million. The purchase price of this acquisition was funded by our October 2024 underwritten public offering and borrowings under our revolving credit facility. Kellstrom Aerospace is a diversified global distributor and service provider supporting the commercial aerospace engine aftermarket. The acquisition provides an opportunity to improve our position in the commercial aviation aftermarket by expanding product and capability offerings both domestically and internationally, including our participation in aircraft engine maintenance events.
The purchase price for Kellstrom Aerospace was allocated on a preliminary basis, among assets acquired, and liabilities assumed, at fair value based on the best available information on the acquisition date, with the excess purchase price recorded as goodwill. The fair values of the non-financial assets acquired, and liabilities assumed, were determined based on preliminary estimates, assumptions, and other information compiled by management, including independent valuations utilizing established industry valuation techniques. We have not yet finalized the determination of the fair values allocated to various assets and liabilities, including, but not limited to, working capital and income taxes. Therefore, the allocation of the total consideration for the acquisition to the tangible and identifiable intangible assets acquired, and liabilities assumed, is preliminary until we obtain final information regarding their fair values, which could potentially result in changes to the Kellstrom Aerospace opening balance sheet. Adjustments or changes to goodwill, assets or liabilities remain possible.
The preliminary purchase price is as follows (in thousands): | | | | | | | | | | | | | Receivables | | $ | 27,379 | | | Contract assets | | 2,925 | | | Inventories | | 37,686 | | Prepaid expenses and other current assets | | 2,723 | | | Property and equipment, net | | 10,301 | | | Intangible asset - customer related | | 41,900 | | | Goodwill | | 100,711 | | | Operating lease right-of-use assets | | 10,793 | | | Total assets acquired | | 234,418 | | | Accounts payable | | (27,750) | | | Accrued expense and other current liabilities | | (6,096) | | | Deferred tax liabilities | | (201) | | | Long-term operating lease obligations | | (9,348) | | | Total liabilities assumed | | (43,395) | | | Net assets acquired, excluding cash | | $ | 191,023 | | | | | | Cash consideration, net of cash acquired | | $ | 170,756 | | VSE common stock, at fair value | | 20,267 | | | Total | | $ | 191,023 | |
Goodwill resulting from the acquisition reflects the strategic advantage of growing our distribution and MRO capabilities in the commercial aerospace aftermarket. The value attributed to goodwill and customer relationships is not deductible for income tax purposes. The estimated value attributed to the customer relationship intangible assets is being amortized on a straight-line basis using a useful life of 8 years.
The operating results of Kellstrom Aerospace were included in our consolidated results of operations from the date of acquisition. Our consolidated revenues and operating income for the year ended December 31, 2024 include $17.0 million and $1.2 million, respectively, from the acquisition of Kellstrom Aerospace. Kellstrom Aerospace's operating income does not include the impact of acquisition-related expenses incurred by VSE Corporation. Acquisition-related expenses related to the Kellstrom Aerospace acquisition totaled $2.7 million for the year ended December 31, 2024, and are included in selling, general and administrative expenses.
The following unaudited pro forma financial information presents the combined results of operations for Kellstrom Aerospace and VSE Corporation for the years ended December 31, 2024, and 2023, respectively. The unaudited consolidated pro forma results of operations are as follows (in thousands):
| | | | | | | | | | | | | | | | | For the years ended December 31, | | | 2024 | | 2023 | Revenue | | $ | 1,244,344 | | | $ | 1,021,260 | | Income from continuing operations | | $ | 45,241 | | | $ | 48,528 | |
The unaudited pro forma combined financial information presented above has been prepared from historical financial statements that have been adjusted to give effect to the acquisition of Kellstrom Aerospace as though it had occurred on January 1, 2023 and includes adjustments for intangible asset amortization; interest expense and debt issuance costs on long-term debt; and acquisition and other transaction costs. The unaudited pro forma financial information is not intended to reflect the actual results of operations that would have occurred if the acquisition had occurred on January 1, 2023, nor is it indicative of future operating results.
Fiscal 2023
Precision Fuel Components, LLC ("Precision Fuel")
On February 1, 2023, our Aviation segment acquired Precision Fuel Components, LLC for a purchase price of $11.7 million. Precision Fuel's operating results are included in our Aviation segment beginning on the acquisition date. The acquisition was not material to our consolidated financial statements.
During the year ended December 31, 2023, we incurred $0.2 million of acquisition-related expenses related to the acquisition of Precision Fuel, which are included in selling, general and administrative expenses.
Desser Holding Company, LLC
On July 3, 2023, we completed the acquisition of Desser Aerospace, a global aftermarket solutions provider of specialty distribution and MRO services. We purchased Desser Aerospace for cash consideration of $131.5 million. Concurrent with the closing of the transaction, we immediately sold, in a separate transaction, Desser Aerospace’s propriety solutions businesses to Loar Group Inc. (“Loar”) for a cash consideration of $31.8 million.
During the year ended December 31, 2024, we adjusted the purchase price allocation as a result of certain measurement period adjustments to acquired assets and liabilities assumed due to updated valuation reports received from our external valuation specialist, revisions to internal estimates, and new information obtained about facts and circumstances that existed as of the acquisition date. The measurement period adjustments included: a decrease in deferred tax liabilities of $1.6 million and an increase in inventories of $0.1 million. These adjustments resulted in a decrease to goodwill of $1.7 million. We completed the purchase accounting valuation for Desser Aerospace during the second quarter of 2024. The final purchase price is as follows (in thousands):
| | | | | | | | | Receivables | | $ | 7,383 | | | Inventories | | 31,228 | | Prepaid expenses and other current assets | | 515 | | | Property and equipment | | 2,527 | | Intangible assets | | 21,950 | | | Goodwill | | 53,942 | | | Operating lease right-of-use-assets | | 6,679 | | Total assets acquired | | 124,224 | | | Accounts payable | | (10,128) | | | Accrued expenses and other current liabilities | | (5,793) | | Long-term operating lease obligations | | (5,937) | | Deferred tax liabilities | | (2,666) | | Total liabilities assumed | | (24,524) | | | Net assets acquired, excluding cash | | $ | 99,700 | | | | | Cash consideration, net of cash acquired | | $ | 101,870 | | Post-close adjustment | | (2,170) | | Total | | $ | 99,700 | |
Goodwill resulting from the acquisition of Desser Aerospace reflects the strategic advantage of expanding our specialty distribution and MRO services to new customers. The value attributed to goodwill and customer relationships is not fully deductible for income tax purposes. The estimated value attributed to the customer relationship intangible assets is being amortized on a straight-line basis using a weighted average useful life of 8.3 years.
We incurred $3.2 million of acquisition-related expenses related to the Desser Aerospace acquisition during the year ended December 31, 2023, which are included in selling, general and administrative expenses.
The following unaudited pro forma financial information presents the combined results of operations for Desser Aerospace and VSE Corporation for the years ended December 31, 2024, and 2023, respectively. The unaudited consolidated pro forma results of operations are as follows (in thousands): | | | | | | | | | | | | | For the years ended December 31, | | 2024 | | 2023 | Revenue | $ | 1,080,132 | | | $ | 908,243 | | Income from continuing operations | $ | 36,498 | | | $ | 46,265 | |
The unaudited pro forma combined financial information presented above has been prepared from historical financial statements that have been adjusted to give effect to the acquisition of Desser Aerospace as though it had occurred on January 1, 2023 and includes adjustments for intangible asset amortization; interest expense and debt issuance costs on long-term debt; acquisition and other transaction costs; and certain costs allocated from the former parent. The unaudited pro forma financial information is not intended to reflect the actual results of operations that would have occurred if the acquisition had occurred on January 1, 2023, nor is it indicative of future operating results.
Honeywell Fuel Control Systems ("Honeywell FCS Acquisition")
On September 27, 2023, our Aviation segment entered into an Asset Purchase and License Agreement with Honeywell International Inc. ("Honeywell"), for a purchase price of $105.0 million, to exclusively manufacture, sell, market, distribute, and repair certain Honeywell fuel control systems. The purchase price of this acquisition was funded by borrowings under our revolving credit facility. This agreement expands existing distribution and MRO capabilities supporting certain Honeywell fuel control systems and associated subcomponents.
The acquisition was accounted for as a business combination under ASC 805, Business Combinations. During the year ended December 31, 2024, we adjusted the purchase price allocation as a result of a measurement period adjustment to acquired assets due to updated valuation reports received from Honeywell. The measurement period adjustment resulted in a decrease in prepaid expenses and other current assets of $0.5 million, with a corresponding increase to goodwill. We completed the purchase accounting valuation for the Honeywell FCS Acquisition during the third quarter of 2024.
The final purchase price allocation is as follows (in thousands):
| | | | | | | | | Prepaid expenses and other current assets (a) | | $ | 11,500 | | Property and equipment | | 2,714 | | Intangible assets | | 16,200 | | Goodwill | | 74,586 | | Total assets acquired | | $ | 105,000 | | | | | Cash consideration | | $ | 105,000 | | Total consideration | | $ | 105,000 | | (a) Represents prepaid inventory consisting of finished goods acquired but not in our physical possession as of the acquisition date. |
Goodwill resulting from the acquisition reflects the expected synergies from the acquisition. The value attributed to goodwill and customer relationship is deductible for income tax purposes. The estimated value attributed to the customer relationship intangible asset is being amortized on a straight-line basis using a useful life of 10 years.
We incurred $0.3 million of acquisition-related expenses related to the Honeywell FCS Acquisition during the year ended December 31, 2023, which are included in selling, general and administrative expenses. The pro-forma impact of the acquisition is not material to the Company’s results of operations.
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v3.25.0.1
Discontinued Operations
|
12 Months Ended |
Dec. 31, 2024 |
|---|
| Discontinued Operations and Disposal Groups [Abstract] |
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| Discontinued Operations |
Discontinued Operations In February 2024, we entered into two separate agreements to sell substantially all of the Federal and Defense segment assets for a cash consideration of $43.0 million, including amounts in escrow, subject to post-closing adjustments. The FDS Sale is consistent with our long-term strategic growth strategy focused on higher margin and higher growth aftermarket parts distribution and MRO businesses.
We recorded a pre-tax loss on the FDS Sale of $15.2 million and transaction fees of $2.5 million during the year ended December 31, 2024, which are included in (loss) income from discontinued operations, net of tax in the consolidated statements of income.
The results of operations for the Federal and Defense segment are reported in (loss) income from discontinued operations, net of tax within the consolidated statements of income for the years ended December 31, 2024, 2023, and 2022, and the related assets and liabilities are presented within assets and liabilities held-for-sale on the consolidated balance sheets as of December 31, 2023. The components of (loss) income from discontinued operations, net of tax consist of the following (in thousands):
| | | | | | | | | | | | | | | | | | | For the years ended December 31, | | 2024 | | 2023 | | 2022 | | Revenues | $ | 26,268 | | | $ | 252,466 | | | $ | 280,314 | | | Costs and operating expenses | 34,684 | | | 258,125 | | | 278,779 | | (Loss) income from discontinued operations before income taxes | (8,416) | | | (5,659) | | | 1,535 | | | Other FDS impairment | 4,204 | | | — | | | — | | | Loss on the sale of discontinued operations | 15,199 | | | — | | | — | | | (Loss) income from discontinued operations before income taxes | (27,819) | | | (5,659) | | | 1,535 | | (Benefit) provision for income taxes | (6,645) | | | (1,641) | | | 135 | | (Loss) income from discontinued operations, net of tax | $ | (21,174) | | | $ | (4,018) | | | $ | 1,400 | |
The assets and liabilities reported as held-for-sale consist of the following (in thousands): | | | | | | | | | | | | | | | | | As of December 31, | | | | | 2023 | | | | Assets | | | | | | Cash and cash equivalents | | $ | 162 | | | | | Receivables, net | | 10,805 | | | | | Contract assets | | 25,109 | | | | | Inventories | | 472 | | | | | Prepaid expenses and other current assets | | 6,154 | | | | | Property and equipment, net | | 6,102 | | | | | Intangible assets, net | | 3,505 | | | | | Goodwill | | 31,575 | | | | | Operating lease right-of-use assets | | 9,097 | | | | | Other assets | | 21 | | | | | Total assets held-for-sale (a) | | $ | 93,002 | | | | | Liabilities | | | | | | Accounts payable | | $ | 20,893 | | | | | Accrued expenses and other current liabilities | | 19,537 | | | | | Long-term operating lease obligations | | 8,942 | | | | | Deferred tax liabilities | | 4,019 | | | | | Total liabilities held-for-sale (a) | | $ | 53,391 | | | | (a) Amounts were classified as current for the prior period consolidated balance sheet. |
Certain assets and liabilities previously reported as held-for-sale were excluded from the FDS sale and were reclassified in 2024 as held and used, at their respective fair values, on the consolidated balance sheets. The reclassification related to our Alexandria, VA headquarters office space and consisted of an operating lease right-of-use-asset of $7.1 million, property and equipment of $2.6 million, and an operating lease obligation of $11.0 million. In 2024, we vacated the headquarters office space, resulting in a write down of the associated lease right-of-use asset and property and equipment, and then subsequently terminated the lease for the vacated headquarters office space. See Note (12) "Leases" for further information.
The FDS Sale resulted in the divestiture of certain government contracts requiring novation. Until the novation process is finalized, we continue to receive cash collections related to these contracts, which are due to the purchaser. As of December 31, 2024, we have recorded a $0.3 million liability for these collections within accrued expenses and other current liabilities on our consolidated balance sheets. Selected financial information related to cash flows from discontinued operations is as follows (in thousands):
| | | | | | | | | | | | | | | | | | | For the years ended December 31, | | 2024 | | 2023 | | 2022 | | Depreciation and amortization | $ | 150 | | | $ | 2,289 | | | $ | 3,576 | | | Purchases of property and equipment | $ | — | | | $ | 295 | | | $ | 331 | | | Stock-based compensation | $ | — | | | $ | 139 | | | $ | 63 | |
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v3.25.0.1
Revenue Recognition
|
12 Months Ended |
Dec. 31, 2024 |
|---|
| Revenue from Contract with Customer [Abstract] |
|
| Revenue Recognition |
Revenue Recognition Disaggregated Revenue Our revenues are derived from the delivery of products and services performed for commercial and government customers.
A summary of revenues by customer for each of our operating segments is as follows (in thousands): | | | | | | | | | | | | | | | | | | | Year Ended December 31, 2024 | Aviation | | Fleet | | Total | | Commercial | $ | 779,008 | | | $ | 178,509 | | | $ | 957,517 | | | | | | | | | Other government | 7,248 | | | 115,367 | | | 122,615 | | | Total | $ | 786,256 | | | $ | 293,876 | | | $ | 1,080,132 | | | | | | | | | Year Ended December 31, 2023 | | | | | | | Commercial | $ | 539,592 | | | $ | 150,835 | | | $ | 690,427 | | | DoD | — | | | 209 | | | 209 | | | Other government | 4,428 | | | 165,424 | | | 169,852 | | | Total | $ | 544,020 | | | $ | 316,468 | | | $ | 860,488 | | | | | | | | | Year Ended December 31, 2022 | | | | | | | Commercial | $ | 403,155 | | | $ | 104,162 | | | $ | 507,317 | | | DoD | — | | | 3,286 | | | 3,286 | | | Other government | 4,957 | | | 153,888 | | | 158,845 | | | Total | $ | 408,112 | | | $ | 261,336 | | | $ | 669,448 | |
A summary of revenues by type for each of our operating segments is as follows (in thousands): | | | | | | | | | | | | | | | | | | | Year Ended December 31, 2024 | Aviation | | Fleet | | Total | | Repair | $ | 293,063 | | | $ | — | | | $ | 293,063 | | | Distribution | 493,193 | | | 293,876 | | | 787,069 | | | Total | $ | 786,256 | | | $ | 293,876 | | | $ | 1,080,132 | | | | | | | | | Year Ended December 31, 2023 | | | | | | | Repair | $ | 157,154 | | | $ | — | | | $ | 157,154 | | | Distribution | 386,866 | | | 316,468 | | | 703,334 | | | Total | $ | 544,020 | | | $ | 316,468 | | | $ | 860,488 | | | | | | | | | Year Ended December 31, 2022 | | | | | | | Repair | $ | 107,399 | | | $ | — | | | $ | 107,399 | | | Distribution | 300,713 | | | 261,336 | | | 562,049 | | | Total | $ | 408,112 | | | $ | 261,336 | | | $ | 669,448 | |
Contract Balances
Contract balances were as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | As of December 31, | | | Financial Statement Classification | | 2024 | | 2023 | Billed and billable receivables | | Receivables, net (a) | | $ | 197,563 | | | $ | 127,958 | | Contract assets - unbilled receivables | | Contract assets | | $ | 29,960 | | | $ | 8,049 | | | Contract liabilities | | Accrued expenses and other current liabilities | | $ | 4,479 | | | $ | 2,785 | | (a) Net of allowance of $6.5 million and $3.4 million as of December 31, 2024 and 2023, respectively. | | | | |
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v3.25.0.1
Property and Equipment
|
12 Months Ended |
Dec. 31, 2024 |
|---|
| Property, Plant and Equipment [Abstract] |
|
| Property and Equipment |
Property and Equipment Property and equipment, net consisted of the following (in thousands): | | | | | | | | | | | | | As of December 31, | | | 2024 | | 2023 | | Buildings and building improvements | $ | 25,279 | | | $ | 24,555 | | | Computer equipment | 14,490 | | | 8,309 | | Furniture, fixtures, and equipment (a) | 64,185 | | | 41,208 | | | Leasehold improvements | 10,104 | | | 6,151 | | | Construction in process | 16,722 | | | 13,675 | | | Land and land improvements | 1,454 | | | 1,617 | | | 132,234 | | | 95,515 | | | Less: accumulated depreciation and amortization | (46,648) | | | (37,439) | | | Total property and equipment, net | $ | 85,586 | | | $ | 58,076 | | (a) Certain amounts from prior year have been reclassified to conform with current year presentation. |
Depreciation and amortization expense for the years ended December 31, 2024, 2023 and 2022 was $10.9 million, $6.8 million, and $5.3 million, respectively.
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-SubTopic 360
-Topic 958
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477798/958-360-50-6
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-SubTopic 360
-Topic 958
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477798/958-360-50-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-SubTopic 360
-Topic 958
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477798/958-360-50-7
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v3.25.0.1
Goodwill and Other Intangible Assets
|
12 Months Ended |
Dec. 31, 2024 |
|---|
| Goodwill and Intangible Assets Disclosure [Abstract] |
|
| Goodwill and Other Intangible Assets |
Goodwill and Other Intangible Assets Goodwill
Changes in the carrying amount of goodwill by operating segment for the years ended December 31, 2024 and 2023 were as follows (in thousands): | | | | | | | | | | | | | | | | | | | | Fleet | | Aviation | | Total | | Balance as of December 31, 2022 | $ | 63,190 | | | $ | 154,072 | | | $ | 217,262 | | | Goodwill acquired | — | | | 134,519 | | | 134,519 | | | Balance as of December 31, 2023 | $ | 63,190 | | | $ | 288,591 | | | $ | 351,781 | | | Goodwill acquired | — | | | 140,804 | | | 140,804 | | | Measurement period adjustments | — | | | (1,132) | | | (1,132) | | | Balance as of December 31, 2024 | $ | 63,190 | | | $ | 428,263 | | | $ | 491,453 | |
Goodwill increased during the year ended December 31, 2024 in connection with acquisitions completed during the period as discussed in Note (2) "Acquisitions." There were no impairments of goodwill during the years ended December 31, 2024, 2023 and 2022.
Other Intangible Assets
Intangible assets consisted of the following (in thousands): | | | | | | | | | | | | | | | | | | | | Cost | | Accumulated Amortization | | Net Intangible Assets | | December 31, 2024 | | | | | | | Contract and customer-related | $ | 272,590 | | | $ | (75,309) | | | $ | 197,281 | | | Trade names | 8,670 | | | (8,670) | | | — | | | Total | $ | 281,260 | | | $ | (83,979) | | | $ | 197,281 | | | | | | | | | December 31, 2023 | | | | | | | Contract and customer-related | $ | 241,090 | | | $ | (127,022) | | | $ | 114,068 | | | Trade names | 8,670 | | | (8,608) | | | 62 | | | Total | $ | 249,760 | | | $ | (135,630) | | | $ | 114,130 | |
The gross carrying amount of contract and customer-related intangibles increased during the year ended December 31, 2024 in connection with acquisitions completed during the year as discussed in Note (2) "Acquisitions." This increase was partially offset by intangible assets with a cost of $69.4 million being fully amortized and no longer reflected in the intangible asset values as of December 31, 2024. There were no impairment losses during the years ended December 31, 2024, 2023 and 2022. The weighted-average useful life for all intangible assets as of December 31, 2024 is 12.2 years.
The estimated future annual amortization expense related to intangible assets are as follows (in thousands): | | | | | | | Year Ending December 31, | | | 2025 | $ | 24,520 | | | 2026 | 24,349 | | | 2027 | 22,602 | | | 2028 | 21,768 | | | 2029 | 21,706 | | | Thereafter | 82,336 | | | Total | $ | 197,281 | |
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- DefinitionThe entire disclosure for goodwill and intangible assets. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/350-30/tableOfContent
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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-SubTopic 20
-Name Accounting Standards Codification
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v3.25.0.1
Debt
|
12 Months Ended |
Dec. 31, 2024 |
|---|
| Debt Disclosure [Abstract] |
|
| Debt |
Debt Long-term debt consisted of the following (in thousands): | | | | | | | | | | | | | As of December 31, | | | 2024 | | 2023 | | Bank credit facility - term loan | $ | 277,500 | | | $ | 300,000 | | | Bank credit facility - revolving facility | 155,000 | | | 133,000 | | | Principal amount of long-term debt | 432,500 | | | 433,000 | | Less: debt issuance costs | (2,327) | | | (3,656) | | Total debt | 430,173 | | | 429,344 | | Less: current portion | (30,000) | | | (22,500) | | | Long-term debt, net of current portion | $ | 400,173 | | | $ | 406,844 | |
We have a credit agreement with a bank group from which we borrow amounts under the agreement to provide working capital support, fund letters of credit, and finance acquisitions. The credit agreement includes term and revolving facilities. The revolving facility provides for revolving loans and letters of credit. Borrowings under our term loan and revolving facility mature in October 2026.
The maximum amount of credit available under the credit agreement for revolving loans and letters of credit is $350 million. We may elect to increase the maximum availability of the term loan facility, the revolving facility, or both facilities up to an aggregate additional amount of $25 million subject to lender approvals. The credit agreement also provides for letters of credit aggregating up to $25 million.
Borrowings under our credit agreement bear interest at a variable rate of interest based on Term SOFR or a base rate, plus in each case an applicable margin (based on our Total Funded Debt to EBITDA Ratio). The base rate for any day is a fluctuating rate per annum equal to the highest of (i) the Federal Funds Rate plus .50%; (ii) the Prime Rate and (iii) the sum of Term SOFR for a one-month interest period, plus the difference between the additional Term SOFR interest margin for SOFR rate loans and the additional base rate interest margin for base rate loans. The applicable margins for SOFR loans ranges from 1.50% to 3.75% and .50% to 2.75% for base rate loans. We also pay a commitment fee with respect to undrawn amounts under the revolving loan facility ranging from .25% to .50% (based on our Total Funded Debt to EBITDA Ratio) and fees on letters of credit that are issued.
As of December 31, 2024, the interest rate on our outstanding term loan and weighted average interest rate on our aggregate outstanding revolving facility was 7.40% and 7.21%, respectively. We had letters of credit outstanding of $0.8 million as of December 31, 2024 and 2023.
Future required term loan and revolving facility payments as of December 31, 2024 are as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | Year Ending December 31, | | Term | | Revolving Facility | | Total | | 2025 | | $ | 30,000 | | | $ | — | | | $ | 30,000 | | | 2026 | | 247,500 | | | 155,000 | | | 402,500 | | | Total | | $ | 277,500 | | | $ | 155,000 | | | $ | 432,500 | |
The credit agreement contains collateral requirements to secure our loan agreement obligations, restrictive covenants, a limit on annual dividends, and other affirmative and negative covenants, conditions, and limitations. Restrictive covenants include a maximum Total Funded Debt to EBITDA Ratio and a minimum Fixed Charge Coverage Ratio. We were in compliance with required ratios and other terms and conditions as of December 31, 2024.
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- DefinitionThe entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1
Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1
Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1
Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1
Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B
Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1
Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent
Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2
Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B
Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B
Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B
Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C
Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C
Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C
Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E
Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I
Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I
Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I
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v3.25.0.1
Derivative Instruments and Hedging Activities
|
12 Months Ended |
Dec. 31, 2024 |
|---|
| Derivative Instruments and Hedging Activities Disclosure [Abstract] |
|
| Derivative Instruments and Hedging Activities |
Derivative Instruments and Hedging Activities We are party to fixed interest rate swap instruments that are designated and accounted for as cash flow hedges to manage risks associated with interest rate fluctuations on a portion of our floating rate debt. Our derivative instruments designated as cash flow hedges as of December 31, 2024 were (in thousands):
| | | | | | | | | | | | | | | | Notional Amount | Paid Fixed Rate | Receive Variable Rate | Settlement and Termination | Interest rate swap | $150,000 | 2.8% | 1-month term SOFR | Monthly through October 31, 2027 | Interest rate swap | $100,000 | 4.5% | 1-month term SOFR | Monthly through July 31, 2026 |
These derivative instruments are recorded on the consolidated balance sheets at fair value. Unrealized changes in the fair value on cash flow hedges are recognized in other comprehensive income (loss) and the amounts are reclassified from accumulated other comprehensive income (loss) into earnings in a manner that matches the timing of the earnings impact of the hedged transactions. For the years ended December 31, 2024 and 2023, we reclassified $4.3 million and $3.8 million, respectively, from accumulated other comprehensive income to interest expense, net. We estimate that we will reclassify $1.5 million of unrealized gains from accumulated other comprehensive income into earnings in the twelve months following December 31, 2024. See Note (17) "Fair Value Measurements" for the fair value of the interest rate swaps.
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- DefinitionThe entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-5
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-Section 50
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v3.25.0.1
Accrued Expenses and Other Current Liabilities
|
12 Months Ended |
Dec. 31, 2024 |
|---|
| Payables and Accruals [Abstract] |
|
| Accrued Expenses and Other Current Liabilities |
Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following (in thousands): | | | | | | | | | | | | | As of December 31, | | | 2024 | | 2023 | | Accrued compensation and benefits | $ | 19,527 | | | $ | 15,734 | | | Accrued customer rebates and royalties | 6,731 | | | 5,545 | | | Current portion of lease liabilities | 6,889 | | | 4,957 | | | Accrued lease termination fee | 6,010 | | — | | | Contract liabilities | 4,479 | | 2,785 | | Accrued interest | 1,734 | | 469 | | Accrued warranty | 1,541 | | 1,282 | | Accrued income taxes | 839 | | 116 | Other (a) | 14,445 | | | 5,495 | | | Total | $ | 62,195 | | | $ | 36,383 | | (a) Certain amounts from prior year have been reclassified to conform with current year presentation. |
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| X |
- DefinitionThe entire disclosure for accounts payable and accrued liabilities at the end of the reporting period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(20))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1
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-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(24))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1
Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 720
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483384/720-30-45-1
Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(19)(a))
-Publisher FASB
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v3.25.0.1
Stock-Based Compensation Plans
|
12 Months Ended |
Dec. 31, 2024 |
|---|
| Share-Based Payment Arrangement, Noncash Expense [Abstract] |
|
| Stock-Based Compensation Plans |
Stock-Based Compensation Plans The VSE Corporation 2006 Restricted Stock Plan, as amended (the "2006 Plan"), provides VSE's employees and directors the opportunity to receive various types of stock-based compensation and cash awards. The total number of shares authorized for issuance under this plan was 1,875,000 and, as of December 31, 2024, 448,083 shares remained available for issuance. As of December 31, 2024, we have outstanding stock-settled bonus awards, time-vested stock awards, and performance share awards under this plan.
Stock-settled bonus awards are a fixed dollar-denominated award. On the first anniversary of the grant date, the total fixed dollar value of the award is converted into shares based on our closing stock price on the date of conversion. Vesting occurs over a three-year service period in three equal tranches. Beginning with the 2023 stock-settled bonus awards, the first vesting occurs one year after the award is converted into shares. For awards granted prior to 2023, the first vesting occurs one year after the grant date. On each vesting date, 100% of the vested award is paid in stock. Expense is recognized on a straight-line basis over the requisite service period for each tranche, which results in an accelerated pattern for an award.
Time-vested stock awards generally vest over a three-year service period in equal installments on each anniversary of the grant date. Our directors receive a grant of stock annually as part of their compensation and the stock vests immediately upon grant.
We grant performance share awards to certain employees under the 2006 Plan. Performance share awards are rights to receive shares of our stock on the satisfaction of service requirements and performance conditions. These awards vest ratably in equal installments over a three-year period on the anniversary of each grant date, subject to meeting the minimum service requirements and the achievement of certain annual or cumulative financial metrics of our performance, with the number of shares ultimately issued, if any, ranging up to 200% of the specified target shares beginning in 2023. If performance is below the minimum threshold level of performance, no shares will be issued. For all performance share awards granted, the annual and cumulative financial metrics are based on our achievement of adjusted EBITDA.
During fiscal 2021, we established the Employee Stock Purchase Plan ("ESPP") to allow eligible employees to purchase shares of our VSE common stock at a discount of up to 15% of the fair market value on specified dates. For ESPP offerings in the year ended December 31, 2024, the purchase price was 12% off the lesser of the fair market value on the date of the offering and the fair market value on the date of purchase, thereby resulting in stock compensation expense of $0.1 million. As of December 31, 2024, 500,000 shares of VSE common stock are authorized for issuance under the ESPP.
Expense and Related Tax Benefits Recognized
Stock-based compensation expense is recognized within products and services costs within our consolidated statements of income. Stock-based compensation expense and related tax benefits recognized under the 2006 Plan were as follows (in thousands): | | | | | | | | | | | | | | | | | | | For the years ended December 31, | | | 2024 | | 2023 | | 2022 | | Stock-settled bonus awards | $ | 428 | | | $ | 1,166 | | | $ | 1,186 | | Time-vested stock awards | 3,727 | | | 2,639 | | | 2,089 | | Performance share awards | 4,053 | | | 3,807 | | | 1,067 | | | Total | $ | 8,208 | | | $ | 7,612 | | | $ | 4,342 | | | Tax benefit recognized from stock-based compensation | $ | 2,048 | | | $ | 1,899 | | | $ | 1,083 | |
Stock-Settled Bonus Awards
In March 2024, the employees eligible for the 2023 awards, 2022 awards, and the 2021 awards received a total of 9,972 shares of common stock. The grant-date fair value of these awards for the years ended December 31, 2024, 2023 and 2022 was $75.12, $42.23, and $43.30 per share, respectively. The total compensation cost related to non-vested stock-settled bonus awards not yet recognized was approximately $1.0 million with a weighted average amortization period of 2.2 years as of December 31, 2024. The total fair value of stock-settled bonus awards that vested in the years ended December 31, 2024, 2023 and 2022 was $0.7 million, $1.2 million, and $0.9 million, respectively.
Time-Vested Stock Awards
Time-vested stock award activity for the year ended December 31, 2024 was: | | | | | | | | | | | | | | | | | Number of Shares | | Weighted Average Grant Date Fair Value | | Unvested as of December 31, 2023 | | 97,843 | | $ | 44.68 | | | Granted | | 83,784 | | | $ | 79.30 | | | Vested | | (46,561) | | | $ | 45.13 | | | Forfeited | | (15,606) | | $ | 57.12 | | | Unvested as of December 31, 2024 | | 119,460 | | $ | 67.16 | |
The grant date fair value of time-vested stock awards is based on the closing market price of our common stock on the grant date. The weighted average grant date fair value of the time-vested stock awards granted for the years ended December 31, 2024, 2023 and 2022 was $79.30, $45.78, and $43.01, respectively. As of December 31, 2024 there was $5.5 million of unrecognized compensation cost related to time-vested stock awards, which is expected to be recognized over a weighted-average period of 2.1 years. The total fair value of time-vested stock awards that vested in the years ended December 31, 2024, 2023 and 2022 was $3.7 million, $1.2 million, and $1.7 million, respectively. Performance Share Awards
Performance Share award activity for the year ended December 31, 2024 was: | | | | | | | | | | | | | | | | | Number of Shares | | Weighted Average Grant Date Fair Value | | Unvested as of December 31, 2023 | | 168,280 | | $ | 42.41 | | | Granted | | 45,246 | | | $ | 77.54 | | | Vested | | (73,442) | | | $ | 42.42 | | | Forfeited | | (29,927) | | $ | 52.14 | | | Unvested as of December 31, 2024 | | 110,157 | | $ | 54.20 | |
The actual number of shares to be issued upon vesting range between 0-200% of the target number of shares granted. The weighted average grant date fair value of the performance share awards granted for the years ended December 31, 2024, 2023 and 2022 was $77.54, $42.23, and $43.30, respectively. As of December 31, 2024 there was $3.3 million of unrecognized compensation cost related to performance share awards, which is expected to be recognized over a weighted-average period of 1.4 years. The total fair value of performance share awards that vested in the year ended December 31, 2024 was $5.6 million.
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v3.25.0.1
Income Taxes
|
12 Months Ended |
Dec. 31, 2024 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Income Taxes |
Income Taxes We are subject to U.S. federal income tax as well as income tax in multiple state and local jurisdictions. With few exceptions, the statute of limitations for these jurisdictions is no longer open for audit or examinations for the years before 2020 for federal and state income taxes in the U.S.
We file consolidated federal income tax returns that include all of our U.S. subsidiaries. The components of income from continuing operations before income taxes were as follows (in thousands):
| | | | | | | | | | | | | | | | | | | For the years ended December 31, | | | 2024 | | 2023 | | 2022 | Domestic | $ | 41,599 | | | $ | 52,137 | | | $ | 36,694 | | | Foreign | 4,881 | | | 4,776 | | | (983) | | Income from continuing operations before income taxes | $ | 46,480 | | | $ | 56,913 | | | $ | 35,711 | |
The components of the provision for income taxes from continuing operations were as follows (in thousands): | | | | | | | | | | | | | | | | | | | For the years ended December 31, | | | 2024 | | 2023 | | 2022 | | Current: | | | | | | | Federal | $ | 11,670 | | | $ | 11,556 | | | $ | 9,483 | | | State | 2,132 | | | 2,205 | | | 1,485 | | | Foreign | 1,573 | | | 1,138 | | | 35 | | Total current | 15,375 | | | 14,899 | | | 11,003 | | | Deferred: | | | | | | | Federal | (4,725) | | | (1,148) | | | (1,890) | | | State | (489) | | | 3 | | | (61) | | | Foreign | (179) | | | 7 | | | — | | Total deferred | (5,393) | | | (1,138) | | | (1,951) | | | Provision for income taxes | $ | 9,982 | | | $ | 13,761 | | | $ | 9,052 | |
The Company's effective tax rate differs from the federal statutory rate. A reconciliation of the provision for income taxes from continuing operations to the amount computed by applying the statutory federal income tax rate is as follows (in thousands):
| | | | | | | | | | | | | | | | | | | For the years ended December 31, | | | 2024 | | 2023 | | 2022 | | Tax at statutory federal income tax rate | $ | 9,761 | | | $ | 11,952 | | | $ | 7,499 | | | Increases (decreases) in tax resulting from: | | | | | | | State taxes, net of federal tax benefit | 1,738 | | | 2,019 | | | 1,459 | | | Permanent differences, net | (634) | | | (193) | | | 287 | | | Tax credits | (454) | | | (461) | | | (418) | | | Prior year true-up adjustment | (931) | | | 269 | | | (45) | | | Valuation allowance | 378 | | | 77 | | | 324 | | | Other provision adjustments | 124 | | | 98 | | | (54) | | | Provision for income taxes | $ | 9,982 | | | $ | 13,761 | | | $ | 9,052 | | Effective tax rate | 21.5 | % | | 24.2 | % | | 25.3 | % |
The tax effect of temporary differences representing deferred tax assets and liabilities was as follows (in thousands):
| | | | | | | | | | | | | As of December 31, | | | 2024 | | 2023 | | Deferred compensation and accrued paid leave | $ | 2,767 | | | $ | 3,003 | | | Accrued expense | 2,094 | | | 1,429 | | | Inventory reserve | 23,463 | | | 13,980 | | | Operating lease liabilities | 14,362 | | | 6,249 | | | Stock-based compensation | 2,084 | | | 1,697 | | | Capitalized inventory | 1,741 | | | 1,335 | | | US operating and capital loss carryforward | 12,777 | | | 7,637 | | | Disallowed interest expense | 9,450 | | | 1,663 | | | Tax credit carryforward | 1,421 | | | 1,492 | | | Foreign country operating loss carryforward | 1,364 | | | 806 | | | Interest capitalized | 2,030 | | | — | | | Transaction costs | 357 | | | — | | | 73,910 | | | 39,291 | | Valuation allowance (a) | (19,301) | | | (9,906) | | | Total gross deferred tax assets | 54,609 | | | 29,385 | | | | | | | Interest rate swaps | (1,021) | | | (708) | | | Depreciation | (3,959) | | | (2,925) | | | Goodwill and intangible assets | (38,279) | | | (26,666) | | | Operating lease right-of-use assets | (10,962) | | | (5,939) | | | Other | (270) | | | (132) | | | Total gross deferred tax liabilities | (54,491) | | | (36,370) | | | | | | Net deferred tax assets (liabilities) (b) | $ | 118 | | | $ | (6,985) | | (a) A valuation allowance was provided against US capital loss in connection with the stock sale of Prime Turbines, certain state net operating loss, tax credit, and foreign tax loss deferred tax assets arising from carryforwards of unused tax benefits. | | (b) Deferred tax assets are included within other assets in our consolidated balance sheets. | |
As of December 31, 2024, we had various tax losses and tax credits that may be applied against future taxable income. The majority of such tax attributes will expire in 2025 through 2044; however, some may be carried forward indefinitely. The Organization for Economic Co-operation and Development has issued Pillar Two model rules introducing a new global minimum tax of 15% intended to be effective on January 1, 2024. While the US has not yet adopted the Pillar Two rules, many countries took steps to incorporate Pillar Two model rule concepts into their domestic laws in 2023. Considering that we do not have material operations in jurisdictions with tax rates lower than the Pillar Two minimum, we do not expect these rules will significantly increase our global tax costs. We will continue to monitor US and global legislative action related to Pillar Two for future potential impacts.
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-Subparagraph (SAB Topic 11.C)
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v3.25.0.1
Leases
|
12 Months Ended |
Dec. 31, 2024 |
|---|
| Leases [Abstract] |
|
| Leases |
Leases Our operating lease cost was as follows for the years ended December 31, (in thousands): | | | | | | | | | | | | | | | | | | | | | | | 2024 | | 2023 | | 2022 | Operating lease cost (a) | | $ | 9,327 | | | $ | 6,480 | | | $ | 2,714 | | (a) Excludes short-term lease expense, which is not material. |
Our lease arrangements do not contain any material residual guarantees, variable payment provisions, or restrictive covenants. The table below summarizes future minimum lease payments under operating leases, recorded on the balance sheet, as of December 31, 2024 (in thousands): | | | | | | | | | | Year ending December 31, | | | | 2025 | | $ | 10,178 | | | 2026 | | 9,807 | | | 2027 | | 9,620 | | | 2028 | | 8,713 | | | 2029 | | 7,558 | | | Thereafter | | 27,520 | | | Minimum lease payments | | 73,396 | | | Less: imputed interest | | (18,363) | | | Present value of minimum lease payments | | 55,033 | | Less: current portion of lease liabilities (a) | | (6,889) | | | Long-term lease liabilities | | $ | 48,144 | | | | | (a) The current portion of lease liabilities are presented within accrued expenses and other current liabilities on our consolidated balance sheets. Refer to Note (9) "Accrued Expenses and Other Current Liabilities." |
Other supplemental operating lease information for the year ended December 31, was as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | 2024 | | 2023 | | 2022 | | Cash paid for amounts included in the measurement of operating lease liabilities | | $ | 9,818 | | | $ | 5,045 | | | $ | 2,441 | | | Right-of-use assets obtained in exchange for new operating lease liabilities | | $ | 30,314 | | | $ | 11,812 | | | $ | 11,876 | |
The weighted-average discount rate was 6.5% and 5.9% and the weighted-average remaining lease term was 8.6 years and 5.7 years as of December 31, 2024, and 2023, respectively.
Lease Abandonment and Termination
In connection with the FDS sale as described in Note (3) "Discontinued Operations", we implemented changes that resulted in one-time charges primarily related to the lease abandonment and termination of our headquarters office space.
On June 28, 2024, we ceased use of our 95,000 sq. ft. leased office space in Alexandria, VA. We relocated our VA-based corporate staff to a 4,000 sq. ft. office space in Vienna, VA under a new short-term lease. We recognized one-time lease abandonment costs of $12.9 million, which comprised of a reduction in our operating lease right-of-use assets of $6.7 million, exit costs of $3.7 million, and a non-cash write-off of certain property and equipment of $2.5 million. These one-time costs are included within lease abandonment and termination costs on our consolidated statements of income. On September 4, 2024, we entered into an agreement to immediately terminate the Alexandria, VA, office space lease in exchange for $12.0 million, payable in two equal installments due in January 2025 and January 2026. As a result, we recognized a lease termination gain of $0.7 million, which comprised of a $1.1 million net liability reduction, partially offset by a $0.4 million decrease in our remaining operating lease right-of-use asset. The lease termination gain is included within lease abandonment and termination costs on our consolidated statements of income. As of December 31, 2024, $6.0 million of the $12.0 million due as a result of the lease termination is classified within accrued expenses and other current liabilities, while the remaining $6.0 million is classified within other long-term liabilities.
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v3.25.0.1
Commitment and Contingencies
|
12 Months Ended |
Dec. 31, 2024 |
|---|
| Commitments and Contingencies Disclosure [Abstract] |
|
| Commitments and Contingencies |
Commitments and Contingencies We may have certain claims in the normal course of business, including legal proceedings, against us and against other parties. In our opinion, the resolution of these claims will not have a material adverse effect on our results of operations, financial position, or cash flows. However, because the results of any legal proceedings cannot be predicted with certainty, the amount of loss, if any, cannot be reasonably estimated.
Further, from time-to-time, government agencies audit or investigate whether our operations are being conducted in accordance with applicable contractual and regulatory requirements. Government audits or investigations, whether relating to government contracts or conducted for other reasons, could result in administrative, civil or criminal liabilities, including repayments, fines or penalties imposed, or could lead to suspension or debarment from future government contracting. Government investigations often take years to complete and many result in no adverse action. We believe, based upon current information, that the outcome of any such government disputes, audits and investigations will not have a material adverse effect on our results of operations, financial condition, or cash flows.
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v3.25.0.1
Business Segments and Customer Information
|
12 Months Ended |
Dec. 31, 2024 |
|---|
| Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract] |
|
| Business Segments and Customer Information |
Business Segments and Customer Information Segment Information
The sale of the Federal and Defense segment allows us to focus on a long-term strategic growth strategy focused on higher margin and higher growth aftermarket parts distribution and MRO businesses. Following the sale of the Federal and Defense segment, management of our business operations is conducted under two reportable operating segments:
Aviation: Our Aviation segment provides aftermarket MRO and distribution services to commercial, business and general aviation, cargo, military and defense, and rotorcraft customers globally. Core services include parts distribution, MRO services including fuel controls, avionics, pneumatics, hydraulics, wheel and brake, and rotable exchange and supply chain services.
Fleet: Our Fleet segment provides parts, inventory management, e-commerce fulfillment, logistics, supply chain support and other services to support the commercial aftermarket medium- and heavy-duty truck market, and the USPS. Core services include vehicle parts distribution, sourcing, IT solutions, customized fleet logistics, warehousing, kitting, just-in-time supply chain management, alternative product sourcing, and engineering and technical support.
The operating segments reported below are our segments for which separate financial information is available and for which segment results are evaluated regularly by our President and Chief Executive Officer, who is our Chief Operating Decision Maker ("CODM"), in deciding how to allocate resources and in assessing performance. Our CODM evaluates segment performance based on consolidated revenues and operating income and considers budget-to-actual, sequential period and prior period variances on a monthly basis when making decisions about allocating capital and personnel to the segments. Segment costs, depreciation and amortization, and allocated corporate costs are viewed as significant segment expenses as part of the CODM’s evaluation.
Net sales of our business segments exclude inter-segment sales as these activities are eliminated in consolidation. Corporate expenses are primarily selling, general and administrative expenses not allocated to segments. Corporate assets are primarily cash, property and equipment and investments held in separate trust.
Our segment information is as follows (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | Year Ended December 31, 2024 | | | | | | | | Aviation | | Fleet | | Corporate /
unallocated expenses | | Consolidated | | Revenues | $ | 786,256 | | | $ | 293,876 | | | $ | — | | | $ | 1,080,132 | | | Costs and operating expenses: | | | | | | | | Segment costs (a) | 640,895 | | | 266,689 | | | 36,831 | | | 944,415 | | | Depreciation and amortization | 25,500 | | | 2,957 | | | 155 | | | 28,612 | | Allocated corporate cost (b) | 18,474 | | | 7,212 | | | — | | | 25,686 | | | Total costs and operating expenses | 684,869 | | | 276,858 | | | 36,986 | | | 998,713 | | Operating income (loss) (c) | $ | 101,387 | | | $ | 17,018 | | | $ | (36,986) | | | $ | 81,419 | | | | | | | | | | Capital Expenditures (d) | $ | 19,030 | | | $ | 2,386 | | | $ | 215 | | | $ | 21,631 | | | Total Assets | $ | 1,409,426 | | | $ | 282,820 | | | $ | 42,374 | | | $ | 1,734,620 | |
| | | | | | | | | | | | | | | | | | | | | | | | Year Ended December 31, 2023 | | | | | | | | Aviation | | Fleet | | Corporate /
unallocated expenses | | Consolidated | | Revenues | $ | 544,020 | | | $ | 316,468 | | | $ | — | | | $ | 860,488 | | | Costs and operating expenses: | | | | | | | | Segment costs (a) | 443,909 | | | 272,084 | | | 14,682 | | | 730,675 | | | Depreciation and amortization | 16,080 | | | 5,300 | | | (253) | | | 21,127 | | Allocated corporate cost (b) | 12,863 | | | 7,827 | | | — | | | 20,690 | | | Total costs and operating expenses | 472,852 | | | 285,211 | | | 14,429 | | | 772,492 | | Operating income (loss) (c) | $ | 71,168 | | | $ | 31,257 | | | $ | (14,429) | | | $ | 87,996 | | | | | | | | | | Capital Expenditures (d) | $ | 16,467 | | | $ | 2,198 | | | $ | 269 | | | $ | 18,934 | | Total Assets (e) | $ | 950,143 | | | $ | 274,382 | | | $ | 125,813 | | | $ | 1,350,338 | | | | | | | | | | | For the Year Ended December 31, 2022 | | | | | | | | Aviation | | Fleet | | Corporate /
unallocated expenses | | Consolidated | | Revenues | $ | 408,112 | | | $ | 261,336 | | | $ | — | | | $ | 669,448 | | | Costs and operating expenses: | | | | | | | | Segment costs (a) | 345,614 | | | 221,137 | | | 7,654 | | | 574,405 | | | Depreciation and amortization | 13,174 | | | 8,783 | | | (931) | | | 21,026 | | Allocated corporate cost (b) | 12,908 | | | 7,505 | | | — | | | 20,413 | | | Total costs and operating expenses | 371,696 | | | 237,425 | | | 6,723 | | | 615,844 | | Operating income (loss) (c) | $ | 36,416 | | | $ | 23,911 | | | $ | (6,723) | | | $ | 53,604 | | | | | | | | | | Capital Expenditures (d) | $ | 5,961 | | | $ | 5,502 | | | $ | 861 | | | $ | 12,324 | | | | | | | | | | (a) Segment costs consist of material, labor, overhead, and selling, general, and administrative costs not separately disclosed within this footnote. | (b) Primarily includes costs for information technology, human resources, accounting, and legal support services. | (c) Certain corporate costs previously allocated to the Federal and Defense business for segment reporting purposes did not qualify for classification within discontinued operations and have been reallocated to continuing operations. | | (d) Amounts differ from consolidated statements of cash flows due to inclusion of capital expenditures for which payment has not yet been remitted. | (e) Corporate assets in 2023 include $93,002 of assets held-for-sale. |
Customer Information
Our revenues are derived from the delivery of products and services performed for commercial and government customers. Revenues from the USPS, reported within our Fleet segment, represented 11%, 19%, and 23% of consolidated revenues for 2024, 2023 and 2022, respectively. Our customers also include various other commercial entities and government agencies. See Note (4) "Revenue Recognition" for revenue by customer. We do not measure revenue or profit by product or service lines, either for internal management or external financial reporting purposes, because it would be impractical to do so. Products offered and services performed are determined by contract requirements and the types of products and services provided for one contract bear no relation to similar products and services provided on another contract. Products and services provided vary when new contracts begin, or current contracts expire. In many cases, more than one product or service is provided under a contract. Accordingly, cost and revenue tracking are designed to best serve contract requirements and segregating costs and revenues by product or service lines in situations for which it is not required would be difficult and costly to both us and our customers. Geographical Information
Revenue by geography is based on the billing address of the customer. Our revenue by geographic area is as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | For the years ended December 31, | | | | 2024 | | 2023 | | 2022 | | United States | | $ | 785,599 | | | $ | 656,767 | | | $ | 557,615 | | Other Countries (a) | | 294,533 | | | 203,721 | | | 111,833 | | | Total revenue | | $ | 1,080,132 | | | $ | 860,488 | | | $ | 669,448 | |
(a) No individual country, other than disclosed above, exceeded 10% of our total revenue for any period presented.
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v3.25.0.1
Capital Stock
|
12 Months Ended |
Dec. 31, 2024 |
|---|
| Equity [Abstract] |
|
| Capital Stock |
Capital Stock Our common stock has a par value of $0.05 per share. Proceeds from common stock issuances that are greater than $0.05 per share are credited to additional paid in capital. Holders of common stock are entitled to one vote per common share held on all matters voted on by our stockholders. Stockholders of record are entitled to the amount of dividends declared per common share held.
In May 2024, we entered into an underwriting agreement with certain underwriters relating to the issuance and sale of up to 2,429,577 shares of the Company's common stock at a public offering price of $71.00 per share. On May 17, 2024, the Company issued 2,429,577 shares, which included the exercise by the underwriters of their option to purchase additional shares, pursuant to the underwriting agreement. Net proceeds of $162.0 million were received by the Company, which were used to repay outstanding borrowings under our revolving credit facility, including amounts borrowed to pay the purchase price of the acquisition of TCI and for general corporate purposes. We incurred legal and accounting fees of $0.4 million associated with the May 2024 public offering.
In October 2024, we entered into an underwriting agreement with certain underwriters relating to the issuance and sale of 1,724,137 shares of the Company's common stock at a public offering price of $87.00 per share. Under the terms of the agreement, we granted the underwriters an option, exercisable for 30 days, to purchase up to an additional 258,620 shares of common stock. The offering closed on October 17, 2024, resulting in the issuance of 1,982,757 shares, which included the exercise by the underwriters of their option to purchase additional shares, pursuant to the underwriting agreement, for which we received net proceeds of $163.8 million, net of issuance costs. Additionally, we incurred legal and accounting fees of $0.3 million associated with the October 2024 public offering. The net proceeds were used to finance a portion of the cash consideration for the Kellstrom Aerospace acquisition and general corporate purposes, including repaying outstanding borrowings under our revolving facility.
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v3.25.0.1
401(k) Plan
|
12 Months Ended |
Dec. 31, 2024 |
|---|
| Contractors [Abstract] |
|
| 401(k) Plan |
401(k) Plan We maintain a defined contribution plan under Section 401(k) of the Internal Revenue Code of 1986, as amended, that covers substantially all our employees. Under the provisions of our 401(k) plan, employees' eligible contributions are matched at rates specified in the plan documents. Our expense associated with this plan was approximately $2.0 million, $1.6 million, and $1.7 million for the years ended December 31, 2024, 2023, and 2022, respectively.
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v3.25.0.1
Fair Value Measurements
|
12 Months Ended |
Dec. 31, 2024 |
|---|
| Fair Value Disclosures [Abstract] |
|
| Fair Value Measurements |
Fair Value Measurements We utilize fair value measurement guidance prescribed by GAAP to value our financial instruments. The accounting standard for fair value measurements establishes a three-tier value hierarchy, which prioritizes the inputs used in measuring fair value as follows: observable inputs such as quoted prices in active markets (Level 1); inputs other than the quoted prices in active markets that are observable either directly or indirectly (Level 2); and unobservable inputs in which there is little or no market data, which requires the Company to develop its own assumptions (Level 3).
The carrying amounts of cash and cash equivalents, receivables, accounts payable and amounts included in prepaid expenses and other current assets and accrued expenses and other current liabilities that meet the definition of a financial instrument approximate fair value due to their relatively short maturity. The carrying value of our outstanding debt obligations approximates its fair value. The fair value of long-term debt is calculated using Level 2 inputs based on interest rates available for debt with terms and maturities similar to our existing debt arrangements. Non-financial assets acquired and liabilities assumed in business combinations were measured at fair value using income, market and cost valuation methodologies. See Note (2), "Acquisitions." The fair value measurements were estimated using significant inputs that are not observable in the market and thus represent a Level 3 measurement.
The following table summarizes the financial assets and liabilities measured at fair value on a recurring basis and the level they fall within the fair value hierarchy (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of December 31, | | Amounts Recorded at Fair Value | | Financial Statement Classification | | Fair Value Hierarchy | | 2024 | | 2023 | Non-COLI assets held in Deferred Supplemental Compensation Plan(a) | | Other assets | | Level 1 | | $ | 629 | | | $ | 594 | | | Interest rate swaps | | Other assets | | Level 2 | | $ | 4,093 | | | $ | 2,840 | | (a) Non-COLI assets held in our deferred supplemental compensation plan consist of equity funds with fair value based on observable inputs such as quoted prices for identical assets in active markets and changes in fair value are recorded as selling, general and administrative expenses. |
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v3.25.0.1
Restructuring Costs
|
12 Months Ended |
Dec. 31, 2024 |
|---|
| Restructuring and Related Activities [Abstract] |
|
| Restructuring Costs |
Restructuring CostsDuring the year ended December 31, 2024, we incurred $4.2 million of corporate restructuring expenses, which are included in selling, general and administrative expenses, primarily related to the cancellation of contracts and leasing agreements associated with the FDS Sale. As of December 31, 2024, approximately $0.8 million of these costs are included within accrued expenses and other current liabilities on our consolidated balance sheets. Our corporate restructuring activities related to the FDS Sale are substantially complete, and we do not expect to incur additional material costs associated with these activities
|
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v3.25.0.1
Subsequent Events
|
12 Months Ended |
Dec. 31, 2024 |
|---|
| Subsequent Events [Abstract] |
|
| Subsequent Events |
Subsequent Event On February 17, 2025, we signed a definitive agreement to sell all of the issued and outstanding shares of common stock of our Fleet segment for a total consideration of up to $230 million (the “Fleet Sale”). This consideration assumes a $140 million cash payment at the closing of the Fleet Sale, a $25 million seller note, and an earn-out payment of up to $65 million, subject to the achievement of certain milestones. The Fleet Sale is expected to close in the second quarter of 2025 and is subject to customary closing conditions and approvals. We currently intend to use the net proceeds from the Fleet Sale to reduce existing borrowings under the credit agreement.
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v3.25.0.1
Schedule II - Valuation and Qualifying Accounts
|
12 Months Ended |
Dec. 31, 2024 |
|---|
| SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] |
|
| Schedule II - Valuation and Qualifying Accounts |
Schedule II - Valuation and Qualifying Accounts
| | | | | | | | | | | | | | | | | | | For the years ended December 31, | | 2024 | | 2023 | | 2022 | Allowance for credit losses (in thousands): | | | | | | | Allowance as of beginning of year | $ | 3,449 | | | $ | 2,019 | | | $ | 1,677 | | Additions charged to costs and operating expenses | 3,922 | | | 1,484 | | | 2,084 | | Deductions | (910) | | | (54) | | | (1,742) | | | Allowance as of end of year | $ | 6,461 | | | $ | 3,449 | | | $ | 2,019 | | | | | | | | | | | | | | | For the years ended December 31, | | 2024 | | 2023 | | 2022 | Valuation allowance for deferred tax assets (in thousands): | | | | | | | Allowance as of beginning of year | $ | 9,906 | | | $ | 8,337 | | | $ | 8,257 | | Additions charged to costs and operating expenses | 520 | | | 75 | | | 80 | | Additions charged to other accounts (a) | 8,875 | | | 1,494 | | | — | | | Allowance as of end of year | $ | 19,301 | | | $ | 9,906 | | | $ | 8,337 | | (a) 2024 activity primarily includes the valuation allowance established from the Kellstrom Aerospace acquisition. |
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v3.25.0.1
Cybersecurity Risk Management and Strategy Disclosure
|
12 Months Ended |
Dec. 31, 2024 |
|---|
| Cybersecurity Risk Management, Strategy, and Governance [Line Items] |
|
| Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block] |
We have an information security process integrated into our overall enterprise risk management (ERM) process that is designed to identify, assess, and manage material risks and threats from cybersecurity. To protect our information systems against cybersecurity threats, we employ a range of security processes designed to identify, prevent, detect, respond to, and recover from identified vulnerabilities and cybersecurity incidents in a timely manner. These include internal reporting mechanisms, monitoring solutions, and detection tools. We also leverage the expertise and support of key cybersecurity third-party partners and tools. Our protective measures include technical and organizational safeguards, employee training, incident response capability assessments, cybersecurity insurance, and business continuity mechanisms. We perform employee training as part of our information security processes for all employees. We regularly assess cybersecurity risks and technology threats, utilizing a qualitative risk model to identify, measure, and prioritize certain risks, and develop related security controls and safeguards.
Risk assessments are conducted when we onboard certain new services and new vendors, including third-party vendors, applications, and other technology services, and when there are significant changes to IT or security architecture. Further, we monitor key vendors to understand how such vendors manage cybersecurity risks and threats during the term of their provision services or products to us. As part of our cybersecurity incident response framework, our incident response team focuses on responding to, containing, and recovering from a cybersecurity threat and minimizing any business impact. In the event of a cybersecurity incident, the cybersecurity team assesses, among other factors, data and personal information loss, business operations disruption, projected cost and potential for reputational harm, with support from business stakeholders and external technical, legal and law enforcement support.
|
| Cybersecurity Risk Management Processes Integrated [Flag] |
true
|
| Cybersecurity Risk Management Processes Integrated [Text Block] |
We have an information security process integrated into our overall enterprise risk management (ERM) process that is designed to identify, assess, and manage material risks and threats from cybersecurity. To protect our information systems against cybersecurity threats, we employ a range of security processes designed to identify, prevent, detect, respond to, and recover from identified vulnerabilities and cybersecurity incidents in a timely manner. These include internal reporting mechanisms, monitoring solutions, and detection tools. We also leverage the expertise and support of key cybersecurity third-party partners and tools. Our protective measures include technical and organizational safeguards, employee training, incident response capability assessments, cybersecurity insurance, and business continuity mechanisms. We perform employee training as part of our information security processes for all employees. We regularly assess cybersecurity risks and technology threats, utilizing a qualitative risk model to identify, measure, and prioritize certain risks, and develop related security controls and safeguards.
|
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|
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|
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|
| Cybersecurity Risk Board of Directors Oversight [Text Block] |
Our Board of Directors ("Board") and Audit Committee have oversight responsibility for cybersecurity risks and incidents, including compliance with disclosure requirements, collaboration with law enforcement, and related effects on financial and other risks. Findings and recommendations are reported, as deemed appropriate, to the Board. Senior management including our Chief Information Security Officer ("CISO") engages in regular discussions with the Board regarding cybersecurity risks, trends, and any material incidents that may arise. Furthermore, the Board receives briefings on cybersecurity matters from the CISO on our cybersecurity and information security.
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| Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] |
Our CISO has served in various roles in information technology and information security for over 20 years, with experience in technology risk management, cybersecurity, compliance, network engineering, information systems, and business resiliency. He is a Certified Information Systems Security Professional. Our CISO manages the Company's information security and oversees our data security personnel and our incident response and business continuity management programs to assess and manage the cybersecurity element of our risk management program, including policies, cybersecurity training, security operations and engineering, cyber threat detection and incident response. Our CISO promptly informs and updates the Board about any information regarding security incidents that may pose a significant risk to the Company.
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| Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] |
Our CISO has served in various roles in information technology and information security for over 20 years, with experience in technology risk management, cybersecurity, compliance, network engineering, information systems, and business resiliency. He is a Certified Information Systems Security Professional. Our CISO manages the Company's information security and oversees our data security personnel and our incident response and business continuity management programs to assess and manage the cybersecurity element of our risk management program, including policies, cybersecurity training, security operations and engineering, cyber threat detection and incident response. Our CISO promptly informs and updates the Board about any information regarding security incidents that may pose a significant risk to the Company.
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| Cybersecurity Risk Role of Management [Text Block] |
Our CISO has served in various roles in information technology and information security for over 20 years, with experience in technology risk management, cybersecurity, compliance, network engineering, information systems, and business resiliency. He is a Certified Information Systems Security Professional. Our CISO manages the Company's information security and oversees our data security personnel and our incident response and business continuity management programs to assess and manage the cybersecurity element of our risk management program, including policies, cybersecurity training, security operations and engineering, cyber threat detection and incident response. Our CISO promptly informs and updates the Board about any information regarding security incidents that may pose a significant risk to the Company.
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| Cybersecurity Risk Management Positions or Committees Responsible [Flag] |
true
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| Cybersecurity Risk Management Positions or Committees Responsible [Text Block] |
Senior management including our Chief Information Security Officer ("CISO") engages in regular discussions with the Board regarding cybersecurity risks, trends, and any material incidents that may arise. Furthermore, the Board receives briefings on cybersecurity matters from the CISO on our cybersecurity and information security.
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| Cybersecurity Risk Management Expertise of Management Responsible [Text Block] |
Our CISO has served in various roles in information technology and information security for over 20 years, with experience in technology risk management, cybersecurity, compliance, network engineering, information systems, and business resiliency. He is a Certified Information Systems Security Professional.
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| Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] |
Senior management including our Chief Information Security Officer ("CISO") engages in regular discussions with the Board regarding cybersecurity risks, trends, and any material incidents that may arise. Furthermore, the Board receives briefings on cybersecurity matters from the CISO on our cybersecurity and information security.
Our CISO has served in various roles in information technology and information security for over 20 years, with experience in technology risk management, cybersecurity, compliance, network engineering, information systems, and business resiliency. He is a Certified Information Systems Security Professional. Our CISO manages the Company's information security and oversees our data security personnel and our incident response and business continuity management programs to assess and manage the cybersecurity element of our risk management program, including policies, cybersecurity training, security operations and engineering, cyber threat detection and incident response. Our CISO promptly informs and updates the Board about any information regarding security incidents that may pose a significant risk to the Company.
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| Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] |
true
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v3.25.0.1
Nature of Business and Significant Accounting Policies (Policies)
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12 Months Ended |
Dec. 31, 2024 |
|---|
| Accounting Policies [Abstract] |
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| Basis of Presentation |
Basis of Presentation
The accompanying consolidated financial statements of the Company have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC") and include the assets, liabilities, results of operations and cash flows our parent company and our wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.
In February 2024, we entered into two separate agreements to sell substantially all of the Federal and Defense segment assets. See Note (3) "Discontinued Operations" for further information. The consolidated financial statements reflect the Federal and Defense segment's results of operations as discontinued operations, and the related assets and liabilities as held-for-sale for all periods presented.
Certain reclassifications have been made to the prior period financial information to reflect discontinued operations presentation. Unless otherwise noted, amounts and disclosures throughout these Notes to Consolidated Financial Statements relate solely to continuing operations and exclude all discontinued operations.
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| Use of Estimates |
Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingencies at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates affecting the financial statements may include, but are not limited to, fair value measurements, inventory provisions, collectability of receivables, valuation allowances on deferred tax assets, fair value of goodwill and other intangible assets and contingencies.
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| Stock-Based Compensation |
Stock-Based Compensation
We issue stock-based awards as compensation to employees and directors. Stock-based awards include stock-settled bonus awards, time-vested stock awards and performance share awards. We recognize stock-based compensation expense over the underlying award’s requisite service period, as measured using the award’s grant date fair value. Our policy is to recognize forfeitures as they occur. For performance share awards, we assess the probability of achieving the performance conditions at each reporting period end and adjust compensation expense based on the number of shares we expect to ultimately issue.
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| Earnings Per Share |
Earnings Per Share
Basic earnings per share ("EPS") is computed by dividing net income by the weighted average number of shares of common stock outstanding during each period. Shares issued during the period are weighted for the portion of the period that they were outstanding. Our calculation of diluted earnings per common share includes the dilutive effects for the assumed vesting of outstanding stock-based awards. The antidilutive common stock equivalents excluded from the diluted per share calculation are not material.
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| Cash and Cash Equivalents |
Cash and Cash Equivalents
We consider all highly liquid investments with an original maturity of three months or less to be cash equivalents. Due to the short maturity of these instruments, the carrying values on our consolidated balance sheets approximate fair value. Although certain cash balances exceed insurance limits of the Federal Deposit Insurance Corporation, we do not limit our credit exposure to any one financial institution and utilize financial institutions with high credit quality.
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| Property and Equipment |
Property and Equipment Property and equipment is recorded at cost, net of accumulated depreciation and amortization. Depreciation and amortization is generally provided on the straight-line method over the estimated useful lives of the various assets. Property and equipment is generally depreciated over the following estimated useful lives: computer equipment, furniture, other equipment from three to 15 years; and buildings and land improvements from 15 to 20 years. Amortization of leasehold improvements is provided by the straight-line method over the lesser of their useful life or the remaining term of the lease.
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| Leases |
Leases
We determine at inception whether an arrangement that provides us control over the use of an asset is a lease. Substantially all of our leases are long-term operating leases for facilities with fixed payment terms. We recognize a right-of-use ("ROU") asset and a lease liability upon commencement of our operating leases. The initial lease liability is equal to the future fixed minimum lease payments discounted using our incremental borrowing rate, on a secured basis. The lease term includes option renewal periods and early termination payments when it is reasonably certain that we will exercise those rights. The initial measurement of the ROU asset is equal to the initial lease liability plus any initial indirect costs and prepayments, less any lease incentives.
We recognize lease costs on a straight-line basis over the remaining lease term, except for variable lease payments that are expensed in the period in which the obligation for those payments is incurred.
Leases with an initial term of 12 months or less with purchase options or extension options that are not reasonably certain to be exercised are not recorded on the balance sheet. Operating lease cost is included in costs and operating expenses on our consolidated statement of income.
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| Concentration of Credit Risk |
Concentrations of Credit Risk
Financial instruments that potentially subject us to concentration of credit risk consist primarily of our trade receivables. Our trade receivables consist of amounts due from various commercial entities and government clients. We believe that concentrations of credit risk with respect to trade receivables are limited due to the large number of customers comprising the customer base and their dispersion across many different geographic regions. The credit risk, with respect to contracts with the government, is limited due to the creditworthiness of the respective governmental entity. We perform ongoing credit evaluations and monitoring of the financial condition of all our customers. We maintain an allowance for credit losses based upon several factors, including historical collection experience, current aging status of the customer accounts and financial condition of our customers.
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| Revenue Recognition |
Revenue Recognition
We account for revenue in accordance with ASC 606. The unit of account in ASC 606 is a performance obligation. At the inception of each contract with a customer, we determine our performance obligations under the contract and the contract's transaction price. A performance obligation is a promise in a contract to transfer a distinct good or service to the customer and is defined as the unit of account. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when the performance obligation is satisfied. The majority of our contracts have a single performance obligation as the promise to transfer the respective goods or services is not separately identifiable from other promises in the contracts and is, therefore, not distinct. For product sales, each product sold to a customer typically represents a distinct performance obligation. Our performance obligations are satisfied over time as work progresses or at a point in time based on transfer of control of products and services to our customers. Substantially all our Fleet segment revenues from the sale of vehicle parts to customers are recognized at the point in time of the transfer of control to the customer. Sales returns and allowances for vehicle parts are not significant.
Our Aviation segment revenues result from the sale of aircraft parts and performance of MRO services for private and commercial aircraft owners, other aviation MRO providers, and aviation original equipment manufacturers. Our Aviation segment recognizes revenues for the sale of aircraft parts at a point in time when control is transferred to the customer, which usually occurs when the parts are shipped. Our Aviation segment recognizes revenues for MRO services over time as the services are transferred to the customer. MRO services revenue recognized is measured based on the cost-to-cost input method, as costs incurred reflect the work completed, and therefore the services transferred to date. Sales returns and allowances are not significant.
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| Receivables and Contract Balances |
Receivables and Contract Balances
Receivables are recorded at amounts earned less an allowance. We review our receivables regularly to determine if there are any potentially uncollectible accounts.
Contract assets include unbilled amounts typically resulting from sales under contracts when the cost-to-cost method of revenue recognition is utilized, and revenue recognized exceeds the amount billed to the customer. The amounts may not exceed their estimated net realizable value. Contract assets are classified as current based on our contract operating cycle. Contract liabilities include customer advances and billings in excess of revenue recognized and are included within accrued expenses and other current liabilities in our consolidated balance sheets.
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| Allowance for Credit Losses |
Allowance for Credit Losses
We establish allowances for credit losses on our accounts receivable and contract assets. To measure expected credit losses, we have disaggregated pools of receivable balances by segment. Within each segment, receivables exhibit similar risk characteristics. In determining the amount of the allowance for credit losses, we consider historical collectability based on past due status. We also consider current market conditions and forecasts of future economic conditions to inform potential adjustments to historical loss data. In addition, we also record allowances for credit losses for specific receivables that are deemed to have a higher risk profile than the rest of the respective pool of receivables, such as concerns about a specific customer's inability to meet its financial obligation to us. The adequacy of these allowances is assessed quarterly through consideration of factors on a collective basis where similar characteristics exist and on an individual basis.
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| Inventories |
Inventories
Inventories are stated at the lower of cost or net realizable value using the FIFO method. Inventories consist primarily of finished goods replacement parts for our Fleet and Aviation segments, and also include related purchasing, storage, and handling costs. Inventories for our Aviation segment consist primarily of aftermarket parts for distribution, and general aviation engine accessories and parts, and also include related purchasing, overhaul labor, storage, and handling costs. We periodically evaluate the carrying value of inventory, considering factors such as its physical condition, sales patterns and demand in order to estimate the amount necessary to write down any slow moving, obsolete or damaged inventory. These estimates could vary significantly from actual amounts based upon future economic conditions, customer inventory levels or competitive factors that were not foreseen or did not exist when the estimated write-downs were made.
|
| Deferred Compensation Plans |
Deferred Compensation Plans
We provide for certain key management employees to be incentivized and rewarded based on overall company performance through the VSE Corporation Deferred Supplemental Compensation Plan (the "DSC Plan"). We recognized DSC Plan expenses of $0.3 million, $0.4 million, and $0.3 million for the years ended December 31, 2024, 2023 and 2022, respectively. We invest in corporate owned life insurance ("COLI") products and in mutual funds that are held in a Rabbi Trust to fund the DSC Plan obligations. The COLI investments are recorded at cash surrender value and the mutual fund investments are recorded at fair value. The DSC Plan assets are included in other assets on the accompanying consolidated balance sheets. Our DSC Plan assets were $12.0 million and $11.0 million as of December 31, 2024 and December 31, 2023, respectively. Gains and losses recognized on the changes in fair value of the investments are recorded as selling, general and administrative expenses on the accompanying consolidated statements of income.
|
| Derivatives Instruments |
Derivative Instruments
Derivative instruments are recorded on the consolidated balance sheets at fair value. Unrealized gains and losses on derivatives designated as cash flow hedges are reported in other comprehensive income and reclassified into earnings in a manner that matches the timing of the earnings impact of the hedged transactions.
|
| Income Taxes |
Income Taxes
Income taxes are accounted for under the asset and liability method. Under the asset and liability method, deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. This method also requires the recognition of future tax benefits, such as net operating loss carryforwards, to the extent that realization of such benefits is more likely than not. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.
The carrying value of net deferred tax assets is based on assumptions regarding our ability to generate sufficient future taxable income to utilize these deferred tax assets.
|
| Business Combinations |
Business Combinations We allocate the purchase price of acquired entities to the underlying tangible and identifiable intangible assets acquired and liabilities assumed based on their respective estimated fair values, with any excess recorded as goodwill. The operating results of acquired businesses are included in our results of operations beginning as of their effective acquisition dates. For contingent consideration arrangements, a liability is recognized at fair value as of the acquisition date with subsequent fair value adjustments recorded in operations.
|
| Goodwill |
Goodwill
Goodwill represents the purchase price paid in excess of the fair value of net tangible and intangible assets acquired in a business combination. Goodwill is tested for potential impairment at the reporting unit level annually at the beginning of the fourth quarter, or whenever events or changes in circumstances indicate that the carrying value may not be recoverable. When testing goodwill for impairment, we may initially qualitatively assess whether it is necessary to perform a quantitative goodwill impairment test, which is only required if we conclude that it is more likely than not that a reporting unit's fair value is less than its carrying amount. In evaluating whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, we considered the totality of all relevant events and circumstances that affect the fair value or carrying amount of a reporting unit in accordance with ASC 350-20-35-3C. In the event we deem a quantitative impairment test necessary, we estimate and compare the fair value of each reporting unit to its respective carrying value including goodwill. The fair value of our reporting units is determined using a combination of the income approach and the market approach, which involves the use of estimates and assumptions, including projected future operating results and cash flows, the cost of capital, and financial measures derived from observable market data of comparable public companies. If the fair value is less than the carrying value, the amount of impairment expense is equal to the difference between the reporting unit’s fair value and the reporting unit’s carrying value.
|
| Impairment of Long-Lived Assets |
Impairment of Long-Lived Assets
We review our long-lived assets, including amortizable intangible assets, operating lease right-of-use assets, and property and equipment, for impairment whenever events or changes in facts and circumstances indicate that their carrying values may not be fully recoverable and the carrying amount of the asset exceeds its estimated future undiscounted cash flows. When the carrying amount of the asset exceeds its estimated future undiscounted cash flows, an impairment loss is recognized to reduce the asset’s carrying amount to its estimated fair value based on the present value of its estimated future cash flows.
|
| Recent Accounting Pronouncements |
Recent Accounting Pronouncements
Recently Adopted Accounting Pronouncements
In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires public entities to disclose information about their reportable segments’ significant expenses and other segment items on an interim and annual basis. We adopted the standard in the fourth quarter of 2024 and applied the disclosure retrospectively to all prior periods presented in the financial statements. The adoption of ASU 2023-07 did not have an impact on our consolidated financial position, results of operations or cash flows. See Note (14) "Business Segments and Customer Information" for further information.
Recently Issued Accounting Pronouncements Not Yet Adopted
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the disclosure impact of this ASU, however, the standard will not have an impact on our consolidated financial position, results of operations or cash flows.
In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires public entities to disclose additional information about specific expense categories in the notes to the financial statements. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. We are currently evaluating the impact that adoption of ASU 2024-03 may have on our consolidated financial statements and disclosures.
|
| Segment Information |
Aviation: Our Aviation segment provides aftermarket MRO and distribution services to commercial, business and general aviation, cargo, military and defense, and rotorcraft customers globally. Core services include parts distribution, MRO services including fuel controls, avionics, pneumatics, hydraulics, wheel and brake, and rotable exchange and supply chain services.
Fleet: Our Fleet segment provides parts, inventory management, e-commerce fulfillment, logistics, supply chain support and other services to support the commercial aftermarket medium- and heavy-duty truck market, and the USPS. Core services include vehicle parts distribution, sourcing, IT solutions, customized fleet logistics, warehousing, kitting, just-in-time supply chain management, alternative product sourcing, and engineering and technical support.
The operating segments reported below are our segments for which separate financial information is available and for which segment results are evaluated regularly by our President and Chief Executive Officer, who is our Chief Operating Decision Maker ("CODM"), in deciding how to allocate resources and in assessing performance. Our CODM evaluates segment performance based on consolidated revenues and operating income and considers budget-to-actual, sequential period and prior period variances on a monthly basis when making decisions about allocating capital and personnel to the segments. Segment costs, depreciation and amortization, and allocated corporate costs are viewed as significant segment expenses as part of the CODM’s evaluation. Net sales of our business segments exclude inter-segment sales as these activities are eliminated in consolidation.
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v3.25.0.1
Nature of Business and Significant Accounting Policies (Tables)
|
12 Months Ended |
Dec. 31, 2024 |
|---|
| Accounting Policies [Abstract] |
|
| Schedule of Weighted Average Number of Shares |
The weighted-average number of shares outstanding used to compute basic and diluted EPS were as follows: | | | | | | | | | | | | | | | | | | | | For the years ended December 31, | | | 2024 | | 2023 | | 2022 | | Basic weighted average common shares outstanding | 17,878,608 | | | 14,130,334 | | | 12,780,117 | | | Effect of dilutive shares | 96,687 | | | 54,395 | | | 47,777 | | | Diluted weighted average common shares outstanding | 17,975,295 | | | 14,184,729 | | | 12,827,894 | |
|
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v3.25.0.1
Acquisitions (Tables)
|
12 Months Ended |
Dec. 31, 2024 |
|---|
| Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] |
|
| Schedule of Recognized Identified Assets Acquired and Liabilities Assumed |
The adjusted preliminary purchase price allocation is as follows (in thousands): | | | | | | | | | | | | | Receivables | | $ | 9,122 | | | Contract assets | | 16,193 | | | Inventories | | 5,512 | | Prepaid expenses and other current assets | | 570 | | | Other assets | | 214 | | | Property and equipment, net | | 6,434 | | | Intangible asset - customer related | | 59,000 | | | Goodwill | | 40,201 | | | Operating lease right-of-use assets | | 7,832 | | | Total assets acquired | | 145,078 | | | Accounts payable | | (9,764) | | | Accrued expense and other current liabilities | | (5,624) | | | Long-term operating lease obligations | | (7,339) | | | Total liabilities assumed | | (22,727) | | | Net assets acquired, excluding cash | | $ | 122,351 | | | | | | Cash consideration, net of cash acquired | | $ | 112,351 | | VSE common stock, at fair value | | 10,000 | | | Total | | $ | 122,351 | |
The preliminary purchase price is as follows (in thousands): | | | | | | | | | | | | | Receivables | | $ | 27,379 | | | Contract assets | | 2,925 | | | Inventories | | 37,686 | | Prepaid expenses and other current assets | | 2,723 | | | Property and equipment, net | | 10,301 | | | Intangible asset - customer related | | 41,900 | | | Goodwill | | 100,711 | | | Operating lease right-of-use assets | | 10,793 | | | Total assets acquired | | 234,418 | | | Accounts payable | | (27,750) | | | Accrued expense and other current liabilities | | (6,096) | | | Deferred tax liabilities | | (201) | | | Long-term operating lease obligations | | (9,348) | | | Total liabilities assumed | | (43,395) | | | Net assets acquired, excluding cash | | $ | 191,023 | | | | | | Cash consideration, net of cash acquired | | $ | 170,756 | | VSE common stock, at fair value | | 20,267 | | | Total | | $ | 191,023 | |
| | | | | | | | | Receivables | | $ | 7,383 | | | Inventories | | 31,228 | | Prepaid expenses and other current assets | | 515 | | | Property and equipment | | 2,527 | | Intangible assets | | 21,950 | | | Goodwill | | 53,942 | | | Operating lease right-of-use-assets | | 6,679 | | Total assets acquired | | 124,224 | | | Accounts payable | | (10,128) | | | Accrued expenses and other current liabilities | | (5,793) | | Long-term operating lease obligations | | (5,937) | | Deferred tax liabilities | | (2,666) | | Total liabilities assumed | | (24,524) | | | Net assets acquired, excluding cash | | $ | 99,700 | | | | | Cash consideration, net of cash acquired | | $ | 101,870 | | Post-close adjustment | | (2,170) | | Total | | $ | 99,700 | |
The final purchase price allocation is as follows (in thousands):
| | | | | | | | | Prepaid expenses and other current assets (a) | | $ | 11,500 | | Property and equipment | | 2,714 | | Intangible assets | | 16,200 | | Goodwill | | 74,586 | | Total assets acquired | | $ | 105,000 | | | | | Cash consideration | | $ | 105,000 | | Total consideration | | $ | 105,000 | | (a) Represents prepaid inventory consisting of finished goods acquired but not in our physical possession as of the acquisition date. |
|
| Schedule of Business Acquisition, Pro Forma Information |
The unaudited consolidated pro forma results of operations are as follows (in thousands): | | | | | | | | | | | | | | | | | For the years ended December 31, | | | 2024 | | 2023 | Revenue | | $ | 1,111,915 | | | $ | 949,019 | | Income from continuing operations | | $ | 37,226 | | | $ | 38,981 | |
| | | | | | | | | | | | | | | | | For the years ended December 31, | | | 2024 | | 2023 | Revenue | | $ | 1,244,344 | | | $ | 1,021,260 | | Income from continuing operations | | $ | 45,241 | | | $ | 48,528 | |
| | | | | | | | | | | | | For the years ended December 31, | | 2024 | | 2023 | Revenue | $ | 1,080,132 | | | $ | 908,243 | | Income from continuing operations | $ | 36,498 | | | $ | 46,265 | |
|
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v3.25.0.1
Discontinued Operations (Tables)
|
12 Months Ended |
Dec. 31, 2024 |
|---|
| Discontinued Operations and Disposal Groups [Abstract] |
|
| Schedule of Discontinued Operations |
The components of (loss) income from discontinued operations, net of tax consist of the following (in thousands):
| | | | | | | | | | | | | | | | | | | For the years ended December 31, | | 2024 | | 2023 | | 2022 | | Revenues | $ | 26,268 | | | $ | 252,466 | | | $ | 280,314 | | | Costs and operating expenses | 34,684 | | | 258,125 | | | 278,779 | | (Loss) income from discontinued operations before income taxes | (8,416) | | | (5,659) | | | 1,535 | | | Other FDS impairment | 4,204 | | | — | | | — | | | Loss on the sale of discontinued operations | 15,199 | | | — | | | — | | | (Loss) income from discontinued operations before income taxes | (27,819) | | | (5,659) | | | 1,535 | | (Benefit) provision for income taxes | (6,645) | | | (1,641) | | | 135 | | (Loss) income from discontinued operations, net of tax | $ | (21,174) | | | $ | (4,018) | | | $ | 1,400 | |
The assets and liabilities reported as held-for-sale consist of the following (in thousands): | | | | | | | | | | | | | | | | | As of December 31, | | | | | 2023 | | | | Assets | | | | | | Cash and cash equivalents | | $ | 162 | | | | | Receivables, net | | 10,805 | | | | | Contract assets | | 25,109 | | | | | Inventories | | 472 | | | | | Prepaid expenses and other current assets | | 6,154 | | | | | Property and equipment, net | | 6,102 | | | | | Intangible assets, net | | 3,505 | | | | | Goodwill | | 31,575 | | | | | Operating lease right-of-use assets | | 9,097 | | | | | Other assets | | 21 | | | | | Total assets held-for-sale (a) | | $ | 93,002 | | | | | Liabilities | | | | | | Accounts payable | | $ | 20,893 | | | | | Accrued expenses and other current liabilities | | 19,537 | | | | | Long-term operating lease obligations | | 8,942 | | | | | Deferred tax liabilities | | 4,019 | | | | | Total liabilities held-for-sale (a) | | $ | 53,391 | | | | (a) Amounts were classified as current for the prior period consolidated balance sheet. |
Selected financial information related to cash flows from discontinued operations is as follows (in thousands):
| | | | | | | | | | | | | | | | | | | For the years ended December 31, | | 2024 | | 2023 | | 2022 | | Depreciation and amortization | $ | 150 | | | $ | 2,289 | | | $ | 3,576 | | | Purchases of property and equipment | $ | — | | | $ | 295 | | | $ | 331 | | | Stock-based compensation | $ | — | | | $ | 139 | | | $ | 63 | |
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v3.25.0.1
Revenue Recognition (Tables)
|
12 Months Ended |
Dec. 31, 2024 |
|---|
| Revenue from Contract with Customer [Abstract] |
|
| Schedule of Disaggregation of Revenue |
A summary of revenues by customer for each of our operating segments is as follows (in thousands): | | | | | | | | | | | | | | | | | | | Year Ended December 31, 2024 | Aviation | | Fleet | | Total | | Commercial | $ | 779,008 | | | $ | 178,509 | | | $ | 957,517 | | | | | | | | | Other government | 7,248 | | | 115,367 | | | 122,615 | | | Total | $ | 786,256 | | | $ | 293,876 | | | $ | 1,080,132 | | | | | | | | | Year Ended December 31, 2023 | | | | | | | Commercial | $ | 539,592 | | | $ | 150,835 | | | $ | 690,427 | | | DoD | — | | | 209 | | | 209 | | | Other government | 4,428 | | | 165,424 | | | 169,852 | | | Total | $ | 544,020 | | | $ | 316,468 | | | $ | 860,488 | | | | | | | | | Year Ended December 31, 2022 | | | | | | | Commercial | $ | 403,155 | | | $ | 104,162 | | | $ | 507,317 | | | DoD | — | | | 3,286 | | | 3,286 | | | Other government | 4,957 | | | 153,888 | | | 158,845 | | | Total | $ | 408,112 | | | $ | 261,336 | | | $ | 669,448 | |
A summary of revenues by type for each of our operating segments is as follows (in thousands): | | | | | | | | | | | | | | | | | | | Year Ended December 31, 2024 | Aviation | | Fleet | | Total | | Repair | $ | 293,063 | | | $ | — | | | $ | 293,063 | | | Distribution | 493,193 | | | 293,876 | | | 787,069 | | | Total | $ | 786,256 | | | $ | 293,876 | | | $ | 1,080,132 | | | | | | | | | Year Ended December 31, 2023 | | | | | | | Repair | $ | 157,154 | | | $ | — | | | $ | 157,154 | | | Distribution | 386,866 | | | 316,468 | | | 703,334 | | | Total | $ | 544,020 | | | $ | 316,468 | | | $ | 860,488 | | | | | | | | | Year Ended December 31, 2022 | | | | | | | Repair | $ | 107,399 | | | $ | — | | | $ | 107,399 | | | Distribution | 300,713 | | | 261,336 | | | 562,049 | | | Total | $ | 408,112 | | | $ | 261,336 | | | $ | 669,448 | |
Contract Balances
Contract balances were as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | As of December 31, | | | Financial Statement Classification | | 2024 | | 2023 | Billed and billable receivables | | Receivables, net (a) | | $ | 197,563 | | | $ | 127,958 | | Contract assets - unbilled receivables | | Contract assets | | $ | 29,960 | | | $ | 8,049 | | | Contract liabilities | | Accrued expenses and other current liabilities | | $ | 4,479 | | | $ | 2,785 | | (a) Net of allowance of $6.5 million and $3.4 million as of December 31, 2024 and 2023, respectively. | | | | |
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v3.25.0.1
Property and Equipment (Tables)
|
12 Months Ended |
Dec. 31, 2024 |
|---|
| Property, Plant and Equipment [Abstract] |
|
| Schedule of Property and Equipment |
Property and equipment, net consisted of the following (in thousands): | | | | | | | | | | | | | As of December 31, | | | 2024 | | 2023 | | Buildings and building improvements | $ | 25,279 | | | $ | 24,555 | | | Computer equipment | 14,490 | | | 8,309 | | Furniture, fixtures, and equipment (a) | 64,185 | | | 41,208 | | | Leasehold improvements | 10,104 | | | 6,151 | | | Construction in process | 16,722 | | | 13,675 | | | Land and land improvements | 1,454 | | | 1,617 | | | 132,234 | | | 95,515 | | | Less: accumulated depreciation and amortization | (46,648) | | | (37,439) | | | Total property and equipment, net | $ | 85,586 | | | $ | 58,076 | | (a) Certain amounts from prior year have been reclassified to conform with current year presentation. |
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v3.25.0.1
Goodwill and Other Intangible Assets (Tables)
|
12 Months Ended |
Dec. 31, 2024 |
|---|
| Goodwill and Intangible Assets Disclosure [Abstract] |
|
| Schedule of Goodwill by Operating Segment |
Changes in the carrying amount of goodwill by operating segment for the years ended December 31, 2024 and 2023 were as follows (in thousands): | | | | | | | | | | | | | | | | | | | | Fleet | | Aviation | | Total | | Balance as of December 31, 2022 | $ | 63,190 | | | $ | 154,072 | | | $ | 217,262 | | | Goodwill acquired | — | | | 134,519 | | | 134,519 | | | Balance as of December 31, 2023 | $ | 63,190 | | | $ | 288,591 | | | $ | 351,781 | | | Goodwill acquired | — | | | 140,804 | | | 140,804 | | | Measurement period adjustments | — | | | (1,132) | | | (1,132) | | | Balance as of December 31, 2024 | $ | 63,190 | | | $ | 428,263 | | | $ | 491,453 | |
|
| Schedule of Intangible Assets |
Intangible assets consisted of the following (in thousands): | | | | | | | | | | | | | | | | | | | | Cost | | Accumulated Amortization | | Net Intangible Assets | | December 31, 2024 | | | | | | | Contract and customer-related | $ | 272,590 | | | $ | (75,309) | | | $ | 197,281 | | | Trade names | 8,670 | | | (8,670) | | | — | | | Total | $ | 281,260 | | | $ | (83,979) | | | $ | 197,281 | | | | | | | | | December 31, 2023 | | | | | | | Contract and customer-related | $ | 241,090 | | | $ | (127,022) | | | $ | 114,068 | | | Trade names | 8,670 | | | (8,608) | | | 62 | | | Total | $ | 249,760 | | | $ | (135,630) | | | $ | 114,130 | |
|
| Schedule of Finite-Lived Intangible Assets, Future Amortization Expense |
The estimated future annual amortization expense related to intangible assets are as follows (in thousands): | | | | | | | Year Ending December 31, | | | 2025 | $ | 24,520 | | | 2026 | 24,349 | | | 2027 | 22,602 | | | 2028 | 21,768 | | | 2029 | 21,706 | | | Thereafter | 82,336 | | | Total | $ | 197,281 | |
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v3.25.0.1
Debt (Tables)
|
12 Months Ended |
Dec. 31, 2024 |
|---|
| Debt Disclosure [Abstract] |
|
| Schedule of Long-term Debt |
Long-term debt consisted of the following (in thousands): | | | | | | | | | | | | | As of December 31, | | | 2024 | | 2023 | | Bank credit facility - term loan | $ | 277,500 | | | $ | 300,000 | | | Bank credit facility - revolving facility | 155,000 | | | 133,000 | | | Principal amount of long-term debt | 432,500 | | | 433,000 | | Less: debt issuance costs | (2,327) | | | (3,656) | | Total debt | 430,173 | | | 429,344 | | Less: current portion | (30,000) | | | (22,500) | | | Long-term debt, net of current portion | $ | 400,173 | | | $ | 406,844 | |
|
| Schedule of Term Loan Payments |
Future required term loan and revolving facility payments as of December 31, 2024 are as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | Year Ending December 31, | | Term | | Revolving Facility | | Total | | 2025 | | $ | 30,000 | | | $ | — | | | $ | 30,000 | | | 2026 | | 247,500 | | | 155,000 | | | 402,500 | | | Total | | $ | 277,500 | | | $ | 155,000 | | | $ | 432,500 | |
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- DefinitionTabular disclosure of maturity and sinking fund requirement for long-term debt. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-SubTopic 10
-Topic 470
-Publisher FASB
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v3.25.0.1
Derivative Instruments and Hedging Activities (Tables)
|
12 Months Ended |
Dec. 31, 2024 |
|---|
| Derivative Instruments and Hedging Activities Disclosure [Abstract] |
|
| Schedule of Derivative Instruments |
Our derivative instruments designated as cash flow hedges as of December 31, 2024 were (in thousands): | | | | | | | | | | | | | | | | Notional Amount | Paid Fixed Rate | Receive Variable Rate | Settlement and Termination | Interest rate swap | $150,000 | 2.8% | 1-month term SOFR | Monthly through October 31, 2027 | Interest rate swap | $100,000 | 4.5% | 1-month term SOFR | Monthly through July 31, 2026 |
|
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-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
-Subparagraph (d)
-Publisher FASB
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v3.25.0.1
Accrued Expenses and Other Current Liabilities (Tables)
|
12 Months Ended |
Dec. 31, 2024 |
|---|
| Payables and Accruals [Abstract] |
|
| Schedule of Accrued Liabilities |
Accrued expenses and other current liabilities consisted of the following (in thousands): | | | | | | | | | | | | | As of December 31, | | | 2024 | | 2023 | | Accrued compensation and benefits | $ | 19,527 | | | $ | 15,734 | | | Accrued customer rebates and royalties | 6,731 | | | 5,545 | | | Current portion of lease liabilities | 6,889 | | | 4,957 | | | Accrued lease termination fee | 6,010 | | — | | | Contract liabilities | 4,479 | | 2,785 | | Accrued interest | 1,734 | | 469 | | Accrued warranty | 1,541 | | 1,282 | | Accrued income taxes | 839 | | 116 | Other (a) | 14,445 | | | 5,495 | | | Total | $ | 62,195 | | | $ | 36,383 | | (a) Certain amounts from prior year have been reclassified to conform with current year presentation. |
|
| Schedule of Other Current Liabilities |
Accrued expenses and other current liabilities consisted of the following (in thousands): | | | | | | | | | | | | | As of December 31, | | | 2024 | | 2023 | | Accrued compensation and benefits | $ | 19,527 | | | $ | 15,734 | | | Accrued customer rebates and royalties | 6,731 | | | 5,545 | | | Current portion of lease liabilities | 6,889 | | | 4,957 | | | Accrued lease termination fee | 6,010 | | — | | | Contract liabilities | 4,479 | | 2,785 | | Accrued interest | 1,734 | | 469 | | Accrued warranty | 1,541 | | 1,282 | | Accrued income taxes | 839 | | 116 | Other (a) | 14,445 | | | 5,495 | | | Total | $ | 62,195 | | | $ | 36,383 | | (a) Certain amounts from prior year have been reclassified to conform with current year presentation. |
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v3.25.0.1
Stock-Based Compensation Plans (Tables)
|
12 Months Ended |
Dec. 31, 2024 |
|---|
| Share-Based Payment Arrangement, Noncash Expense [Abstract] |
|
| Schedule of Stock-based Compensation Expense |
Stock-based compensation expense and related tax benefits recognized under the 2006 Plan were as follows (in thousands): | | | | | | | | | | | | | | | | | | | For the years ended December 31, | | | 2024 | | 2023 | | 2022 | | Stock-settled bonus awards | $ | 428 | | | $ | 1,166 | | | $ | 1,186 | | Time-vested stock awards | 3,727 | | | 2,639 | | | 2,089 | | Performance share awards | 4,053 | | | 3,807 | | | 1,067 | | | Total | $ | 8,208 | | | $ | 7,612 | | | $ | 4,342 | | | Tax benefit recognized from stock-based compensation | $ | 2,048 | | | $ | 1,899 | | | $ | 1,083 | |
|
| Schedule of Other Restricted Stock Awards |
Time-vested stock award activity for the year ended December 31, 2024 was: | | | | | | | | | | | | | | | | | Number of Shares | | Weighted Average Grant Date Fair Value | | Unvested as of December 31, 2023 | | 97,843 | | $ | 44.68 | | | Granted | | 83,784 | | | $ | 79.30 | | | Vested | | (46,561) | | | $ | 45.13 | | | Forfeited | | (15,606) | | $ | 57.12 | | | Unvested as of December 31, 2024 | | 119,460 | | $ | 67.16 | |
|
| Schedule of Performance Shares Activity |
Performance Share award activity for the year ended December 31, 2024 was: | | | | | | | | | | | | | | | | | Number of Shares | | Weighted Average Grant Date Fair Value | | Unvested as of December 31, 2023 | | 168,280 | | $ | 42.41 | | | Granted | | 45,246 | | | $ | 77.54 | | | Vested | | (73,442) | | | $ | 42.42 | | | Forfeited | | (29,927) | | $ | 52.14 | | | Unvested as of December 31, 2024 | | 110,157 | | $ | 54.20 | |
|
| X |
- DefinitionTabular disclosure of share-based payment arrangement. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-SubTopic 10
-Topic 718
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-1
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-Paragraph 2
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-Name Accounting Standards Codification
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Subparagraph (c)
-Paragraph 2
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v3.25.0.1
Income Taxes (Tables)
|
12 Months Ended |
Dec. 31, 2024 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Schedule of Components of Continuing Operations Before Income Taxes |
The components of income from continuing operations before income taxes were as follows (in thousands): | | | | | | | | | | | | | | | | | | | For the years ended December 31, | | | 2024 | | 2023 | | 2022 | Domestic | $ | 41,599 | | | $ | 52,137 | | | $ | 36,694 | | | Foreign | 4,881 | | | 4,776 | | | (983) | | Income from continuing operations before income taxes | $ | 46,480 | | | $ | 56,913 | | | $ | 35,711 | |
|
| Schedule of Components of Provision for Income Taxes |
The components of the provision for income taxes from continuing operations were as follows (in thousands): | | | | | | | | | | | | | | | | | | | For the years ended December 31, | | | 2024 | | 2023 | | 2022 | | Current: | | | | | | | Federal | $ | 11,670 | | | $ | 11,556 | | | $ | 9,483 | | | State | 2,132 | | | 2,205 | | | 1,485 | | | Foreign | 1,573 | | | 1,138 | | | 35 | | Total current | 15,375 | | | 14,899 | | | 11,003 | | | Deferred: | | | | | | | Federal | (4,725) | | | (1,148) | | | (1,890) | | | State | (489) | | | 3 | | | (61) | | | Foreign | (179) | | | 7 | | | — | | Total deferred | (5,393) | | | (1,138) | | | (1,951) | | | Provision for income taxes | $ | 9,982 | | | $ | 13,761 | | | $ | 9,052 | |
|
| Schedule of Effective Income Tax Reconciliation |
A reconciliation of the provision for income taxes from continuing operations to the amount computed by applying the statutory federal income tax rate is as follows (in thousands): | | | | | | | | | | | | | | | | | | | For the years ended December 31, | | | 2024 | | 2023 | | 2022 | | Tax at statutory federal income tax rate | $ | 9,761 | | | $ | 11,952 | | | $ | 7,499 | | | Increases (decreases) in tax resulting from: | | | | | | | State taxes, net of federal tax benefit | 1,738 | | | 2,019 | | | 1,459 | | | Permanent differences, net | (634) | | | (193) | | | 287 | | | Tax credits | (454) | | | (461) | | | (418) | | | Prior year true-up adjustment | (931) | | | 269 | | | (45) | | | Valuation allowance | 378 | | | 77 | | | 324 | | | Other provision adjustments | 124 | | | 98 | | | (54) | | | Provision for income taxes | $ | 9,982 | | | $ | 13,761 | | | $ | 9,052 | | Effective tax rate | 21.5 | % | | 24.2 | % | | 25.3 | % |
|
| Schedule of Deferred Tax Assets and Liabilities |
The tax effect of temporary differences representing deferred tax assets and liabilities was as follows (in thousands):
| | | | | | | | | | | | | As of December 31, | | | 2024 | | 2023 | | Deferred compensation and accrued paid leave | $ | 2,767 | | | $ | 3,003 | | | Accrued expense | 2,094 | | | 1,429 | | | Inventory reserve | 23,463 | | | 13,980 | | | Operating lease liabilities | 14,362 | | | 6,249 | | | Stock-based compensation | 2,084 | | | 1,697 | | | Capitalized inventory | 1,741 | | | 1,335 | | | US operating and capital loss carryforward | 12,777 | | | 7,637 | | | Disallowed interest expense | 9,450 | | | 1,663 | | | Tax credit carryforward | 1,421 | | | 1,492 | | | Foreign country operating loss carryforward | 1,364 | | | 806 | | | Interest capitalized | 2,030 | | | — | | | Transaction costs | 357 | | | — | | | 73,910 | | | 39,291 | | Valuation allowance (a) | (19,301) | | | (9,906) | | | Total gross deferred tax assets | 54,609 | | | 29,385 | | | | | | | Interest rate swaps | (1,021) | | | (708) | | | Depreciation | (3,959) | | | (2,925) | | | Goodwill and intangible assets | (38,279) | | | (26,666) | | | Operating lease right-of-use assets | (10,962) | | | (5,939) | | | Other | (270) | | | (132) | | | Total gross deferred tax liabilities | (54,491) | | | (36,370) | | | | | | Net deferred tax assets (liabilities) (b) | $ | 118 | | | $ | (6,985) | | (a) A valuation allowance was provided against US capital loss in connection with the stock sale of Prime Turbines, certain state net operating loss, tax credit, and foreign tax loss deferred tax assets arising from carryforwards of unused tax benefits. | | (b) Deferred tax assets are included within other assets in our consolidated balance sheets. | |
|
| X |
- DefinitionTabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
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-Section 50
-Paragraph 2
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-Topic 740
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-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231
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-Section 50
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-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(1)(Note 1))
-Publisher FASB
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v3.25.0.1
Leases (Tables)
|
12 Months Ended |
Dec. 31, 2024 |
|---|
| Leases [Abstract] |
|
| Schedule of Lease Cost |
Our operating lease cost was as follows for the years ended December 31, (in thousands): | | | | | | | | | | | | | | | | | | | | | | | 2024 | | 2023 | | 2022 | Operating lease cost (a) | | $ | 9,327 | | | $ | 6,480 | | | $ | 2,714 | | (a) Excludes short-term lease expense, which is not material. |
|
| Schedule of Future Minimum Annual Non-cancelable Commitments - Leases |
The table below summarizes future minimum lease payments under operating leases, recorded on the balance sheet, as of December 31, 2024 (in thousands): | | | | | | | | | | Year ending December 31, | | | | 2025 | | $ | 10,178 | | | 2026 | | 9,807 | | | 2027 | | 9,620 | | | 2028 | | 8,713 | | | 2029 | | 7,558 | | | Thereafter | | 27,520 | | | Minimum lease payments | | 73,396 | | | Less: imputed interest | | (18,363) | | | Present value of minimum lease payments | | 55,033 | | Less: current portion of lease liabilities (a) | | (6,889) | | | Long-term lease liabilities | | $ | 48,144 | | | | | (a) The current portion of lease liabilities are presented within accrued expenses and other current liabilities on our consolidated balance sheets. Refer to Note (9) "Accrued Expenses and Other Current Liabilities." |
|
| Schedule of Supplemental Lease Information |
Other supplemental operating lease information for the year ended December 31, was as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | 2024 | | 2023 | | 2022 | | Cash paid for amounts included in the measurement of operating lease liabilities | | $ | 9,818 | | | $ | 5,045 | | | $ | 2,441 | | | Right-of-use assets obtained in exchange for new operating lease liabilities | | $ | 30,314 | | | $ | 11,812 | | | $ | 11,876 | |
|
| X |
- DefinitionTabular disclosure of contractual obligation by timing of payment due. Includes, but is not limited to, long-term debt obligation, lease obligation, and purchase obligation. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Regulation S-X (SX)
-Number 210
-Section 12
-Subsection 04
-Subparagraph (a)
-Publisher SEC
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3
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-Topic 842
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v3.25.0.1
Business Segments and Customer Information (Tables)
|
12 Months Ended |
Dec. 31, 2024 |
|---|
| Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract] |
|
| Schedule of Segment Information |
Our segment information is as follows (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | Year Ended December 31, 2024 | | | | | | | | Aviation | | Fleet | | Corporate /
unallocated expenses | | Consolidated | | Revenues | $ | 786,256 | | | $ | 293,876 | | | $ | — | | | $ | 1,080,132 | | | Costs and operating expenses: | | | | | | | | Segment costs (a) | 640,895 | | | 266,689 | | | 36,831 | | | 944,415 | | | Depreciation and amortization | 25,500 | | | 2,957 | | | 155 | | | 28,612 | | Allocated corporate cost (b) | 18,474 | | | 7,212 | | | — | | | 25,686 | | | Total costs and operating expenses | 684,869 | | | 276,858 | | | 36,986 | | | 998,713 | | Operating income (loss) (c) | $ | 101,387 | | | $ | 17,018 | | | $ | (36,986) | | | $ | 81,419 | | | | | | | | | | Capital Expenditures (d) | $ | 19,030 | | | $ | 2,386 | | | $ | 215 | | | $ | 21,631 | | | Total Assets | $ | 1,409,426 | | | $ | 282,820 | | | $ | 42,374 | | | $ | 1,734,620 | |
| | | | | | | | | | | | | | | | | | | | | | | | Year Ended December 31, 2023 | | | | | | | | Aviation | | Fleet | | Corporate /
unallocated expenses | | Consolidated | | Revenues | $ | 544,020 | | | $ | 316,468 | | | $ | — | | | $ | 860,488 | | | Costs and operating expenses: | | | | | | | | Segment costs (a) | 443,909 | | | 272,084 | | | 14,682 | | | 730,675 | | | Depreciation and amortization | 16,080 | | | 5,300 | | | (253) | | | 21,127 | | Allocated corporate cost (b) | 12,863 | | | 7,827 | | | — | | | 20,690 | | | Total costs and operating expenses | 472,852 | | | 285,211 | | | 14,429 | | | 772,492 | | Operating income (loss) (c) | $ | 71,168 | | | $ | 31,257 | | | $ | (14,429) | | | $ | 87,996 | | | | | | | | | | Capital Expenditures (d) | $ | 16,467 | | | $ | 2,198 | | | $ | 269 | | | $ | 18,934 | | Total Assets (e) | $ | 950,143 | | | $ | 274,382 | | | $ | 125,813 | | | $ | 1,350,338 | | | | | | | | | | | For the Year Ended December 31, 2022 | | | | | | | | Aviation | | Fleet | | Corporate /
unallocated expenses | | Consolidated | | Revenues | $ | 408,112 | | | $ | 261,336 | | | $ | — | | | $ | 669,448 | | | Costs and operating expenses: | | | | | | | | Segment costs (a) | 345,614 | | | 221,137 | | | 7,654 | | | 574,405 | | | Depreciation and amortization | 13,174 | | | 8,783 | | | (931) | | | 21,026 | | Allocated corporate cost (b) | 12,908 | | | 7,505 | | | — | | | 20,413 | | | Total costs and operating expenses | 371,696 | | | 237,425 | | | 6,723 | | | 615,844 | | Operating income (loss) (c) | $ | 36,416 | | | $ | 23,911 | | | $ | (6,723) | | | $ | 53,604 | | | | | | | | | | Capital Expenditures (d) | $ | 5,961 | | | $ | 5,502 | | | $ | 861 | | | $ | 12,324 | | | | | | | | | | (a) Segment costs consist of material, labor, overhead, and selling, general, and administrative costs not separately disclosed within this footnote. | (b) Primarily includes costs for information technology, human resources, accounting, and legal support services. | (c) Certain corporate costs previously allocated to the Federal and Defense business for segment reporting purposes did not qualify for classification within discontinued operations and have been reallocated to continuing operations. | | (d) Amounts differ from consolidated statements of cash flows due to inclusion of capital expenditures for which payment has not yet been remitted. | (e) Corporate assets in 2023 include $93,002 of assets held-for-sale. |
|
| Schedule of Revenue by Geographic Areas |
Revenue by geography is based on the billing address of the customer. Our revenue by geographic area is as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | For the years ended December 31, | | | | 2024 | | 2023 | | 2022 | | United States | | $ | 785,599 | | | $ | 656,767 | | | $ | 557,615 | | Other Countries (a) | | 294,533 | | | 203,721 | | | 111,833 | | | Total revenue | | $ | 1,080,132 | | | $ | 860,488 | | | $ | 669,448 | |
(a) No individual country, other than disclosed above, exceeded 10% of our total revenue for any period presented.
|
| X |
- DefinitionTabular disclosure of revenue from external customers by geographic areas attributed to the entity's country of domicile and to foreign countries from which the entity derives revenue. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 280
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v3.25.0.1
Fair Value Measurements (Tables)
|
12 Months Ended |
Dec. 31, 2024 |
|---|
| Fair Value Disclosures [Abstract] |
|
| Schedule of Fair Value of Assets and Liabilities |
The following table summarizes the financial assets and liabilities measured at fair value on a recurring basis and the level they fall within the fair value hierarchy (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of December 31, | | Amounts Recorded at Fair Value | | Financial Statement Classification | | Fair Value Hierarchy | | 2024 | | 2023 | Non-COLI assets held in Deferred Supplemental Compensation Plan(a) | | Other assets | | Level 1 | | $ | 629 | | | $ | 594 | | | Interest rate swaps | | Other assets | | Level 2 | | $ | 4,093 | | | $ | 2,840 | | (a) Non-COLI assets held in our deferred supplemental compensation plan consist of equity funds with fair value based on observable inputs such as quoted prices for identical assets in active markets and changes in fair value are recorded as selling, general and administrative expenses. |
|
| X |
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v3.25.0.1
Nature of Business and Significant Accounting Policies - Narrative (Details)
$ in Thousands |
1 Months Ended |
12 Months Ended |
|
Feb. 29, 2024
agreement
|
Dec. 31, 2024
USD ($)
segment
|
Dec. 31, 2023
USD ($)
|
Dec. 31, 2022
USD ($)
|
| Property, Plant and Equipment [Line Items] |
|
|
|
|
| Number of reportable segments | segment |
|
2
|
|
|
| Cash in foreign bank accounts |
|
$ 5,900
|
|
|
| Deferred compensation plan expense |
|
300
|
$ 400
|
$ 300
|
| DSC Plan assets |
|
12,000
|
11,000
|
|
| COLI, fair value, gain (loss) |
|
$ 600
|
$ 600
|
$ 22
|
| Discontinued Operations, Held-for-Sale | Federal And Defense Segment |
|
|
|
|
| Property, Plant and Equipment [Line Items] |
|
|
|
|
| Number of agreements | agreement |
2
|
|
|
|
| Other Capitalized Property Plant and Equipment | Minimum |
|
|
|
|
| Property, Plant and Equipment [Line Items] |
|
|
|
|
| Property, plant and equipment, useful life (in years) |
|
3 years
|
|
|
| Other Capitalized Property Plant and Equipment | Maximum |
|
|
|
|
| Property, Plant and Equipment [Line Items] |
|
|
|
|
| Property, plant and equipment, useful life (in years) |
|
15 years
|
|
|
| Land, Buildings and Improvements | Minimum |
|
|
|
|
| Property, Plant and Equipment [Line Items] |
|
|
|
|
| Property, plant and equipment, useful life (in years) |
|
15 years
|
|
|
| Land, Buildings and Improvements | Maximum |
|
|
|
|
| Property, Plant and Equipment [Line Items] |
|
|
|
|
| Property, plant and equipment, useful life (in years) |
|
20 years
|
|
|
| X |
- DefinitionAmount of cash and cash equivalents held in foreign currency. Excludes cash within disposal group and discontinued operations. Cash includes, but is not limited to, currency on hand, demand deposit with financial institution, and account with general characteristic of demand deposit. Cash equivalents include, but are not limited to, short-term, highly liquid investment that is both readily convertible to known amount of cash and so near maturity that it presents insignificant risk of change in value because of change in interest rate. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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v3.25.0.1
Nature of Business and Significant Accounting Policies - Weighted Average Number of Shares (Details) - shares
|
12 Months Ended |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
| Weighted Average Number of Shares Outstanding Reconciliation [Abstract] |
|
|
|
| Basic weighted average common shares outstanding (in shares) |
17,878,608
|
14,130,334
|
12,780,117
|
| Effect of dilutive shares (in shares) |
96,687
|
54,395
|
47,777
|
| Diluted weighted average shares outstanding (in shares) |
17,975,295
|
14,184,729
|
12,827,894
|
| X |
- DefinitionAdditional shares included in the calculation of diluted EPS as a result of the potentially dilutive effect of share based payment arrangements using the treasury stock method. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Section 45
-Paragraph 1
-Publisher FASB
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-Section 50
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-Section 45
-Paragraph 23
-Subparagraph (c)
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-Paragraph 28A
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v3.25.0.1
Acquisitions - Narrative (Details) - USD ($)
$ in Thousands |
|
|
|
|
|
1 Months Ended |
3 Months Ended |
12 Months Ended |
|
Dec. 03, 2024 |
Apr. 24, 2024 |
Sep. 27, 2023 |
Jul. 03, 2023 |
Feb. 01, 2023 |
Dec. 31, 2024 |
Sep. 30, 2024 |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
| Business Acquisition [Line Items] |
|
|
|
|
|
|
|
|
|
|
| Goodwill |
|
|
|
|
|
$ 491,453
|
|
$ 491,453
|
$ 351,781
|
$ 217,262
|
| Measurement period adjustments |
|
|
|
|
|
|
|
(1,132)
|
|
|
| Propriety Solutions |
|
|
|
|
|
|
|
|
|
|
| Business Acquisition [Line Items] |
|
|
|
|
|
|
|
|
|
|
| Consideration on disposal |
|
|
|
$ 31,800
|
|
|
|
|
|
|
| Turbine Controls, Inc. ("TCI") |
|
|
|
|
|
|
|
|
|
|
| Business Acquisition [Line Items] |
|
|
|
|
|
|
|
|
|
|
| Consideration transferred |
|
$ 122,400
|
|
|
|
|
|
|
|
|
| Purchase price |
|
112,400
|
|
|
|
|
|
|
|
|
| Business combination, working capital adjustment |
|
1,500
|
|
|
|
|
|
|
|
|
| Acquisition-related expenses |
|
|
|
|
|
|
|
2,200
|
|
|
| Revenue |
|
|
|
|
|
|
|
84,400
|
|
|
| Operating income |
|
|
|
|
|
|
|
$ 7,100
|
|
|
| Goodwill |
|
40,201
|
|
|
|
|
|
|
|
|
| Turbine Controls, Inc. ("TCI") | Customer Relationships |
|
|
|
|
|
|
|
|
|
|
| Business Acquisition [Line Items] |
|
|
|
|
|
|
|
|
|
|
| Useful life (in years) |
|
|
|
|
|
|
|
10 years
|
|
|
| Turbine Controls, Inc. ("TCI") | Common Stock |
|
|
|
|
|
|
|
|
|
|
| Business Acquisition [Line Items] |
|
|
|
|
|
|
|
|
|
|
| Share consideration, VSE common stock |
|
$ 10,000
|
|
|
|
|
|
|
|
|
| Kellstrom Aerospace Group, Inc |
|
|
|
|
|
|
|
|
|
|
| Business Acquisition [Line Items] |
|
|
|
|
|
|
|
|
|
|
| Consideration transferred |
$ 191,000
|
|
|
|
|
|
|
|
|
|
| Purchase price |
170,800
|
|
|
|
|
|
|
|
|
|
| Acquisition-related expenses |
|
|
|
|
|
|
|
$ 2,700
|
|
|
| Revenue |
|
|
|
|
|
17,000
|
|
|
|
|
| Operating income |
|
|
|
|
|
$ 1,200
|
|
|
|
|
| Goodwill |
100,711
|
|
|
|
|
|
|
|
|
|
| Kellstrom Aerospace Group, Inc | Customer Relationships |
|
|
|
|
|
|
|
|
|
|
| Business Acquisition [Line Items] |
|
|
|
|
|
|
|
|
|
|
| Useful life (in years) |
|
|
|
|
|
|
|
8 years
|
|
|
| Kellstrom Aerospace Group, Inc | Common Stock |
|
|
|
|
|
|
|
|
|
|
| Business Acquisition [Line Items] |
|
|
|
|
|
|
|
|
|
|
| Share consideration, VSE common stock |
$ 20,300
|
|
|
|
|
|
|
|
|
|
| Precision Fuel |
|
|
|
|
|
|
|
|
|
|
| Business Acquisition [Line Items] |
|
|
|
|
|
|
|
|
|
|
| Purchase price |
|
|
|
|
$ 11,700
|
|
|
|
|
|
| Acquisition-related expenses |
|
|
|
|
|
|
|
|
200
|
|
| Desser Aerospace |
|
|
|
|
|
|
|
|
|
|
| Business Acquisition [Line Items] |
|
|
|
|
|
|
|
|
|
|
| Consideration transferred |
|
|
|
99,700
|
|
|
|
|
|
|
| Purchase price |
|
|
|
131,500
|
|
|
|
|
|
|
| Acquisition-related expenses |
|
|
|
|
|
|
|
|
3,200
|
|
| Goodwill |
|
|
|
$ 53,942
|
|
|
|
|
|
|
| Measurement Period Adjustments, Deferred tax liabilities |
|
|
|
|
|
|
|
$ 1,600
|
|
|
| Measurement period adjustments |
|
|
|
|
|
|
|
(1,700)
|
|
|
| Increase (decrease) inventories |
|
|
|
|
|
|
|
$ 100
|
|
|
| Desser Aerospace | Customer Relationships |
|
|
|
|
|
|
|
|
|
|
| Business Acquisition [Line Items] |
|
|
|
|
|
|
|
|
|
|
| Useful life (in years) |
|
|
|
|
|
|
|
8 years 3 months 18 days
|
|
|
| Honeywell International |
|
|
|
|
|
|
|
|
|
|
| Business Acquisition [Line Items] |
|
|
|
|
|
|
|
|
|
|
| Consideration transferred |
|
|
$ 105,000
|
|
|
|
|
|
|
|
| Acquisition-related expenses |
|
|
|
|
|
|
|
|
$ 300
|
|
| Goodwill |
|
|
$ 74,586
|
|
|
|
|
|
|
|
| Measurement period adjustments |
|
|
|
|
|
|
$ (500)
|
|
|
|
| Decrease in other tangible assets |
|
|
|
|
|
|
$ (500)
|
|
|
|
| Honeywell International | Customer Relationships |
|
|
|
|
|
|
|
|
|
|
| Business Acquisition [Line Items] |
|
|
|
|
|
|
|
|
|
|
| Finite-lived intangible assets, remaining amortization period (in years) |
|
|
10 years
|
|
|
|
|
|
|
|
| X |
- DefinitionWeighted average amortization period of finite-lived intangible assets acquired either individually or as part of a group of assets, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482665/350-30-50-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 985
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
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-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (a)
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-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
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-Paragraph 2
-Subparagraph (h)(1)
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| X |
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|
| X |
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-Topic 926
-SubTopic 20
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-Paragraph 5
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| X |
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-Topic 280
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-Paragraph 49
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-49
Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
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-Section 55
-Paragraph 24
-Publisher FASB
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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Reference 4: http://www.xbrl.org/2003/role/exampleRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
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-Paragraph 1
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-Paragraph 1
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Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1
Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
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-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1
Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-Publisher FASB
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-Topic 350
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| X |
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| Balance Type: |
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| Period Type: |
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|
| X |
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| Namespace Prefix: |
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| Balance Type: |
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| Period Type: |
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|
| X |
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|
v3.25.0.1
Acquisitions - Fair Value of Acquired Assets and Liabilities (Details) - USD ($)
$ in Thousands |
|
|
|
12 Months Ended |
Dec. 03, 2024 |
Apr. 24, 2024 |
Jul. 03, 2023 |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
| Business Acquisition [Line Items] |
|
|
|
|
|
|
|
| Goodwill |
|
|
|
|
$ 491,453
|
$ 351,781
|
$ 217,262
|
| Cash consideration, net of cash acquired |
[1] |
|
|
|
$ 283,122
|
$ 218,581
|
$ 0
|
| Turbine Controls, Inc. ("TCI") |
|
|
|
|
|
|
|
| Business Acquisition [Line Items] |
|
|
|
|
|
|
|
| Receivables |
|
|
$ 9,122
|
|
|
|
|
| Contract assets |
|
|
16,193
|
|
|
|
|
| Inventories |
|
|
5,512
|
|
|
|
|
| Prepaid expenses and other current assets |
|
|
570
|
|
|
|
|
| Other assets |
|
|
214
|
|
|
|
|
| Property and equipment, net |
|
|
6,434
|
|
|
|
|
| Intangible asset - customer related |
|
|
59,000
|
|
|
|
|
| Goodwill |
|
|
40,201
|
|
|
|
|
| Operating lease right-of-use-assets |
|
|
7,832
|
|
|
|
|
| Total assets acquired |
|
|
145,078
|
|
|
|
|
| Accounts payable |
|
|
(9,764)
|
|
|
|
|
| Accrued expenses and other current liabilities |
|
|
(5,624)
|
|
|
|
|
| Long-term operating lease obligations |
|
|
(7,339)
|
|
|
|
|
| Total liabilities assumed |
|
|
(22,727)
|
|
|
|
|
| Net assets acquired, excluding cash |
|
|
122,351
|
|
|
|
|
| Cash consideration, net of cash acquired |
|
|
112,351
|
|
|
|
|
| VSE common stock, at fair value |
|
|
10,000
|
|
|
|
|
| Total |
|
|
122,351
|
|
|
|
|
| Total |
|
|
$ 122,400
|
|
|
|
|
| Kellstrom Aerospace Group, Inc |
|
|
|
|
|
|
|
| Business Acquisition [Line Items] |
|
|
|
|
|
|
|
| Receivables |
|
$ 27,379
|
|
|
|
|
|
| Contract assets |
|
2,925
|
|
|
|
|
|
| Inventories |
|
37,686
|
|
|
|
|
|
| Prepaid expenses and other current assets |
|
2,723
|
|
|
|
|
|
| Property and equipment, net |
|
10,301
|
|
|
|
|
|
| Intangible asset - customer related |
|
41,900
|
|
|
|
|
|
| Goodwill |
|
100,711
|
|
|
|
|
|
| Operating lease right-of-use-assets |
|
10,793
|
|
|
|
|
|
| Total assets acquired |
|
234,418
|
|
|
|
|
|
| Accounts payable |
|
(27,750)
|
|
|
|
|
|
| Accrued expenses and other current liabilities |
|
(6,096)
|
|
|
|
|
|
| Deferred tax liabilities |
|
(201)
|
|
|
|
|
|
| Long-term operating lease obligations |
|
(9,348)
|
|
|
|
|
|
| Total liabilities assumed |
|
(43,395)
|
|
|
|
|
|
| Net assets acquired, excluding cash |
|
191,023
|
|
|
|
|
|
| Cash consideration, net of cash acquired |
|
170,756
|
|
|
|
|
|
| VSE common stock, at fair value |
|
20,267
|
|
|
|
|
|
| Total |
|
191,023
|
|
|
|
|
|
| Total |
|
$ 191,000
|
|
|
|
|
|
| Desser Aerospace |
|
|
|
|
|
|
|
| Business Acquisition [Line Items] |
|
|
|
|
|
|
|
| Receivables |
|
|
|
$ 7,383
|
|
|
|
| Inventories |
|
|
|
31,228
|
|
|
|
| Prepaid expenses and other current assets |
|
|
|
515
|
|
|
|
| Property and equipment, net |
|
|
|
2,527
|
|
|
|
| Intangible asset - customer related |
|
|
|
21,950
|
|
|
|
| Goodwill |
|
|
|
53,942
|
|
|
|
| Operating lease right-of-use-assets |
|
|
|
6,679
|
|
|
|
| Total assets acquired |
|
|
|
124,224
|
|
|
|
| Accounts payable |
|
|
|
(10,128)
|
|
|
|
| Accrued expenses and other current liabilities |
|
|
|
(5,793)
|
|
|
|
| Deferred tax liabilities |
|
|
|
(2,666)
|
|
|
|
| Long-term operating lease obligations |
|
|
|
(5,937)
|
|
|
|
| Total liabilities assumed |
|
|
|
(24,524)
|
|
|
|
| Net assets acquired, excluding cash |
|
|
|
99,700
|
|
|
|
| Cash consideration, net of cash acquired |
|
|
|
101,870
|
|
|
|
| Post-close adjustment |
|
|
|
(2,170)
|
|
|
|
| Total |
|
|
|
$ 99,700
|
|
|
|
|
|
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v3.25.0.1
Acquisitions - Pro Forma Information (Details) - USD ($)
$ in Thousands |
12 Months Ended |
Dec. 31, 2024 |
Dec. 31, 2023 |
| Turbine Controls, Inc. ("TCI") |
|
|
| Business Acquisition [Line Items] |
|
|
| Revenue |
$ 1,111,915
|
$ 949,019
|
| Income from continuing operations |
37,226
|
38,981
|
| Kellstrom Aerospace Group, Inc |
|
|
| Business Acquisition [Line Items] |
|
|
| Revenue |
1,244,344
|
1,021,260
|
| Income from continuing operations |
45,241
|
48,528
|
| Desser Aerospace And VSE |
|
|
| Business Acquisition [Line Items] |
|
|
| Revenue |
1,080,132
|
908,243
|
| Income from continuing operations |
$ 36,498
|
$ 46,265
|
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v3.25.0.1
Acquisitions - Final Purchase Price (Details) - USD ($)
$ in Thousands |
|
12 Months Ended |
Sep. 27, 2023 |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
| Business Acquisition [Line Items] |
|
|
|
|
|
| Goodwill |
|
|
$ 491,453
|
$ 351,781
|
$ 217,262
|
| Cash consideration, net of cash acquired |
[1] |
|
$ 283,122
|
$ 218,581
|
$ 0
|
| Honeywell International |
|
|
|
|
|
| Business Acquisition [Line Items] |
|
|
|
|
|
| Prepaid expenses and other current assets |
|
$ 11,500
|
|
|
|
| Property and equipment |
|
2,714
|
|
|
|
| Intangible assets |
|
16,200
|
|
|
|
| Goodwill |
|
74,586
|
|
|
|
| Total assets acquired |
|
105,000
|
|
|
|
| Cash consideration, net of cash acquired |
|
105,000
|
|
|
|
| Total |
|
$ 105,000
|
|
|
|
|
|
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v3.25.0.1
Discontinued Operations - Narrative (Details)
$ in Thousands |
1 Months Ended |
3 Months Ended |
12 Months Ended |
|
Feb. 29, 2024
USD ($)
agreement
|
Mar. 31, 2024
USD ($)
|
Dec. 31, 2024
USD ($)
|
Dec. 31, 2023
USD ($)
|
Dec. 31, 2022
USD ($)
|
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] |
|
|
|
|
|
| Operating lease right-of-use assets |
|
|
$ 53,326
|
$ 28,684
|
|
| Property and equipment, gross |
|
|
132,234
|
95,515
|
|
| Operating lease, liability |
|
|
55,033
|
|
|
| Discontinued Operations, Disposed of by Sale | Federal And Defense Segment |
|
|
|
|
|
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] |
|
|
|
|
|
| Number of agreements | agreement |
2
|
|
|
|
|
| Consideration on disposal |
$ 43,000
|
|
|
|
|
| Loss on the sale of discontinued operations |
|
$ 15,200
|
15,199
|
0
|
$ 0
|
| Transaction fees |
|
$ 2,500
|
|
|
|
| Accrual for collections on government contracts |
|
|
$ 300
|
|
|
| Discontinued Operations, Held-for-Sale | Alexandria, VA Headquarters |
|
|
|
|
|
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] |
|
|
|
|
|
| Operating lease right-of-use assets |
|
|
|
7,100
|
|
| Property and equipment, gross |
|
|
|
2,600
|
|
| Operating lease, liability |
|
|
|
$ 11,000
|
|
| Discontinued Operations, Held-for-Sale | Federal And Defense Segment |
|
|
|
|
|
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] |
|
|
|
|
|
| Number of agreements | agreement |
2
|
|
|
|
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v3.25.0.1
Discontinued Operations - Income Statement (Details) - USD ($)
$ in Thousands |
3 Months Ended |
12 Months Ended |
Mar. 31, 2024 |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] |
|
|
|
|
| (Loss) income from discontinued operations, net of tax |
|
$ (21,174)
|
$ (4,018)
|
$ 1,400
|
| Discontinued Operations, Disposed of by Sale | Federal And Defense Segment |
|
|
|
|
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] |
|
|
|
|
| Revenues |
|
26,268
|
252,466
|
280,314
|
| Costs and operating expenses |
|
34,684
|
258,125
|
278,779
|
| (Loss) income from discontinued operations before income taxes |
|
(8,416)
|
(5,659)
|
1,535
|
| Other FDS impairment |
|
4,204
|
0
|
0
|
| Loss on the sale of discontinued operations |
$ 15,200
|
15,199
|
0
|
0
|
| (Loss) income from discontinued operations before income taxes |
|
(27,819)
|
(5,659)
|
1,535
|
| (Benefit) provision for income taxes |
|
(6,645)
|
(1,641)
|
135
|
| (Loss) income from discontinued operations, net of tax |
|
$ (21,174)
|
$ (4,018)
|
$ 1,400
|
| X |
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v3.25.0.1
Discontinued Operations - Balance Sheet (Details)
$ in Thousands |
Dec. 31, 2023
USD ($)
|
| Assets |
|
| Total assets held-for-sale |
$ 93,002
|
| Discontinued Operations, Held-for-Sale | Federal And Defense Segment |
|
| Assets |
|
| Cash and cash equivalents |
162
|
| Receivables, net |
10,805
|
| Contract assets |
25,109
|
| Inventories |
472
|
| Prepaid expenses and other current assets |
6,154
|
| Property and equipment, net |
6,102
|
| Intangible assets, net |
3,505
|
| Goodwill |
31,575
|
| Operating lease right-of-use assets |
9,097
|
| Other assets |
21
|
| Total assets held-for-sale |
93,002
|
| Liabilities |
|
| Accounts payable |
20,893
|
| Accrued expenses and other current liabilities |
19,537
|
| Long-term operating lease obligations |
8,942
|
| Deferred tax liabilities |
4,019
|
| Total liabilities held-for-sale |
$ 53,391
|
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v3.25.0.1
Revenue Recognition - Disaggregation of Revenue (Details) - USD ($)
$ in Thousands |
12 Months Ended |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
| Disaggregation of Revenue [Line Items] |
|
|
|
| Revenues |
$ 1,080,132
|
$ 860,488
|
$ 669,448
|
| Receivables, net |
197,563
|
127,958
|
|
| Contract assets |
29,960
|
8,049
|
|
| Contract liabilities |
4,479
|
2,785
|
|
| Allowance for doubtful accounts |
6,500
|
3,400
|
|
| Repair |
|
|
|
| Disaggregation of Revenue [Line Items] |
|
|
|
| Revenues |
293,063
|
157,154
|
107,399
|
| Distribution |
|
|
|
| Disaggregation of Revenue [Line Items] |
|
|
|
| Revenues |
787,069
|
703,334
|
562,049
|
| Commercial |
|
|
|
| Disaggregation of Revenue [Line Items] |
|
|
|
| Revenues |
957,517
|
690,427
|
507,317
|
| DoD |
|
|
|
| Disaggregation of Revenue [Line Items] |
|
|
|
| Revenues |
|
209
|
3,286
|
| Other government |
|
|
|
| Disaggregation of Revenue [Line Items] |
|
|
|
| Revenues |
122,615
|
169,852
|
158,845
|
| Aviation |
|
|
|
| Disaggregation of Revenue [Line Items] |
|
|
|
| Revenues |
786,256
|
544,020
|
408,112
|
| Aviation | Repair |
|
|
|
| Disaggregation of Revenue [Line Items] |
|
|
|
| Revenues |
293,063
|
157,154
|
107,399
|
| Aviation | Distribution |
|
|
|
| Disaggregation of Revenue [Line Items] |
|
|
|
| Revenues |
493,193
|
386,866
|
300,713
|
| Aviation | Commercial |
|
|
|
| Disaggregation of Revenue [Line Items] |
|
|
|
| Revenues |
779,008
|
539,592
|
403,155
|
| Aviation | DoD |
|
|
|
| Disaggregation of Revenue [Line Items] |
|
|
|
| Revenues |
|
0
|
0
|
| Aviation | Other government |
|
|
|
| Disaggregation of Revenue [Line Items] |
|
|
|
| Revenues |
7,248
|
4,428
|
4,957
|
| Fleet |
|
|
|
| Disaggregation of Revenue [Line Items] |
|
|
|
| Revenues |
293,876
|
316,468
|
261,336
|
| Fleet | Repair |
|
|
|
| Disaggregation of Revenue [Line Items] |
|
|
|
| Revenues |
0
|
0
|
0
|
| Fleet | Distribution |
|
|
|
| Disaggregation of Revenue [Line Items] |
|
|
|
| Revenues |
293,876
|
316,468
|
261,336
|
| Fleet | Commercial |
|
|
|
| Disaggregation of Revenue [Line Items] |
|
|
|
| Revenues |
178,509
|
150,835
|
104,162
|
| Fleet | DoD |
|
|
|
| Disaggregation of Revenue [Line Items] |
|
|
|
| Revenues |
|
209
|
3,286
|
| Fleet | Other government |
|
|
|
| Disaggregation of Revenue [Line Items] |
|
|
|
| Revenues |
$ 115,367
|
$ 165,424
|
$ 153,888
|
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v3.25.0.1
Property and Equipment (Details) - USD ($)
$ in Thousands |
12 Months Ended |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
| Property, Plant and Equipment [Line Items] |
|
|
|
| Property and equipment, gross |
$ 132,234
|
$ 95,515
|
|
| Less: accumulated depreciation and amortization |
(46,648)
|
(37,439)
|
|
| Total property and equipment, net |
85,586
|
58,076
|
|
| Depreciation and amortization |
10,900
|
6,800
|
$ 5,300
|
| Buildings and building improvements |
|
|
|
| Property, Plant and Equipment [Line Items] |
|
|
|
| Property and equipment, gross |
25,279
|
24,555
|
|
| Computer equipment |
|
|
|
| Property, Plant and Equipment [Line Items] |
|
|
|
| Property and equipment, gross |
14,490
|
8,309
|
|
| Furniture, fixtures, equipment and other |
|
|
|
| Property, Plant and Equipment [Line Items] |
|
|
|
| Property and equipment, gross |
64,185
|
41,208
|
|
| Leasehold improvements |
|
|
|
| Property, Plant and Equipment [Line Items] |
|
|
|
| Property and equipment, gross |
10,104
|
6,151
|
|
| Construction in process |
|
|
|
| Property, Plant and Equipment [Line Items] |
|
|
|
| Property and equipment, gross |
16,722
|
13,675
|
|
| Land and land improvements |
|
|
|
| Property, Plant and Equipment [Line Items] |
|
|
|
| Property and equipment, gross |
$ 1,454
|
$ 1,617
|
|
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v3.25.0.1
Goodwill and Other Intangible Assets - Changes in Goodwill by Operating Segment (Details) - USD ($)
$ in Thousands |
12 Months Ended |
Dec. 31, 2024 |
Dec. 31, 2023 |
| Goodwill [Roll Forward] |
|
|
| Beginning balance |
$ 351,781
|
$ 217,262
|
| Goodwill acquired |
140,804
|
134,519
|
| Measurement period adjustments |
(1,132)
|
|
| Ending balance |
491,453
|
351,781
|
| Fleet |
|
|
| Goodwill [Roll Forward] |
|
|
| Beginning balance |
63,190
|
63,190
|
| Goodwill acquired |
0
|
0
|
| Measurement period adjustments |
0
|
|
| Ending balance |
63,190
|
63,190
|
| Aviation |
|
|
| Goodwill [Roll Forward] |
|
|
| Beginning balance |
288,591
|
154,072
|
| Goodwill acquired |
140,804
|
134,519
|
| Measurement period adjustments |
(1,132)
|
|
| Ending balance |
$ 428,263
|
$ 288,591
|
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v3.25.0.1
Goodwill and Other Intangible Assets - Intangible Assets (Details) - USD ($)
$ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
| Finite-Lived Intangible Assets [Line Items] |
|
|
| Cost |
$ 281,260
|
$ 249,760
|
| Accumulated Amortization |
(83,979)
|
(135,630)
|
| Net Intangible Assets |
197,281
|
114,130
|
| Contract and customer-related |
|
|
| Finite-Lived Intangible Assets [Line Items] |
|
|
| Cost |
272,590
|
241,090
|
| Accumulated Amortization |
(75,309)
|
(127,022)
|
| Net Intangible Assets |
197,281
|
114,068
|
| Trade names |
|
|
| Finite-Lived Intangible Assets [Line Items] |
|
|
| Cost |
8,670
|
8,670
|
| Accumulated Amortization |
(8,670)
|
(8,608)
|
| Net Intangible Assets |
$ 0
|
$ 62
|
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v3.25.0.1
Goodwill and Other Intangible Assets - Future Expected Amortization of Intangible Assets (Details) - USD ($)
$ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
| Goodwill and Intangible Assets Disclosure [Abstract] |
|
|
| 2025 |
$ 24,520
|
|
| 2026 |
24,349
|
|
| 2027 |
22,602
|
|
| 2028 |
21,768
|
|
| 2029 |
21,706
|
|
| Thereafter |
82,336
|
|
| Net Intangible Assets |
$ 197,281
|
$ 114,130
|
| X |
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v3.25.0.1
Debt - Long-term debt (Details) - USD ($)
$ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
| Debt Instrument [Line Items] |
|
|
| Principal amount of long-term debt |
$ 432,500
|
$ 433,000
|
| Less: debt issuance costs |
(2,327)
|
(3,656)
|
| Total |
430,173
|
429,344
|
| Less: current portion |
(30,000)
|
(22,500)
|
| Long-term debt, net of current portion |
400,173
|
406,844
|
| Term Loan |
|
|
| Debt Instrument [Line Items] |
|
|
| Principal amount of long-term debt |
277,500
|
300,000
|
| Revolving Facility |
|
|
| Debt Instrument [Line Items] |
|
|
| Principal amount of long-term debt |
$ 155,000
|
$ 133,000
|
| X |
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-Publisher FASB
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (a)
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
-SubTopic 10
-Topic 210
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1
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-Topic 835
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-Section 55
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Section S99
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Reference 4: http://www.xbrl.org/2003/role/exampleRef
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Reference 5: http://www.xbrl.org/2003/role/exampleRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (b)
-Publisher FASB
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Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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v3.25.0.1
Debt - Narrative (Details) - USD ($)
|
12 Months Ended |
|
Dec. 31, 2024 |
Dec. 31, 2023 |
| Debt Instrument [Line Items] |
|
|
| Letters of credit outstanding |
$ 800,000
|
$ 800,000
|
| Minimum |
|
|
| Debt Instrument [Line Items] |
|
|
| Commitment fee |
0.50%
|
|
| Maximum |
|
|
| Debt Instrument [Line Items] |
|
|
| Commitment fee |
0.25%
|
|
| Federal Funds Rate |
|
|
| Debt Instrument [Line Items] |
|
|
| Base margin |
0.50%
|
|
| Secured Overnight Financing Rate (SOFR) | Minimum |
|
|
| Debt Instrument [Line Items] |
|
|
| Base margin |
1.50%
|
|
| Secured Overnight Financing Rate (SOFR) | Maximum |
|
|
| Debt Instrument [Line Items] |
|
|
| Base margin |
3.75%
|
|
| Base Rate | Minimum |
|
|
| Debt Instrument [Line Items] |
|
|
| Base margin |
0.50%
|
|
| Base Rate | Maximum |
|
|
| Debt Instrument [Line Items] |
|
|
| Base margin |
2.75%
|
|
| Line of Credit |
|
|
| Debt Instrument [Line Items] |
|
|
| Line of credit facility, accordion feature, increase limit |
$ 25,000,000
|
|
| Letter of Credit |
|
|
| Debt Instrument [Line Items] |
|
|
| Revolving loans maximum borrowing capacity |
350,000,000
|
|
| Revolving Facility |
|
|
| Debt Instrument [Line Items] |
|
|
| Revolving loans maximum borrowing capacity |
$ 350,000,000
|
|
| Secured Debt | Line of Credit |
|
|
| Debt Instrument [Line Items] |
|
|
| Interest rate (as a percent) |
7.40%
|
|
| Revolving Facility | Line of Credit |
|
|
| Debt Instrument [Line Items] |
|
|
| Weighted average interest rate (as a percent) |
7.21%
|
|
| Letter of Credit | Line of Credit |
|
|
| Debt Instrument [Line Items] |
|
|
| Revolving loans maximum borrowing capacity |
$ 25,000,000
|
|
| X |
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-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482949/835-30-55-8
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(f))
-Publisher FASB
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
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-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B
Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B
Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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-Section 55
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69C
Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E
Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69F
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69F
Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B
Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
-Paragraph 1B
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B
Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B
Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B
Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B
Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
-Paragraph 1B
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B
Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D
Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D
Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D
Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
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-Section 50
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E
Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E
Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E
Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F
Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F
Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F
Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F
Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I
Reference 26: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2
Reference 27: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482900/835-30-50-1
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| Namespace Prefix: |
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|
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|
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v3.25.0.1
Debt - Loan Payments (Details) - USD ($)
$ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
| Debt Instrument [Line Items] |
|
|
| 2025 |
$ 30,000
|
|
| 2026 |
402,500
|
|
| Total |
432,500
|
$ 433,000
|
| Term |
|
|
| Debt Instrument [Line Items] |
|
|
| 2025 |
30,000
|
|
| 2026 |
247,500
|
|
| Total |
277,500
|
|
| Revolving Facility |
|
|
| Debt Instrument [Line Items] |
|
|
| 2025 |
0
|
|
| 2026 |
155,000
|
|
| Total |
$ 155,000
|
$ 133,000
|
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v3.25.0.1
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v3.25.0.1
Accrued Expenses and Other Current Liabilities (Details) - USD ($)
$ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
| Accrued Liabilities and Other Liabilities [Abstract] |
|
|
| Accrued compensation and benefits |
$ 19,527
|
$ 15,734
|
| Accrued customer rebates and royalties |
6,731
|
5,545
|
| Current portion of lease liabilities |
6,889
|
4,957
|
| Accrued lease termination fee |
6,010
|
0
|
| Contract liabilities |
4,479
|
2,785
|
| Accrued interest |
1,734
|
469
|
| Accrued warranty |
1,541
|
1,282
|
| Accrued income taxes |
839
|
116
|
| Other (a) |
14,445
|
5,495
|
| Accrued expenses and other current liabilities |
$ 62,195
|
$ 36,383
|
| Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] |
Accrued expenses and other current liabilities
|
Accrued expenses and other current liabilities
|
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v3.25.0.1
Stock-Based Compensation Plans - Narrative (Details)
$ / shares in Units, $ in Millions |
12 Months Ended |
37 Months Ended |
|
Dec. 31, 2024
USD ($)
tranche
$ / shares
shares
|
Dec. 31, 2023
USD ($)
$ / shares
|
Dec. 31, 2022
USD ($)
$ / shares
|
Dec. 31, 2021 |
Mar. 31, 2024
shares
|
| Employee |
|
|
|
|
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
| Restricted stock awarded (in shares) | shares |
|
|
|
|
9,972
|
| Granted (in dollars per share) | $ / shares |
$ 75.12
|
$ 42.23
|
$ 43.30
|
|
|
| Employee Stock |
|
|
|
|
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
| Shares authorized (in shares) | shares |
500,000
|
|
|
|
|
| Employee discount (as a percent) |
|
|
|
15.00%
|
|
| Employee purchase price (as a percent) |
12.00%
|
|
|
|
|
| Stock-based compensation expense |
$ 0.1
|
|
|
|
|
| Stock-settled bonus awards |
|
|
|
|
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
| Award vesting period (in years) |
3 years
|
|
|
|
|
| Number of tranches | tranche |
3
|
|
|
|
|
| Vested paid in full (as a percent) |
100.00%
|
|
|
|
|
| Cost not yet recognized, amount |
$ 1.0
|
|
|
|
|
| Fair value of awards |
$ 0.7
|
$ 1.2
|
$ 0.9
|
|
|
| Weighted average amortization period of compensation not yet recognized (in years) |
2 years 2 months 12 days
|
|
|
|
|
| Stock-settled bonus awards | Share-based Payment Arrangement, Tranche One |
|
|
|
|
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
| Award vesting period (in years) |
1 year
|
|
|
|
|
| Stock-settled bonus awards | Share-based Payment Arrangement, Tranche Two |
|
|
|
|
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
| Award vesting period (in years) |
1 year
|
|
|
|
|
| Employee Vesting Stock Awards |
|
|
|
|
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
| Award vesting period (in years) |
3 years
|
|
|
|
|
| Performance share awards |
|
|
|
|
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
| Award vesting period (in years) |
3 years
|
|
|
|
|
| Vested paid in full (as a percent) |
200.00%
|
|
|
|
|
| Granted (in dollars per share) | $ / shares |
$ 77.54
|
$ 42.23
|
$ 43.30
|
|
|
| Compensation expense not yet recognized |
$ 3.3
|
|
|
|
|
| Weighted average amortization period of compensation not yet recognized (in years) |
1 year 4 months 24 days
|
|
|
|
|
| Weighted average fair value of vesting stock awards that vested |
$ 5.6
|
|
|
|
|
| Performance share awards | Minimum |
|
|
|
|
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
| Vesting percentage (as a percent) |
0.00%
|
|
|
|
|
| Performance share awards | Maximum |
|
|
|
|
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
| Vesting percentage (as a percent) |
200.00%
|
|
|
|
|
| Time-vested stock awards |
|
|
|
|
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
| Award vesting period (in years) |
2 years 1 month 6 days
|
|
|
|
|
| Stock-based compensation expense |
$ 5.5
|
|
|
|
|
| Granted (in dollars per share) | $ / shares |
$ 79.30
|
$ 45.78
|
$ 43.01
|
|
|
| Fair value of shares vested |
$ 3.7
|
$ 1.2
|
$ 1.7
|
|
|
| Restricted Stock Plan 2006 |
|
|
|
|
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
| Shares authorized (in shares) | shares |
1,875,000
|
|
|
|
|
| Shares available for issuance (in shares) | shares |
448,083
|
|
|
|
|
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v3.25.0.1
Stock-Based Compensation Plans - Stock-based Compensation Expense (Details) - USD ($)
$ in Thousands |
12 Months Ended |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
| Total |
$ 8,208
|
$ 7,612
|
$ 4,342
|
| Tax benefit recognized from stock-based compensation |
2,048
|
1,899
|
1,083
|
| Stock-settled bonus awards |
|
|
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
| Total |
428
|
1,166
|
1,186
|
| Time-vested stock awards |
|
|
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
| Total |
3,727
|
2,639
|
2,089
|
| Performance share awards |
|
|
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
| Total |
$ 4,053
|
$ 3,807
|
$ 1,067
|
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v3.25.0.1
Stock-Based Compensation Plans - Vesting Stock Award Activity (Details) - Time-vested stock awards - $ / shares
|
12 Months Ended |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
| Number of Shares |
|
|
|
| Unvested, beginning balance (in shares) |
97,843
|
|
|
| Granted (in shares) |
83,784
|
|
|
| Vested (in shares) |
(46,561)
|
|
|
| Forfeited (in shares) |
(15,606)
|
|
|
| Unvested, ending balance (in shares) |
119,460
|
97,843
|
|
| Weighted Average Grant Date Fair Value |
|
|
|
| Unvested, beginning balance (in dollars per share) |
$ 44.68
|
|
|
| Granted (in dollars per share) |
79.30
|
$ 45.78
|
$ 43.01
|
| Vested (in dollars per share) |
45.13
|
|
|
| Forfeited (in dollars per share) |
57.12
|
|
|
| Unvested, ending balance (in dollars per share) |
$ 67.16
|
$ 44.68
|
|
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v3.25.0.1
Stock-Based Compensation Plans - Performance Share Awards (Details) - Performance share awards - $ / shares
|
12 Months Ended |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
| Outstanding Performance Share Awards |
|
|
|
| Unvested, beginning balance (in shares) |
168,280
|
|
|
| Granted (in shares) |
45,246
|
|
|
| Vested (in shares) |
(73,442)
|
|
|
| Forfeited (in shares) |
(29,927)
|
|
|
| Unvested, ending balance (in shares) |
110,157
|
168,280
|
|
| Weighted Average Grant Date Fair Value |
|
|
|
| Unvested, beginning balance (in dollars per share) |
$ 42.41
|
|
|
| Granted (in dollars per share) |
77.54
|
$ 42.23
|
$ 43.30
|
| Vested (in dollars per share) |
42.42
|
|
|
| Forfeited (in dollars per share) |
52.14
|
|
|
| Unvested, ending balance (in dollars per share) |
$ 54.20
|
$ 42.41
|
|
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v3.25.0.1
Income Taxes - Components of Continuing Operations Before Income Taxes (Details) - USD ($)
$ in Thousands |
12 Months Ended |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
| Components of Provision for Income Taxes [Abstract] |
|
|
|
| Domestic |
$ 41,599
|
$ 52,137
|
$ 36,694
|
| Foreign |
4,881
|
4,776
|
(983)
|
| Income from continuing operations before income taxes |
$ 46,480
|
$ 56,913
|
$ 35,711
|
v3.25.0.1
Income Taxes -Components of Provision for Income Taxes (Details) - USD ($)
$ in Thousands |
12 Months Ended |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
| Current: |
|
|
|
| Federal |
$ 11,670
|
$ 11,556
|
$ 9,483
|
| State |
2,132
|
2,205
|
1,485
|
| Foreign |
1,573
|
1,138
|
35
|
| Total current |
15,375
|
14,899
|
11,003
|
| Deferred: |
|
|
|
| Federal |
(4,725)
|
(1,148)
|
(1,890)
|
| State |
(489)
|
3
|
(61)
|
| Foreign |
(179)
|
7
|
0
|
| Total deferred |
(5,393)
|
(1,138)
|
(1,951)
|
| Provision for income taxes |
$ 9,982
|
$ 13,761
|
$ 9,052
|
| X |
- DefinitionAmount of current federal tax expense (benefit) attributable to income (loss) from continuing operations. Includes, but is not limited to, current national tax expense (benefit) for non-US (United States of America) jurisdiction. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
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v3.25.0.1
Income Taxes - Effective Income Tax Reconciliation (Details) - USD ($)
$ in Thousands |
12 Months Ended |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
| Effective Income Tax Reconciliation [Abstract] |
|
|
|
| Tax at statutory federal income tax rate |
$ 9,761
|
$ 11,952
|
$ 7,499
|
| Increases (decreases) in tax resulting from: |
|
|
|
| State taxes, net of federal tax benefit |
1,738
|
2,019
|
1,459
|
| Permanent differences, net |
(634)
|
(193)
|
287
|
| Tax credits |
(454)
|
(461)
|
(418)
|
| Prior year true-up adjustment |
(931)
|
269
|
(45)
|
| Valuation allowance |
378
|
77
|
324
|
| Other provision adjustments |
124
|
98
|
(54)
|
| Provision for income taxes |
$ 9,982
|
$ 13,761
|
$ 9,052
|
| Effective tax rate |
21.50%
|
24.20%
|
25.30%
|
| X |
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v3.25.0.1
Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($)
$ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
| Income Tax Disclosure [Abstract] |
|
|
| Deferred compensation and accrued paid leave |
$ 2,767
|
$ 3,003
|
| Accrued expense |
2,094
|
1,429
|
| Inventory reserve |
23,463
|
13,980
|
| Operating lease liabilities |
14,362
|
6,249
|
| Stock-based compensation |
2,084
|
1,697
|
| Capitalized inventory |
1,741
|
1,335
|
| US operating and capital loss carryforward |
12,777
|
7,637
|
| Disallowed interest expense |
9,450
|
1,663
|
| Tax credit carryforward |
1,421
|
1,492
|
| Foreign country operating loss carryforward |
1,364
|
806
|
| Interest capitalized |
2,030
|
0
|
| Transaction costs |
357
|
0
|
| Gross deferred tax assets |
73,910
|
39,291
|
| Valuation allowance |
(19,301)
|
(9,906)
|
| Total gross deferred tax assets |
54,609
|
29,385
|
| Interest rate swaps |
(1,021)
|
(708)
|
| Depreciation |
(3,959)
|
(2,925)
|
| Goodwill and intangible assets |
(38,279)
|
(26,666)
|
| Operating lease right-of-use assets |
(10,962)
|
(5,939)
|
| Other |
(270)
|
(132)
|
| Total gross deferred tax liabilities |
(54,491)
|
(36,370)
|
| Net deferred tax assets |
$ 118
|
|
| Net deferred tax liabilities |
|
$ (6,985)
|
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v3.25.0.1
Leases - Components of Lease Expense (Details) - USD ($)
$ in Thousands |
12 Months Ended |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
| Leases [Abstract] |
|
|
|
| Operating lease cost |
$ 9,327
|
$ 6,480
|
$ 2,714
|
| X |
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-Topic 842
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-Section 55
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v3.25.0.1
Leases - Maturities of Operating Lease Liabilities (Details) - USD ($)
$ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
| Leases [Abstract] |
|
|
| 2025 |
$ 10,178
|
|
| 2026 |
9,807
|
|
| 2027 |
9,620
|
|
| 2028 |
8,713
|
|
| 2029 |
7,558
|
|
| Thereafter |
27,520
|
|
| Minimum lease payments |
73,396
|
|
| Less: imputed interest |
(18,363)
|
|
| Present value of minimum lease payments |
55,033
|
|
| Less: current portion of lease liabilities |
(6,889)
|
$ (4,957)
|
| Long-term lease liabilities |
$ 48,144
|
$ 24,959
|
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v3.25.0.1
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v3.25.0.1
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-Topic 842
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-Topic 842
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v3.25.0.1
Leases - Lease Abandonment and Termination (Details)
ft² in Thousands, $ in Thousands |
|
|
12 Months Ended |
|
Sep. 04, 2024
USD ($)
paymentInstallment
|
Jun. 28, 2024
USD ($)
ft²
|
Dec. 31, 2024
USD ($)
|
Dec. 31, 2023
USD ($)
|
Dec. 31, 2022
USD ($)
|
| Restructuring Cost and Reserve [Line Items] |
|
|
|
|
|
|
| Lease abandonment/termination gain (loss) |
[1] |
|
|
$ (12,205)
|
$ 0
|
$ 0
|
| Alexandria, VA |
|
|
|
|
|
|
| Restructuring Cost and Reserve [Line Items] |
|
|
|
|
|
|
| Lease abandonment/termination gain (loss) |
|
$ 700
|
|
|
|
|
| Reduction in operating lease right-of-use assets |
|
400
|
|
6,000
|
|
|
| Operating lease, contract termination, liability |
|
$ 12,000
|
|
12,000
|
|
|
| Number of installment payments | paymentInstallment |
|
2
|
|
|
|
|
| Decrease in operating lease liability |
|
$ 1,100
|
|
|
|
|
| Alexandria, VA | Other Long-term Liabilities |
|
|
|
|
|
|
| Restructuring Cost and Reserve [Line Items] |
|
|
|
|
|
|
| Operating lease, contract termination, liability |
|
|
|
$ 6,000
|
|
|
| Contract Termination | Vienna, VA |
|
|
|
|
|
|
| Restructuring Cost and Reserve [Line Items] |
|
|
|
|
|
|
| Net rentable area (in square foot) | ft² |
|
|
4
|
|
|
|
| Lease Abandonment | Contract Termination | Alexandria, VA |
|
|
|
|
|
|
| Restructuring Cost and Reserve [Line Items] |
|
|
|
|
|
|
| Net rentable area (in square foot) | ft² |
|
|
95
|
|
|
|
| Lease abandonment/termination gain (loss) |
|
|
$ (12,900)
|
|
|
|
| Reduction in operating lease right-of-use assets |
|
|
6,700
|
|
|
|
| Exit and disposal costs |
|
|
3,700
|
|
|
|
| Lease Abandonment | Contract Termination | Alexandria, VA | Leasehold improvements |
|
|
|
|
|
|
| Restructuring Cost and Reserve [Line Items] |
|
|
|
|
|
|
| Tangible asset impairment charges |
|
|
$ 2,500
|
|
|
|
|
|
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v3.25.0.1
Business Segments and Customer Information - Segment Information (Details) - USD ($)
$ in Thousands |
12 Months Ended |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
| Segment Reporting Information [Line Items] |
|
|
|
| Revenues |
$ 1,080,132
|
$ 860,488
|
$ 669,448
|
| Segment costs |
944,415
|
730,675
|
574,405
|
| Depreciation and amortization |
28,612
|
21,127
|
21,026
|
| Allocated corporate cost |
25,686
|
20,690
|
20,413
|
| Total costs and operating expenses |
998,713
|
772,492
|
615,844
|
| Operating income |
81,419
|
87,996
|
53,604
|
| Capital Expenditures |
21,631
|
18,934
|
12,324
|
| Total Assets |
1,734,620
|
1,350,338
|
|
| Assets held-for-sale |
|
93,002
|
|
| Aviation |
|
|
|
| Segment Reporting Information [Line Items] |
|
|
|
| Revenues |
786,256
|
544,020
|
408,112
|
| Operating Segments | Aviation |
|
|
|
| Segment Reporting Information [Line Items] |
|
|
|
| Revenues |
786,256
|
544,020
|
408,112
|
| Segment costs |
640,895
|
443,909
|
345,614
|
| Depreciation and amortization |
25,500
|
16,080
|
13,174
|
| Allocated corporate cost |
18,474
|
12,863
|
12,908
|
| Total costs and operating expenses |
684,869
|
472,852
|
371,696
|
| Operating income |
101,387
|
71,168
|
36,416
|
| Capital Expenditures |
19,030
|
16,467
|
5,961
|
| Total Assets |
1,409,426
|
950,143
|
|
| Operating Segments | Fleet |
|
|
|
| Segment Reporting Information [Line Items] |
|
|
|
| Revenues |
293,876
|
316,468
|
261,336
|
| Segment costs |
266,689
|
272,084
|
221,137
|
| Depreciation and amortization |
2,957
|
5,300
|
8,783
|
| Allocated corporate cost |
7,212
|
7,827
|
7,505
|
| Total costs and operating expenses |
276,858
|
285,211
|
237,425
|
| Operating income |
17,018
|
31,257
|
23,911
|
| Capital Expenditures |
2,386
|
2,198
|
5,502
|
| Total Assets |
282,820
|
274,382
|
|
| Corporate / unallocated expenses |
|
|
|
| Segment Reporting Information [Line Items] |
|
|
|
| Revenues |
0
|
0
|
0
|
| Segment costs |
36,831
|
14,682
|
7,654
|
| Depreciation and amortization |
155
|
(253)
|
(931)
|
| Allocated corporate cost |
0
|
0
|
0
|
| Total costs and operating expenses |
36,986
|
14,429
|
6,723
|
| Operating income |
(36,986)
|
(14,429)
|
(6,723)
|
| Capital Expenditures |
215
|
269
|
$ 861
|
| Total Assets |
$ 42,374
|
$ 125,813
|
|
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v3.25.0.1
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v3.25.0.1
Business Segments and Customer Information - Geographic Area (Details) - USD ($)
$ in Thousands |
12 Months Ended |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
| Revenues from External Customers and Long-Lived Assets [Line Items] |
|
|
|
| Revenues |
$ 1,080,132
|
$ 860,488
|
$ 669,448
|
| United States |
|
|
|
| Revenues from External Customers and Long-Lived Assets [Line Items] |
|
|
|
| Revenues |
785,599
|
656,767
|
557,615
|
| Other Countries |
|
|
|
| Revenues from External Customers and Long-Lived Assets [Line Items] |
|
|
|
| Revenues |
$ 294,533
|
$ 203,721
|
$ 111,833
|
| X |
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v3.25.0.1
Capital Stock (Details)
$ / shares in Units, $ in Millions |
Oct. 17, 2024
USD ($)
$ / shares
shares
|
May 17, 2024
USD ($)
$ / shares
shares
|
Dec. 31, 2024
vote
$ / shares
|
Dec. 31, 2023
$ / shares
|
| Equity, Class of Treasury Stock [Line Items] |
|
|
|
|
| Common stock, par value (in dollars per share) |
|
|
$ 0.05
|
$ 0.05
|
| Proceeds from the issuance of common stock (in dollars per share) |
|
|
$ 0.05
|
|
| Number of votes stockholders are entitled to per common share | vote |
|
|
1
|
|
| Public offering, issued (in shares) | shares |
1,982,757
|
2,429,577
|
|
|
| Public offering price (in dollars per share) |
|
$ 71.00
|
|
|
| Public offering proceeds | $ |
$ 163.8
|
$ 162.0
|
|
|
| Public Stock Offering |
|
|
|
|
| Equity, Class of Treasury Stock [Line Items] |
|
|
|
|
| Public offering, issued (in shares) | shares |
1,724,137
|
|
|
|
| Public offering price (in dollars per share) |
$ 87.00
|
|
|
|
| May 2024 Public Offering |
|
|
|
|
| Equity, Class of Treasury Stock [Line Items] |
|
|
|
|
| Legal and accounting fees | $ |
|
$ 0.4
|
|
|
| Over-Allotment Option |
|
|
|
|
| Equity, Class of Treasury Stock [Line Items] |
|
|
|
|
| Exercisable term |
30 days
|
|
|
|
| Public offering, additional shares issued (in shares) | shares |
258,620
|
|
|
|
| Octobet 2024 Public Offering |
|
|
|
|
| Equity, Class of Treasury Stock [Line Items] |
|
|
|
|
| Legal and accounting fees | $ |
$ 0.3
|
|
|
|
| X |
- DefinitionFace amount or stated value per share of common stock. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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v3.25.0.1
Subsequent Events (Details) - USD ($)
$ in Thousands |
|
12 Months Ended |
Feb. 17, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
| Subsequent Event [Line Items] |
|
|
|
|
|
| Proceeds from the sale of business segment |
[1] |
|
$ 40,157
|
$ 0
|
$ 0
|
| Fleet Sale | Subsequent Event | Disposed of by Sale |
|
|
|
|
|
| Subsequent Event [Line Items] |
|
|
|
|
|
| Consideration on disposal |
|
$ 230,000
|
|
|
|
| Proceeds from the sale of business segment |
|
140,000
|
|
|
|
| Sale of business segment, seller note |
|
25,000
|
|
|
|
| Sale of business segment, earn-out payment |
|
$ 65,000
|
|
|
|
|
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v3.25.0.1
Schedule II - Valuation and Qualifying Accounts (Details) - USD ($)
$ in Thousands |
12 Months Ended |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
| Allowance for doubtful accounts |
|
|
|
| SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] |
|
|
|
| Allowance as of beginning of year |
$ 3,449
|
$ 2,019
|
$ 1,677
|
| Additions charged to costs and operating expenses |
3,922
|
1,484
|
2,084
|
| Deductions |
(910)
|
(54)
|
(1,742)
|
| Allowance as of end of year |
6,461
|
3,449
|
2,019
|
| Valuation allowance for deferred tax assets |
|
|
|
| SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] |
|
|
|
| Allowance as of beginning of year |
9,906
|
8,337
|
8,257
|
| Additions charged to costs and operating expenses |
520
|
75
|
80
|
| Additions charged to other accounts |
8,875
|
1,494
|
0
|
| Allowance as of end of year |
$ 19,301
|
$ 9,906
|
$ 8,337
|
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