V2X, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>V2X, Inc. has filed its annual 10-K report for the fiscal year ending December 31, 2023.</b>

AI Summary

V2X, Inc. (VVX) filed a Annual Report (10-K) with the SEC on March 5, 2024. V2X, Inc. (formerly Vectrus, Inc.) filed its 2023 Form 10-K on March 5, 2024. The company's fiscal year ends on December 31st. V2X, Inc. is incorporated in Indiana. The company's principal business address is 7901 Jones Branch Drive, Suite 700, McLean, VA 22102. The filing covers the fiscal year ending December 31, 2023.

Why It Matters

For investors and stakeholders tracking V2X, Inc., this filing contains several important signals. This filing provides a comprehensive overview of V2X, Inc.'s financial performance, business operations, and risk factors for the 2023 fiscal year. Investors and stakeholders can use this report to assess the company's financial health, strategic direction, and potential future performance.

Risk Assessment

Risk Level: medium — V2X, Inc. shows moderate risk based on this filing. The company's prior name was Vectrus, Inc., indicating potential historical context or restructuring that may influence current operations and investor perception.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand V2X, Inc.'s performance and outlook.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-03-05 — Filing Date (As of date)
• 8744 — SIC Code (Standard Industrial Classification)

Key Players & Entities

• V2X, Inc. (company) — Filer name
• Vectrus, Inc. (company) — Former company name
• McLean, VA (location) — Business and mailing address city and state
• 7901 Jones Branch Drive, Suite 700 (address) — Business and mailing address
• 2023-12-31 (date) — Fiscal year end date
• 2024-03-05 (date) — Filing date

FAQ

Industry Context

V2X, Inc. operates within the facilities support management services industry, providing a range of services to government and commercial clients.

Regulatory Implications

The filing is a Form 10-K, an annual report required by the U.S. Securities and Exchange Commission (SEC) that gives a comprehensive summary of a company's financial performance.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and other key performance indicators.
2. Review the risk factors section for potential challenges and uncertainties facing the company.
3. Examine management's discussion and analysis for insights into strategic priorities and outlook.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-03-05: Filing Date — Date the 10-K was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial filing for V2X, Inc. under its current structure, though it previously filed as Vectrus, Inc.

Key Financial Figures

• $0.01 — were 31,325,760 shares of common stock ($0.01 par value per share) outstanding. DOCU

Filing Documents

• vec-20231231.htm (10-K) — 1751KB
• exhibit1015-lynchsignedsep.htm (EX-10.15) — 106KB
• exhibit1030-v2xnonxemploye.htm (EX-10.30) — 11KB
• exhibit21-subsidiaries.htm (EX-21) — 34KB
• v2x-12312023ex231rsmconsent.htm (EX-23.1) — 2KB
• v2x-12312023ex232deloittec.htm (EX-23.2) — 2KB
• exhibit311ceocert12312023.htm (EX-31.1) — 10KB
• exhibit312cfocert12312023.htm (EX-31.2) — 10KB
• exhibit321ceocert12312023.htm (EX-32.1) — 5KB
• exhibit322cfocert12312023.htm (EX-32.2) — 5KB
• exhibit97-clawbackpolicy.htm (EX-97) — 36KB
• vec-20231231_g1.jpg (GRAPHIC) — 125KB
• 0001601548-24-000004.txt (&nbsp;) — 10217KB
• vec-20231231.xsd (EX-101.SCH) — 67KB
• vec-20231231_cal.xml (EX-101.CAL) — 119KB
• vec-20231231_def.xml (EX-101.DEF) — 309KB
• vec-20231231_lab.xml (EX-101.LAB) — 842KB
• vec-20231231_pre.xml (EX-101.PRE) — 579KB
• vec-20231231_htm.xml (XML) — 1393KB

Risk Factors

Item 1A. Risk Factors 13

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 28

Cybersecurity

Item 1C. Cybersecurity 29

Properties

Item 2. Properties 30

Legal Proceedings

Item 3. Legal Proceedings 30

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 30 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 31

Selected Financial Data

Item 6. Selected Financial Data 31

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 31

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 42

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 42

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 42

Controls and Procedures

Item 9A. Controls and Procedures 42

Other Information

Item 9B. Other Information 46

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 46 PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 46

Executive Compensation

Item 11. Executive Compensation 46

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 46

Certain Relationships and Related Transactions and Director Independence

Item 13. Certain Relationships and Related Transactions and Director Independence 46

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 46 PART IV

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 47

Form 10-K Summary

Item 16. Form 10-K Summary 52

Signatures

Signatures 53 Table of Contents PART I

BUSINESS

ITEM 1. BUSINESS Overview V2X , Inc. (V2X or the Company), an Indiana Corporation, formerly known as Vectrus, Inc. (Vectrus), is a leading provider of critical mission solutions primarily to defense clients in 322 locations and 51 countries and territories worldwide. Our global footprint and ability to deliver full lifecycle converged solutions across the world enables us to support the success of our clients' missions rapidly and with precision. As of December 31, 2023, we had approximately 16,000 employees and 6,200 subcontract personnel. V2X offers clients around the world a broad suite of technology and services capabilities to support readiness and modernization initiatives. The Company delivers a comprehensive set of integrated solutions and critical service offerings across the operations and logistics, aerospace, training and technology markets to national security, defense, civilian and international clients. Vectrus was incorporated in the State of Indiana in February 2014. On September 27, 2014, Exelis Inc, an Indiana corporation, spun-off (the Spin-off) Vectrus and Vectrus became an independent, publicly traded company. References herein to "Exelis" or "Former Parent" refer to Exelis Inc. and its consolidated subsidiaries (other than Vectrus). Exelis was acquired by a predecessor entity of L3Harris Technologies, Inc. in May 2015. On July 5, 2022 (the Closing Date), Vectrus completed its merger (Merger) with Vertex Aerospace Services Holding Corp., a Delaware corporation (Vertex), thereby forming V2X . For a description of the Merger, see Note 3, Merger . The Merger created a larger and more diversified company with the ability to compete for more integrated business opportunities and generate revenue across geographies, clients, and contract-types. We continue to operate under one reportable business segment post-Merger. Unless the context otherwise requires or unless stated otherwise, references to "V2X", "we," "us," "our," "combined company", "the

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