COLORADO SPRINGS, Colo., March 1, 2018 /PRNewswire/
-- Vectrus, Inc. (NYSE:VEC) announced fourth quarter and full-year 2017 financial results. For the fourth quarter, revenue
was $295.8 million, operating income was $10.3 million, and diluted
earnings per share were $3.70. For the full year, revenue was $1,114.8
million, operating income was $41.2 million, and diluted earnings per share were
$5.31. Cash provided by operating activities for 2017 was $35.4
million.
"Over the past year, we have made substantial progress in our business while setting the foundation for future growth and
continued execution of our strategy," said Chuck Prow, president and chief executive officer of
Vectrus. "We have a lot to be proud of in 2017. Vectrus achieved several milestones during the year, including record quarterly
operating margin, backlog, and contract awards. Additionally, our team did a phenomenal job of securing the base by winning all
of our scheduled re-competes and significant new work that provides strong visibility into 2018 and beyond."
"In 2018 and beyond, we will continue to execute our strategy to become a leader in the converged infrastructure market within
government services," said Prow. "We will aggressively explore new and adjacent markets, enhanced capabilities, and additional
channels to drive growth and increase shareholder value. Specifically, we have established a five-year plan and goal to grow
revenue to $2.5 billion and expand EBITDA margins to 7 percent. This is clearly an aggressive goal
but we see a path forward to achieve this plan through a combination of both strategic organic and purposeful inorganic growth
activities."
"Our momentum has carried into 2018 as demonstrated by our recent win of a new $108 million U.S.
Army contract to provide services for Kuwait Dining Facilities (DFAC 3.0) and the acquisition of SENTEL Corporation," Prow
explained. "Regarding SENTEL, our cultures including mission, vision, values, and client-centricity, are closely aligned. We are
extremely excited about the new clients, capabilities, and contracts that are now accessible to Vectrus. This acquisition is an
excellent fit with our three core strategies and accelerates our progress associated with several strategic imperatives. We are
optimistic that all of our hard work in 2017 and current strategic initiatives will result in 2018 revenue growth and margin
expansion."
Fourth Quarter 2017 Results
- Revenue $295.8 million
- Operating income $10.3 million
- Operating margin 3.5%
- Diluted earnings per share $3.70; adjusted diluted EPS1 $0.57
Fourth quarter 2017 revenue of $295.8 million increased $7.6
million or 2.6 percent compared to the fourth quarter of 2016. The increase is due to higher revenue of $20.2 million from U.S. programs, $15.5 million from European programs, and
$3.9 million from Afghanistan programs, partially offset by a
$32.0 million decrease in Middle East programs. Revenue in the
fourth quarter of 2016 included a $47 million contribution from the Army Pre-Positioned Stocks-5
(APS-5) Kuwait contract, which ended in April 2017.
"The exceptionally hard work of our team paid off in the fourth quarter as strength in our underlying business, recent
contract wins, and solid execution resulted in year-over-year growth," said Matt Klein, chief
financial officer of Vectrus.
Operating income was $10.3 million or 3.5 percent operating margin in the fourth quarter of
2017, compared to $8.6 million or 3.0 percent operating margin in the fourth quarter of 2016.
Fourth quarter 2017 diluted earnings per share were $3.70 compared to $0.40 in the fourth quarter of 2016. Excluding the impact of the Tax Cuts and Jobs Act (TCJA) legislation,
fourth quarter 2017 adjusted diluted earnings per share1 were $0.57.
"It's important to note that full-year and fourth quarter 2017 diluted earnings per share were positively impacted by recent
tax reform, which resulted in the revaluation of our deferred tax liability at the lower 21% federal rate," explained Klein.
Full-Year 2017 Results
- Revenue $1,114.8 million
- Operating income $41.2 million
- Operating margin 3.7 percent
- Diluted earnings per share $5.31; adjusted diluted EPS1 $2.17
- Cash provided by operating activities $35.4 million
Full-year 2017 revenue of $1,114.8 million decreased $75.7 million
or 6.4 percent compared to 2016. The decrease in revenue was attributable mainly to lower activity in our Middle East programs of $70.0 million, which was driven primarily by a
decrease of $121.0 million from our APS-5 Kuwait contract, and our
Afghanistan programs of $32.6 million, offset by increases of
$16.7 million from our European programs and $10.2 million from our
U.S. programs.
Operating income was $41.2 million or 3.7 percent operating margin for the full-year 2017,
compared to $42.8 million or 3.6 percent operating margin in 2016.
"Our commitment to improving the overall margin profile of our business was demonstrated in 2017 as our team's performance and
company-wide initiatives yielded a year-over-year increase in operating margin," said Klein. "This achievement was particularly
notable considering the phase-in of several large, long-term contracts and the investments associated with the implementation of
our strategic imperatives."
Full-year 2017 diluted earnings per share were $5.31 compared to $2.16 in 2016. Excluding the impact of the TCJA legislation, full-year 2017 adjusted diluted earnings per
share1 were $2.17.
Cash provided by operating activities for the year ended December 31, 2017 was $35.4 million; a decrease of $1.2 million compared to 2016.
The Company ended 2017 with total debt of $79.0 million, which was down $6.0 million from $85.0 million at the end of 2016. As of December 31, 2017, the Company had a total consolidated indebtedness to consolidated EBITDA (total leverage
ratio) of 1.64x to 1.00x.
"During the fourth quarter we closed on a new and expanded credit facility, which increased the amount of funding available
under our revolver to $120 million from $75 million," said Klein.
"Our new credit facility improves our financial flexibility for future growth opportunities. In 2018 and 2019, the mandatory
payments under our new facility are $4 million and $4.5 million,
respectively."
The Company ended 2017 with total backlog of $2.9 billion and funded backlog of $719 million.
Guidance
"In 2018, we expect annual revenue to be in the range of $1,205 million to $1,275 million with a mid-point of $1,240 million or an increase of 11 percent
compared to 2017. We expect full-year operating margin to be in the range of 3.6 percent to 4.0 percent and net income to be in
the range of $30.5 million to $36.4 million. We expect to see diluted
EPS in the range of $2.70 to $3.22 per share, and cash provided by
operating activities from $35 million to $39 million," said Klein.
"Our 2018 guidance assumes interest expense of approximately $4.3 million, depreciation and
amortization of $4.2 million, non-recurring transaction related expenses of $3.0 million, mandatory debt payments of $4.0 million, a tax rate of 22 percent
and weighted average diluted shares outstanding of 11.3 million at December 31, 2018."
2018 guidance details include:
|
$ millions, except for operating
margin and per share
amounts
|
2018 Guidance
|
2018 Mid
|
|
Revenue
|
$1,205
|
to
|
$1,275
|
$1,240
|
|
Operating Margin
|
3.6%
|
to
|
4.0%
|
3.8%
|
|
Net Income
|
$30.5
|
to
|
$36.4
|
$33.5
|
|
Diluted EPS 2
|
$2.70
|
to
|
$3.22
|
$2.96
|
|
Cash Provided by
Operating Activities
|
$35.0
|
to
|
$39.0
|
$37.0
|
The Company notes that forward-looking statements of future performance made in this release, including 2018 guidance, are
based upon current expectations and are subject to factors that could cause actual results to differ materially from those
suggested here, including those factors set forth in the Safe Harbor Statement below.
Investor Call
Management representatives will conduct an investor briefing and conference call at 4:30 p.m. Eastern
Time on Thursday, Mar. 1, 2018.
U.S.-based participants may dial into the conference call at 877-407-0792, while international participants may dial
201-689-8263. For all other listeners, a live webcast of the briefing and conference call will be available on the Vectrus
Investor Relations website at http://investors.vectrus.com.
A replay of the briefing will be posted on the Vectrus website shortly after completion of the call, and will remain available
for one year. A telephonic replay will also be available through Mar. 15, 2018, at 844-512-2921
(domestic) or 412-317-6671 (international), passcode 13676767.
|
Footnotes:
|
|
|
1 See appendix for reconciliation.
|
|
|
2 2018 EPS guidance is calculated using estimated weighted
average diluted common shares outstanding for the year ending December 31, 2018 of 11.3 million.
|
About Vectrus
Vectrus is a leading, global government
services company with a history in the services market that dates back more than 70 years . The company provides facility
and logistics services, and information technology
and network communication services to U.S. government customers around the world. Vectrus is differentiated
by operational excellence ,
superior program performance, a history of long-term customer relationships, and a strong commitment to their mission success.
Vectrus is headquartered in Colorado Springs, Colo., and includes about 6,700 employees spanning
177 locations in 21 countries. In 2017, Vectrus generated sales of $1.1 billion. For more
information, visit our website at www.vectrus.com or connect with us on Facebook , Twitter , LinkedIn , and YouTube .
Safe Harbor Statement
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 (the "Act"): Certain material presented
herein includes forward-looking statements intended to qualify for the safe harbor from liability established by the Act. These
forward-looking statements include, but are not limited to, statements in 2018 Guidance above about our revenue, operating
margin, net income, EPS and net cash provided by operating activities for 2018 and other assumptions contained therein for
purposes of such guidance, our new credit facility, debt payments, expense savings, contract opportunities, bids and awards,
collections, business strategy, outlook, objectives, plans, intentions or goals, and any discussion of future operating or
financial performance. Whenever used, words such as "may," "are considering," "will," "likely," "anticipate," "estimate,"
"expect," "project," "intend," "plan," "believe," "target," "could," "potential," "continue," or similar terminology are
forward-looking statements. These statements are based on the beliefs and assumptions of our management based on information
currently available to management. Forward-looking statements are not guarantees of future performance and are subject to risks
and uncertainties that could cause actual results to differ materially from the results contemplated by the forward-looking
statements, our historical experience and our present expectations or projections. These risks and uncertainties include, but are
not limited to: our dependence on a few large contracts for a significant portion of our revenue; competition in our industry;
our dependence on the U.S. government and the importance of our maintaining a good relationship with the U.S. government, our
ability to submit proposals for and/or win potential opportunities in our pipeline; our ability to retain and renew our existing
contracts; protests of new awards; any acquisitions, investments or joint ventures, including the integration of SENTEL
Corporation into our business; our international operations, including the economic, political and social conditions in the
countries in which we conduct our businesses; changes in U.S. government military operations, including its operations in
Afghanistan; changes in, or delays in the completion of, U.S. or international government
budgets; government regulations and compliance therewith, including changes to the Department of Defense procurement process;
changes in technology; intellectual property matters; governmental investigations, reviews, audits and cost adjustments;
contingencies related to actual or alleged environmental contamination, claims and concerns; our success in expanding our
geographic footprint or broadening our customer base, markets and capabilities; our ability to realize the full amounts reflected
in our backlog; impairment of goodwill; our performance of our contracts and our ability to control costs; our level of
indebtedness; our compliance with the terms of our credit agreement; subcontractor and employee performance and conduct; our
teaming arrangements with other contractors; economic and capital markets conditions; our ability to retain and recruit qualified
personnel; our maintenance of safe work sites and equipment; our compliance with applicable environmental, health and safety
regulations; our ability to maintain required security clearances; any disputes with labor unions; costs of outcome of any legal
proceedings; security breaches and other disruptions to our information technology and operations; changes in our tax provisions,
including under the Tax Cuts and Jobs Act, or exposure to additional income tax liabilities; changes in U.S. generally accepted
accounting principles; accounting estimates made in connection with our contracts; our exposure to interest rate risk; our
compliance with public company accounting and financial reporting requirements; timing of payments by the U.S. government; risks
and uncertainties relating to the spin-off from our former parent; and other factors set forth in Part I, Item 1A, – "Risk
Factors," and elsewhere in our 2017 Annual Report on Form 10-K and described from time to time in our future reports filed with
the Securities and Exchange Commission. We undertake no obligation to update any forward-looking statements, whether as a result
of new information, future events or otherwise, except as required by law.
CONTACT:
Mike Smith, CFA
719-637-5773
michael.smith@vectrus.com
|
VECTRUS, INC.
|
|
CONSOLIDATED STATEMENTS OF INCOME
|
|
|
|
Year Ended December 31,
|
|
(In thousands, except per share data)
|
|
2017
|
|
2016
|
|
2015
|
|
Revenue
|
|
$
|
1,114,788
|
|
|
$
|
1,190,519
|
|
|
$
|
1,180,684
|
|
|
Cost of revenue
|
|
1,012,840
|
|
|
1,083,607
|
|
|
1,075,035
|
|
|
Selling, general and administrative expenses
|
|
60,728
|
|
|
64,086
|
|
|
65,687
|
|
|
Operating income
|
|
41,220
|
|
|
42,826
|
|
|
39,962
|
|
|
Interest (expense) income, net
|
|
(4,640)
|
|
|
(5,639)
|
|
|
(6,531)
|
|
|
Income from operations before income taxes
|
|
36,580
|
|
|
37,187
|
|
|
33,431
|
|
|
Income tax (benefit) expense
|
|
(22,917)
|
|
|
13,532
|
|
|
2,458
|
|
|
Net income
|
|
$
|
59,497
|
|
|
$
|
23,655
|
|
|
$
|
30,973
|
|
|
|
|
|
|
|
|
|
Earnings per share
|
|
|
|
|
|
|
|
Basic
|
|
$5.40
|
|
|
$2.21
|
|
|
$2.94
|
|
|
Diluted
|
|
$5.31
|
|
|
$2.16
|
|
|
$2.86
|
|
|
Weighted average common shares outstanding - basic
|
|
11,021
|
|
|
10,714
|
|
|
10,551
|
|
|
Weighted average common shares outstanding - diluted
|
|
11,209
|
|
|
10,974
|
|
|
10,825
|
|
|
VECTRUS, INC.
|
|
CONSOLIDATED BALANCE SHEETS
|
|
|
|
December 31,
|
|
(In thousands, except share information)
|
|
2017
|
|
2016
|
|
Assets
|
|
|
|
|
|
Current assets
|
|
|
|
|
|
Cash
|
|
$
|
77,453
|
|
|
$
|
47,651
|
|
|
Receivables
|
|
174,995
|
|
|
172,072
|
|
|
Costs incurred in excess of billings
|
|
12,751
|
|
|
11,002
|
|
|
Other current assets
|
|
6,747
|
|
|
13,412
|
|
|
Total current assets
|
|
271,946
|
|
|
244,137
|
|
|
Property, plant, and equipment, net
|
|
3,733
|
|
|
3,061
|
|
|
Goodwill
|
|
216,930
|
|
|
216,930
|
|
|
Other non-current assets
|
|
2,942
|
|
|
1,177
|
|
|
Total non-current assets
|
|
223,605
|
|
|
221,168
|
|
|
Total Assets
|
|
$
|
495,551
|
|
|
$
|
465,305
|
|
|
Liabilities and Shareholders' Equity
|
|
|
|
|
|
Current liabilities
|
|
|
|
|
|
Accounts payable
|
|
115,899
|
|
|
118,055
|
|
|
Billings in excess of costs
|
|
3,766
|
|
|
1,421
|
|
|
Compensation and other employee benefits
|
|
39,304
|
|
|
34,917
|
|
|
Short-term debt
|
|
4,000
|
|
|
15,750
|
|
|
Other accrued liabilities
|
|
19,209
|
|
|
17,693
|
|
|
Total current liabilities
|
|
182,178
|
|
|
187,836
|
|
|
Long-term debt, net
|
|
73,211
|
|
|
67,842
|
|
|
Deferred tax liability
|
|
55,329
|
|
|
89,667
|
|
|
Other non-current liabilities
|
|
1,461
|
|
|
2,559
|
|
|
Total non-current liabilities
|
|
130,001
|
|
|
160,068
|
|
|
Total liabilities
|
|
312,179
|
|
|
347,904
|
|
|
Commitments and contingencies
|
|
|
|
|
|
Shareholders' Equity
|
|
|
|
|
|
Preferred stock; $0.01 par value; 10,000,000 shares authorized; No
shares issued and outstanding
|
|
—
|
|
|
—
|
|
|
Common stock; $0.01 par value; 100,000,000 shares authorized; 11,120,528 and
10,894,924 shares issued and outstanding
|
|
111
|
|
|
109
|
|
|
Additional paid in capital
|
|
67,526
|
|
|
63,910
|
|
|
Retained earnings
|
|
117,415
|
|
|
57,959
|
|
|
Accumulated other comprehensive loss
|
|
(1,680)
|
|
|
(4,577)
|
|
|
Total shareholders' equity
|
|
183,372
|
|
|
117,401
|
|
|
Total Liabilities and Shareholders' Equity
|
|
$
|
495,551
|
|
|
$
|
465,305
|
|
|
VECTRUS, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
|
|
Year Ended December 31,
|
|
(In thousands)
|
|
2017
|
|
2016
|
|
2015
|
|
Operating activities
|
|
|
|
|
|
|
|
Net income
|
|
$
|
59,497
|
|
|
$
|
23,655
|
|
|
$
|
30,973
|
|
|
Adjustments to reconcile net income to net cash provided by operating
activities:
|
|
|
|
|
|
|
|
Depreciation expense
|
|
1,686
|
|
|
1,920
|
|
|
3,138
|
|
|
Loss on disposal of property, plant, and equipment
|
|
—
|
|
|
405
|
|
|
686
|
|
|
Stock-based compensation
|
|
4,467
|
|
|
4,649
|
|
|
6,658
|
|
|
Amortization and write-off of debt issuance costs
|
|
1,464
|
|
|
1,198
|
|
|
1,130
|
|
|
Changes in assets and liabilities:
|
|
|
|
|
|
|
|
Receivables
|
|
178
|
|
|
37,814
|
|
|
(9,886)
|
|
|
Other assets
|
|
3,455
|
|
|
(13,903)
|
|
|
12,005
|
|
|
Accounts payable
|
|
(4,346)
|
|
|
(3,766)
|
|
|
8,874
|
|
|
Billings in excess of costs
|
|
2,345
|
|
|
(4,605)
|
|
|
219
|
|
|
Deferred taxes
|
|
(35,321)
|
|
|
(2,163)
|
|
|
(9,404)
|
|
|
Compensation and other employee benefits
|
|
3,256
|
|
|
(1,808)
|
|
|
275
|
|
|
Other liabilities
|
|
(1,271)
|
|
|
(6,778)
|
|
|
(25,788)
|
|
|
Net cash provided by operating activities
|
|
$
|
35,410
|
|
|
$
|
36,618
|
|
|
$
|
18,880
|
|
|
Investing activities
|
|
|
|
|
|
|
|
Purchases of capital assets
|
|
(2,344)
|
|
|
(741)
|
|
|
(793)
|
|
|
Proceeds from the disposition of assets
|
|
—
|
|
|
116
|
|
|
387
|
|
|
Distributions from equity investment
|
|
—
|
|
|
573
|
|
|
524
|
|
|
Net cash (used in) provided by investing activities
|
|
$
|
(2,344)
|
|
|
$
|
(52)
|
|
|
$
|
118
|
|
|
Financing activities
|
|
|
|
|
|
|
|
Proceeds from issuance of long-term debt
|
|
80,000
|
|
|
—
|
|
|
—
|
|
|
Repayments of long-term debt
|
|
(86,000)
|
|
|
(29,000)
|
|
|
(23,375)
|
|
|
Proceeds from revolver
|
|
42,500
|
|
|
74,000
|
|
|
324,000
|
|
|
Repayments of revolver
|
|
(42,500)
|
|
|
(74,000)
|
|
|
(324,000)
|
|
|
Proceeds from exercise of stock options
|
|
2,031
|
|
|
2,146
|
|
|
239
|
|
|
Payment of debt issuance costs
|
|
(1,844)
|
|
|
(221)
|
|
|
—
|
|
|
Proceeds from insurance financing
|
|
—
|
|
|
—
|
|
|
14,857
|
|
|
Repayments of insurance financing
|
|
—
|
|
|
—
|
|
|
(12,130)
|
|
|
Payments of employee withholding taxes on share-based compensation
|
|
(1,317)
|
|
|
(987)
|
|
|
(1,301)
|
|
|
Net cash (used in) financing activities
|
|
$
|
(7,130)
|
|
|
$
|
(28,062)
|
|
|
$
|
(21,710)
|
|
|
Exchange rate effect on cash
|
|
3,866
|
|
|
(848)
|
|
|
(116)
|
|
|
Net change in cash
|
|
29,802
|
|
|
7,656
|
|
|
(2,828)
|
|
|
Cash-beginning of year
|
|
47,651
|
|
|
39,995
|
|
|
42,823
|
|
|
Cash-end of year
|
|
$
|
77,453
|
|
|
$
|
47,651
|
|
|
$
|
39,995
|
|
|
|
|
|
|
|
|
|
Supplemental Disclosure of Cash Flow Information:
|
|
|
|
|
|
|
|
Interest paid
|
|
$
|
5,886
|
|
|
$
|
5,278
|
|
|
$
|
6,047
|
|
|
Income taxes paid
|
|
$
|
4,802
|
|
|
$
|
26,068
|
|
|
$
|
16,096
|
|
Key Performance Indicators and Non-GAAP Financial Measures
The primary financial performance measures we use to manage our business and monitor results of operations are revenue trends
and operating income trends. In addition, we consider adjusted net income and adjusted diluted earnings per share to be
useful to management and investors in evaluating our operating performance for the periods presented, and to provide a tool for
evaluating our ongoing operations. This information can assist investors in assessing our financial performance and measures our
ability to generate capital for deployment among competing strategic alternatives and initiatives.
Adjusted net income and adjusted diluted earnings per share, however, are not measures of financial performance under
generally accepted accounting principles in the United States of America (GAAP) and should not
be considered a substitute for net income and diluted earnings per share as determined in accordance with GAAP.
Reconciliations of these items are provided below.
"Adjusted net income" is defined as net income, adjusted to exclude items that may include, but are not limited to, other
income; significant charges or credits that impact current results but are not related to our ongoing operations and unusual and
infrequent non-operating items and non-operating tax settlements or adjustments, such as revaluation of our deferred tax
liability as a result of the Tax Cuts and Jobs Act, and net settlement of uncertain tax positions.
"Adjusted diluted earnings per share" is defined as adjusted net income divided by the weighted average diluted common
shares outstanding.
|
(In thousands, except per share data)
|
|
Three Months Ended
December 31,
|
|
Year Ended
December 31,
|
|
Adjusted Net Income and Adjusted Diluted Earnings Per Share (Non-GAAP
Measure)
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
Net income
|
|
$
|
41,567
|
|
|
$
|
4,409
|
|
|
$
|
59,497
|
|
|
$
|
23,655
|
|
|
Revaluation of deferred tax liability 1
|
|
(35,139)
|
|
|
—
|
|
|
(35,139)
|
|
|
—
|
|
|
Adjusted net income
|
|
$
|
6,428
|
|
|
$
|
4,409
|
|
|
$
|
24,358
|
|
|
$
|
23,655
|
|
|
GAAP EPS, diluted
|
|
$3.70
|
|
|
$0.40
|
|
|
$5.31
|
|
|
$2.16
|
|
|
Adjusted EPS, diluted
|
|
$0.57
|
|
|
$0.40
|
|
|
$2.17
|
|
|
$2.16
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding, diluted
|
|
11,234
|
|
|
10,988
|
|
|
11,209
|
|
|
10,974
|
|
|
|
1 Change in deferred tax liability related to change in federal
tax rate under Tax Cuts and Jobs Act.
|
SUPPLEMENTAL INFORMATION
Revenue by military branch, contract type, and contract relationship for the periods presented below was as follows:
|
|
Year Ended December 31,
|
|
(In thousands)
|
|
2017
|
|
2016
|
|
Military branch
|
|
Revenue
|
|
% of
Total
|
|
Revenue
|
|
% of
Total
|
|
Army
|
|
$
|
915,554
|
|
|
82
|
%
|
|
$
|
1,004,842
|
|
|
84
|
%
|
|
Navy
|
|
21,896
|
|
|
2
|
%
|
|
20,066
|
|
|
2
|
%
|
|
Air Force
|
|
177,338
|
|
|
16
|
%
|
|
165,611
|
|
|
14
|
%
|
|
Total Revenue
|
|
$
|
1,114,788
|
|
|
|
|
$
|
1,190,519
|
|
|
|
|
|
|
Year Ended December 31,
|
|
(in thousands)
|
|
2017
|
|
2016
|
|
Contract type
|
|
Revenue
|
|
% of
Total
|
|
Revenue
|
|
% of
Total
|
|
Firm-Fixed-Price
|
|
$
|
295,880
|
|
|
27
|
%
|
|
$
|
297,677
|
|
|
25
|
%
|
|
Cost-Plus and Cost Reimbursable ¹
|
|
818,908
|
|
|
73
|
%
|
|
892,842
|
|
|
75
|
%
|
|
Total Revenue
|
|
$
|
1,114,788
|
|
|
|
|
$
|
1,190,519
|
|
|
|
|
|
|
|
|
|
|
|
|
|
¹ Includes time and material contracts
|
|
|
Year Ended December 31,
|
|
(In thousands)
|
|
2017
|
|
2016
|
|
Contract Relationship
|
|
Revenue
|
|
% of
Total
|
|
Revenue
|
|
% of
Total
|
|
Prime Contractor
|
|
$
|
1,083,485
|
|
|
97
|
%
|
|
$
|
1,131,773
|
|
|
95
|
%
|
|
Sub Contractor
|
|
31,303
|
|
|
3
|
%
|
|
58,746
|
|
|
5
|
%
|
|
Total Revenue
|
|
$
|
1,114,788
|
|
|
|
|
$
|
1,190,519
|
|
|
|
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SOURCE Vectrus, Inc.