V2X Inc
For the period ended Dec 31, 2023. Filed Mar 5, 2024.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2023 · Filed Mar 5, 2024
VVX$82.71+1.1%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
| Year Ended December 31, | |||
|---|---|---|---|
| (In thousands) | 2023 | 2022 | 2021 |
| Operating activities | |||
| Net (loss) income | $(22,573) | $(14,330) | $45,728 |
| Adjustments to reconcile net (loss) income to net cash provided by operating activities: | |||
| Depreciation expense | 22,408 | 13,472 | 6,526 |
| Amortization of intangible assets | 90,423 | 48,643 | 10,028 |
| Loss on disposal of property, plant, and equipment | 683 | 59 | 65 |
| Stock-based compensation | 32,843 | 32,736 | 8,331 |
| Deferred taxes | (7,509) | (15,554) | (7,280) |
| Amortization of debt issuance costs | 9,067 | 7,805 | 912 |
| Loss on extinguishment of debt | 22,298 | — | — |
| Gain on disposition of business | (450) | (2,082) | — |
| Changes in assets and liabilities: | |||
| Receivables | 19,064 | (52,311) | (36,376) |
| Inventory, net | (311) | (3,600) | (5,232) |
| Other assets | 12,076 | 14,962 | (7,613) |
| Accounts payable | 43,153 | 71,837 | 56,985 |
| Compensation and other employee benefits | (9,901) | 42,878 | 1,133 |
| Other liabilities | (23,303) | (51,020) | (11,868) |
| Net cash provided by operating activities | 187,968 | 93,495 | 61,339 |
| Investing activities | |||
| Purchases of capital assets and intangibles | (25,021) | (12,425) | (9,776) |
| Proceeds from the disposition of assets | 16 | 9 | 16 |
| Acquisition of business, net of cash acquired | — | 193,677 | 262 |
| Disposition of business | 1,349 | (5,303) | — |
| Distributions from (contributions to) joint venture | 1,007 | — | (3,145) |
| Net cash (used in) provided by investing activities | (22,649) | 175,958 | (12,643) |
| Financing activities | |||
| Proceeds from issuance of long-term debt | 250,000 | — | — |
| Repayments of long-term debt | (432,603) | (108,400) | (8,600) |
| Proceeds from revolver | 922,750 | 392,000 | 529,000 |
| Repayments of revolver | (922,750) | (472,925) | (594,000) |
| Proceeds from exercise of stock options | 34 | 408 | 379 |
| Payment of debt issuance costs | (8,818) | (2,325) | (17) |
| Prepayment premium on early redemption of debt | (1,600) | — | — |
| Payments of employee withholding taxes on share-based compensation | (18,036) | (1,994) | (2,347) |
| Net cash used in financing activities | (211,023) | (193,236) | (75,585) |
| Exchange rate effect on cash | 2,288 | 1,337 | (3,325) |
| Net change in cash, cash equivalents and restricted cash | (43,416) | 77,554 | (30,214) |
| Cash, cash equivalents and restricted cash – beginning of year | 116,067 | 38,513 | 68,727 |
| Cash, cash equivalents and restricted cash – end of year | $72,651 | $116,067 | $38,513 |
| Supplemental Disclosure of Cash Flow Information: | |||
| Interest paid | $117,482 | $54,267 | $5,801 |
| Income taxes paid | $8,356 | $13,416 | $9,703 |
| Non-cash investing activities: | |||
| Purchase of capital assets on account | $3,043 | $2,716 | $277 |
| Common stock issued for business acquisition | $— | $630,636 | $— |
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