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.