V2X, Inc. (VVX) 2016年年度报告「NYSE」.pdf

1、2016ANNUAL REPORTletter to shareholdersSince joining Vectrus in December 2016,Ive had the opportunity to visit several of our overseas and U.S.programs as well as engage with investors and other marketinfluencers.The Vectrus leadership team and I have refined our core strategies in orderto create a

2、higher value,growth oriented,platform.The Vectrus brand is strong and Imhonored to lead Vectrus into its next phase of growth.We delivered solid results in 2016,despite the challenges we experienced during the year.Our revenue,operating margin,and diluted earnings per share were all in line with our

3、 full-year guidance,while net cash provided by operating activities exceeded our guidance.Our team did an excellent job of focusing on the business,which was demonstratedthrough a reduced leverage profile,significant improvement in days sales outstanding,and a more streamlined and effective organiza

4、tional structure.Specifically,in 2016,we reduced total debt by 25%or$29 million,which included voluntary debt payments of$15 million.We ended 2016 with total debt of$85 million and$48 million of cash on the balance sheet.Additionally,days sales outstanding improved significantly to 57 days,represent

5、ing an 11-day improvement year over year.Our net cash providedby operating activities was also strong at$37 million,representing an$18 million increase year over year.Last year,we were awarded a position on the U.S.Navys Global Contingency Services Multiple Award Contract II,known as GCS MAC II,whic

6、h has an eight-year duration.Importantly,GCS MAC II represents our second long-term indefinite-delivery indefinite-quantity contract win in support of global contingency efforts.We were also awarded a$21 millioninstallation services task order in support of the U.S.Air Force at Al Udeid Air Base in