VSE Corp 2025年季度报告

ITEM 1.Financial Statements Unaudited Consolidated Balance Sheets as of March 31, 2025and December 31, 2024Unaudited Consolidated Statements ofOperationsfor the threemonths ended March 31, 2025and 2024 2025and 2024 Unaudited Consolidated Statements of Stockholders' Equity for the three months ended March 31, 2025and 2024 Unaudited Consolidated Statements of Cash Flows for the three months ended March 31, 2025and 2024 Table of Contents Forward-Looking Statements This quarterly report on Form 10-Q (“Form 10-Q”) contains statements that, to the extent they are not recitations of historical fact,constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the “SecuritiesAct”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All such statements are intended to “Forward-looking” statements, as such term is defined by the Securities and Exchange Commission (the “SEC”) in its rules,regulations and releases, represent the Company's expectations or beliefs, including, but not limited to, statements concerning theCompany's operations, economic performance, financial condition, growth, acquisition and disposition strategies, investments andfuture operational plans. Without limiting the generality of the foregoing, words such as “may,” “will,” “expect,” “believe,”“anticipate,” “intend,” “forecast,” “seek,” “plan,” “predict,” “project,” “could,” “estimate,” “might,” “continue,” “seeking” or thenegative or other variations thereof or comparable terminology are intended to identify forward-looking statements. These statements,by their nature, involve substantial risks and uncertainties, certain of which are beyond the Company's control, and actual results maydiffer materially depending on a variety of important factors, including, but not limited to, those identified elsewhere in this document, Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management's analysis only as ofthe date hereof. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or VSE CORPORATION AND SUBSIDIARIESConsolidated Statements of Operations VSE CORPORATION AND SUBSIDIARIESConsolidated Statements of Comprehensive Income (Loss) (in thousands)20252024Net loss$(8,973)$(6,611) VSE CORPORATION AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS Table of Contents (1)Nature of Operations and Basis of Presentation Nature of Operations VSE Corporation (collectively, with its consolidated subsidiaries), "VSE," or the "Company," is a leading provider of aviationaftermarket parts distribution and maintenance, repair and overhaul ("MRO") services for air transportation assets for commercial and Basis of Presentation The Company's accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. GenerallyAccepted Accounting Principles ("U.S. GAAP") for interim financial information and in accordance with the instructions to SEC Form10-Q and Article 10 of SEC Regulation S-X.Therefore, such financial statements do not include all the information and footnotesrequired by U.S. GAAP for complete financial statements and should be read in conjunction with the consolidated financial statementsand footnotes thereto included in the Company's Annual Report on Form 10-K for the year ended December31, 2024 ("2024 Form 10- In February 2024, VSE entered intotwoseparate agreements to sell substantially all of the Federal and Defense segment assets. SeeNote (3) "Discontinued Operations" for further information. The consolidated financial statements present the results of operations for In February 2025, VSE signed a definitive agreement to sell all of the issued and outstanding shares of common stock of its Fleetsegment. See Note (3) "Discontinued Operations" and Note (13) "Subsequent Events" for further information. The consolidatedfinancial statements present the results of operations for the Fleet segment as discontinued operations, and the related assets and Certain reclassifications have been made to the prior period financial information to reflect discontinued operations classification.Unless otherwise noted, amounts and disclosures throughout these Notes to Consolidated Financial Statements relate solely to Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires the Company to make estimates and assumptions thataffect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financialstatements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those (2)Acquisitions Turbine Controls, Inc. ("TCI") On April 24, 2024, the Company completed the acquisition of TCI for a total consideration of $122.4million. The total considerationconsisted of cash consi