VVX — what changed in the latest 10-Q

Text added vs the prior filing · source: 10-Q · 2026-05-04

• Operating income for the three months ended April 3, 2026 was $44.1 million, an increase of $9.8 million or 29%, compared to the three months ended March 28, 2025. Operating income increased primarily due to the ramp up of several programs, partially offset by increased SG&A expenses.

• The LOGCAP V - Kuwait Task Order is exercised through June 30, 2026 and provides services to support the Geographical Combatant Commands and Army Service Component Commands throughout the full range of military operations in the Kuwait region. On April 14, 2026, the U.S. Department of the Army notif…

• The T-45 Navy and Marine program is currently exercised through December 31, 2026, with two additional twelve-month options and one six-month option through June 30, 2029. The program provides critical organizational, intermediate, and depot-level maintenance for the T-45 Goshawk trainer aircraft, e…

• The U.S. government's Fiscal Year (FY) begins on October 1 and ends on September 30. The DoW FY 2026 base budget request is approximately $848 billion, which does not include the mandatory funding contained in the OBBBA. The OBBBA was signed into law by the President on July 4th, 2025, and allocates…

• Annual appropriations for FY 2026 were not completed on time and, as such, on October 1, 2025, the U.S. government entered a shutdown, which ended on November 12, 2025. While we did not experience a material impact from the U.S. government shutdown, if the shutdown had continued for an extended peri…

Text removed vs the prior filing · source: 10-Q · 2025-11-03

• Operating income for the three and nine months ended September 26, 2025 was $55.7 million and $142.9 million, respectively, an increase of $5.8 million and $35.3 million, or 12% and 33%, respectively, compared to the three and nine months ended September 27, 2024. Operating income increased primaril…

• The LOGCAP V - Kuwait Task Order is currently exercised through June 30, 2026. On April 17, 2025, the U.S. Department of the Army announced that it will extend the current period of performance for the various task orders under the LOGCAP V, including the Kuwait Task Order, which is scheduled to ext…

• The U.S. government's Fiscal Year (FY) begins on October 1 and ends on September 30. On March 15, 2025, the President signed into law the Full-Year Continuing Appropriations and Extensions Act 2025 to continue funding the government through FY 2025.

• The DoW FY 2026 budget request is approximately $962 billion, including both discretionary appropriations and mandatory funding contained in the One Big Beautiful Bill Act (OBBBA). The OBBBA was signed into law by the President on July 4th, 2025, and allocates approximately $150 billion in appropria…

• We anticipate the federal budget will continue to be subject to debate and compromise shaped by, among other things, heightened political tensions, Congress, the debt ceiling, the global security environment, inflationary pressures, and other macroeconomic conditions. The FY 2026 appropriations for …

Text added vs the prior filing · source: 10-Q · 2026-05-04

• The Company's management, with the participation of the Company's Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the Company's disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of April 3, 2026. Based on su…

• There were no changes in the Company's Internal Control over Financial Reporting (ICFR) during the period ended April 3, 2026 that have materially affected, or are reasonably likely to materially affect, the Company's ICFR.

Text removed vs the prior filing · source: 10-Q · 2025-11-03

• The Company's management, with the participation of the Company's Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the Company's disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of September 26, 2025. Based …

• As previously disclosed in Item 9A of our Annual Report on Form 10-K for the year ended December 31, 2024, management concluded that there were two material weaknesses in our internal control over financial reporting related to two of the subsidiaries within Vertex. In response to the material weakn…

• The Company is continuing with its implementation plans to address each of the material weaknesses as previously disclosed in Part II, "Item 9A. Controls and Procedures" of our Annual Report on Form 10-K for the year ended December 31, 2024. Management has and is continuing to enhance the risk asses…

• The status of our remediation plan is being, and will continue to be, reported by management to the Audit Committee on a consistent basis. In addition, management has assigned executive owners to oversee the remedial changes to the overall design of the Company’s internal control environment and to …

• As management continues to evaluate and strive to improve the Company’s Internal Control over Financial Reporting (ICFR), management may take additional measures to address these material weaknesses or modify the previously disclosed remediation plans. Please see the risk factor “Integrating Vectrus…

Text added vs the prior filing · source: 10-Q · 2026-05-04

• As a government contractor, we are also subject to U.S. government audits and investigations relating to our operations, including claims for fines, penalties, and repayments, compensatory or treble damages. We believe the outcome of such ongoing government audits and investigations will not have a …

Text removed vs the prior filing · source: 10-Q · 2025-11-03

• Although the ultimate outcome of any legal matter cannot be predicted with certainty, based on present information, including our assessment of the merits of the particular claim, we do not expect that any asserted or unasserted legal claims or proceedings, individually or in the aggregate, will hav…

Text added vs the prior filing · source: 10-Q · 2026-05-04

• As previously disclosed, during 2025 we discovered a cybersecurity incident in which an unauthorized third party accessed our internal IT systems. We have determined that the unauthorized third party removed certain data from the Company's IT systems. Upon detecting the incident, the Company promptl…

Text removed vs the prior filing · source: 10-Q · 2025-11-03

• Resignation of Neil D. Snyder as a Member of the Board and Change in Board Committee

• In connection with the September 2025 Rule 144 Sale, and pursuant to the Shareholders Agreement, one director designated by the Selling Shareholder is obligated to tender his or her resignation from the Board effective no later than the 2026 Annual Meeting.

• On October 29, 2025, Neil D. Snyder tendered his resignation, and the Board accepted such tender, from his position on the Board as a Class II Director and as a member of the Nominating and Governance Committee, each as effective October 30, 2025. The resignation of Mr. Snyder as a member of the Boa…

• On October 30, 2025, the Board appointed Phillip C. Widman to replace Mr. Snyder as a member of the Nominating and Governance Committee of the Board. In connection with the resignation, the Board, pursuant to the consent required in the Shareholders Agreement and provided by the Selling Shareholder,…

• On October 29, 2025, William B. Noon notified the Company of his decision to step down from his role as a Chief Accounting Officer of the Company, effective December 5, 2025. His decision to step down is voluntary and not due to any disagreements regarding the Company’s accounting, operations, polic…