History and Organization
−Removed: VSE Corporation, together with its consolidated subsidiaries, is a leading provider of aftermarket distribution and maintenance, repair and overhaul ("MRO") services for air and land transportation assets for commercial and government markets.
+Added: VSE Corporation, through its subsidiaries (collectively, "VSE," the "Company," "we," "us," or "our"), is a leading provider of aftermarket distribution and maintenance, repair and overhaul ("MRO") services for air and land transportation assets for commercial and government markets.
VSE was incorporated in Delaware in 1959.
−Removed: The terms "we," "us," "our," "VSE" and the "Company" mean VSE Corporation and its operating businesses unless the context indicates otherwise.
Purpose, Vision and Our Core Values
15 unchanged sentences
Prior to the sale of the Federal and Defense segment, as discussed below, we operated in three reportable operating segments.
−Removed: The Aviation segment is a leading provider of aftermarket parts distribution and MRO services for components and engine accessories supporting commercial, business and general aviation operators ("B&GA").
−Removed: This business offers a range of services to a diversified global client base of commercial airlines, regional airlines, cargo transporters, MRO integrators and providers, aviation manufacturers, corporate and private aircraft owners, and fixed-base operators ("FBOs").
+Added: The Aviation segment is a leading provider of aftermarket parts distribution and MRO services for components and engine accessories supporting commercial, business and general aviation ("B&GA") operators.
+Added: This business offers a range of services to a diversified global client base of commercial airlines, regional airlines, air cargo transporters, MRO integrators and providers, aviation manufacturers, corporate and private aircraft owners, and fixed-base operators ("FBOs").
Our Aviation segment accounted for 73%, 63%, and 61% of our consolidated revenues in 2024, 2023 and 2022, respectively.
−Removed: The Fleet segment specializes in part distribution, engineering solutions, and supply chain management services supporting the medium and heavy-duty fleet market.
−Removed: Fleet segment operations are conducted under the brand Wheeler Fleet Solutions, which supports government and commercial truck fleets with parts, sustainment solutions and managed inventory services.
−Removed: Revenues for this business are derived from the sale of vehicle parts and mission critical supply chain services to support client truck fleets.
+Added: The Fleet segment specializes in parts distribution, engineering solutions, and mission critical supply chain management services supporting the medium and heavy-duty fleet market.
+Added: Fleet segment operations are conducted under the brand Wheeler Fleet Solutions, which supports the United States Postal Service ("USPS") and commercial truck fleets with parts, sustainment solutions and managed inventory services.
Our Fleet segment accounted for 27%, 37%, and 39% of our consolidated revenues in 2024, 2023 and 2022, respectively.
Federal and Defense
−Removed: The Federal and Defense segment provides aftermarket refurbishment and sustainment services to extend and maintain the life cycle of military vehicles, ships and aircraft for the DoD.
−Removed: The segment provides foreign military sales services, engineering, logistics, maintenance, field support services, energy consulting services and IT solutions to the DoD, federal civilian agencies and commercial customers.
−Removed: In May 2023, we announced our decision to sell our Federal and Defense segment.
−Removed: As a result, we have reflected the results of operations for the Federal and Defense segment as discontinued operations for all periods presented.
−Removed: "Discontinued Operations" to our Consolidated Financial Statements included in Item 8 of this annual report on Form 10-K for further information.
−Removed: In February 2024, we entered into two separate agreements to sell substantially all of the Federal and Defense segment assets.
−Removed: See Note (18) "Subsequent Events" to our Consolidated Financial Statements for further information.
+Added: Prior to its sale, the Federal and Defense segment provided aftermarket refurbishment and sustainment services to extend and maintain the life cycle of military vehicles, ships and aircraft for the United States Department of Defense ("DoD").
+Added: In February 2024, we entered into two separate agreements to sell substantially all of the Federal and Defense segment assets ("FDS Sale").
+Added: We have reflected the results of operations for this business as discontinued operations for all periods presented.
+Added: See Note (3) "Discontinued Operations" to our Consolidated Financial Statements included in Item 8 of this annual report on Form 10-K for
+Added: further information.
Products and Services
1 unchanged sentence
We focus on creating value by sustaining and extending the life and improving the performance of our client transportation assets through core offerings in parts supply and distribution, supply chain management, and MRO services.
−Removed: Typical offerings include aircraft and airframe parts supply and distribution, supply chain and inventory management services;
−Removed: MRO of aircraft components and engine accessories;
−Removed: vehicle fleet sustainment programs;
−Removed: vehicle fleet parts supply and parts distribution.
We supply parts through our global distribution centers of excellence and provide MRO services from our strategically positioned repair facilities ensuring expedient delivery and turn-around of customers products enabling aircraft and fleet vehicles to return to service on time.
−Removed: See Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” for more information regarding our business.
+Added: See Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” for more information regarding our business operations.
Our marketing activities are conducted separately by each of our two business segments by industry-specific sales representatives and professional marketing and business development staff.
5 unchanged sentences
As of December 31, 2024, we employed approximately 1,400 employees.
−Removed: Principal employee categories include (a) mechanics and vehicle, aircraft and equipment technicians, (b) logisticians, (c) finance, information technology, and human resources support personnel, (d) warehouse and sales personnel, and (e) engineers.
+Added: Principal employee categories include (i) mechanics and vehicle, aircraft and equipment technicians, (ii) logisticians, (iii) finance, information technology, and human resources support personnel, (iv) warehouse and sales personnel, and (v) engineers.
Employee Health and Safety
4 unchanged sentences
Talent Acquisition, Retention and Development
−Removed: We strive to attract and retain top talent at all levels of the company.
+Added: We strive to attract, develop and retain top talent at all levels of the company.
To support this objective, we seek to provide opportunities for professional development and career growth to recognize and reward our employees for their contributions and accomplishments.
8 unchanged sentences
In addition to competitive base pay, we offer bonus opportunities, a Company matched 401(k) plan, an employee stock purchase plan, healthcare insurance benefits, health savings and flexible spending accounts, paid time off, holiday pay, flexible work schedules, education reimbursement, and employee assistance programs.
−Removed: Inclusion and Diversity
−Removed: We embrace and encourage inclusion and strive to build a culture and company environment supporting inclusion and diversity.
−Removed: Our inclusion and diversity initiatives include our practices and policies on employee recruitment and hiring, professional training and development, employee engagement and the development of a work environment built on the premise of diversity and equity.
−Removed: In 2020, we formed the VSE Inclusion & Diversity Council ("I&D Council"), a leader-led group focused on creating a framework and action plan for inclusion and diversity related initiatives across the organization.
−Removed: Our I&D Council regularly hosts roundtable discussions aimed at increasing cultural awareness and promoting dialogue to encourage a culture that values inclusive behavior in our workplace.
−Removed: We also support employee resource groups, which are voluntary, employee-led groups that are open to all employees and provide a forum for diverse employees and allies from a variety of backgrounds to share experiences and support our company's diversity initiatives.
−Removed: We firmly believe in the power of our employee resource groups, which include Women in the Workforce, Pride, Latinos Unidos, and Veterans, to foster diversity and inclusivity in our workplace.
+Added: We embrace and encourage inclusion and strive to build a culture and company environment supporting inclusivity.
+Added: Our initiatives include our practices on employee engagement, and the development of a work environment built on the premise of inclusion.
+Added: We are focused on creating a framework and action plan for inclusion related initiatives across the organization, regularly hosts roundtable discussions aimed at increasing awareness and promoting dialogue to encourage a culture that values inclusive behavior in our workplace.
+Added: We also support employee resource groups, which are voluntary, employee-led groups that are open to all employees and provide a forum for all employees to share experiences and support our company's initiatives.
+Added: We firmly believe in the power of our employee resource groups to foster inclusivity in our workplace.
These groups serve as platforms for employees from different backgrounds to connect, share experiences, and advocate for continuous improvement within our organization.
2 unchanged sentences
These efforts include an emphasis on hiring military veterans to enhance the quality of our workforce.
−Removed: In our continuous pursuit of creating a more inclusive and diverse workplace, we recently launched an inclusion and diversity training program.
+Added: In our continuous pursuit of creating a more inclusive and diverse workplace, we provide training programs to support these initiatives.
The goal of this initiative is to increase awareness and promote cultural sensitivity among our employees.
6 unchanged sentences
We work with numerous U.S.
−Removed: government agencies and entities, including but not limited to, the Federal Aviation Administration ("FAA"), the United States Postal Service ("USPS"), and the Department of Defense ("DoD").
+Added: government agencies and entities, including but not limited to, the Federal Aviation Administration ("FAA") and the USPS.
Similar government authorities and regulations exist in the other countries in which we do business.
−Removed: Commercial Aircraft
The FAA regulates the manufacture, repair and operation of all aircraft and aircraft parts operated in the United States.
11 unchanged sentences
We make available free of charge through our website, our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and amendments to those reports filed with or otherwise furnished to the SEC pursuant to Section 13(a) or 15(d) of the Exchange Act as soon as reasonably practicable after the reports are electronically filed with, or furnished to, the SEC.
−Removed: The information on or obtainable through our website is not intended to be incorporated into this Annual Report on Form 10-K.
+Added: The information on or obtainable through our
+Added: website is not intended to be incorporated into this Annual Report on Form 10-K.
The SEC also maintains an internet website ( http://www.sec.gov ) that contains reports, proxy and information statements and other information regarding issuers that file electronically with the SEC.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.