VSE Corporation (NASDAQ:VSEC) Q4 2023 Earnings Call Transcript

The third thing that I would kind of offer is, obviously, as John referenced just a couple minutes ago, we are going to go through a strategic evaluation associated with the fleet segment. And I think there is an element around shoring up the balance sheet associated with that. So, we’ll provide more updates towards the back half of the year once we complete that strategic review.

Samuel Struhsaker: Great, thanks guys.

Steve Griffin: Thank you.

Operator: We have a follow-up question from Louis DiPalma. Please go ahead.

Louie DiPalma: Thanks for taking the follow-up. I was wondering, you mentioned in the press release, I believe, a potential 23 million for corporate restructuring. Do you have any sense on what could be the savings in 2025 from that restructuring?

Steve Griffin: Yes, Louie, we’re just kind of kicking off this progress for this process at this point, but I would say this is really about eliminating, I’ll call it some excess costs following the FDS sale, and it’s primarily related to facilities expenses. So, we don’t have anything necessarily we would share at this point, but I’d say it’s more so about eliminating some of that overhead expense that remains behind following the FDS sale. And, you’ve got a range there, but obviously it comes down to multiple different factors in terms of discussions with some of the contractors and vendors. So, we’ll provide more updates on specifics around it once we complete the process.

Louie DiPalma: Great. That’s it for me. Thanks, everyone.

Steve Griffin: Thanks, Louie.

Operator: This concludes our question-and-answer session. I would like to turn the conference back over to John Cuomo, President, and CEO, for any closing remarks.

John Cuomo: Thank you. Thanks, everybody, for joining our call today. Very, very thankful, and appreciative of the VSE team, the strong 2023 results that we were able to produce, and the outstanding start, both strategically and operationally to 2024. Look forward to speaking to you all in May after our first quarter earnings call. Have a great day. Thank you.

Operator: The conference has now concluded. Thank you for attending today’s presentation. You may now disconnect.