VSE (VSEC) 10-K 3 Mar 25 2024 FY Annual report Financial data

Cover

Cover - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2024	Feb. 21, 2025	Jun. 28, 2024
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	000-3676
Entity Registrant Name	VSE CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	54-0649263
Entity Address, Address Line One	3361 Enterprise Way
Entity Address, City or Town	Miramar,
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33025
City Area Code	954
Local Phone Number	430-6600
Title of 12(b) Security	Common Stock, par value $0.05 per share
Trading Symbol	VSEC
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float			$ 1.4
Entity Common Stock, Shares Outstanding (in shares)		20,600,674
Documents Incorporated by Reference	Portions of Registrant's definitive proxy statement for the Annual Meeting of Stockholders expected to be held on May 8, 2025, which is expected to be filed with the Securities and Exchange Commission on or about March 24, 2025, have been incorporated herein by reference into Part III of this report.
Entity Central Index Key	0000102752
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Amendment Flag	false

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2024
Auditor Information [Abstract]
Auditor Firm ID	248
Auditor Name	GRANT THORNTON LLP
Auditor Location	Charlotte, North Carolina

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 29,030	$ 7,768
Receivables, net	197,563	127,958
Contract assets	29,960	8,049
Inventories	576,318	500,864
Prepaid expenses and other current assets	41,956	36,389
Current assets held-for-sale	0	93,002
Total current assets	874,827	774,030
Noncurrent assets:
Property and equipment, net	85,586	58,076
Intangible assets, net	197,281	114,130
Goodwill	491,453	351,781
Operating lease right-of-use assets	53,326	28,684
Other assets	32,147	23,637
Total assets	1,734,620	1,350,338
Current liabilities:
Current portion of long-term debt	30,000	22,500
Accounts payable	187,590	173,036
Accrued expenses and other current liabilities	62,195	36,383
Dividends payable	2,059	1,576
Current liabilities held-for-sale	0	53,391
Total current liabilities	281,844	286,886
Noncurrent liabilities:
Long-term debt, less current portion	400,173	406,844
Deferred compensation	7,262	7,939
Long-term operating lease obligations	48,144	24,959
Deferred tax liabilities	0	6,985
Other long-term liabilities	9,011	0
Total liabilities	746,434	733,613
Commitments and contingencies (Note 13)
Stockholders' equity:
Common stock, par value $0.05 per share, authorized 23,000,000 shares; issued and outstanding 20,590,496 and 15,756,918 respectively	1,030	788
Additional paid-in capital	591,600	229,103
Retained earnings	392,484	384,702
Accumulated other comprehensive income	3,072	2,132
Total stockholders' equity	988,186	616,725
Total liabilities and stockholders' equity	$ 1,734,620	$ 1,350,338

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.05	$ 0.05
Common stock, authorized (in shares)	23,000,000	23,000,000
Common stock, issued (in shares)	20,590,496	15,756,918
Common stock, outstanding (in shares)	20,590,496	15,756,918

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenues:
Total revenues		$ 1,080,132	$ 860,488	$ 669,448
Costs and operating expenses:
Selling, general and administrative expenses		14,576	7,619	3,635
Lease abandonment and termination costs	[1]	12,205	0	0
Amortization of intangible assets		17,749	14,378	15,735
Total costs and operating expenses		998,713	772,492	615,844
Operating income		81,419	87,996	53,604
Interest expense, net		34,939	31,083	17,893
Income from continuing operations before income taxes		46,480	56,913	35,711
Provision for income taxes		9,982	13,761	9,052
Net income from continuing operations		36,498	43,152	26,659
(Loss) income from discontinued operations, net of tax		(21,174)	(4,018)	1,400
Net income	[1]	$ 15,324	$ 39,134	$ 28,059
Basic
Continuing operations (usd per share)		$ 2.04	$ 3.05	$ 2.09
Discontinued operations (usd per share)		(1.18)	(0.28)	0.11
Basic earnings (loss) per share (usd per share)		0.86	2.77	2.20
Diluted
Continuing operations (usd per share)		2.03	3.04	2.08
Discontinued operations (usd per share)		(1.18)	(0.28)	0.11
Diluted earnings (loss) per share (usd per share)		$ 0.85	$ 2.76	$ 2.19
Weighted average shares outstanding:
Basic (in shares)		17,878,608	14,130,334	12,780,117
Diluted (in shares)		17,975,295	14,184,729	12,827,894
Products
Revenues:
Total revenues		$ 776,676	$ 693,035	$ 554,010
Costs and operating expenses:
Costs and operating expenses		675,015	605,682	495,965
Services
Revenues:
Total revenues		303,456	167,453	115,438
Costs and operating expenses:
Costs and operating expenses		$ 279,168	$ 144,813	$ 100,509
[1] (a) The cash flows related to discontinued operations and held-for-sale assets and liabilities have not been segregated and remain included in the major classes of assets and liabilities. Accordingly, the Consolidated Statements of Cash Flows include the results of continuing and discontinued operations.

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income	[1]	$ 15,324	$ 39,134	$ 28,059
Other comprehensive income (loss), net of tax:
Change in fair value of interest rate swap agreements, net of tax		940	(2,836)	5,144
Total other comprehensive income (loss), net of tax		940	(2,836)	5,144
Comprehensive income		$ 16,264	$ 36,298	$ 33,203
[1] (a) The cash flows related to discontinued operations and held-for-sale assets and liabilities have not been segregated and remain included in the major classes of assets and liabilities. Accordingly, the Consolidated Statements of Cash Flows include the results of continuing and discontinued operations.

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total		Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)
Balance, beginning balance (in shares) at Dec. 31, 2021			12,727,000
Balance, beginning balance at Dec. 31, 2021	$ 417,333		$ 636	$ 88,515	$ 328,358	$ (176)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	28,059	[1]			28,059
Stock-based compensation (in shares)			90,000
Stock-based compensation	4,110		$ 5	4,105
Other comprehensive income (loss), net of tax	5,144					5,144
Dividends declared	(5,120)				(5,120)
Balance, ending balance (in shares) at Dec. 31, 2022			12,817,000
Balance, ending balance at Dec. 31, 2022	449,526		$ 641	92,620	351,297	4,968
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	39,134	[1]			39,134
Issuance of common stock (in shares)			2,846,000
Issuance of common stock	129,110		$ 142	128,968
Stock-based compensation (in shares)			94,000
Stock-based compensation	7,520		$ 5	7,515
Other comprehensive income (loss), net of tax	(2,836)					(2,836)
Dividends declared	$ (5,729)				(5,729)
Balance, ending balance (in shares) at Dec. 31, 2023	15,756,918		15,757,000
Balance, ending balance at Dec. 31, 2023	$ 616,725		$ 788	229,103	384,702	2,132
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	15,324	[1]			15,324
Issuance of common stock (in shares)			4,412,000
Issuance of common stock	325,181		$ 221	324,960
Stock issuance in connection with acquisitions (in shares)			300,000
Stock issuance in connection with acquisitions	30,267		$ 15	30,252
Stock-based compensation (in shares)			122,000
Stock-based compensation	7,291		$ 6	7,285
Other comprehensive income (loss), net of tax	940					940
Dividends declared	$ (7,542)				(7,542)
Balance, ending balance (in shares) at Dec. 31, 2024	20,590,496		20,591,000
Balance, ending balance at Dec. 31, 2024	$ 988,186		$ 1,030	$ 591,600	$ 392,484	$ 3,072
[1] (a) The cash flows related to discontinued operations and held-for-sale assets and liabilities have not been segregated and remain included in the major classes of assets and liabilities. Accordingly, the Consolidated Statements of Cash Flows include the results of continuing and discontinued operations.

Consolidated Statements of St_2

Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared per share (in dollars per share)	$ 0.40	$ 0.40	$ 0.40

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities:
Net income	[1]	$ 15,324	$ 39,134	$ 28,059
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation and amortization	[1]	28,762	23,416	24,602
Amortization of debt issuance costs	[1]	1,330	1,544	968
Deferred taxes	[1]	(9,996)	(1,979)	(1,139)
Stock-based compensation	[1]	8,315	7,738	4,465
Specific provision for inventory	[1]	0	742	1,094
Impairment and loss on sale of business segment	[1]	19,403	0	0
Loss on sale of property and equipment	[1]	479	0	122
Lease abandonment and termination costs	[1]	12,205	0	0
Changes in operating assets and liabilities, net of impact of acquisitions:
Receivables	[1]	(40,239)	(25,923)	(26,606)
Contract assets	[1]	7,781	5,148	(6,425)
Inventories	[1]	(31,668)	(87,529)	(59,099)
Other current assets and other assets	[1]	(6,685)	(3,191)	2,563
Operating lease assets and liabilities, net	[1]	(10,247)	(390)	(486)
Accounts payable and deferred compensation	[1]	(31,756)	23,913	36,193
Accrued expenses and other current and noncurrent liabilities	[1]	5,955	(4,452)	3,740
Net cash (used in) provided by operating activities	[1]	(31,037)	(21,829)	8,051
Cash flows from investing activities:
Purchases of property and equipment	[1]	(20,704)	(18,666)	(11,212)
Proceeds from the sale of business segment	[1]	40,157	0	0
Proceeds from payments on notes receivable	[1]	0	1,557	8,835
Cash paid for acquisitions, net of cash acquired	[1]	(283,122)	(218,581)	0
Net cash used in investing activities	[1]	(263,669)	(235,690)	(2,377)
Cash flows from financing activities:
Borrowings on bank credit facilities	[1]	739,236	844,262	520,223
Repayments on bank credit facilities	[1]	(739,736)	(699,872)	(518,347)
Proceeds from issuance of common stock	[1]	325,999	130,020	899
Earn-out obligation payments	[1]	0	0	(1,250)
Payment of debt financing costs	[1]	0	(2,890)	(1,113)
Payment of taxes for equity transactions	[1]	(2,633)	(1,113)	(1,015)
Dividends paid	[1]	(7,060)	(5,436)	(5,111)
Net cash provided by (used in) financing activities	[1]	315,806	264,971	(5,714)
Net increase (decrease) in cash and cash equivalents	[1]	21,100	7,452	(40)
Cash and cash equivalents, beginning of period	[1]	7,930	478	518
Cash and cash equivalents, end of period	[1]	29,030	7,930	478
Supplemental disclosures of cash flow information:
Cash paid for interest	[1]	37,076	35,039	16,423
Cash paid for income taxes	[1]	$ 12,230	$ 13,944	$ 10,332
[1] (a) The cash flows related to discontinued operations and held-for-sale assets and liabilities have not been segregated and remain included in the major classes of assets and liabilities. Accordingly, the Consolidated Statements of Cash Flows include the results of continuing and discontinued operations.

Nature of Business and Signific

Nature of Business and Significant Accounting Policies	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Nature of Business and Significant Accounting Policies	Nature of Business and Summary of Significant Accounting Policies Nature of Business VSE is a diversified aftermarket products and services company serving commercial and government markets. Our operations include aircraft and airframe parts supply and distribution, supply chain and inventory management services; MRO services of aircraft components and engine accessories; vehicle fleet sustainment programs; and vehicle fleet parts supply and distribution. We operate in two reportable segments aligned with our operating segments: Aviation and Fleet. Basis of Presentation The accompanying consolidated financial statements of the Company have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC") and include the assets, liabilities, results of operations and cash flows our parent company and our wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. In February 2024, we entered into two separate agreements to sell substantially all of the Federal and Defense segment assets. See Note (3) "Discontinued Operations" for further information. The consolidated financial statements reflect the Federal and Defense segment's results of operations as discontinued operations, and the related assets and liabilities as held-for-sale for all periods presented. Certain reclassifications have been made to the prior period financial information to reflect discontinued operations presentation. Unless otherwise noted, amounts and disclosures throughout these Notes to Consolidated Financial Statements relate solely to continuing operations and exclude all discontinued operations. Summary of Significant Accounting Policies Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingencies at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates affecting the financial statements may include, but are not limited to, fair value measurements, inventory provisions, collectability of receivables, valuation allowances on deferred tax assets, fair value of goodwill and other intangible assets and contingencies. Stock-Based Compensation We issue stock-based awards as compensation to employees and directors. Stock-based awards include stock-settled bonus awards, time-vested stock awards and performance share awards. We recognize stock-based compensation expense over the underlying award’s requisite service period, as measured using the award’s grant date fair value. Our policy is to recognize forfeitures as they occur. For performance share awards, we assess the probability of achieving the performance conditions at each reporting period end and adjust compensation expense based on the number of shares we expect to ultimately issue. Earnings Per Share Basic earnings per share ("EPS") is computed by dividing net income by the weighted average number of shares of common stock outstanding during each period. Shares issued during the period are weighted for the portion of the period that they were outstanding. Our calculation of diluted earnings per common share includes the dilutive effects for the assumed vesting of outstanding stock-based awards. The antidilutive common stock equivalents excluded from the diluted per share calculation are not material. The weighted-average number of shares outstanding used to compute basic and diluted EPS were as follows: For the years ended December 31, 2024 2023 2022 Basic weighted average common shares outstanding 17,878,608 14,130,334 12,780,117 Effect of dilutive shares 96,687 54,395 47,777 Diluted weighted average common shares outstanding 17,975,295 14,184,729 12,827,894 Cash and Cash Equivalents We consider all highly liquid investments with an original maturity of three months or less to be cash equivalents. Due to the short maturity of these instruments, the carrying values on our consolidated balance sheets approximate fair value. Although certain cash balances exceed insurance limits of the Federal Deposit Insurance Corporation, we do not limit our credit exposure to any one financial institution and utilize financial institutions with high credit quality. As of December 31, 2024, we held approximately $5.9 million of cash in foreign bank accounts, primarily in connection with our acquisitions of Desser Holding Company, LLC ("Desser Aerospace") and Kellstrom Aerospace. Refer to Note (2) "Acquisitions," for details regarding our acquisitions. Property and Equipment Property and equipment is recorded at cost, net of accumulated depreciation and amortization. Depreciation and amortization is generally provided on the straight-line method over the estimated useful lives of the various assets. Property and equipment is generally depreciated over the following estimated useful lives: computer equipment, furniture, other equipment from three Leases We determine at inception whether an arrangement that provides us control over the use of an asset is a lease. Substantially all of our leases are long-term operating leases for facilities with fixed payment terms. We recognize a right-of-use ("ROU") asset and a lease liability upon commencement of our operating leases. The initial lease liability is equal to the future fixed minimum lease payments discounted using our incremental borrowing rate, on a secured basis. The lease term includes option renewal periods and early termination payments when it is reasonably certain that we will exercise those rights. The initial measurement of the ROU asset is equal to the initial lease liability plus any initial indirect costs and prepayments, less any lease incentives. We recognize lease costs on a straight-line basis over the remaining lease term, except for variable lease payments that are expensed in the period in which the obligation for those payments is incurred. Leases with an initial term of 12 months or less with purchase options or extension options that are not reasonably certain to be exercised are not recorded on the balance sheet. Operating lease cost is included in costs and operating expenses on our consolidated statement of income. Concentrations of Credit Risk Financial instruments that potentially subject us to concentration of credit risk consist primarily of our trade receivables. Our trade receivables consist of amounts due from various commercial entities and government clients. We believe that concentrations of credit risk with respect to trade receivables are limited due to the large number of customers comprising the customer base and their dispersion across many different geographic regions. The credit risk, with respect to contracts with the government, is limited due to the creditworthiness of the respective governmental entity. We perform ongoing credit evaluations and monitoring of the financial condition of all our customers. We maintain an allowance for credit losses based upon several factors, including historical collection experience, current aging status of the customer accounts and financial condition of our customers. Revenue Recognition We account for revenue in accordance with ASC 606. The unit of account in ASC 606 is a performance obligation. At the inception of each contract with a customer, we determine our performance obligations under the contract and the contract's transaction price. A performance obligation is a promise in a contract to transfer a distinct good or service to the customer and is defined as the unit of account. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when the performance obligation is satisfied. The majority of our contracts have a single performance obligation as the promise to transfer the respective goods or services is not separately identifiable from other promises in the contracts and is, therefore, not distinct. For product sales, each product sold to a customer typically represents a distinct performance obligation. Our performance obligations are satisfied over time as work progresses or at a point in time based on transfer of control of products and services to our customers. Substantially all our Fleet segment revenues from the sale of vehicle parts to customers are recognized at the point in time of the transfer of control to the customer. Sales returns and allowances for vehicle parts are not significant. Our Aviation segment revenues result from the sale of aircraft parts and performance of MRO services for private and commercial aircraft owners, other aviation MRO providers, and aviation original equipment manufacturers. Our Aviation segment recognizes revenues for the sale of aircraft parts at a point in time when control is transferred to the customer, which usually occurs when the parts are shipped. Our Aviation segment recognizes revenues for MRO services over time as the services are transferred to the customer. MRO services revenue recognized is measured based on the cost-to-cost input method, as costs incurred reflect the work completed, and therefore the services transferred to date. Sales returns and allowances are not significant. Receivables and Contract Balances Receivables are recorded at amounts earned less an allowance. We review our receivables regularly to determine if there are any potentially uncollectible accounts. Contract assets include unbilled amounts typically resulting from sales under contracts when the cost-to-cost method of revenue recognition is utilized, and revenue recognized exceeds the amount billed to the customer. The amounts may not exceed their estimated net realizable value. Contract assets are classified as current based on our contract operating cycle. Contract liabilities include customer advances and billings in excess of revenue recognized and are included within accrued expenses and other current liabilities in our consolidated balance sheets. Allowance for Credit Losses We establish allowances for credit losses on our accounts receivable and contract assets. To measure expected credit losses, we have disaggregated pools of receivable balances by segment. Within each segment, receivables exhibit similar risk characteristics. In determining the amount of the allowance for credit losses, we consider historical collectability based on past due status. We also consider current market conditions and forecasts of future economic conditions to inform potential adjustments to historical loss data. In addition, we also record allowances for credit losses for specific receivables that are deemed to have a higher risk profile than the rest of the respective pool of receivables, such as concerns about a specific customer's inability to meet its financial obligation to us. The adequacy of these allowances is assessed quarterly through consideration of factors on a collective basis where similar characteristics exist and on an individual basis. Inventories Inventories are stated at the lower of cost or net realizable value using the FIFO method. Inventories consist primarily of finished goods replacement parts for our Fleet and Aviation segments, and also include related purchasing, storage, and handling costs. Inventories for our Aviation segment consist primarily of aftermarket parts for distribution, and general aviation engine accessories and parts, and also include related purchasing, overhaul labor, storage, and handling costs. We periodically evaluate the carrying value of inventory, considering factors such as its physical condition, sales patterns and demand in order to estimate the amount necessary to write down any slow moving, obsolete or damaged inventory. These estimates could vary significantly from actual amounts based upon future economic conditions, customer inventory levels or competitive factors that were not foreseen or did not exist when the estimated write-downs were made. Deferred Compensation Plans We provide for certain key management employees to be incentivized and rewarded based on overall company performance through the VSE Corporation Deferred Supplemental Compensation Plan (the "DSC Plan"). We recognized DSC Plan expenses of $0.3 million, $0.4 million, and $0.3 million for the years ended December 31, 2024, 2023 and 2022, respectively. We invest in corporate owned life insurance ("COLI") products and in mutual funds that are held in a Rabbi Trust to fund the DSC Plan obligations. The COLI investments are recorded at cash surrender value and the mutual fund investments are recorded at fair value. The DSC Plan assets are included in other assets on the accompanying consolidated balance sheets. Our DSC Plan assets were $12.0 million and $11.0 million as of December 31, 2024 and December 31, 2023, respectively. Gains and losses recognized on the changes in fair value of the investments are recorded as selling, general and administrative expenses on the accompanying consolidated statements of income. We recorded net gains of $0.6 million for the years ended December 31, 2024 and 2023 and $22 thousand for the year ended December 31, 2022. Derivative Instruments Derivative instruments are recorded on the consolidated balance sheets at fair value. Unrealized gains and losses on derivatives designated as cash flow hedges are reported in other comprehensive income and reclassified into earnings in a manner that matches the timing of the earnings impact of the hedged transactions. Income Taxes Income taxes are accounted for under the asset and liability method. Under the asset and liability method, deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. This method also requires the recognition of future tax benefits, such as net operating loss carryforwards, to the extent that realization of such benefits is more likely than not. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The carrying value of net deferred tax assets is based on assumptions regarding our ability to generate sufficient future taxable income to utilize these deferred tax assets. Business Combinations We allocate the purchase price of acquired entities to the underlying tangible and identifiable intangible assets acquired and liabilities assumed based on their respective estimated fair values, with any excess recorded as goodwill. The operating results of acquired businesses are included in our results of operations beginning as of their effective acquisition dates. For contingent consideration arrangements, a liability is recognized at fair value as of the acquisition date with subsequent fair value adjustments recorded in operations. Goodwill Goodwill represents the purchase price paid in excess of the fair value of net tangible and intangible assets acquired in a business combination. Goodwill is tested for potential impairment at the reporting unit level annually at the beginning of the fourth quarter, or whenever events or changes in circumstances indicate that the carrying value may not be recoverable. When testing goodwill for impairment, we may initially qualitatively assess whether it is necessary to perform a quantitative goodwill impairment test, which is only required if we conclude that it is more likely than not that a reporting unit's fair value is less than its carrying amount. In evaluating whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, we considered the totality of all relevant events and circumstances that affect the fair value or carrying amount of a reporting unit in accordance with ASC 350-20-35-3C. In the event we deem a quantitative impairment test necessary, we estimate and compare the fair value of each reporting unit to its respective carrying value including goodwill. The fair value of our reporting units is determined using a combination of the income approach and the market approach, which involves the use of estimates and assumptions, including projected future operating results and cash flows, the cost of capital, and financial measures derived from observable market data of comparable public companies. If the fair value is less than the carrying value, the amount of impairment expense is equal to the difference between the reporting unit’s fair value and the reporting unit’s carrying value. Impairment of Long-Lived Assets We review our long-lived assets, including amortizable intangible assets, operating lease right-of-use assets, and property and equipment, for impairment whenever events or changes in facts and circumstances indicate that their carrying values may not be fully recoverable and the carrying amount of the asset exceeds its estimated future undiscounted cash flows. When the carrying amount of the asset exceeds its estimated future undiscounted cash flows, an impairment loss is recognized to reduce the asset’s carrying amount to its estimated fair value based on the present value of its estimated future cash flows. Recent Accounting Pronouncements Recently Adopted Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures , which requires public entities to disclose information about their reportable segments’ significant expenses and other segment items on an interim and annual basis. We adopted the standard in the fourth quarter of 2024 and applied the disclosure retrospectively to all prior periods presented in the financial statements. The adoption of ASU 2023-07 did not have an impact on our consolidated financial position, results of operations or cash flows. See Note (14) "Business Segments and Customer Information" for further information. Recently Issued Accounting Pronouncements Not Yet Adopted In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures , which requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the disclosure impact of this ASU, however, the standard will not have an impact on our consolidated financial position, results of operations or cash flows. In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires public entities to disclose additional information about specific expense categories in the notes to the financial statements. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. We are currently evaluating the impact that adoption of ASU 2024-03 may have on our consolidated financial statements and disclosures.

Acquisitions

Acquisitions	12 Months Ended
	Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Acquisitions	Acquisitions Fiscal 2024 Turbine Controls, Inc. On April 24, 2024, we completed the acquisition of TCI for a total consideration of $122.4 million, consisting of net cash consideration of $112.4 million, which included $1.5 million as a net working capital adjustment, and in-kind payment in the form of shares of the Company's common stock with a value equal to approximately $10.0 million. The purchase price of this acquisition was funded by borrowings under our revolving credit facility. TCI is a leading provider of aftermarket MRO support services for complex engine components, as well as engine and airframe accessories, across commercial and military applications. The acquisition presents an opportunity for VSE's Aviation segment to accelerate its MRO strategy, including expanding our repair capability offerings and adding several new OEM relationships. The purchase price for TCI was allocated on a preliminary basis, among assets acquired and liabilities assumed at fair value based on the best available information on the acquisition date, with the excess purchase price recorded as goodwill. The fair values of the non-financial assets acquired, and liabilities assumed, were determined based on preliminary estimates, assumptions, and other information compiled by management, including independent valuations utilizing established industry valuation techniques. We have not yet finalized the determination of the fair values allocated to various assets and liabilities, including, but not limited to, income taxes. Therefore, the allocation of the total consideration for the acquisition to the tangible and identifiable intangible assets acquired, and liabilities assumed, is preliminary until we obtain final information regarding their fair values, which could potentially result in changes to the TCI opening balance sheet. During the year ended December 31, 2024, we adjusted the purchase price allocation as a result of working capital and measurement period adjustments. The adjustments were recorded as a result of new information obtained about facts and circumstances that existed as of the acquisition date and resulted in immaterial impacts to accrued expense and other current liabilities, goodwill, and cash consideration, net of cash acquired. The adjusted preliminary purchase price allocation is as follows (in thousands): Receivables $ 9,122 Contract assets 16,193 Inventories 5,512 Prepaid expenses and other current assets 570 Other assets 214 Property and equipment, net 6,434 Intangible asset - customer related 59,000 Goodwill 40,201 Operating lease right-of-use assets 7,832 Total assets acquired 145,078 Accounts payable (9,764) Accrued expense and other current liabilities (5,624) Long-term operating lease obligations (7,339) Total liabilities assumed (22,727) Net assets acquired, excluding cash $ 122,351 Cash consideration, net of cash acquired $ 112,351 VSE common stock, at fair value 10,000 Total $ 122,351 Goodwill resulting from the acquisition of TCI reflects the strategic advantage of expanding our MRO services to new customers. The value attributed to goodwill and customer relationships is deductible for income tax purposes. The estimated value attributed to the customer relationship intangible assets is being amortized on a straight-line basis using a useful life of 10 years. The operating results of TCI were included in our consolidated results of operations from the date of acquisition. Our consolidated revenues and operating income for the year ended December 31, 2024 include $84.4 million and $7.1 million, respectively, from the acquisition of TCI. Operating income does not include the impact of acquisition-related expenses incurred by VSE Corporation. Acquisition-related expenses related to the TCI acquisition totaled $2.2 million for the year ended December 31, 2024, and are included in selling, general and administrative expenses. The following unaudited pro forma financial information presents the combined results of operations for TCI and VSE Corporation for the years ended December 31, 2024, and 2023, respectively. The unaudited consolidated pro forma results of operations are as follows (in thousands): For the years ended December 31, 2024 2023 Revenue $ 1,111,915 $ 949,019 Income from continuing operations $ 37,226 $ 38,981 The unaudited pro forma combined financial information presented above has been prepared from historical financial statements that have been adjusted to give effect to the acquisition of TCI as though it had occurred on January 1, 2023 and includes adjustments for intangible asset amortization; interest expense and debt issuance costs on long-term debt; and acquisition and other transaction costs. The unaudited pro forma financial information is not intended to reflect the actual results of operations that would have occurred if the acquisition had occurred on January 1, 2023, nor is it indicative of future operating results. Kellstrom Aerospace Group, Inc. On December 3, 2024, we completed the acquisition of Kellstrom Aerospace for a total consideration of approximately $191.0 million, subject to post-closing adjustments, consisting of net cash consideration of $170.8 million and in-kind payment in the form of shares of the Company's common stock with a value equal to approximately $20.3 million. The purchase price of this acquisition was funded by our October 2024 underwritten public offering and borrowings under our revolving credit facility. Kellstrom Aerospace is a diversified global distributor and service provider supporting the commercial aerospace engine aftermarket. The acquisition provides an opportunity to improve our position in the commercial aviation aftermarket by expanding product and capability offerings both domestically and internationally, including our participation in aircraft engine maintenance events. The purchase price for Kellstrom Aerospace was allocated on a preliminary basis, among assets acquired, and liabilities assumed, at fair value based on the best available information on the acquisition date, with the excess purchase price recorded as goodwill. The fair values of the non-financial assets acquired, and liabilities assumed, were determined based on preliminary estimates, assumptions, and other information compiled by management, including independent valuations utilizing established industry valuation techniques. We have not yet finalized the determination of the fair values allocated to various assets and liabilities, including, but not limited to, working capital and income taxes. Therefore, the allocation of the total consideration for the acquisition to the tangible and identifiable intangible assets acquired, and liabilities assumed, is preliminary until we obtain final information regarding their fair values, which could potentially result in changes to the Kellstrom Aerospace opening balance sheet. Adjustments or changes to goodwill, assets or liabilities remain possible. The preliminary purchase price is as follows (in thousands): Receivables $ 27,379 Contract assets 2,925 Inventories 37,686 Prepaid expenses and other current assets 2,723 Property and equipment, net 10,301 Intangible asset - customer related 41,900 Goodwill 100,711 Operating lease right-of-use assets 10,793 Total assets acquired 234,418 Accounts payable (27,750) Accrued expense and other current liabilities (6,096) Deferred tax liabilities (201) Long-term operating lease obligations (9,348) Total liabilities assumed (43,395) Net assets acquired, excluding cash $ 191,023 Cash consideration, net of cash acquired $ 170,756 VSE common stock, at fair value 20,267 Total $ 191,023 Goodwill resulting from the acquisition reflects the strategic advantage of growing our distribution and MRO capabilities in the commercial aerospace aftermarket. The value attributed to goodwill and customer relationships is not deductible for income tax purposes. The estimated value attributed to the customer relationship intangible assets is being amortized on a straight-line basis using a useful life of 8 years. The operating results of Kellstrom Aerospace were included in our consolidated results of operations from the date of acquisition. Our consolidated revenues and operating income for the year ended December 31, 2024 include $17.0 million and $1.2 million, respectively, from the acquisition of Kellstrom Aerospace. Kellstrom Aerospace's operating income does not include the impact of acquisition-related expenses incurred by VSE Corporation. Acquisition-related expenses related to the Kellstrom Aerospace acquisition totaled $2.7 million for the year ended December 31, 2024, and are included in selling, general and administrative expenses. The following unaudited pro forma financial information presents the combined results of operations for Kellstrom Aerospace and VSE Corporation for the years ended December 31, 2024, and 2023, respectively. The unaudited consolidated pro forma results of operations are as follows (in thousands): For the years ended December 31, 2024 2023 Revenue $ 1,244,344 $ 1,021,260 Income from continuing operations $ 45,241 $ 48,528 The unaudited pro forma combined financial information presented above has been prepared from historical financial statements that have been adjusted to give effect to the acquisition of Kellstrom Aerospace as though it had occurred on January 1, 2023 and includes adjustments for intangible asset amortization; interest expense and debt issuance costs on long-term debt; and acquisition and other transaction costs. The unaudited pro forma financial information is not intended to reflect the actual results of operations that would have occurred if the acquisition had occurred on January 1, 2023, nor is it indicative of future operating results. Fiscal 2023 Precision Fuel Components, LLC ("Precision Fuel") On February 1, 2023, our Aviation segment acquired Precision Fuel Components, LLC for a purchase price of $11.7 million. Precision Fuel's operating results are included in our Aviation segment beginning on the acquisition date. The acquisition was not material to our consolidated financial statements. During the year ended December 31, 2023, we incurred $0.2 million of acquisition-related expenses related to the acquisition of Precision Fuel, which are included in selling, general and administrative expenses. Desser Holding Company, LLC On July 3, 2023, we completed the acquisition of Desser Aerospace, a global aftermarket solutions provider of specialty distribution and MRO services. We purchased Desser Aerospace for cash consideration of $131.5 million. Concurrent with the closing of the transaction, we immediately sold, in a separate transaction, Desser Aerospace’s propriety solutions businesses to Loar Group Inc. (“Loar”) for a cash consideration of $31.8 million. During the year ended December 31, 2024, we adjusted the purchase price allocation as a result of certain measurement period adjustments to acquired assets and liabilities assumed due to updated valuation reports received from our external valuation specialist, revisions to internal estimates, and new information obtained about facts and circumstances that existed as of the acquisition date. The measurement period adjustments included: a decrease in deferred tax liabilities of $1.6 million and an increase in inventories of $0.1 million. These adjustments resulted in a decrease to goodwill of $1.7 million. We completed the purchase accounting valuation for Desser Aerospace during the second quarter of 2024. The final purchase price is as follows (in thousands): Receivables $ 7,383 Inventories 31,228 Prepaid expenses and other current assets 515 Property and equipment 2,527 Intangible assets 21,950 Goodwill 53,942 Operating lease right-of-use-assets 6,679 Total assets acquired 124,224 Accounts payable (10,128) Accrued expenses and other current liabilities (5,793) Long-term operating lease obligations (5,937) Deferred tax liabilities (2,666) Total liabilities assumed (24,524) Net assets acquired, excluding cash $ 99,700 Cash consideration, net of cash acquired $ 101,870 Post-close adjustment (2,170) Total $ 99,700 Goodwill resulting from the acquisition of Desser Aerospace reflects the strategic advantage of expanding our specialty distribution and MRO services to new customers. The value attributed to goodwill and customer relationships is not fully deductible for income tax purposes. The estimated value attributed to the customer relationship intangible assets is being amortized on a straight-line basis using a weighted average useful life of 8.3 years. We incurred $3.2 million of acquisition-related expenses related to the Desser Aerospace acquisition during the year ended December 31, 2023, which are included in selling, general and administrative expenses. The following unaudited pro forma financial information presents the combined results of operations for Desser Aerospace and VSE Corporation for the years ended December 31, 2024, and 2023, respectively. The unaudited consolidated pro forma results of operations are as follows (in thousands): For the years ended December 31, 2024 2023 Revenue $ 1,080,132 $ 908,243 Income from continuing operations $ 36,498 $ 46,265 The unaudited pro forma combined financial information presented above has been prepared from historical financial statements that have been adjusted to give effect to the acquisition of Desser Aerospace as though it had occurred on January 1, 2023 and includes adjustments for intangible asset amortization; interest expense and debt issuance costs on long-term debt; acquisition and other transaction costs; and certain costs allocated from the former parent. The unaudited pro forma financial information is not intended to reflect the actual results of operations that would have occurred if the acquisition had occurred on January 1, 2023, nor is it indicative of future operating results. Honeywell Fuel Control Systems ("Honeywell FCS Acquisition") On September 27, 2023, our Aviation segment entered into an Asset Purchase and License Agreement with Honeywell International Inc. ("Honeywell"), for a purchase price of $105.0 million, to exclusively manufacture, sell, market, distribute, and repair certain Honeywell fuel control systems. The purchase price of this acquisition was funded by borrowings under our revolving credit facility. This agreement expands existing distribution and MRO capabilities supporting certain Honeywell fuel control systems and associated subcomponents. The acquisition was accounted for as a business combination under ASC 805, Business Combinations . During the year ended December 31, 2024, we adjusted the purchase price allocation as a result of a measurement period adjustment to acquired assets due to updated valuation reports received from Honeywell. The measurement period adjustment resulted in a decrease in prepaid expenses and other current assets of $0.5 million, with a corresponding increase to goodwill. We completed the purchase accounting valuation for the Honeywell FCS Acquisition during the third quarter of 2024. The final purchase price allocation is as follows (in thousands): Prepaid expenses and other current assets (a) $ 11,500 Property and equipment 2,714 Intangible assets 16,200 Goodwill 74,586 Total assets acquired $ 105,000 Cash consideration $ 105,000 Total consideration $ 105,000 (a) Represents prepaid inventory consisting of finished goods acquired but not in our physical possession as of the acquisition date. Goodwill resulting from the acquisition reflects the expected synergies from the acquisition. The value attributed to goodwill and customer relationship is deductible for income tax purposes. The estimated value attributed to the customer relationship intangible asset is being amortized on a straight-line basis using a useful life of 10 years. We incurred $0.3 million of acquisition-related expenses related to the Honeywell FCS Acquisition during the year ended December 31, 2023, which are included in selling, general and administrative expenses. The pro-forma impact of the acquisition is not material to the Company’s results of operations.

Discontinued Operations

Discontinued Operations	12 Months Ended
	Dec. 31, 2024
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	Discontinued Operations In February 2024, we entered into two separate agreements to sell substantially all of the Federal and Defense segment assets for a cash consideration of $43.0 million, including amounts in escrow, subject to post-closing adjustments. The FDS Sale is consistent with our long-term strategic growth strategy focused on higher margin and higher growth aftermarket parts distribution and MRO businesses. We recorded a pre-tax loss on the FDS Sale of $15.2 million and transaction fees of $2.5 million during the year ended December 31, 2024, which are included in (loss) income from discontinued operations, net of tax in the consolidated statements of income. The results of operations for the Federal and Defense segment are reported in (loss) income from discontinued operations, net of tax within the consolidated statements of income for the years ended December 31, 2024, 2023, and 2022, and the related assets and liabilities are presented within assets and liabilities held-for-sale on the consolidated balance sheets as of December 31, 2023. The components of (loss) income from discontinued operations, net of tax consist of the following (in thousands): For the years ended December 31, 2024 2023 2022 Revenues $ 26,268 $ 252,466 $ 280,314 Costs and operating expenses 34,684 258,125 278,779 (Loss) income from discontinued operations before income taxes (8,416) (5,659) 1,535 Other FDS impairment 4,204 — — Loss on the sale of discontinued operations 15,199 — — (Loss) income from discontinued operations before income taxes (27,819) (5,659) 1,535 (Benefit) provision for income taxes (6,645) (1,641) 135 (Loss) income from discontinued operations, net of tax $ (21,174) $ (4,018) $ 1,400 The assets and liabilities reported as held-for-sale consist of the following (in thousands): As of December 31, 2023 Assets Cash and cash equivalents $ 162 Receivables, net 10,805 Contract assets 25,109 Inventories 472 Prepaid expenses and other current assets 6,154 Property and equipment, net 6,102 Intangible assets, net 3,505 Goodwill 31,575 Operating lease right-of-use assets 9,097 Other assets 21 Total assets held-for-sale (a) $ 93,002 Liabilities Accounts payable $ 20,893 Accrued expenses and other current liabilities 19,537 Long-term operating lease obligations 8,942 Deferred tax liabilities 4,019 Total liabilities held-for-sale (a) $ 53,391 (a) Amounts were classified as current for the prior period consolidated balance sheet. Certain assets and liabilities previously reported as held-for-sale were excluded from the FDS sale and were reclassified in 2024 as held and used, at their respective fair values, on the consolidated balance sheets. The reclassification related to our Alexandria, VA headquarters office space and consisted of an operating lease right-of-use-asset of $7.1 million, property and equipment of $2.6 million, and an operating lease obligation of $11.0 million. In 2024, we vacated the headquarters office space, resulting in a write down of the associated lease right-of-use asset and property and equipment, and then subsequently terminated the lease for the vacated headquarters office space. See Note (12) "Leases" for further information. The FDS Sale resulted in the divestiture of certain government contracts requiring novation. Until the novation process is finalized, we continue to receive cash collections related to these contracts, which are due to the purchaser. As of December 31, 2024, we have recorded a $0.3 million liability for these collections within accrued expenses and other current liabilities on our consolidated balance sheets. Selected financial information related to cash flows from discontinued operations is as follows (in thousands): For the years ended December 31, 2024 2023 2022 Depreciation and amortization $ 150 $ 2,289 $ 3,576 Purchases of property and equipment $ — $ 295 $ 331 Stock-based compensation $ — $ 139 $ 63

Revenue Recognition

Revenue Recognition	12 Months Ended
	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition Disaggregated Revenue Our revenues are derived from the delivery of products and services performed for commercial and government customers. A summary of revenues by customer for each of our operating segments is as follows (in thousands): Year Ended December 31, 2024 Aviation Fleet Total Commercial $ 779,008 $ 178,509 $ 957,517 Other government 7,248 115,367 122,615 Total $ 786,256 $ 293,876 $ 1,080,132 Year Ended December 31, 2023 Commercial $ 539,592 $ 150,835 $ 690,427 DoD — 209 209 Other government 4,428 165,424 169,852 Total $ 544,020 $ 316,468 $ 860,488 Year Ended December 31, 2022 Commercial $ 403,155 $ 104,162 $ 507,317 DoD — 3,286 3,286 Other government 4,957 153,888 158,845 Total $ 408,112 $ 261,336 $ 669,448 A summary of revenues by type for each of our operating segments is as follows (in thousands): Year Ended December 31, 2024 Aviation Fleet Total Repair $ 293,063 $ — $ 293,063 Distribution 493,193 293,876 787,069 Total $ 786,256 $ 293,876 $ 1,080,132 Year Ended December 31, 2023 Repair $ 157,154 $ — $ 157,154 Distribution 386,866 316,468 703,334 Total $ 544,020 $ 316,468 $ 860,488 Year Ended December 31, 2022 Repair $ 107,399 $ — $ 107,399 Distribution 300,713 261,336 562,049 Total $ 408,112 $ 261,336 $ 669,448 Contract Balances Contract balances were as follows (in thousands): As of December 31, Financial Statement Classification 2024 2023 Billed and billable receivables Receivables, net (a) $ 197,563 $ 127,958 Contract assets - unbilled receivables Contract assets $ 29,960 $ 8,049 Contract liabilities Accrued expenses and other current liabilities $ 4,479 $ 2,785 (a) Net of allowance of $6.5 million and $3.4 million as of December 31, 2024 and 2023, respectively.

Property and Equipment

Property and Equipment	12 Months Ended
	Dec. 31, 2024
Property, Plant and Equipment [Abstract]
Property and Equipment	Property and Equipment Property and equipment, net consisted of the following (in thousands): As of December 31, 2024 2023 Buildings and building improvements $ 25,279 $ 24,555 Computer equipment 14,490 8,309 Furniture, fixtures, and equipment (a) 64,185 41,208 Leasehold improvements 10,104 6,151 Construction in process 16,722 13,675 Land and land improvements 1,454 1,617 132,234 95,515 Less: accumulated depreciation and amortization (46,648) (37,439) Total property and equipment, net $ 85,586 $ 58,076 (a) Certain amounts from prior year have been reclassified to conform with current year presentation. Depreciation and amortization expense for the years ended December 31, 2024, 2023 and 2022 was $10.9 million, $6.8 million, and $5.3 million, respectively.

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	12 Months Ended
	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets Goodwill Changes in the carrying amount of goodwill by operating segment for the years ended December 31, 2024 and 2023 were as follows (in thousands): Fleet Aviation Total Balance as of December 31, 2022 $ 63,190 $ 154,072 $ 217,262 Goodwill acquired — 134,519 134,519 Balance as of December 31, 2023 $ 63,190 $ 288,591 $ 351,781 Goodwill acquired — 140,804 140,804 Measurement period adjustments — (1,132) (1,132) Balance as of December 31, 2024 $ 63,190 $ 428,263 $ 491,453 Goodwill increased during the year ended December 31, 2024 in connection with acquisitions completed during the period as discussed in Note (2) "Acquisitions." There were no impairments of goodwill during the years ended December 31, 2024, 2023 and 2022. Other Intangible Assets Intangible assets consisted of the following (in thousands): Cost Accumulated Amortization Net Intangible Assets December 31, 2024 Contract and customer-related $ 272,590 $ (75,309) $ 197,281 Trade names 8,670 (8,670) — Total $ 281,260 $ (83,979) $ 197,281 December 31, 2023 Contract and customer-related $ 241,090 $ (127,022) $ 114,068 Trade names 8,670 (8,608) 62 Total $ 249,760 $ (135,630) $ 114,130 The gross carrying amount of contract and customer-related intangibles increased during the year ended December 31, 2024 in connection with acquisitions completed during the year as discussed in Note (2) "Acquisitions." This increase was partially offset by intangible assets with a cost of $69.4 million being fully amortized and no longer reflected in the intangible asset values as of December 31, 2024. There were no impairment losses during the years ended December 31, 2024, 2023 and 2022. The weighted-average useful life for all intangible assets as of December 31, 2024 is 12.2 years. The estimated future annual amortization expense related to intangible assets are as follows (in thousands): Year Ending December 31, 2025 $ 24,520 2026 24,349 2027 22,602 2028 21,768 2029 21,706 Thereafter 82,336 Total $ 197,281

Debt

Debt	12 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Debt	Debt Long-term debt consisted of the following (in thousands): As of December 31, 2024 2023 Bank credit facility - term loan $ 277,500 $ 300,000 Bank credit facility - revolving facility 155,000 133,000 Principal amount of long-term debt 432,500 433,000 Less: debt issuance costs (2,327) (3,656) Total debt 430,173 429,344 Less: current portion (30,000) (22,500) Long-term debt, net of current portion $ 400,173 $ 406,844 We have a credit agreement with a bank group from which we borrow amounts under the agreement to provide working capital support, fund letters of credit, and finance acquisitions. The credit agreement includes term and revolving facilities. The revolving facility provides for revolving loans and letters of credit. Borrowings under our term loan and revolving facility mature in October 2026. The maximum amount of credit available under the credit agreement for revolving loans and letters of credit is $350 million. We may elect to increase the maximum availability of the term loan facility, the revolving facility, or both facilities up to an aggregate additional amount of $25 million subject to lender approvals. The credit agreement also provides for letters of credit aggregating up to $25 million. Borrowings under our credit agreement bear interest at a variable rate of interest based on Term SOFR or a base rate, plus in each case an applicable margin (based on our Total Funded Debt to EBITDA Ratio). The base rate for any day is a fluctuating rate per annum equal to the highest of (i) the Federal Funds Rate plus .50%; (ii) the Prime Rate and (iii) the sum of Term SOFR for a one-month interest period, plus the difference between the additional Term SOFR interest margin for SOFR rate loans and the additional base rate interest margin for base rate loans. The applicable margins for SOFR loans ranges from 1.50% to 3.75% and .50% to 2.75% for base rate loans. We also pay a commitment fee with respect to undrawn amounts under the revolving loan facility ranging from .25% to .50% (based on our Total Funded Debt to EBITDA Ratio) and fees on letters of credit that are issued. As of December 31, 2024, the interest rate on our outstanding term loan and weighted average interest rate on our aggregate outstanding revolving facility was 7.40% and 7.21%, respectively. We had letters of credit outstanding of $0.8 million as of December 31, 2024 and 2023. Future required term loan and revolving facility payments as of December 31, 2024 are as follows (in thousands): Year Ending December 31, Term Revolving Facility Total 2025 $ 30,000 $ — $ 30,000 2026 247,500 155,000 402,500 Total $ 277,500 $ 155,000 $ 432,500 The credit agreement contains collateral requirements to secure our loan agreement obligations, restrictive covenants, a limit on annual dividends, and other affirmative and negative covenants, conditions, and limitations. Restrictive covenants include a maximum Total Funded Debt to EBITDA Ratio and a minimum Fixed Charge Coverage Ratio. We were in compliance with required ratios and other terms and conditions as of December 31, 2024.

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	12 Months Ended
	Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments and Hedging Activities	Derivative Instruments and Hedging Activities We are party to fixed interest rate swap instruments that are designated and accounted for as cash flow hedges to manage risks associated with interest rate fluctuations on a portion of our floating rate debt. Our derivative instruments designated as cash flow hedges as of December 31, 2024 were (in thousands): Notional Amount Paid Fixed Rate Receive Variable Rate Settlement and Termination Interest rate swap $150,000 2.8% 1-month term SOFR Monthly through October 31, 2027 Interest rate swap $100,000 4.5% 1-month term SOFR Monthly through July 31, 2026 These derivative instruments are recorded on the consolidated balance sheets at fair value. Unrealized changes in the fair value on cash flow hedges are recognized in other comprehensive income (loss) and the amounts are reclassified from accumulated other comprehensive income (loss) into earnings in a manner that matches the timing of the earnings impact of the hedged transactions. For the years ended December 31, 2024 and 2023, we reclassified $4.3 million and $3.8 million, respectively, from accumulated other comprehensive income to interest expense, net. We estimate that we will reclassify $1.5 million of unrealized gains from accumulated other comprehensive income into earnings in the twelve months following December 31, 2024. See Note (17) "Fair Value Measurements" for the fair value of the interest rate swaps.

Accrued Expenses and Other Curr

Accrued Expenses and Other Current Liabilities	12 Months Ended
	Dec. 31, 2024
Payables and Accruals [Abstract]
Accrued Expenses and Other Current Liabilities	Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities As of December 31, 2024 2023 Accrued compensation and benefits $ 19,527 $ 15,734 Accrued customer rebates and royalties 6,731 5,545 Current portion of lease liabilities 6,889 4,957 Accrued lease termination fee 6,010 — Contract liabilities 4,479 2,785 Accrued interest 1,734 469 Accrued warranty 1,541 1,282 Accrued income taxes 839 116 Other (a) 14,445 5,495 Total $ 62,195 $ 36,383 (a) Certain amounts from prior year have been reclassified to conform with current year presentation.

Stock-Based Compensation Plans

Stock-Based Compensation Plans	12 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangement, Noncash Expense [Abstract]
Stock-Based Compensation Plans	Stock-Based Compensation Plans The VSE Corporation 2006 Restricted Stock Plan, as amended (the "2006 Plan"), provides VSE's employees and directors the opportunity to receive various types of stock-based compensation and cash awards. The total number of shares authorized for issuance under this plan was 1,875,000 and, as of December 31, 2024, 448,083 shares remained available for issuance. As of December 31, 2024, we have outstanding stock-settled bonus awards, time-vested stock awards, and performance share awards under this plan. Stock-settled bonus awards are a fixed dollar-denominated award. On the first anniversary of the grant date, the total fixed dollar value of the award is converted into shares based on our closing stock price on the date of conversion. Vesting occurs over a three-year service period in three equal tranches. Beginning with the 2023 stock-settled bonus awards, the first vesting occurs one year after the award is converted into shares. For awards granted prior to 2023, the first vesting occurs one year after the grant date. On each vesting date, 100% of the vested award is paid in stock. Expense is recognized on a straight-line basis over the requisite service period for each tranche, which results in an accelerated pattern for an award. Time-vested stock awards generally vest over a three-year service period in equal installments on each anniversary of the grant date. Our directors receive a grant of stock annually as part of their compensation and the stock vests immediately upon grant. We grant performance share awards to certain employees under the 2006 Plan. Performance share awards are rights to receive shares of our stock on the satisfaction of service requirements and performance conditions. These awards vest ratably in equal installments over a three-year period on the anniversary of each grant date, subject to meeting the minimum service requirements and the achievement of certain annual or cumulative financial metrics of our performance, with the number of shares ultimately issued, if any, ranging up to 200% of the specified target shares beginning in 2023. If performance is below the minimum threshold level of performance, no shares will be issued. For all performance share awards granted, the annual and cumulative financial metrics are based on our achievement of adjusted EBITDA. During fiscal 2021, we established the Employee Stock Purchase Plan ("ESPP") to allow eligible employees to purchase shares of our VSE common stock at a discount of up to 15% of the fair market value on specified dates. For ESPP offerings in the year ended December 31, 2024, the purchase price was 12% off the lesser of the fair market value on the date of the offering and the fair market value on the date of purchase, thereby resulting in stock compensation expense of $0.1 million. As of December 31, 2024, 500,000 shares of VSE common stock are authorized for issuance under the ESPP. Expense and Related Tax Benefits Recognized Stock-based compensation expense is recognized within products and services costs within our consolidated statements of income. Stock-based compensation expense and related tax benefits recognized under the 2006 Plan were as follows (in thousands): For the years ended December 31, 2024 2023 2022 Stock-settled bonus awards $ 428 $ 1,166 $ 1,186 Time-vested stock awards 3,727 2,639 2,089 Performance share awards 4,053 3,807 1,067 Total $ 8,208 $ 7,612 $ 4,342 Tax benefit recognized from stock-based compensation $ 2,048 $ 1,899 $ 1,083 Stock-Settled Bonus Awards In March 2024, the employees eligible for the 2023 awards, 2022 awards, and the 2021 awards received a total of 9,972 shares of common stock. The grant-date fair value of these awards for the years ended December 31, 2024, 2023 and 2022 was $75.12, $42.23, and $43.30 per share, respectively. The total compensation cost related to non-vested stock-settled bonus awards not yet recognized was approximately $1.0 million with a weighted average amortization period of 2.2 years as of December 31, 2024. The total fair value of stock-settled bonus awards that vested in the years ended December 31, 2024, 2023 and 2022 was $0.7 million, $1.2 million, and $0.9 million, respectively. Time-Vested Stock Awards Time-vested stock award activity for the year ended December 31, 2024 was: Number of Shares Weighted Average Grant Date Fair Value Unvested as of December 31, 2023 97,843 $ 44.68 Granted 83,784 $ 79.30 Vested (46,561) $ 45.13 Forfeited (15,606) $ 57.12 Unvested as of December 31, 2024 119,460 $ 67.16 The grant date fair value of time-vested stock awards is based on the closing market price of our common stock on the grant date. The weighted average grant date fair value of the time-vested stock awards granted for the years ended December 31, 2024, 2023 and 2022 was $79.30, $45.78, and $43.01, respectively. As of December 31, 2024 there was $5.5 million of unrecognized compensation cost related to time-vested stock awards, which is expected to be recognized over a weighted-average period of 2.1 years. The total fair value of time-vested stock awards that vested in the years ended December 31, 2024, 2023 and 2022 was $3.7 million, $1.2 million, and $1.7 million, respectively. Performance Share Awards Performance Share award activity for the year ended December 31, 2024 was: Number of Shares Weighted Average Grant Date Fair Value Unvested as of December 31, 2023 168,280 $ 42.41 Granted 45,246 $ 77.54 Vested (73,442) $ 42.42 Forfeited (29,927) $ 52.14 Unvested as of December 31, 2024 110,157 $ 54.20 The actual number of shares to be issued upon vesting range between 0-200% of the target number of shares granted. The weighted average grant date fair value of the performance share awards granted for the years ended December 31, 2024, 2023 and 2022 was $77.54, $42.23, and $43.30, respectively. As of December 31, 2024 there was $3.3 million of unrecognized compensation cost related to performance share awards, which is expected to be recognized over a weighted-average period of 1.4 years. The total fair value of performance share awards that vested in the year ended December 31, 2024 was $5.6 million .

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes We are subject to U.S. federal income tax as well as income tax in multiple state and local jurisdictions. With few exceptions, the statute of limitations for these jurisdictions is no longer open for audit or examinations for the years before 2020 for federal and state income taxes in the U.S. We file consolidated federal income tax returns that include all of our U.S. subsidiaries. The components of income from continuing operations before income taxes were as follows (in thousands): For the years ended December 31, 2024 2023 2022 Domestic $ 41,599 $ 52,137 $ 36,694 Foreign 4,881 4,776 (983) Income from continuing operations before income taxes $ 46,480 $ 56,913 $ 35,711 The components of the provision for income taxes from continuing operations were as follows (in thousands): For the years ended December 31, 2024 2023 2022 Current: Federal $ 11,670 $ 11,556 $ 9,483 State 2,132 2,205 1,485 Foreign 1,573 1,138 35 Total current 15,375 14,899 11,003 Deferred: Federal (4,725) (1,148) (1,890) State (489) 3 (61) Foreign (179) 7 — Total deferred (5,393) (1,138) (1,951) Provision for income taxes $ 9,982 $ 13,761 $ 9,052 The Company's effective tax rate differs from the federal statutory rate. A reconciliation of the provision for income taxes from continuing operations to the amount computed by applying the statutory federal income tax rate is as follows (in thousands): For the years ended December 31, 2024 2023 2022 Tax at statutory federal income tax rate $ 9,761 $ 11,952 $ 7,499 Increases (decreases) in tax resulting from: State taxes, net of federal tax benefit 1,738 2,019 1,459 Permanent differences, net (634) (193) 287 Tax credits (454) (461) (418) Prior year true-up adjustment (931) 269 (45) Valuation allowance 378 77 324 Other provision adjustments 124 98 (54) Provision for income taxes $ 9,982 $ 13,761 $ 9,052 Effective tax rate 21.5 % 24.2 % 25.3 % The tax effect of temporary differences representing deferred tax assets and liabilities was as follows (in thousands): As of December 31, 2024 2023 Deferred compensation and accrued paid leave $ 2,767 $ 3,003 Accrued expense 2,094 1,429 Inventory reserve 23,463 13,980 Operating lease liabilities 14,362 6,249 Stock-based compensation 2,084 1,697 Capitalized inventory 1,741 1,335 US operating and capital loss carryforward 12,777 7,637 Disallowed interest expense 9,450 1,663 Tax credit carryforward 1,421 1,492 Foreign country operating loss carryforward 1,364 806 Interest capitalized 2,030 — Transaction costs 357 — 73,910 39,291 Valuation allowance (a) (19,301) (9,906) Total gross deferred tax assets 54,609 29,385 Interest rate swaps (1,021) (708) Depreciation (3,959) (2,925) Goodwill and intangible assets (38,279) (26,666) Operating lease right-of-use assets (10,962) (5,939) Other (270) (132) Total gross deferred tax liabilities (54,491) (36,370) Net deferred tax assets (liabilities) (b) $ 118 $ (6,985) (a) A valuation allowance was provided against US capital loss in connection with the stock sale of Prime Turbines, certain state net operating loss, tax credit, and foreign tax loss deferred tax assets arising from carryforwards of unused tax benefits. (b) Deferred tax assets are included within other assets in our consolidated balance sheets. As of December 31, 2024, we had various tax losses and tax credits that may be applied against future taxable income. The majority of such tax attributes will expire in 2025 through 2044; however, some may be carried forward indefinitely. The Organization for Economic Co-operation and Development has issued Pillar Two model rules introducing a new global minimum tax of 15% intended to be effective on January 1, 2024. While the US has not yet adopted the Pillar Two rules, many countries took steps to incorporate Pillar Two model rule concepts into their domestic laws in 2023. Considering that we do not have material operations in jurisdictions with tax rates lower than the Pillar Two minimum, we do not expect these rules will significantly increase our global tax costs. We will continue to monitor US and global legislative action related to Pillar Two for future potential impacts.

Leases

Leases	12 Months Ended
	Dec. 31, 2024
Leases [Abstract]
Leases	Leases Our operating lease cost was as follows for the years ended December 31, (in thousands): 2024 2023 2022 Operating lease cost (a) $ 9,327 $ 6,480 $ 2,714 (a) Excludes short-term lease expense, which is not material. Our lease arrangements do not contain any material residual guarantees, variable payment provisions, or restrictive covenants. The table below summarizes future minimum lease payments under operating leases, recorded on the balance sheet, as of December 31, 2024 (in thousands): Year ending December 31, 2025 $ 10,178 2026 9,807 2027 9,620 2028 8,713 2029 7,558 Thereafter 27,520 Minimum lease payments 73,396 Less: imputed interest (18,363) Present value of minimum lease payments 55,033 Less: current portion of lease liabilities (a) (6,889) Long-term lease liabilities $ 48,144 (a) The current portion of lease liabilities are presented within accrued expenses and other current liabilities on our consolidated balance sheets. Refer to Note (9) "Accrued Expenses and Other Current Liabilities." Other supplemental operating lease information for the year ended December 31, was as follows (in thousands): 2024 2023 2022 Cash paid for amounts included in the measurement of operating lease liabilities $ 9,818 $ 5,045 $ 2,441 Right-of-use assets obtained in exchange for new operating lease liabilities $ 30,314 $ 11,812 $ 11,876 The weighted-average discount rate was 6.5% and 5.9% and the weighted-average remaining lease term was 8.6 years and 5.7 years as of December 31, 2024, and 2023, respectively. Lease Abandonment and Termination In connection with the FDS sale as described in Note (3) "Discontinued Operations", we implemented changes that resulted in one-time charges primarily related to the lease abandonment and termination of our headquarters office space. On June 28, 2024, we ceased use of our 95,000 sq. ft. leased office space in Alexandria, VA. We relocated our VA-based corporate staff to a 4,000 sq. ft. office space in Vienna, VA under a new short-term lease. We recognized one-time lease abandonment costs of $12.9 million, which comprised of a reduction in our operating lease right-of-use assets of $6.7 million, exit costs of $3.7 million, and a non-cash write-off of certain property and equipment of $2.5 million. These one-time costs are included within lease abandonment and termination costs on our consolidated statements of income. On September 4, 2024, we entered into an agreement to immediately terminate the Alexandria, VA, office space lease in exchange for $12.0 million, payable in two equal installments due in January 2025 and January 2026. As a result, we recognized a lease termination gain of $0.7 million, which comprised of a $1.1 million net liability reduction, partially offset by a $0.4 million decrease in our remaining operating lease right-of-use asset. The lease termination gain is included within lease abandonment and termination costs on our consolidated statements of income. As of December 31, 2024, $6.0 million of the $12.0 million due as a result of the lease termination is classified within accrued expenses and other current liabilities, while the remaining $6.0 million is classified within other long-term liabilities.

Commitment and Contingencies

Commitment and Contingencies	12 Months Ended
	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies We may have certain claims in the normal course of business, including legal proceedings, against us and against other parties. In our opinion, the resolution of these claims will not have a material adverse effect on our results of operations, financial position, or cash flows. However, because the results of any legal proceedings cannot be predicted with certainty, the amount of loss, if any, cannot be reasonably estimated. Further, from time-to-time, government agencies audit or investigate whether our operations are being conducted in accordance with applicable contractual and regulatory requirements. Government audits or investigations, whether relating to government contracts or conducted for other reasons, could result in administrative, civil or criminal liabilities, including repayments, fines or penalties imposed, or could lead to suspension or debarment from future government contracting. Government investigations often take years to complete and many result in no adverse action. We believe, based upon current information, that the outcome of any such government disputes, audits and investigations will not have a material adverse effect on our results of operations, financial condition, or cash flows.

Business Segments and Customer

Business Segments and Customer Information	12 Months Ended
	Dec. 31, 2024
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract]
Business Segments and Customer Information	Business Segments and Customer Information Segment Information The sale of the Federal and Defense segment allows us to focus on a long-term strategic growth strategy focused on higher margin and higher growth aftermarket parts distribution and MRO businesses. Following the sale of the Federal and Defense segment, management of our business operations is conducted under two reportable operating segments: Aviation: Our Aviation segment provides aftermarket MRO and distribution services to commercial, business and general aviation, cargo, military and defense, and rotorcraft customers globally. Core services include parts distribution, MRO services including fuel controls, avionics, pneumatics, hydraulics, wheel and brake, and rotable exchange and supply chain services. Fleet: Our Fleet segment provides parts, inventory management, e-commerce fulfillment, logistics, supply chain support and other services to support the commercial aftermarket medium- and heavy-duty truck market, and the USPS. Core services include vehicle parts distribution, sourcing, IT solutions, customized fleet logistics, warehousing, kitting, just-in-time supply chain management, alternative product sourcing, and engineering and technical support. The operating segments reported below are our segments for which separate financial information is available and for which segment results are evaluated regularly by our President and Chief Executive Officer, who is our Chief Operating Decision Maker ("CODM"), in deciding how to allocate resources and in assessing performance. Our CODM evaluates segment performance based on consolidated revenues and operating income and considers budget-to-actual, sequential period and prior period variances on a monthly basis when making decisions about allocating capital and personnel to the segments. Segment costs, depreciation and amortization, and allocated corporate costs are viewed as significant segment expenses as part of the CODM’s evaluation. Net sales of our business segments exclude inter-segment sales as these activities are eliminated in consolidation. Corporate expenses are primarily selling, general and administrative expenses not allocated to segments. Corporate assets are primarily cash, property and equipment and investments held in separate trust. Our segment information is as follows (in thousands): Year Ended December 31, 2024 Aviation Fleet Corporate / Consolidated Revenues $ 786,256 $ 293,876 $ — $ 1,080,132 Costs and operating expenses: Segment costs (a) 640,895 266,689 36,831 944,415 Depreciation and amortization 25,500 2,957 155 28,612 Allocated corporate cost (b) 18,474 7,212 — 25,686 Total costs and operating expenses 684,869 276,858 36,986 998,713 Operating income (loss) (c) $ 101,387 $ 17,018 $ (36,986) $ 81,419 Capital Expenditures (d) $ 19,030 $ 2,386 $ 215 $ 21,631 Total Assets $ 1,409,426 $ 282,820 $ 42,374 $ 1,734,620 Year Ended December 31, 2023 Aviation Fleet Corporate / Consolidated Revenues $ 544,020 $ 316,468 $ — $ 860,488 Costs and operating expenses: Segment costs (a) 443,909 272,084 14,682 730,675 Depreciation and amortization 16,080 5,300 (253) 21,127 Allocated corporate cost (b) 12,863 7,827 — 20,690 Total costs and operating expenses 472,852 285,211 14,429 772,492 Operating income (loss) (c) $ 71,168 $ 31,257 $ (14,429) $ 87,996 Capital Expenditures (d) $ 16,467 $ 2,198 $ 269 $ 18,934 Total Assets (e) $ 950,143 $ 274,382 $ 125,813 $ 1,350,338 For the Year Ended December 31, 2022 Aviation Fleet Corporate / Consolidated Revenues $ 408,112 $ 261,336 $ — $ 669,448 Costs and operating expenses: Segment costs (a) 345,614 221,137 7,654 574,405 Depreciation and amortization 13,174 8,783 (931) 21,026 Allocated corporate cost (b) 12,908 7,505 — 20,413 Total costs and operating expenses 371,696 237,425 6,723 615,844 Operating income (loss) (c) $ 36,416 $ 23,911 $ (6,723) $ 53,604 Capital Expenditures (d) $ 5,961 $ 5,502 $ 861 $ 12,324 (a) Segment costs consist of material, labor, overhead, and selling, general, and administrative costs not separately disclosed within this footnote. (b) Primarily includes costs for information technology, human resources, accounting, and legal support services. (c) Certain corporate costs previously allocated to the Federal and Defense business for segment reporting purposes did not qualify for classification within discontinued operations and have been reallocated to continuing operations. (d) Amounts differ from consolidated statements of cash flows due to inclusion of capital expenditures for which payment has not yet been remitted. (e) Corporate assets in 2023 include $93,002 of assets held-for-sale. Customer Information Our revenues are derived from the delivery of products and services performed for commercial and government customers. Revenues from the USPS, reported within our Fleet segment, represented 11%, 19%, and 23% of consolidated revenues for 2024, 2023 and 2022, respectively. Our customers also include various other commercial entities and government agencies. See Note (4) "Revenue Recognition" for revenue by customer. We do not measure revenue or profit by product or service lines, either for internal management or external financial reporting purposes, because it would be impractical to do so. Products offered and services performed are determined by contract requirements and the types of products and services provided for one contract bear no relation to similar products and services provided on another contract. Products and services provided vary when new contracts begin, or current contracts expire. In many cases, more than one product or service is provided under a contract. Accordingly, cost and revenue tracking are designed to best serve contract requirements and segregating costs and revenues by product or service lines in situations for which it is not required would be difficult and costly to both us and our customers. Geographical Information Revenue by geography is based on the billing address of the customer. Our revenue by geographic area is as follows (in thousands): For the years ended December 31, 2024 2023 2022 United States $ 785,599 $ 656,767 $ 557,615 Other Countries (a) 294,533 203,721 111,833 Total revenue $ 1,080,132 $ 860,488 $ 669,448 (a) No individual country, other than disclosed above, exceeded 10% of our total revenue for any period presented.

Capital Stock

Capital Stock	12 Months Ended
	Dec. 31, 2024
Equity [Abstract]
Capital Stock	Capital Stock Our common stock has a par value of $0.05 per share. Proceeds from common stock issuances that are greater than $0.05 per share are credited to additional paid in capital. Holders of common stock are entitled to one vote per common share held on all matters voted on by our stockholders. Stockholders of record are entitled to the amount of dividends declared per common share held. In May 2024, we entered into an underwriting agreement with certain underwriters relating to the issuance and sale of up to 2,429,577 shares of the Company's common stock at a public offering price of $71.00 per share. On May 17, 2024, the Company issued 2,429,577 shares, which included the exercise by the underwriters of their option to purchase additional shares, pursuant to the underwriting agreement. Net proceeds of $162.0 million were received by the Company, which were used to repay outstanding borrowings under our revolving credit facility, including amounts borrowed to pay the purchase price of the acquisition of TCI and for general corporate purposes. We incurred legal and accounting fees of $0.4 million associated with the May 2024 public offering. In October 2024, we entered into an underwriting agreement with certain underwriters relating to the issuance and sale of 1,724,137 shares of the Company's common stock at a public offering price of $87.00 per share. Under the terms of the agreement, we granted the underwriters an option, exercisable for 30 days, to purchase up to an additional 258,620 shares of common stock. The offering closed on October 17, 2024, resulting in the issuance of 1,982,757 shares, which included the exercise by the underwriters of their option to purchase additional shares, pursuant to the underwriting agreement, for which we received net proceeds of $163.8 million, net of issuance costs. Additionally, we incurred legal and accounting fees of $0.3 million associated with the October 2024 public offering. The net proceeds were used to finance a portion of the cash consideration for the Kellstrom Aerospace acquisition and general corporate purposes, including repaying outstanding borrowings under our revolving facility.

401(k) Plan

401(k) Plan	12 Months Ended
	Dec. 31, 2024
Contractors [Abstract]
401(k) Plan	401(k) Plan We maintain a defined contribution plan under Section 401(k) of the Internal Revenue Code of 1986, as amended, that covers substantially all our employees. Under the provisions of our 401(k) plan, employees' eligible contributions are matched at rates specified in the plan documents. Our expense associated with this plan was approximately $2.0 million, $1.6 million, and $1.7 million for the years ended December 31, 2024, 2023, and 2022, respectively.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements We utilize fair value measurement guidance prescribed by GAAP to value our financial instruments. The accounting standard for fair value measurements establishes a three-tier value hierarchy, which prioritizes the inputs used in measuring fair value as follows: observable inputs such as quoted prices in active markets (Level 1); inputs other than the quoted prices in active markets that are observable either directly or indirectly (Level 2); and unobservable inputs in which there is little or no market data, which requires the Company to develop its own assumptions (Level 3). The carrying amounts of cash and cash equivalents, receivables, accounts payable and amounts included in prepaid expenses and other current assets and accrued expenses and other current liabilities that meet the definition of a financial instrument approximate fair value due to their relatively short maturity. The carrying value of our outstanding debt obligations approximates its fair value. The fair value of long-term debt is calculated using Level 2 inputs based on interest rates available for debt with terms and maturities similar to our existing debt arrangements. Non-financial assets acquired and liabilities assumed in business combinations were measured at fair value using income, market and cost valuation methodologies. See Note (2), "Acquisitions." The fair value measurements were estimated using significant inputs that are not observable in the market and thus represent a Level 3 measurement. The following table summarizes the financial assets and liabilities measured at fair value on a recurring basis and the level they fall within the fair value hierarchy (in thousands): As of December 31, Amounts Recorded at Fair Value Financial Statement Classification Fair Value Hierarchy 2024 2023 Non-COLI assets held in Deferred Supplemental Compensation Plan (a) Other assets Level 1 $ 629 $ 594 Interest rate swaps Other assets Level 2 $ 4,093 $ 2,840 (a) Non-COLI assets held in our deferred supplemental compensation plan consist of equity funds with fair value based on observable inputs such as quoted prices for identical assets in active markets and changes in fair value are recorded as selling, general and administrative expenses.

Restructuring Costs

Restructuring Costs	12 Months Ended
	Dec. 31, 2024
Restructuring and Related Activities [Abstract]
Restructuring Costs	Restructuring CostsDuring the year ended December 31, 2024, we incurred $4.2 million of corporate restructuring expenses

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Event On February 17, 2025, we signed a definitive agreement to sell all of the issued and outstanding shares of common stock of our Fleet segment for a total consideration of up to $230 million (the “Fleet Sale”). This consideration assumes a $140 million cash payment at the closing of the Fleet Sale, a $25 million seller note, and an earn-out payment of up to $65 million, subject to the achievement of certain milestones. The Fleet Sale is expected to close in the second quarter of 2025 and is subject to customary closing conditions and approvals. We currently intend to use the net proceeds from the Fleet Sale to reduce existing borrowings under the credit agreement.

Schedule II - Valuation and Qua

Schedule II - Valuation and Qualifying Accounts	12 Months Ended
	Dec. 31, 2024
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]
Schedule II - Valuation and Qualifying Accounts	Schedule II - Valuation and Qualifying Accounts For the years ended December 31, 2024 2023 2022 Allowance for credit losses (in thousands): Allowance as of beginning of year $ 3,449 $ 2,019 $ 1,677 Additions charged to costs and operating expenses 3,922 1,484 2,084 Deductions (910) (54) (1,742) Allowance as of end of year $ 6,461 $ 3,449 $ 2,019 For the years ended December 31, 2024 2023 2022 Valuation allowance for deferred tax assets (in thousands): Allowance as of beginning of year $ 9,906 $ 8,337 $ 8,257 Additions charged to costs and operating expenses 520 75 80 Additions charged to other accounts (a) 8,875 1,494 — Allowance as of end of year $ 19,301 $ 9,906 $ 8,337 (a) 2024 activity primarily includes the valuation allowance established from the Kellstrom Aerospace acquisition.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net income	[1]	$ 15,324	$ 39,134	$ 28,059
[1] (a) The cash flows related to discontinued operations and held-for-sale assets and liabilities have not been segregated and remain included in the major classes of assets and liabilities. Accordingly, the Consolidated Statements of Cash Flows include the results of continuing and discontinued operations.

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Insider Trading Policies and Pr

Insider Trading Policies and Procedures	12 Months Ended
	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Cybersecurity Risk Management a

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
	Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	We have an information security process integrated into our overall enterprise risk management (ERM) process that is designed to identify, assess, and manage material risks and threats from cybersecurity. To protect our information systems against cybersecurity threats, we employ a range of security processes designed to identify, prevent, detect, respond to, and recover from identified vulnerabilities and cybersecurity incidents in a timely manner. These include internal reporting mechanisms, monitoring solutions, and detection tools. We also leverage the expertise and support of key cybersecurity third-party partners and tools. Our protective measures include technical and organizational safeguards, employee training, incident response capability assessments, cybersecurity insurance, and business continuity mechanisms. We perform employee training as part of our information security processes for all employees. We regularly assess cybersecurity risks and technology threats, utilizing a qualitative risk model to identify, measure, and prioritize certain risks, and develop related security controls and safeguards. Risk assessments are conducted when we onboard certain new services and new vendors, including third-party vendors, applications, and other technology services, and when there are significant changes to IT or security architecture. Further, we monitor key vendors to understand how such vendors manage cybersecurity risks and threats during the term of their provision services or products to us.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	We have an information security process integrated into our overall enterprise risk management (ERM) process that is designed to identify, assess, and manage material risks and threats from cybersecurity. To protect our information systems against cybersecurity threats, we employ a range of security processes designed to identify, prevent, detect, respond to, and recover from identified vulnerabilities and cybersecurity incidents in a timely manner. These include internal reporting mechanisms, monitoring solutions, and detection tools. We also leverage the expertise and support of key cybersecurity third-party partners and tools. Our protective measures include technical and organizational safeguards, employee training, incident response capability assessments, cybersecurity insurance, and business continuity mechanisms. We perform employee training as part of our information security processes for all employees. We regularly assess cybersecurity risks and technology threats, utilizing a qualitative risk model to identify, measure, and prioritize certain risks, and develop related security controls and safeguards.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Our Board of Directors ("Board") and Audit Committee have oversight responsibility for cybersecurity risks and incidents, including compliance with disclosure requirements, collaboration with law enforcement, and related effects on financial and other risks. Findings and recommendations are reported, as deemed appropriate, to the Board. Senior management including our Chief Information Security Officer ("CISO") engages in regular discussions with the Board regarding cybersecurity risks, trends, and any material incidents that may arise. Furthermore, the Board receives briefings on cybersecurity matters from the CISO on our cybersecurity and information security.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our CISO has served in various roles in information technology and information security for over 20 years, with experience in technology risk management, cybersecurity, compliance, network engineering, information systems, and business resiliency. He is a Certified Information Systems Security Professional. Our CISO manages the Company's information security and oversees our data security personnel and our incident response and business continuity management programs to assess and manage the cybersecurity element of our risk management program, including policies, cybersecurity training, security operations and engineering, cyber threat detection and incident response. Our CISO promptly informs and updates the Board about any information regarding security incidents that may pose a significant risk to the Company.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our CISO has served in various roles in information technology and information security for over 20 years, with experience in technology risk management, cybersecurity, compliance, network engineering, information systems, and business resiliency. He is a Certified Information Systems Security Professional. Our CISO manages the Company's information security and oversees our data security personnel and our incident response and business continuity management programs to assess and manage the cybersecurity element of our risk management program, including policies, cybersecurity training, security operations and engineering, cyber threat detection and incident response. Our CISO promptly informs and updates the Board about any information regarding security incidents that may pose a significant risk to the Company.
Cybersecurity Risk Role of Management [Text Block]	Our CISO has served in various roles in information technology and information security for over 20 years, with experience in technology risk management, cybersecurity, compliance, network engineering, information systems, and business resiliency. He is a Certified Information Systems Security Professional. Our CISO manages the Company's information security and oversees our data security personnel and our incident response and business continuity management programs to assess and manage the cybersecurity element of our risk management program, including policies, cybersecurity training, security operations and engineering, cyber threat detection and incident response. Our CISO promptly informs and updates the Board about any information regarding security incidents that may pose a significant risk to the Company.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Senior management including our Chief Information Security Officer ("CISO") engages in regular discussions with the Board regarding cybersecurity risks, trends, and any material incidents that may arise. Furthermore, the Board receives briefings on cybersecurity matters from the CISO on our cybersecurity and information security.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our CISO has served in various roles in information technology and information security for over 20 years, with experience in technology risk management, cybersecurity, compliance, network engineering, information systems, and business resiliency. He is a Certified Information Systems Security Professional.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Senior management including our Chief Information Security Officer ("CISO") engages in regular discussions with the Board regarding cybersecurity risks, trends, and any material incidents that may arise. Furthermore, the Board receives briefings on cybersecurity matters from the CISO on our cybersecurity and information security. Our CISO has served in various roles in information technology and information security for over 20 years, with experience in technology risk management, cybersecurity, compliance, network engineering, information systems, and business resiliency. He is a Certified Information Systems Security Professional. Our CISO manages the Company's information security and oversees our data security personnel and our incident response and business continuity management programs to assess and manage the cybersecurity element of our risk management program, including policies, cybersecurity training, security operations and engineering, cyber threat detection and incident response. Our CISO promptly informs and updates the Board about any information regarding security incidents that may pose a significant risk to the Company.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Nature of Business and Signif_2

Nature of Business and Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements of the Company have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC") and include the assets, liabilities, results of operations and cash flows our parent company and our wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. In February 2024, we entered into two separate agreements to sell substantially all of the Federal and Defense segment assets. See Note (3) "Discontinued Operations" for further information. The consolidated financial statements reflect the Federal and Defense segment's results of operations as discontinued operations, and the related assets and liabilities as held-for-sale for all periods presented. Certain reclassifications have been made to the prior period financial information to reflect discontinued operations presentation. Unless otherwise noted, amounts and disclosures throughout these Notes to Consolidated Financial Statements relate solely to continuing operations and exclude all discontinued operations.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingencies at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates affecting the financial statements may include, but are not limited to, fair value measurements, inventory provisions, collectability of receivables, valuation allowances on deferred tax assets, fair value of goodwill and other intangible assets and contingencies.
Stock-Based Compensation	Stock-Based Compensation We issue stock-based awards as compensation to employees and directors. Stock-based awards include stock-settled bonus awards, time-vested stock awards and performance share awards. We recognize stock-based compensation expense over the underlying award’s requisite service period, as measured using the award’s grant date fair value. Our policy is to recognize forfeitures as they occur. For performance share awards, we assess the probability of achieving the performance conditions at each reporting period end and adjust compensation expense based on the number of shares we expect to ultimately issue.
Earnings Per Share	Earnings Per Share Basic earnings per share ("EPS") is computed by dividing net income by the weighted average number of shares of common stock outstanding during each period. Shares issued during the period are weighted for the portion of the period that they were outstanding. Our calculation of diluted earnings per common share includes the dilutive effects for the assumed vesting of outstanding stock-based awards. The antidilutive common stock equivalents excluded from the diluted per share calculation are not material.
Cash and Cash Equivalents	Cash and Cash Equivalents We consider all highly liquid investments with an original maturity of three months or less to be cash equivalents. Due to the short maturity of these instruments, the carrying values on our consolidated balance sheets approximate fair value. Although certain cash balances exceed insurance limits of the Federal Deposit Insurance Corporation, we do not limit our credit exposure to any one financial institution and utilize financial institutions with high credit quality.
Property and Equipment	Property and Equipment three
Leases	Leases We determine at inception whether an arrangement that provides us control over the use of an asset is a lease. Substantially all of our leases are long-term operating leases for facilities with fixed payment terms. We recognize a right-of-use ("ROU") asset and a lease liability upon commencement of our operating leases. The initial lease liability is equal to the future fixed minimum lease payments discounted using our incremental borrowing rate, on a secured basis. The lease term includes option renewal periods and early termination payments when it is reasonably certain that we will exercise those rights. The initial measurement of the ROU asset is equal to the initial lease liability plus any initial indirect costs and prepayments, less any lease incentives. We recognize lease costs on a straight-line basis over the remaining lease term, except for variable lease payments that are expensed in the period in which the obligation for those payments is incurred. Leases with an initial term of 12 months or less with purchase options or extension options that are not reasonably certain to be exercised are not recorded on the balance sheet. Operating lease cost is included in costs and operating expenses on our consolidated statement of income.
Concentration of Credit Risk	Concentrations of Credit Risk Financial instruments that potentially subject us to concentration of credit risk consist primarily of our trade receivables. Our trade receivables consist of amounts due from various commercial entities and government clients. We believe that concentrations of credit risk with respect to trade receivables are limited due to the large number of customers comprising the customer base and their dispersion across many different geographic regions. The credit risk, with respect to contracts with the government, is limited due to the creditworthiness of the respective governmental entity. We perform ongoing credit evaluations and monitoring of the financial condition of all our customers. We maintain an allowance for credit losses based upon several factors, including historical collection experience, current aging status of the customer accounts and financial condition of our customers.
Revenue Recognition	Revenue Recognition We account for revenue in accordance with ASC 606. The unit of account in ASC 606 is a performance obligation. At the inception of each contract with a customer, we determine our performance obligations under the contract and the contract's transaction price. A performance obligation is a promise in a contract to transfer a distinct good or service to the customer and is defined as the unit of account. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when the performance obligation is satisfied. The majority of our contracts have a single performance obligation as the promise to transfer the respective goods or services is not separately identifiable from other promises in the contracts and is, therefore, not distinct. For product sales, each product sold to a customer typically represents a distinct performance obligation. Our performance obligations are satisfied over time as work progresses or at a point in time based on transfer of control of products and services to our customers. Substantially all our Fleet segment revenues from the sale of vehicle parts to customers are recognized at the point in time of the transfer of control to the customer. Sales returns and allowances for vehicle parts are not significant. Our Aviation segment revenues result from the sale of aircraft parts and performance of MRO services for private and commercial aircraft owners, other aviation MRO providers, and aviation original equipment manufacturers. Our Aviation segment recognizes revenues for the sale of aircraft parts at a point in time when control is transferred to the customer, which usually occurs when the parts are shipped. Our Aviation segment recognizes revenues for MRO services over time as the services are transferred to the customer. MRO services revenue recognized is measured based on the cost-to-cost input method, as costs incurred reflect the work completed, and therefore the services transferred to date. Sales returns and allowances are not significant.
Receivables and Contract Balances	Receivables and Contract Balances Receivables are recorded at amounts earned less an allowance. We review our receivables regularly to determine if there are any potentially uncollectible accounts. Contract assets include unbilled amounts typically resulting from sales under contracts when the cost-to-cost method of revenue recognition is utilized, and revenue recognized exceeds the amount billed to the customer. The amounts may not exceed their estimated net realizable value. Contract assets are classified as current based on our contract operating cycle. Contract liabilities include customer advances and billings in excess of revenue recognized and are included within accrued expenses and other current liabilities in our consolidated balance sheets.
Allowance for Credit Losses	Allowance for Credit Losses We establish allowances for credit losses on our accounts receivable and contract assets. To measure expected credit losses, we have disaggregated pools of receivable balances by segment. Within each segment, receivables exhibit similar risk characteristics. In determining the amount of the allowance for credit losses, we consider historical collectability based on past due status. We also consider current market conditions and forecasts of future economic conditions to inform potential adjustments to historical loss data. In addition, we also record allowances for credit losses for specific receivables that are deemed to have a higher risk profile than the rest of the respective pool of receivables, such as concerns about a specific customer's inability to meet its financial obligation to us. The adequacy of these allowances is assessed quarterly through consideration of factors on a collective basis where similar characteristics exist and on an individual basis.
Inventories	Inventories Inventories are stated at the lower of cost or net realizable value using the FIFO method. Inventories consist primarily of finished goods replacement parts for our Fleet and Aviation segments, and also include related purchasing, storage, and handling costs. Inventories for our Aviation segment consist primarily of aftermarket parts for distribution, and general aviation engine accessories and parts, and also include related purchasing, overhaul labor, storage, and handling costs.
Deferred Compensation Plans	Deferred Compensation Plans We provide for certain key management employees to be incentivized and rewarded based on overall company performance through the VSE Corporation Deferred Supplemental Compensation Plan (the "DSC Plan"). We recognized DSC Plan expenses of $0.3 million, $0.4 million, and $0.3 million for the years ended December 31, 2024, 2023 and 2022, respectively.
Derivatives Instruments	Derivative Instruments Derivative instruments are recorded on the consolidated balance sheets at fair value. Unrealized gains and losses on derivatives designated as cash flow hedges are reported in other comprehensive income and reclassified into earnings in a manner that matches the timing of the earnings impact of the hedged transactions.
Income Taxes	Income Taxes Income taxes are accounted for under the asset and liability method. Under the asset and liability method, deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. This method also requires the recognition of future tax benefits, such as net operating loss carryforwards, to the extent that realization of such benefits is more likely than not. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The carrying value of net deferred tax assets is based on assumptions regarding our ability to generate sufficient future taxable income to utilize these deferred tax assets.
Business Combinations	Business Combinations
Goodwill	Goodwill Goodwill represents the purchase price paid in excess of the fair value of net tangible and intangible assets acquired in a business combination. Goodwill is tested for potential impairment at the reporting unit level annually at the beginning of the fourth quarter, or whenever events or changes in circumstances indicate that the carrying value may not be recoverable.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets We review our long-lived assets, including amortizable intangible assets, operating lease right-of-use assets, and property and equipment, for impairment whenever events or changes in facts and circumstances indicate that their carrying values may not be fully recoverable and the carrying amount of the asset exceeds its estimated future undiscounted cash flows. When the carrying amount of the asset exceeds its estimated future undiscounted cash flows, an impairment loss is recognized to reduce the asset’s carrying amount to its estimated fair value based on the present value of its estimated future cash flows.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Recently Adopted Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures , which requires public entities to disclose information about their reportable segments’ significant expenses and other segment items on an interim and annual basis. We adopted the standard in the fourth quarter of 2024 and applied the disclosure retrospectively to all prior periods presented in the financial statements. The adoption of ASU 2023-07 did not have an impact on our consolidated financial position, results of operations or cash flows. See Note (14) "Business Segments and Customer Information" for further information. Recently Issued Accounting Pronouncements Not Yet Adopted In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures , which requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the disclosure impact of this ASU, however, the standard will not have an impact on our consolidated financial position, results of operations or cash flows. In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires public entities to disclose additional information about specific expense categories in the notes to the financial statements. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. We are currently evaluating the impact that adoption of ASU 2024-03 may have on our consolidated financial statements and disclosures.
Segment Information	Aviation: Our Aviation segment provides aftermarket MRO and distribution services to commercial, business and general aviation, cargo, military and defense, and rotorcraft customers globally. Core services include parts distribution, MRO services including fuel controls, avionics, pneumatics, hydraulics, wheel and brake, and rotable exchange and supply chain services. Fleet: Our Fleet segment provides parts, inventory management, e-commerce fulfillment, logistics, supply chain support and other services to support the commercial aftermarket medium- and heavy-duty truck market, and the USPS. Core services include vehicle parts distribution, sourcing, IT solutions, customized fleet logistics, warehousing, kitting, just-in-time supply chain management, alternative product sourcing, and engineering and technical support. The operating segments reported below are our segments for which separate financial information is available and for which segment results are evaluated regularly by our President and Chief Executive Officer, who is our Chief Operating Decision Maker ("CODM"), in deciding how to allocate resources and in assessing performance. Our CODM evaluates segment performance based on consolidated revenues and operating income and considers budget-to-actual, sequential period and prior period variances on a monthly basis when making decisions about allocating capital and personnel to the segments. Segment costs, depreciation and amortization, and allocated corporate costs are viewed as significant segment expenses as part of the CODM’s evaluation.

Nature of Business and Signif_3

Nature of Business and Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Schedule of Weighted Average Number of Shares	The weighted-average number of shares outstanding used to compute basic and diluted EPS were as follows: For the years ended December 31, 2024 2023 2022 Basic weighted average common shares outstanding 17,878,608 14,130,334 12,780,117 Effect of dilutive shares 96,687 54,395 47,777 Diluted weighted average common shares outstanding 17,975,295 14,184,729 12,827,894

Acquisitions (Tables)

Acquisitions (Tables)	12 Months Ended
	Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The adjusted preliminary purchase price allocation is as follows (in thousands): Receivables $ 9,122 Contract assets 16,193 Inventories 5,512 Prepaid expenses and other current assets 570 Other assets 214 Property and equipment, net 6,434 Intangible asset - customer related 59,000 Goodwill 40,201 Operating lease right-of-use assets 7,832 Total assets acquired 145,078 Accounts payable (9,764) Accrued expense and other current liabilities (5,624) Long-term operating lease obligations (7,339) Total liabilities assumed (22,727) Net assets acquired, excluding cash $ 122,351 Cash consideration, net of cash acquired $ 112,351 VSE common stock, at fair value 10,000 Total $ 122,351 The preliminary purchase price is as follows (in thousands): Receivables $ 27,379 Contract assets 2,925 Inventories 37,686 Prepaid expenses and other current assets 2,723 Property and equipment, net 10,301 Intangible asset - customer related 41,900 Goodwill 100,711 Operating lease right-of-use assets 10,793 Total assets acquired 234,418 Accounts payable (27,750) Accrued expense and other current liabilities (6,096) Deferred tax liabilities (201) Long-term operating lease obligations (9,348) Total liabilities assumed (43,395) Net assets acquired, excluding cash $ 191,023 Cash consideration, net of cash acquired $ 170,756 VSE common stock, at fair value 20,267 Total $ 191,023 Receivables $ 7,383 Inventories 31,228 Prepaid expenses and other current assets 515 Property and equipment 2,527 Intangible assets 21,950 Goodwill 53,942 Operating lease right-of-use-assets 6,679 Total assets acquired 124,224 Accounts payable (10,128) Accrued expenses and other current liabilities (5,793) Long-term operating lease obligations (5,937) Deferred tax liabilities (2,666) Total liabilities assumed (24,524) Net assets acquired, excluding cash $ 99,700 Cash consideration, net of cash acquired $ 101,870 Post-close adjustment (2,170) Total $ 99,700 The final purchase price allocation is as follows (in thousands): Prepaid expenses and other current assets (a) $ 11,500 Property and equipment 2,714 Intangible assets 16,200 Goodwill 74,586 Total assets acquired $ 105,000 Cash consideration $ 105,000 Total consideration $ 105,000 (a) Represents prepaid inventory consisting of finished goods acquired but not in our physical possession as of the acquisition date.
Schedule of Business Acquisition, Pro Forma Information	The unaudited consolidated pro forma results of operations are as follows (in thousands): For the years ended December 31, 2024 2023 Revenue $ 1,111,915 $ 949,019 Income from continuing operations $ 37,226 $ 38,981 For the years ended December 31, 2024 2023 Revenue $ 1,244,344 $ 1,021,260 Income from continuing operations $ 45,241 $ 48,528 For the years ended December 31, 2024 2023 Revenue $ 1,080,132 $ 908,243 Income from continuing operations $ 36,498 $ 46,265

Discontinued Operations (Tables

Discontinued Operations (Tables)	12 Months Ended
	Dec. 31, 2024
Discontinued Operations and Disposal Groups [Abstract]
Schedule of Discontinued Operations	The components of (loss) income from discontinued operations, net of tax consist of the following (in thousands): For the years ended December 31, 2024 2023 2022 Revenues $ 26,268 $ 252,466 $ 280,314 Costs and operating expenses 34,684 258,125 278,779 (Loss) income from discontinued operations before income taxes (8,416) (5,659) 1,535 Other FDS impairment 4,204 — — Loss on the sale of discontinued operations 15,199 — — (Loss) income from discontinued operations before income taxes (27,819) (5,659) 1,535 (Benefit) provision for income taxes (6,645) (1,641) 135 (Loss) income from discontinued operations, net of tax $ (21,174) $ (4,018) $ 1,400 The assets and liabilities reported as held-for-sale consist of the following (in thousands): As of December 31, 2023 Assets Cash and cash equivalents $ 162 Receivables, net 10,805 Contract assets 25,109 Inventories 472 Prepaid expenses and other current assets 6,154 Property and equipment, net 6,102 Intangible assets, net 3,505 Goodwill 31,575 Operating lease right-of-use assets 9,097 Other assets 21 Total assets held-for-sale (a) $ 93,002 Liabilities Accounts payable $ 20,893 Accrued expenses and other current liabilities 19,537 Long-term operating lease obligations 8,942 Deferred tax liabilities 4,019 Total liabilities held-for-sale (a) $ 53,391 (a) Amounts were classified as current for the prior period consolidated balance sheet. Selected financial information related to cash flows from discontinued operations is as follows (in thousands): For the years ended December 31, 2024 2023 2022 Depreciation and amortization $ 150 $ 2,289 $ 3,576 Purchases of property and equipment $ — $ 295 $ 331 Stock-based compensation $ — $ 139 $ 63

Revenue Recognition (Tables)

Revenue Recognition (Tables)	12 Months Ended
	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	A summary of revenues by customer for each of our operating segments is as follows (in thousands): Year Ended December 31, 2024 Aviation Fleet Total Commercial $ 779,008 $ 178,509 $ 957,517 Other government 7,248 115,367 122,615 Total $ 786,256 $ 293,876 $ 1,080,132 Year Ended December 31, 2023 Commercial $ 539,592 $ 150,835 $ 690,427 DoD — 209 209 Other government 4,428 165,424 169,852 Total $ 544,020 $ 316,468 $ 860,488 Year Ended December 31, 2022 Commercial $ 403,155 $ 104,162 $ 507,317 DoD — 3,286 3,286 Other government 4,957 153,888 158,845 Total $ 408,112 $ 261,336 $ 669,448 A summary of revenues by type for each of our operating segments is as follows (in thousands): Year Ended December 31, 2024 Aviation Fleet Total Repair $ 293,063 $ — $ 293,063 Distribution 493,193 293,876 787,069 Total $ 786,256 $ 293,876 $ 1,080,132 Year Ended December 31, 2023 Repair $ 157,154 $ — $ 157,154 Distribution 386,866 316,468 703,334 Total $ 544,020 $ 316,468 $ 860,488 Year Ended December 31, 2022 Repair $ 107,399 $ — $ 107,399 Distribution 300,713 261,336 562,049 Total $ 408,112 $ 261,336 $ 669,448 Contract Balances Contract balances were as follows (in thousands): As of December 31, Financial Statement Classification 2024 2023 Billed and billable receivables Receivables, net (a) $ 197,563 $ 127,958 Contract assets - unbilled receivables Contract assets $ 29,960 $ 8,049 Contract liabilities Accrued expenses and other current liabilities $ 4,479 $ 2,785 (a) Net of allowance of $6.5 million and $3.4 million as of December 31, 2024 and 2023, respectively.

Property and Equipment (Tables)

Property and Equipment (Tables)	12 Months Ended
	Dec. 31, 2024
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment	Property and equipment, net consisted of the following (in thousands): As of December 31, 2024 2023 Buildings and building improvements $ 25,279 $ 24,555 Computer equipment 14,490 8,309 Furniture, fixtures, and equipment (a) 64,185 41,208 Leasehold improvements 10,104 6,151 Construction in process 16,722 13,675 Land and land improvements 1,454 1,617 132,234 95,515 Less: accumulated depreciation and amortization (46,648) (37,439) Total property and equipment, net $ 85,586 $ 58,076 (a) Certain amounts from prior year have been reclassified to conform with current year presentation.

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	12 Months Ended
	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill by Operating Segment	Changes in the carrying amount of goodwill by operating segment for the years ended December 31, 2024 and 2023 were as follows (in thousands): Fleet Aviation Total Balance as of December 31, 2022 $ 63,190 $ 154,072 $ 217,262 Goodwill acquired — 134,519 134,519 Balance as of December 31, 2023 $ 63,190 $ 288,591 $ 351,781 Goodwill acquired — 140,804 140,804 Measurement period adjustments — (1,132) (1,132) Balance as of December 31, 2024 $ 63,190 $ 428,263 $ 491,453
Schedule of Intangible Assets	Intangible assets consisted of the following (in thousands): Cost Accumulated Amortization Net Intangible Assets December 31, 2024 Contract and customer-related $ 272,590 $ (75,309) $ 197,281 Trade names 8,670 (8,670) — Total $ 281,260 $ (83,979) $ 197,281 December 31, 2023 Contract and customer-related $ 241,090 $ (127,022) $ 114,068 Trade names 8,670 (8,608) 62 Total $ 249,760 $ (135,630) $ 114,130
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	The estimated future annual amortization expense related to intangible assets are as follows (in thousands): Year Ending December 31, 2025 $ 24,520 2026 24,349 2027 22,602 2028 21,768 2029 21,706 Thereafter 82,336 Total $ 197,281

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Schedule of Long-term Debt	Long-term debt consisted of the following (in thousands): As of December 31, 2024 2023 Bank credit facility - term loan $ 277,500 $ 300,000 Bank credit facility - revolving facility 155,000 133,000 Principal amount of long-term debt 432,500 433,000 Less: debt issuance costs (2,327) (3,656) Total debt 430,173 429,344 Less: current portion (30,000) (22,500) Long-term debt, net of current portion $ 400,173 $ 406,844
Schedule of Term Loan Payments	Future required term loan and revolving facility payments as of December 31, 2024 are as follows (in thousands): Year Ending December 31, Term Revolving Facility Total 2025 $ 30,000 $ — $ 30,000 2026 247,500 155,000 402,500 Total $ 277,500 $ 155,000 $ 432,500

Derivative Instruments and He_2

Derivative Instruments and Hedging Activities (Tables)	12 Months Ended
	Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments	Our derivative instruments designated as cash flow hedges as of December 31, 2024 were (in thousands): Notional Amount Paid Fixed Rate Receive Variable Rate Settlement and Termination Interest rate swap $150,000 2.8% 1-month term SOFR Monthly through October 31, 2027 Interest rate swap $100,000 4.5% 1-month term SOFR Monthly through July 31, 2026

Accrued Expenses and Other Cu_2

Accrued Expenses and Other Current Liabilities (Tables)	12 Months Ended
	Dec. 31, 2024
Payables and Accruals [Abstract]
Schedule of Accrued Liabilities	Accrued expenses and other current liabilities As of December 31, 2024 2023 Accrued compensation and benefits $ 19,527 $ 15,734 Accrued customer rebates and royalties 6,731 5,545 Current portion of lease liabilities 6,889 4,957 Accrued lease termination fee 6,010 — Contract liabilities 4,479 2,785 Accrued interest 1,734 469 Accrued warranty 1,541 1,282 Accrued income taxes 839 116 Other (a) 14,445 5,495 Total $ 62,195 $ 36,383 (a) Certain amounts from prior year have been reclassified to conform with current year presentation.
Schedule of Other Current Liabilities	Accrued expenses and other current liabilities As of December 31, 2024 2023 Accrued compensation and benefits $ 19,527 $ 15,734 Accrued customer rebates and royalties 6,731 5,545 Current portion of lease liabilities 6,889 4,957 Accrued lease termination fee 6,010 — Contract liabilities 4,479 2,785 Accrued interest 1,734 469 Accrued warranty 1,541 1,282 Accrued income taxes 839 116 Other (a) 14,445 5,495 Total $ 62,195 $ 36,383 (a) Certain amounts from prior year have been reclassified to conform with current year presentation.

Stock-Based Compensation Plans

Stock-Based Compensation Plans (Tables)	12 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangement, Noncash Expense [Abstract]
Schedule of Stock-based Compensation Expense	Stock-based compensation expense and related tax benefits recognized under the 2006 Plan were as follows (in thousands): For the years ended December 31, 2024 2023 2022 Stock-settled bonus awards $ 428 $ 1,166 $ 1,186 Time-vested stock awards 3,727 2,639 2,089 Performance share awards 4,053 3,807 1,067 Total $ 8,208 $ 7,612 $ 4,342 Tax benefit recognized from stock-based compensation $ 2,048 $ 1,899 $ 1,083
Schedule of Other Restricted Stock Awards	Time-vested stock award activity for the year ended December 31, 2024 was: Number of Shares Weighted Average Grant Date Fair Value Unvested as of December 31, 2023 97,843 $ 44.68 Granted 83,784 $ 79.30 Vested (46,561) $ 45.13 Forfeited (15,606) $ 57.12 Unvested as of December 31, 2024 119,460 $ 67.16
Schedule of Performance Shares Activity	Performance Share award activity for the year ended December 31, 2024 was: Number of Shares Weighted Average Grant Date Fair Value Unvested as of December 31, 2023 168,280 $ 42.41 Granted 45,246 $ 77.54 Vested (73,442) $ 42.42 Forfeited (29,927) $ 52.14 Unvested as of December 31, 2024 110,157 $ 54.20

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Schedule of Components of Continuing Operations Before Income Taxes	The components of income from continuing operations before income taxes were as follows (in thousands): For the years ended December 31, 2024 2023 2022 Domestic $ 41,599 $ 52,137 $ 36,694 Foreign 4,881 4,776 (983) Income from continuing operations before income taxes $ 46,480 $ 56,913 $ 35,711
Schedule of Components of Provision for Income Taxes	The components of the provision for income taxes from continuing operations were as follows (in thousands): For the years ended December 31, 2024 2023 2022 Current: Federal $ 11,670 $ 11,556 $ 9,483 State 2,132 2,205 1,485 Foreign 1,573 1,138 35 Total current 15,375 14,899 11,003 Deferred: Federal (4,725) (1,148) (1,890) State (489) 3 (61) Foreign (179) 7 — Total deferred (5,393) (1,138) (1,951) Provision for income taxes $ 9,982 $ 13,761 $ 9,052
Schedule of Effective Income Tax Reconciliation	A reconciliation of the provision for income taxes from continuing operations to the amount computed by applying the statutory federal income tax rate is as follows (in thousands): For the years ended December 31, 2024 2023 2022 Tax at statutory federal income tax rate $ 9,761 $ 11,952 $ 7,499 Increases (decreases) in tax resulting from: State taxes, net of federal tax benefit 1,738 2,019 1,459 Permanent differences, net (634) (193) 287 Tax credits (454) (461) (418) Prior year true-up adjustment (931) 269 (45) Valuation allowance 378 77 324 Other provision adjustments 124 98 (54) Provision for income taxes $ 9,982 $ 13,761 $ 9,052 Effective tax rate 21.5 % 24.2 % 25.3 %
Schedule of Deferred Tax Assets and Liabilities	The tax effect of temporary differences representing deferred tax assets and liabilities was as follows (in thousands): As of December 31, 2024 2023 Deferred compensation and accrued paid leave $ 2,767 $ 3,003 Accrued expense 2,094 1,429 Inventory reserve 23,463 13,980 Operating lease liabilities 14,362 6,249 Stock-based compensation 2,084 1,697 Capitalized inventory 1,741 1,335 US operating and capital loss carryforward 12,777 7,637 Disallowed interest expense 9,450 1,663 Tax credit carryforward 1,421 1,492 Foreign country operating loss carryforward 1,364 806 Interest capitalized 2,030 — Transaction costs 357 — 73,910 39,291 Valuation allowance (a) (19,301) (9,906) Total gross deferred tax assets 54,609 29,385 Interest rate swaps (1,021) (708) Depreciation (3,959) (2,925) Goodwill and intangible assets (38,279) (26,666) Operating lease right-of-use assets (10,962) (5,939) Other (270) (132) Total gross deferred tax liabilities (54,491) (36,370) Net deferred tax assets (liabilities) (b) $ 118 $ (6,985) (a) A valuation allowance was provided against US capital loss in connection with the stock sale of Prime Turbines, certain state net operating loss, tax credit, and foreign tax loss deferred tax assets arising from carryforwards of unused tax benefits. (b) Deferred tax assets are included within other assets in our consolidated balance sheets.

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2024
Leases [Abstract]
Schedule of Lease Cost	Our operating lease cost was as follows for the years ended December 31, (in thousands): 2024 2023 2022 Operating lease cost (a) $ 9,327 $ 6,480 $ 2,714 (a) Excludes short-term lease expense, which is not material.
Schedule of Future Minimum Annual Non-cancelable Commitments - Leases	The table below summarizes future minimum lease payments under operating leases, recorded on the balance sheet, as of December 31, 2024 (in thousands): Year ending December 31, 2025 $ 10,178 2026 9,807 2027 9,620 2028 8,713 2029 7,558 Thereafter 27,520 Minimum lease payments 73,396 Less: imputed interest (18,363) Present value of minimum lease payments 55,033 Less: current portion of lease liabilities (a) (6,889) Long-term lease liabilities $ 48,144 (a) The current portion of lease liabilities are presented within accrued expenses and other current liabilities on our consolidated balance sheets. Refer to Note (9) "Accrued Expenses and Other Current Liabilities."
Schedule of Supplemental Lease Information	Other supplemental operating lease information for the year ended December 31, was as follows (in thousands): 2024 2023 2022 Cash paid for amounts included in the measurement of operating lease liabilities $ 9,818 $ 5,045 $ 2,441 Right-of-use assets obtained in exchange for new operating lease liabilities $ 30,314 $ 11,812 $ 11,876

Business Segments and Custome_2

Business Segments and Customer Information (Tables)	12 Months Ended
	Dec. 31, 2024
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract]
Schedule of Segment Information	Our segment information is as follows (in thousands): Year Ended December 31, 2024 Aviation Fleet Corporate / Consolidated Revenues $ 786,256 $ 293,876 $ — $ 1,080,132 Costs and operating expenses: Segment costs (a) 640,895 266,689 36,831 944,415 Depreciation and amortization 25,500 2,957 155 28,612 Allocated corporate cost (b) 18,474 7,212 — 25,686 Total costs and operating expenses 684,869 276,858 36,986 998,713 Operating income (loss) (c) $ 101,387 $ 17,018 $ (36,986) $ 81,419 Capital Expenditures (d) $ 19,030 $ 2,386 $ 215 $ 21,631 Total Assets $ 1,409,426 $ 282,820 $ 42,374 $ 1,734,620 Year Ended December 31, 2023 Aviation Fleet Corporate / Consolidated Revenues $ 544,020 $ 316,468 $ — $ 860,488 Costs and operating expenses: Segment costs (a) 443,909 272,084 14,682 730,675 Depreciation and amortization 16,080 5,300 (253) 21,127 Allocated corporate cost (b) 12,863 7,827 — 20,690 Total costs and operating expenses 472,852 285,211 14,429 772,492 Operating income (loss) (c) $ 71,168 $ 31,257 $ (14,429) $ 87,996 Capital Expenditures (d) $ 16,467 $ 2,198 $ 269 $ 18,934 Total Assets (e) $ 950,143 $ 274,382 $ 125,813 $ 1,350,338 For the Year Ended December 31, 2022 Aviation Fleet Corporate / Consolidated Revenues $ 408,112 $ 261,336 $ — $ 669,448 Costs and operating expenses: Segment costs (a) 345,614 221,137 7,654 574,405 Depreciation and amortization 13,174 8,783 (931) 21,026 Allocated corporate cost (b) 12,908 7,505 — 20,413 Total costs and operating expenses 371,696 237,425 6,723 615,844 Operating income (loss) (c) $ 36,416 $ 23,911 $ (6,723) $ 53,604 Capital Expenditures (d) $ 5,961 $ 5,502 $ 861 $ 12,324 (a) Segment costs consist of material, labor, overhead, and selling, general, and administrative costs not separately disclosed within this footnote. (b) Primarily includes costs for information technology, human resources, accounting, and legal support services. (c) Certain corporate costs previously allocated to the Federal and Defense business for segment reporting purposes did not qualify for classification within discontinued operations and have been reallocated to continuing operations. (d) Amounts differ from consolidated statements of cash flows due to inclusion of capital expenditures for which payment has not yet been remitted. (e) Corporate assets in 2023 include $93,002 of assets held-for-sale.
Schedule of Revenue by Geographic Areas	Revenue by geography is based on the billing address of the customer. Our revenue by geographic area is as follows (in thousands): For the years ended December 31, 2024 2023 2022 United States $ 785,599 $ 656,767 $ 557,615 Other Countries (a) 294,533 203,721 111,833 Total revenue $ 1,080,132 $ 860,488 $ 669,448 (a) No individual country, other than disclosed above, exceeded 10% of our total revenue for any period presented.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2024
Fair Value Disclosures [Abstract]
Schedule of Fair Value of Assets and Liabilities	The following table summarizes the financial assets and liabilities measured at fair value on a recurring basis and the level they fall within the fair value hierarchy (in thousands): As of December 31, Amounts Recorded at Fair Value Financial Statement Classification Fair Value Hierarchy 2024 2023 Non-COLI assets held in Deferred Supplemental Compensation Plan (a) Other assets Level 1 $ 629 $ 594 Interest rate swaps Other assets Level 2 $ 4,093 $ 2,840 (a) Non-COLI assets held in our deferred supplemental compensation plan consist of equity funds with fair value based on observable inputs such as quoted prices for identical assets in active markets and changes in fair value are recorded as selling, general and administrative expenses.

Nature of Business and Signif_4

Nature of Business and Significant Accounting Policies - Narrative (Details) $ in Thousands	1 Months Ended	12 Months Ended
	Feb. 29, 2024 agreement	Dec. 31, 2024 USD ($) segment	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Property, Plant and Equipment [Line Items]
Number of reportable segments | segment		2
Cash in foreign bank accounts		$ 5,900
Deferred compensation plan expense		300	$ 400	$ 300
DSC Plan assets		12,000	11,000
COLI, fair value, gain (loss)		$ 600	$ 600	$ 22
Discontinued Operations, Held-for-Sale | Federal And Defense Segment
Property, Plant and Equipment [Line Items]
Number of agreements | agreement	2
Other Capitalized Property Plant and Equipment | Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life (in years)		3 years
Other Capitalized Property Plant and Equipment | Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life (in years)		15 years
Land, Buildings and Improvements | Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life (in years)		15 years
Land, Buildings and Improvements | Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life (in years)		20 years

Nature of Business and Signif_5

Nature of Business and Significant Accounting Policies - Weighted Average Number of Shares (Details) - shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Weighted Average Number of Shares Outstanding Reconciliation [Abstract]
Basic weighted average common shares outstanding (in shares)	17,878,608	14,130,334	12,780,117
Effect of dilutive shares (in shares)	96,687	54,395	47,777
Diluted weighted average shares outstanding (in shares)	17,975,295	14,184,729	12,827,894

Acquisitions - Narrative (Detai

Acquisitions - Narrative (Details) - USD ($) $ in Thousands						1 Months Ended	3 Months Ended	12 Months Ended
	Dec. 03, 2024	Apr. 24, 2024	Sep. 27, 2023	Jul. 03, 2023	Feb. 01, 2023	Dec. 31, 2024	Sep. 30, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Goodwill						$ 491,453		$ 491,453	$ 351,781	$ 217,262
Measurement period adjustments								(1,132)
Propriety Solutions
Business Acquisition [Line Items]
Consideration on disposal				$ 31,800
Turbine Controls, Inc. ("TCI")
Business Acquisition [Line Items]
Consideration transferred		$ 122,400
Purchase price		112,400
Business combination, working capital adjustment		1,500
Acquisition-related expenses								2,200
Revenue								84,400
Operating income								$ 7,100
Goodwill		40,201
Turbine Controls, Inc. ("TCI") | Customer Relationships
Business Acquisition [Line Items]
Useful life (in years)								10 years
Turbine Controls, Inc. ("TCI") | Common Stock
Business Acquisition [Line Items]
Share consideration, VSE common stock		$ 10,000
Kellstrom Aerospace Group, Inc
Business Acquisition [Line Items]
Consideration transferred	$ 191,000
Purchase price	170,800
Acquisition-related expenses								$ 2,700
Revenue						17,000
Operating income						$ 1,200
Goodwill	100,711
Kellstrom Aerospace Group, Inc | Customer Relationships
Business Acquisition [Line Items]
Useful life (in years)								8 years
Kellstrom Aerospace Group, Inc | Common Stock
Business Acquisition [Line Items]
Share consideration, VSE common stock	$ 20,300
Precision Fuel
Business Acquisition [Line Items]
Purchase price					$ 11,700
Acquisition-related expenses									200
Desser Aerospace
Business Acquisition [Line Items]
Consideration transferred				99,700
Purchase price				131,500
Acquisition-related expenses									3,200
Goodwill				$ 53,942
Measurement Period Adjustments, Deferred tax liabilities								$ 1,600
Measurement period adjustments								(1,700)
Increase (decrease) inventories								$ 100
Desser Aerospace | Customer Relationships
Business Acquisition [Line Items]
Useful life (in years)								8 years 3 months 18 days
Honeywell International
Business Acquisition [Line Items]
Consideration transferred			$ 105,000
Acquisition-related expenses									$ 300
Goodwill			$ 74,586
Measurement period adjustments							$ (500)
Decrease in other tangible assets							$ (500)
Honeywell International | Customer Relationships
Business Acquisition [Line Items]
Finite-lived intangible assets, remaining amortization period (in years)			10 years

Acquisitions - Fair Value of Ac

Acquisitions - Fair Value of Acquired Assets and Liabilities (Details) - USD ($) $ in Thousands					12 Months Ended
		Dec. 03, 2024	Apr. 24, 2024	Jul. 03, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Goodwill					$ 491,453	$ 351,781	$ 217,262
Cash consideration, net of cash acquired	[1]				$ 283,122	$ 218,581	$ 0
Turbine Controls, Inc. ("TCI")
Business Acquisition [Line Items]
Receivables			$ 9,122
Contract assets			16,193
Inventories			5,512
Prepaid expenses and other current assets			570
Other assets			214
Property and equipment, net			6,434
Intangible asset - customer related			59,000
Goodwill			40,201
Operating lease right-of-use-assets			7,832
Total assets acquired			145,078
Accounts payable			(9,764)
Accrued expenses and other current liabilities			(5,624)
Long-term operating lease obligations			(7,339)
Total liabilities assumed			(22,727)
Net assets acquired, excluding cash			122,351
Cash consideration, net of cash acquired			112,351
VSE common stock, at fair value			10,000
Total			122,351
Total			$ 122,400
Kellstrom Aerospace Group, Inc
Business Acquisition [Line Items]
Receivables		$ 27,379
Contract assets		2,925
Inventories		37,686
Prepaid expenses and other current assets		2,723
Property and equipment, net		10,301
Intangible asset - customer related		41,900
Goodwill		100,711
Operating lease right-of-use-assets		10,793
Total assets acquired		234,418
Accounts payable		(27,750)
Accrued expenses and other current liabilities		(6,096)
Deferred tax liabilities		(201)
Long-term operating lease obligations		(9,348)
Total liabilities assumed		(43,395)
Net assets acquired, excluding cash		191,023
Cash consideration, net of cash acquired		170,756
VSE common stock, at fair value		20,267
Total		191,023
Total		$ 191,000
Desser Aerospace
Business Acquisition [Line Items]
Receivables				$ 7,383
Inventories				31,228
Prepaid expenses and other current assets				515
Property and equipment, net				2,527
Intangible asset - customer related				21,950
Goodwill				53,942
Operating lease right-of-use-assets				6,679
Total assets acquired				124,224
Accounts payable				(10,128)
Accrued expenses and other current liabilities				(5,793)
Deferred tax liabilities				(2,666)
Long-term operating lease obligations				(5,937)
Total liabilities assumed				(24,524)
Net assets acquired, excluding cash				99,700
Cash consideration, net of cash acquired				101,870
Post-close adjustment				(2,170)
Total				$ 99,700
[1] (a) The cash flows related to discontinued operations and held-for-sale assets and liabilities have not been segregated and remain included in the major classes of assets and liabilities. Accordingly, the Consolidated Statements of Cash Flows include the results of continuing and discontinued operations.

Acquisitions - Pro Forma Inform

Acquisitions - Pro Forma Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Turbine Controls, Inc. ("TCI")
Business Acquisition [Line Items]
Revenue	$ 1,111,915	$ 949,019
Income from continuing operations	37,226	38,981
Kellstrom Aerospace Group, Inc
Business Acquisition [Line Items]
Revenue	1,244,344	1,021,260
Income from continuing operations	45,241	48,528
Desser Aerospace And VSE
Business Acquisition [Line Items]
Revenue	1,080,132	908,243
Income from continuing operations	$ 36,498	$ 46,265

Acquisitions - Final Purchase P

Acquisitions - Final Purchase Price (Details) - USD ($) $ in Thousands			12 Months Ended
		Sep. 27, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Goodwill			$ 491,453	$ 351,781	$ 217,262
Cash consideration, net of cash acquired	[1]		$ 283,122	$ 218,581	$ 0
Honeywell International
Business Acquisition [Line Items]
Prepaid expenses and other current assets		$ 11,500
Property and equipment		2,714
Intangible assets		16,200
Goodwill		74,586
Total assets acquired		105,000
Cash consideration, net of cash acquired		105,000
Total		$ 105,000
[1] (a) The cash flows related to discontinued operations and held-for-sale assets and liabilities have not been segregated and remain included in the major classes of assets and liabilities. Accordingly, the Consolidated Statements of Cash Flows include the results of continuing and discontinued operations.

Discontinued Operations - Narra

Discontinued Operations - Narrative (Details) $ in Thousands	1 Months Ended	3 Months Ended	12 Months Ended
	Feb. 29, 2024 USD ($) agreement	Mar. 31, 2024 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Operating lease right-of-use assets			$ 53,326	$ 28,684
Property and equipment, gross			132,234	95,515
Operating lease, liability			55,033
Discontinued Operations, Disposed of by Sale | Federal And Defense Segment
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of agreements | agreement	2
Consideration on disposal	$ 43,000
Loss on the sale of discontinued operations		$ 15,200	15,199	0	$ 0
Transaction fees		$ 2,500
Accrual for collections on government contracts			$ 300
Discontinued Operations, Held-for-Sale | Alexandria, VA Headquarters
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Operating lease right-of-use assets				7,100
Property and equipment, gross				2,600
Operating lease, liability				$ 11,000
Discontinued Operations, Held-for-Sale | Federal And Defense Segment
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of agreements | agreement	2

Discontinued Operations - Incom

Discontinued Operations - Income Statement (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
(Loss) income from discontinued operations, net of tax		$ (21,174)	$ (4,018)	$ 1,400
Discontinued Operations, Disposed of by Sale | Federal And Defense Segment
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenues		26,268	252,466	280,314
Costs and operating expenses		34,684	258,125	278,779
(Loss) income from discontinued operations before income taxes		(8,416)	(5,659)	1,535
Other FDS impairment		4,204	0	0
Loss on the sale of discontinued operations	$ 15,200	15,199	0	0
(Loss) income from discontinued operations before income taxes		(27,819)	(5,659)	1,535
(Benefit) provision for income taxes		(6,645)	(1,641)	135
(Loss) income from discontinued operations, net of tax		$ (21,174)	$ (4,018)	$ 1,400

Discontinued Operations - Balan

Discontinued Operations - Balance Sheet (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Assets
Total assets held-for-sale	$ 93,002
Discontinued Operations, Held-for-Sale | Federal And Defense Segment
Assets
Cash and cash equivalents	162
Receivables, net	10,805
Contract assets	25,109
Inventories	472
Prepaid expenses and other current assets	6,154
Property and equipment, net	6,102
Intangible assets, net	3,505
Goodwill	31,575
Operating lease right-of-use assets	9,097
Other assets	21
Total assets held-for-sale	93,002
Liabilities
Accounts payable	20,893
Accrued expenses and other current liabilities	19,537
Long-term operating lease obligations	8,942
Deferred tax liabilities	4,019
Total liabilities held-for-sale	$ 53,391

Discontinued Operations - Cash

Discontinued Operations - Cash Flows Statement (Details) - Federal And Defense Segment - Discontinued Operations, Disposed of by Sale - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Depreciation and amortization	$ 150	$ 2,289	$ 3,576
Purchases of property and equipment	0	295	331
Stock-based compensation	$ 0	$ 139	$ 63

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Revenues	$ 1,080,132	$ 860,488	$ 669,448
Receivables, net	197,563	127,958
Contract assets	29,960	8,049
Contract liabilities	4,479	2,785
Allowance for doubtful accounts	6,500	3,400
Repair
Disaggregation of Revenue [Line Items]
Revenues	293,063	157,154	107,399
Distribution
Disaggregation of Revenue [Line Items]
Revenues	787,069	703,334	562,049
Commercial
Disaggregation of Revenue [Line Items]
Revenues	957,517	690,427	507,317
DoD
Disaggregation of Revenue [Line Items]
Revenues		209	3,286
Other government
Disaggregation of Revenue [Line Items]
Revenues	122,615	169,852	158,845
Aviation
Disaggregation of Revenue [Line Items]
Revenues	786,256	544,020	408,112
Aviation | Repair
Disaggregation of Revenue [Line Items]
Revenues	293,063	157,154	107,399
Aviation | Distribution
Disaggregation of Revenue [Line Items]
Revenues	493,193	386,866	300,713
Aviation | Commercial
Disaggregation of Revenue [Line Items]
Revenues	779,008	539,592	403,155
Aviation | DoD
Disaggregation of Revenue [Line Items]
Revenues		0	0
Aviation | Other government
Disaggregation of Revenue [Line Items]
Revenues	7,248	4,428	4,957
Fleet
Disaggregation of Revenue [Line Items]
Revenues	293,876	316,468	261,336
Fleet | Repair
Disaggregation of Revenue [Line Items]
Revenues	0	0	0
Fleet | Distribution
Disaggregation of Revenue [Line Items]
Revenues	293,876	316,468	261,336
Fleet | Commercial
Disaggregation of Revenue [Line Items]
Revenues	178,509	150,835	104,162
Fleet | DoD
Disaggregation of Revenue [Line Items]
Revenues		209	3,286
Fleet | Other government
Disaggregation of Revenue [Line Items]
Revenues	$ 115,367	$ 165,424	$ 153,888

Revenue Recognition - Narrative

Revenue Recognition - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Revenue previously recorded as a contract liability	$ 2.1	$ 0.9

Property and Equipment (Details

Property and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 132,234	$ 95,515
Less: accumulated depreciation and amortization	(46,648)	(37,439)
Total property and equipment, net	85,586	58,076
Depreciation and amortization	10,900	6,800	$ 5,300
Buildings and building improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	25,279	24,555
Computer equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	14,490	8,309
Furniture, fixtures, equipment and other
Property, Plant and Equipment [Line Items]
Property and equipment, gross	64,185	41,208
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	10,104	6,151
Construction in process
Property, Plant and Equipment [Line Items]
Property and equipment, gross	16,722	13,675
Land and land improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 1,454	$ 1,617

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets - Changes in Goodwill by Operating Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Goodwill [Roll Forward]
Beginning balance	$ 351,781	$ 217,262
Goodwill acquired	140,804	134,519
Measurement period adjustments	(1,132)
Ending balance	491,453	351,781
Fleet
Goodwill [Roll Forward]
Beginning balance	63,190	63,190
Goodwill acquired	0	0
Measurement period adjustments	0
Ending balance	63,190	63,190
Aviation
Goodwill [Roll Forward]
Beginning balance	288,591	154,072
Goodwill acquired	140,804	134,519
Measurement period adjustments	(1,132)
Ending balance	$ 428,263	$ 288,591

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill, impairment loss	$ 0	$ 0	$ 0
Intangible assets, gross (excluding goodwill), fully amortized	69,400,000
Goodwill and intangible asset impairment	$ 0	$ 0	$ 0
Weighted average useful like for intangible assets (in years)	12 years 2 months 12 days

Goodwill and Other Intangible_5

Goodwill and Other Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Cost	$ 281,260	$ 249,760
Accumulated Amortization	(83,979)	(135,630)
Net Intangible Assets	197,281	114,130
Contract and customer-related
Finite-Lived Intangible Assets [Line Items]
Cost	272,590	241,090
Accumulated Amortization	(75,309)	(127,022)
Net Intangible Assets	197,281	114,068
Trade names
Finite-Lived Intangible Assets [Line Items]
Cost	8,670	8,670
Accumulated Amortization	(8,670)	(8,608)
Net Intangible Assets	$ 0	$ 62

Goodwill and Other Intangible_6

Goodwill and Other Intangible Assets - Future Expected Amortization of Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
2025	$ 24,520
2026	24,349
2027	22,602
2028	21,768
2029	21,706
Thereafter	82,336
Net Intangible Assets	$ 197,281	$ 114,130

Debt - Long-term debt (Details)

Debt - Long-term debt (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Principal amount of long-term debt	$ 432,500	$ 433,000
Less: debt issuance costs	(2,327)	(3,656)
Total	430,173	429,344
Less: current portion	(30,000)	(22,500)
Long-term debt, net of current portion	400,173	406,844
Term Loan
Debt Instrument [Line Items]
Principal amount of long-term debt	277,500	300,000
Revolving Facility
Debt Instrument [Line Items]
Principal amount of long-term debt	$ 155,000	$ 133,000

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Letters of credit outstanding	$ 800,000	$ 800,000
Minimum
Debt Instrument [Line Items]
Commitment fee	0.50%
Maximum
Debt Instrument [Line Items]
Commitment fee	0.25%
Federal Funds Rate
Debt Instrument [Line Items]
Base margin	0.50%
Secured Overnight Financing Rate (SOFR) | Minimum
Debt Instrument [Line Items]
Base margin	1.50%
Secured Overnight Financing Rate (SOFR) | Maximum
Debt Instrument [Line Items]
Base margin	3.75%
Base Rate | Minimum
Debt Instrument [Line Items]
Base margin	0.50%
Base Rate | Maximum
Debt Instrument [Line Items]
Base margin	2.75%
Line of Credit
Debt Instrument [Line Items]
Line of credit facility, accordion feature, increase limit	$ 25,000,000
Letter of Credit
Debt Instrument [Line Items]
Revolving loans maximum borrowing capacity	350,000,000
Revolving Facility
Debt Instrument [Line Items]
Revolving loans maximum borrowing capacity	$ 350,000,000
Secured Debt | Line of Credit
Debt Instrument [Line Items]
Interest rate (as a percent)	7.40%
Revolving Facility | Line of Credit
Debt Instrument [Line Items]
Weighted average interest rate (as a percent)	7.21%
Letter of Credit | Line of Credit
Debt Instrument [Line Items]
Revolving loans maximum borrowing capacity	$ 25,000,000

Debt - Loan Payments (Details)

Debt - Loan Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
2025	$ 30,000
2026	402,500
Total	432,500	$ 433,000
Term
Debt Instrument [Line Items]
2025	30,000
2026	247,500
Total	277,500
Revolving Facility
Debt Instrument [Line Items]
2025	0
2026	155,000
Total	$ 155,000	$ 133,000

Derivative Instruments and He_3

Derivative Instruments and Hedging Activities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Reclassification	$ 4,300	$ 3,800
Cash Flow Hedging
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	1,500
Cash Flow Hedging | Interest Rate Swap, 2.8%
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	$ 150,000
Paid Fixed Rate	2.80%
Cash Flow Hedging | Interest Rate Swap, 4.5%
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	$ 100,000
Paid Fixed Rate	4.50%

Accrued Expenses and Other Cu_3

Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Accrued Liabilities and Other Liabilities [Abstract]
Accrued compensation and benefits	$ 19,527	$ 15,734
Accrued customer rebates and royalties	6,731	5,545
Current portion of lease liabilities	6,889	4,957
Accrued lease termination fee	6,010	0
Contract liabilities	4,479	2,785
Accrued interest	1,734	469
Accrued warranty	1,541	1,282
Accrued income taxes	839	116
Other (a)	14,445	5,495
Accrued expenses and other current liabilities	$ 62,195	$ 36,383
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Accrued expenses and other current liabilities	Accrued expenses and other current liabilities

Stock-Based Compensation Plan_2

Stock-Based Compensation Plans - Narrative (Details) $ / shares in Units, $ in Millions	12 Months Ended				37 Months Ended
	Dec. 31, 2024 USD ($) tranche $ / shares shares	Dec. 31, 2023 USD ($) $ / shares	Dec. 31, 2022 USD ($) $ / shares	Dec. 31, 2021	Mar. 31, 2024 shares
Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock awarded (in shares) | shares					9,972
Granted (in dollars per share) | $ / shares	$ 75.12	$ 42.23	$ 43.30
Employee Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized (in shares) | shares	500,000
Employee discount (as a percent)				15%
Employee purchase price (as a percent)	12%
Stock-based compensation expense	$ 0.1
Stock-settled bonus awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)	3 years
Number of tranches | tranche	3
Vested paid in full (as a percent)	100%
Cost not yet recognized, amount	$ 1
Fair value of awards	$ 0.7	$ 1.2	$ 0.9
Weighted average amortization period of compensation not yet recognized (in years)	2 years 2 months 12 days
Stock-settled bonus awards | Share-based Payment Arrangement, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)	1 year
Stock-settled bonus awards | Share-based Payment Arrangement, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)	1 year
Employee Vesting Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)	3 years
Performance share awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)	3 years
Vested paid in full (as a percent)	200%
Granted (in dollars per share) | $ / shares	$ 77.54	$ 42.23	$ 43.30
Compensation expense not yet recognized	$ 3.3
Weighted average amortization period of compensation not yet recognized (in years)	1 year 4 months 24 days
Weighted average fair value of vesting stock awards that vested	$ 5.6
Performance share awards | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage (as a percent)	0%
Performance share awards | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage (as a percent)	200%
Time-vested stock awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)	2 years 1 month 6 days
Stock-based compensation expense	$ 5.5
Granted (in dollars per share) | $ / shares	$ 79.30	$ 45.78	$ 43.01
Fair value of shares vested	$ 3.7	$ 1.2	$ 1.7
Restricted Stock Plan 2006
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized (in shares) | shares	1,875,000
Shares available for issuance (in shares) | shares	448,083

Stock-Based Compensation Plan_3

Stock-Based Compensation Plans - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total	$ 8,208	$ 7,612	$ 4,342
Tax benefit recognized from stock-based compensation	2,048	1,899	1,083
Stock-settled bonus awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total	428	1,166	1,186
Time-vested stock awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total	3,727	2,639	2,089
Performance share awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total	$ 4,053	$ 3,807	$ 1,067

Stock-Based Compensation Plan_4

Stock-Based Compensation Plans - Vesting Stock Award Activity (Details) - Time-vested stock awards - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Number of Shares
Unvested, beginning balance (in shares)	97,843
Granted (in shares)	83,784
Vested (in shares)	(46,561)
Forfeited (in shares)	(15,606)
Unvested, ending balance (in shares)	119,460	97,843
Weighted Average Grant Date Fair Value
Unvested, beginning balance (in dollars per share)	$ 44.68
Granted (in dollars per share)	79.30	$ 45.78	$ 43.01
Vested (in dollars per share)	45.13
Forfeited (in dollars per share)	57.12
Unvested, ending balance (in dollars per share)	$ 67.16	$ 44.68

Stock-Based Compensation Plan_5

Stock-Based Compensation Plans - Performance Share Awards (Details) - Performance share awards - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Outstanding Performance Share Awards
Unvested, beginning balance (in shares)	168,280
Granted (in shares)	45,246
Vested (in shares)	(73,442)
Forfeited (in shares)	(29,927)
Unvested, ending balance (in shares)	110,157	168,280
Weighted Average Grant Date Fair Value
Unvested, beginning balance (in dollars per share)	$ 42.41
Granted (in dollars per share)	77.54	$ 42.23	$ 43.30
Vested (in dollars per share)	42.42
Forfeited (in dollars per share)	52.14
Unvested, ending balance (in dollars per share)	$ 54.20	$ 42.41

Income Taxes - Components of Co

Income Taxes - Components of Continuing Operations Before Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Components of Provision for Income Taxes [Abstract]
Domestic	$ 41,599	$ 52,137	$ 36,694
Foreign	4,881	4,776	(983)
Income from continuing operations before income taxes	$ 46,480	$ 56,913	$ 35,711

Income Taxes -Components of Pro

Income Taxes -Components of Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Current:
Federal	$ 11,670	$ 11,556	$ 9,483
State	2,132	2,205	1,485
Foreign	1,573	1,138	35
Total current	15,375	14,899	11,003
Deferred:
Federal	(4,725)	(1,148)	(1,890)
State	(489)	3	(61)
Foreign	(179)	7	0
Total deferred	(5,393)	(1,138)	(1,951)
Provision for income taxes	$ 9,982	$ 13,761	$ 9,052

Income Taxes - Effective Income

Income Taxes - Effective Income Tax Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Effective Income Tax Reconciliation [Abstract]
Tax at statutory federal income tax rate	$ 9,761	$ 11,952	$ 7,499
Increases (decreases) in tax resulting from:
State taxes, net of federal tax benefit	1,738	2,019	1,459
Permanent differences, net	(634)	(193)	287
Tax credits	(454)	(461)	(418)
Prior year true-up adjustment	(931)	269	(45)
Valuation allowance	378	77	324
Other provision adjustments	124	98	(54)
Provision for income taxes	$ 9,982	$ 13,761	$ 9,052
Effective tax rate	21.50%	24.20%	25.30%

Income Taxes - Deferred Tax Ass

Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Deferred compensation and accrued paid leave	$ 2,767	$ 3,003
Accrued expense	2,094	1,429
Inventory reserve	23,463	13,980
Operating lease liabilities	14,362	6,249
Stock-based compensation	2,084	1,697
Capitalized inventory	1,741	1,335
US operating and capital loss carryforward	12,777	7,637
Disallowed interest expense	9,450	1,663
Tax credit carryforward	1,421	1,492
Foreign country operating loss carryforward	1,364	806
Interest capitalized	2,030	0
Transaction costs	357	0
Gross deferred tax assets	73,910	39,291
Valuation allowance	(19,301)	(9,906)
Total gross deferred tax assets	54,609	29,385
Interest rate swaps	(1,021)	(708)
Depreciation	(3,959)	(2,925)
Goodwill and intangible assets	(38,279)	(26,666)
Operating lease right-of-use assets	(10,962)	(5,939)
Other	(270)	(132)
Total gross deferred tax liabilities	(54,491)	(36,370)
Net deferred tax assets	$ 118
Net deferred tax liabilities		$ (6,985)

Leases - Components of Lease Ex

Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating lease cost	$ 9,327	$ 6,480	$ 2,714

Leases - Maturities of Operatin

Leases - Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
2025	$ 10,178
2026	9,807
2027	9,620
2028	8,713
2029	7,558
Thereafter	27,520
Minimum lease payments	73,396
Less: imputed interest	(18,363)
Present value of minimum lease payments	55,033
Less: current portion of lease liabilities	(6,889)	$ (4,957)
Long-term lease liabilities	$ 48,144	$ 24,959

Leases - Supplemental Lease Inf

Leases - Supplemental Lease Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Cash paid for amounts included in the measurement of operating lease liabilities	$ 9,818	$ 5,045	$ 2,441
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 30,314	$ 11,812	$ 11,876

Leases - Narrative (Details)

Leases - Narrative (Details)	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Weighted average discount rate (as a percent)	6.50%	5.90%
Weighted average lease term (in years)	8 years 7 months 6 days	5 years 8 months 12 days

Leases - Lease Abandonment and

Leases - Lease Abandonment and Termination (Details) ft² in Thousands, $ in Thousands				12 Months Ended
		Sep. 04, 2024 USD ($) paymentInstallment	Jun. 28, 2024 USD ($) ft²	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Restructuring Cost and Reserve [Line Items]
Lease abandonment/termination gain (loss)	[1]			$ (12,205)	$ 0	$ 0
Alexandria, VA
Restructuring Cost and Reserve [Line Items]
Lease abandonment/termination gain (loss)		$ 700
Reduction in operating lease right-of-use assets		400		6,000
Operating lease, contract termination, liability		$ 12,000		12,000
Number of installment payments | paymentInstallment		2
Decrease in operating lease liability		$ 1,100
Alexandria, VA | Other Long-term Liabilities
Restructuring Cost and Reserve [Line Items]
Operating lease, contract termination, liability				$ 6,000
Contract Termination | Vienna, VA
Restructuring Cost and Reserve [Line Items]
Net rentable area (in square foot) | ft²			4
Lease Abandonment | Contract Termination | Alexandria, VA
Restructuring Cost and Reserve [Line Items]
Net rentable area (in square foot) | ft²			95
Lease abandonment/termination gain (loss)			$ (12,900)
Reduction in operating lease right-of-use assets			6,700
Exit and disposal costs			3,700
Lease Abandonment | Contract Termination | Alexandria, VA | Leasehold improvements
Restructuring Cost and Reserve [Line Items]
Tangible asset impairment charges			$ 2,500
[1] (a) The cash flows related to discontinued operations and held-for-sale assets and liabilities have not been segregated and remain included in the major classes of assets and liabilities. Accordingly, the Consolidated Statements of Cash Flows include the results of continuing and discontinued operations.

Business Segments and Custome_3

Business Segments and Customer Information - Narrative (Details)	12 Months Ended
	Dec. 31, 2024 segment
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract]
Number of reportable operating segments	2

Business Segments and Custome_4

Business Segments and Customer Information - Segment Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Revenues	$ 1,080,132	$ 860,488	$ 669,448
Segment costs	944,415	730,675	574,405
Depreciation and amortization	28,612	21,127	21,026
Allocated corporate cost	25,686	20,690	20,413
Total costs and operating expenses	998,713	772,492	615,844
Operating income	81,419	87,996	53,604
Capital Expenditures	21,631	18,934	12,324
Total Assets	1,734,620	1,350,338
Assets held-for-sale		93,002
Aviation
Segment Reporting Information [Line Items]
Revenues	786,256	544,020	408,112
Operating Segments | Aviation
Segment Reporting Information [Line Items]
Revenues	786,256	544,020	408,112
Segment costs	640,895	443,909	345,614
Depreciation and amortization	25,500	16,080	13,174
Allocated corporate cost	18,474	12,863	12,908
Total costs and operating expenses	684,869	472,852	371,696
Operating income	101,387	71,168	36,416
Capital Expenditures	19,030	16,467	5,961
Total Assets	1,409,426	950,143
Operating Segments | Fleet
Segment Reporting Information [Line Items]
Revenues	293,876	316,468	261,336
Segment costs	266,689	272,084	221,137
Depreciation and amortization	2,957	5,300	8,783
Allocated corporate cost	7,212	7,827	7,505
Total costs and operating expenses	276,858	285,211	237,425
Operating income	17,018	31,257	23,911
Capital Expenditures	2,386	2,198	5,502
Total Assets	282,820	274,382
Corporate / unallocated expenses
Segment Reporting Information [Line Items]
Revenues	0	0	0
Segment costs	36,831	14,682	7,654
Depreciation and amortization	155	(253)	(931)
Allocated corporate cost	0	0	0
Total costs and operating expenses	36,986	14,429	6,723
Operating income	(36,986)	(14,429)	(6,723)
Capital Expenditures	215	269	$ 861
Total Assets	$ 42,374	$ 125,813

Business Segments and Custome_5

Business Segments and Customer Information - Major Customers (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
USPS | Revenue from Contract with Customer Benchmark | Customer Concentration Risk
Revenue, Major Customer [Line Items]
Percentage of revenue by customer	11%	19%	23%

Business Segments and Custome_6

Business Segments and Customer Information - Geographic Area (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	$ 1,080,132	$ 860,488	$ 669,448
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	785,599	656,767	557,615
Other Countries
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	$ 294,533	$ 203,721	$ 111,833

Capital Stock (Details)

Capital Stock (Details) $ / shares in Units, $ in Millions	Oct. 17, 2024 USD ($) $ / shares shares	May 17, 2024 USD ($) $ / shares shares	Dec. 31, 2024 vote $ / shares	Dec. 31, 2023 $ / shares
Equity, Class of Treasury Stock [Line Items]
Common stock, par value (in dollars per share)			$ 0.05	$ 0.05
Proceeds from the issuance of common stock (in dollars per share)			$ 0.05
Number of votes stockholders are entitled to per common share | vote			1
Public offering, issued (in shares) | shares	1,982,757	2,429,577
Public offering price (in dollars per share)		$ 71
Public offering proceeds | $	$ 163.8	$ 162
Public Stock Offering
Equity, Class of Treasury Stock [Line Items]
Public offering, issued (in shares) | shares	1,724,137
Public offering price (in dollars per share)	$ 87
May 2024 Public Offering
Equity, Class of Treasury Stock [Line Items]
Legal and accounting fees | $		$ 0.4
Over-Allotment Option
Equity, Class of Treasury Stock [Line Items]
Exercisable term	30 days
Public offering, additional shares issued (in shares) | shares	258,620
Octobet 2024 Public Offering
Equity, Class of Treasury Stock [Line Items]
Legal and accounting fees | $	$ 0.3

401(k) Plan (Details)

401(k) Plan (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Contractors [Abstract]
Defined contribution plan expense	$ 2	$ 1.6	$ 1.7

Fair Value Measurements - Finan

Fair Value Measurements - Financial Assets and Liabilities (Details) - Fair Value, Measurements, Recurring - Other assets - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Non-COLI assets held in Deferred Supplemental Compensation Plan	$ 629	$ 594
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps	$ 4,093	$ 2,840

Restructuring Costs - Narrative

Restructuring Costs - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($)
Restructuring Cost and Reserve [Line Items]
Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration]	Selling, general and administrative expenses
Other Restructuring | Cancellation of contracts and leasing agreements
Restructuring Cost and Reserve [Line Items]
Corporate restructuring expenses	$ 4.2
Restructuring reserve	$ 0.8

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ in Thousands			12 Months Ended
		Feb. 17, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Subsequent Event [Line Items]
Proceeds from the sale of business segment	[1]		$ 40,157	$ 0	$ 0
Fleet Sale | Subsequent Event | Disposed of by Sale
Subsequent Event [Line Items]
Consideration on disposal		$ 230,000
Proceeds from the sale of business segment		140,000
Sale of business segment, seller note		25,000
Sale of business segment, earn-out payment		$ 65,000
[1] (a) The cash flows related to discontinued operations and held-for-sale assets and liabilities have not been segregated and remain included in the major classes of assets and liabilities. Accordingly, the Consolidated Statements of Cash Flows include the results of continuing and discontinued operations.

Schedule II - Valuation and Q_2

Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Allowance for doubtful accounts
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Allowance as of beginning of year	$ 3,449	$ 2,019	$ 1,677
Additions charged to costs and operating expenses	3,922	1,484	2,084
Deductions	(910)	(54)	(1,742)
Allowance as of end of year	6,461	3,449	2,019
Valuation allowance for deferred tax assets
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Allowance as of beginning of year	9,906	8,337	8,257
Additions charged to costs and operating expenses	520	75	80
Additions charged to other accounts	8,875	1,494	0
Allowance as of end of year	$ 19,301	$ 9,906	$ 8,337