Kratos Defense & Security Solutions, Inc. |
Unaudited Condensed Consolidated Balance Sheets |
(in millions) |
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|
September 26, | |
December 27, |
| |
2021 | | | |
2020 | |
Assets | | | |
Current assets: | | | |
Cash and cash equivalents | $ | 369.9 | | | $ | 380.8 | |
Restricted cash | | - | | | | 0.7 | |
Accounts receivable, net | | 274.7 | | | | 272.3 | |
Inventoried costs | | 90.9 | | | | 81.2 | |
Prepaid expenses | | 11.7 | | | | 12.0 | |
Other current assets | | 25.4 | | | | 17.8 | |
Total current assets | | 772.6 | | | | 764.8 | |
Property, plant and equipment, net | | 158.8 | | | | 143.8 | |
Operating lease right-of-use assets | | 38.8 | | | | 42.9 | |
Goodwill | | 483.7 | | | | 483.9 | |
Intangible assets, net | | 39.3 | | | | 43.0 | |
Other assets | | 84.6 | | | | 84.4 | |
Total assets | $ | 1,577.8 | | | $ | 1,562.8 | |
Liabilities and Stockholders’ Equity | | | |
Current liabilities: | | | |
Accounts payable | $ | 43.6 | | | $ | 55.4 | |
Accrued expenses | | 28.7 | | | | 34.7 | |
Accrued compensation | | 51.3 | | | | 48.1 | |
Accrued interest | | 6.4 | | | | 1.5 | |
Billings in excess of costs and earnings on uncompleted contracts | | 57.7 | | | | 34.0 | |
Current portion of operating lease liabilities | | 9.2 | | | | 8.9 | |
Other current liabilities | | 10.6 | | | | 11.9 | |
Other current liabilities of discontinued operations | | 3.1 | | | | 3.1 | |
Total current liabilities | | 210.6 | | | | 197.6 | |
Long-term debt | | 296.5 | | | | 301.0 | |
Operating lease liabilities, net of current portion | | 34.0 | | | | 38.6 | |
Other long-term liabilities | | 77.3 | | | | 83.0 | |
Other long-term liabilities of discontinued operations | | 2.5 | | | | 2.5 | |
Total liabilities | | 620.9 | | | | 622.7 | |
Commitments and contingencies | | | |
Redeemable noncontrolling interest | | 15.1 | | | | 14.8 | |
Stockholders’ equity: | | | |
Additional paid-in capital | | 1,572.3 | | | | 1,556.3 | |
Accumulated other comprehensive loss | | 1.3 | | | | 1.4 | |
Accumulated deficit | | (631.8 | ) | | | (632.4 | ) |
Total Kratos stockholders’ equity | | 941.8 | | | | 925.3 | |
Total liabilities and stockholders’ equity | $ | 1,577.8 | | | $ | 1,562.8 | |
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Kratos Defense & Security Solutions, Inc. |
Unaudited Condensed Consolidated Statements of Cash Flows |
(in millions) |
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|
Nine Months Ended |
|
September 26, | |
September 27, |
| |
2021 | | | |
2020 | |
Operating activities: | | | |
Net income | $ | 0.9 | | | $ | 1.4 | |
Less: loss from discontinued operations | | (1.1 | ) | | | (0.8 | ) |
Income from continuing operations | | 2.0 | | | | 2.2 | |
Adjustments to reconcile income from continuing operations to net cash provided by operating activities from continuing operations: | | | |
Depreciation and amortization | | 19.4 | | | | 18.5 | |
Amortization of lease right-of-use assets | | 6.7 | | | | 7.3 | |
Deferred income taxes | | (0.7 | ) | | | (0.3 | ) |
Stock-based compensation | | 19.2 | | | | 14.5 | |
Amortization of deferred financing costs | | 0.7 | | | | 0.7 | |
Provision for (recovery of) doubtful accounts | | (0.2 | ) | | | 0.2 | |
Changes in assets and liabilities, net of acquisitions: | | | |
Accounts receivable | | 10.1 | | | | 6.4 | |
Unbilled receivables | | (12.2 | ) | | | (12.3 | ) |
Inventoried costs | | (6.8 | ) | | | (4.8 | ) |
Prepaid expenses and other assets | | (5.1 | ) | | | (15.8 | ) |
Operating lease liabilities | | (6.7 | ) | | | (8.0 | ) |
Accounts payable | | (10.5 | ) | | | (1.7 | ) |
Accrued compensation | | 3.3 | | | | 6.5 | |
Accrued expenses | | (6.0 | ) | | | (4.9 | ) |
Accrued interest | | 4.8 | | | | 4.8 | |
Billings in excess of costs and earnings on uncompleted contracts | | 23.8 | | | | (2.7 | ) |
Income tax receivable and payable | | (2.5 | ) | | | (1.4 | ) |
Other liabilities | | (4.7 | ) | | | 9.9 | |
Net cash provided by operating activities from continuing operations | | 34.6 | | | | 19.1 | |
Investing activities: | | | |
Cash paid for acquisitions, net of cash acquired | | (6.2 | ) | | | (43.9 | ) |
Capital expenditures | | (33.4 | ) | | | (23.0 | ) |
Proceeds from insurance | | 4.5 | | | | - | |
Proceeds from sale of assets | | - | | | | 0.1 | |
Net cash used in investing activities from continuing operations | | (35.1 | ) | | | (66.8 | ) |
Financing activities: | | | |
Proceeds from the issuance of long-term debt | | - | | | | 4.8 | |
Payment of long-term debt | | (5.1 | ) | | | (0.7 | ) |
Proceeds from the issuance of common stock, net of issuance costs | | - | | | | 240.4 | |
Payment under finance leases | | (0.7 | ) | | | (0.5 | ) |
Payments of employee taxes withheld from share-based awards | | (9.1 | ) | | | (1.3 | ) |
Proceeds from shares issued under equity plans | | 5.9 | | | | 5.3 | |
Net cash provided by (used in) financing activities from continuing operations | | (9.0 | ) | | | 248.0 | |
Net cash flows from continuing operations | | (9.5 | ) | | | 200.3 | |
Net operating cash flows of discontinued operations | | (1.1 | ) | | | 2.1 | |
Effect of exchange rate changes on cash and cash equivalents | | (1.0 | ) | | | 0.4 | |
Net increase (decrease) in cash, cash equivalents and restricted cash | | (11.6 | ) | | | 202.8 | |
Cash, cash equivalents and restricted cash at beginning of period | | 381.5 | | | | 172.6 | |
Cash, cash equivalents and restricted cash at end of period | $ | 369.9 | | | $ | 375.4 | |
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