investor@kratosdefense.com
| Kratos Defense & Security Solutions, Inc. | |||||||||||||||||
| Unaudited Condensed Consolidated Statements of Operations | |||||||||||||||||
| (in millions, except per share data) | |||||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||
| September 26, | September 27, | September 26, | September 27, | ||||||||||||||
| 2021 | 2020 | 2021 | 2020 | ||||||||||||||
| Service revenues | $ | 51.6 | $ | 67.6 | $ | 166.9 | $ | 194.1 | |||||||||
| Product sales | 149.0 | 134.4 | 433.0 | 347.2 | |||||||||||||
| Total revenues | 200.6 | 202.0 | 599.9 | 541.3 | |||||||||||||
| Cost of service revenues | 35.5 | 50.5 | 119.3 | 141.9 | |||||||||||||
| Cost of product sales | 104.5 | 94.4 | 317.0 | 250.5 | |||||||||||||
| Total costs | 140.0 | 144.9 | 436.3 | 392.4 | |||||||||||||
| Gross profit - service revenues | 16.1 | 17.1 | 47.6 | 52.2 | |||||||||||||
| Gross profit - product sales | 44.5 | 40.0 | 116.0 | 96.7 | |||||||||||||
| Total gross profit | 60.6 | 57.1 | 163.6 | 148.9 | |||||||||||||
| Selling, general and administrative expenses | 39.6 | 33.1 | 110.5 | 97.3 | |||||||||||||
| Acquisition and restructuring related items | 0.3 | 0.4 | 0.8 | 2.0 | |||||||||||||
| Research and development expenses | 8.0 | 7.7 | 26.2 | 19.4 | |||||||||||||
| Depreciation | 1.1 | 1.5 | 3.7 | 4.5 | |||||||||||||
| Amortization of intangible assets | 1.1 | 1.7 | 3.7 | 5.4 | |||||||||||||
| Operating income | 10.5 | 12.7 | 18.7 | 20.3 | |||||||||||||
| Interest expense, net | (5.9 | ) | (5.9 | ) | (17.5 | ) | (16.9 | ) | |||||||||
| Other income, net | - | 0.8 | 0.2 | 0.6 | |||||||||||||
| Income from continuing operations before income taxes | 4.6 | 7.6 | 1.4 | 4.0 | |||||||||||||
| Provision (benefit) for income taxes from continuing operations | 5.7 | 5.0 | (0.6 | ) | 1.8 | ||||||||||||
| Income (loss) from continuing operations | (1.1 | ) | 2.6 | 2.0 | 2.2 | ||||||||||||
| Loss from discontinued operations, net of income taxes | (0.8 | ) | (0.2 | ) | (1.1 | ) | (0.8 | ) | |||||||||
| Net income (loss) | (1.9 | ) | 2.4 | 0.9 | 1.4 | ||||||||||||
| Less: Net income (loss) attributable to noncontrolling interest | 0.5 | - | - | 0.3 | (0.1 | ) | |||||||||||
| Net income (loss) attributable to Kratos | $ | (2.4 | ) | $ | 2.4 | $ | 0.6 | $ | 1.5 | ||||||||
| Basic income (loss) per common share attributable to Kratos: | |||||||||||||||||
| Income (loss) from continuing operations | $ | (0.01 | ) | $ | 0.02 | $ | 0.01 | $ | 0.02 | ||||||||
| Loss from discontinued operations | (0.01 | ) | - | (0.01 | ) | (0.01 | ) | ||||||||||
| Net income (loss) | (0.02 | ) | $ | 0.02 | $ | - | $ | 0.01 | |||||||||
| Diluted income (loss) per common share attributable to Kratos: | |||||||||||||||||
| Income (loss) from continuing operations | $ | (0.01 | ) | $ | 0.02 | $ | 0.01 | $ | 0.02 | ||||||||
| Loss from discontinued operations | (0.01 | ) | - | (0.01 | ) | (0.01 | ) | ||||||||||
| Net income (loss) | $ | (0.02 | ) | $ | 0.02 | $ | - | $ | 0.01 | ||||||||
| Weighted average common shares outstanding: | |||||||||||||||||
| Basic weighted average common shares outstanding | 124.9 | 123.1 | 124.6 | 112.9 | |||||||||||||
| Diluted weighted average common shares outstanding | 124.9 | 126.4 | 127.9 | 115.9 | |||||||||||||
| Adjusted EBITDA (1) | $ | 23.8 | $ | 24.6 | $ | 59.5 | $ | 56.2 | |||||||||
