| Kratos Defense & Security Solutions, Inc. | |||||||
| Unaudited Condensed Consolidated Balance Sheets | |||||||
| (in millions) | |||||||
| 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 | |||
| Kratos Defense & Security Solutions, Inc. | |||||||
| Unaudited Condensed Consolidated Statements of Cash Flows | |||||||
| (in millions) | |||||||
| 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 | |||
Kratos Reports Third Quarter Financial Results
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