Kratos Reports Third Quarter Financial Results


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  
       

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