Kratos Defense & Security Solutions, Inc. (Nasdaq:KTOS), a
leading National Security Solutions provider, today reported its
fourth quarter 2019 and full year 2019 financial results. For
the fourth quarter 2019, Kratos reported Revenues of $185.1
million, a 12.6% increase over the fourth quarter of 2018, and
fourth quarter 2019 Adjusted EBITDA of $20.2 million, a 12.2%
increase over the fourth quarter of 2018. Revenues grew
organically 3.6% from the fourth quarter of 2018 to the fourth
quarter of 2019 excluding the impact of the 2019 FTT
acquisition. Operating Income was $9.3 million for the fourth
quarter of 2019. Fourth quarter 2019 Cash Flow from
Operations was a use of $1.3 million, which primarily reflects the
delay of certain expected contract milestone receipts.
Adjusted EPS* was $0.09 for the fourth quarter of 2019.
Kratos reported fourth quarter 2019 Net Income of $3.0 million,
which includes legal costs of $0.6 million related to an ongoing
dispute with an international customer. GAAP EPS was
$0.03 for the fourth quarter of 2019.
Full year 2019 revenues of $717.5 million
increased $99.5 million or 16.1% over full year 2018
revenues. Full year 2019 revenues increased organically 7.6%
excluding the impact of the FTT acquisition. Full year 2019
Adjusted EBITDA of $77.3 million increased 27.8% over full year
2018 Adjusted EBITDA of $60.5 million. Full year 2019
Operating income of $38.0 million increased 24.6% over full year
2018 Operating income of $30.5 million. Full year 2019
Adjusted EPS of $0.34 increased 41.7% over 2018 Adjusted EPS of
$0.24 and 2019 Net income of $12.5 million increased 457.1% from
2018 Net loss of $3.5 million. GAAP EPS was $0.11 for full
year fiscal 2019.
For full year 2019, Kratos’ Unmanned Systems
Division (KUSD) reported Revenues of $161.4 million, an increase of
$28.5 million, or 21.4%, over full year 2018 Revenues of $132.9
million, and Adjusted EBITDA of $13.3 million, an increase of 22.0%
over 2018 full year Adjusted EBITDA of $10.9 million. Full
year KUSD Operating Income of $6.1 million increased 19.6% over
2018 Operating Income of $5.1 million. KUSD’s book-to-bill ratio
for the last twelve months ended December 29, 2019 was 1.3 to
1. Total backlog for KUSD at the end of the 2019 fourth
quarter was $152.9 million.
For full year 2019, Kratos’ Government Solutions
Division (KGS) reported Revenues of $556.1 million, an increase of
14.6% over full year 2018 Revenues of $485.1 million.
Excluding the impact of the FTT acquisition, which contributed
$52.5 million to full year 2019 revenues, KGS Revenues increased
organically 3.8%, or $18.5 million, from full year 2018, reflecting
revenue growth across all divisions, however, our Space and
Satellite business, experienced expected lower volumes in revenues
and increased margins as a result of the ongoing transition from a
hardware to software solution. Full year 2019 KGS Adjusted
EBITDA of $64.0 million increased 29.0% over full year 2018
Adjusted EBITDA of $49.6 million and full year 2019 KGS Operating
Income of $45. 2 million increased 27.3% from full year 2018
Operating Income of $35.5 million.
For the fourth quarter of 2019, Kratos reported
bookings of $177.5 million and a book-to-bill ratio of 1.0 to 1.0,
with bookings of $718.7 million in the last twelve months and a
book-to-bill ratio of 1.0 to 1.0. Backlog at December 29, 2019 was
$601.2 million. Kratos’ bid and proposal pipeline increased
in 2019 by $1 billion, from $6.7 billion at December 30, 2018 to
approximately $7.7 billion, at December 29, 2019.
For full year 2019, cash generated from
operations was $28.9 million, and Free Cash Flow generated from
operations was $2.6 million, after capital expenditures of $26.3
million. Net leverage ratio as of December 29, 2019 was 1.6
to 1, computed as net debt of $122.5 million over trailing twelve
months Adjusted EBITDA of $77.3 million. Cash flow from
operations in 2019 was impacted by the delay of certain expected
contract milestone receipts on a Training Solutions program.
Eric DeMarco, Kratos’ President and CEO, said,
“Over the past few months, Kratos’ Unmanned Systems business made
important progress, including the successful initial flight of the
Gremlin UAS, the fourth successful flight of the Valkyrie and
tactical UAS system payload integration, missionizing and
operational planning now underway. Though the three-month
Continuing Resolution Authorization (CRA) that began the 2020
fiscal year, along with the now addressed Valkyrie recovery system
anomaly delayed Kratos’ previous Valkyrie program plans, we
understand that there is now funding in place, we have clarity on
expected contract awards and we are working towards our initial
anticipated production and system orders. As a result of the
related clarity we now have, in coordination with the XQ-58
Valkyrie stakeholders and our expectation for contract awards, we
have initiated the production plan for 12 Valkyries, with these
aircraft deliveries expected to begin early next year.”
Mr. DeMarco continued, “In addition to Kratos’
Valkyrie and Gremlins programs, which are just two examples of our
large and growing customer funded tactical drone portfolio, we also
are seeing increased and accelerating interest in Kratos’ other
tactical drone systems. As we begin 2020, we expect Kratos’
affordable, high performance tactical drones to be key elements of
several new DoD programs and initiatives, including Skyborg,
Advanced Battle Management System or ABMS and Vanguard.”
Mr. DeMarco concluded, “Today approximately 25%
of Kratos business is in unmanned systems, 30% in space and
satellite communications and 45% in C5ISR, including microwave
electronics and electronic warfare, training solutions, missile
systems, missile defense, radars, hypersonic systems and turbine
technologies. We believe that Kratos is clearly aligned with
the U.S National Defense Strategy as most recently reflected in the
2020 DoD budget request and five year defense plan.”
Financial Guidance
Kratos is providing first quarter 2020 financial
guidance of Revenues of $160 to $170 million, and Adjusted EBITDA
of $12 to $15 million. Kratos is providing initial full year 2020
financial guidance for Revenues of $740 to $780 million, Adjusted
EBITDA of $72 to $78 million, cash flow from operations of $30 to
$50 million and Free Cash Flow generation of $7 million to a use of
$18 million, including capital expenditures of $43 to $48 million
(See Valkyrie discussion below). Kratos’ full year 2020
initial financial guidance forecasts a revenue and Adjusted EBITDA
trajectory similar to prior years, with the first fiscal quarter
being the lowest of the fiscal year, with sequential quarterly
increases thereafter.
Kratos’ initial 2020 financial guidance reflects
full year 2020 over 2019 organic revenue growth for every Kratos
business unit except Training Solutions, which we are currently
guiding for an approximate $40 million fiscal 2019 to 2020 revenue
decrease, primarily as a result of a previously disclosed ongoing
contract protest and/or modification situation. We will
adjust our financial forecast as appropriate as this
protest/contract situation evolves. A forecasted reduction in
operation tempo from 2019 activity on this project is also
reflected in the first quarter 2020 guidance.
Kratos’ first quarter and fiscal 2020 revenue
guidance also reflects an expected continued decrease of
approximately $10 million related to the Company’s legacy
government services business.
Kratos’ initial fiscal year 2020 guidance
excludes any potential contribution from expected Valkyrie or other
tactical drone production or system contracts, with expected orders
to be taken into consideration and our financial forecast adjusted
once such contracts/orders are received and related financial
contribution can be estimated.
The 2020 capital expenditure forecast currently
includes expected outlays of $15 to $17 million associated with
production of 12 Valkyrie aircraft prior to receipt of expected
customer production award(s) and therefore reflected as
Company-owned tactical drones until receipt of customer award, and
approximately $5 million related to production of Company-owned
aerial target drone systems in preparation of fulfilling forecasted
customer requirements. Kratos will adjust/reduce these
initial forecasted capital expenditure outlays once expected
customer orders are received and the related financial contribution
can be estimated.
Kratos recently won and received a new,
approximately $50 million C5ISR single award contract, which we
have currently excluded from our initial 2020 financial guidance
due to a competitor’s protest, which situation is ongoing. We
will adjust our financial forecast as appropriate as this
protest/contract situation evolves.
Management will discuss the Company’s fourth
quarter and fiscal year 2019 financial results, as well as its
initial first quarter and full year 2020 guidance on a conference
call beginning at 2:00 p.m. Pacific (5:00 p.m. Eastern) today.
Analysts and institutional investors may participate in the
conference call by dialing (866) 393-0674, and referencing the call
by ID number 7380045. The general public may access the conference
call by dialing (877) 344-3935 or on the day of the event by
visiting www.kratosdefense.com for a simultaneous webcast. A
replay of the webcast will be available on the Kratos web site
approximately two hours after the conclusion of the conference
call.
About Kratos Defense & Security
SolutionsKratos Defense & Security Solutions,
Inc. (NASDAQ:KTOS) develops and fields transformative,
affordable technology, platforms and systems for United States
National Security related customers, allies and commercial
enterprises. Kratos is changing the way breakthrough
technologies for these industries are rapidly brought to market
through proven commercial and venture capital backed approaches,
including proactive research and streamlined development
processes. Kratos specializes in unmanned systems,
satellite communications, cyber security/warfare, microwave
electronics, missile defense, hypersonic systems, training and
combat systems and next generation turbo jet and turbo fan engine
development. For more information go to www.kratosdefense.com.
Notice
Regarding Forward-Looking StatementsThis news release
contains certain forward-looking statements that involve risks and
uncertainties, including, without limitation, express or implied
statements concerning the Company’s expectations regarding its
future financial performance, including the Company’s expectations
for its first quarter and full year 2020 revenue and Adjusted
EBITDA, its expected revenue and Adjusted EBITDA trajectory for
2020, full year 2020 capital expenditures and ability to generate
positive cash flow from operations and positive free cash flow in
2020, the Company’s ability to achieve projected growth in certain
of the Company’s business units and the expected timing of such
growth, the Company’s expectation of ramp on projects, the
Company’s bid and proposal pipeline, demand for its products and
services, including the Company’s ability to successfully compete
in the tactical unmanned aerial system area
and expected new customer awards, including
the magnitude and timing of funding and expected contract awards
related to the Company’s Valkyrie program and other new tactical
unmanned programs, performance of key contracts and programs,
including the timing of production and demonstration related to
certain of the Company’s contracts and product offerings, the
impact of the Company’s restructuring efforts and cost reduction
measures, including its ability to improve profitability and cash
flow in certain business units as a result of these actions,
benefits to be realized from the Company’s net operating loss carry
forwards, the availability and timing of government funding for the
Company’s offerings, including the strength of the future funding
environment, the short-term delays that may occur as a result of
Continuing Resolutions or delays in DoD budget approvals, timing of
LRIP and full rate production related to the Company’s unmanned
aerial target system offerings, as well as the level of recurring
revenues expected to be generated by these programs once they
achieve full rate production, and market and industry developments,
including projected growth. Such statements are only predictions,
and the Company’s actual results may differ materially from the
results expressed or implied by these statements. Investors are
cautioned not to place undue reliance on any such forward-looking
statements. All such forward-looking statements speak only as of
the date they are made, and the Company undertakes no obligation to
update or revise these statements, whether as a result of new
information, future events or otherwise. Factors that may cause the
Company’s results to differ include, but are not limited to: risks
to our business and financial results related to the reductions and
other spending constraints imposed on the U.S. Government and our
other customers, including as a result of sequestration and
extended continuing resolutions, the Federal budget deficit and
Federal government shut-downs; risks of adverse regulatory action
or litigation; risks associated with debt leverage and cost savings
and cash flow improvements expected as a result of the refinancing
of our Senior Notes; risks that our cost-cutting initiatives will
not provide the anticipated benefits; risks that changes, cutbacks
or delays in spending by the U.S. DoD may occur, which could cause
delays or cancellations of key government contracts; risks of
delays to or the cancellation of our projects as a result of
protest actions submitted by our competitors; risks that changes
may occur in Federal government (or other applicable) procurement
laws, regulations, policies and budgets; risks of the availability
of government funding for the Company's products and services due
to performance, cost growth, or other factors, changes in
government and customer priorities and requirements (including
cost-cutting initiatives, the potential deferral of awards,
terminations or reduction of expenditures to respond to the
priorities of Congress and the Administration, or budgetary cuts
resulting from Congressional committee recommendations or automatic
sequestration under the Budget Control Act of 2011, as amended);
risks that the UAS and UGS markets do not experience significant
growth; risks that we cannot expand our customer base or that our
products do not achieve broad acceptance which could impact our
ability to achieve our anticipated level of growth; risks of
increases in the Federal government initiatives related to
in-sourcing; risks related to security breaches, including cyber
security attacks and threats or other significant disruptions of
our information systems, facilities and infrastructures; risks
related to our compliance with applicable contracting and
procurement laws, regulations and standards; risks relating to
contract performance; risks related to failure of our products or
services; risks associated with our subcontractors’ or suppliers’
failure to perform their contractual obligations, including the
appearance of counterfeit or corrupt parts in our products; changes
in the competitive environment (including as a result of bid
protests); failure to successfully integrate acquired operations
and competition in the marketplace, which could reduce revenues and
profit margins; risks that potential future goodwill impairments
will adversely affect our operating results; risks that anticipated
tax benefits will not be realized in accordance with our
expectations; risks that a change in ownership of our stock could
cause further limitation to the future utilization of our net
operating losses; risks that the current economic environment will
adversely impact our business; and risks related to natural
disasters or severe weather. These and other risk factors are more
fully discussed in the Company’s Annual Report on Form 10-K for the
period ended December 29, 2019, and in our other filings made with
the Securities and Exchange Commission.
Note Regarding Use of Non-GAAP Financial
MeasuresThis news release contains non-GAAP financial
measures, including Adjusted earnings per share (computed using
income from continuing operations before income taxes, excluding
amortization of intangible assets, amortization of capitalized
contract and development costs, stock-based compensation expense,
acquisition and restructuring related items and other, which
includes but is not limited to restructuring costs, acquisition and
transaction related items, legal related items and foreign
transaction gains and losses, less the estimated tax cash payments)
and Adjusted EBITDA (which includes net income (loss) attributable
to noncontrolling interest and excludes, among other things, losses
and gains from discontinued operations, acquisition and
restructuring related items, stock compensation expense,
foreign transaction gains and losses, and the associated margin
rates). Additional non-GAAP financial measures include Free Cash
Flow from Operations and Adjusted EBITDA related to our KUSD and
KGS businesses. Kratos believes this information is useful to
investors because it provides a basis for measuring the Company’s
available capital resources, the actual and forecasted operating
performance of the Company’s business and the Company’s cash flow,
excluding non-recurring items and non-cash items that would
normally be included in the most directly comparable measures
calculated and presented in accordance with GAAP. The Company’s
management uses these non-GAAP financial measures along with the
most directly comparable GAAP financial measures in evaluating the
Company’s actual and forecasted operating performance, capital
resources and cash flow. Non-GAAP financial measures should not be
considered in isolation from, or as a substitute for, financial
information presented in compliance with GAAP, and investors should
carefully evaluate the Company’s financial results calculated in
accordance with GAAP and reconciliations to those financial
statements. In addition, non-GAAP financial measures as reported by
the Company may not be comparable to similarly titled amounts
reported by other companies. As appropriate, the most directly
comparable GAAP financial measures and information reconciling
these non-GAAP financial measures to the Company’s financial
results prepared in accordance with GAAP are included in this news
release.
*Adjusted earnings per share (Adjusted EPS)
excludes income (loss) from discontinued operations, non-cash
intangible amortization expense, as the Company has historically
been acquisitive, non-cash amortization of capitalized contract and
development costs, non-cash stock-based compensation costs, foreign
transaction gains and losses, certain non-recurring items such as
acquisition and restructuring related items and other, including
legal fees, and includes cash actually expected to be paid for
income taxes on continuing operations, reflecting the benefit of
the Company’s net operating loss carry forwards of over $300
million. Kratos believes that reporting adjusted earnings per share
is a meaningful metric to present the Company’s financial
results.
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Kratos
Defense & Security Solutions, Inc. |
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|
Unaudited
Condensed Consolidated Statements of Operations |
|
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(in
millions, except per share data) |
|
|
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|
|
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Three Months Ended |
|
Twelve Months Ended |
|
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|
|
December 29, |
|
December 30, |
|
December 29, |
|
December 30, |
|
|
|
|
|
2019 |
|
|
|
2018 |
|
|
|
2019 |
|
|
|
2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service
revenues |
|
$ |
65.5 |
|
|
$ |
52.8 |
|
|
$ |
272.6 |
|
|
$ |
200.7 |
|
|
|
Product
sales |
|
|
119.6 |
|
|
|
111.6 |
|
|
|
444.9 |
|
|
|
417.3 |
|
|
|
Total revenues |
|
|
185.1 |
|
|
|
164.4 |
|
|
|
717.5 |
|
|
|
618.0 |
|
|
|
Cost of
service revenues |
|
|
49.2 |
|
|
|
37.4 |
|
|
|
192.0 |
|
|
|
137.8 |
|
|
|
Cost of
product sales |
|
|
87.5 |
|
|
|
81.5 |
|
|
|
335.5 |
|
|
|
310.5 |
|
|
|
Total costs |
|
|
136.7 |
|
|
|
118.9 |
|
|
|
527.5 |
|
|
|
448.3 |
|
|
|
Gross profit
- service revenues |
|
|
16.3 |
|
|
|
15.4 |
|
|
|
80.6 |
|
|
|
62.9 |
|
|
|
Gross profit
- product sales |
|
|
32.1 |
|
|
|
30.1 |
|
|
|
109.4 |
|
|
|
106.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
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Total gross profit |
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|
48.4 |
|
|
|
45.5 |
|
|
|
190.0 |
|
|
|
169.7 |
|
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|
|
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|
|
|
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Selling,
general and administrative expenses |
|
|
29.4 |
|
|
|
28.4 |
|
|
|
117.6 |
|
|
|
110.9 |
|
|
|
Acquisition
and restructuring related items |
|
|
1.0 |
|
|
|
0.3 |
|
|
|
3.2 |
|
|
|
3.8 |
|
|
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Research and
development expenses |
|
|
5.0 |
|
|
|
4.0 |
|
|
|
18.0 |
|
|
|
15.6 |
|
|
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Depreciation |
|
|
1.5 |
|
|
|
0.6 |
|
|
|
5.8 |
|
|
|
3.0 |
|
|
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Amortization
of intangible assets |
|
|
2.2 |
|
|
|
1.4 |
|
|
|
7.4 |
|
|
|
5.9 |
|
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Operating income |
|
|
9.3 |
|
|
|
10.8 |
|
|
|
38.0 |
|
|
|
30.5 |
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|
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Interest
expense, net |
|
|
(5.4 |
) |
|
|
(5.0 |
) |
|
|
(21.6 |
) |
|
|
(20.8 |
) |
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Other income
(expense) , net |
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|
0.4 |
|
|
|
(0.4 |
) |
|
|
(0.7 |
) |
|
|
(1.0 |
) |
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Income from continuing operations before income taxes |
|
|
4.3 |
|
|
|
5.4 |
|
|
|
15.7 |
|
|
|
8.7 |
|
|
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Provision
for income taxes from continuing operations |
|
|
1.0 |
|
|
|
0.2 |
|
|
|
4.8 |
|
|
|
4.6 |
|
|
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Income from continuing operations |
|
|
3.3 |
|
|
|
5.2 |
|
|
|
10.9 |
|
|
|
4.1 |
|
|
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Income
(loss) from discontinued operations, net of income taxes |
|
|
(0.7 |
) |
|
|
(0.5 |
) |
|
|
1.7 |
|
|
|
(7.6 |
) |
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Net income (loss) |
|
|
2.6 |
|
|
|
4.7 |
|
|
|
12.6 |
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|
|
(3.5 |
) |
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Less: Net income (loss) attributable to noncontrolling
interest |
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|
(0.4 |
) |
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- |
|
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|
0.1 |
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- |
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|
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Net income (loss) attributable to Kratos |
|
$ |
3.0 |
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$ |
4.7 |
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$ |
12.5 |
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$ |
(3.5 |
) |
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Basic income
(loss) per common share attributable to Kratos: |
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Income from continuing operations |
|
$ |
0.03 |
|
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$ |
0.05 |
|
|
$ |
0.10 |
|
|
$ |
0.04 |
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Income (loss) from discontinued operations |
|
|
- |
|
|
|
- |
|
|
|
0.02 |
|
|
|
(0.07 |
) |
|
|
Net income (loss) |
|
$ |
0.03 |
|
|
$ |
0.05 |
|
|
$ |
0.12 |
|
|
$ |
(0.03 |
) |
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Diluted
income (loss) per common share attributable to Kratos: |
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Income from continuing operations |
|
$ |
0.03 |
|
|
$ |
0.05 |
|
|
$ |
0.10 |
|
|
$ |
0.04 |
|
|
|
Income (loss) from discontinued operations |
|
|
- |
|
|
|
(0.01 |
) |
|
|
0.01 |
|
|
|
(0.07 |
) |
|
|
Net income (loss) |
|
$ |
0.03 |
|
|
$ |
0.04 |
|
|
$ |
0.11 |
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|
$ |
(0.03 |
) |
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Weighted
average common shares outstanding: |
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Basic weighted average common shares outstanding |
|
|
106.7 |
|
|
|
103.9 |
|
|
|
106.0 |
|
|
|
103.8 |
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Diluted weighted average common shares outstanding |
|
|
109.9 |
|
|
|
106.6 |
|
|
|
109.2 |
|
|
|
106.1 |
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Adjusted
EBITDA (1) |
|
$ |
20.2 |
|
|
$ |
18.0 |
|
|
$ |
77.3 |
|
|
$ |
60.5 |
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Unaudited Reconciliation of GAAP to Non-GAAP
Measures |
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Note: (1) Adjusted
EBITDA is a non-GAAP measure defined as GAAP net income (loss)
attributable to Kratos adjusted for net income
(loss) attributable to noncontrolling interest, income (loss)
from discontinued operations, net interest expense, provision for
income taxes, depreciation and amortization expense of
intangible assets, amortization of capitalized contract and
development costs, stock-based compensation, acquisition and
restructuring related items and other, and foreign transaction gain
(loss). |
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Adjusted EBITDA as
calculated by us may be calculated differently than Adjusted EBITDA
for other companies. We have provided Adjusted EBITDA because
we believe it is a commonly used measure of financial performance
in comparable companies and is provided to help investors
evaluate companies on a consistent basis, as well as to enhance
understanding of our operating results. Adjusted EBITDA should
not be construed as either an alternative to net income or as an
indicator of our operating performance or an alternative to cash
flows as a measure of liquidity. The adjustments to calculate
this non-GAAP financial measure and the basis for such adjustments
are outlined below. Please refer to the following table below
that reconciles GAAP net income (loss) to Adjusted EBITDA. |
|
|
|
|
|
|
|
|
|
|
|
|
|
The adjustments to
calculate this non-GAAP financial measure, and the basis for such
adjustments, are outlined below: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income and
interest expense, net. The Company receives interest income on
investments and incurs interest expense on loans, capital leases
and other financing arrangements, including the amortization
of issue discounts and deferred financing costs. These amounts may
vary from period to period due to changes in cash and debt
balances. |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income taxes. The
Company's tax expense can fluctuate materially from period to
period due to tax adjustments that may not be directly related
to underlying operating performance or to the current period
of operations and may not necessarily reflect the impact of
utilization of our NOLs. |
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation. The
Company incurs depreciation expense (recorded in cost of revenues
and in operating expenses) related to capital assets
purchased, leased or constructed to support the ongoing
operations of the business. The assets are recorded at cost or fair
value and are depreciated over the estimated useful lives of
individual assets. |
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of
intangible assets. The Company incurs amortization of intangible
expense related to acquisitions it has made. These intangible
assets are valued at the time of acquisition and are amortized
over the estimated useful lives. |
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of
capitalized contract and development costs. The Company incurs
amortization of previously capitalized software development and
non-recurring engineering costs related to certain targets in its
Unmanned Systems and ballistic missile target businesses as these
units are sold. |
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based
compensation expense. The Company incurs expense related to
stock-based compensation included in its GAAP presentation of
selling, general and administrative expense. Although
stock-based compensation is an expense of the Company and viewed as
a form of compensation, these expenses vary in amount from
period to period, and are affected by market forces that are
difficult to predict and are not within the control of
management, such as the market price and volatility of the
Company's shares, risk-free interest rates and the expected term
and forfeiture rates of the awards. Management believes that
exclusion of these expenses allows comparison of operating results
to those of other companies that disclose non-GAAP financial
measures that exclude stock-based compensation. |
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign transaction
(gain) loss. The Company incurs transaction gains and losses
related to transactions with foreign customers in currencies other
than the U.S. dollar. In addition, certain intercompany
transactions can give rise to realized and unrealized foreign
currency gains and losses. |
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition and
transaction related items. The Company incurs transaction related
costs, such as legal and accounting fees and other expenses,
related to acquisitions and divestiture activities. Management
believes these items are outside the normal operations of the
Company's business and are not indicative of ongoing operating
results. |
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring costs.
The Company incurs restructuring costs for cost reduction actions
which include employee termination costs, facility shut-down
related costs and remaining lease commitment costs for excess or
exited facilities. Management believes that these costs are
not indicative of ongoing operating results as they are either
non-recurring and/or not expected when full capacity and volumes
are achieved. |
|
|
|
|
|
|
|
|
|
|
|
|
|
Legal related items.
The Company incurs costs related to pending legal settlements and
other legal related matters. Management believes these items
are outside the normal operations of the Company's business and are
not indicative of ongoing operating results. |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA is a
non-GAAP financial measure and should not be considered in
isolation or as a substitute for financial information provided
in accordance with GAAP. This non-GAAP financial measure may
not be computed in the same manner as similarly titled measures
used by other companies. The Company expects to continue to
incur expenses similar to the Adjusted EBITDA financial adjustments
described above, and investors should not infer from the
Company's presentation of this non-GAAP financial measure that
these costs are unusual, infrequent, or non-recurring. |
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Net Income (loss) attributable to Kratos to
Adjusted EBITDA is as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Twelve Months Ended |
|
|
|
|
December 29, |
|
December 30, |
|
December 29, |
|
December 30, |
|
|
|
|
|
2019 |
|
|
|
2018 |
|
|
|
2019 |
|
|
|
2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss) attributable to Kratos |
|
$ |
3.0 |
|
|
$ |
4.7 |
|
|
$ |
12.5 |
|
|
$ |
(3.5 |
) |
|
|
Loss
(Income) from discontinued operations, net of income taxes |
|
|
0.7 |
|
|
|
0.5 |
|
|
|
(1.7 |
) |
|
|
7.6 |
|
|
|
Interest
expense, net |
|
|
5.4 |
|
|
|
5.0 |
|
|
|
21.6 |
|
|
|
20.8 |
|
|
|
Provision
for income taxes from continuing operations |
|
|
1.0 |
|
|
|
0.2 |
|
|
|
4.8 |
|
|
|
4.6 |
|
|
|
Depreciation
(including cost of service revenues and product sales) |
|
|
4.4 |
|
|
|
2.9 |
|
|
|
16.0 |
|
|
|
12.0 |
|
|
|
Stock-based
compensation |
|
|
2.8 |
|
|
|
2.1 |
|
|
|
11.0 |
|
|
|
7.2 |
|
|
|
Foreign
transaction (gain) loss |
|
|
(0.1 |
) |
|
|
0.5 |
|
|
|
1.2 |
|
|
|
1.2 |
|
|
|
Amortization
of intangible assets |
|
|
2.2 |
|
|
|
1.4 |
|
|
|
7.4 |
|
|
|
5.9 |
|
|
|
Amortization
of capitalized contract and development costs |
|
|
0.2 |
|
|
|
0.3 |
|
|
|
1.2 |
|
|
|
0.9 |
|
|
|
Acquisition
and restructuring related items and other |
|
|
1.0 |
|
|
|
0.4 |
|
|
|
3.2 |
|
|
|
3.8 |
|
|
|
Plus: Net
income (loss) attributable to noncontrolling interest |
|
|
(0.4 |
) |
|
|
- |
|
|
|
0.1 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA |
|
$ |
20.2 |
|
|
$ |
18.0 |
|
|
$ |
77.3 |
|
|
$ |
60.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of acquisition and restructuring related items and
other included in Adjusted EBITDA: |
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Twelve Months Ended |
|
|
|
|
December 29, |
|
December 30, |
|
December 29, |
|
December 30, |
|
|
|
|
|
2019 |
|
|
|
2018 |
|
|
|
2019 |
|
|
|
2018 |
|
|
|
Acquisition
and transaction related items |
|
$ |
0.4 |
|
|
$ |
- |
|
|
$ |
2.3 |
|
|
$ |
- |
|
|
|
Restructuring costs |
|
|
- |
|
|
|
0.3 |
|
|
|
0.3 |
|
|
|
1.0 |
|
|
|
Legal
related items |
|
|
0.6 |
|
|
|
0.1 |
|
|
|
0.6 |
|
|
|
2.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
1.0 |
|
|
$ |
0.4 |
|
|
$ |
3.2 |
|
|
$ |
3.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Kratos
Defense & Security Solutions, Inc. |
|
|
Unaudited
Segment Data |
|
|
(in
millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Twelve Months Ended |
|
|
|
|
December 29, |
|
December 30, |
|
December 29, |
|
December 30, |
|
|
|
|
|
2019 |
|
|
|
2018 |
|
|
|
2019 |
|
|
|
2018 |
|
|
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
Unmanned Systems |
|
$ |
38.3 |
|
|
$ |
36.2 |
|
|
$ |
161.4 |
|
|
$ |
132.9 |
|
|
|
Kratos Government Solutions |
|
|
146.8 |
|
|
|
128.2 |
|
|
|
556.1 |
|
|
|
485.1 |
|
|
|
Total revenues |
|
$ |
185.1 |
|
|
$ |
164.4 |
|
|
$ |
717.5 |
|
|
$ |
618.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income (loss) |
|
|
|
|
|
|
|
|
|
|
Unmanned Systems |
|
$ |
0.5 |
|
|
$ |
1.3 |
|
|
$ |
6.1 |
|
|
$ |
5.1 |
|
|
|
Kratos Government Solutions |
|
|
12.0 |
|
|
|
11.6 |
|
|
|
45.2 |
|
|
|
35.5 |
|
|
|
Unallocated corporate expense, net |
|
|
(3.2 |
) |
|
|
(2.1 |
) |
|
|
(13.3 |
) |
|
|
(10.1 |
) |
|
|
Total operating income |
|
$ |
9.3 |
|
|
$ |
10.8 |
|
|
$ |
38.0 |
|
|
$ |
30.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: Unallocated
corporate expense, net includes costs for certain stock-based
compensation programs (including stock-based compensation costs for
stock options, employee stock purchase plan and restricted stock
units), the effects of items not considered part of management’s
evaluation of segment operating performance, and acquisition and
restructuring related items, corporate costs not allocated to the
segments, legal related items, and other miscellaneous corporate
activities. |
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of consolidated Adjusted EBITDA to Adjusted EBITDA
by segment is as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Twelve Months Ended |
|
|
|
|
December 29, |
|
December 30, |
|
December 29, |
|
December 30, |
|
|
|
|
|
2019 |
|
|
|
2018 |
|
|
|
2019 |
|
|
|
2018 |
|
|
|
Unmanned
Systems |
|
$ |
2.9 |
|
|
$ |
2.9 |
|
|
$ |
13.3 |
|
|
$ |
10.9 |
|
|
|
% of revenue |
|
|
7.6 |
% |
|
|
8.0 |
% |
|
|
8.2 |
% |
|
|
8.2 |
% |
|
|
Kratos
Government Solutions |
|
|
17.3 |
|
|
|
15.1 |
|
|
|
64.0 |
|
|
|
49.6 |
|
|
|
% of revenue |
|
|
11.8 |
% |
|
|
11.8 |
% |
|
|
11.5 |
% |
|
|
10.2 |
% |
|
|
Total
Adjusted EBITDA |
|
$ |
20.2 |
|
|
$ |
18.0 |
|
|
$ |
77.3 |
|
|
$ |
60.5 |
|
|
|
% of revenue |
|
|
10.9 |
% |
|
|
10.9 |
% |
|
|
10.8 |
% |
|
|
9.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Kratos
Defense & Security Solutions, Inc. |
|
|
Unaudited
Condensed Consolidated Balance Sheets |
|
|
(in
millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 29, |
|
December 30, |
|
|
|
|
|
|
|
|
|
2019 |
|
|
|
2018 |
|
|
|
Assets |
|
|
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
|
|
|
|
$ |
172.6 |
|
|
$ |
182.7 |
|
|
|
Restricted cash |
|
|
|
|
|
|
- |
|
|
|
0.3 |
|
|
|
Accounts receivable, net |
|
|
|
|
|
|
264.4 |
|
|
|
237.4 |
|
|
|
Inventoried costs |
|
|
|
|
|
|
61.1 |
|
|
|
46.8 |
|
|
|
Prepaid expenses |
|
|
|
|
|
|
9.4 |
|
|
|
8.9 |
|
|
|
Other current assets |
|
|
|
|
|
|
11.4 |
|
|
|
10.3 |
|
|
|
Current assets of discontinued operations |
|
|
|
|
|
|
3.3 |
|
|
|
8.3 |
|
|
|
Total current assets |
|
|
|
|
|
|
522.2 |
|
|
|
494.7 |
|
|
|
Property, plant and equipment, net |
|
|
|
|
|
|
116.9 |
|
|
|
67.1 |
|
|
|
Operating lease right-of-use assets |
|
|
|
|
|
|
42.1 |
|
|
|
- |
|
|
|
Goodwill |
|
|
|
|
|
|
455.6 |
|
|
|
425.7 |
|
|
|
Intangible assets, net |
|
|
|
|
|
|
39.5 |
|
|
|
16.1 |
|
|
|
Other assets |
|
|
|
|
|
|
9.7 |
|
|
|
6.5 |
|
|
|
Total assets |
|
|
|
|
|
$ |
1,186.0 |
|
|
$ |
1,010.1 |
|
|
|
Liabilities and Stockholders’ Equity |
|
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
|
|
Accounts payable |
|
|
|
|
|
$ |
53.8 |
|
|
$ |
46.6 |
|
|
|
Accrued expenses |
|
|
|
|
|
|
32.7 |
|
|
|
38.1 |
|
|
|
Accrued compensation |
|
|
|
|
|
|
37.1 |
|
|
|
33.5 |
|
|
|
Accrued interest |
|
|
|
|
|
|
1.6 |
|
|
|
1.6 |
|
|
|
Billings in excess of costs and earnings on uncompleted
contracts |
|
|
|
|
|
|
34.3 |
|
|
|
34.9 |
|
|
|
Current portion of operating lease liabilities |
|
|
|
|
|
|
9.9 |
|
|
|
- |
|
|
|
Other current liabilities |
|
|
|
|
|
|
10.0 |
|
|
|
4.7 |
|
|
|
Other current liabilities of discontinued operations |
|
|
|
|
|
|
3.3 |
|
|
|
5.3 |
|
|
|
Total current liabilities |
|
|
|
|
|
|
182.7 |
|
|
|
164.7 |
|
|
|
Long-term debt, net of current portion |
|
|
|
|
|
|
295.1 |
|
|
|
294.2 |
|
|
|
Operating lease liabilities, net of current portion |
|
|
|
|
|
|
37.6 |
|
|
|
- |
|
|
|
Other long-term liabilities |
|
|
|
|
|
|
78.7 |
|
|
|
25.5 |
|
|
|
Other long-term liabilities of discontinued operations |
|
|
|
|
|
|
2.8 |
|
|
|
6.4 |
|
|
|
Total liabilities |
|
|
|
|
|
|
596.9 |
|
|
|
490.8 |
|
|
|
Commitments and contingencies |
|
|
|
|
|
|
|
|
|
|
Redeemable noncontrolling interest |
|
|
|
|
|
|
15.0 |
|
|
|
- |
|
|
|
Stockholders’ equity: |
|
|
|
|
|
|
|
|
|
|
Additional paid-in capital |
|
|
|
|
|
|
1,286.5 |
|
|
|
1,244.5 |
|
|
|
Accumulated other comprehensive loss |
|
|
|
|
|
|
(0.4 |
) |
|
|
(0.7 |
) |
|
|
Accumulated deficit |
|
|
|
|
|
|
(712.0 |
) |
|
|
(724.5 |
) |
|
|
Total Kratos stockholders’ equity |
|
|
|
|
|
|
574.1 |
|
|
|
519.3 |
|
|
|
Total liabilities and stockholders’ equity |
|
|
|
|
|
$ |
1,186.0 |
|
|
$ |
1,010.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Kratos
Defense & Security Solutions, Inc. |
|
|
Unaudited
Condensed Consolidated Statements of Cash Flows |
|
|
(in
millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve Months Ended |
|
|
|
|
|
|
|
|
December 29, |
|
December 30, |
|
|
|
|
|
|
|
|
|
2019 |
|
|
|
2018 |
|
|
|
Operating
activities: |
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
|
|
|
|
$ |
12.6 |
|
|
$ |
(3.5 |
) |
|
|
Less: income (loss) from discontinued operations |
|
|
|
|
|
|
1.7 |
|
|
|
(7.6 |
) |
|
|
Income from continuing operations |
|
|
|
|
|
|
10.9 |
|
|
|
4.1 |
|
|
|
Adjustments to reconcile income from continuing operations to net
cash provided by operating activities from continuing
operations: |
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
|
|
|
|
23.4 |
|
|
|
17.9 |
|
|
|
Amortization of lease right-of-use assets |
|
|
|
|
|
|
11.7 |
|
|
|
- |
|
|
|
Deferred income taxes |
|
|
|
|
|
|
(4.9 |
) |
|
|
(0.4 |
) |
|
|
Stock-based compensation |
|
|
|
|
|
|
11.0 |
|
|
|
7.2 |
|
|
|
Amortization of deferred financing costs |
|
|
|
|
|
|
1.0 |
|
|
|
1.0 |
|
|
|
Provision for doubtful accounts |
|
|
|
|
|
|
(0.2 |
) |
|
|
1.8 |
|
|
|
Changes in assets and liabilities, net of acquisitions: |
|
|
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
|
|
|
|
(11.6 |
) |
|
|
8.2 |
|
|
|
Unbilled receivables |
|
|
|
|
|
|
(1.6 |
) |
|
|
(35.9 |
) |
|
|
Inventoried costs |
|
|
|
|
|
|
(4.6 |
) |
|
|
2.0 |
|
|
|
Prepaid expenses and other assets |
|
|
|
|
|
|
(0.6 |
) |
|
|
3.4 |
|
|
|
Operating lease liabilities |
|
|
|
|
|
|
(6.3 |
) |
|
|
- |
|
|
|
Accounts payable |
|
|
|
|
|
|
4.8 |
|
|
|
12.2 |
|
|
|
Accrued compensation |
|
|
|
|
|
|
1.7 |
|
|
|
3.3 |
|
|
|
Accrued expenses |
|
|
|
|
|
|
(6.4 |
) |
|
|
(1.7 |
) |
|
|
Accrued interest |
|
|
|
|
|
|
(0.1 |
) |
|
|
(0.1 |
) |
|
|
Billings in excess of costs and earnings on uncompleted
contracts |
|
|
|
|
|
|
(2.4 |
) |
|
|
(6.9 |
) |
|
|
Income tax receivable and payable |
|
|
|
|
|
|
1.8 |
|
|
|
0.2 |
|
|
|
Other liabilities |
|
|
|
|
|
|
1.3 |
|
|
|
1.8 |
|
|
|
Net cash provided by operating activities from
continuing operations |
|
|
|
|
|
|
28.9 |
|
|
|
18.1 |
|
|
|
Investing activities: |
|
|
|
|
|
|
|
|
|
|
Cash paid for acquisitions, net of cash acquired |
|
|
|
|
|
|
(17.7 |
) |
|
|
(2.9 |
) |
|
|
Capital expenditures |
|
|
|
|
|
|
(26.3 |
) |
|
|
(22.6 |
) |
|
|
Proceeds from sale of assets |
|
|
|
|
|
|
0.3 |
|
|
|
66.0 |
|
|
|
Net cash provided by (used in) investing activities
from continuing operations |
|
|
|
|
|
|
(43.7 |
) |
|
|
40.5 |
|
|
|
Financing activities: |
|
|
|
|
|
|
|
|
|
|
Debt issuance costs |
|
|
|
|
|
|
- |
|
|
|
(0.1 |
) |
|
|
Expenses from the issuance of common stock |
|
|
|
|
|
|
- |
|
|
|
(1.1 |
) |
|
|
Repayment of debt |
|
|
|
|
|
|
- |
|
|
|
(0.8 |
) |
|
|
Payment under finance leases |
|
|
|
|
|
|
(0.5 |
) |
|
|
- |
|
|
|
Proceeds
from exercise of restricted stock units, employee stock options,
and employee stock purchase plan |
|
|
|
|
|
|
4.0 |
|
|
|
3.7 |
|
|
|
Net cash provided by financing activities from continuing
operations |
|
|
|
|
|
|
3.5 |
|
|
|
1.7 |
|
|
|
Net cash flows from continuing operations |
|
|
|
|
|
|
(11.3 |
) |
|
|
60.3 |
|
|
|
Net
operating cash flows of discontinued operations |
|
|
|
|
|
|
1.1 |
|
|
|
(7.7 |
) |
|
|
Effect of exchange rate changes on cash and cash equivalents |
|
|
|
|
|
|
(0.2 |
) |
|
|
(0.5 |
) |
|
|
Net increase (decrease) in cash and cash equivalents |
|
|
|
|
|
|
(10.4 |
) |
|
|
52.1 |
|
|
|
Cash, cash equivalents and restricted cash at beginning of
period |
|
|
|
|
|
|
183.0 |
|
|
|
130.9 |
|
|
|
Cash, cash equivalents and restricted cash at end of period |
|
|
|
|
|
$ |
172.6 |
|
|
$ |
183.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Kratos
Defense & Security Solutions, Inc. |
|
|
Unaudited
Non-GAAP Measures |
|
|
Computation
of Adjusted Earnings Per Share |
|
|
(in
millions, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted income from
continuing operations and adjusted income from continuing
operations per diluted common share (Adjusted EPS) are
non-GAAP measures for reporting financial performance and
exclude the impact of certain items and, therefore, have not been
calculated in accordance with GAAP. Management believes that
exclusion of these items assists in providing a more complete
understanding of the Company's underlying continuing operations
results and trends and allows for comparability with our peer
company index and industry. The Company uses these measures along
with the corresponding GAAP financial measures to manage the
Company's business and to evaluate its performance compared to
prior periods and the marketplace. The Company defines
adjusted income from continuing operations before amortization
of intangible assets, stock-based compensation, foreign transaction
gain/loss, and acquisition and restructuring related items and
other. The Company uses the estimated cash tax provision in
computing adjusted earnings per share to reflect the benefit
from the utilization of the Company's net operating losses.
Adjusted EPS expresses adjusted income from
continuing operations on a per share basis using weighted
average diluted shares outstanding. |
|
|
|
|
|
|
|
|
|
|
|
|
|
The following table reconciles the most directly comparable GAAP
financial measures to the non-GAAP financial measures. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Twelve Months Ended |
|
|
|
|
December 29, |
|
December 30, |
|
December 29, |
|
December 30, |
|
|
|
|
|
2019 |
|
|
|
2018 |
|
|
|
2019 |
|
|
|
2018 |
|
|
|
Income from continuing operations before taxes |
|
$ |
4.3 |
|
|
$ |
5.4 |
|
|
$ |
15.7 |
|
|
$ |
8.7 |
|
|
|
Add:
Amortization of intangible assets |
|
|
2.2 |
|
|
|
1.4 |
|
|
|
7.4 |
|
|
|
5.9 |
|
|
|
Add:
Amortization of capitalized contract and development costs |
|
|
0.2 |
|
|
|
0.3 |
|
|
|
1.2 |
|
|
|
0.9 |
|
|
|
Add:
Stock-based compensation |
|
|
2.8 |
|
|
|
2.1 |
|
|
|
11.0 |
|
|
|
7.2 |
|
|
|
Add: Foreign
transaction (gain) loss |
|
|
(0.1 |
) |
|
|
0.5 |
|
|
|
1.2 |
|
|
|
1.2 |
|
|
|
Add:
Acquisition and restructuring related items and other |
|
|
1.0 |
|
|
|
0.4 |
|
|
|
3.2 |
|
|
|
3.8 |
|
|
|
Adjusted income from continuing operations before income taxes |
|
|
10.4 |
|
|
|
10.1 |
|
|
|
39.7 |
|
|
|
27.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Estimated cash tax provision |
|
|
0.7 |
|
|
|
0.3 |
|
|
|
3.0 |
|
|
|
1.8 |
|
|
|
Adjusted
income from continuing operations |
|
$ |
9.7 |
|
|
$ |
9.8 |
|
|
$ |
36.7 |
|
|
$ |
25.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
income from continuing operations per diluted common share |
|
$ |
0.09 |
|
|
$ |
0.09 |
|
|
$ |
0.34 |
|
|
$ |
0.24 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average diluted common shares outstanding |
|
|
109.9 |
|
|
|
106.6 |
|
|
|
109.2 |
|
|
|
106.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Press Contact:Yolanda White858-812-7302
Direct
Investor
Information:877-934-4687investor@kratosdefense.com
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