Kratos Defense & Security Solutions, Inc. (KTOS) · 10+ Years of Financial statements

Income Statement	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Sales/Revenue/Turnover	334	408	714	969	844	763	657	542	603	618	718	748	812	898	1,037
+ Sales & Services Revenue	334	408	714	969	844	763	657	542	603	618	718	748	812	898	1,037
- Cost of Revenue	271	324	523	712	640	584	495	421	446	448	528	544	586	672	768
+ Cost of Goods & Services	271	324	523	712	640	584	495	421	446	448	528	544	586	672	768
Gross Profit	64	84	191	257	204	179	162	120	158	170	190	203	225	226	269
+ Other Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Operating Expenses	49	60	149	211	192	172	167	128	145	135	149	172	195	221	236
+ Selling, General & Admin	48	57	141	193	173	154	151	115	127	120	131	144	160	182	198
+ Research & Development	2	2	9	18	20	19	16	14	18	16	18	27	35	39	38
+ Other Operating Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Income (Loss)	14	25	42	46	12	7	-5	-8	12	34	41	32	30	5	32
- Non-Operating (Income) Loss	52	23	64	161	40	79	40	44	70	26	26	25	25	38	21
+ Interest Expense, Net	10	22	51	66	46	39	36	35	29	21	22	23	23	18	20
+ Interest Expense	11	22	51	66	46	39	36	35	29	22	24	24	24	18	22
- Interest Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	1	2	1	- -	1	1
+ Other Non-Op (Income) Loss	41	1	12	95	-6	40	4	9	41	5	4	2	2	20	1
Pretax Income	-37	2	-22	-114	-28	-72	-45	-52	-57	9	16	7	4	-33	11
- Income Tax Expense (Benefit)	1	-13	2	-2	1	4	-11	6	-10	5	5	-74	4	1	9
- (Income) Loss from Affiliates	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Income (Loss) from Cont Ops	-38	15	-24	-113	-30	-76	-33	-58	-47	4	11	80	- -	-34	2
- Net Extraordinary Losses (Gains)	3	- -	1	2	8	2	-53	3	-4	8	-2	1	3	6	22
+ Discontinued Operations	-3	- -	-1	-2	-8	-2	53	-3	4	-8	2	-1	-2	1	- -
+ Extraord. & Accounting Changes	6	- -	1	3	15	5	-106	6	-8	15	-3	2	5	6	22
Income (Loss) Incl. MI	-42	14	-24	-114	-37	-78	20	-60	-43	-4	13	79	-2	-41	-20
- Minority Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-4	-11
Net Income, GAAP	-42	14	-24	-114	-37	-78	20	-60	-43	-4	12	80	-2	-37	-9
- Preferred Dividends	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Other Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Income Avail to Common, GAAP	-42	14	-24	-114	-37	-78	20	-60	-43	-4	12	80	-2	-37	-9
Basic Weighted Avg Shares	14	17	27	47	57	58	59	61	90	104	106	116	125	127	130
Basic EPS, GAAP	-2.99	0.87	-0.88	-2.44	-0.65	-1.35	0.34	-0.99	-0.48	-0.03	0.12	0.69	-0.02	-0.29	-0.07
Basic EPS from Cont Ops	-2.76	0.88	-0.86	-2.41	-0.52	-1.31	-0.57	-0.94	-0.52	0.04	0.1	0.7	- -	-0.27	0.02
Diluted Weighted Avg Shares	14	17	27	47	57	58	59	61	90	106	109	119	128	127	130
Diluted EPS, GAAP	-2.99	0.86	-0.88	-2.44	-0.65	-1.35	0.34	-0.99	-0.48	-0.03	0.11	0.67	-0.02	-0.29	-0.07
Diluted EPS from Cont Ops	-2.76	0.86	-0.86	-2.41	-0.52	-1.31	-0.57	-0.94	-0.52	0.04	0.1	0.68	- -	-0.27	0.02
EBITDA	23	38	90	104	58	40	20	14	35	52	76	66	64	46	77
EBITDA Margin (%)	6.76	9.23	12.61	10.76	6.92	5.19	3.1	2.68	5.75	8.45	10.63	8.79	7.94	5.1	7.43
EBITA	14	25	42	46	12	7	-5	-8	12	34	41	32	30	5	32
EBIT	14	25	42	46	12	7	-5	-8	12	34	41	32	30	5	32
Gross Margin (%)	19.01	20.64	26.78	26.54	24.23	23.51	24.62	22.24	26.12	27.46	26.48	27.18	27.74	25.16	25.9
Operating Margin (%)	4.28	6.07	5.88	4.78	1.42	0.94	-0.78	-1.48	2.07	5.55	5.74	4.24	3.66	0.55	3.12
Profit Margin (%)	-12.41	3.55	-3.39	-11.8	-4.41	-10.22	3.01	-11.16	-7.08	-0.57	1.74	10.65	-0.25	-4.11	-0.86
Sales per Employee	185,833	140,862	178,475	225,395	222,132	211,944	226,586	186,862	208,034	237,692	239,167	233,656	245,909	249,528	265,923
Dividend per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Depreciation Expense	8	13	48	58	46	32	26	22	22	18	35	34	35	41	45

Balance Sheet	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Total Current Assets	99	184	421	455	430	373	320	373	471	495	522	765	758	583	594
+ Cash, Cash Equivalents & STI	10	11	70	49	56	34	28	69	130	183	173	381	349	81	73
+ Cash & Cash Equivalents	10	11	70	49	56	34	28	69	130	183	173	381	349	81	73
+ ST Investments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Accounts & Notes Receiv	80	128	248	276	268	219	211	234	212	237	264	272	285	328	329
+ Accounts Receivable, Net	79	126	245	136	148	117	95	101	74	65	85	95	94	106	129
+ Notes Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Loans Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Receivable, Net	1	3	3	139	120	102	117	133	138	173	179	177	191	223	200
+ Inventories	- -	26	77	94	75	47	56	55	49	47	61	81	92	126	156
+ Raw Materials	- -	16	47	51	46	32	34	34	36	35	39	47	58	74	78
+ Work In Process	- -	8	26	36	24	13	19	22	11	10	20	30	28	51	73
+ Finished Goods	- -	1	7	7	5	3	3	1	2	2	2	4	5	1	5
+ Inventory Adjustments	- -	- -	-3	- -	-1	-1	-1	-2	-1	- -	- -	- -	- -	- -	- -
+ Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other ST Assets	9	19	27	36	32	73	25	15	80	28	24	31	32	48	36
+ Prepaid Expenses	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Assets Held-for-Sale	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc ST Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Noncurrent Assets	143	352	795	828	786	758	583	576	553	515	664	798	831	969	1,038
+ Property, Plant & Equip, Net	4	28	72	86	85	62	56	50	58	67	159	187	207	260	289
+ Property, Plant & Equip	16	43	95	121	135	109	110	108	122	136	241	286	324	398	449
- Accumulated Depreciation	12	14	23	35	50	48	54	58	64	69	82	99	117	137	159
+ LT Investments & Receivables	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Investments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Receivables	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other LT Assets	138	324	722	743	702	696	527	526	495	448	505	611	625	708	749
+ Total Intangible Assets	137	316	696	702	666	533	520	518	448	442	495	527	537	613	632
+ Goodwill	110	226	572	596	596	483	483	485	426	426	456	484	494	558	569
+ Other Intangible Assets	26	89	125	106	70	50	36	33	22	16	40	43	43	55	62
+ LT Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Assets	2	8	26	40	35	164	7	8	47	6	10	84	88	95	118
Total Assets	242	536	1,216	1,284	1,217	1,131	903	949	1,024	1,010	1,186	1,563	1,590	1,552	1,632
+ Payables & Accruals	44	89	144	136	113	83	85	106	77	86	88	92	79	93	100
+ Accounts Payable	19	46	49	84	62	45	48	53	35	47	54	55	50	57	63
+ Accrued Taxes	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Interest & Dividends Payable	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Payables & Accruals	25	43	96	53	51	38	37	54	43	40	34	36	29	35	37
+ ST Debt	5	1	2	2	1	1	1	1	1	- -	10	9	10	11	12
+ ST Borrowings	4	- -	1	1	1	1	1	1	1	- -	- -	- -	- -	- -	- -
+ ST Finance Leases	- -	1	1	- -	- -	- -	- -	- -	- -	- -	10	9	10	11	12
+ Other ST Liabilities	13	29	68	141	136	142	86	89	111	78	85	97	132	131	180
+ Deferred Revenue	- -	- -	- -	44	52	50	42	42	43	35	34	34	58	62	102
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	8	29	28	30	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc ST Liabilities	13	29	59	68	56	62	44	47	68	44	50	63	74	69	78
Total Current Liabilities	62	118	214	279	251	226	172	196	189	165	183	198	221	234	292
+ LT Debt	52	226	654	649	643	655	444	431	294	294	333	340	329	291	257
+ LT Borrowings	51	225	654	648	643	655	444	431	294	294	295	301	297	250	219
+ LT Finance Leases	1	1	1	- -	- -	- -	- -	- -	- -	- -	38	39	33	41	38
+ Other LT Liabilities	3	22	35	32	26	25	33	45	30	32	82	86	79	79	84
+ Accrued Liabilities	- -	12	2	- -	1	1	10	17	7	- -	- -	- -	- -	- -	- -
+ Pension Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Liabilities	3	10	33	32	26	24	22	27	23	32	82	86	79	79	84
Total Noncurrent Liabilities	55	248	690	681	670	681	477	476	324	326	414	425	408	370	342
Total Liabilities	117	366	903	960	921	907	649	672	512	491	597	623	629	604	634
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Share Capital & APIC	523	554	721	847	856	863	873	956	1,234	1,244	1,286	1,556	1,579	1,608	1,654
+ Common Stock	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Additional Paid in Capital	523	554	721	847	856	863	873	956	1,234	1,244	1,286	1,556	1,579	1,608	1,654
- Treasury Stock	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Retained Earnings	-398	-384	-408	-522	-559	-637	-618	-678	-721	-724	-712	-632	-634	-671	-680
+ Other Equity	- -	- -	- -	-1	-1	-2	-1	-2	-1	-1	- -	1	1	-1	2
Equity Before Minority Interest	125	170	313	324	296	224	254	276	512	519	574	925	945	936	976
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	15	15	15	11	22
Total Equity	125	170	313	324	296	224	254	276	512	519	589	940	960	948	998
Total Liabilities & Equity	242	536	1,216	1,284	1,217	1,131	903	949	1,024	1,010	1,186	1,563	1,590	1,552	1,632
Shares Outstanding	16	19	32	57	57	58	59	74	103	104	107	123	124	126	129
Capital Leases - Total	1	2	1	1	- -	- -	- -	- -	- -	- -	48	48	43	52	50
Net Debt	46	214	585	600	589	623	417	363	164	112	122	-80	-53	169	146
Net Debt to Equity	36.43	126.07	187.14	185.25	198.99	277.71	163.89	131.3	32.02	21.47	20.79	-8.49	-5.49	17.83	14.67
Tangible Common Equity Ratio	-11.25	-66	-73.8	-65.08	-67.33	-51.58	-69.3	-56.11	11.07	13.64	13.61	39.89	40.21	35.61	36.66
Current Ratio	1.6	1.56	1.97	1.63	1.71	1.65	1.86	1.9	2.5	3	2.86	3.87	3.43	2.49	2.03
Cash Conversion Cycle	70.96	72.33	100.61	82.58	66.85	66.6	63.13	70.28	59.47	46.73	41.49	56.31	63.97	71.61	80.62
Number of Employees	1,800	2,900	4,000	4,300	3,800	3,600	2,900	2,900	2,900	2,600	3,000	3,200	3,300	3,600	3,900

Cash Flow Statement	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
+ Net Income	-38	15	-24	-114	-37	-78	20	-60	-43	-4	13	79	-2	-33	2
+ Depreciation & Amortization	8	13	48	58	46	32	26	22	22	18	35	34	35	41	45
+ Non-Cash Items	44	5	6	104	16	51	-58	24	38	17	5	-55	33	42	29
+ Stock-Based Compensation	2	2	3	7	7	4	6	5	8	7	11	21	26	26	25
+ Deferred Income Taxes	- -	- -	- -	-2	- -	2	-18	5	-10	- -	-5	-78	- -	-3	2
+ Asset Impairment Charge	41	- -	- -	97	- -	- -	- -	- -	24	- -	- -	- -	- -	- -	- -
+ Other Non-Cash Adj	1	3	3	3	10	45	-46	14	15	10	-1	2	7	18	2
+ Chg in Non-Cash Work Cap	12	-4	-25	5	-4	-2	-17	-1	-44	-14	-24	-13	-26	-75	-11
+ (Inc) Dec in Accts Receiv	17	3	-14	3	12	15	10	-28	-35	-28	-13	- -	-13	-27	1
+ (Inc) Dec in Inventories	- -	3	4	-5	18	3	-8	-2	7	2	-5	-5	-5	-24	-30
+ (Inc) Dec in Prepaid Assets	1	-3	1	-2	2	3	-4	2	-3	2	- -	-2	2	-2	-4
+ Inc (Dec) in Accts Payable	-1	2	-16	23	-32	-20	-2	24	-17	14	- -	7	-14	11	18
+ Inc (Dec) in Other	-6	-9	-1	-13	-4	-3	-14	4	3	-4	-6	-13	4	-33	3
+ Net Cash From Disc Ops	-3	- -	-3	1	-1	4	3	2	-1	-8	1	2	-4	- -	- -
Cash from Operating Activities	23	28	2	54	20	7	-27	-13	-28	10	30	47	35	-26	65
+ Change in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp of Fixed Prod Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Fixed & Intang	- -	-2	-8	-17	-13	-12	-11	-9	-26	-23	-26	-36	-46	-45	-52
+ Acq of Fixed Prod Assets	- -	-2	-8	-17	-13	-12	-11	-9	-26	-23	-26	-36	-46	-45	-52
+ Acq of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Net Change in LT Investment	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Dec in LT Investment	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inc in LT Investment	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Net Cash From Acq & Div	-5	-207	-391	-149	2	-3	- -	-5	- -	-3	-18	-52	-12	-132	- -
+ Cash from Divestitures	- -	- -	- -	- -	2	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash for Acq of Subs	-5	-207	-391	-149	- -	-3	- -	-5	- -	-3	-18	-52	-12	-132	- -
+ Cash for JVs	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Investing Activities	-2	- -	3	1	-2	-3	248	4	- -	66	- -	- -	2	- -	8
+ Net Cash From Disc Ops	- -	- -	- -	- -	-2	-3	242	4	-1	- -	- -	- -	-4	- -	- -
Cash from Investing Activities	-8	-209	-396	-165	-13	-17	237	-10	-26	40	-44	-87	-57	-178	-44
+ Dividends Paid	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Net Cash From Debt	-27	167	423	-1	-1	-3	-217	-15	-150	-1	- -	4	-6	-54	-34
+ Cash From Debt	22	287	426	50	- -	660	- -	- -	300	- -	- -	5	- -	300	69
+ Repayments of Debt	-49	-120	-3	-51	-1	-662	-217	-15	-450	-1	- -	-1	-6	-354	-102
+ Cash (Repurchase) of Equity	18	25	50	97	- -	- -	- -	152	538	-1	- -	240	- -	- -	- -
+ Increase in Capital Stock	18	25	61	97	- -	- -	- -	76	269	- -	- -	- -	- -	- -	- -
+ Decrease in Capital Stock	- -	- -	-11	- -	- -	- -	- -	76	269	-1	- -	240	- -	- -	- -
+ Other Financing Activities	- -	-10	-21	-5	-1	-7	2	-74	-275	4	4	3	-3	-10	3
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Financing Activities	-9	182	452	91	-2	-10	-215	63	113	2	4	248	-9	-63	-31
Effect of Foreign Exchange Rates	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	2	-2	-2	1
Net Changes in Cash	6	1	59	-21	6	-20	-5	40	60	53	-10	207	-31	-266	-9
Capital Expenditures	- -	-2	-8	-17	-13	-12	-11	-9	-26	-23	-26	-36	-46	-45	-52
EBITDA	23	38	90	104	58	40	20	14	35	52	76	66	64	46	77
EBITDA Margin (%)	6.76	9.23	12.61	10.76	6.92	5.19	3.1	2.68	5.75	8.45	10.63	8.79	7.94	5.1	7.43
Net Cash Paid for Acquisitions	5	207	391	149	-2	3	- -	5	- -	3	18	52	12	132	- -
Free Cash Flow	22	26	-5	37	7	-5	-38	-22	-54	-12	4	11	-11	-71	13
Free Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	- -	- -	-2	20	- -	-9	- -	17
Free Cash Flow to Equity	-4	193	418	36	6	-8	-255	-37	-204	-13	3	15	-17	-125	-21
Free Cash Flow per Basic Share	1.61	1.56	-0.18	0.79	0.13	-0.09	-0.65	-0.36	-0.6	-0.12	0.03	0.09	-0.09	-0.56	0.1
Price/Free Cash Flow	6.2	7.31	16.41	3.22	13.09	16.11	-14.94	-113.33	-596.85	44.43	34.72	39.77	30.31	63.61	22.81
Cash Flow to Net Income	-0.55	1.94	-0.1	-0.47	-0.55	-0.08	-1.36	0.22	0.65	-2.97	2.4	0.59	-17.65	0.69	-7.33

Kratos Defense & Security Solutions, Inc.

KTOS US

19.75

19.75