Telos Corporation (TLS) · 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	276	226	190	226	207	128	121	135	108	138	159	180	242	217	145
+ Sales & Services Revenue	276	226	190	226	207	128	121	135	108	138	159	180	242	217	145
- Cost of Revenue	230	178	142	171	169	103	90	91	67	85	107	117	156	138	92
+ Cost of Goods & Services	230	178	142	171	169	103	90	91	67	85	107	117	156	138	92
Gross Profit	46	47	48	55	39	25	31	43	41	53	52	62	86	79	53
+ Other Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Operating Expenses	32	32	35	37	32	37	34	41	40	44	47	62	127	133	93
+ Selling, General & Admin	32	32	35	37	32	37	34	41	40	35	37	48	108	116	81
+ Research & Development	- -	- -	- -	- -	- -	- -	- -	- -	- -	9	11	14	19	17	12
+ Other Operating Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Income (Loss)	14	15	13	18	6	-12	-4	2	- -	9	5	- -	-41	-54	-40
- Non-Operating (Income) Loss	7	6	6	1	5	5	6	5	7	7	7	-6	2	- -	-6
+ Interest Expense, Net	7	6	6	7	5	5	6	5	7	7	7	7	1	1	1
+ Interest Expense	7	6	6	7	5	5	6	5	7	7	7	7	1	1	1
- Interest Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Non-Op (Income) Loss	- -	- -	- -	-6	- -	- -	- -	- -	- -	- -	- -	-14	1	-1	-7
Pretax Income	7	9	7	17	1	-17	-9	-3	-6	2	-2	7	-43	-53	-34
- Income Tax Expense (Benefit)	4	5	3	7	2	-6	4	- -	-3	- -	- -	- -	- -	- -	- -
- (Income) Loss from Affiliates	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Income (Loss) from Cont Ops	2	4	4	9	-1	-11	-14	-4	-3	2	-2	7	-43	-53	-34
- Net Extraordinary Losses (Gains)	2	2	4	4	4	3	5	7	5	7	9	10	- -	- -	- -
+ Discontinued Operations	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Extraord. & Accounting Changes	2	2	4	4	4	3	5	7	5	7	9	10	- -	- -	- -
Income (Loss) Incl. MI	- -	2	-1	5	-4	-14	-18	-11	-8	-5	-11	-3	-43	-53	-34
- Minority Interest	-1	-1	-2	-2	-2	-2	-2	-4	-2	-3	-4	-5	- -	- -	- -
Net Income, GAAP	1	3	1	7	-3	-12	-16	-7	-6	-2	-6	2	-43	-53	-34
- Preferred Dividends	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Other Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Income Avail to Common, GAAP	1	3	1	7	-3	-12	-16	-7	-6	-2	-6	2	-43	-53	-34
Basic Weighted Avg Shares	38	38	40	40	44	44	44	44	55	49	49	42	66	68	69
Basic EPS, GAAP	0.03	0.08	0.04	0.19	-0.06	-0.28	-0.36	-0.16	-0.11	-0.03	-0.13	0.04	-0.65	-0.79	-0.5
Basic EPS from Cont Ops	0.06	0.11	0.09	0.24	-0.02	-0.24	-0.3	-0.08	-0.06	0.04	-0.04	0.16	-0.65	-0.79	-0.5
Diluted Weighted Avg Shares	38	38	40	40	44	44	44	44	57	49	49	43	66	68	69
Diluted EPS, GAAP	0.03	0.08	0.04	0.19	-0.06	-0.28	-0.36	-0.16	-0.1	-0.03	-0.13	0.04	-0.65	-0.79	-0.5
Diluted EPS from Cont Ops	0.06	0.11	0.09	0.24	-0.02	-0.24	-0.3	-0.08	-0.06	0.04	-0.04	0.16	-0.65	-0.79	-0.5
EBITDA	15	17	15	22	10	-7	1	5	2	12	10	6	-36	-48	-31
EBITDA Margin (%)	5.51	7.37	8.12	9.51	4.79	-5.8	0.56	3.71	2.24	8.73	6.28	3.14	-14.78	-22.11	-21.25
EBITA	14	15	13	18	6	-12	-4	2	- -	9	5	- -	-41	-54	-40
EBIT	14	15	13	18	6	-12	-4	2	- -	9	5	- -	-41	-54	-40
Gross Margin (%)	16.53	20.95	25.04	24.24	18.61	19.56	25.43	32.21	37.66	38.45	32.88	34.69	35.49	36.44	36.42
Operating Margin (%)	4.97	6.65	6.68	7.83	2.95	-9.13	-3	1.57	0.38	6.53	3.16	0.17	-17.1	-24.83	-27.73
Profit Margin (%)	0.46	1.35	0.77	3.29	-1.26	-9.63	-13.21	-5.32	-5.41	-1.19	-4.02	0.94	-17.79	-24.63	-23.68
Sales per Employee	426,751	358,408	303,335	403,743	386,929	237,104	231,543	268,661	212,061	220,121	218,107	229,194	285,551	293,885	234,859
Dividend per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Depreciation Expense	1	2	3	4	4	4	4	3	2	3	5	5	6	6	9

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	96	67	58	52	52	33	26	25	42	41	40	144	192	168	140
+ Cash, Cash Equivalents & STI	- -	- -	- -	- -	- -	- -	- -	1	1	- -	7	106	127	119	99
+ Cash & Cash Equivalents	- -	- -	- -	- -	- -	- -	- -	1	1	- -	7	106	127	119	99
+ ST Investments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Accounts & Notes Receiv	53	54	37	34	46	23	19	19	25	35	28	31	60	40	30
+ Accounts Receivable, Net	53	54	26	21	29	15	15	13	12	19	12	12	19	14	18
+ Notes Receivable, Net	- -	- -	- -	- -	- -	- -	- -	13	12	19	- -	- -	- -	- -	- -
+ Loans Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Receivable, Net	- -	- -	11	12	16	7	4	-7	1	-3	16	19	41	26	12
+ Inventories	33	7	15	10	5	3	3	4	14	4	2	3	1	3	1
+ Raw Materials	- -	- -	- -	- -	- -	- -	- -	5	15	- -	- -	- -	- -	- -	- -
+ Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inventory Adjustments	- -	- -	- -	- -	- -	-1	-1	-2	-1	-1	-1	-1	-1	-1	-1
+ Other Inventory	33	7	15	11	5	5	4	- -	- -	5	3	4	2	4	2
+ Other ST Assets	11	6	6	8	2	8	4	2	4	2	4	4	4	6	9
+ Prepaid Expenses	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Assets Held-for-Sale	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc ST Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Noncurrent Assets	9	8	32	27	36	40	34	32	32	33	37	40	54	69	69
+ Property, Plant & Equip, Net	7	6	5	4	15	19	17	16	16	17	22	16	16	13	10
+ Property, Plant & Equip	25	26	26	27	39	45	41	40	42	46	54	48	28	27	26
- Accumulated Depreciation	19	20	21	23	24	26	23	24	26	29	32	32	12	14	16
+ LT Investments & Receivables	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Investments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Receivables	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other LT Assets	2	2	27	23	22	21	17	16	16	16	16	23	38	56	58
+ Total Intangible Assets	- -	- -	25	23	21	18	16	15	15	15	15	22	37	55	58
+ Goodwill	- -	- -	15	15	15	15	15	15	15	15	15	15	18	18	18
+ Other Intangible Assets	- -	- -	10	8	6	3	1	- -	- -	- -	- -	7	19	37	40
+ LT Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Assets	2	2	2	- -	1	3	1	1	1	1	1	1	1	1	1
Total Assets	105	75	90	79	89	74	60	57	74	74	78	184	246	237	209
+ Payables & Accruals	68	36	22	23	23	18	13	15	26	22	15	21	35	27	16
+ Accounts Payable	62	29	16	16	- -	- -	- -	12	- -	18	14	15	8	13	8
+ Accrued Taxes	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Interest & Dividends Payable	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Payables & Accruals	6	7	6	7	23	18	13	3	26	3	2	6	27	14	7
+ ST Debt	1	1	5	2	1	3	2	4	1	1	2	2	2	3	2
+ ST Borrowings	- -	- -	4	- -	1	2	1	3	- -	- -	- -	- -	- -	1	- -
+ ST Finance Leases	1	1	1	1	1	1	1	1	1	1	2	2	2	2	2
+ Other ST Liabilities	14	9	16	12	11	9	10	14	20	16	20	16	14	15	22
+ Deferred Revenue	9	4	4	6	3	3	3	5	10	5	6	6	6	6	7
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	25	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc ST Liabilities	5	4	12	6	-17	6	6	9	9	11	14	10	8	9	15
Total Current Liabilities	82	46	43	37	35	30	25	34	46	39	37	39	51	46	39
+ LT Debt	20	20	35	22	34	29	30	19	31	30	36	15	13	18	10
+ LT Borrowings	13	14	30	19	19	9	10	- -	13	14	19	- -	- -	7	- -
+ LT Finance Leases	7	6	5	4	15	21	20	19	18	17	17	15	13	11	10
+ Other LT Liabilities	111	115	117	117	119	123	130	134	133	137	141	3	2	1	1
+ Accrued Liabilities	- -	- -	- -	- -	169	- -	3	3	1	1	1	1	1	1	1
+ Pension Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Liabilities	111	115	117	117	-50	123	127	131	132	136	140	2	1	- -	- -
Total Noncurrent Liabilities	132	135	151	139	153	152	160	153	164	167	177	18	15	20	10
Total Liabilities	214	181	194	176	188	182	184	187	210	207	214	57	66	65	50
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Share Capital & APIC	- -	- -	- -	- -	- -	3	3	3	4	4	4	271	367	413	434
+ Common Stock	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Additional Paid in Capital	- -	- -	- -	- -	- -	3	3	3	4	4	4	271	367	413	434
- Treasury Stock	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Retained Earnings	-109	-106	-105	-98	-100	-112	-128	-136	-141	-139	-146	-144	-187	-240	-275
+ Other Equity	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Equity Before Minority Interest	-109	-106	-105	-97	-100	-109	-125	-132	-137	-135	-141	127	180	172	159
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	1	1	2	1	3	5	- -	- -	- -	- -
Total Equity	-109	-106	-104	-97	-99	-108	-124	-130	-136	-132	-137	127	180	172	159
Total Liabilities & Equity	105	75	90	79	89	74	60	57	74	74	78	184	246	237	209
Shares Outstanding	38	38	40	40	44	44	44	44	49	49	49	65	67	67	70
Capital Leases - Total	8	7	6	5	16	22	21	20	19	18	19	17	15	13	11
Net Debt	13	14	33	19	20	11	11	2	12	14	13	-106	-127	-111	-99
Net Debt to Equity	-12.21	-13.28	-31.81	-19.32	-19.85	-10.01	-8.83	-1.82	-9.17	-10.23	-9.16	-83.43	-70.21	-64.31	-62.43
Tangible Common Equity Ratio	-103.81	-141.43	-200.5	-212.3	-176.29	-228.37	-319.74	-345.94	-253.68	-246.79	-241.39	64.88	68.5	64.27	67.12
Current Ratio	1.17	1.46	1.36	1.41	1.49	1.11	1.04	0.74	0.91	1.05	1.08	3.7	3.76	3.69	3.57
Cash Conversion Cycle	48.77	19.12	50.73	29.75	42.93	78.93	59.25	27.47	59.94	34.39	-9.97	-10.88	1.75	5.8	6.4
Number of Employees	646	630	626	560	536	538	521	502	508	627	730	785	849	738	619

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	2	4	4	9	-1	-11	-14	-4	-3	2	-2	7	-43	-53	-34
+ Depreciation & Amortization	1	2	3	4	4	4	4	3	2	3	5	5	6	6	9
+ Non-Cash Items	8	6	4	1	4	1	9	4	1	4	5	-9	60	65	23
+ Stock-Based Compensation	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	60	65	24
+ Deferred Income Taxes	3	2	-1	2	- -	-4	5	- -	-3	- -	- -	- -	- -	- -	- -
+ Asset Impairment Charge	- -	- -	- -	- -	- -	1	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Non-Cash Adj	4	4	4	-1	4	4	4	4	4	4	5	-9	- -	- -	-1
+ Chg in Non-Cash Work Cap	-7	-9	5	2	-2	11	3	10	- -	-3	4	-5	-16	-1	3
+ (Inc) Dec in Accts Receiv	-13	-1	17	3	-12	23	3	- -	-5	-10	6	-3	-29	20	9
+ (Inc) Dec in Inventories	-26	25	-7	4	5	- -	- -	-1	-10	9	2	-1	2	-2	1
+ (Inc) Dec in Prepaid Assets	- -	4	- -	-3	- -	- -	- -	- -	- -	- -	-4	-1	-1	-1	-3
+ Inc (Dec) in Accts Payable	32	-31	-4	-3	1	-8	-3	7	10	-2	-4	- -	14	-13	-2
+ Inc (Dec) in Other	-1	-5	- -	- -	3	-4	2	4	5	1	3	- -	-2	-5	-2
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Operating Activities	5	3	15	16	5	6	3	14	-1	6	12	-2	7	17	2
+ Change in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp of Fixed Prod Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Fixed & Intang	-1	-1	-1	-1	-1	-1	- -	-1	-2	-4	-7	-7	-13	-1	-1
+ Acq of Fixed Prod Assets	-1	-1	-1	-1	-1	-1	- -	-1	-1	-2	-4	-1	-3	-1	-1
+ Acq of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	-1	-2	-2	-7	-10	- -	- -
+ Net Change in LT Investment	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Dec in LT Investment	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inc in LT Investment	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Net Cash From Acq & Div	- -	- -	-8	- -	- -	- -	- -	- -	- -	- -	- -	- -	-6	- -	- -
+ Cash from Divestitures	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash for Acq of Subs	- -	- -	-8	- -	- -	- -	- -	- -	- -	- -	- -	- -	-6	- -	- -
+ Cash for JVs	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Investing Activities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-13	-15
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Investing Activities	-1	-1	-9	-1	-1	-1	- -	-1	-2	-4	-7	-7	-19	-14	-15
+ Dividends Paid	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Net Cash From Debt	-2	-2	-2	-9	-1	-9	-2	-11	9	-1	4	-22	-1	-1	-2
+ Cash From Debt	269	252	257	262	245	164	142	70	9	- -	5	- -	- -	- -	- -
+ Repayments of Debt	-271	-253	-259	-271	-245	-173	-143	-81	-1	-1	-1	-22	-1	-1	-2
+ Cash (Repurchase) of Equity	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	273	63	-11	- -
+ Increase in Capital Stock	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	273	64	- -	- -
+ Decrease in Capital Stock	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-1	-11	- -
+ Other Financing Activities	-1	-1	-4	-6	-4	3	- -	-2	-6	-2	-2	-142	-29	3	-4
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Financing Activities	-4	-2	-6	-15	-4	-6	-2	-13	3	-3	1	109	32	-10	-6
Effect of Foreign Exchange Rates	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Changes in Cash	- -	- -	- -	- -	- -	- -	- -	1	- -	-1	7	99	21	-7	-20
Capital Expenditures	-1	-1	-1	-1	-1	-1	- -	-1	-2	-4	-7	-7	-13	-1	-1
EBITDA	15	17	15	22	10	-7	1	5	2	12	10	6	-36	-48	-31
EBITDA Margin (%)	5.51	7.37	8.12	9.51	4.79	-5.8	0.56	3.71	2.24	8.73	6.28	3.14	-14.78	-22.11	-21.25
Net Cash Paid for Acquisitions	- -	- -	8	- -	- -	- -	- -	- -	- -	- -	- -	- -	6	- -	- -
Free Cash Flow	4	2	14	15	4	6	2	13	-3	2	5	-10	-6	15	1
Free Cash Flow to Firm	6	5	18	19	-1	- -	- -	- -	- -	9	- -	- -	- -	- -	- -
Free Cash Flow to Equity	1	1	12	6	4	-3	- -	3	7	3	11	-25	3	14	-1
Free Cash Flow per Basic Share	0.1	0.06	0.36	0.39	0.1	0.12	0.05	0.3	-0.05	0.04	0.11	-0.23	-0.09	0.23	0.01
Price/Free Cash Flow	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	255.49	50.71	19.25	105.28
Cash Flow to Net Income	3.74	1.02	10.25	2.16	-1.84	-0.5	-0.17	-1.93	0.1	-3.82	-1.85	-1.25	-0.17	-0.31	-0.05

Telos Corporation

TLS US

3.96

3.96