Kratos Defense & Security Solutions Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Kratos Defense & Security Solutions filed its Q1 2024 10-Q report, detailing its financial status and operational information.</b>

AI Summary

KRATOS DEFENSE & SECURITY SOLUTIONS, INC. (KTOS) filed a Quarterly Report (10-Q) with the SEC on May 7, 2024. Kratos Defense & Security Solutions, Inc. filed a 10-Q report for the period ending March 31, 2024. The filing covers the fiscal quarter of 2024. The company's principal business address is 10680 Treen Street, Suite 600, San Diego, CA 92131. Kratos Defense & Security Solutions, Inc. was formerly known as WIRELESS FACILITIES INC, with a name change date of August 17, 1999. The Standard Industrial Classification code for the company is 3760 (Guided Missiles & Space Vehicles & Parts).

Why It Matters

For investors and stakeholders tracking KRATOS DEFENSE & SECURITY SOLUTIONS, INC., this filing contains several important signals. This 10-Q filing provides investors and analysts with the latest quarterly financial performance and operational updates for Kratos Defense & Security Solutions. Understanding the details within this report is crucial for assessing the company's current financial health, strategic direction, and potential future performance in the defense and security sector.

Risk Assessment

Risk Level: low — KRATOS DEFENSE & SECURITY SOLUTIONS, INC. shows low risk based on this filing. The filing is a standard 10-Q, which is a routine quarterly report and does not inherently contain significant new risks beyond those typically associated with publicly traded companies in the defense sector.

Analyst Insight

Review the detailed financial statements and management discussion within the 10-Q to understand Kratos Defense & Security Solutions' performance and outlook.

Key Numbers

• 2024-03-31 — Reporting Period End Date (10-Q filing)
• 2024-05-07 — Filing Date (10-Q filing)

Key Players & Entities

• KRATOS DEFENSE & SECURITY SOLUTIONS, INC. (company) — Filer name
• WIRELESS FACILITIES INC (company) — Former company name
• 19990817 (date) — Date of name change
• 3760 (industry_code) — Standard Industrial Classification code
• 20240331 (date) — Conformed period of report
• 20240507 (date) — Filed as of date

FAQ

Industry Context

Kratos Defense & Security Solutions operates in the Guided Missiles & Space Vehicles & Parts industry, a sector critical to national defense and aerospace.

Regulatory Implications

The company is subject to SEC regulations for public companies, including the requirement to file quarterly reports (10-Q) detailing financial performance and business operations.

What Investors Should Do

1. Analyze the financial statements within the 10-Q for revenue, expenses, and profitability trends.
2. Review any management discussion and analysis (MD&A) for insights into the company's performance drivers and outlook.
3. Compare the current quarter's results to previous periods and industry benchmarks.

Key Dates

• 2024-03-31: Quarterly Period End — The end date for the financial reporting period covered by the 10-Q.
• 2024-05-07: Filing Date — The date the 10-Q report was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial 10-Q filing for the fiscal quarter ending March 31, 2024, providing the latest available financial and operational data.

Key Financial Figures

• $0.001 — ange on which registered Common Stock, $0.001 par value KTOS The NASDAQ Global Select

Filing Documents

• ktos-20240331.htm (10-Q) — 919KB
• ktos20240331ex-311.htm (EX-31.1) — 12KB
• ktos20240331ex-312.htm (EX-31.2) — 13KB
• ktos20240331ex-321.htm (EX-32.1) — 6KB
• ktos20240331ex-322.htm (EX-32.2) — 6KB
• 0001069258-24-000036.txt (&nbsp;) — 6413KB
• ktos-20240331.xsd (EX-101.SCH) — 42KB
• ktos-20240331_cal.xml (EX-101.CAL) — 93KB
• ktos-20240331_def.xml (EX-101.DEF) — 196KB
• ktos-20240331_lab.xml (EX-101.LAB) — 611KB
• ktos-20240331_pre.xml (EX-101.PRE) — 412KB
• ktos-20240331_htm.xml (XML) — 914KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements 3 Condensed Consolidated Balance Sheets at March 3 1, 202 4 (unaudited) and December 31 , 202 3 3 Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2024 and March 26, 2023 (unaudited) 4 Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three Months Ended March 31, 2024 and March 26, 2023 (unaudited) 5 Condensed Consolidated Statements of Stockholders' Equity for the Three Months Ended March 31, 2024 and March 26, 2023 (unaudited) 6 Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and March 26, 2023 ( unaudited) 7 Notes to Condensed Consolidated Financial Statements (unaudited) 8 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 23 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 30 Item 4.

Controls and Procedures

Controls and Procedures 30

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 31 Item 1A.

Risk Factors

Risk Factors 31 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 31 Item 3. Defaults Upon Senior Securities 31 Item 4. Mine Safety Disclosures 31 Item 5. Other Information 31 Item 6. Exhibits 32 2

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements. KRATOS DEFENSE & SECURITY SOLUTIONS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in millions, except par value and number of shares) March 31, 2024 (Unaudited) December 31, 2023 Assets Current assets: Cash and cash equivalents $ 338.9 $ 72.8 Accounts receivable, net 116.9 128.8 Unbilled receivables, net 208.9 200.4 Inventoried costs 159.8 156.2 Prepaid expenses 26.8 16.0 Other current assets 20.4 20.0 Total current assets 871.7 594.2 Property, plant and equipment, net 251.3 243.6 Operating lease right-of-use assets 42.9 45.7 Goodwill 568.9 569.1 Intangible assets, net 60.2 62.4 Other assets 119.6 117.5 Total assets $ 1,914.6 $ 1,632.5 Liabilities and Stockholders ' Equity Current liabilities: Accounts payable $ 61.9 $ 63.1 Accrued expenses 36.0 35.4 Accrued compensation 61.1 64.7 Accrued interest 1.4 1.7 Billings in excess of costs and earnings on uncompleted contracts 97.5 101.8 Current portion of operating lease liabilities 11.6 12.1 Other current liabilities 18.7 13.7 Total current liabilities 288.2 292.5 Long-term debt, net of current portion 179.4 219.3 Operating lease liabilities, net of current portion 35.3 37.8 Other long-term liabilities 83.1 84.4 Total liabilities 586.0 634.0 Commitments and contingencies (Note 14) Redeemable noncontrolling interest 22.5 22.5 Stockholders ' equity: Preferred stock, $ 0.001 par value, 5,000,000 shares authorized, 0 shares outstanding at March 31, 2024 and December 31, 2023 — — Common stock, $ 0.001 par value, 195,000,000 shares authorized; 150,020,266 and 129,286,964 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively 0.2 — Additional paid-in capital 1,982.7 1,654.5 Accumulated other comprehensive income 2.1 1.7 Accumulated deficit ( 678.9 ) ( 680.2 ) Total stockholders ' equity 1,306.1 976.0 Total liabilities and stockholders ' equity $ 1,914.6 $ 1,632.5 The accompanying notes are an integral part of

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View this 10-Q filing on SEC EDGAR