Kratos Defense & Security Solutions Q2 2024 10-Q Filed

TL;DR

KTOS Q2 10-Q is in. Check financials.

AI Summary

Kratos Defense & Security Solutions, Inc. filed its 10-Q for the period ending June 30, 2024. The company, formerly known as Wireless Facilities Inc., reported financial results for the second quarter. Specific financial figures and operational details are contained within the filing.

Why It Matters

This filing provides investors and analysts with the latest financial performance and operational updates for Kratos Defense & Security Solutions, Inc., crucial for understanding the company's current standing and future prospects.

Risk Assessment

Risk Level: medium — As a defense contractor, Kratos is subject to government contracts, regulatory changes, and geopolitical risks, which can significantly impact its financial performance.

Key Numbers

• 12/29 — Fiscal Year End (Indicates the end of the company's fiscal year.)
• 2024 Q2 — Reporting Quarter (Specifies the financial quarter being reported.)

Key Players & Entities

• KRATOS DEFENSE & SECURITY SOLUTIONS, INC. (company) — Filer
• WIRELESS FACILITIES INC (company) — Former Company Name
• 20240630 (date) — Period of Report
• 20240807 (date) — Filing Date

FAQ

Key Financial Figures

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

Filing Documents

• ktos-20240630.htm (10-Q) — 1213KB
• ktos20240630ex-101purchase.htm (EX-10.1) — 157KB
• ktos20240630ex-311.htm (EX-31.1) — 12KB
• ktos20240630ex-312.htm (EX-31.2) — 13KB
• ktos20240630ex-321.htm (EX-32.1) — 6KB
• ktos20240630ex-322.htm (EX-32.2) — 6KB
• 0001069258-24-000051.txt ( ) — 7486KB
• ktos-20240630.xsd (EX-101.SCH) — 42KB
• ktos-20240630_cal.xml (EX-101.CAL) — 96KB
• ktos-20240630_def.xml (EX-101.DEF) — 195KB
• ktos-20240630_lab.xml (EX-101.LAB) — 634KB
• ktos-20240630_pre.xml (EX-101.PRE) — 423KB
• ktos-20240630_htm.xml (XML) — 1154KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements 3 Condensed Consolidated Balance Sheets at June 30, 2024 (unaudited) and December 31, 2023 3 Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2024 and June 25, 2023 (unaudited) 4 Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three and Six Months Ended June 30, 2024 and June 25, 2023 (unaudited) 5 Condensed Consolidated Statements of Stockholders' Equity for the Three and Six Months Ended June 30, 2024 and June 25, 2023 (unaudited) 6 Condensed Consolidated Statements of Cash Flows for the Three and Six Months Ended June 30, 2024 and June 25, 2023 (unaudited) 8 Notes to Condensed Consolidated Financial Statements (unaudited) 9 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 24 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 32 Item 4.

Controls and Procedures

Controls and Procedures 33

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 34 Item 1A.

Risk Factors

Risk Factors 34 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 34 Item 3. Defaults Upon Senior Securities 34 Item 4. Mine Safety Disclosures 34 Item 5. Other Information 34 Item 6. Exhibits 36 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) June 30, 2024 (Unaudited) December 31, 2023 Assets Current assets: Cash and cash equivalents $ 308.2 $ 72.8 Accounts receivable, net 131.7 128.8 Unbilled receivables, net 206.7 200.4 Inventoried costs 154.8 156.2 Prepaid expenses 28.8 16.0 Other current assets 21.0 20.0 Total current assets 851.2 594.2 Property, plant and equipment, net 271.2 243.6 Operating lease right-of-use assets 41.8 45.7 Goodwill 568.9 569.1 Intangible assets, net 58.1 62.4 Other assets 123.0 117.5 Total assets $ 1,914.2 $ 1,632.5 Liabilities and Stockholders ' Equity Current liabilities: Accounts payable $ 58.8 $ 63.1 Accrued expenses 35.3 35.4 Accrued compensation 63.3 64.7 Accrued interest 1.1 1.7 Billings in excess of costs and earnings on uncompleted contracts 80.9 101.8 Current portion of operating lease liabilities 11.7 12.1 Other current liabilities 21.2 13.7 Total current liabilities 272.3 292.5 Long-term debt, net of current portion 179.5 219.3 Operating lease liabilities, net of current portion 34.1 37.8 Other long-term liabilities 99.0 84.4 Total liabilities 584.9 634.0 Commitments and contingencies (Note 14) Redeemable noncontrolling interest — 22.5 Stockholders ' equity: Preferred stock, $ 0.001 par value, 5,000,000 shares authorized, 0 shares outstanding at June 30, 2024 and December 31, 2023 — — Common stock, $ 0.001 par value, 195,000,000 shares authorized; 150,729,318 and 129,286,964 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively 0.2 — Additional paid-in capital 1,998.6 1,654.5 Accumulated other comprehensive income 1.5 1.7 Accumulated deficit ( 671.0 ) ( 680.2 ) Total stockholders ' equity 1,329.3 976.0 Total liabilities and stockholders ' equity $ 1,914.2 $ 1,632.5 The accompanying notes are an integral part of these

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