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KEYW HOLDING CORP

No Longer Reporting

The company has not filed an annual or quarterly report since its Q1 FY2019 10-Q, filed May 7, 2019. Its latest SEC filing is a SC 13G/A from Feb 14, 2020.

The sections below describe the company as of the FY2018 annual report.

What Did They Do?

Provides cyber operations, intelligence analysis and sensor systems for government intelligence and defense agencies, law-enforcement organizations, and foreign governments.

How Did They Make Money?

The U.S. government pays KeyW under multiyear contracts for services and products; prices are based on reimbursable costs, labor and materials, or fixed amounts, and KeyW earns money as it performs the contracted work.

FY2018 revenue

Who Were Their Customers?

U.S. government intelligence and defense agencies and law-enforcement organizations buy its services and products; KeyW works as both a prime contractor and a subcontractor. It also serves commercial and international customers.

Did Revenues Turn Into Profits?

Not on paper. It lost $22.3M in FY2018, but brought in more cash than it spent: $8.1M of free cash flow.

Operating income, FY2018
2% of revenue
▲ Now profitable vs FY2017 (−$7.7M, −2%)
Net income, FY2018
−4% of revenue
▲ +66% (Loss) vs FY2017 (−$13.4M, −3%)
Free cash flow, FY2018
2% of revenue
▲ +9911% vs FY2017 ($81K, 0%)

How Were They Changing?

Since the FY2018 annual report
Latest quarter: Q1 FY2019, the three months to Mar 31, 2019
Revenue
▼ −10%
vs $125.7M in Q1 FY2018
Net income
▲ +19% (Loss)
vs −$3.4M in Q1 FY2018
  • Jun 12, 2019 Jacobs completed its acquisition of KeyW KeyW became a wholly owned subsidiary of Jacobs.
  • Apr 22, 2019 KeyW agreed to be acquired by Jacobs Jacobs agreed to pay $11.25 per share in cash through a tender offer and merger.

Grew. Revenue grew 70% in 3 years, from $297.9M in FY2015 to $506.8M in FY2018, about 19% a year.

Commercial cybersecurity exit The older report describes Hexis selling cybersecurity products to commercial companies, government agencies and intelligence customers; the later filing says KeyW disposed of the Commercial Cyber Solutions segment.

Who Did They Compete With?

Competes with Lockheed Martin, Boeing, Northrop Grumman, Leidos, Booz Allen Hamilton, and CACI International

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