$TLS
TELOS CORP

2019 Q3 Form 10-Q Financial Statement

#000032012119000026 Filed on November 14, 2019

View on sec.gov

Income Statement

Concept 2019 Q3 2018 Q4 2018 Q3
Revenue $45.53M $35.98M $34.70M
YoY Change 31.23% 1.98% 22.86%
Cost Of Revenue $29.22M $21.51M $18.41M
YoY Change 58.72% 8.58% -3.01%
Gross Profit $16.31M $14.47M $16.29M
YoY Change 0.16% -6.5% 75.89%
Gross Profit Margin 35.83% 40.21% 46.94%
Selling, General & Admin $10.64M $14.02M $9.851M
YoY Change 7.98% 12.43% 5.92%
% of Gross Profit 65.21% 96.92% 60.48%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.270M $880.0K $780.0K
YoY Change 62.82% 49.15% 47.17%
% of Gross Profit 7.79% 6.08% 4.79%
Operating Expenses $10.64M $14.02M $9.851M
YoY Change 7.98% 12.43% 5.92%
Operating Profit $5.676M $445.0K $6.436M
YoY Change -11.81% -85.17% -16190.0%
Interest Expense $1.970M -$2.160M $1.717M
YoY Change 14.74% 27.06% -199.83%
% of Operating Profit 34.71% -485.39% 26.68%
Other Income/Expense, Net $0.00 $0.00 $0.00
YoY Change
Pretax Income $3.708M -$1.711M $4.722M
YoY Change -21.47% -230.61% -368.3%
Income Tax -$10.00K $70.00K -$106.0K
% Of Pretax Income -0.27% -2.24%
Net Earnings $2.233M -$3.680M $4.113M
YoY Change -45.71% -199.46% -235.3%
Net Earnings / Revenue 4.9% -10.23% 11.85%
Basic Earnings Per Share $0.06
Diluted Earnings Per Share $0.06 -$88.46K $90.99K
COMMON SHARES
Basic Shares Outstanding 38.07K
Diluted Shares Outstanding 39.93K

Balance Sheet

Concept 2019 Q3 2018 Q4 2018 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.800M $100.0K $400.0K
YoY Change 350.0% -83.33% 33.33%
Cash & Equivalents $1.796M $72.00K $415.0K
Short-Term Investments
Other Short-Term Assets $2.151M $1.985M $2.600M
YoY Change -17.27% -43.29% 100.0%
Inventory $3.322M $4.389M $8.800M
Prepaid Expenses
Receivables $38.30M $34.54M $26.30M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $46.63M $41.23M $38.10M
YoY Change 22.4% -2.29% 8.86%
LONG-TERM ASSETS
Property, Plant & Equipment $19.57M $17.43M $17.00M
YoY Change 15.11% 6.91% 4.29%
Goodwill $14.92M $14.92M
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.005M $915.0K $1.000M
YoY Change 0.5% -8.5% 11.11%
Total Long-Term Assets $37.58M $33.26M $32.90M
YoY Change 14.22% 3.28% 2.49%
TOTAL ASSETS
Total Short-Term Assets $46.63M $41.23M $38.10M
Total Long-Term Assets $37.58M $33.26M $32.90M
Total Assets $84.21M $74.49M $71.00M
YoY Change 18.61% 0.12% 5.81%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $23.20M $21.80M $19.90M
YoY Change 16.58% -15.18% -11.95%
Accrued Expenses $2.400M $3.300M $6.700M
YoY Change -64.18% -56.0% 24.07%
Deferred Revenue $4.774M $5.232M
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $1.200M $1.100M $1.100M
YoY Change 9.09% 10.0% 10.0%
Total Short-Term Liabilities $42.71M $39.10M $34.10M
YoY Change 25.26% -15.36% -15.59%
LONG-TERM LIABILITIES
Long-Term Debt $173.2M $165.8M $165.0M
YoY Change 4.97% 1.97% 1.98%
Other Long-Term Liabilities $696.0K $838.0K $900.0K
YoY Change -22.67% -6.89% 0.0%
Total Long-Term Liabilities $696.0K $838.0K $165.9M
YoY Change -99.58% -99.49% 1.97%
TOTAL LIABILITIES
Total Short-Term Liabilities $42.71M $39.10M $34.10M
Total Long-Term Liabilities $696.0K $838.0K $165.9M
Total Liabilities $218.9M $206.6M $202.0M
YoY Change 8.38% -2.27% -2.74%
SHAREHOLDERS EQUITY
Retained Earnings -$142.1M -$139.1M
YoY Change
Common Stock $4.388M $4.388M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$137.6M -$134.7M -$131.0M
YoY Change
Total Liabilities & Shareholders Equity $84.21M $74.49M $71.00M
YoY Change 18.61% 0.12% 5.81%

Cashflow Statement

Concept 2019 Q3 2018 Q4 2018 Q3
OPERATING ACTIVITIES
Net Income $2.233M -$3.680M $4.113M
YoY Change -45.71% -199.46% -235.3%
Depreciation, Depletion And Amortization $1.270M $880.0K $780.0K
YoY Change 62.82% 49.15% 47.17%
Cash From Operating Activities -$1.550M $1.730M $1.040M
YoY Change -249.04% -25.75% -1.89%
INVESTING ACTIVITIES
Capital Expenditures -$1.610M -$1.280M -$1.000M
YoY Change 61.0% 91.04% 156.41%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$1.610M -$1.280M -$1.000M
YoY Change 61.0% 91.04% 156.41%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 4.180M -790.0K -490.0K
YoY Change -953.06% -39.69% 4.26%
NET CHANGE
Cash From Operating Activities -1.550M 1.730M 1.040M
Cash From Investing Activities -1.610M -1.280M -1.000M
Cash From Financing Activities 4.180M -790.0K -490.0K
Net Change In Cash 1.020M -340.0K -450.0K
YoY Change -326.67% -197.14% -325.0%
FREE CASH FLOW
Cash From Operating Activities -$1.550M $1.730M $1.040M
Capital Expenditures -$1.610M -$1.280M -$1.000M
Free Cash Flow $60.00K $3.010M $2.040M
YoY Change -97.06% 0.33% 40.69%

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us-gaap Net Income Loss
NetIncomeLoss
-2921000
CY2019Q3 us-gaap Net Income Loss
NetIncomeLoss
2233000
CY2018Q3 us-gaap Net Income Loss
NetIncomeLoss
4113000
us-gaap Net Income Loss
NetIncomeLoss
2040000
us-gaap Number Of Reporting Units
NumberOfReportingUnits
3
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1
CY2019Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0575
CY2019Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
2291000
CY2018Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
0
CY2019Q3 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
2089000
us-gaap Operating Lease Cost
OperatingLeaseCost
454000
CY2019Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
160000
us-gaap Operating Income Loss
OperatingIncomeLoss
3872000
CY2019Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
5676000
us-gaap Operating Income Loss
OperatingIncomeLoss
8570000
CY2018Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
6436000
CY2019Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y8M12D
CY2019Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
1709000
CY2018Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
0
CY2019Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-2000
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-9000
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
0
CY2018Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-2000
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-216000
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-83000
CY2019Q3 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
1005000
CY2018Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
915000
CY2018Q4 us-gaap Other Assets Current
OtherAssetsCurrent
1985000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
378000
CY2019Q3 us-gaap Other Assets Current
OtherAssetsCurrent
2151000
CY2018Q3 us-gaap Other Comprehensive Income Foreign Currency Translation Gain Loss Arising During Period Tax
OtherComprehensiveIncomeForeignCurrencyTranslationGainLossArisingDuringPeriodTax
2000
CY2018Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
838000
CY2019Q3 us-gaap Other Comprehensive Income Foreign Currency Translation Gain Loss Arising During Period Tax
OtherComprehensiveIncomeForeignCurrencyTranslationGainLossArisingDuringPeriodTax
2000
us-gaap Other Comprehensive Income Foreign Currency Translation Gain Loss Arising During Period Tax
OtherComprehensiveIncomeForeignCurrencyTranslationGainLossArisingDuringPeriodTax
9000
CY2018Q4 us-gaap Receivables Net Current
ReceivablesNetCurrent
34542000
CY2019Q3 us-gaap Receivables Net Current
ReceivablesNetCurrent
38319000
CY2019Q3 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
696000
CY2019Q3 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
3216000
CY2018Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
1895000
CY2018Q4 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
244000
CY2019Q3 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
1045000
us-gaap Other Nonoperating Income
OtherNonoperatingIncome
10000
CY2019Q3 us-gaap Other Nonoperating Income
OtherNonoperatingIncome
2000
CY2018Q3 us-gaap Other Nonoperating Income
OtherNonoperatingIncome
3000
us-gaap Other Nonoperating Income
OtherNonoperatingIncome
195000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1513000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
3141000
us-gaap Payments To Develop Software
PaymentsToDevelopSoftware
2171000
us-gaap Payments To Develop Software
PaymentsToDevelopSoftware
1319000
us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
1403000
us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
1138000
us-gaap Proceeds From Issuance Of Senior Long Term Debt
ProceedsFromIssuanceOfSeniorLongTermDebt
0
us-gaap Proceeds From Issuance Of Senior Long Term Debt
ProceedsFromIssuanceOfSeniorLongTermDebt
4881000
us-gaap Profit Loss
ProfitLoss
-1216000
us-gaap Profit Loss
ProfitLoss
3520000
CY2019Q3 us-gaap Profit Loss
ProfitLoss
3718000
CY2018Q3 us-gaap Profit Loss
ProfitLoss
4828000
us-gaap Property Plant And Equipment Useful Life
PropertyPlantAndEquipmentUsefulLife
P2Y
CY2018Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
17426000
CY2019Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
19568000
us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
750000
us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
826000
CY2018Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-139129000
CY2019Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-142050000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
112745000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
102039000
CY2018Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
34695000
CY2019Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
45531000
CY2019Q3 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
104000000
CY2019Q3 us-gaap Revenue Remaining Performance Obligation Percentage
RevenueRemainingPerformanceObligationPercentage
0.524
CY2019Q3 us-gaap Revenue Remaining Performance Obligation Percentage
RevenueRemainingPerformanceObligationPercentage
0.468
CY2019Q3 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
CY2019Q3 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P9M
CY2019Q3 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P1Y
CY2019Q3 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
297000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
31432000
CY2018Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
9851000
CY2019Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
10637000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
30027000
CY2019Q3 us-gaap Senior Long Term Notes
SeniorLongTermNotes
16149000
CY2018Q4 us-gaap Senior Long Term Notes
SeniorLongTermNotes
10984000
CY2019Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
-134722000
CY2018Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
-132103000
CY2019Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
-138019000
CY2018Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
-134376000
CY2017Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
-136037000
CY2018Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
-129783000
CY2019Q3 us-gaap Stockholders Equity
StockholdersEquity
-137645000
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
-134724000
CY2018Q4 us-gaap Subordinated Long Term Debt
SubordinatedLongTermDebt
2597000
CY2019Q3 us-gaap Subordinated Long Term Debt
SubordinatedLongTermDebt
2842000
tlsrp Dividends Preferred Stock As Interest Expense
DividendsPreferredStockAsInterestExpense
-2867000
tlsrp Dividends Preferred Stock As Interest Expense
DividendsPreferredStockAsInterestExpense
-2867000
tlsrp Maximum Limit Of Receivables Sold
MaximumLimitOfReceivablesSold
10000000
CY2018Q4 tlsrp Amount Of Remaining Sold Receivables
AmountOfRemainingSoldReceivables
900000
CY2018Q3 tlsrp Amount Of Remaining Sold Receivables
AmountOfRemainingSoldReceivables
2900000
CY2019Q3 tlsrp Amount Of Remaining Sold Receivables
AmountOfRemainingSoldReceivables
2500000
CY2018Q4 tlsrp Deferred Price Related To Sold Receivables
DeferredPriceRelatedToSoldReceivables
100000
CY2019Q3 tlsrp Deferred Price Related To Sold Receivables
DeferredPriceRelatedToSoldReceivables
400000
CY2018Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
278000
CY2019Q3 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
667000
CY2018Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
648000
tlsrp Finance Lease Cost
FinanceLeaseCost
1581000
CY2019Q3 tlsrp Finance Lease Cost
FinanceLeaseCost
524000
CY2018Q3 tlsrp Deferred Price Related To Sold Receivables
DeferredPriceRelatedToSoldReceivables
400000
tlsrp Loss Recognized In Sold Receivables
LossRecognizedInSoldReceivables
39000
tlsrp Loss Recognized In Sold Receivables
LossRecognizedInSoldReceivables
45000
CY2019Q3 tlsrp Loss Recognized In Sold Receivables
LossRecognizedInSoldReceivables
12000
CY2018Q3 tlsrp Loss Recognized In Sold Receivables
LossRecognizedInSoldReceivables
21000
tlsrp Receivables Sold Under Factoring Agreement
ReceivablesSoldUnderFactoringAgreement
11100000
CY2018Q3 tlsrp Receivables Sold Under Factoring Agreement
ReceivablesSoldUnderFactoringAgreement
6000000
CY2019Q3 tlsrp Receivables Sold Under Factoring Agreement
ReceivablesSoldUnderFactoringAgreement
3200000
tlsrp Receivables Sold Under Factoring Agreement
ReceivablesSoldUnderFactoringAgreement
12600000
tlsrp Percentage Of Initially Payment Received From Factoring Two
PercentageOfInitiallyPaymentReceivedFromFactoringTwo
0.85
tlsrp Percentage Of Initially Payment Received From Factoring One
PercentageOfInitiallyPaymentReceivedFromFactoringOne
0.9
tlsrp Goodwill Amortization Period
GoodwillAmortizationPeriod
P15Y
CY2019Q3 tlsrp Public Preferred Stock Classified As Liability
PublicPreferredStockClassifiedAsLiability
138254000
CY2018Q4 tlsrp Public Preferred Stock Classified As Liability
PublicPreferredStockClassifiedAsLiability
135387000
CY2018Q4 tlsrp Working Capital
WorkingCapital
2100000
CY2019Q3 tlsrp Working Capital
WorkingCapital
3900000

Files In Submission

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0000320121-19-000026.txt Edgar Link pending
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tlsrp-20190930.xml Edgar Link completed
tlsrp-20190930.xsd Edgar Link pending
tlsrp-20190930_cal.xml Edgar Link unprocessable
tlsrp-20190930_def.xml Edgar Link unprocessable
tlsrp-20190930_lab.xml Edgar Link unprocessable
tlsrp-20190930_pre.xml Edgar Link unprocessable