$TLS
TELOS CORP

2020 Q2 Form 10-Q Financial Statement

#000032012120000025 Filed on August 13, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2019 Q2
Revenue $48.61M $36.05M
YoY Change 34.85% 3.16%
Cost Of Revenue $31.04M $26.03M
YoY Change 19.22% 13.86%
Gross Profit $17.57M $10.02M
YoY Change 75.47% -17.08%
Gross Profit Margin 36.15% 27.78%
Selling, General & Admin $12.51M $10.44M
YoY Change 19.83% 5.19%
% of Gross Profit 71.17% 104.21%
Research & Development $3.815M
YoY Change
% of Gross Profit 21.71%
Depreciation & Amortization $1.340M $1.410M
YoY Change -4.96% 98.59%
% of Gross Profit 7.63% 14.08%
Operating Expenses $16.32M $10.44M
YoY Change 56.39% 5.19%
Operating Profit $5.066M -$422.0K
YoY Change -1300.47% -119.57%
Interest Expense $1.996M $1.740M
YoY Change 14.71% 1.81%
% of Operating Profit 39.4%
Other Income/Expense, Net $4.000K $190.0K
YoY Change -97.89%
Pretax Income $3.074M -$1.974M
YoY Change -255.72% -538.67%
Income Tax $2.000K $20.00K
% Of Pretax Income 0.07%
Net Earnings $266.0K -$1.741M
YoY Change -115.28% 1901.15%
Net Earnings / Revenue 0.55% -4.83%
Basic Earnings Per Share $0.01 -$0.05
Diluted Earnings Per Share $0.01 -$0.05
COMMON SHARES
Basic Shares Outstanding 38.58M shares 37.64K
Diluted Shares Outstanding 39.93M shares 37.64K

Balance Sheet

Concept 2020 Q2 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.400M $800.0K
YoY Change 200.0% -11.11%
Cash & Equivalents $2.405M $776.0K
Short-Term Investments
Other Short-Term Assets $2.586M $2.128M
YoY Change 21.52% -31.35%
Inventory $3.336M $4.867M
Prepaid Expenses
Receivables $38.40M $27.60M
Other Receivables $0.00 $0.00
Total Short-Term Assets $46.95M $35.88M
YoY Change 30.85% 38.0%
LONG-TERM ASSETS
Property, Plant & Equipment $20.68M $19.07M
YoY Change 8.44% 13.54%
Goodwill $14.92M $14.92M
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.066M $962.0K
YoY Change 10.81% -3.8%
Total Long-Term Assets $38.44M $36.68M
YoY Change 4.81% 12.17%
TOTAL ASSETS
Total Short-Term Assets $46.95M $35.88M
Total Long-Term Assets $38.44M $36.68M
Total Assets $85.39M $72.56M
YoY Change 17.69% 23.61%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $14.80M $22.10M
YoY Change -33.03% 62.5%
Accrued Expenses $4.800M $2.200M
YoY Change 118.18% -66.67%
Deferred Revenue $6.682M $4.363M
YoY Change 53.15%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $18.00M $1.200M
YoY Change 1400.0% 9.09%
Total Short-Term Liabilities $59.71M $40.41M
YoY Change 47.77% 49.1%
LONG-TERM LIABILITIES
Long-Term Debt $159.2M $167.4M
YoY Change -4.9% 1.95%
Other Long-Term Liabilities $562.0K $689.0K
YoY Change -18.43% -23.44%
Total Long-Term Liabilities $562.0K $689.0K
YoY Change -18.43% -99.58%
TOTAL LIABILITIES
Total Short-Term Liabilities $59.71M $40.41M
Total Long-Term Liabilities $562.0K $689.0K
Total Liabilities $221.4M $210.6M
YoY Change 5.14% 8.66%
SHAREHOLDERS EQUITY
Retained Earnings -$147.5M -$144.3M
YoY Change 2.24%
Common Stock $4.388M $4.388M
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$143.1M -$139.9M
YoY Change
Total Liabilities & Shareholders Equity $85.39M $72.56M
YoY Change 17.69% 23.61%

Cashflow Statement

Concept 2020 Q2 2019 Q2
OPERATING ACTIVITIES
Net Income $266.0K -$1.741M
YoY Change -115.28% 1901.15%
Depreciation, Depletion And Amortization $1.340M $1.410M
YoY Change -4.96% 98.59%
Cash From Operating Activities -$900.0K $1.890M
YoY Change -147.62% -29.48%
INVESTING ACTIVITIES
Capital Expenditures -$1.770M -$790.0K
YoY Change 124.05% 12.86%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$1.770M -$790.0K
YoY Change 124.05% 12.86%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.300M -550.0K
YoY Change 136.36% -52.59%
NET CHANGE
Cash From Operating Activities -900.0K 1.890M
Cash From Investing Activities -1.770M -790.0K
Cash From Financing Activities -1.300M -550.0K
Net Change In Cash -3.970M 550.0K
YoY Change -821.82% -32.93%
FREE CASH FLOW
Cash From Operating Activities -$900.0K $1.890M
Capital Expenditures -$1.770M -$790.0K
Free Cash Flow $870.0K $2.680M
YoY Change -67.54% -20.71%

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0
CY2020Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
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us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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2000
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us-gaap Other Noncash Income Expense
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CY2019Q4 us-gaap Other Assets Noncurrent
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us-gaap Other Comprehensive Income Foreign Currency Translation Gain Loss Arising During Period Tax
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CY2020Q2 us-gaap Other Comprehensive Income Foreign Currency Translation Gain Loss Arising During Period Tax
OtherComprehensiveIncomeForeignCurrencyTranslationGainLossArisingDuringPeriodTax
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OtherLiabilitiesCurrent
2505000
CY2020Q2 us-gaap Other Liabilities Current
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3146000
CY2019Q4 us-gaap Other Liabilities Noncurrent
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us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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245000
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27942000
dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
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OtherLiabilitiesNoncurrent
562000
CY2019Q2 us-gaap Other Nonoperating Income
OtherNonoperatingIncome
188000
CY2020Q2 us-gaap Other Nonoperating Income
OtherNonoperatingIncome
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us-gaap Other Nonoperating Income
OtherNonoperatingIncome
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us-gaap Other Nonoperating Income
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OtherPrepaidExpenseCurrent
250000
CY2019Q4 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
673000
us-gaap Payments Of Debt Restructuring Costs
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100000
us-gaap Payments Of Debt Restructuring Costs
PaymentsOfDebtRestructuringCosts
0
us-gaap Payments To Acquire Property Plant And Equipment
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332000
us-gaap Payments To Acquire Property Plant And Equipment
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2410000
us-gaap Payments To Develop Software
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us-gaap Payments To Minority Shareholders
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us-gaap Payments To Minority Shareholders
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us-gaap Profit Loss
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us-gaap Profit Loss
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19567000
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PropertyPlantAndEquipmentNet
20683000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
300000
us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
541000
us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
594000
CY2019Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-145530000
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RetainedEarningsAccumulatedDeficit
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CY2020Q2 us-gaap Revenue Remaining Performance Obligation Percentage
RevenueRemainingPerformanceObligationPercentage
0.876
CY2020Q2 us-gaap Revenue Remaining Performance Obligation Percentage
RevenueRemainingPerformanceObligationPercentage
0.114
CY2020Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
48610000
CY2019Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
36048000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
67214000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
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CY2020Q2 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
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CY2019Q4 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
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CY2020Q2 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
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P1Y
CY2020Q2 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
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P6M
CY2020Q2 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
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CY2019Q2 us-gaap Selling General And Administrative Expense
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10437000
CY2020Q2 us-gaap Selling General And Administrative Expense
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us-gaap Selling General And Administrative Expense
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24346000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
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CY2020Q2 us-gaap Senior Notes Current
SeniorNotesCurrent
16688000
CY2019Q4 us-gaap Senior Notes Current
SeniorNotesCurrent
0
CY2019Q4 us-gaap Senior Long Term Notes
SeniorLongTermNotes
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CY2020Q2 us-gaap Senior Long Term Notes
SeniorLongTermNotes
0
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Granted
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGranted
100000
CY2019Q2 us-gaap Short Term Lease Cost
ShortTermLeaseCost
42000
CY2020Q2 us-gaap Short Term Lease Cost
ShortTermLeaseCost
30000
us-gaap Short Term Lease Cost
ShortTermLeaseCost
84000
us-gaap Short Term Lease Cost
ShortTermLeaseCost
57000
CY2019Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
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CY2020Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2020Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2018Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2019Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
dei Entity Registrant Name
EntityRegistrantName
TELOS CORP
dei Amendment Flag
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false
dei Current Fiscal Year End Date
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CY2020Q2 tlsrp Working Capital
WorkingCapital
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CY2020Q2 tlsrp Receivables Sold Under Factoring Agreement
ReceivablesSoldUnderFactoringAgreement
0
CY2019Q2 tlsrp Receivables Sold Under Factoring Agreement
ReceivablesSoldUnderFactoringAgreement
4400000
dei Document Period End Date
DocumentPeriodEndDate
2020-06-30
dei Entity Address State Or Province
EntityAddressStateOrProvince
MD
CY2019Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
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CY2019Q4 us-gaap Stockholders Equity
StockholdersEquity
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CY2020Q2 us-gaap Stockholders Equity
StockholdersEquity
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CY2020Q2 us-gaap Subordinated Long Term Debt
SubordinatedLongTermDebt
3102000
CY2019Q4 us-gaap Subordinated Long Term Debt
SubordinatedLongTermDebt
2927000
CY2020Q2 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
229000
CY2019Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
304000
CY2020Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
508000
CY2019Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
673000
dei Entity Central Index Key
EntityCentralIndexKey
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dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2020
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Document Type
DocumentType
10-Q
dei Entity Interactive Data Current
EntityInteractiveDataCurrent
Yes
dei Entity Shell Company
EntityShellCompany
false
dei Entity Emerging Growth Company
EntityEmergingGrowthCompany
false
dei Entity Small Business
EntitySmallBusiness
false
CY2019Q4 tlsrp Working Capital
WorkingCapital
2900000
CY2019Q4 tlsrp Public Preferred Stock Classified As Liability
PublicPreferredStockClassifiedAsLiability
139210000
CY2020Q2 tlsrp Public Preferred Stock Classified As Liability
PublicPreferredStockClassifiedAsLiability
141121000
tlsrp Goodwill Amortization Period
GoodwillAmortizationPeriod
P15Y
tlsrp Percentage Of Initially Payment Received From Factoring One
PercentageOfInitiallyPaymentReceivedFromFactoringOne
0.9
CY2019Q2 tlsrp Loss Recognized In Sold Receivables
LossRecognizedInSoldReceivables
15000
tlsrp Loss Recognized In Sold Receivables
LossRecognizedInSoldReceivables
32000
CY2020Q2 tlsrp Amount Of Remaining Sold Receivables
AmountOfRemainingSoldReceivables
0
tlsrp Maximum Limit Of Receivables Sold
MaximumLimitOfReceivablesSold
10000000
tlsrp Dividends Preferred Stock As Interest Expense
DividendsPreferredStockAsInterestExpense
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tlsrp Dividends Preferred Stock As Interest Expense
DividendsPreferredStockAsInterestExpense
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CY2020Q2 tlsrp Lessee Operating Lease Liability Payments Due After Rolling Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterRollingYearFour
0
CY2019Q2 tlsrp Finance Lease Cost
FinanceLeaseCost
527000
CY2020Q2 tlsrp Finance Lease Cost
FinanceLeaseCost
513000
tlsrp Finance Lease Cost
FinanceLeaseCost
1057000
tlsrp Finance Lease Cost
FinanceLeaseCost
1029000

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0000320121-20-000025-index-headers.html Edgar Link pending
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0000320121-20-000025.txt Edgar Link pending
0000320121-20-000025-xbrl.zip Edgar Link pending
ex31_1.htm Edgar Link pending
ex31_2.htm Edgar Link pending
ex32.htm Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
Financial_Report.xlsx Edgar Link pending
form10q.htm Edgar Link pending
R1.htm Edgar Link pending
R10.htm Edgar Link pending
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report.css Edgar Link pending
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tlsrp-20200630.xml Edgar Link completed
tlsrp-20200630.xsd Edgar Link pending
tlsrp-20200630_cal.xml Edgar Link unprocessable
tlsrp-20200630_def.xml Edgar Link unprocessable
tlsrp-20200630_lab.xml Edgar Link unprocessable
tlsrp-20200630_pre.xml Edgar Link unprocessable