$TLS
TELOS CORP

2020 Q3 Form 10-Q Financial Statement

#000032012120000046 Filed on November 13, 2020

View on sec.gov

Income Statement

Concept 2020 Q3 2019 Q3
Revenue $47.44M $45.53M
YoY Change 4.19% 31.23%
Cost Of Revenue $30.88M $29.22M
YoY Change 5.68% 58.72%
Gross Profit $16.56M $16.31M
YoY Change 1.53% 0.16%
Gross Profit Margin 34.91% 35.83%
Selling, General & Admin $12.05M $10.64M
YoY Change 13.27% 7.98%
% of Gross Profit 72.75% 65.21%
Research & Development $3.598M
YoY Change
% of Gross Profit 21.72%
Depreciation & Amortization $1.290M $1.270M
YoY Change 1.57% 62.82%
% of Gross Profit 7.79% 7.79%
Operating Expenses $15.65M $10.64M
YoY Change 47.1% 7.98%
Operating Profit $4.513M $5.676M
YoY Change -20.49% -11.81%
Interest Expense $2.013M $1.970M
YoY Change 2.18% 14.74%
% of Operating Profit 44.6% 34.71%
Other Income/Expense, Net $2.000K $0.00
YoY Change
Pretax Income $2.502M $3.708M
YoY Change -32.52% -21.47%
Income Tax $8.000K -$10.00K
% Of Pretax Income 0.32% -0.27%
Net Earnings -$200.0K $2.233M
YoY Change -108.96% -45.71%
Net Earnings / Revenue -0.42% 4.9%
Basic Earnings Per Share -$0.01 $0.06
Diluted Earnings Per Share -$0.01 $0.06
COMMON SHARES
Basic Shares Outstanding 39.00M shares 38.07K
Diluted Shares Outstanding 39.00M shares 39.93K

Balance Sheet

Concept 2020 Q3 2019 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $10.30M $1.800M
YoY Change 472.22% 350.0%
Cash & Equivalents $10.33M $1.796M
Short-Term Investments
Other Short-Term Assets $2.717M $2.151M
YoY Change 26.31% -17.27%
Inventory $3.898M $3.322M
Prepaid Expenses
Receivables $29.10M $38.30M
Other Receivables $0.00 $0.00
Total Short-Term Assets $46.07M $46.63M
YoY Change -1.21% 22.4%
LONG-TERM ASSETS
Property, Plant & Equipment $22.17M $19.57M
YoY Change 13.31% 15.11%
Goodwill $14.92M $14.92M
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.054M $1.005M
YoY Change 4.88% 0.5%
Total Long-Term Assets $39.77M $37.58M
YoY Change 5.82% 14.22%
TOTAL ASSETS
Total Short-Term Assets $46.07M $46.63M
Total Long-Term Assets $39.77M $37.58M
Total Assets $85.83M $84.21M
YoY Change 1.93% 18.61%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $11.40M $23.20M
YoY Change -50.86% 16.58%
Accrued Expenses $5.500M $2.400M
YoY Change 129.17% -64.18%
Deferred Revenue $6.353M $4.774M
YoY Change 33.07%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $18.20M $1.200M
YoY Change 1416.67% 9.09%
Total Short-Term Liabilities $57.40M $42.71M
YoY Change 34.39% 25.26%
LONG-TERM LIABILITIES
Long-Term Debt $159.9M $173.2M
YoY Change -7.68% 4.97%
Other Long-Term Liabilities $571.0K $696.0K
YoY Change -17.96% -22.67%
Total Long-Term Liabilities $571.0K $696.0K
YoY Change -17.96% -99.58%
TOTAL LIABILITIES
Total Short-Term Liabilities $57.40M $42.71M
Total Long-Term Liabilities $571.0K $696.0K
Total Liabilities $219.6M $218.9M
YoY Change 0.32% 8.38%
SHAREHOLDERS EQUITY
Retained Earnings -$147.7M -$142.1M
YoY Change 3.98%
Common Stock $4.392M $4.388M
YoY Change 0.09%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$143.3M -$137.6M
YoY Change
Total Liabilities & Shareholders Equity $85.83M $84.21M
YoY Change 1.93% 18.61%

Cashflow Statement

Concept 2020 Q3 2019 Q3
OPERATING ACTIVITIES
Net Income -$200.0K $2.233M
YoY Change -108.96% -45.71%
Depreciation, Depletion And Amortization $1.290M $1.270M
YoY Change 1.57% 62.82%
Cash From Operating Activities $11.12M -$1.550M
YoY Change -817.42% -249.04%
INVESTING ACTIVITIES
Capital Expenditures -$2.590M -$1.610M
YoY Change 60.87% 61.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$2.590M -$1.610M
YoY Change 60.87% 61.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -610.0K 4.180M
YoY Change -114.59% -953.06%
NET CHANGE
Cash From Operating Activities 11.12M -1.550M
Cash From Investing Activities -2.590M -1.610M
Cash From Financing Activities -610.0K 4.180M
Net Change In Cash 7.920M 1.020M
YoY Change 676.47% -326.67%
FREE CASH FLOW
Cash From Operating Activities $11.12M -$1.550M
Capital Expenditures -$2.590M -$1.610M
Free Cash Flow $13.71M $60.00K
YoY Change 22750.0% -97.06%

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1485000
us-gaap Number Of Reporting Units
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us-gaap Number Of Reportable Segments
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1
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us-gaap Operating Lease Payments
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552000
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0.0575
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us-gaap Operating Lease Cost
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P2Y9M18D
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0
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CY2020Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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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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1000
CY2020Q3 us-gaap Other Comprehensive Income Foreign Currency Translation Gain Loss Arising During Period Tax
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CY2019Q3 us-gaap Other Comprehensive Income Foreign Currency Translation Gain Loss Arising During Period Tax
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CY2020Q3 us-gaap Other Liabilities Current
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Yes
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tlsrp Finance Lease Cost
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tlsrp Finance Lease Cost
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OtherNonoperatingIncome
2000
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CY2019Q4 us-gaap Other Prepaid Expense Current
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673000
CY2020Q3 us-gaap Other Prepaid Expense Current
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12000
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0
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100000
us-gaap Payments To Acquire Property Plant And Equipment
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3141000
us-gaap Payments To Acquire Property Plant And Equipment
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624000
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2171000
us-gaap Payments To Develop Software
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5459000
us-gaap Payments To Minority Shareholders
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us-gaap Proceeds From Issuance Of Senior Long Term Debt
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0
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2494000
us-gaap Profit Loss
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us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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378000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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455000
CY2020Q3 us-gaap Receivables Net Current
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29116000
CY2019Q4 us-gaap Receivables Net Current
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27942000
us-gaap Repayments Of Long Term Capital Lease Obligations
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826000
us-gaap Repayments Of Long Term Capital Lease Obligations
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907000
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-145530000
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RetainedEarningsAccumulatedDeficit
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CY2020Q3 us-gaap Revenue Remaining Performance Obligation Percentage
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CY2020Q3 us-gaap Revenue Remaining Performance Obligation Percentage
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CY2020Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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47440000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
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CY2019Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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45531000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2019Q4 us-gaap Revenue Remaining Performance Obligation
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CY2020Q3 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
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P3M
CY2020Q3 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
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CY2020Q3 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
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CY2020Q3 us-gaap Selling General And Administrative Expense
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us-gaap Selling General And Administrative Expense
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CY2019Q3 us-gaap Selling General And Administrative Expense
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10637000
us-gaap Selling General And Administrative Expense
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31432000
CY2019Q4 us-gaap Senior Notes Current
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0
CY2020Q3 us-gaap Senior Notes Current
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16919000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Granted
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79361
CY2019Q4 us-gaap Senior Long Term Notes
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16335000
CY2020Q3 us-gaap Senior Long Term Notes
SeniorLongTermNotes
0
CY2019Q4 us-gaap Unrecognized Tax Benefits
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673000
CY2020Q3 us-gaap Unrecognized Tax Benefits
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514000
CY2019Q3 us-gaap Short Term Lease Cost
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42000
us-gaap Short Term Lease Cost
ShortTermLeaseCost
126000
CY2020Q3 us-gaap Short Term Lease Cost
ShortTermLeaseCost
26000
us-gaap Short Term Lease Cost
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83000
CY2019Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2020Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2020Q2 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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CY2019Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2019Q4 us-gaap Stockholders Equity
StockholdersEquity
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CY2020Q3 us-gaap Stockholders Equity
StockholdersEquity
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CY2019Q4 us-gaap Subordinated Long Term Debt
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2927000
CY2020Q3 us-gaap Subordinated Long Term Debt
SubordinatedLongTermDebt
3192000
CY2020Q3 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
235000
CY2019Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
304000
dei Document Period End Date
DocumentPeriodEndDate
2020-09-30
dei Entity Address State Or Province
EntityAddressStateOrProvince
MD
dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
dei Entity Registrant Name
EntityRegistrantName
TELOS CORP
dei Entity Central Index Key
EntityCentralIndexKey
0000320121
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2020
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
dei Document Type
DocumentType
10-Q
CY2019Q3 tlsrp Finance Lease Cost
FinanceLeaseCost
524000
dei Entity Shell Company
EntityShellCompany
false
dei Entity Emerging Growth Company
EntityEmergingGrowthCompany
false
CY2019Q4 tlsrp Public Preferred Stock Classified As Liability
PublicPreferredStockClassifiedAsLiability
139210000
CY2020Q3 tlsrp Receivables Sold Under Factoring Agreement
ReceivablesSoldUnderFactoringAgreement
0
tlsrp Receivables Sold Under Factoring Agreement
ReceivablesSoldUnderFactoringAgreement
0
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
CY2020Q3 tlsrp Public Preferred Stock Classified As Liability
PublicPreferredStockClassifiedAsLiability
142077000
CY2020Q3 tlsrp Finance Lease Cost
FinanceLeaseCost
510000
CY2020Q3 tlsrp Lessee Operating Lease Liability Payments Due After Rolling Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterRollingYearFour
0
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
CY2020Q3 tlsrp Amount Of Remaining Sold Receivables
AmountOfRemainingSoldReceivables
0
CY2019Q3 tlsrp Loss Recognized In Sold Receivables
LossRecognizedInSoldReceivables
12000
tlsrp Loss Recognized In Sold Receivables
LossRecognizedInSoldReceivables
45000
tlsrp Receivables Sold Under Factoring Agreement
ReceivablesSoldUnderFactoringAgreement
12600000
CY2019Q3 tlsrp Receivables Sold Under Factoring Agreement
ReceivablesSoldUnderFactoringAgreement
3200000
CY2019Q4 tlsrp Working Capital
WorkingCapital
2900000
CY2020Q3 tlsrp Working Capital
WorkingCapital
-11300000

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0000320121-20-000046.txt Edgar Link pending
0000320121-20-000046-xbrl.zip Edgar Link pending
ex10-2.htm Edgar Link pending
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tlsrp-20200930.xml Edgar Link completed
tlsrp-20200930.xsd Edgar Link pending
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tlsrp-20200930_def.xml Edgar Link unprocessable
tlsrp-20200930_lab.xml Edgar Link unprocessable
tlsrp-20200930_pre.xml Edgar Link unprocessable