Kratos Defense and Security Solutions Inc

NASDAQ:KTOSUnited States

Nov 7, 2024

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• Kratos' Zeus Rocket Motors Achieve 100% of First Flight Performance Objectives, from 4:10PM ET on Thursday Nov 07, 2024 by Dow Jones

  4:10PM ET on Thursday Nov 07, 2024 by Dow Jones
  Companies Mentioned: KTOS
  
  Kratos' Zeus Rocket Motors Achieve 100% of First Flight Performance Objectives
  
  New Zeus Motors are in Production and Ready for Use
  
  SAN DIEGO, Nov. 07, 2024 (GLOBE NEWSWIRE) -- Kratos Defense & Security Solutions, Inc. (Nasdaq: KTOS), a technology company in Defense, National Security and Global Markets, today announced that its Zeus 1 and Zeus 2 Solid Rocket Motors (SRMs) completed their first successful flight on October 24, 2024, from the NASA Wallops Flight Facility in Virginia. This milestone launch provides the qualifications necessary to transition the Zeus SRMs to test programs supporting the U.S. Department of Defense, Foreign Allies, NASA, and commercial launch sponsors.
  

• -- GUIDANCE: (KTOS) KRATOS DEFENSE & SECURITY SOLUTIONS Sees Q4 Revenue Range $270M - $295M, from 4:03PM ET on Thursday Nov 07, 2024 by MT Newswires

  4:03PM ET on Thursday Nov 07, 2024 by MT Newswires
  Companies Mentioned: KTOS
  04:03 PM EST, 11/07/2024 (MT Newswires) -- ...

• -- Earnings Flash (KTOS) KRATOS DEFENSE & SECURITY SOLUTIONS Reports Q3 Revenue $275.9M, from 4:03PM ET on Thursday Nov 07, 2024 by MT Newswires

  4:03PM ET on Thursday Nov 07, 2024 by MT Newswires
  Companies Mentioned: KTOS
  04:03 PM EST, 11/07/2024 (MT Newswires) -- ...

• -- Earnings Flash (KTOS) KRATOS DEFENSE & SECURITY SOLUTIONS Reports Q3 EPS $0.11, from 4:03PM ET on Thursday Nov 07, 2024 by MT Newswires

  4:03PM ET on Thursday Nov 07, 2024 by MT Newswires
  Companies Mentioned: KTOS
  04:03 PM EST, 11/07/2024 (MT Newswires) -- ...

• Kratos Reports Third Quarter 2024 Financial Results, from 4:00PM ET on Thursday Nov 07, 2024 by Dow Jones

  4:00PM ET on Thursday Nov 07, 2024 by Dow Jones
  Companies Mentioned: KTOS
  payable (3.4) (0.6) Accrued compensation (4.1) 3.1 Accrued expenses 4.6 6.4 Accrued interest (0.6) 0.3 Billings in excess of costs and earnings on uncompleted contracts (39.9) 17.4 Income tax receivable and payable 5.7 1.9 Other liabilities 3.3 (0.4) Net cash provided by (used in) operating activities 4.1 (2.2) ------- ------- Investing activities: Cash paid for acquisitions, net of cash acquired (11.5) - Capital expenditures (44.6) (33.1) Proceeds from sale of assets - 8.3 Net cash used in investing activities (56.1) (24.8) ------- ------- Financing activities: Borrowing under credit facility 10.0 54.0 Repayment under credit facility and term loan (50.0) (67.8) Proceeds from the issuance of common stock, net of issuance costs 330.7 - Payment under finance leases (1.0) (1.2) Payments of employee taxes withheld from share-based awards (17.3) (3.6) Proceeds from shares issued under equity plans 8.2 6.5 Net cash provided by (used in) financing activities 280.6 (12.1) ------- ------- Net cash flows 228.6 (39.1) Effect of exchange rate changes on cash and cash equivalents 0.1 - ------- ------- Net increase (decrease) in cash and cash equivalents 228.7 (39.1) Cash and cash equivalents at beginning of period 72.8 81.3 Cash and cash equivalents at end of period $ 301.5 $ 42.2 ======= ======= Kratos Defense & Security Solutions, Inc. Unaudited Non-GAAP Measures Computation of Adjusted Earnings Per Share (in millions, except per share data) Adjusted income from consolidated operations and adjusted income from consolidated operations per diluted common share (Adjusted EPS) are non-GAAP measures for reporting financial performance and exclude the impact of certain items and, therefore, have not been calculated in accordance with GAAP. Management believes that exclusion of these items assists in providing a more complete understanding of the Company's underlying consolidated operations results and trends and allows for comparability with our peer company index and industry. The Company uses these measures along with the corresponding GAAP financial measures to manage the Company's business and to evaluate its performance compared to prior periods and the marketplace. The Company defines adjusted income from consolidated operations before amortization of intangible assets, depreciation, stock-based compensation, foreign transaction gain/loss, and acquisition and restructuring related items and other. The estimated impact to income taxes includes the impact to the effective tax rate, current tax provision and deferred tax provision, and excludes the impact of discrete items, including transaction related expenses and release of valuation allowance, or benefit related to the add-backs.* Adjusted EPS reflects adjusted income on a per share basis using weighted average diluted shares outstanding. The following table reconciles the most directly comparable GAAP financial measures to the non-GAAP financial measures. Three Months Ended Nine Months Ended -------------------------- -------------------------- September September 29, October 1, 29, October 1, 2024 2023 2024 2023 ----- ----- ------- ------- Net income (loss) attributable to Kratos $ 3.2 $ (1.6) $ 12.4 $ (11.3) Less: GAAP provision for income taxes 2.6 3.8 10.1 6.7 Less: Net income attributable to noncontrolling interest - 4.6 - 8.1 ----- ----- ------- ------- Income from consolidated operations before taxes 5.8 6.8 $- 22.5 3.5 Add: Amortization of intangible assets 2.2 1.5 - 6.5 4.5 Add: Amortization of capitalized contract and development costs 0.2 0.8 0.9 2.0 Add: Depreciation 8.1 6.7 23.5 19.5 Add: Stock-based compensation 7.2 6.4 23.0 19.0 Add: Foreign transaction loss 0.9 0.4 1.2 1.4 Add: Acquisition and restructuring related items and other 0.2 - 0.2 0.9 ----- ----- ------- ------- Non-GAAP Adjusted income from consolidated operations before income taxes 24.6 22.6 77.8 50.8 Income taxes on Non-GAAP measure Adjusted income from consolidated operations* 7.4 6.9 23.7 15.5 ----- ----- ------- ------- Non-GAAP Adjusted net income $ 17.2 $ 15.7 $ 54.1 $ 35.3 ===== ===== ======= ======= Diluted earnings per common share $ 0.02 $(0.01) $ 0.08 $ (0.09) Less: GAAP provision for income taxes 0.02 0.03 0.07 0.05 Less: Net income attributable to noncontrolling interest - 0.03 - 0.06 Add: Amortization of intangible assets 0.01 0.01 0.04 0.03 Add: Amortization of capitalized contract and development costs - 0.01 0.01 0.02 Add: Depreciation 0.05 0.05 0.16 0.15 Add: Stock-based compensation 0.05 0.05 0.16 0.15 Add: Foreign transaction loss 0.01 - 0.01 0.01 Add: Acquisition and restructuring related items and other - - - 0.01 Income taxes on Non-GAAP measure Adjusted income from consolidated operations* (0.05) (0.05) (0.16) (0.12) ----- ----- ------- ------- Adjusted income from consolidated operations per diluted common share $ 0.11 $ 0.12 $ 0.37 $ 0.27 ===== ===== ======= ======= Weighted average diluted common shares outstanding 154.1 129.6 147.8 129.3 ===== ===== ======= ======= *The impact to income taxes is calculated by recasting income before income taxes to include the add-backs involved in determining Adjusted income from consolidated operations before income taxes and recalculating the income tax provision, including current and deferred income taxes, using the Adjusted income from consolidated operations before income taxes. The recalculation also adjusts for any discrete tax expense, including transaction related expenses and the release of valuation allowance, or benefit related to the add-backs.