10-Q Filing

TELOS CORP CIK: 320121 Q1 2021

Filing Information

Form Type	10-Q
Accession Number	`0000320121-21-000018`
Period End Date	20210331
Filing Date	20210517
Fiscal Year	2021
Fiscal Period	Q1
XBRL Instance	tls-20210331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 70 Income Statement 38 Cash Flow Statement 42 Stockholders Equity 13 Comprehensive Income 8

Balance Sheet 70 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$93.76M	USD	Point-in-time
Accounts receivable, reserve	`AllowanceForDoubtfulAccountsReceivableCurrent`	$308.00K	USD	Point-in-time
Accounts receivable, reserve	`AllowanceForDoubtfulAccountsReceivableCurrent`	$313.00K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$106.05M	USD	Point-in-time
Accounts receivable, net of reserve of $313 and $308, respectively (Note 1)	`ReceivablesNetCurrent`	$52.56M	USD	Point-in-time
Accounts receivable, net of reserve of $313 and $308, respectively (Note 1)	`ReceivablesNetCurrent`	$30.91M	USD	Point-in-time
Inventories, obsolescence reserve	`InventoryValuationReserves`	$851.00K	USD	Point-in-time
Inventories, obsolescence reserve	`InventoryValuationReserves`	$852.00K	USD	Point-in-time
Property and equipment, accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$36.89M	USD	Point-in-time
Inventories, net of obsolescence reserve of $852 and $851, respectively (Note 1)	`InventoryNet`	$1.89M	USD	Point-in-time
Inventories, net of obsolescence reserve of $852 and $851, respectively (Note 1)	`InventoryNet`	$3.31M	USD	Point-in-time
Property and equipment, accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$37.95M	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$3.98M	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$3.06M	USD	Point-in-time
Deferred program expenses	`DeferredCostsCurrent`	$5.00K	USD	Point-in-time
Deferred program expenses	`DeferredCostsCurrent`	$192.00K	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$778.00K	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$781.00K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$153.17M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$144.11M	USD	Point-in-time
Property and equipment, including capitalized software development costs, net of accumulated depreciation of $37,948 and $36,891, respectively	`PropertyPlantAndEquipmentNet`	$22.40M	USD	Point-in-time
Property and equipment, including capitalized software development costs, net of accumulated depreciation of $37,948 and $36,891, respectively	`PropertyPlantAndEquipmentNet`	$23.86M	USD	Point-in-time
Operating lease right-of-use assets (Note 10)	`OperatingLeaseRightOfUseAsset`	$1.46M	USD	Point-in-time
Operating lease right-of-use assets (Note 10)	`OperatingLeaseRightOfUseAsset`	$1.30M	USD	Point-in-time
Goodwill (Note 3)	`Goodwill`	$14.92M	USD	Point-in-time
Goodwill (Note 3)	`Goodwill`	$14.92M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$926.00K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$990.00K	USD	Point-in-time
Total assets	`Assets`	$194.24M	USD	Point-in-time
Total assets	`Assets`	$183.82M	USD	Point-in-time
Accounts payable and other accrued liabilities (Note 5)	`AccountsPayableAndOtherAccruedLiabilitiesCurrent`	$20.90M	USD	Point-in-time
Accounts payable and other accrued liabilities (Note 5)	`AccountsPayableAndOtherAccruedLiabilitiesCurrent`	$31.77M	USD	Point-in-time
Accrued compensation and benefits	`DeferredCompensationLiabilityCurrent`	$8.47M	USD	Point-in-time
Accrued compensation and benefits	`DeferredCompensationLiabilityCurrent`	$7.26M	USD	Point-in-time
Contract liabilities (Notes 1 and 5)	`ContractWithCustomerLiabilityCurrent`	$5.65M	USD	Point-in-time
Contract liabilities (Notes 1 and 5)	`ContractWithCustomerLiabilityCurrent`	$6.75M	USD	Point-in-time
Finance lease obligations - short-term (Note 10)	`CapitalLeaseObligationsCurrent`	$1.34M	USD	Point-in-time
Finance lease obligations - short-term (Note 10)	`CapitalLeaseObligationsCurrent`	$1.37M	USD	Point-in-time
Operating lease obligations - short term (Note 10)	`OperatingLeaseLiabilityCurrent`	$660.00K	USD	Point-in-time
Operating lease obligations - short term (Note 10)	`OperatingLeaseLiabilityCurrent`	$677.00K	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$1.90M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$3.19M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$50.99M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$38.95M	USD	Point-in-time
Finance lease obligations - long-term (Note 10)	`CapitalLeaseObligationsNoncurrent`	$14.30M	USD	Point-in-time
Finance lease obligations - long-term (Note 10)	`CapitalLeaseObligationsNoncurrent`	$13.95M	USD	Point-in-time
Operating lease obligations - long-term (Note 10)	`OperatingLeaseLiabilityNoncurrent`	$788.00K	USD	Point-in-time
Operating lease obligations - long-term (Note 10)	`OperatingLeaseLiabilityNoncurrent`	$941.00K	USD	Point-in-time
Deferred income taxes (Note 7)	`DeferredIncomeTaxLiabilitiesNet`	$661.00K	USD	Point-in-time
Deferred income taxes (Note 7)	`DeferredIncomeTaxLiabilitiesNet`	$652.00K	USD	Point-in-time
Other liabilities (Note 7)	`OtherLiabilitiesNoncurrent`	$1.87M	USD	Point-in-time
Other liabilities (Note 7)	`OtherLiabilitiesNoncurrent`	$1.88M	USD	Point-in-time
Total liabilities	`Liabilities`	$68.28M	USD	Point-in-time
Total liabilities	`Liabilities`	$56.71M	USD	Point-in-time
Commitments and contingencies (Note 8)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Note 8)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock	`CommonStockValue`	$103.00K	USD	Point-in-time
Common stock	`CommonStockValue`	$103.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$284.47M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$270.80M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$44.00K	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$12.00K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-158.62M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-143.84M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-138.08M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$125.96M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-136.62M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$127.10M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$194.24M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$183.82M	USD	Point-in-time

Income Statement 38 line items

Line Item	Tag	Value	Unit	Period
Revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$38.98M	USD	1 Quarter
Revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$55.76M	USD	1 Quarter
Total costs and expenses	`CostOfGoodsAndServicesSold`	$41.40M	USD	1 Quarter
Total costs and expenses	`CostOfGoodsAndServicesSold`	$26.74M	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$3.83M	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$1.59M	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$13.67M	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	-	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$4.06M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$3.66M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$6.59M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$19.96M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$11.84M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$27.85M	USD	1 Quarter
Operating (loss) income	`OperatingIncomeLoss`	$403.00K	USD	1 Quarter
Operating (loss) income	`OperatingIncomeLoss`	$-13.49M	USD	1 Quarter
Other (expense) income	`OtherNonoperatingIncomeExpense`	$-1.05M	USD	1 Quarter
Other (expense) income	`OtherNonoperatingIncomeExpense`	$8.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$2.02M	USD	1 Quarter
Interest expense	`InterestExpense`	$196.00K	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-1.61M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-14.74M	USD	1 Quarter
(Provision for) benefit from income taxes (Note 7)	`IncomeTaxExpenseBenefit`	$-146.00K	USD	1 Quarter
(Provision for) benefit from income taxes (Note 7)	`IncomeTaxExpenseBenefit`	$34.00K	USD	1 Quarter
Net loss	`ProfitLoss`	$-14.78M	USD	1 Quarter
Net loss	`ProfitLoss`	$-1.46M	USD	1 Quarter
Less: Net income attributable to non-controlling interest (Note 2)	`NetIncomeLossAttributableToNoncontrollingInterest`	$784.00K	USD	1 Quarter
Less: Net income attributable to non-controlling interest (Note 2)	`NetIncomeLossAttributableToNoncontrollingInterest`	-	USD	1 Quarter
Net loss attributable to Telos Corporation	`NetIncomeLoss`	$-2.24M	USD	1 Quarter
Net loss attributable to Telos Corporation	`NetIncomeLoss`	$-14.78M	USD	1 Quarter
Net loss per share attributable to Telos Corporation, basic (in dollars per share)	`EarningsPerShareBasic`	$-0.06	USD	1 Quarter
Net loss per share attributable to Telos Corporation, basic (in dollars per share)	`EarningsPerShareBasic`	$-0.23	USD	1 Quarter
Net loss per share attributable to Telos Corporation, diluted (in dollars per share)	`EarningsPerShareDiluted`	$-0.23	USD	1 Quarter
Net loss per share attributable to Telos Corporation, diluted (in dollars per share)	`EarningsPerShareDiluted`	$-0.06	USD	1 Quarter
Weighted-average shares of common stock outstanding, basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	38.07M	shares	1 Quarter
Weighted-average shares of common stock outstanding, basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	64.62M	shares	1 Quarter
Weighted-average shares of common stock outstanding, diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	38.07M	shares	1 Quarter
Weighted-average shares of common stock outstanding, diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	64.62M	shares	1 Quarter

Cash Flow Statement 42 line items

Line Item	Tag	Value	Unit	Period
Net loss	`ProfitLoss`	$-14.78M	USD	1 Quarter
Net loss	`ProfitLoss`	$-1.46M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$13.67M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	-	USD	1 Quarter
Dividends from preferred stock recorded as interest expense	`DividendsPreferredStockAsInterestExpense`	-	USD	1 Quarter
Dividends from preferred stock recorded as interest expense	`DividendsPreferredStockAsInterestExpense`	$-956.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$1.36M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$1.39M	USD	1 Quarter
Amortization of debt issuance costs	`AmortizationOfFinancingCosts`	-	USD	1 Quarter
Amortization of debt issuance costs	`AmortizationOfFinancingCosts`	$235.00K	USD	1 Quarter
Deferred income tax provision	`DeferredIncomeTaxExpenseBenefit`	$10.00K	USD	1 Quarter
Deferred income tax provision	`DeferredIncomeTaxExpenseBenefit`	$9.00K	USD	1 Quarter
Other noncash items	`OtherNoncashIncomeExpense`	$1.00K	USD	1 Quarter
Other noncash items	`OtherNoncashIncomeExpense`	$-5.00K	USD	1 Quarter
Changes in other operating assets and liabilities	`IncreaseDecreaseInOtherOperatingCapitalNet`	$-614.00K	USD	1 Quarter
Changes in other operating assets and liabilities	`IncreaseDecreaseInOtherOperatingCapitalNet`	$9.58M	USD	1 Quarter
Cash (used in) provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$1.74M	USD	1 Quarter
Cash (used in) provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-9.32M	USD	1 Quarter
Capitalized software development costs	`PaymentsToDevelopSoftware`	$1.51M	USD	1 Quarter
Capitalized software development costs	`PaymentsToDevelopSoftware`	$2.17M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$210.00K	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$480.00K	USD	1 Quarter
Cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-1.72M	USD	1 Quarter
Cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-2.65M	USD	1 Quarter
Payments under finance lease obligations	`RepaymentsOfLongTermCapitalLeaseObligations`	$321.00K	USD	1 Quarter
Payments under finance lease obligations	`RepaymentsOfLongTermCapitalLeaseObligations`	$294.00K	USD	1 Quarter
Amendment fee paid to lender	`PaymentsOfDebtRestructuringCosts`	-	USD	1 Quarter
Amendment fee paid to lender	`PaymentsOfDebtRestructuringCosts`	$100.00K	USD	1 Quarter
Cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-321.00K	USD	1 Quarter
Cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-394.00K	USD	1 Quarter
Decrease in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-368.00K	USD	1 Quarter
Decrease in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-12.28M	USD	1 Quarter
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$6.75M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$6.38M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$93.76M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$106.05M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$6.75M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$6.38M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$93.76M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$106.05M	USD	Point-in-time
Interest	`InterestPaidNet`	$196.00K	USD	1 Quarter
Interest	`InterestPaidNet`	$739.00K	USD	1 Quarter

Stockholders Equity 13 line items

Line Item	Tag	Value	Unit	Period
Beginning balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-138.08M	USD	Point-in-time
Beginning balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$125.96M	USD	Point-in-time
Beginning balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-136.62M	USD	Point-in-time
Beginning balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$127.10M	USD	Point-in-time
Net (loss) income	`ProfitLoss`	$-14.78M	USD	1 Quarter
Net (loss) income	`ProfitLoss`	$-1.46M	USD	1 Quarter
Foreign currency translation loss	`OtherComprehensiveIncomeForeignCurrencyTranslationGainLossArisingDuringPeriodTax`	$1.00K	USD	1 Quarter
Foreign currency translation loss	`OtherComprehensiveIncomeForeignCurrencyTranslationGainLossArisingDuringPeriodTax`	$32.00K	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$13.67M	USD	1 Quarter
Ending balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-138.08M	USD	Point-in-time
Ending balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$125.96M	USD	Point-in-time
Ending balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-136.62M	USD	Point-in-time
Ending balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$127.10M	USD	Point-in-time

Comprehensive Income 8 line items

Line Item	Tag	Value	Unit	Period
Net loss	`ProfitLoss`	$-14.78M	USD	1 Quarter
Net loss	`ProfitLoss`	$-1.46M	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-32.00K	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-1.00K	USD	1 Quarter
Less: Comprehensive income attributable to non-controlling interest	`ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest`	$784.00K	USD	1 Quarter
Less: Comprehensive income attributable to non-controlling interest	`ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest`	-	USD	1 Quarter
Comprehensive loss attributable to Telos Corporation	`ComprehensiveIncomeNetOfTax`	$-2.25M	USD	1 Quarter
Comprehensive loss attributable to Telos Corporation	`ComprehensiveIncomeNetOfTax`	$-14.81M	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.