10-Q Filing

TELOS CORP CIK: 320121 Q1 2022

Filing Information

Form Type	10-Q
Accession Number	`0000320121-22-000072`
Period End Date	20220331
Filing Date	20220510
Fiscal Year	2022
Fiscal Period	Q1
XBRL Instance	tls-20220331_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 78 Income Statement 32 Cash Flow Statement 44 Stockholders Equity 19 Comprehensive Income 6

Balance Sheet 78 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$126.56M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$120.23M	USD	Point-in-time
Accounts receivable, allowance for credit loss	`AllowanceForDoubtfulAccountsReceivableCurrent`	$211.00K	USD	Point-in-time
Accounts receivable, allowance for credit loss	`AllowanceForDoubtfulAccountsReceivableCurrent`	$116.00K	USD	Point-in-time
Accounts receivable, net of reserve of $211 and $116, respectively	`AccountsReceivableNetCurrent`	$59.84M	USD	Point-in-time
Inventory obsolescence reserve	`InventoryValuationReserves`	$861.00K	USD	Point-in-time
Inventory obsolescence reserve	`InventoryValuationReserves`	$773.00K	USD	Point-in-time
Accounts receivable, net of reserve of $211 and $116, respectively	`AccountsReceivableNetCurrent`	$57.73M	USD	Point-in-time
Accumulated depreciation and amortization	`PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAccumulatedDepreciationAndAmortization`	$34.06M	USD	Point-in-time
Accumulated depreciation and amortization	`PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAccumulatedDepreciationAndAmortization`	$34.83M	USD	Point-in-time
Inventories, net of obsolescence reserve of $773 and $861, respectively	`InventoryNet`	$1.25M	USD	Point-in-time
Inventories, net of obsolescence reserve of $773 and $861, respectively	`InventoryNet`	$2.10M	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$4.90M	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$3.33M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$2.77M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$732.00K	USD	Point-in-time
Common stock, authorized (in shares)	`CommonStockSharesAuthorized`	250.00M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$191.71M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$187.74M	USD	Point-in-time
Common stock, authorized (in shares)	`CommonStockSharesAuthorized`	250.00M	shares	Point-in-time
Property and equipment, net of accumulated depreciation and amortization of $34,826 and $34,057, respectively	`PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization`	$14.82M	USD	Point-in-time
Common stock, issued (in shares)	`CommonStockSharesIssued`	67.87M	shares	Point-in-time
Common stock, issued (in shares)	`CommonStockSharesIssued`	66.77M	shares	Point-in-time
Property and equipment, net of accumulated depreciation and amortization of $34,826 and $34,057, respectively	`PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization`	$15.14M	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$705.00K	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$852.00K	USD	Point-in-time
Common stock, outstanding (in shares)	`CommonStockSharesOutstanding`	66.77M	shares	Point-in-time
Common stock, outstanding (in shares)	`CommonStockSharesOutstanding`	67.87M	shares	Point-in-time
Goodwill	`Goodwill`	$17.92M	USD	Point-in-time
Goodwill	`Goodwill`	$17.92M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$21.61M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$19.20M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$1.22M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$1.25M	USD	Point-in-time
Total assets	`Assets`	$246.08M	USD	Point-in-time
Total assets	`Assets`	$244.02M	USD	Point-in-time
Accounts payable and other accrued liabilities	`AccountsPayableAndOtherAccruedLiabilitiesCurrent`	$34.55M	USD	Point-in-time
Accounts payable and other accrued liabilities	`AccountsPayableAndOtherAccruedLiabilitiesCurrent`	$35.22M	USD	Point-in-time
Accrued compensation and benefits	`DeferredCompensationLiabilityCurrent`	$8.70M	USD	Point-in-time
Accrued compensation and benefits	`DeferredCompensationLiabilityCurrent`	$6.56M	USD	Point-in-time
Contract liabilities	`ContractWithCustomerLiabilityCurrent`	$7.04M	USD	Point-in-time
Contract liabilities	`ContractWithCustomerLiabilityCurrent`	$6.38M	USD	Point-in-time
Finance lease obligations short-term	`FinanceLeaseLiabilityCurrent`	$1.49M	USD	Point-in-time
Finance lease obligations short-term	`FinanceLeaseLiabilityCurrent`	$1.46M	USD	Point-in-time
Operating lease obligations short-term	`OperatingLeaseLiabilityCurrent`	$517.00K	USD	Point-in-time
Operating lease obligations short-term	`OperatingLeaseLiabilityCurrent`	$564.00K	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$1.43M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$2.08M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$55.05M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$50.94M	USD	Point-in-time
Finance lease obligations long-term	`FinanceLeaseLiabilityNoncurrent`	$12.84M	USD	Point-in-time
Finance lease obligations long-term	`FinanceLeaseLiabilityNoncurrent`	$12.46M	USD	Point-in-time
Operating lease liabilities long-term	`OperatingLeaseLiabilityNoncurrent`	$275.00K	USD	Point-in-time
Operating lease liabilities long-term	`OperatingLeaseLiabilityNoncurrent`	$388.00K	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxLiabilitiesNet`	$723.00K	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxLiabilitiesNet`	$735.00K	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$935.00K	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$440.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$65.83M	USD	Point-in-time
Total liabilities	`Liabilities`	$68.96M	USD	Point-in-time
Commitments and contingencies (Note 14)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Note 14)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock, $0.001 par value, 250,000,000 shares authorized, 67,867,500 shares and 66,767,450 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively	`CommonStockValue`	$106.00K	USD	Point-in-time
Common stock, $0.001 par value, 250,000,000 shares authorized, 67,867,500 shares and 66,767,450 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively	`CommonStockValue`	$105.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$367.15M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$376.91M	USD	Point-in-time
Accumulated other comprehensive income (loss)	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$2.00K	USD	Point-in-time
Accumulated other comprehensive income (loss)	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-27.00K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-201.96M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-186.98M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$175.06M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$125.96M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$180.25M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$127.10M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$246.08M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$244.02M	USD	Point-in-time

Income Statement 32 line items

Line Item	Tag	Value	Unit	Period
Consolidated revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$55.76M	USD	1 Quarter
Consolidated revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$50.16M	USD	1 Quarter
Total costs and expenses	`CostOfGoodsAndServicesSold`	$31.29M	USD	1 Quarter
Total costs and expenses	`CostOfGoodsAndServicesSold`	$41.29M	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$3.83M	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$5.25M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$4.06M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$5.43M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$20.08M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$22.92M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$33.60M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$27.96M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-14.73M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-13.49M	USD	1 Quarter
Other income (expense)	`OtherNonoperatingIncomeExpense`	$12.00K	USD	1 Quarter
Other income (expense)	`OtherNonoperatingIncomeExpense`	$-1.05M	USD	1 Quarter
Interest expense	`InterestExpense`	$196.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$190.00K	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-14.74M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-14.91M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$34.00K	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$71.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-14.78M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-14.98M	USD	1 Quarter
Net loss per share, basic (in dollars per share)	`EarningsPerShareBasic`	$-0.22	USD	1 Quarter
Net loss per share, basic (in dollars per share)	`EarningsPerShareBasic`	$-0.23	USD	1 Quarter
Net loss per share, diluted (in dollars per share)	`EarningsPerShareDiluted`	$-0.23	USD	1 Quarter
Net loss per share, diluted (in dollars per share)	`EarningsPerShareDiluted`	$-0.22	USD	1 Quarter
Weighted-average number of common shares outstanding, basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	67.56M	shares	1 Quarter
Weighted-average number of common shares outstanding, basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	64.62M	shares	1 Quarter
Weighted-average number of common shares outstanding, diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	64.62M	shares	1 Quarter
Weighted-average number of common shares outstanding, diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	67.56M	shares	1 Quarter

Cash Flow Statement 44 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-14.98M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-14.78M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$13.67M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$14.30M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$1.36M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$1.41M	USD	1 Quarter
Deferred income tax provision	`DeferredIncomeTaxExpenseBenefit`	$9.00K	USD	1 Quarter
Deferred income tax provision	`DeferredIncomeTaxExpenseBenefit`	$12.00K	USD	1 Quarter
Accretion of discount on acquisition holdback	`AccretionExpense`	$12.00K	USD	1 Quarter
Accretion of discount on acquisition holdback	`AccretionExpense`	-	USD	1 Quarter
Other noncash items	`OtherNoncashIncomeExpense`	$-5.00K	USD	1 Quarter
Other noncash items	`OtherNoncashIncomeExpense`	$-7.00K	USD	1 Quarter
Changes in other operating assets and liabilities	`IncreaseDecreaseInOtherOperatingCapitalNet`	$7.15M	USD	1 Quarter
Changes in other operating assets and liabilities	`IncreaseDecreaseInOtherOperatingCapitalNet`	$502.00K	USD	1 Quarter
Cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-6.88M	USD	1 Quarter
Cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$249.00K	USD	1 Quarter
Capitalized software development costs	`PaymentsToDevelopSoftware`	$2.79M	USD	1 Quarter
Capitalized software development costs	`PaymentsToDevelopSoftware`	$2.17M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$546.00K	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$480.00K	USD	1 Quarter
Cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-2.65M	USD	1 Quarter
Cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-3.34M	USD	1 Quarter
Payments under finance lease obligations	`FinanceLeasePrincipalPayments`	$351.00K	USD	1 Quarter
Payments under finance lease obligations	`FinanceLeasePrincipalPayments`	$321.00K	USD	1 Quarter
Payment of tax withholding related to net share settlement of equity awards	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	-	USD	1 Quarter
Payment of tax withholding related to net share settlement of equity awards	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$2.89M	USD	1 Quarter
Distribution to Telos ID Class B member - non-controlling interest	`PaymentsToMinorityShareholders`	-	USD	1 Quarter
Distribution to Telos ID Class B member - non-controlling interest	`PaymentsToMinorityShareholders`	$2.44M	USD	1 Quarter
Cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-2.76M	USD	1 Quarter
Cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-3.24M	USD	1 Quarter
Decrease in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-6.33M	USD	1 Quarter
Decrease in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-12.28M	USD	1 Quarter
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$120.23M	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, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$126.56M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$106.05M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$126.56M	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`	$120.23M	USD	Point-in-time
Interest	`InterestPaidNet`	$179.00K	USD	1 Quarter
Interest	`InterestPaidNet`	$196.00K	USD	1 Quarter
Operating lease ROU assets obtained in exchange for operating lease liabilities	`RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability`	$147.00K	USD	1 Quarter
Operating lease ROU assets obtained in exchange for operating lease liabilities	`RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability`	$160.00K	USD	1 Quarter

Stockholders Equity 19 line items

Line Item	Tag	Value	Unit	Period
Beginning balance (in shares)	`CommonStockSharesOutstanding`	66.77M	shares	Point-in-time
Beginning balance (in shares)	`CommonStockSharesOutstanding`	67.87M	shares	Point-in-time
Beginning balance	`StockholdersEquity`	$175.06M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$125.96M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$180.25M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$127.10M	USD	Point-in-time
Net loss	`NetIncomeLoss`	$-14.98M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-14.78M	USD	1 Quarter
Foreign currency translation gain	`OtherComprehensiveIncomeForeignCurrencyTranslationGainLossArisingDuringPeriodTax`	$-29.00K	USD	1 Quarter
Foreign currency translation gain	`OtherComprehensiveIncomeForeignCurrencyTranslationGainLossArisingDuringPeriodTax`	$32.00K	USD	1 Quarter
Vesting of restricted stock unit awards, net of shares withheld to cover tax withholding	`StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures`	$-2.89M	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$13.67M	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$12.65M	USD	1 Quarter
Ending balance (in shares)	`CommonStockSharesOutstanding`	66.77M	shares	Point-in-time
Ending balance (in shares)	`CommonStockSharesOutstanding`	67.87M	shares	Point-in-time
Ending balance	`StockholdersEquity`	$180.25M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$175.06M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$125.96M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$127.10M	USD	Point-in-time

Comprehensive Income 6 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-14.98M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-14.78M	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$29.00K	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$-32.00K	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-14.95M	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-14.81M	USD	1 Quarter

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