Delta Tucker Holdings, Inc.
CIK:0001514226|SEC Filings
Unaudited Condensed Consolidated Statements of Operations - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
| Income Statement [Abstract] | ||||
| Revenue | $ 487,823 | $ 550,361 | $ 968,608 | $ 1,084,654 |
| Cost of services | (428,927) | (476,598) | (848,394) | (942,021) |
| Selling, general and administrative expenses | (25,952) | (24,670) | (51,674) | (50,029) |
| Depreciation and amortization expense | (5,879) | (5,974) | (11,733) | (12,031) |
| Earnings from equity method investees | 662 | 222 | 662 | 269 |
| Operating income | 27,727 | 43,341 | 57,469 | 80,842 |
| Interest expense | (14,332) | (16,083) | (29,016) | (33,071) |
| Loss on early extinguishment of debt | (852) | 0 | (1,475) | (239) |
| Interest income | 1,119 | 408 | 2,154 | 933 |
| Other income, net | 773 | 492 | 1,397 | 1,141 |
| Income before income taxes | 14,435 | 28,158 | 30,529 | 49,606 |
| Provision for income taxes | (9,131) | (3,140) | (13,372) | (7,884) |
| Net income | 5,304 | 25,018 | 17,157 | 41,722 |
| Noncontrolling interests | (151) | (209) | (395) | (505) |
| Net income attributable to Delta Tucker Holdings, Inc. | $ 5,153 | $ 24,809 | $ 16,762 | $ 41,217 |
Unaudited Condensed Consolidated Balance Sheets - USD ($) $ in Thousands |
Jun. 30, 2019 |
Dec. 31, 2018 |
|---|---|---|
| Current assets: | ||
| Cash and cash equivalents | $ 195,643 | $ 203,797 |
| Restricted cash | 20,294 | 0 |
| Accounts receivable, net of allowances of $3,335 and $2,784 respectively | 106,521 | 163,901 |
| Contract assets | 186,564 | 172,137 |
| Prepaid expenses and other current assets | 63,823 | 44,013 |
| Total current assets | 572,845 | 583,848 |
| Property and equipment, net | 21,090 | 22,058 |
| Right-of-use assets | 23,279 | |
| Goodwill | 42,093 | 42,093 |
| Tradenames, net | 28,536 | 28,536 |
| Other intangibles, net | 22,328 | 32,867 |
| Long-term deferred taxes | 844 | 724 |
| Other assets, net | 7,576 | 8,173 |
| Total assets | 718,591 | 718,299 |
| Current liabilities: | ||
| Current portion of long-term debt, net | 0 | 17,073 |
| Accounts payable | 90,999 | 107,221 |
| Accrued payroll and employee costs | 85,394 | 95,806 |
| Current portion of long-term lease liabilities | 7,842 | |
| Contract liabilities | 46,503 | 37,816 |
| Accrued liabilities | 70,891 | 59,650 |
| Income taxes payable | 24,645 | 21,820 |
| Total current liabilities | 326,274 | 339,386 |
| Long-term debt, net | 450,662 | 474,660 |
| Long-term lease liabilities | 26,924 | |
| Other long-term liabilities | 4,235 | 10,553 |
| Total liabilities | 808,095 | 824,599 |
| DEFICIT | ||
| Common stock, $0.01 par value – 1,000 shares authorized and 100 shares issued and outstanding at June 30, 2019 and December 31, 2018, respectively | 0 | 0 |
| Additional paid-in capital | 597,191 | 596,948 |
| Accumulated deficit | (691,526) | (708,288) |
| Accumulated other comprehensive loss | (506) | (459) |
| Total deficit attributable to Delta Tucker Holdings, Inc. | (94,841) | (111,799) |
| Noncontrolling interests | 5,337 | 5,499 |
| Total deficit | (89,504) | (106,300) |
| Total liabilities and deficit | $ 718,591 | $ 718,299 |