Wednesday, May 8, 2019
KeyW Holding Corporation (KEYW)
Does First Quarter Miss Matter?
KEYW Holding is a provider of mission-critical cybersecurity, cybersuperiority, and geospatial intelligence solutions to U.S. government defense, intelligence, and national security agencies. Its solution includes collection, processing, analysis, and dissemination of intelligence information in cyberspace and geospace domains.
Joe Gomes, Senior Research Analyst, Noble Capital Markets, Inc.
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- 1Q19 Results. KeyW reported revenue of $113.8 million, adjusted EBITDA of $8.8 million, and a GAAP net loss of $0.08 per share. We were at $122 million, $10.4 million, and a net loss of $0.03 per share, respectively. Revenues were anticipated to decline due to the ending of the flight services contract but a push out of certain product revenue caused the miss. Notably, these product revenues are expected to be captured in the second and third quarters.
- Business Development. First quarter awards were $87 million, with the bulk, 79%, from new business and base growth. Quarter-end backlog was flat at $1.1 billion. Trailing twelve month win rate remained relatively unchanged at 48%. The Company continues to expect several of the $100 million opportunities to be awarded over the next several quarters…
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