F-3
TeleCommunication Systems, Inc.
Consolidated Balance Sheets
(amounts in thousands, except share data)
December 31,
2013
December 31,
2012
Assets
Current assets:
Cash and cash equivalents....................................................................................................... $ 41,904 $ 36,623
Marketable securities ..............................................................................................................
20,004
14,875
Accounts receivable, net of allowance of $388 in 2013 and $394 in 2012 .............................
45,789
83,013
Unbilled receivables................................................................................................................
16,009
23,095
Inventory.................................................................................................................................
9,890
11,084
Deferred tax assets .................................................................................................................. —
9,813
Deferred project costs and other current assets .......................................................................
15,286
15,394
Total current assets ........................................................................................................ 148,882 193,897
Property and equipment, net of accumulated depreciation and amortization of $73,068 in 2013
and $72,050 in 2012 ....................................................................................................................
38,355
49,270
Software development costs, net of accumulated amortization of $1,791 in 2013 and $27,317 in
2012 .............................................................................................................................................
4,178
18,929
Acquired intangible assets, net of accumulated amortization of $10,173 in 2013 and $9,895 in
2012 .............................................................................................................................................
21,003
26,172
Goodwill........................................................................................................................................... 104,241 112,450
Deferred tax assets............................................................................................................................ —
6,233
Other assets.......................................................................................................................................
4,796
6,761
Total assets .................................................................................................................... $ 321,455 $ 413,712
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable and accrued expenses................................................................................. $ 24,372 $ 37,703
Accrued payroll and related liabilities ....................................................................................
14,378
18,406
Deferred revenue.....................................................................................................................
24,809
26,527
Current portion of long-term debt and capital lease obligations .............................................
30,145
28,657
Total current liabilities ..................................................................................................
93,704 111,293
Long-term debt and capital lease obligations, less current portion................................................... 117,384 138,939
Other liabilities .................................................................................................................................
1,124
2,378
Stockholders’ equity:
Class A Common Stock; $0.01 par value:
Authorized shares — 225,000,000; issued and outstanding shares of 53,763,871 in 2013
and 53,037,097 in 2012 ......................................................................................................
538
531
Class B Common Stock; $0.01 par value:
Authorized shares — 75,000,000; issued and outstanding shares of 4,997,769 in 2013 and
5,247,769 in 2012...............................................................................................................
50
52
Additional paid-in capital........................................................................................................ 340,814 334,058
Accumulated other comprehensive income ............................................................................
27
50
Accumulated deficit ................................................................................................................ (232,186) (173,589)
Total stockholders’ equity ............................................................................................. 109,243 161,102
Total liabilities and stockholders’ equity....................................................................... $ 321,455 $ 413,712
See accompanying Notes to Consolidated Financial Statements.
