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General and Basis of Presentation (Q2) (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2020

Dec. 31, 2019

General and Basis of Presentation [Abstract]

The following tables disclose revenue (in thousands) by customer type and contract type for the periods presented.

	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
Federal	$	46,877	$	33,774	$	82,968	$	62,757
State & Local, and Commercial		1,733		2,274		4,621		4,457
Total	$	48,610	$	36,048	$	87,589	$	67,214

	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
Firm fixed-price	$	41,935	$	28,857	$	73,596	$	53,787
Time-and-materials		3,637		3,691		7,462		7,620
Cost plus fixed fee		3,038		3,500		6,531		5,807
Total	$	48,610	$	36,048	$	87,589	$	67,214

We have one reportable segment. We treat sales to U.S. customers as sales within the U.S. regardless of where the services are performed. Substantially all of our revenues are from U.S. customers as revenue derived from international customers is de minimus. The following tables disclose revenue (in thousands) by customer type and contract type for the periods presented. Prior period amounts have not been adjusted under the modified retrospective method.

	2019		2018		2017
Federal	$	149,257	$	129,279	$	101,519
State & Local, and Commercial		9,961		8,737		6,208
Total	$	159,218	$	138,016	$	107,727

	2019		2018		2017
Firm fixed-price	$	131,629	$	103,454	$	89,516
Time-and-materials		14,569		16,795		10,222
Cost plus fixed fee		13,020		17,767		7,989
Total	$	159,218	$	138,016	$	107,727

Contract Assets and Liabilities

The following table discloses accounts receivable and contract assets (in thousands):

	June 30, 2020			December 31, 2019
Billed accounts receivable	$	18,420		$	11,917
Unbilled receivables		20,689			16,745
Allowance for doubtful accounts		(738	)		(720	)
Receivables – net	$	38,371		$	27,942

The following table discloses contract liabilities (in thousands):

		June 30, 2020				December 31, 2019
Contract liabilities		$	6,682			$	6,337

The following table discloses accounts receivable and contract assets (in thousands):

	December 31,
	2019			2018
Billed accounts receivable	$	11,917		$	18,848
Unbilled receivables		16,745			16,000
Allowance for doubtful accounts		(720	)		(306	)
Receivables – net	$	27,942		$	34,542

The following table discloses contract liabilities (in thousands):

	December 31,
	2019		2018
Contract liabilities	$	6,337	$	5,232

Potentially Dilutive Securities not Included in Calculation of Diluted Net Loss per share

Potentially dilutive securities not included in the calculation of diluted net loss per share because to do so would be anti-dilutive are as follows (in common stock equivalent shares):

	Six Months Ended June 30,
	2020		2019
Non-controlling interest, beginning of period		75		1,206
Common Stock Warrants, exercisable at $1.321/share		1,135		1,135
Total		1,210		2,341

Potentially dilutive securities not included in the calculation of diluted net loss per share because to do so would be anti-dilutive are as follows (in common stock equivalent shares):

	2019		2018		2017
Unvested restricted stock		1,191		2,428		3,724
Common Stock Warrants, exercisable at $1.321/share		1,135		1,135		1,135
Total		2,326		3,563		4,859

Unaudited Pro Forma Net Income (Loss) per Share

The Pro Forma unaudited earnings (loss) per share is computed as follows:

	Six Months Ended June 30, 2020
Net Income (Loss) Attributable to Telos Corporation
Dividends from preferred stock recorded as interest expense
Net Income (loss) to Common Shareholders Pro forma adjustment to remove preferred dividends
Net income (loss) used to compute pro forma net earnings (loss) per share
Weighted average common shares outstanding, basic and diluted, effecting the conversation of Class A and class B common stock into common stock
Pro forma adjustment to reflect conversion of preferred shares
Weighted average common shares outstanding used in computing pro forma net earnings per share, basic and diluted
Pro forma net earnings (loss) per common share, basic and diluted

Pro forma unaudited net income (loss) reflects the conversion of the Class A and Class B common stock for common stock on a 1:1 basis and the conversion of our Redeemable Preferred Stock for common stock. The pro forma unaudited earnings (loss) per share is computed as follows:

		2019
Net Income (Loss) Attributable to Telos Corporation
Dividends from preferred stock recorded as interest expense
Net income used to compute pro forma net earnings (loss) per share

Weighted average common shares outstanding, basic and diluted reflecting the conversion of Class A and Class B common stock into common stock
Pro forma adjustment to reflect conversion of preferred shares
Weighted average common shares outstanding used in computing pro forma net earnings per share, basic and diluted

Pro forma net earnings (loss) per common share, basic and diluted

Accumulated Other Comprehensive Income

Accumulated other comprehensive income included within stockholders’ deficit consists of the following (in thousands):

	June 30, 2020			December 31, 2019
Cumulative foreign currency translation loss	$	(100	)	$	(101	)
Cumulative actuarial gain on pension liability adjustment		107			107
Accumulated other comprehensive income	$	7		$	6