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Leidos Holdings, Inc. (LDOS) SEC Filing 10-K Annual Report for the fiscal year ending Friday, December 31, 2021

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LDOS Annual Reports

Leidos Holdings, Inc.

CIK: 1336920 Ticker: LDOS

Exhibit 99.1
Leidos Holdings, Inc. Reports Fourth Quarter and Fiscal Year 2021 Results

Revenues: $3.49 billion for fourth quarter (up 7% year-over-year); $13.74 billion for the year (up 12% year-over-year)
Diluted Earnings per Share: $1.23 for fourth quarter (down 10% year-over-year); $5.27 for the year (up 21% year-over-year)
Non-GAAP Diluted Earnings per Share: $1.56 for fourth quarter (down 4% year-over-year); $6.62 for the year (up 14% year-over-year)
Cash Flows from Operations: $210 million for fourth quarter; $1.03 billion for the year
Initial FY22 guidance reflects growth in revenues and solid margin and cash flow performance

RESTON, Va., February 15, 2022 – Leidos Holdings, Inc. (NYSE: LDOS), a FORTUNE 500
® technology, engineering, and science company, today reported financial results for the fourth quarter and fiscal year 2021.
Roger Krone, Leidos Chairman and Chief Executive Officer, commented: "2021 was a banner year for Leidos, with industry-leading organic revenue growth and expanded profitability. In addition, we enhanced our market presence during the year with strategic acquisitions and investments that added important technical capabilities. Despite the ongoing impact of COVID-19 and an extended Continuing Resolution, we are positioned to grow in 2022, bolstered by our scale, differentiated technical offerings, and dedicated workforce."
As of December 31, 2021, Leidos ended the three-year forecast period laid out at its 2019 Investor Day, exceeding or achieving all financial targets. Over the period, Leidos grew revenues at a compound annual growth rate of 10%, achieved a net income margin of 5.5% and converted 164% of its net income attributable to Leidos stockholders into cash flows from operations. In addition, Leidos grew organically at a compound annual growth rate of 7% (versus 5% target), achieved an adjusted EBITDA margin of 10.8% (versus 10% or greater target) and converted 116% of its adjusted net income into free cash flow (versus 100% or greater target).
Summary Operating Results
(in millions, except margin and per share amounts)Three Months EndedYear Ended
December 31, 2021January 1, 2021December 31, 2021January 1, 2021
Revenues$3,491 $3,252 $13,737 $12,297 
Net income$176 $197 $759 $629 
Net income margin5.0 %6.1 %5.5 %5.1 %
Diluted earnings per share (EPS)$1.23 $1.37 $5.27 $4.36 
Non-GAAP Measures*:
Adjusted EBITDA$359 $366 $1,510 $1,326 
Adjusted EBITDA margin10.3 %11.3 %11.0 %10.8 %
Non-GAAP diluted EPS$1.56 $1.63 $6.62 $5.83 
*Non-GAAP financial measures should be considered in addition to, but not as a substitute for, the information provided in accordance with GAAP. Management believes that these non-GAAP measures provide another measure of Leidos' results of operations and financial condition, including its ability to comply with financial covenants in our debt agreements. See Non-GAAP Financial Measures at the end of this press release for more information and a reconciliation of these non-GAAP measures to the most directly comparable GAAP measures.

1

The following information was filed by Leidos Holdings, Inc. (LDOS) on Tuesday, February 15, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Leidos Holdings, Inc.'s 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Audit Information
Cover
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Equity
Consolidated Statements Of Equity (Parenthetical)
Consolidated Statements Of Income
Accounting Standards
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Loss (Details)
Accumulated Other Comprehensive Loss (Tables)
Acquisitions And Divestitures
Acquisitions And Divestitures (Tables)
Acquisitions And Divestitures - Acquisition Expenses Incurred (Details)
Acquisitions And Divestitures - Divestitures (Details)
Acquisitions And Divestitures - Narrative (Details)
Acquisitions And Divestitures - Schedule Of Intangible Assets Acquired (Details)
Acquisitions And Divestitures - Schedule Of Preliminary Fair Values Of The Assets Acquired And Liabilities Assumed (Details)
Business Segments
Business Segments (Additional Information) (Details)
Business Segments (Schedule Of Segment Reporting Information By Segment) (Details)
Business Segments (Schedule Of Total Revenue Percentages Contributable To Specific Government Agencies) (Details)
Business Segments (Tables)
Commitments And Contingencies
Commitments And Contingencies (Details)
Commitments And Contingencies (Narrative) (Details)
Commitments And Contingencies (Tables)
Commitments And Contingencies - Future Expirations Maturity Table (Details)
Composition Of Certain Financial Statement Captions
Composition Of Certain Financial Statement Captions (Condensed Income Statement) (Details)
Composition Of Certain Financial Statement Captions (Schedule Of Certain Financial Statement Captions) (Details)
Composition Of Certain Financial Statement Captions (Tables)
Debt
Debt (Narrative) (Details)
Debt (Schedule Of Maturities Of Notes Payable And Long-Term Debt) (Details)
Debt (Summary Of Debt) (Details)
Debt (Tables)
Derivative Instruments
Derivative Instruments (Effect Of Cash Flow Hedge ) (Details)
Derivative Instruments (Interest Rate Swaps) (Details)
Derivative Instruments (Narrative) (Details)
Derivative Instruments (Tables)
Earnings Per Share ("Eps")
Earnings Per Share ("Eps") (Narrative) (Details)
Earnings Per Share ("Eps") (Reconciliation Of Weighted Average Number Of Shares Outstanding) (Details)
Earnings Per Share ("Eps") (Tables)
Fair Value Measurements
Fair Value Measurements (Narrative) (Details)
Fair Value Measurements (Tables)
Fair Value Measures (Financial Instruments Measured At Fair Value On Recurring Basis) (Details)
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Narrative) (Details)
Goodwill And Intangible Assets (Schedule Of Changes In Goodwill By Segment) (Details)
Goodwill And Intangible Assets (Schedule Of Estimated Annual Amortization Expense) (Details)
Goodwill And Intangible Assets (Schedule Of Intangible Assets) (Details)
Goodwill And Intangible Assets (Tables)
Income Taxes
Income Taxes (Narrative) (Details)
Income Taxes (Schedule Of Balance Sheet) (Details)
Income Taxes (Schedule Of Changes In Unrecognized Tax Benefits) (Details)
Income Taxes (Schedule Of Deferred Tax Assets (Liabilities) (Details)
Income Taxes (Schedule Of Provision For Income Taxes) (Details)
Income Taxes (Schedule Of Reconciliation Of Provision For Income Taxes) (Details)
Income Taxes (Tables)
Inventory
Inventory (Details)
Inventory (Tables)
Leases
Leases (Narrative) (Details)
Leases (Schedule Of Components Of Lease Income) (Details)
Leases (Schedule Of Future Minimum Lease Commitments) (Details)
Leases (Schedule Of Lease Cost) (Details)
Leases (Schedule Of Other Information Related To Leases) (Details)
Leases (Schedule Of Rou Assets And Lease Liabilities) (Details)
Leases (Schedule Of Undiscounted Cash Flows For Sales-Type And Operating Leases) (Details)
Leases (Tables)
Nature Of Operations And Basis Of Presentation
Nature Of Operations And Basis Of Presentation (Details)
Property Plant And Equipment
Property Plant And Equipment (Narrative) (Details)
Property Plant And Equipment (Schedule Of Property, Plant And Equipment) (Details)
Property Plant And Equipment (Tables)
Receivables
Receivables (Details)
Receivables (Narrative) (Details)
Receivables (Tables)
Retirement Plans
Retirement Plans (Details)
Revenues
Revenues (Tables)
Revenues - Contract Assets And Liabilities (Details)
Revenues - Disaggregation Of Revenue (Details)
Revenues - Narrative (Details)
Stock-Based Compensation
Stock-Based Compensation (Additional Information) (Details)
Stock-Based Compensation (Schedule Of Performance-Based Stock Award Activity) (Details)
Stock-Based Compensation (Schedule Of Rsu And Awards Activity) (Details)
Stock-Based Compensation (Schedule Of Stock Option Activity) (Details)
Stock-Based Compensation (Schedule Of Stock-Based Compensation And Related Tax Benefits Recognized) (Details)
Stock-Based Compensation (Schedule Of Weighted Average Grant-Date Fair Value And Assumptions Used) (Details)
Stock-Based Compensation (Stock Options) (Details)
Stock-Based Compensation (Tables)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Additional Information) (Details)
Summary Of Significant Accounting Policies (Changes In Estimates On Contracts) (Details)
Summary Of Significant Accounting Policies (Intangibles) (Details)
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Schedule Of Depreciation Using Estimated Useful Lives) (Details)
Summary Of Significant Accounting Policies (Tables)
Ticker: LDOS
CIK: 1336920
Form Type: 10-K Annual Report
Accession Number: 0001336920-22-000007
Submitted to the SEC: Tue Feb 15 2022 12:06:38 PM EST
Accepted by the SEC: Tue Feb 15 2022
Period: Friday, December 31, 2021
Industry: Computer Integrated Systems Design

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