Leidos Holdings, Inc. (LDOS) 10K Annual Reports & 10Q SEC Filings

May 2022

Earnings Release
Financial Exhibit

May 2022

Financial Exhibit
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February 2022

Financial Exhibit
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February 2022

Event for Officers
Financial Exhibit

February 2022

Earnings Release
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February 2022

Earnings Release
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November 2021

Financial Exhibit
Regulated Disclosure

October 2021

Financial Exhibit
Regulated Disclosure

September 2021

Earnings Release

August 2021

Leidos Holdings, Inc.

HISTORY TOOLS

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 Ended						Year Ended
	December 31, 2021			January 1, 2021			December 31, 2021			January 1, 2021
Revenues	$	3,491		$	3,252		$	13,737		$	12,297


Net income	$	176		$	197		$	759		$	629
Net income margin	5.0		%	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 margin	10.3		%	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.

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:

Revenue - Product Highlight
Our significant initiatives include the following: achieving annual revenue growth through internal collaboration and better leveraging of key differentiators across our company and the deployment of resources and investments into higher growth markets; increasing headcount and internal direct labor content on our contract portfolio; continued improvement in our back office infrastructure and related business processes for greater effectiveness and efficiency across all business functions; and disciplined deployment of our cash resources and use of our capital structure to enhance shareholder value while retaining an appropriate amount of financial leverage.

Financial - Income Highlight
The decrease in operating income for fiscal 2021 as compared to fiscal 2020 was primarily attributable to a net decrease in volumes on certain products and product deliveries, partially offset by a $26 million benefit from an adjustment to legal reserves related to the Mission Support Alliance joint venture during the first quarter of fiscal 2021.
Other - Other Highlight
The effective tax rate for fiscal 2021 was favorably impacted primarily by federal research tax credits and excess tax benefits related to employee stock-based payment transactions.
Revenue - Geography Highlight
The effective tax rate for fiscal 2020 was favorably impacted primarily by federal research tax credits and excess tax benefits related to employee stock-based payment transactions, partially offset by taxes related to foreign operations.
Financial - Expense Highlight
From a macroeconomic perspective, our industry is under general competitive pressures associated with spending from our largest customer, the U.S. government, and requires a high level of cost management focus to allow us to remain competitive.
Financial - Expense
Beginning in 2022, a provision...Read more
Financial - Shares
Stock repurchases of Leidos common...Read more
Financial - Cash Flow
Summary of Cash Flows The...Read more
Financial - Earnings
A significant change to these...Read more
Financial - Expense
Although our Credit Facilities and...Read more
Other - Other
We also have letters of...Read more
Revenue - Geography
There is no obligation included...Read more
Financial - Debt
The increase was primarily due...Read more
Financial - Expense
A performance obligation's EAC includes...Read more
Other - Other
Annual Report - 43 PART...Read more
Legal - Other
Annual Report - 39 PART...Read more
Other - Other
We have identified the following...Read more
Financial - Cash Flow
In the event that there...Read more
Financial - Expense
For U.S. government contracts, continuous...Read more
Other - Other
During fiscal 2021 and 2020,...Read more
Financial - Income
The increase in operating income...Read more
Other - Other
Pursuant to these registration rights...Read more
Revenue - Product
Operations of the reporting unit...Read more
Revenue - Product
The forecasts utilized to estimate...Read more
M & A - Other
Goodwill and Intangible Assets Goodwill...Read more
Financial - Earnings
Annual Report - 41 PART...Read more
Financial - Debt
Additionally, on July 12, 2021,...Read more
Financial - Expense
For fiscal 2021, operating expenses...Read more
Financial - Expense
Contracts with the U.S. government...Read more
Financial - Expense
The FAR provides guidance on...Read more
Financial - Income
Operating income was $1,152 million,...Read more
M & A - Other
We recognize purchased intangible assets...Read more
Revenue - Product
Key Performance Measures The primary...Read more
Revenue - Product
To determine the proper revenue...Read more
Other - Other
Goodwill and intangible assets, net...Read more
Financial - Expense
Additionally, we separately present the...Read more
Financial - Income
The increase in operating income...Read more
Other - Other
Effective July 3, 2021, certain...Read more
Revenue - Product
Revenue Recognition Goodwill and Intangible...Read more
Financial - Earnings
Similarly, for non-U.S. government contracts,...Read more
Other - Other
If contract modifications add distinct...Read more
Revenue - Product
Funded backlog for contracts with...Read more

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Material Contracts, Statements, Certifications & more

Leidos Holdings, Inc. provided additional information to their SEC Filing as exhibits

Exhibit 21: Subsidaries Of The Registrant

Exhibit 23.1: Consents Of Experts And Counsel

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Exhibit 32.2: Section 1350 Certification

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