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Leidos Holdings, Inc. (LDOS) SEC Filing 10-K Annual report for the fiscal year ending Friday, December 30, 2016

Leidos Holdings, Inc.

CIK: 1336920 Ticker: LDOS

Exhibit 99.1

Leidos Holdings, Inc. Reports Fourth Quarter and Fiscal Year 2016 Results

- Revenues: $2.58 billion for fourth quarter; $7.04 billion for fiscal year 2016
- Diluted Earnings per Share from Continuing Operations: $0.39 for fourth quarter; $2.35 for fiscal year 2016
- Non-GAAP Diluted Earnings per Share from Continuing Operations: $0.75 for fourth quarter; $3.51 for fiscal year 2016
- Diluted weighted average shares outstanding: 153 million for fourth quarter; 104 million for fiscal year 2016
- Cash Flow from Continuing Operations: $162 million for fourth quarter, $446 million for fiscal year 2016
- 2017 guidance increased for revenue, adjusted EBITDA margin, and non-GAAP EPS

RESTON, Va., February 23, 2017–Leidos Holdings, Inc. (NYSE: LDOS), a global science and technology solutions company, today reported financial results for the fourth quarter and fiscal year 2016.
Roger Krone, Leidos Chairman and Chief Executive Officer, commented: “I am pleased with our fourth quarter results and with a strong close to a successful and transformational year for the Company. Through the dedicated effort of our employees and the innovative solutions we bring to our customers, we were able to grow revenues, margins, earnings, and cash flow from operations, compared to the prior year.  We are proceeding well against our stated targets and remain committed to building on our successes in the year ahead."
Fourth Quarter Summary Results
Revenues for the quarter were $2.58 billion, compared to $1.28 billion in the prior year quarter. The current quarter included $1.35 billion of revenue attributable to the Information Systems & Global Solutions business ("IS&GS Business") acquired from Lockheed Martin during the third quarter of fiscal year 2016.
Operating income from continuing operations for the quarter was $152 million, compared to $102 million in the prior year quarter. Operating margin decreased to 5.9% from 8.0% in the prior year quarter, as the current quarter included $54 million of amortization of acquired intangible assets, $22 million of acquisition and integration costs, $8 million of restructuring charges and $4 million of asset impairment charges. Excluding these items, the non-GAAP operating margin increased to 9.3% from 8.4% in the prior year quarter.
Diluted earnings per share ("EPS") from continuing operations attributable to Leidos common stockholders for the quarter was $0.39, compared to $1.72 in the prior year quarter. The weighted average diluted share count for the quarter was 153 million, up from 74 million in the prior year quarter primarily due to the issuance of approximately 77 million shares of Leidos common stock to participating Lockheed Martin stockholders in connection with the acquisition of the IS&GS Business during the third quarter of fiscal year 2016. Excluding the items mentioned above, non-GAAP diluted EPS from continuing operations attributable to Leidos common stockholders for the fourth quarter was $0.75 compared to $0.80 in the prior year quarter.
National Security Solutions
National Security Solutions revenues for the quarter of $876 million increased $28 million, or 3%, compared to the prior year quarter. The revenue growth was primarily attributable to revenues associated with our international business and increases in fees resulting from the achievement of contract milestones and related profit write-ups on certain contracts. These increases were partially offset by reduced revenue due to lower scope and completion of certain contracts.
National Security Solutions operating income margin for the quarter was 7.8%, compared to 7.7% in the prior year quarter.

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The following information was filed by Leidos Holdings, Inc. (LDOS) on Thursday, February 23, 2017 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

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Equity (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income (loss)
Consolidated Statements Of Comprehensive Income (loss) (parenthetical)
Consolidated Statements Of Income
Consolidated Statements Of Stockholders' Equity
(estimated Fair Values Of Assets Acquired And Liabilities Assumed) (detail)
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Loss (schedule Of Accumulated Other Comprehensive Loss) (detail)
Accumulated Other Comprehensive Loss (tables)
Acquisitions
Acquisitions (break-up Of Purchase Price Allocation) (details)
Acquisitions (lockheed Martin Merger) (details)
Acquisitions (schedule Of Purchase Price Allocations Related To Acquisitions) (detail)
Acquisitions (tables)
Acquisitions Pro Forma Information (details)
Business Segment Information - Additional Information (detail)
Business Segments
Business Segments (schedule Of Total Revenue Percentages Contributable To Specific Government Agencies) (detail)
Business Segments (tables)
Composition Of Certain Financial Statement Captions
Composition Of Certain Financial Statement Captions (schedule Of Certain Financial Statement Captions) (detail)
Composition Of Certain Financial Statement Captions (tables)
Debt
Debt (revolving Credit Facility) (detail)
Debt (schedule Of Maturities Of Notes Payable And Long-term Debt) (detail)
Debt (summary Of Debt) (detail)
Debt (tables)
Debt - Additional Information (detail)
Derivative Instruments And Hedging Activities
Derivative Instruments And Hedging Activities (details)
Derivative Instruments And Hedging Activities (tables)
Divestitures
Divestitures - (additional Information) (detail)
Divestitures (tables)
Divestitures - (operating Results Classified As Discontinued Operations) (detail)
Earnings (loss) Per Share (eps)
Earnings (loss) Per Share (eps) (reconciliation Of Weighted Average Number Of Shares Outstanding) (details)
Earnings (loss) Per Share (eps) (schedule Of Basic And Diluted Eps) (detail)
Earnings (loss) Per Share (eps) (schedule Of Stock-based Awards Excluded From Weighted Average Shares Outstanding) (detail)
Earnings (loss) Per Share (eps) (shares Repurchased) (details)
Earnings (loss) Per Share (eps) (tables)
Goodwill
Goodwill (schedule Of Changes In Goodwill By Segment) (detail)
Goodwill (tables)
Goodwill - Additional Information (detail)
Income Taxes
Income Taxes (schedule Of Changes In Unrecognized Tax Benefits) (detail)
Income Taxes (schedule Of Deferred Tax Assets (liabilities)) (detail)
Income Taxes (schedule Of Net Deferred Tax Assets) (detail)
Income Taxes (schedule Of Provision For Income Taxes) (detail)
Income Taxes (schedule Of Reconciliation Of Provision For Income Taxes) (detail)
Income Taxes (tables)
Income Taxes - Additional Information (detail)
Intangible Assets
Intangible Assets (amortization Of Intangibles) (details)
Intangible Assets (details)
Intangible Assets (narrative) (details)
Intangible Assets (tables)
Leases
Leases (sale And Leaseback Agreement) (details)
Leases (schedule Of Future Minimum Lease Commitments And Sublease Receipts Under Non-cancelable Operating Leases) (detail)
Leases (schedule Of Rental Expense For Facilities And Equipment) (detail)
Leases (tables)
Leases - Additional Information (detail)
Legal Proceedings
Legal Proceedings - Additional Information (detail)
Other Commitments And Contingencies
Other Commitments And Contingencies - Additional Information (detail)
Property Plant And Equipment
Property Plant And Equipment (details)
Property Plant And Equipment (tables)
Receivables
Receivables (details)
Receivables (tables)
Restructuring Expenses
Restructuring Expenses (details)
Restructuring Expenses (tables)
Retirement Plans
Retirement Plans - Additional Information (detail)
Schedule Of Segment Reporting Information By Segment (detail)
Schedule Of Selected Quarterly Financial Data (detail)
Schedule Of Selected Quarterly Financial Data (footnotes) (detail)
Selected Quarterly Financial Data (unaudited)
Selected Quarterly Financial Data (unaudited) (tables)
Stock-based Compensation
Stock-based Compensation (restricted Stock) (details)
Stock-based Compensation (schedule Of Performance-based Stock Award Activity) (detail)
Stock-based Compensation (schedule Of Stock Option Activity) (detail)
Stock-based Compensation (schedule Of Stock-based Compensation And Related Tax Benefits Recognized) (detail)
Stock-based Compensation (schedule Of Vesting Stock Award Activity) (detail)
Stock-based Compensation (schedule Of Weighted Average Grant-date Fair Value And Assumptions Used) (detail)
Stock-based Compensation (special Dividend) (details)
Stock-based Compensation (stock Options) (details)
Stock-based Compensation (tables)
Stock-based Compensation - Additional Information (detail)
Subsequent Events
Subsequent Events (details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (changes In Estimates On Contracts) (details)
Summary Of Significant Accounting Policies (policies)
Summary Of Significant Accounting Policies (tables)
Summary Of Significant Accounting Policies - Additional Information (detail)
Summary Of Significant Accounting Policies - Schedule Of Depreciation Using Estimated Useful Lives (detail)
Supplementary Cash Flow Information
Supplementary Cash Flow Information (detail)
Supplementary Cash Flow Information (tables)
Ticker: LDOS
CIK: 1336920
Form Type: 10-K Annual Report
Accession Number: 0001336920-17-000014
Submitted to the SEC: Fri Feb 24 2017 3:04:47 PM EST
Accepted by the SEC: Fri Feb 24 2017
Period: Friday, December 30, 2016
Industry: Computer Integrated Systems Design

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