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Leidos Holdings, Inc. (LDOS) SEC Filing 10-K Annual report for the fiscal year ending Friday, December 29, 2017

Leidos Holdings, Inc.

CIK: 1336920 Ticker: LDOS

Exhibit 99.1

Leidos Holdings, Inc. Reports Fourth Quarter and Fiscal Year 2017 Results

- Revenues: $2.52 billion for fourth quarter; $10.17 billion for the year
- Diluted Earnings per Share: $0.74 for fourth quarter; $2.38 for the year
- Non-GAAP Diluted Earnings per Share: $0.87 for fourth quarter; $3.72 for the year
- Cash Flows from Operations: $164 million for fourth quarter, $526 million for the year
- Announces share repurchase authorization for up to 20 million shares

RESTON, Va., February 22, 2018 – Leidos Holdings, Inc. (NYSE: LDOS), a FORTUNE 500
® science, information technology and engineering leader, today reported financial results for the fourth quarter and fiscal year 2017.
Roger Krone, Leidos Chairman and Chief Executive Officer, commented: “We closed out 2017 with another strong quarter of operational performance, enabling us to achieve strong margins and generate more than half a billion dollars of cash from operations for the year. With the successful completion of most of our integration activities, we shift our focus to growth in the year ahead. Our strong balance sheet and increased cash generation allows us to continue to invest for growth while also returning capital to shareholders. Further, the talent and diversity of our employees, combined with their dedication to delivering mission critical solutions gives us confidence in our ability to continue to deliver value to our customers and shareholders."
Fourth Quarter Summary Results
Revenues for the quarter were $2.52 billion, compared to $2.58 billion in the prior year quarter, reflecting a 2.3% decrease.
Operating income for the quarter was $101 million, compared to $152 million in the prior year quarter. Operating margin decreased to 4.0% from 5.9% in the prior year quarter, due to increases in acquisition and integration costs, amortization of intangible assets, restructuring expenses and amortization of equity method investments. Excluding non-GAAP items, operating margin was 9.2%, compared to 9.3% in the prior year quarter.
Diluted earnings per share ("EPS") attributable to Leidos common stockholders for the quarter was $0.74, compared to $0.39 in the prior year quarter. Excluding the items mentioned above, non-GAAP diluted EPS attributable to Leidos common stockholders for the fourth quarter was $0.87 compared to $0.75 in the prior year quarter. The weighted average diluted share count for the quarter was 154 million compared to 153 million in the prior year quarter.
Defense Solutions
Defense Solutions revenues for the quarter of $1.22 billion decreased $48 million, or 3.8%, compared to the prior year quarter. The revenue decline was primarily attributable to completion of certain contracts and net volume decreases, partially offset by growth in its airborne programs.
Defense Solutions operating income margin for the quarter was 7.0%, compared to 6.9% in the prior year quarter. On a non-GAAP basis, operating margin for the quarter was 9.3%, compared to 8.0% in the prior year quarter. Operating margins were favorably impacted by profit write-ups on certain contracts.
Civil
Civil revenues for the quarter of $854 million decreased $8 million, or 0.9%, compared to the prior year quarter. The revenue decline was primarily attributable to the timing of our security products business, partially offset by net volume increases on certain contracts.
Civil operating income margin for the quarter was 6.6%, compared to 7.7% in the prior year quarter. On a non-GAAP basis, operating margin for the quarter was 10.7%, compared to 10.2% in the prior year quarter. Operating margins were favorably impacted by profit write-ups on certain contracts.

1

The following information was filed by Leidos Holdings, Inc. (LDOS) on Thursday, February 22, 2018 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
Consolidated Statements Of Income
Consolidated Statements Of Stockholders' Equity
(estimated Fair Values Of Assets Acquired And Liabilities Assumed) (detail)
Accumulated Other Comprehensive Income (loss)
Accumulated Other Comprehensive Income (loss) (schedule Of Accumulated Other Comprehensive Income (loss)) (detail)
Accumulated Other Comprehensive Income (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)
Commitments
Commitments - Additional Information (detail)
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)
Contingencies
Contingencies - Additional Information (detail)
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
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) (tables)
Earnings Per Share (eps)
Earnings Per Share (eps) (reconciliation Of Weighted Average Number Of Shares Outstanding) (details)
Earnings Per Share (eps) (schedule Of Basic And Diluted Eps) (detail)
Earnings Per Share (eps) (shares Repurchased) (details)
Fair Value Measurements (details)
Fair Value Measurements (notes)
Fair Value Measurements (tables)
Goodwill
Goodwill (schedule Of Changes In Goodwill By Segment) (detail)
Goodwill (tables)
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)
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)
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 Rsu 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 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: 0001336920-18-000008
Submitted to the SEC: Fri Feb 23 2018 3:20:22 PM EST
Accepted by the SEC: Fri Feb 23 2018
Period: Friday, December 29, 2017
Industry: Computer Integrated Systems Design

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