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Leidos Holdings, Inc. (LDOS) SEC Filing 10-K Annual report for the fiscal year ending Friday, December 28, 2018

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Leidos Holdings, Inc.

HISTORY TOOLS
CIK: 912958 Ticker: LDOS

Exhibit 99.1

Leidos Holdings, Inc. Reports Fourth Quarter and Fiscal Year 2018 Results

- Revenues: $2.65 billion for fourth quarter; $10.19 billion for the year
- Diluted Earnings per Share: $1.25 for fourth quarter; $3.80 for the year
- Non-GAAP Diluted Earnings per Share: $1.10 for fourth quarter; $4.38 for the year
- Cash Flows from Operations: $104 million for fourth quarter, $768 million for the year

RESTON, Va., February 19, 2019 – Leidos Holdings, Inc. (NYSE: LDOS), a FORTUNE 500® science and technology leader, today reported financial results for the fourth quarter and fiscal year 2018.
Roger Krone, Leidos Chairman and Chief Executive Officer, commented: "Our fourth quarter and full year 2018 results demonstrate success in our ability to drive growth in our business. We closed out the year with record backlog, accelerating revenue growth, and over three quarters of a billion dollars generated in operating cash flows. Looking ahead, we expect to continue our growth momentum and drive value for our shareholders and other stakeholders by leveraging our scale, flexible cost structure, innovative solutions, and our employees’ unwavering commitment to our customers."
Fourth Quarter Summary Results
Revenues for the quarter were $2.65 billion, compared to $2.52 billion in the prior year quarter, reflecting a 5.2% increase.
Operating income for the quarter was $188 million, compared to $101 million in the prior year quarter. Operating income margin increased to 7.1% from 4.0% in the prior year quarter, primarily due to decreases in acquisition, integration and restructuring costs and lower amortization of intangible assets. Non-GAAP operating margin for the quarter was 9.3%, compared to 9.2% in the prior year quarter.
Diluted earnings per share ("EPS") attributable to Leidos common stockholders for the quarter was $1.25, compared to $0.74 in the prior year quarter. Non-GAAP diluted EPS for the fourth quarter was $1.10 compared to $0.87 in the prior year quarter. The weighted average diluted share count for the quarter was 150 million compared to 154 million in the prior year quarter.
Defense Solutions
Defense Solutions revenues for the quarter of $1.27 billion increased $44 million, or 3.6%, compared to the prior year quarter. The revenue growth was primarily attributable to new awards.
Defense Solutions operating income margin for the quarter was 6.4%, compared to 7.0% in the prior year quarter. On a non-GAAP basis, operating margin for the quarter was 7.7%, compared to 9.3% in the prior year quarter, due to lower net profit write-ups compared to the prior year quarter.
Civil
Civil revenues for the quarter of $885 million increased $31 million, or 3.6%, compared to the prior year quarter. The revenue growth was primarily attributable to a net increase in program volumes, partially offset by lower net profit write-ups in the current year quarter.
Civil operating income margin for the quarter was 7.0%, compared to 6.6% in the prior year quarter. On a non-GAAP basis, operating margin for the quarter was 9.7%, compared to 10.7% in the prior year quarter, primarily attributable to completed contracts and lower net profit write-ups in the current year quarter.
Health
Health revenues of $497 million for the quarter increased $56 million, or 12.7%, as compared to the prior year quarter. The revenue growth is primarily attributable to a net increase in program volumes, partially offset by the completion of certain contracts.

1
The following information was filed by Leidos Holdings, Inc. (LDOS) on Tuesday, February 19, 2019 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 Cash Flows
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Equity
Consolidated Statements Of Equity (Parenthetical)
Consolidated Statements Of Income
Accounting Standards
Accounting Standards (Details)
Accounting Standards (Tables)
Accumulated Other Comprehensive (Loss) Income
Accumulated Other Comprehensive (Loss) Income (Detail)
Accumulated Other Comprehensive (Loss) Income (Tables)
Acquisitions
Acquisitions (Assets And Liabilities Acquired) (Details)
Acquisitions (Intangibles Acquired) (Details)
Acquisitions (Narrative) (Details)
Acquisitions (Pro Forma Information) (Details)
Acquisitions (Schedule Of Purchase Price Allocations Related To Acquisitions) (Detail)
Acquisitions (Tables)
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)
Contract Asset And Liabilities
Contract Asset And Liabilities (Details)
Contract Asset And Liabilities (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
Derivative Instruments (Effect Of Cash Flow Hedge ) (Details)
Derivative Instruments (Interest Rate Swaps) (Details)
Derivative Instruments (Long Term Debt) (Details)
Derivative Instruments And Hedging Activities (Narrative) (Details)
Derivative Instruments And Hedging Activities (Tables)
Divestitures
Divestitures - (Additional Information) (Detail)
Divestitures (Discontinued Operations) (Details)
Divestitures (Tables)
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 Stock-Based Awards Excluded From Weighted Average Shares Outstanding) (Detail)
Earnings Per Share (Eps) (Shares Repurchased) (Details)
Fair Value Measurements
Fair Value Measurements (Details)
Fair Value Measurements (Tables)
Goodwill
Goodwill (Schedule Of Changes In Goodwill By Segment) (Detail)
Goodwill (Tables)
Income Taxes
Income Taxes (Schedule Of Balance Sheet) (Details)
Income Taxes (Schedule Of Changes In Unrecognized Tax Benefits) (Detail)
Income Taxes (Schedule Of Deferred Tax Assets (Liabilities)) (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 (Components Of Intangibles) (Details)
Intangible Assets (Narrative) (Details)
Intangible Assets (Tables)
Leases
Leases (Sale And Leaseback Agreements) (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)
Nature Of Operations And Basis Of Presentation
Nature Of Operations And Basis Of Presentation (Details)
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)
Revenues
Revenues (Disaggregation Of Revenue) (Details)
Revenues (Dual Reporting) (Details)
Revenues (Narrative) (Details)
Revenues (Tables)
Schedule Of Segment Reporting Information By Segment (Detail)
Stock-Based Compensation
Stock-Based Compensation (Restricted Stock Units And Awards) (Details)
Stock-Based Compensation (Schedule Of Performance-Based Stock Award Activity) (Detail)
Stock-Based Compensation (Schedule Of Rsu And Psu 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 (Intangibles) (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: 0001336920-19-000004
Submitted to the SEC: Tue Feb 19 2019 12:15:32 PM EST
Accepted by the SEC: Tue Feb 19 2019
Period: Friday, December 28, 2018
Industry: Computer Integrated Systems Design

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