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Leidos Holdings, Inc. (LDOS) SEC Filing 10-Q Quarterly report for the period ending Friday, June 28, 2019

Leidos Holdings, Inc.

CIK: 1336920 Ticker: LDOS


EXHIBIT 99.1

Leidos Holdings, Inc. Reports Second Quarter Fiscal Year 2019 Results

Revenues: $2.73 billion, year-over-year growth of 8%
Diluted Earnings per Share: $0.93; Non-GAAP Diluted Earnings per Share: $1.16
Net Bookings: $3.0 billion (book-to-bill ratio of 1.1)
Increases quarterly dividend by 6% to $0.34 per share

RESTON, Va., July 30, 2019 – Leidos Holdings, Inc. (NYSE: LDOS), a FORTUNE 500® science and technology leader, today reported financial results for the second quarter of fiscal year 2019.  
Roger Krone, Leidos Chairman and Chief Executive Officer, commented: "Our growth momentum continues to accelerate through the second quarter, with nearly 9% organic revenue growth, a record backlog position, and strong win-rates. Our success in executing against our pipeline and driving growth across all segments of our business enables us to raise our full-year guidance for both revenue and earnings. In addition, our recently announced dividend increase demonstrates the confidence of the board of directors and management team in the strength of the Company's cash flow generation and ability to sustainably generate value for our shareholders."
Summary Results
Revenues for the quarter were $2.73 billion, compared to $2.53 billion in the prior year quarter, reflecting a 7.9% increase. Revenues grew 8.8% when adjusting for the commercial cybersecurity business that was sold during the first quarter of 2019.
Operating income for the quarter was $210 million, compared to $199 million in the prior year quarter. Operating income margin decreased to 7.7% from 7.9% in the prior year quarter. Non-GAAP operating income margin for the quarter was 9.4%, compared to 10.3% in the prior year quarter, primarily attributable to lower net profit write-ups in the current quarter.
Diluted earnings per share ("EPS") attributable to Leidos common stockholders for the quarter was $0.93, compared to $0.94 in the prior year quarter. Non-GAAP diluted EPS for the quarter was $1.16, compared to $1.12 in the prior year quarter. The weighted average diluted share count for the quarter was 146 million compared to 154 million in the prior year quarter, primarily due to stock repurchases in the first quarter of 2019 and fourth quarter of 2018.
Defense Solutions
Defense Solutions revenues for the quarter of $1,346 million increased by $84 million, or 6.7%, compared to the prior year quarter. The revenue increase was primarily attributable to new awards, partially offset by the completion of certain contracts and lower net profit write-ups in the current quarter.
Defense Solutions operating income margin for the quarter was 7.5%, compared to 7.4% in the prior year quarter. On a non-GAAP basis, operating income margin for the quarter was 8.6%, compared to 8.8% in the prior year quarter, primarily attributable to lower net profit write-ups in the current quarter.
Civil
Civil revenues for the quarter of $881 million increased by $65 million, or 8.0%, compared to the prior year quarter. The revenue increase was primarily attributable to new awards and a net increase in program volumes, partially offset by the impact of the sale of our commercial cybersecurity business in the first quarter of 2019 and lower net profit write-ups in the current quarter.
Civil operating income margin for the quarter was 7.7%, compared to 7.4% in the prior year quarter. On a non-GAAP basis, operating income margin for the quarter was 9.9%, compared to 10.3% in the prior year quarter, primarily attributable to lower net profit write-ups in the current quarter.

1

The following information was filed by Leidos Holdings, Inc. (LDOS) on Tuesday, July 30, 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-Q Quarterly 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-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover
Condensed Consolidated Balance Sheets (Unaudited)
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical)
Condensed Consolidated Statements Of Cash Flows (Unaudited)
Condensed Consolidated Statements Of Comprehensive Income (Unaudited)
Condensed Consolidated Statements Of Equity (Unaudited)
Condensed Consolidated Statements Of Equity (Unaudited) (Parenthetical)
Condensed Consolidated Statements Of Income (Unaudited)
Accounting Standards
Accounting Standards (Details)
Accounting Standards (Tables)
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Loss (Schedule Of Accumulated Other Comprehensive Loss) (Detail)
Accumulated Other Comprehensive Loss (Tables)
Business Segments
Business Segments (Schedule Of Segment Reporting Information By Segment) (Detail)
Business Segments (Tables)
Commitments
Commitments (Detail)
Contingencies
Contingencies (Detail)
Contract Asset And Liabilities
Contract Asset And Liabilities (Details)
Contract Asset And Liabilities (Tables)
Debt
Debt (Narrative) (Detail)
Debt (Summary Of Debt) (Detail)
Debt (Tables)
Derivative Instruments
Derivative Instruments (Details)
Derivative Instruments (Tables)
Divestiture (Tables)
Divestitures
Divestitures (Narrative) (Details)
Divestitures (Schedule Of Major Classes Of Assets And Liabilities Sold) (Details)
Earnings Per Share (Eps)
Earnings Per Share (Eps) (Narrative) (Details)
Earnings Per Share (Eps) (Reconciliation Of Weighted Average Number Of Shares Outstanding) (Detail)
Earnings Per Share (Eps) (Tables)
Fair Value Measurements
Fair Value Measurements (Details)
Fair Value Measurements (Tables)
Goodwill
Goodwill (Detail)
Goodwill (Tables)
Income Taxes
Income Taxes (Detail)
Intangible Assets
Intangible Assets (Narrative) (Details)
Intangible Assets (Schedule Of Estimated Annual Amortization Expense) (Details)
Intangible Assets (Schedule Of Intangible Assets) (Details)
Intangible Assets (Tables)
Leases
Leases (Narrative) (Details)
Leases (Schedule Of Future Minimum Lease Commitments) (Details)
Leases (Schedule Of Future Minimum Rental Payments For Operating Leases, Prior To Adoption Of Asc 842) (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 (Tables)
Nature Of Operations And Basis Of Presentation
Nature Of Operations And Basis Of Presentation (Detail)
Property, Plant And Equipment
Property, Plant And Equipment (Details)
Property, Plant And Equipment (Tables)
Revenues
Revenues (Disaggregation Of Revenue) (Details)
Revenues (Narrative) (Details)
Revenues (Tables)
Significant Accounting Policies
Significant Accounting Policies (Details)
Significant Accounting Policies (Policies)
Significant Accounting Policies (Tables)
Subsequent Events
Subsequent Events (Details)
Supplementary Cash Flow Information And Restricted Cash
Supplementary Cash Flow Information And Restricted Cash (Detail)
Supplementary Cash Flow Information And Restricted Cash (Tables)

Material Contracts, Statements, Certifications & more

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

Ticker: LDOS
CIK: 1336920
Form Type: 10-Q Quarterly Report
Accession Number: 0001336920-19-000041
Submitted to the SEC: Tue Jul 30 2019 9:01:32 AM EST
Accepted by the SEC: Tue Jul 30 2019
Period: Friday, June 28, 2019
Industry: Computer Integrated Systems Design

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