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Leidos Holdings, Inc. (LDOS) SEC Filing 10-Q Quarterly report for the period ending Friday, September 27, 2019

Leidos Holdings, Inc.

CIK: 1336920 Ticker: LDOS


EXHIBIT 99.1

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

Revenues: $2.84 billion, year-over-year growth of 10%
Adjusted EBITDA Margins: 10.7%
Diluted Earnings per Share: $1.11; Non-GAAP Diluted Earnings per Share: $1.36
Net Bookings: $5.2 billion (book-to-bill ratio of 1.8)

RESTON, Va., October 29, 2019 – Leidos Holdings, Inc. (NYSE: LDOS), a FORTUNE 500® science and technology leader, today reported financial results for the third quarter of fiscal year 2019.  
Roger Krone, Leidos Chairman and Chief Executive Officer, commented: "We are pleased with the continued momentum in our business reflected in our third quarter results, which set new records in revenue, backlog and bookings. Our results underscore our success in growing all segments of our business and demonstrate our ability to deliver our broad capabilities across our diverse customer base."
Summary Results
Revenues for the quarter were $2.84 billion, compared to $2.58 billion in the prior year quarter, reflecting a 10.1% increase.
Operating income for the quarter was $249 million, compared to $203 million in the prior year quarter. Operating income margin increased to 8.8% from 7.9% in the prior year quarter. Non-GAAP operating income margin for the quarter was 10.4%, compared to 10.2% in the prior year quarter, primarily attributable to the payment of an arbitration award relating to a contract in a prior business operation, partially offset by lower net profit write-ups in the current year quarter and increased bad debt expense on certain international contracts.
Diluted earnings per share ("EPS") attributable to Leidos common stockholders for the quarter was $1.11, compared to $0.96 in the prior year quarter. Non-GAAP diluted EPS for the quarter was $1.36, compared to $1.14 in the prior year quarter. The weighted average diluted share count for the quarter was 145 million compared to 153 million in the prior year quarter, primarily due to stock repurchases during 2019 and the fourth quarter of 2018.
Defense Solutions
Defense Solutions revenues for the quarter of $1,354 million increased by $104 million, or 8.3%, 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 completion of certain contracts.
Defense Solutions operating income margin for the quarter was 6.9%, compared to 7.1% in the prior year quarter. On a non-GAAP basis, operating income margin for the quarter was 8.0%, compared to 8.5% in the prior year quarter, primarily attributable to lower net profit write-ups in the current quarter, partially offset by new awards and favorable program mix.
Civil
Civil revenues for the quarter of $973 million increased by $92 million, or 10.4%, 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 and lower net profit write-ups in the current quarter.
Civil operating income margin for the quarter was 5.9%, compared to 10.4% in the prior year quarter. On a non-GAAP basis, operating income margin for the quarter was 7.8%, compared to 13.2% in the prior year quarter, primarily attributable to increased bad debt expense on certain international contracts, start-up costs on new program awards and lower net profit write-ups in the current quarter.

1

The following information was filed by Leidos Holdings, Inc. (LDOS) on Tuesday, October 29, 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)
Acquisitions
Acquisitions (Details)
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 Components Of Lease Income) (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 (Schedule Of Undiscounted Cash Flows For Sales-Type And Operating Leases) (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 (Narrative) (Details)
Property, Plant And Equipment (Schedule Of Property, Plant And Equipment) (Details)
Property, Plant And Equipment (Tables)
Revenues
Revenues (Additional Information) (Details)
Revenues (Disaggregation Of Revenue) (Details)
Revenues (Remaining Performance Obligations 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)
Ticker: LDOS
CIK: 1336920
Form Type: 10-Q Quarterly Report
Accession Number: 0001336920-19-000054
Submitted to the SEC: Tue Oct 29 2019 10:15:35 AM EST
Accepted by the SEC: Tue Oct 29 2019
Period: Friday, September 27, 2019
Industry: Computer Integrated Systems Design

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