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Leidos Holdings, Inc. (LDOS) SEC Filing 10-K Annual report for the fiscal year ending Friday, January 3, 2020

Leidos Holdings, Inc.

CIK: 1336920 Ticker: LDOS

Exhibit 99.1

Leidos Holdings, Inc. Reports Fourth Quarter and Fiscal Year 2019 Results

- Revenues: $2.95 billion for fourth quarter; $11.09 billion for the year
- Diluted Earnings per Share: $1.26 for fourth quarter, year-over-year growth of 1%; $4.60 for the year
- Non-GAAP Diluted Earnings per Share: $1.51 for fourth quarter, year-over-year growth of 37%; $5.17 for the year
- Cash Flows from Operations: $169 million for fourth quarter; $992 million for the year

RESTON, Va., February 18, 2020 – Leidos Holdings, Inc. (NYSE: LDOS), a FORTUNE 500® science and technology leader, today reported financial results for the fourth quarter and fiscal year 2019.
Roger Krone, Leidos Chairman and Chief Executive Officer, commented: "We delivered strong fourth quarter results, including record organic revenue growth, increasing margins and significant year-over-year non-GAAP earnings growth. Our growth and execution momentum accelerated throughout 2019 and has continued into 2020 with significant new program wins and the opportunity to create value from our two recently announced acquisitions. I am confident that we are growing the company with the right talent, the right capabilities and the right strategy to continue to drive value for our customers, employees and shareholders."
Fourth Quarter Summary Results
Revenues for the quarter were $2.95 billion, compared to $2.65 billion in the prior year quarter, reflecting an 11.6% increase.
Operating income for the quarter was $261 million, compared to $188 million in the prior year quarter. Operating income margin increased to 8.8% from 7.1% in the prior year quarter. Non-GAAP operating margin for the quarter was 10.5%, compared to 9.3% in the prior year quarter, primarily due to favorable program mix.
Diluted earnings per share ("EPS") attributable to Leidos common stockholders for the quarter was $1.26, compared to $1.25 in the prior year quarter. Non-GAAP diluted EPS for the fourth quarter was $1.51 compared to $1.10 in the prior year quarter. The weighted average diluted share count for the quarter was 144 million compared to 150 million in the prior year quarter.
Defense Solutions
Defense Solutions revenues for the quarter of $1.40 billion increased $135 million, or 10.7%, compared to the prior year quarter. The revenue growth 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 8.9%, compared to 6.3% in the prior year quarter. On a non-GAAP basis, operating margin for the quarter was 9.9%, compared to 7.7% in the prior year quarter, primarily attributable to new awards, the release of a contract reserve, favorable program mix and higher net-profit write-ups in the current year quarter.
Civil
Civil revenues for the quarter of $1.03 billion increased $143 million, or 16.2%, compared to the prior year quarter. The revenue growth was primarily attributable to a net increase in program volumes and new awards, partially offset by the impact of the sale of our commercial cybersecurity business and the completion of certain contracts.
Civil operating income margin for the quarter was 9.4%, compared to 7.1% in the prior year quarter. On a non-GAAP basis, operating margin for the quarter was 11.4%, compared to 9.8% in the prior year quarter, primarily attributable to profit write-ups in the current year quarter, new awards and favorable program mix.

1

The following information was filed by Leidos Holdings, Inc. (LDOS) on Tuesday, February 18, 2020 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

Cover
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 (Additional Information) (Details)
Accounting Standards (Adoption Of Asu 2016-02) (Details)
Accounting Standards (Tables)
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Loss (Detail)
Accumulated Other Comprehensive Loss (Tables)
Acquisitions
Acquisitions (Expenses Related To Acquisitions And Integration) (Details)
Acquisitions (Narrative) (Details)
Acquisitions (Tables)
Business Segments
Business Segments (Additional Information) (Detail)
Business Segments (Schedule Of Segment Reporting Information By Segment) (Detail)
Business Segments (Schedule Of Total Revenue Percentages Contributable To Specific Government Agencies) (Detail)
Business Segments (Tables)
Commitments
Commitments (Detail)
Composition Of Certain Financial Statement Captions
Composition Of Certain Financial Statement Captions (Condensed Income Statement) (Details)
Composition Of Certain Financial Statement Captions (Schedule Of Certain Financial Statement Captions) (Details)
Composition Of Certain Financial Statement Captions (Tables)
Contingencies
Contingencies (Detail)
Contract Asset And Liabilities
Contract Asset And Liabilities (Details)
Contract Asset And Liabilities (Tables)
Debt
Debt (Additional Information) (Detail)
Debt (Schedule Of Maturities Of Notes Payable And Long-Term Debt) (Detail)
Debt (Summary Of Debt) (Detail)
Debt (Tables)
Derivative Instruments
Derivative Instruments (Effect Of Cash Flow Hedge ) (Details)
Derivative Instruments (Interest Rate Swaps) (Details)
Derivative Instruments (Long Term Debt) (Details)
Derivative Instruments (Narrative) (Details)
Derivative Instruments And Hedging Activities (Tables)
Divestitures
Divestitures (Detail)
Earnings (Loss) Per Share (Eps) (Tables)
Earnings Per Share (Eps)
Earnings Per Share (Eps) (Narrative) (Details)
Earnings Per Share (Eps) (Reconciliation Of Weighted Average Number Of Shares Outstanding) (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 (Additional Information) (Detail)
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)
Intangible Assets
Intangible Assets (Amortization Of Intangibles) (Details)
Intangible Assets (Components Of Intangibles) (Details)
Intangible Assets (Narrative) (Details)
Intangible Assets (Tables)
Leases
Leases (Additional Information) (Detail)
Leases (Schedule Of Rental Expense For Facilities And Equipment) (Detail)
Leases (Tables)
Leases Leases (Schedule Of Components Of Lease Income) (Details)
Leases Leases (Schedule Of Future Minimum Lease Commitments) (Details)
Leases Leases (Schedule Of Future Minimum Non Cancelable Operating Leases) (Details)
Leases Leases (Schedule Of Lease Cost) (Details)
Leases Leases (Schedule Of Other Information Related To Leases) (Details)
Leases Leases (Schedule Of Rou Assets And Lease Liabilities) (Details)
Leases Leases (Schedule Of Undiscounted Cash Flows For Sales-Type And Operating Leases) (Details)
Nature Of Operations And Basis Of Presentation
Nature Of Operations And Basis Of Presentation (Details)
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)
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 (Narrative) (Details)
Revenues (Tables)
Stock-Based Compensation
Stock-Based Compensation (Additional Information) (Detail)
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 (Stock Options) (Details)
Stock-Based Compensation (Tables)
Subsequent Events
Subsequent Events (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Additional Information) (Detail)
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 (Schedule Of Depreciation Using Estimated Useful Lives) (Detail)
Summary Of Significant Accounting Policies (Tables)
Supplementary Cash Flow Information (Detail)
Supplementary Cash Flow Information (Tables)
Supplementary Cash Flow Information And Restricted Cash
Ticker: LDOS
CIK: 1336920
Form Type: 10-K Annual Report
Accession Number: 0001336920-20-000023
Submitted to the SEC: Tue Feb 18 2020 2:36:02 PM EST
Accepted by the SEC: Tue Feb 18 2020
Period: Friday, January 3, 2020
Industry: Computer Integrated Systems Design

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