Leidos Holdings, Inc. (LDOS) 10-Q Quarterly Report May 2020

Roger Krone, Leidos Chairman and Chief Executive Officer, commented: “First quarter results demonstrated the resiliency of our business, as evidenced by strong pro-forma organic revenue growth across all business segments, significant bookings and a new record backlog position. While the COVID-19 pandemic presented some late quarter headwinds, we are confident that the critical nature of our work, coupled with our early business contingency planning, will largely mitigate any long-term impacts.”

Summary Results

Revenues for the quarter were $2.89 billion, compared to $2.58 billion in the prior year quarter, reflecting a 12.1% increase. Revenues for the quarter included $129 million related to the acquisition of Dynetics, Inc. ("Dynetics").

Operating income for the quarter was $192 million, consistent with the prior year quarter. Operating income margin decreased to 6.6% from 7.5% in the prior year quarter. Non-GAAP operating income margin for the quarter was 8.5%, compared to 9.3% in the prior year quarter, primarily attributable to higher indirect expenditures, including the impacts of the coronavirus pandemic ("COVID-19"), and a charge related to an international receivable, partially offset by higher net profit write-ups in the current quarter.

Diluted earnings per share ("EPS") attributable to Leidos common stockholders for the quarter was $0.80, compared to $1.29 in the prior year quarter. The prior year quarter results included a $0.44 per share impact from the gain on the sale of our commercial cybersecurity business. Non-GAAP diluted EPS for the quarter was $1.19, compared to $1.13 in the prior year quarter. The weighted average diluted share count for the quarter was 144 million compared to 147 million in the prior year quarter.

Defense Solutions

Defense Solutions revenues for the quarter of $1,705 million increased by $214 million, or 14.4%, compared to the prior year quarter. The revenue increase was primarily attributable to $129 million of revenues related to the acquisition of Dynetics, program wins, a net increase in program volumes and higher net profit write-ups in the current quarter. This was partially offset by the completion of certain contracts and temporary reductions in some parts of the business due to the impacts of COVID-19.

Defense Solutions operating income margin for the quarter was 5.6%, compared to 7.0% in the prior year quarter. On a non-GAAP basis, operating income margin for the quarter was 6.8%, compared to 8.0% in the prior year quarter, primarily attributable to higher indirect expenditures, including the impacts of COVID-19, and a charge related to an international receivable, partially offset by higher net profit write-ups in the current quarter.

Civil

Civil revenues for the quarter of $654 million increased by $31 million, or 5.0%, compared to the prior year quarter. The revenue increase was primarily attributable to program wins and a net increase in program volumes, partially offset by the completion of certain contracts, negative impacts from reduced volume on certain contracts due to the impacts of COVID-19 and the impact of the sale of our commercial cybersecurity business in the prior year quarter.

The following information was filed by Leidos Holdings, Inc. (LDOS) on Tuesday, May 5, 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-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:

M & A - Other Highlight
Net cash used in investing activities increased $1,922 million for the three months ended April 3, 2020, when compared to the prior year quarter, primarily due to $1,642 million of net cash paid related to the acquisition of Dynetics and $267 million received in the prior year quarter for the disposition of our commercial cybersecurity business and sale of real estate properties.

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

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Exhibit 32.2: Section 1350 Certification

Ticker: LDOS
CIK: 1336920
Form Type: 10-Q Quarterly Report
Accession Number: 0001336920-20-000038
Submitted to the SEC: Tue May 05 2020 1:29:52 PM EST
Accepted by the SEC: Tue May 05 2020
Period: Friday, April 3, 2020
Industry: Computer Integrated Systems Design

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Leidos Holdings, Inc. (LDOS) SEC Filing 10-Q Quarterly report for the period ending Friday, April 3, 2020

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