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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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Leidos Holdings, Inc.

CIK: 1336920 Ticker: LDOS


EXHIBIT 99.1
Leidos Holdings, Inc. Reports First Quarter Fiscal Year 2020 Results

Revenues: $2.89 billion, year-over-year growth of 12%
Diluted Earnings per Share: $0.80; Non-GAAP Diluted Earnings per Share: $1.19
Net Bookings: $5.5 billion (book-to-bill ratio of 1.9)
Cash Flows from Operations: $372 million

RESTON, Va., May 5, 2020 – Leidos Holdings, Inc. (NYSE: LDOS), a FORTUNE 500
® science and technology leader, today reported financial results for the first quarter of fiscal year 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.
1

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:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover Page
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)
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Loss (Schedule Of Accumulated Other Comprehensive Loss) (Detail)
Accumulated Other Comprehensive Loss (Tables)
Acquisitions
Acquisitions (Acquisition Expenses Incurred) (Details)
Acquisitions (Details)
Acquisitions (Pro Forma Information) (Details)
Acquisitions (Schedule Of Intangible Assets Acquired) (Details)
Acquisitions (Schedule Of Preliminary Fair Values Of The Assets Acquired And Liabilities Assumed) (Details)
Acquisitions Acquisitions (Tables)
Basis Of Presentation And Summary Of Significant Accounting Policies
Basis Of Presentation And Summary Of Significant Accounting Policies (Changes In Estimates On Contracts) (Details)
Basis Of Presentation And Summary Of Significant Accounting Policies (Detail)
Basis Of Presentation And Summary Of Significant Accounting Policies (Policies)
Basis Of Presentation And Summary Of Significant Accounting Policies (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)
Earnings Per Share
Earnings Per Share (Narrative) (Details)
Earnings Per Share (Reconciliation Of Weighted Average Number Of Shares Outstanding) (Detail)
Earnings Per Share (Tables)
Fair Value Measurements
Fair Value Measurements (Financial Instruments Measured At Fair Value On Recurring Basis) (Details)
Fair Value Measurements (Tables)
Fair Value Measures (Narrative) (Details)
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Carrying Amount Of Goodwill By Reportable Segment) (Details)
Goodwill And Intangible Assets (Narrative) (Details)
Goodwill And Intangible Assets (Schedule Of Estimated Annual Amortization Expense) (Details)
Goodwill And Intangible Assets (Schedule Of Intangible Assets) (Details)
Goodwill And Intangible Assets (Tables)
Leases
Leases (Narrative) (Details)
Leases (Schedule Of Components Of Lease Income) (Details)
Leases (Tables)
Revenues
Revenues (Additional Information) (Details)
Revenues (Disaggregation Of Revenue) (Details)
Revenues (Remaining Performance Obligations Narrative) (Details)
Revenues (Tables)
Subsequent Events
Subsequent Events (Details)
Supplementary Cash Flow Information And Restricted Cash
Supplementary Cash Flow Information And Restricted Cash (Accounts Receivable Sale Activity) (Details)
Supplementary Cash Flow Information And Restricted Cash (Narrative) (Details)
Supplementary Cash Flow Information And Restricted Cash (Supplementary Cash Flow Information) (Details)
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: 0001336920-20-000038
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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