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Leidos Holdings, Inc. (LDOS) SEC Filing 10-Q Quarterly report for the period ending Friday, October 2, 2020

Leidos Holdings, Inc.

CIK: 1336920 Ticker: LDOS


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

Revenues: $3.24 billion, year-over-year growth of 14.4%
Diluted Earnings per Share: $1.13; Non-GAAP Diluted Earnings per Share: $1.47
Net Bookings: $4.3 billion (book-to-bill ratio of 1.3)
Cash Flows from Operations: $592 million

RESTON, Va., November 2, 2020 – Leidos Holdings, Inc. (NYSE: LDOS), a FORTUNE 500
® science and technology leader, today reported financial results for the third quarter of fiscal year 2020.  
Roger Krone, Leidos Chairman and Chief Executive Officer, commented: “Leidos’ third quarter results reflect the hard work and dedication of our employees and close collaboration with our customers as we provided continuity of operations while accelerating our pandemic response plan. This is evidenced by record revenue, solid margins, record backlog and record operational cash generation in the recent quarter. While challenges still remain, we are pleased with the growth and margin trajectory as we enter the fourth quarter and beyond.”
Summary Results
Revenues for the quarter were $3.24 billion, compared to $2.84 billion in the prior year quarter, reflecting a 14.4% increase. Revenues for the quarter included $302 million and $74 million related to the acquisitions of Dynetics, Inc. ("Dynetics") and L3Harris Technologies' security detection and automation businesses (the "SD&A Businesses"), respectively.
Operating income for the quarter was $258 million, compared to $249 million in the prior year quarter, reflecting a 3.6% increase. Operating income margin decreased to 8.0% from 8.8% in the prior year quarter. Non-GAAP operating income margin for the quarter was 10.0%, compared to 10.4% in the prior year quarter, primarily attributable to a $54 million recovery recognized in the prior year quarter related to the receipt of the Greek arbitration award.
Diluted earnings per share ("EPS") attributable to Leidos common stockholders for the quarter was $1.13, compared to $1.11 in the prior year quarter. Non-GAAP diluted EPS for the quarter was $1.47, compared to $1.36 in the prior year quarter. The weighted average diluted share count for the quarter was 144 million compared to 145 million in the prior year quarter.
Defense Solutions
Defense Solutions revenues for the quarter of $1,951 million increased by $357 million, or 22.4%, compared to the prior year quarter. The revenue increase was primarily attributable to $302 million of revenues related to the acquisition of Dynetics and program wins, partially offset by the completion of certain contracts and reduced volume on certain contracts due to negative impacts related to the coronavirus pandemic ("COVID-19").
Defense Solutions operating income margin for the quarter was 7.4%, compared to 6.7% in the prior year quarter. On a non-GAAP basis, operating income margin for the quarter was 8.8%, compared to 7.7% in the prior year quarter. The increase in margin was primarily attributable to higher margins on program wins and lower indirect expenditures.
Civil
Civil revenues for the quarter of $771 million increased by $38 million, or 5.2%, compared to the prior year quarter. The revenue increase was primarily attributable to $74 million of revenues related to the acquisition of the SD&A Businesses and program wins, partially offset by the completion of certain contracts, prior year upfront lease revenue recognized on certain programs and reduced volume on certain contracts due to negative impacts related to COVID-19.
1

The following information was filed by Leidos Holdings, Inc. (LDOS) on Monday, November 2, 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 (Preliminary Purchase Consideration) (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)
Commitment And Contingencies (Tables)
Commitments
Commitments (Future Expirations Maturity Table) (Details)
Commitments (Narrative) (Detail)
Contingencies
Contingencies (Detail)
Contract Asset And Liabilities
Contract Asset And Liabilities (Additional Information) (Details)
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 (Effect Of Cash Flow Hedge ) (Details)
Derivative Instruments (Interest Rate Swaps) (Details)
Derivative Instruments (Narrative) (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)
Inventory
Inventory (Details)
Inventory (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: 0001336920-20-000083
Submitted to the SEC: Mon Nov 02 2020 1:38:39 PM EST
Accepted by the SEC: Mon Nov 02 2020
Period: Friday, October 2, 2020
Industry: Computer Integrated Systems Design

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