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Leidos Holdings, Inc. (LDOS) SEC Filing 10-K Annual report for the fiscal year ending Friday, January 1, 2021

Leidos Holdings, Inc.

CIK: 1336920 Ticker: LDOS

Exhibit 99.1
Leidos Holdings, Inc. Reports Fourth Quarter and Fiscal Year 2020 Results

- Revenues: $3.25 billion for fourth quarter; $12.30 billion for the year
- Diluted Earnings per Share: $1.37 for fourth quarter, year-over-year growth of 9%; $4.36 for the year
- Non-GAAP Diluted Earnings per Share: $1.63 for fourth quarter, year-over-year growth of 8%; $5.83 for the year
- Cash Flows from Operations: $52 million used in operations for fourth quarter; $1,334 million provided by operations for the year

RESTON, Va., February 23, 2021 – Leidos Holdings, Inc. (NYSE: LDOS), a FORTUNE 500
® science and technology leader, today reported financial results for the fourth quarter and fiscal year 2020.
Roger Krone, Leidos Chairman and Chief Executive Officer, commented: "Fourth quarter results reflect the resilience of our growing portfolio with new record levels of revenue and backlog, coupled with margin expansion and further balance sheet optimization. This performance positions us for above-market growth in 2021, fueled by our talented diverse workforce who continue to engineer and deliver technologically innovative and secure solutions for our customers’ evolving needs."
Fourth Quarter Summary Results
Revenues for the quarter were $3.25 billion, compared to $2.95 billion in the prior year quarter, reflecting a 10.1% increase. Revenues for the quarter included $300 million and $89 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 $299 million, compared to $261 million in the prior year quarter. Operating income margin increased to 9.2% from 8.8% in the prior year quarter. Non-GAAP operating margin for the quarter was 10.7%, compared to 10.5% in the prior year quarter, primarily due to favorable margin performance on certain contracts and higher margins on certain program wins.
Diluted earnings per share ("EPS") attributable to Leidos common stockholders for the quarter was $1.37, compared to $1.26 in the prior year quarter. Non-GAAP diluted EPS for the fourth quarter was $1.63 compared to $1.51 in the prior year quarter. The weighted average diluted share count for the quarter was 144 million, consistent with the prior year quarter.
Defense Solutions
Defense Solutions revenues for the quarter of $1.93 billion increased $273 million, or 16.5%, compared to the prior year quarter. The revenue growth was primarily attributable to $300 million of revenues related to the acquisition of Dynetics and program wins, partially offset by a net decrease in volumes on certain programs and the completion of certain contracts.
Defense Solutions operating income margin for the quarter was 7.6%, compared to 8.9% in the prior year quarter. On a non-GAAP basis, operating margin for the quarter was 8.9%, compared to 9.8% in the prior year quarter, primarily attributable to the release of a contract reserve in the prior year quarter, a net decrease in volumes on certain programs and the completion of certain contracts, partially offset by higher margins on certain program wins.
Civil
Civil revenues for the quarter of $811 million increased $38 million, or 4.9%, compared to the prior year quarter. The revenue growth was primarily attributable to $89 million of revenues related to the acquisition of the SD&A Businesses and program wins, partially offset by a net decrease in volumes on certain programs, including negative impacts on certain contracts due to the coronavirus pandemic ("COVID-19"), and the completion of certain contracts.
1

The following information was filed by Leidos Holdings, Inc. (LDOS) on Tuesday, February 23, 2021 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
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Loss (Details)
Accumulated Other Comprehensive Loss (Tables)
Acquisitions
Acquisitions (Acquisition Expenses Incurred) (Details)
Acquisitions (Narrative) (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 (Tables)
Business Segments
Business Segments (Additional Information) (Details)
Business Segments (Schedule Of Segment Reporting Information By Segment) (Details)
Business Segments (Schedule Of Total Revenue Percentages Contributable To Specific Government Agencies) (Details)
Business Segments (Tables)
Commitments
Commitments (Future Expirations Maturity Table) (Details)
Commitments (Narrative) (Details)
Commitments (Tables)
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 (Details)
Contract Asset And Liabilities
Contract Asset And Liabilities (Additional Information) (Details)
Contract Asset And Liabilities (Details)
Contract Asset And Liabilities (Tables)
Debt
Debt (Narrative) (Details)
Debt (Schedule Of Maturities Of Notes Payable And Long-Term Debt) (Details)
Debt (Summary Of Debt) (Details)
Debt (Tables)
Derivative Instruments
Derivative Instruments (Effect Of Cash Flow Hedge ) (Details)
Derivative Instruments (Interest Rate Swaps) (Details)
Derivative Instruments (Narrative) (Details)
Derivative Instruments And Hedging Activities (Tables)
Divestitures
Divestitures (Details)
Earnings Per Share ("Eps")
Earnings Per Share ("Eps") (Narrative) (Details)
Earnings Per Share ("Eps") (Reconciliation Of Weighted Average Number Of Shares Outstanding) (Details)
Earnings Per Share ("Eps") (Tables)
Fair Value Measurements
Fair Value Measurements (Narrative) (Details)
Fair Value Measurements (Tables)
Fair Value Measures (Financial Instruments Measured At Fair Value On Recurring Basis) (Details)
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Narrative) (Details)
Goodwill And Intangible Assets (Schedule Of Changes In Goodwill By Segment) (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)
Income Taxes
Income Taxes (Narrative) (Details)
Income Taxes (Schedule Of Balance Sheet) (Details)
Income Taxes (Schedule Of Changes In Unrecognized Tax Benefits) (Details)
Income Taxes (Schedule Of Deferred Tax Assets (Liabilities) (Details)
Income Taxes (Schedule Of Provision For Income Taxes) (Details)
Income Taxes (Schedule Of Reconciliation Of Provision For Income Taxes) (Details)
Income Taxes (Tables)
Inventory
Inventory (Details)
Inventory (Tables)
Leases
Leases (Narrative) (Details)
Leases (Schedule Of Rental Expense For Facilities And Equipment) (Details)
Leases (Tables)
Leases Leases (Schedule Of Components Of Lease Income) (Details)
Leases Leases (Schedule Of Future Minimum Lease Commitments) (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)
Retirement Plans
Retirement Plans (Details)
Revenues
Revenues (Disaggregation Of Revenue) (Details)
Revenues (Narrative) (Details)
Revenues (Tables)
Stock-Based Compensation
Stock-Based Compensation (Additional Information) (Details)
Stock-Based Compensation (Schedule Of Performance-Based Stock Award Activity) (Details)
Stock-Based Compensation (Schedule Of Rsu And Awards Activity) (Details)
Stock-Based Compensation (Schedule Of Stock Option Activity) (Details)
Stock-Based Compensation (Schedule Of Stock-Based Compensation And Related Tax Benefits Recognized) (Details)
Stock-Based Compensation (Schedule Of Weighted Average Grant-Date Fair Value And Assumptions Used) (Details)
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) (Details)
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) (Details)
Summary Of Significant Accounting Policies (Tables)
Supplementary Cash Flow Information And Restricted Cash
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)
Ticker: LDOS
CIK: 1336920
Form Type: 10-K Annual Report
Accession Number: 0001336920-21-000010
Submitted to the SEC: Tue Feb 23 2021 3:38:44 PM EST
Accepted by the SEC: Tue Feb 23 2021
Period: Friday, January 1, 2021
Industry: Computer Integrated Systems Design

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