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Leidos Holdings, Inc. (LDOS) SEC Filing 10-Q Quarterly Report for the period ending Friday, July 2, 2021

Leidos Holdings, Inc.

CIK: 1336920 Ticker: LDOS


EXHIBIT 99.1
Leidos Holdings, Inc. Reports Second Quarter Fiscal Year 2021 Results

Revenues of $3.4 billion, up 18% year-over-year
Diluted Earnings per Share of $1.18, or $1.52 on a non-GAAP basis
Net Bookings of $3.8 billion (book-to-bill ratio of 1.1) build a strong foundation for growth
Backlog grows for fourteenth consecutive quarter to $33.5 billion, up 9% year-over-year
RESTON, Va., August 3, 2021 – Leidos Holdings, Inc. (NYSE: LDOS), a FORTUNE 500
® science and technology leader, today reported financial results for the second quarter of fiscal year 2021.  
Roger Krone, Leidos Chairman and Chief Executive Officer, commented, "Our results in the second quarter reflect our leadership position in the government technology market. I am tremendously proud of the way Leidos has responded throughout the pandemic, as our employees and business partners continually delivered for our customers and shareholders. While we remain vigilant with the recent uptick in COVID-19 cases, Leidos is stronger than ever, with new quarterly record levels of revenue and backlog consistent with our industry-leading organic growth."
Summary Operating Results
Three Months Ended
(in millions, except margin and per share amounts)July 2, 2021July 3, 2020
Revenues$3,448 $2,914 
Operating income$269 $249 
Operating margin7.8 %8.5 %
Net income attributable to Leidos shareholders$169 $153 
Diluted earnings per share (EPS)$1.18 $1.06 
Non-GAAP Measures*:
Adjusted EBITDA$359 $343 
Adjusted EBITDA margin10.4 %11.8 %
Non-GAAP diluted EPS$1.52 $1.55 
* Non-GAAP financial measures should be considered in addition to, but not as a substitute for, the information provided in accordance with GAAP. See Non-GAAP Financial Measures at the end of this press release for more information.
Revenues for the quarter were $3.45 billion, up 18% compared to the prior year quarter. Excluding acquired revenues of $58 million, revenues increased 16% organically. Revenues grew across all reportable segments; the largest contributors were the increase in veterans' disability examinations after the pause from the COVID-19 pandemic and the start-up of the Navy Next Generation IT contract.
Operating income for the quarter was $269 million, up 8.0% from the prior year quarter. Operating income margin decreased from 8.5% to 7.8% year-over-year as a result of the $81 million net gain recognized upon the receipt of proceeds related to the VirnetX, Inc. ("VirnetX") legal matter in the second quarter of fiscal year 2020. Net income attributable to Leidos shareholders was $169 million, or $1.18 per diluted share. Net income attributable to Leidos shareholders was up 10% and diluted EPS was up 11% from the second quarter of fiscal year 2020. The weighted average diluted share count for the quarter was 143 million compared to 144 million in the prior year quarter.
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The following information was filed by Leidos Holdings, Inc. (LDOS) on Tuesday, August 3, 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-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 (Details)
Accumulated Other Comprehensive Loss (Tables)
Acquisitions, Goodwill, And Intangible Assets
Acquisitions, Goodwill, And Intangible Assets (Acquisition Expenses Incurred) (Details)
Acquisitions, Goodwill, And Intangible Assets (Narrative) (Details)
Acquisitions, Goodwill, And Intangible Assets (Schedule Of Changes In Goodwill By Segment) (Details)
Acquisitions, Goodwill, And Intangible Assets (Schedule Of Estimated Annual Amortization Expense) (Details)
Acquisitions, Goodwill, And Intangible Assets (Schedule Of Intangible Assets Acquired) (Details)
Acquisitions, Goodwill, And Intangible Assets (Schedule Of Intangible Assets) (Details)
Acquisitions, Goodwill, And Intangible Assets (Schedule Of Preliminary Fair Values Of The Assets Acquired And Liabilities Assumed) (Details)
Acquisitions, Goodwill, And Intangible Assets (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 (Narrative) (Details)
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) (Details)
Business Segments (Tables)
Commitment And Contingencies (Tables)
Commitments And Contingencies
Commitments And Contingencies (Future Expirations Maturity Table) (Details)
Commitments And Contingencies (Narrative) (Details)
Debt
Debt (Narrative) (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 (Tables)
Earnings Per Share
Earnings Per Share (Narrative) (Details)
Earnings Per Share (Reconciliation Of Weighted Average Number Of Shares Outstanding) (Details)
Earnings Per Share (Tables)
Fair Value Measurements
Fair Value Measurements (Financial Instruments Measured At Fair Value On Recurring Basis) (Details)
Fair Value Measurements (Narrative) (Details)
Fair Value Measurements (Tables)
Revenues From Contracts With Customers
Revenues From Contracts With Customers (Contract Asset And Liabilities) (Details)
Revenues From Contracts With Customers (Disaggregation Of Revenue) (Details)
Revenues From Contracts With Customers (Narrative) (Details)
Revenues From Contracts With Customers (Tables)
Sale Of Accounts Receivable
Sale Of Accounts Receivable (Accounts Receivable Sale Activity) (Details)
Sale Of Accounts Receivable (Narrative) (Details)
Sale Of Accounts Receivable (Tables)
Subsequent Events
Subsequent Events (Details)

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: 0001336920-21-000038
Submitted to the SEC: Tue Aug 03 2021 12:37:49 PM EST
Accepted by the SEC: Tue Aug 03 2021
Period: Friday, July 2, 2021
Industry: Computer Integrated Systems Design

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