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Leidos Holdings, Inc. (LDOS) SEC Filing 10-Q Quarterly Report for the period ending Friday, October 1, 2021

Leidos Holdings, Inc.

CIK: 1336920 Ticker: LDOS


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

Revenues of $3.5 billion, up 7% year-over-year
Net Income of $208 million; Adjusted EBITDA of $403 million
Diluted Earnings per Share of $1.43, or $1.80 on a non-GAAP basis
Cash Flows from Operations of $565 million; Free Cash Flow of $541 million
Net Bookings of $4.7 billion (book-to-bill ratio of 1.4) drive record backlog of $34.7 billion

RESTON, Va., November 2, 2021 – Leidos Holdings, Inc. (NYSE: LDOS), a FORTUNE 500
® science and technology leader, today reported financial results for the third quarter of fiscal year 2021.  
Roger Krone, Leidos Chairman and Chief Executive Officer, commented, "The third quarter marked another strong quarter for Leidos, with record levels of revenues, adjusted EBITDA, non-GAAP diluted EPS, and backlog. Our success is the direct result of building a business portfolio focused on vital missions and a workforce that is motivated to enhance those missions through technology, engineering, and science. As we described at our October Investor Day, we see continued success ahead based on our scale, positioning, and talented people."
Summary Operating Results
Three Months Ended
(in millions, except margin and per share amounts)October 1, 2021October 2, 2020
Revenues$3,483 $3,242 
Net income$208 $163 
Net income margin6.0 %5.0 %
Diluted earnings per share (EPS)$1.43 $1.13 
Non-GAAP Measures*:
Adjusted EBITDA$403 $347 
Adjusted EBITDA margin11.6 %10.7 %
Non-GAAP diluted EPS$1.80 $1.47 
* Non-GAAP financial measures should be considered in addition to, but not as a substitute for, the information provided in accordance with GAAP. Management believes that these non-GAAP measures provide another measure of Leidos' results of operations and financial condition, including its ability to comply with financial covenants. See Non-GAAP Financial Measures at the end of this press release for more information and a reconciliation of our selected reported results to these non-GAAP measures.
Revenues for the quarter were $3.48 billion, up 7% compared to the prior year quarter. Excluding acquired revenues of $47 million, revenues increased 6% 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.
Net income was $208 million, or $1.43 per diluted share. Net income was up 28% and diluted EPS was up 27% from the third 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. Net income margin increased from 5.0% to 6.0% year-over-year as a result of the strong program management and higher volumes on certain fixed price programs.
Adjusted EBITDA was $403 million for the third quarter, up 16% year-over-year; adjusted EBITDA margin increased from 10.7% to 11.6% over the same period consistent with the increase in operating income margin. Non-GAAP net income was $260 million for the third quarter, which was up 23% year-over-year, and non-GAAP diluted EPS for the quarter was $1.80, which was up 22% compared to the third quarter of fiscal year 2020.
1

The following information was filed by Leidos Holdings, Inc. (LDOS) on Tuesday, November 2, 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 (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)

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: 0001336920-21-000052
Submitted to the SEC: Tue Nov 02 2021 1:09:00 PM EST
Accepted by the SEC: Tue Nov 02 2021
Period: Friday, October 1, 2021
Industry: Computer Integrated Systems Design

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