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Leidos Holdings, Inc. (LDOS) SEC Filing 10-Q Quarterly Report for the period ending Friday, April 1, 2022

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    10-Q Quarterly Report August 2022
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    10-Q Quarterly Report August 2021
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    10-Q Quarterly Report November 2020
    10-Q Quarterly Report August 2020
    10-Q Quarterly Report May 2020
    10-Q Quarterly Report October 2019

Leidos Holdings, Inc.

CIK: 1336920 Ticker: LDOS


EXHIBIT 99.1
Leidos Holdings, Inc. Reports First Quarter Fiscal Year 2022 Results

Revenues of $3.5 billion, up 5% year-over-year
Net Income of $177 million; Adjusted EBITDA of $358 million
Diluted Earnings per Share of $1.25, or $1.58 on a non-GAAP basis
Cash Flows from Operations of $93 million; Free Cash Flow of $65 million
Net Bookings of $5.4 billion (book-to-bill ratio of 1.6) drive record backlog of $36.3 billion

RESTON, Va., May 3, 2022 – Leidos Holdings, Inc. (NYSE: LDOS), a FORTUNE 500
® science and technology leader, today reported financial results for the first quarter of fiscal year 2022.  
Roger Krone, Leidos Chairman and Chief Executive Officer, commented, "Our first quarter marked a strong start to 2022, with record levels of revenues and backlog stemming from our leadership position in the government technology market. We continued to build our reputation and track record of performance in digital technology, cyber, and innovative systems across our diversified, resilient business portfolio. Our strong first quarter results and the improving federal budget picture increase our confidence in delivering on our full-year financial commitments."
Summary Operating Results
Three Months Ended
(in millions, except margin and per share amounts)April 1, 2022April 2, 2021
Revenues$3,494 $3,315 
Net income$177 $205 
Net income margin5.1 %6.2 %
Diluted earnings per share (EPS)$1.25 $1.42 
Non-GAAP Measures*:
Adjusted EBITDA$358 $389 
Adjusted EBITDA margin10.2 %11.7 %
Non-GAAP diluted EPS$1.58 $1.73 
* 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 $3.49 billion, up 5% in total and up 4% organically compared to the prior year quarter. Revenues grew across all reportable segments; the largest contributors were the start-up of the Navy Next Generation Enterprise Network Recompete (NGEN-R) Service Management, Integration and Transport (SMIT) contract and the increased deployments on the Defense Healthcare Management System Modernization (DHMSM) program.
Net income was $177 million and diluted EPS was $1.25. Net income and diluted EPS were down 14% and 12% year-over-year, respectively, primarily as a result of the $26 million net benefit from an adjustment to legal reserves related to the Mission Support Alliance (MSA) joint venture recorded in the first quarter of fiscal year 2021. The weighted average diluted share count for the quarter was 140 million compared to 144 million in the prior year quarter. Net income margin decreased from 6.2% to 5.1% year-over-year.
1

The following information was filed by Leidos Holdings, Inc. (LDOS) on Tuesday, May 3, 2022 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
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 Income (Loss)
Accumulated Other Comprehensive Income (Loss) (Details)
Accumulated Other Comprehensive Income (Loss) (Tables)
Acquisitions, Divestitures, Goodwill And Intangible Assets
Acquisitions, Divestitures, Goodwill And Intangible Assets (Narrative) (Details)
Acquisitions, Divestitures, Goodwill And Intangible Assets (Schedule Of Changes In Goodwill By Segment) (Details)
Acquisitions, Divestitures, Goodwill And Intangible Assets (Schedule Of Estimated Annual Amortization Expense) (Details)
Acquisitions, Divestitures, Goodwill And Intangible Assets (Schedule Of Intangible Assets Acquired) (Details)
Acquisitions, Divestitures, Goodwill And Intangible Assets (Schedule Of Intangible Assets) (Details)
Acquisitions, Divestitures, 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)

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: 0001336920-22-000024
Submitted to the SEC: Tue May 03 2022 12:00:40 PM EST
Accepted by the SEC: Tue May 03 2022
Period: Friday, April 1, 2022
Industry: Computer Integrated Systems Design

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