$LDOS
Leidos Holdings, Inc.

2015 Q4 Form 10-Q Financial Statement

#000133692015000060 Filed on October 30, 2015

View on sec.gov

Income Statement

Concept 2015 Q4 2015 Q1 2014 Q4
Revenue $1.302B $373.0M $1.276B
YoY Change 2.04% -71.11% -9.76%
Cost Of Revenue $1.138B $1.017B $1.115B
YoY Change 2.06% -8.13% -8.53%
Gross Profit $164.0M $152.0M $161.0M
YoY Change 1.86% -17.39% -17.44%
Gross Profit Margin 12.6% 40.75% 12.62%
Selling, General & Admin $53.00M $73.00M $72.00M
YoY Change -26.39% 43.14% -36.28%
% of Gross Profit 32.32% 48.03% 44.72%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $9.000M $12.00M $16.00M
YoY Change -43.75% -25.0% 23.08%
% of Gross Profit 5.49% 7.89% 9.94%
Operating Expenses $53.00M $73.00M $72.00M
YoY Change -26.39% -23.96% -36.28%
Operating Profit $94.00M -$23.00M $72.00M
YoY Change 30.56% -128.4% -1540.0%
Interest Expense $15.00M -$17.00M $18.00M
YoY Change -16.67% -26.09% -14.29%
% of Operating Profit 15.96% 25.0%
Other Income/Expense, Net $0.00 $4.000M $0.00
YoY Change -136.36% -100.0%
Pretax Income $80.00M $24.00M $54.00M
YoY Change 48.15% -48.94% -384.21%
Income Tax $31.00M -$2.000M $16.00M
% Of Pretax Income 38.75% -8.33% 29.63%
Net Earnings $49.00M -$23.00M $34.00M
YoY Change 44.12% -152.27% -1233.33%
Net Earnings / Revenue 3.76% -6.17% 2.66%
Basic Earnings Per Share $0.68 $0.36 $0.47
Diluted Earnings Per Share $0.67 $0.35 $0.46
COMMON SHARES
Basic Shares Outstanding 72.00M shares 74.12M shares 73.00M shares
Diluted Shares Outstanding 73.00M shares 74.00M shares

Balance Sheet

Concept 2015 Q4 2015 Q1 2014 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $635.0M $443.0M $418.0M
YoY Change 51.91% 3.02% -48.65%
Cash & Equivalents $635.0M $443.0M $418.0M
Short-Term Investments
Other Short-Term Assets $0.00 $273.0M $8.000M
YoY Change -100.0% 6.64% -38.46%
Inventory $250.0M $70.00M $228.0M
Prepaid Expenses $28.00M
Receivables $844.0M $896.0M $1.021B
Other Receivables $0.00 $102.0M $0.00
Total Short-Term Assets $1.729B $1.618B $1.675B
YoY Change 3.22% -10.46% -26.73%
LONG-TERM ASSETS
Property, Plant & Equipment $178.0M $308.0M $360.0M
YoY Change -50.56% -36.1% -23.89%
Goodwill $1.207B $1.207B $1.207B
YoY Change 0.0% -28.71% -29.17%
Intangibles $26.00M $37.00M $39.00M
YoY Change -33.33% -60.22% -61.0%
Long-Term Investments
YoY Change
Other Assets $155.0M $97.00M $99.00M
YoY Change 56.57% 34.72% 59.68%
Total Long-Term Assets $1.573B $1.663B $1.723B
YoY Change -8.71% -29.38% -26.65%
TOTAL ASSETS
Total Short-Term Assets $1.729B $1.618B $1.675B
Total Long-Term Assets $1.573B $1.663B $1.723B
Total Assets $3.302B $3.281B $3.398B
YoY Change -2.83% -21.17% -26.69%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $771.0M $244.0M $704.0M
YoY Change 9.52% 11.93% -9.97%
Accrued Expenses $267.0M $327.0M $287.0M
YoY Change -6.97% -17.22% -6.51%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $3.000M $2.000M $2.000M
YoY Change 50.0% 0.0% -98.68%
Total Short-Term Liabilities $1.042B $951.0M $1.001B
YoY Change 4.1% -5.75% -19.27%
LONG-TERM LIABILITIES
Long-Term Debt $1.142B $1.164B $1.227B
YoY Change -6.93% -12.55% -7.74%
Other Long-Term Liabilities $164.0M $168.0M $194.0M
YoY Change -15.46% -25.99% 6.59%
Total Long-Term Liabilities $1.306B $1.332B $1.421B
YoY Change -8.09% -14.51% -6.02%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.042B $951.0M $1.001B
Total Long-Term Liabilities $1.306B $1.332B $1.421B
Total Liabilities $2.348B $2.283B $2.422B
YoY Change -3.06% -11.06% -11.99%
SHAREHOLDERS EQUITY
Retained Earnings -$380.0M -$424.0M -$453.0M
YoY Change -16.11% -1796.0% -402.0%
Common Stock $0.00 $0.00 $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $954.0M $998.0M $976.0M
YoY Change
Total Liabilities & Shareholders Equity $3.302B $3.281B $3.398B
YoY Change -2.83% -21.17% -26.69%

Cashflow Statement

Concept 2015 Q4 2015 Q1 2014 Q4
OPERATING ACTIVITIES
Net Income $49.00M -$23.00M $34.00M
YoY Change 44.12% -152.27% -1233.33%
Depreciation, Depletion And Amortization $9.000M $12.00M $16.00M
YoY Change -43.75% -25.0% 23.08%
Cash From Operating Activities $269.0M $122.0M $171.0M
YoY Change 57.31% 15.09% 47.41%
INVESTING ACTIVITIES
Capital Expenditures -$7.000M -$3.000M -$4.000M
YoY Change 75.0% -86.36% 300.0%
Acquisitions
YoY Change
Other Investing Activities $31.00M $2.000M $19.00M
YoY Change 63.16% -71.43% -92.75%
Cash From Investing Activities $24.00M -$1.000M $15.00M
YoY Change 60.0% -93.33% -94.25%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -23.00M -96.00M -126.0M
YoY Change -81.75% -79.79% 404.0%
NET CHANGE
Cash From Operating Activities 269.0M 122.0M 171.0M
Cash From Investing Activities 24.00M -1.000M 15.00M
Cash From Financing Activities -23.00M -96.00M -126.0M
Net Change In Cash 270.0M 25.00M 60.00M
YoY Change 350.0% -106.51% -82.95%
FREE CASH FLOW
Cash From Operating Activities $269.0M $122.0M $171.0M
Capital Expenditures -$7.000M -$3.000M -$4.000M
Free Cash Flow $276.0M $125.0M $175.0M
YoY Change 57.71% -2.34% 49.57%

Facts In Submission

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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:italic;font-weight:bold;">Fiscal Year End Change</font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">On March 20, 2015, the Board of Directors of the Company approved the amendment and restatement of the bylaws of the Company to change both Leidos' and Leidos, Inc.'s year end from the Friday nearest the end of January to the Friday nearest the end of December.</font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">As a result of this change, the Company will file its Annual Report on Form 10-K, which will cover the 11-month period ending on January 1, 2016, as its transition report. This change does not impact the Company's prior year, which ended January 30, 2015. </font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">In order to allow an immediate transition to the new calendar and to maintain transparency and comparability of financial information included in the Company's quarterly Form 10-Q filings, the year-to-date information in this Form 10-Q is being presented on a nine-month basis for the current year, which includes the last month of the year ended January 30, 2015. Therefore, the condensed consolidated statements of income and comprehensive income and the condensed consolidated statements of cash flows reflect the results for the nine-month period ended&#160;October 2, 2015.</font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The Company's business is primarily driven by productive hours and time sold in relation to the services and solutions provided to its customers, as such the productive hours and time sold do not vary materially quarter over quarter. Therefore, the Company does not believe that the change in its year end has a material effect on the comparability of the periods presented. As such, the quarterly periods of the prior year have not been recast to correspond with the new quarterly periods.</font></div></div>

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