$LDOS
Leidos Holdings, Inc. Stock $ldos

$ldos Overview Financials Valuation SEC Filings Company Website

2017 Q1 Form 10-Q Financial Statement

#000133692017000021 Filed on May 05, 2017

Income Statement

Concept	2017 Q1	2016 Q2
Revenue	$2.580B	$1.312B
YoY Change	101.41%	5.3%
Cost Of Revenue	$2.233B	$1.154B
YoY Change	178.43%	5.58%
Gross Profit	$347.0M	$158.0M
YoY Change	230.48%	3.27%
Gross Profit Margin	13.45%	12.04%
Selling, General & Admin	$181.0M	$60.00M
YoY Change	964.71%	-20.0%
% of Gross Profit	52.16%	37.97%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization	$82.00M	$8.000M
YoY Change	1266.67%	-33.33%
% of Gross Profit	23.63%	5.06%
Operating Expenses	$181.0M	$60.00M
YoY Change	964.71%	-20.0%
Operating Profit	$141.0M	$89.00M
YoY Change	38.24%	134.21%
Interest Expense	$38.00M	$14.00M
YoY Change	-642.86%	-200.0%
% of Operating Profit	26.95%	15.73%
Other Income/Expense, Net	$3.000M	$0.00
YoY Change	-96.39%	-100.0%
Pretax Income	$108.0M	$78.00M
YoY Change	-46.0%	239.13%
Income Tax	$34.00M	$25.00M
% Of Pretax Income	31.48%	32.05%
Net Earnings	$72.00M	$53.00M
YoY Change	-43.31%	29.27%
Net Earnings / Revenue	2.79%	4.04%
Basic Earnings Per Share	$0.48	$0.74
Diluted Earnings Per Share	$0.47	$0.72
COMMON SHARES
Basic Shares Outstanding	150.0M shares	72.00M shares
Diluted Shares Outstanding	153.0M shares	74.00M shares

Balance Sheet

Concept	2017 Q1	2016 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments	$206.0M	$609.0M
YoY Change	-68.6%	61.54%
Cash & Equivalents	$206.0M	$609.0M
Short-Term Investments
Other Short-Term Assets		$95.00M
YoY Change
Inventory	$348.0M	$225.0M
Prepaid Expenses
Receivables	$1.841B	$874.0M
Other Receivables	$0.00	$0.00
Total Short-Term Assets	$2.395B	$1.803B
YoY Change	33.58%	9.21%
LONG-TERM ASSETS
Property, Plant & Equipment	$238.0M	$136.0M
YoY Change	67.61%	-55.84%
Goodwill	$4.619B
YoY Change	282.68%
Intangibles	$1.520B
YoY Change	5980.0%
Long-Term Investments
YoY Change
Other Assets	$353.0M	$214.0M
YoY Change	81.03%	125.26%
Total Long-Term Assets	$6.745B	$1.588B
YoY Change	327.71%	-4.22%
TOTAL ASSETS
Total Short-Term Assets	$2.395B	$1.803B
Total Long-Term Assets	$6.745B	$1.588B
Total Assets	$9.140B	$3.391B
YoY Change	171.22%	2.48%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable	$592.0M	$707.0M
YoY Change	93.46%	-5.1%
Accrued Expenses	$837.0M	$216.0M
YoY Change	163.21%	-8.86%
Deferred Revenue
YoY Change
Short-Term Debt	$0.00	$0.00
YoY Change
Long-Term Debt Due	$84.00M	$2.000M
YoY Change	4100.0%	0.0%
Total Short-Term Liabilities	$1.983B	$1.005B
YoY Change	90.67%	1.82%
LONG-TERM LIABILITIES
Long-Term Debt	$3.188B	$1.089B
YoY Change	195.46%	-5.8%
Other Long-Term Liabilities	$217.0M	$195.0M
YoY Change	45.64%	17.47%
Total Long-Term Liabilities	$217.0M	$195.0M
YoY Change	45.64%	-85.25%
TOTAL LIABILITIES
Total Short-Term Liabilities	$1.983B	$1.005B
Total Long-Term Liabilities	$217.0M	$195.0M
Total Liabilities	$2.200B	$1.200B
YoY Change	85.03%	-48.03%
SHAREHOLDERS EQUITY
Retained Earnings	-$154.0M	-$251.0M
YoY Change	-44.4%	-40.1%
Common Stock	$0.00	$0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity	$3.177B	$1.102B
YoY Change
Total Liabilities & Shareholders Equity	$9.140B	$3.391B
YoY Change	171.22%	2.48%

Cashflow Statement

Concept	2017 Q1	2016 Q2
OPERATING ACTIVITIES
Net Income	$72.00M	$53.00M
YoY Change	-43.31%	29.27%
Depreciation, Depletion And Amortization	$82.00M	$8.000M
YoY Change	1266.67%	-33.33%
Cash From Operating Activities	-$71.00M	-$14.00M
YoY Change	-7200.0%	-51.72%
INVESTING ACTIVITIES
Capital Expenditures	$7.000M	$4.000M
YoY Change	-158.33%	33.33%
Acquisitions	$0.00
YoY Change
Other Investing Activities	-$2.000M	$0.00
YoY Change	-102.94%	-100.0%
Cash From Investing Activities	-$5.000M	-$2.000M
YoY Change	-108.93%	-150.0%
FINANCING ACTIVITIES
Cash Dividend Paid		$23.00M
YoY Change		-4.17%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities	-$78.00M	-31.00M
YoY Change	290.0%	-45.61%
NET CHANGE
Cash From Operating Activities	-$71.00M	-14.00M
Cash From Investing Activities	-$5.000M	-2.000M
Cash From Financing Activities	-$78.00M	-31.00M
Net Change In Cash	-$154.0M	-47.00M
YoY Change	-516.22%	-42.68%
FREE CASH FLOW
Cash From Operating Activities	-$71.00M	-$14.00M
Capital Expenditures	$7.000M	$4.000M
Free Cash Flow	-$78.00M	-$18.00M
YoY Change	-700.0%	-43.75%

Facts In Submission

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CY2017Q1	us-gaap	Weighted Average Number Of Shares Outstanding Basic WeightedAverageNumberOfSharesOutstandingBasic	150000000	shares
CY2017Q1	us-gaap	Loss Contingency Disclosures LossContingencyDisclosures	<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-weight:bold;">Contingencies</font></div><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;">Legal Proceedings</font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:italic;">MSA Venture</font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">On November 10, 2015, Mission Support Alliance, LLC ("MSA"), a joint venture with Jacobs Engineering Group, Inc. and Centerra Group, LLC, received a final decision of the Department of Energy ("DoE") contracting officer for the Mission Support Contract concluding that certain payments to MSA by DoE for the performance of IT services by Lockheed Martin Services, Inc. (“LMSI”) under a subcontract to MSA constituted alleged affiliate fees in violation of the Federal Acquisition Regulation (the "FAR"). Lockheed Martin Integrated Technology LLC (now known as Leidos Integrated Technology LLC) is a member entity of MSA. At the same time, the contracting officer advised MSA that he would not approve certain provisional fee payments to MSA pending resolution of the matters set forth in his decision. Subsequent to the contracting officer's final decision, MSA, LMSI, and Lockheed Martin Corporation received notice from the U.S. Attorney's Office for the Eastern District of Washington that the U.S. Government had initiated a False Claims Act investigation into the facts surrounding this dispute, and each of MSA, LMSI and Lockheed Martin Corporation have produced information in response to Civil Investigative Demands from the U.S. Attorney's Office. In addition, the U.S. Attorney's office has advised that a parallel criminal investigation is open, although no subjects or targets of the investigation have been identified.</font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Since this issue first was raised by the DoE, MSA has asserted that the IT services performed by LMSI under a fixed price/fixed unit rate subcontract approved by the DoE meet the definition of a "commercial item" under the FAR and any profits earned on that subcontract are permissible. MSA filed an appeal of the contracting officer's decision with the Civilian Board of Contract Appeals and that appeal is pending, but has been stayed pending resolution of the False Claims Act investigation. Subsequent to the filing of MSA's appeal, the contracting officer demanded that MSA reimburse the DoE in the amount of </font><font style="font-family:Arial;font-size:10pt;">$64 million</font><font style="font-family:Arial;font-size:10pt;">, which was his estimate of the profits earned during the period from 2010 to 2014 by LMSI. The DoE has deferred that demand, pending resolution of the appeal, but to date the demand has not been rescinded. MSA and the other members of MSA have indicated they believe if MSA incurs a liability in this matter, then Leidos Integrated Technology, LLC is responsible to MSA for the loss. Under the terms of the Separation Agreement, Lockheed Martin has agreed to indemnify the Company for </font><font style="font-family:Arial;font-size:10pt;">100%</font><font style="font-family:Arial;font-size:10pt;"> of any damages in excess of </font><font style="font-family:Arial;font-size:10pt;">$38 million</font><font style="font-family:Arial;font-size:10pt;"> up to </font><font style="font-family:Arial;font-size:10pt;">$64 million</font><font style="font-family:Arial;font-size:10pt;">, and </font><font style="font-family:Arial;font-size:10pt;">50%</font><font style="font-family:Arial;font-size:10pt;"> of any damages in excess of </font><font style="font-family:Arial;font-size:10pt;">$64 million</font><font style="font-family:Arial;font-size:10pt;">, with respect to claims asserted against MSA related to this matter. At March 31, 2017, the Company has a liability of </font><font style="font-family:Arial;font-size:10pt;">$39 million</font><font style="font-family:Arial;font-size:10pt;"> and an indemnification asset of </font><font style="font-family:Arial;font-size:10pt;">$1 million</font><font style="font-family:Arial;font-size:10pt;"> recorded in the condensed consolidated balance sheets.</font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:italic;">Data Privacy Litigation </font></div><div style="line-height:120%;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The Company was previously a defendant in a putative class action, </font><font style="font-family:Arial;font-size:10pt;font-style:italic;">In Re: Science Applications International Corporation ("SAIC") Backup Tape Data Theft Litigation</font><font style="font-family:Arial;font-size:10pt;">, which was a Multidistrict Litigation ("MDL") action in the U.S. District Court for the District of Columbia relating to the theft of computer backup tapes from a vehicle of a company employee. In May 2014, the District Court dismissed all but </font><font style="font-family:Arial;font-size:10pt;">two</font><font style="font-family:Arial;font-size:10pt;"> plaintiffs from the MDL action. In June 2014, Leidos and its co-defendant, TRICARE, entered into settlement agreements with the remaining </font><font style="font-family:Arial;font-size:10pt;">two</font><font style="font-family:Arial;font-size:10pt;"> plaintiffs who subsequently dismissed their claims with prejudice.</font></div><div style="line-height:120%;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">On September 20, 2014, the Company was named as a defendant in a putative class action, </font><font style="font-family:Arial;font-size:10pt;font-style:italic;">Martin Fernandez, on Behalf Of Himself And All Other Similarly Situated v. Leidos, Inc.</font><font style="font-family:Arial;font-size:10pt;"> in the Eastern District Court of California, related to the same theft of computer backup tapes. The recent complaint includes allegations of violations of the California Confidentiality of Medical Information Act, the California Unfair Competition Law and other claims. On August 28, 2015, the Court dismissed all claims brought by the Plaintiff against the Company. Plaintiff filed a notice of appeal of this dismissal on November 17, 2015, to the United States Court of Appeals for the Ninth Circuit. On March 31, 2017, the parties agreed to a settlement and release of all outstanding claims and the case was dismissed with prejudice on April 5, 2017.</font></div><div style="line-height:120%;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:italic;">Securities Litigation</font></div><div style="line-height:120%;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Between February and April 2012, alleged stockholders filed </font><font style="font-family:Arial;font-size:10pt;">three</font><font style="font-family:Arial;font-size:10pt;"> putative securities class actions. </font><font style="font-family:Arial;font-size:10pt;">One</font><font style="font-family:Arial;font-size:10pt;"> case was withdrawn and </font><font style="font-family:Arial;font-size:10pt;">two</font><font style="font-family:Arial;font-size:10pt;"> cases were consolidated in the U.S. District Court for the Southern District of New York in </font><font style="font-family:Arial;font-size:10pt;font-style:italic;">In Re: SAIC, Inc. Securities Litigation</font><font style="font-family:Arial;font-size:10pt;">. The consolidated securities complaint named as defendants the Company, a former chief financial officer, </font><font style="font-family:Arial;font-size:10pt;">two</font><font style="font-family:Arial;font-size:10pt;"> former chief executive officers, a former group president and the former program manager on the Company's contract to develop and implement an automated time and attendance and workforce management system for certain agencies of the City of New York ("CityTime") and was filed purportedly on behalf of all purchasers of the Company's common stock from April 11, 2007, through September 1, 2011. The consolidated securities complaint asserted claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 based on allegations that the Company and individual defendants made misleading statements or omissions about the Company’s revenues, operating income and internal controls in connection with disclosures relating to the CityTime project. The plaintiffs sought to recover from the Company and the individual defendants an unspecified amount of damages class members allegedly incurred by buying Leidos' stock at an inflated price. On October 1, 2013, the District Court dismissed many claims in the complaint with prejudice and on January 30, 2014, the District Court entered an order dismissing all remaining claims with prejudice and without leave to replead. The plaintiffs then appealed to the United States Court of Appeals for the Second Circuit. On March 29, 2016, the Second Circuit issued an opinion affirming in part, and vacating in part, the District Court's ruling. In particular, the Second Circuit held that the plaintiffs should be permitted to pursue omissions claims against the Company with respect to the annual report the Company filed on Form 10-K on March 25, 2011; the Second Circuit affirmed dismissal of all other claims, including all the claims against the individual defendants, and the case was remanded to the District Court. On September 23, 2016, the District Court issued an order clarifying that the applicable class period relating to the March 2011 Form 10-K ends on June 2, 2011, not September 1, 2011, as plaintiffs argued. The Company filed a petition for a writ of certiorari in the U.S. Supreme Court, which was granted on March 27, 2017. Any potential loss relating to this matter is not reasonably estimable due to unresolved questions of fact and law. However, the Company does not expect any ultimate liability to have a material effect on the Company’s financial position, liquidity or capital resources.</font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:italic;">Greek Government Contract </font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">In May 2003, the Company entered into a firm-fixed-price contract with the Hellenic Republic of Greece (the "Customer") to provide a Command, Control, Communications, Coordination and Integration System (the "System") to support the 2004 Athens Summer Olympic Games (the "Olympics") and to serve as the security system for the Customer’s public order departments following completion of the Olympics.</font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">In November 2008, the Customer accepted the System in writing pursuant to the requirements of the contract. At the time, the Customer determined that the System substantially complied with the terms of the contract and accepted the System with certain alleged minor omissions and deviations. Upon System acceptance, the Company invoiced the Customer for </font><font style="font-family:Arial;font-size:10pt;">$15 million</font><font style="font-family:Arial;font-size:10pt;">, representing the undisputed portion of the contract balance owed to the Company. The Customer has not paid this final invoice.</font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">In June 2009, the Company initiated arbitration before the International Chamber of Commerce against the Customer seeking damages for breaches of contract by the Customer. In July 2013, the Company received an arbitral award for </font><font style="font-family:Arial;font-size:10pt;">$42 million</font><font style="font-family:Arial;font-size:10pt;">. The Customer has yet to satisfy the arbitral award. The Company is pursuing an enforcement action in U.S. District Court for the District of Columbia. In September 2013, the Customer filed a petition in a Greek court seeking to nullify the arbitral award and to stay enforcement of the award in Greece. A hearing on the Customer's nullification request was held in Greece in April 2014. The parties agreed to a stay of the Company's enforcement action in U.S. District Court until the Greek court issued a ruling on the Customer's nullification request. In June 2014, the Athens Court of Appeals annulled the arbitral award. The Company appealed the annulment decision to the Supreme Court of Greece in January 2015 to have the arbitral award reinstated. On September 22, 2016, the Supreme Court of Greece issued a written decision upholding the Company’s appeal and remanding the case back to the appeals court for further proceedings consistent with the Supreme Court’s decision. The court of appeals initially scheduled a hearing on this matter for November 16, 2017. However, in response to a request from the Greek government, the appeals court moved that hearing date up to May 25, 2017. Meanwhile, the Company continues to pursue enforcement of the award in the U.S. District Court as is still its right under U.S. and international law. On January 5, 2017, the U.S. District Court entered an order granting the Company's petition to enforce the arbitration award and entering judgment in the Company's favor. On April 13, 2017, the presiding federal judge increased the award to </font><font style="font-family:Arial;font-size:10pt;">$63 million</font><font style="font-family:Arial;font-size:10pt;"> to include interest, arbitration fees and the conversion of the total amount of the judgment from Euros to U.S. dollars.</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 the significant uncertainties on this contract, the Company converted to the completed-contract method of accounting and ceased recognizing revenues for the System development portion of this contract in fiscal 2006. No profits or losses were recorded on the Greek contract for the quarter ended March 31, 2017, and April 1, 2016. As of March 31, 2017, the Company has recorded </font><font style="font-family:Arial;font-size:10pt;">$123 million</font><font style="font-family:Arial;font-size:10pt;"> of losses under the Greek contract, reflecting the Company’s estimated total cost to complete the System, assuming the Greek contract value was limited to the cash received to date. Based on the complex nature of this contractual situation and the difficulties encountered to date, significant uncertainties exist and the Company is unable to reliably estimate the ultimate outcome. The Company may reverse a portion of the losses from the Greek contract if it receives payments as provided in the arbitral award. As of March 31, 2017, the Company's net balance sheet exposure for the Greek contract was </font><font style="font-family:Arial;font-size:10pt;">immaterial</font><font style="font-family:Arial;font-size:10pt;">.</font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The Company has </font><font style="font-family:Arial;font-size:10pt;">$27 million</font><font style="font-family:Arial;font-size:10pt;"> for value added tax ("VAT") included in the arbitration claim of which this amount was substantially awarded in the arbitral award. The Company has paid a certain amount of VAT and believes it is entitled to recover either as a payment from the arbitral award or as a refund from the taxing authorities. This amount paid is recorded as a receivable as of March 31, 2017, and is part of the net balance sheet exposure. If the Customer fails to pay the outstanding VAT amounts through the arbitral award or the Company is unable to recover these amounts as a refund from the taxing authorities, the Company’s total losses on the Greek contract could increase.</font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The Company has met certain advance payment and performance bonding requirements through the issuance of euro-denominated standby letters of credit. As of March 31, 2017, there were </font><font style="font-family:Arial;font-size:10pt;">$4 million</font><font style="font-family:Arial;font-size:10pt;"> in standby letters of credit outstanding relating to the support and maintenance of the System. In the arbitration, the Company was awarded but has not received </font><font style="font-family:Arial;font-size:10pt;">$20 million</font><font style="font-family:Arial;font-size:10pt;"> representing the amounts drawn by the Customer in fiscal 2011 on certain standby letters of credit as well as damages. The principal subcontractor has provided to the Company euro-denominated standby letters of credit in the amount of </font><font style="font-family:Arial;font-size:10pt;">$18 million</font><font style="font-family:Arial;font-size:10pt;"> as of March 31, 2017, of which </font><font style="font-family:Arial;font-size:10pt;">$16 million</font><font style="font-family:Arial;font-size:10pt;"> relates to the delivery of the System. The Company may draw on the subcontractor’s standby letters of credit under certain circumstances by providing a statement to the responsible bank that the subcontractor has not fulfilled its obligations under the subcontract. </font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:italic;">Other</font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The Company is also involved in various claims and lawsuits arising in the normal conduct of its business, none of which, in the opinion of the Company’s management, based upon current information, will likely have a material adverse effect on the Company’s condensed consolidated financial position, results of operations, or cash flows.</font></div><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;">Other Contingencies</font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:italic;">VirnetX, Inc.</font><font style="font-family:Arial;font-size:10pt;"> </font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">In fiscal 2007, the Company transferred several patents to VirnetX Inc., a subsidiary of VirnetX Holding Corp. In consideration of this transfer, the Company received certain license rights and the right to receive a percentage of the consideration received in patent infringement or enforcement claims against third parties. In November 2012, a jury found that Apple Corporation infringed </font><font style="font-family:Arial;font-size:10pt;">two</font><font style="font-family:Arial;font-size:10pt;"> of the patents that the Company previously transferred to VirnetX and awarded </font><font style="font-family:Arial;font-size:10pt;">$368 million</font><font style="font-family:Arial;font-size:10pt;"> to VirnetX, but the United States Court of Appeals for the Federal Circuit vacated this award. Although VirnetX petitioned the appeals court for an en banc review, this request was denied and the case was remanded to the Federal District Court for further proceedings, including a new jury trial which began on January 25, 2016. </font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">On February 3, 2016, the jury in the United States Court for the Eastern District of Texas, Tyler Division, awarded VirnetX </font><font style="font-family:Arial;font-size:10pt;">$626 million</font><font style="font-family:Arial;font-size:10pt;"> in a verdict against Apple for willful infringement of </font><font style="font-family:Arial;font-size:10pt;">four</font><font style="font-family:Arial;font-size:10pt;"> VirnetX patents. However, on July 29, 2016, the court issued a new order in the pending litigation against Apple, Case No. 6:10-cs-417 ("Apple I") and Case No. 6:12-cv-855 ("Apple II"), vacating its previous order consolidating the two cases and ordering the parties to retry them as separate cases. On September 30, 2016, a jury in the United States Court for the Eastern District of Texas, Tyler Division, in the Apple I case, awarded VirnetX </font><font style="font-family:Arial;font-size:10pt;">$302 million</font><font style="font-family:Arial;font-size:10pt;"> in a verdict against Apple for infringing </font><font style="font-family:Arial;font-size:10pt;">four</font><font style="font-family:Arial;font-size:10pt;"> VirnetX patents. A jury trial in the Apple II case is expected to be scheduled by the court shortly after the conclusion of the Apple I case. Under its agreements with VirnetX, Leidos would receive </font><font style="font-family:Arial;font-size:10pt;">25%</font><font style="font-family:Arial;font-size:10pt;"> of the proceeds obtained by VirnetX after reduction for attorneys' fees and costs. However, it is expected that Apple will appeal the verdict and no assurances can be given when or if the Company will receive any proceeds in connection with this jury award. In addition, if the Company receives any </font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;">proceeds, the Company is required to pay a royalty to the customer who paid for the development of the technology.</font><font style="font-family:Arial;font-size:10pt;"> </font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;">The Company does not ha</font><font style="font-family:Arial;font-size:10pt;">ve any assets or liabilities recorded in connection with this matter as of March 31, 2017.</font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:italic;">Government Investigations and Reviews</font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The Company is routinely subject to investigations and reviews relating to compliance with various laws and regulations with respect to its role as a contractor to federal, state and local government customers and in connection with performing services in countries outside of the United States. Adverse findings could have a material adverse effect on the Company’s business, financial position, results of operations and cash flows due to its reliance on government contracts.</font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Indirect cost audits by the Defense Contract Audit Agency remain open for fiscal 2012 and subsequent years for Leidos, Inc., and fiscal 2010 and subsequent years for Leidos Innovations. Although the Company has recorded contract revenues upon an estimate of costs that the Company believes will be approved upon final audit or review, the Company cannot predict the outcome of any ongoing or future audits or reviews and adjustments, and if future adjustments exceed the Company’s estimates, its profitability would be adversely affected. </font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">As of March 31, 2017, the Company believes it has adequately reserved for potential adjustments from audits or reviews of contract costs.</font></div></div>

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$LDOS
Leidos Holdings, Inc. Stock $ldos

2017 Q1 Form 10-Q Financial Statement

#000133692017000021 Filed on May 05, 2017

Income Statement

Balance Sheet

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$LDOS Leidos Holdings, Inc. Stock $ldos

2017 Q1 Form 10-Q Financial Statement

#000133692017000021 Filed on May 05, 2017

Income Statement

Balance Sheet

Cashflow Statement

Facts In Submission

Files In Submission

$LDOS
Leidos Holdings, Inc. Stock $ldos