$LDOS
Leidos Holdings, Inc.

2017 Q4 Form 10-Q Financial Statement

#000133692017000055 Filed on November 03, 2017

View on sec.gov

Income Statement

Concept 2017 Q4 2017 Q3 2016 Q3
Revenue $2.516B $2.503B $1.868B
YoY Change -2.29% 33.99% 48.61%
Cost Of Revenue $2.231B $2.136B $1.630B
YoY Change -1.54% 31.04% 46.45%
Gross Profit $285.0M $367.0M $238.0M
YoY Change -7.77% 54.2% 65.28%
Gross Profit Margin 11.33% 14.66% 12.74%
Selling, General & Admin $134.0M $194.0M $88.00M
YoY Change 0.75% 120.45% 72.55%
% of Gross Profit 47.02% 52.86% 36.97%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $82.00M $16.00M $10.00M
YoY Change 20.59% 60.0% -16.67%
% of Gross Profit 28.77% 4.36% 4.2%
Operating Expenses $134.0M $194.0M $88.00M
YoY Change 0.75% 120.45% 72.55%
Operating Profit $151.0M $151.0M $101.0M
YoY Change -0.66% 49.5% 57.81%
Interest Expense -$27.00M $36.00M $28.00M
YoY Change 0.0% 28.57% -300.0%
% of Operating Profit -17.88% 23.84% 27.72%
Other Income/Expense, Net -$32.00M $0.00 -$1.000M
YoY Change 220.0% -100.0% -150.0%
Pretax Income $34.00M $116.0M $75.00M
YoY Change -67.62% 54.67% 44.23%
Income Tax $36.00M $37.00M -$17.00M
% Of Pretax Income 105.88% 31.9% -22.67%
Net Earnings $114.0M $82.00M $91.00M
YoY Change 93.22% -9.89% 145.95%
Net Earnings / Revenue 4.53% 3.28% 4.87%
Basic Earnings Per Share $0.54 $0.81
Diluted Earnings Per Share $726.1K $0.53 $0.80
COMMON SHARES
Basic Shares Outstanding 151.3M shares 152.0M shares 112.0M shares
Diluted Shares Outstanding 154.0M shares 114.0M shares

Balance Sheet

Concept 2017 Q4 2017 Q3 2016 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $390.0M $287.0M $670.0M
YoY Change 3.72% -57.16% 83.56%
Cash & Equivalents $390.0M $287.0M $449.0M
Short-Term Investments
Other Short-Term Assets $453.0M
YoY Change 30.17%
Inventory $76.00M $487.0M $223.0M
Prepaid Expenses $90.00M
Receivables $1.831B $1.797B $1.677B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $2.674B $2.571B $2.556B
YoY Change 12.31% 0.59% 51.06%
LONG-TERM ASSETS
Property, Plant & Equipment $232.0M $212.0M $231.0M
YoY Change -10.42% -8.23% 29.78%
Goodwill $4.974B $4.976B $4.874B
YoY Change 7.62% 2.09% 303.81%
Intangibles $856.0M $925.0M $1.643B
YoY Change -46.13% -43.7% 5034.38%
Long-Term Investments $37.00M
YoY Change 85.0%
Other Assets $254.0M $239.0M $260.0M
YoY Change -4.15% -8.08% 195.45%
Total Long-Term Assets $6.316B $6.352B $7.023B
YoY Change -6.44% -9.55% 362.34%
TOTAL ASSETS
Total Short-Term Assets $2.674B $2.571B $2.556B
Total Long-Term Assets $6.316B $6.352B $7.023B
Total Assets $8.990B $8.923B $9.579B
YoY Change -1.55% -6.85% 198.32%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $557.0M $1.500B $720.0M
YoY Change -5.75% 108.33% 0.56%
Accrued Expenses $747.0M $435.0M $269.0M
YoY Change 51.52% 61.71% -1.47%
Deferred Revenue $293.0M
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $55.00M $64.00M $1.000M
YoY Change -11.29% 6300.0% -50.0%
Total Short-Term Liabilities $2.202B $2.021B $1.980B
YoY Change 9.23% 2.07% 98.8%
LONG-TERM LIABILITIES
Long-Term Debt $3.056B $3.043B $1.092B
YoY Change -5.24% 178.66% -3.11%
Other Long-Term Liabilities $129.0M $215.0M $174.0M
YoY Change -36.76% 23.56% 2.96%
Total Long-Term Liabilities $129.0M $215.0M $174.0M
YoY Change -36.76% 23.56% -86.57%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.202B $2.021B $1.980B
Total Long-Term Liabilities $129.0M $215.0M $174.0M
Total Liabilities $2.331B $2.236B $2.154B
YoY Change 5.0% 3.81% -6.02%
SHAREHOLDERS EQUITY
Retained Earnings -$15.00M -$72.00M -$188.0M
YoY Change -91.53% -61.7% -53.69%
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 $3.370B $3.294B $3.116B
YoY Change
Total Liabilities & Shareholders Equity $8.990B $8.923B $9.579B
YoY Change -1.55% -6.85% 198.32%

Cashflow Statement

Concept 2017 Q4 2017 Q3 2016 Q3
OPERATING ACTIVITIES
Net Income $114.0M $82.00M $91.00M
YoY Change 93.22% -9.89% 145.95%
Depreciation, Depletion And Amortization $82.00M $16.00M $10.00M
YoY Change 20.59% 60.0% -16.67%
Cash From Operating Activities $164.0M $267.0M $72.00M
YoY Change 36.67% 270.83% -52.32%
INVESTING ACTIVITIES
Capital Expenditures -$39.00M -$19.00M -$3.000M
YoY Change 333.33% 533.33% -40.0%
Acquisitions
YoY Change
Other Investing Activities $1.000M $0.00 $22.00M
YoY Change -50.0% -100.0% -344.44%
Cash From Investing Activities -$38.00M -$19.00M $19.00M
YoY Change 442.86% -200.0% -235.71%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -65.00M -174.0M -30.00M
YoY Change -71.37% 480.0% -79.87%
NET CHANGE
Cash From Operating Activities 164.0M 267.0M 72.00M
Cash From Investing Activities -38.00M -19.00M 19.00M
Cash From Financing Activities -65.00M -174.0M -30.00M
Net Change In Cash 61.00M 74.00M 61.00M
YoY Change -153.51% 21.31% -608.33%
FREE CASH FLOW
Cash From Operating Activities $164.0M $267.0M $72.00M
Capital Expenditures -$39.00M -$19.00M -$3.000M
Free Cash Flow $203.0M $286.0M $75.00M
YoY Change 57.36% 281.33% -51.92%

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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-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><font style="font-family:Arial;font-size:10pt;font-weight:bold;"> </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. (&#8220;LMSI&#8221;) 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 September 29, 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;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 against the Company and several former executives relating to 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"). </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 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&#8217;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. The District Court dismissed the plaintiffs' claims with prejudice and without leave to replead. The plaintiffs then appealed to the United States Court of Appeals for the Second Circuit, which issued an opinion affirming in part, and vacating in part, the District Court's ruling. The Company filed a petition for a writ of certiorari in the U.S. Supreme Court, which was granted on March 27, 2017. The District Court granted the Company&#8217;s request to stay all proceedings, including discovery, pending the outcome at the Supreme Court. In September 2017, the parties engaged in mediation resulting in an agreement to settle all remaining claims for an immaterial amount to be paid by the Company&#8217;s insurer.&#160;The terms of the proposed settlement remain subject to court approval, which is expected to occur in the first half of 2018.</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 2003, the Company entered into a firm-fixed-price contract with the Hellenic Republic of Greece to provide a Command, Control, Communications, Coordination and Integration System.&#160;The Greek government disputed the contract balance owed to the Company and has not paid the Company&#8217;s final invoice. In 2013, the Company received an arbitral award by the International Chamber of Commerce for </font><font style="font-family:Arial;font-size:10pt;">$46 million</font><font style="font-family:Arial;font-size:10pt;">, which has not been satisfied.&#160; In January 2017, the U.S. District Court granted an order to enforce the arbitration award and entered judgment in the Company's favor, for which&#160;the award was subsequently increased to </font><font style="font-family:Arial;font-size:10pt;">$63 million</font><font style="font-family:Arial;font-size:10pt;">. The Greek government sought to annul the award through separate litigation in the Greek courts, however, on July 27, 2017, the Athens Court of Appeals issued a final decision rejecting the government's position. 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.&#160; </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&#8217;s management, based upon current information, will likely have a material adverse effect on the Company&#8217;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 Inc. 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 the VirnetX patents at issue in the Apple I case. </font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">On September 29, 2017, the court entered a final judgment in the case, and in an opinion and order, unsealed by the court on October 13, 2017, the court found that Apple willfully infringed the VirnetX patents at issue in the Apple I case and awarded enhanced damages, bringing the total award against Apple to over </font><font style="font-family:Arial;font-size:10pt;">$343 million</font><font style="font-family:Arial;font-size:10pt;"> in pre-interest damages. The court also awarded costs, certain attorneys&#8217; fees, and certain interest, and directed VirnetX and Apple to meet and confer regarding those amounts, resulting in a filing by VirnetX asking the court to grant VirnetX an additional sum of over </font><font style="font-family:Arial;font-size:10pt;">$96 million</font><font style="font-family:Arial;font-size:10pt;">. This additional amount would bring the total award to VirnetX in the Apple I case to over </font><font style="font-family:Arial;font-size:10pt;">$439 million</font><font style="font-family:Arial;font-size:10pt;">. 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, Apple may 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 proceeds, the Company is required to pay a royalty to the customer who paid for the development of the technology. </font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The Company does not have any assets or liabilities recorded in connection with this matter as of September 29, 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 effect on the Company&#8217;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;">During the quarter ended September 29, 2017, pursuant to the resolution of certain government accounting matters, including audits by the Defense Contract Audit Agency, the Company recorded a net </font><font style="font-family:Arial;font-size:10pt;">$11 million</font><font style="font-family:Arial;font-size:10pt;"> reduction to its accrued liabilities.</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 2011 and subsequent years for Leidos Innovations. Although the Company has recorded contract revenues based 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&#8217;s estimates, its profitability may 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 September 29, 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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