$LDOS
Leidos Holdings, Inc. Stock $ldos

$ldos Overview Financials Valuation SEC Filings Company Website

2018 Q1 Form 10-Q Financial Statement

#000133692018000017 Filed on May 04, 2018

Income Statement

Concept	2018 Q1	2017 Q1
Revenue	$2.443B	$2.580B
YoY Change	-5.31%	101.41%
Cost Of Revenue	$2.086B	$2.233B
YoY Change	-6.58%	178.43%
Gross Profit	$357.0M	$347.0M
YoY Change	2.88%	230.48%
Gross Profit Margin	14.61%	13.45%
Selling, General & Admin	$178.0M	$181.0M
YoY Change	-1.66%	964.71%
% of Gross Profit	49.86%	52.16%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization	$63.00M	$82.00M
YoY Change	-23.17%	1266.67%
% of Gross Profit	17.65%	23.63%
Operating Expenses	$178.0M	$181.0M
YoY Change	-1.66%	964.71%
Operating Profit	$159.0M	$141.0M
YoY Change	12.77%	38.24%
Interest Expense	-$30.00M	$38.00M
YoY Change	-178.95%	-642.86%
% of Operating Profit	-18.87%	26.95%
Other Income/Expense, Net	$0.00	$3.000M
YoY Change	-100.0%	-96.39%
Pretax Income	$125.0M	$108.0M
YoY Change	15.74%	-46.0%
Income Tax	$23.00M	$34.00M
% Of Pretax Income	18.4%	31.48%
Net Earnings	$102.0M	$72.00M
YoY Change	41.67%	-43.31%
Net Earnings / Revenue	4.18%	2.79%
Basic Earnings Per Share	$0.67	$0.48
Diluted Earnings Per Share	$0.66	$0.47
COMMON SHARES
Basic Shares Outstanding	152.0M shares	150.0M shares
Diluted Shares Outstanding	154.0M shares	153.0M shares

Balance Sheet

Concept	2018 Q1	2017 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments	$215.0M	$206.0M
YoY Change	4.37%	-68.6%
Cash & Equivalents	$215.0M	$206.0M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory	$506.0M	$348.0M
Prepaid Expenses
Receivables	$1.914B	$1.841B
Other Receivables	$0.00	$0.00
Total Short-Term Assets	$2.635B	$2.395B
YoY Change	10.02%	33.58%
LONG-TERM ASSETS
Property, Plant & Equipment	$227.0M	$238.0M
YoY Change	-4.62%	67.61%
Goodwill	$4.976B	$4.619B
YoY Change	7.73%	282.68%
Intangibles	$806.0M	$1.520B
YoY Change	-46.97%	5980.0%
Long-Term Investments
YoY Change
Other Assets	$269.0M	$353.0M
YoY Change	-23.8%	81.03%
Total Long-Term Assets	$6.278B	$6.745B
YoY Change	-6.92%	327.71%
TOTAL ASSETS
Total Short-Term Assets	$2.635B	$2.395B
Total Long-Term Assets	$6.278B	$6.745B
Total Assets	$8.913B	$9.140B
YoY Change	-2.48%	171.22%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable	$1.622B	$592.0M
YoY Change	173.99%	93.46%
Accrued Expenses	$379.0M	$837.0M
YoY Change	-54.72%	163.21%
Deferred Revenue	$406.0M
YoY Change
Short-Term Debt	$0.00	$0.00
YoY Change
Long-Term Debt Due	$81.00M	$84.00M
YoY Change	-3.57%	4100.0%
Total Short-Term Liabilities	$2.103B	$1.983B
YoY Change	6.05%	90.67%
LONG-TERM LIABILITIES
Long-Term Debt	$3.007B	$3.188B
YoY Change	-5.68%	195.46%
Other Long-Term Liabilities	$148.0M	$217.0M
YoY Change	-31.8%	45.64%
Total Long-Term Liabilities	$148.0M	$217.0M
YoY Change	-31.8%	45.64%
TOTAL LIABILITIES
Total Short-Term Liabilities	$2.103B	$1.983B
Total Long-Term Liabilities	$148.0M	$217.0M
Total Liabilities	$2.251B	$2.200B
YoY Change	2.32%	85.03%
SHAREHOLDERS EQUITY
Retained Earnings	$37.00M	-$154.0M
YoY Change	-124.03%	-44.4%
Common Stock	$0.00	$0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity	$3.431B	$3.177B
YoY Change
Total Liabilities & Shareholders Equity	$8.913B	$9.140B
YoY Change	-2.48%	171.22%

Cashflow Statement

Concept	2018 Q1	2017 Q1
OPERATING ACTIVITIES
Net Income	$102.0M	$72.00M
YoY Change	41.67%	-43.31%
Depreciation, Depletion And Amortization	$63.00M	$82.00M
YoY Change	-23.17%	1266.67%
Cash From Operating Activities	$22.00M	-$71.00M
YoY Change	-130.99%	-7200.0%
INVESTING ACTIVITIES
Capital Expenditures	$15.00M	$7.000M
YoY Change	114.29%	-158.33%
Acquisitions	$81.00M	$0.00
YoY Change
Other Investing Activities	$0.00	-$2.000M
YoY Change	-100.0%	-102.94%
Cash From Investing Activities	-$96.00M	-$5.000M
YoY Change	1820.0%	-108.93%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net	$10.00M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities	-$91.00M	-$78.00M
YoY Change	16.67%	290.0%
NET CHANGE
Cash From Operating Activities	$22.00M	-$71.00M
Cash From Investing Activities	-$96.00M	-$5.000M
Cash From Financing Activities	-$91.00M	-$78.00M
Net Change In Cash	-$165.0M	-$154.0M
YoY Change	7.14%	-516.22%
FREE CASH FLOW
Cash From Operating Activities	$22.00M	-$71.00M
Capital Expenditures	$15.00M	$7.000M
Free Cash Flow	$7.000M	-$78.00M
YoY Change	-108.97%	-700.0%

Facts In Submission

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CY2018Q1	us-gaap	Receivables Net Current ReceivablesNetCurrent	1914000000	USD
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CY2018Q1	us-gaap	Revenue Remaining Performance Obligation RevenueRemainingPerformanceObligation	1200000000	USD
CY2018Q1	us-gaap	Revenue Remaining Performance Obligation RevenueRemainingPerformanceObligation	2400000000	USD
CY2018Q1	us-gaap	Revenue Remaining Performance Obligation RevenueRemainingPerformanceObligation	8900000000	USD
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CY2018Q1	us-gaap	Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod
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CY2017Q4	us-gaap	Stockholders Equity Including Portion Attributable To Noncontrolling Interest StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest	3383000000	USD
CY2018Q1	us-gaap	Stockholders Equity Including Portion Attributable To Noncontrolling Interest StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest	3434000000	USD
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CY2017Q4	us-gaap	Taxes Payable Current TaxesPayableCurrent	4000000	USD
CY2018Q1	us-gaap	Taxes Payable Current TaxesPayableCurrent	7000000	USD
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CY2018Q1	us-gaap	Weighted Average Number Of Diluted Shares Outstanding WeightedAverageNumberOfDilutedSharesOutstanding	154000000	shares
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CY2018Q1	us-gaap	Weighted Average Number Of Shares Outstanding Basic WeightedAverageNumberOfSharesOutstandingBasic	152000000	shares
CY2018Q1	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><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 Joint 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, MSA received a final decision by the Department of Energy ("DoE") contracting officer for the Mission Support Contract concluding that certain payments to MSA by the 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 FAR. Lockheed Martin Integrated Technology LLC (now known as Leidos Integrated Technology LLC) is a member entity of MSA. 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 that 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 </font><font style="font-family:Arial;font-size:10pt;">March 30, 2018</font><font style="font-family:Arial;font-size:10pt;">, 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'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'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. The amounts payable by the Company are covered by an insurance policy. 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 an FFP contract with the Hellenic Republic of Greece to provide a Command, Control, Communications, Coordination and Integration System. The Greek government disputed the contract balance owed to the Company and has not paid the Company'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;">€39 million</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:Arial;font-size:10pt;">or </font><font style="font-family:Arial;font-size:10pt;">$48 million</font><font style="font-family:Arial;font-size:10pt;">, which has not been satisfied. In January 2017, the U.S. District Court granted an order to enforce the arbitration award and entered judgment in the Company's favor, converting the award to U.S. dollars in the amount of </font><font style="font-family:Arial;font-size:10pt;">$63 million</font><font style="font-family:Arial;font-size:10pt;">. The U.S. Court of Appeals for the D.C. Circuit subsequently ruled that the district court judgment should instead reflect the currency in which it was originally awarded. Separately, 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 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.  </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;">On September 29, 2017, the federal trial court in the Eastern District of Texas entered a final judgment in the VirnetX v. Apple case referred to as the Apple I case. 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 subsequently awarded 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;"> for costs, attorneys' fees, and interest, bringing 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;">. Apple has filed an appeal of the judgment in the Apple I case with the U.S. Court of Appeals for the Federal Circuit. </font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">On April 10, 2018, a jury trial concluded in an additional patent infringement case brought by VirnetX against Apple, referred to as the Apple II case, in which the jury returned a verdict against Apple for infringement and awarded VirnetX damages in the amount of over </font><font style="font-family:Arial;font-size:10pt;">$502 million</font><font style="font-family:Arial;font-size:10pt;">. On April 11, 2018, in a second phase of the Apple II trial, the jury found Apple’s infringement to be willful. Rulings on post-trial motions and/or the court’s final judgment in the Apple II case remain pending.</font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">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, the verdicts in these cases remain subject to appeal. In addition, the patents at issue in these cases are subject to U.S. Patent and Trademark Office post-grant inter partes review and/or reexamination proceedings and related appeals, which may result in all or part of these patents being invalidated or the claims of the patents being limited. Thus, no assurances can be given when or if the Company will receive any proceeds in connection with these jury awards. 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 </font><font style="font-family:Arial;font-size:10pt;">March 30, 2018</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;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'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 DCAA remain open for fiscal 2012 and subsequent years for the Company. 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'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 </font><font style="font-family:Arial;font-size:10pt;">March 30, 2018</font><font style="font-family:Arial;font-size:10pt;">, the Company believes it has adequately reserved for potential adjustments from audits or reviews of contract costs.</font></div></div>

Files In Submission

Name	View Source	Status
0001336920-18-000017-index-headers.html	Edgar Link	pending
0001336920-18-000017-index.html	Edgar Link	pending
0001336920-18-000017.txt	Edgar Link	pending
0001336920-18-000017-xbrl.zip	Edgar Link	pending
FilingSummary.xml	Edgar Link	unprocessable
Financial_Report.xlsx	Edgar Link	pending
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$LDOS
Leidos Holdings, Inc. Stock $ldos

2018 Q1 Form 10-Q Financial Statement

#000133692018000017 Filed on May 04, 2018

Income Statement

Balance Sheet

Cashflow Statement

Facts In Submission

Files In Submission

$LDOS Leidos Holdings, Inc. Stock $ldos

2018 Q1 Form 10-Q Financial Statement

#000133692018000017 Filed on May 04, 2018

Income Statement

Balance Sheet

Cashflow Statement

Facts In Submission

Files In Submission

$LDOS
Leidos Holdings, Inc. Stock $ldos