2023 Q1 Form 10-K Financial Statement

#000133692023000015 Filed on February 14, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $3.699B $3.697B $14.40B
YoY Change 6.14% 17.07%
Cost Of Revenue $3.204B $3.176B $12.31B
YoY Change 7.95% 16.59%
Gross Profit $495.0M $521.0M $2.084B
YoY Change -3.7% 19.98%
Gross Profit Margin 13.38% 14.09% 14.48%
Selling, General & Admin $233.0M $221.0M $950.0M
YoY Change -5.15% 23.38%
% of Gross Profit 47.07% 42.42% 45.59%
Research & Development $116.0M
YoY Change 58.9%
% of Gross Profit 5.57%
Depreciation & Amortization $82.00M $84.00M $333.0M
YoY Change -3.45% 18.09%
% of Gross Profit 16.57% 16.12% 15.98%
Operating Expenses $233.0M $221.0M $1.066B
YoY Change -5.15% 26.45%
Operating Profit $265.0M $300.0M $1.088B
YoY Change -1.64% 9.02%
Interest Expense -$48.00M -$44.00M -$190.0M
YoY Change 4.76% -204.4%
% of Operating Profit -18.11% -14.67% -17.46%
Other Income/Expense, Net -$4.000M $4.000M -$3.000M
YoY Change 100.0% -92.11%
Pretax Income $207.0M $218.0M $886.0M
YoY Change -16.15% 13.44%
Income Tax $43.00M $38.00M $193.0M
% Of Pretax Income 20.77% 17.43% 21.78%
Net Earnings $162.0M $177.0M $685.0M
YoY Change -13.66% 9.08%
Net Earnings / Revenue 4.38% 4.79% 4.76%
Basic Earnings Per Share $1.18 $5.00
Diluted Earnings Per Share $1.17 $1.28 $4.96
COMMON SHARES
Basic Shares Outstanding 136.9M shares 136.7M shares 137.0M shares
Diluted Shares Outstanding 138.0M shares 138.0M shares

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $379.0M $516.0M $516.0M
YoY Change -12.1% -29.02%
Cash & Equivalents $379.0M $516.0M $516.0M
Short-Term Investments
Other Short-Term Assets $468.0M $490.0M $479.0M
YoY Change 14.22% 13.24%
Inventory $300.0M $287.0M $287.0M
Prepaid Expenses
Receivables $2.518B $2.350B $2.350B
Other Receivables $0.00 $0.00 $11.00M
Total Short-Term Assets $3.665B $3.643B $3.643B
YoY Change 0.66% 0.66%
LONG-TERM ASSETS
Property, Plant & Equipment $1.463B $1.392B $1.392B
YoY Change 107.76% 8.58%
Goodwill $6.703B $6.696B
YoY Change -0.71%
Intangibles $902.0M $952.0M
YoY Change -19.12%
Long-Term Investments $18.00M $18.00M
YoY Change -28.0% -28.0%
Other Assets $399.0M $388.0M $370.0M
YoY Change -11.62% -10.63%
Total Long-Term Assets $9.467B $9.428B $9.428B
YoY Change -2.22% -2.22%
TOTAL ASSETS
Total Short-Term Assets $3.665B $3.643B $3.643B
Total Long-Term Assets $9.467B $9.428B $9.428B
Total Assets $13.13B $13.07B $13.07B
YoY Change -1.43% -1.43%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.758B $733.0M $1.102B
YoY Change 5.92% 59.25%
Accrued Expenses $712.0M $772.0M $1.473B
YoY Change -26.69% -11.16%
Deferred Revenue $352.0M $380.0M
YoY Change 4.4%
Short-Term Debt $339.0M $992.0M $0.00
YoY Change 161.05%
Long-Term Debt Due $19.00M $992.0M $992.0M
YoY Change 104.96% 105.38%
Total Short-Term Liabilities $3.161B $3.947B $3.947B
YoY Change 22.24% 22.24%
LONG-TERM LIABILITIES
Long-Term Debt $4.675B $3.928B $3.928B
YoY Change -14.9% -14.48%
Other Long-Term Liabilities $256.0M $233.0M $803.0M
YoY Change -12.73% -6.19%
Total Long-Term Liabilities $256.0M $233.0M $4.731B
YoY Change -12.73% -13.18%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.161B $3.947B $3.947B
Total Long-Term Liabilities $256.0M $233.0M $4.731B
Total Liabilities $8.668B $8.718B $8.772B
YoY Change -2.23% -2.21%
SHAREHOLDERS EQUITY
Retained Earnings $2.479B $2.367B
YoY Change 25.9%
Common Stock $0.00 $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $4.409B $4.299B $4.299B
YoY Change
Total Liabilities & Shareholders Equity $13.13B $13.07B $13.07B
YoY Change -1.43% -1.43%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income $162.0M $177.0M $685.0M
YoY Change -13.66% 9.08%
Depreciation, Depletion And Amortization $82.00M $84.00M $333.0M
YoY Change -3.45% 18.09%
Cash From Operating Activities -$98.00M $105.0M $986.0M
YoY Change -81.42% -26.09%
INVESTING ACTIVITIES
Capital Expenditures $39.00M $53.00M $129.0M
YoY Change -320.83% -224.04%
Acquisitions $0.00 $192.0M
YoY Change -92.77%
Other Investing Activities $0.00 -$205.0M $13.00M
YoY Change 606.9% -316.67%
Cash From Investing Activities -$39.00M -$258.0M -$313.0M
YoY Change 386.79% -88.88%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$57.00M -135.0M -$865.0M
YoY Change -35.41% -159.61%
NET CHANGE
Cash From Operating Activities -$98.00M 105.0M $986.0M
Cash From Investing Activities -$39.00M -258.0M -$313.0M
Cash From Financing Activities -$57.00M -135.0M -$865.0M
Net Change In Cash -$192.0M -288.0M -$192.0M
YoY Change -195.05% 540.0%
FREE CASH FLOW
Cash From Operating Activities -$98.00M $105.0M $986.0M
Capital Expenditures $39.00M $53.00M $129.0M
Free Cash Flow -$137.0M $52.00M $857.0M
YoY Change -91.17% -40.4%

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CY2021 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2021Q4 us-gaap Restricted Cash
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CY2021Q1 us-gaap Restricted Cash
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CY2021 us-gaap Capital Lease Obligations Incurred
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CY2022 us-gaap Fiscal Period
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<div style="margin-top:6pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Reporting Periods</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Leidos' fiscal year ends on the Friday nearest the end of December. Fiscal 2022 ended December 30, 2022. Fiscal 2022, 2021 and 2020 each included 52 weeks.</span></div>
CY2022 us-gaap Use Of Estimates
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Use of EstimatesThe preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingencies at the date of the financial statements, as well as the reported amounts of revenues and expenses during the reporting periods. Management evaluates these estimates and assumptions on an ongoing basis, including those relating to estimated profitability of long-term contracts, indirect billing rates, allowances for doubtful accounts, inventories, right-of-use ("ROU") assets and lease liabilities, fair value and impairment of intangible assets and goodwill, income taxes, pension benefits, stock-based compensation expense and contingencies. These estimates have been prepared by management on the basis of the most current and best available information; however, actual results could differ materially from those estimates.
CY2022 ldos Increase In Income Before Income Taxes From Changes In Contract Estimates
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CY2021 ldos Increase In Income Before Income Taxes From Changes In Contract Estimates
IncreaseInIncomeBeforeIncomeTaxesFromChangesInContractEstimates
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CY2021 ldos Increase In Income Before Income Taxes From Changes In Contract Estimates
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CY2022 ldos Decrease In Income Before Income Taxes From Changes In Contract Estimates
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CY2021 ldos Decrease In Income Before Income Taxes From Changes In Contract Estimates
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CY2021 ldos Decrease In Income Before Income Taxes From Changes In Contract Estimates
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CY2022 ldos Increase Decrease In Income From Change In Contract Estimates
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CY2021 ldos Increase Decrease In Income From Change In Contract Estimates
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CY2021 ldos Increase Decrease In Income From Change In Contract Estimates
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CY2022 ldos Increase Decrease In Income From Change In Contract Estimates Per Diluted Share
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CY2021 ldos Increase Decrease In Income From Change In Contract Estimates Per Diluted Share
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CY2021 ldos Increase Decrease In Income From Change In Contract Estimates Per Diluted Share
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CY2022 us-gaap Contract With Customer Performance Obligation Satisfied In Previous Period
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CY2021 us-gaap Contract With Customer Performance Obligation Satisfied In Previous Period
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CY2022 us-gaap Research And Development Expense
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CY2021 us-gaap Research And Development Expense
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CY2022Q4 us-gaap Restricted Cash
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CY2021Q4 us-gaap Restricted Cash
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CY2022 us-gaap Concentration Risk Credit Risk
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<div style="margin-top:6pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Concentration of Credit Risk</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Financial instruments that potentially subject us to concentrations of credit risk primarily consist of accounts receivable and derivatives. Since our receivables are primarily with the U.S. government, we do not have exposure to a material credit risk. We manage our credit risk related to derivatives through the use of multiple counterparties with high credit standards.</span></div>
CY2021 us-gaap Number Of Reporting Units
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CY2022 us-gaap Number Of Reporting Units
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CY2022Q4 us-gaap Revenue Remaining Performance Obligation Percentage
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0.74
CY2022Q4 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
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P12M
CY2022Q4 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
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