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As Of Filer Filing For·On·As Docs:Size 10/31/23 Leidos Holdings, Inc. 10-Q 9/29/23 72:7.8M |
Document/Exhibit Description Pages Size 1: 10-Q Quarterly Report HTML 1.46M 2: EX-31.1 Certification -- §302 - SOA'02 HTML 25K 3: EX-31.2 Certification -- §302 - SOA'02 HTML 25K 4: EX-32.1 Certification -- §906 - SOA'02 HTML 22K 5: EX-32.2 Certification -- §906 - SOA'02 HTML 22K 11: R1 Cover HTML 73K 12: R2 Condensed Consolidated Balance Sheets HTML 139K 13: R3 Condensed Consolidated Balance Sheets HTML 31K (Parenthetical) 14: R4 Condensed Consolidated Statements of Operations HTML 108K 15: R5 Condensed Consolidated Statements of Comprehensive HTML 58K Income (Loss) 16: R6 Condensed Consolidated Statements of Equity HTML 116K 17: R7 Condensed Consolidated Statements of Equity HTML 23K (Parenthetical) 18: R8 Condensed Consolidated Statements of Cash Flows HTML 125K 19: R9 Basis of Presentation and Summary of Significant HTML 49K Accounting Policies 20: R10 Revenues HTML 179K 21: R11 Acquisitions, Divestitures, Goodwill and HTML 102K Intangible Assets 22: R12 Fair Value Measurements HTML 35K 23: R13 Derivative Instruments HTML 43K 24: R14 Debt HTML 75K 25: R15 Accumulated Other Comprehensive Income (Loss) HTML 45K 26: R16 Earnings Per Share HTML 35K 27: R17 Income Taxes HTML 27K 28: R18 Business Segments HTML 57K 29: R19 Commitments and Contingencies HTML 41K 30: R20 Pay vs Performance Disclosure HTML 33K 31: R21 Insider Trading Arrangements HTML 40K 32: R22 Basis of Presentation and Summary of Significant HTML 44K Accounting Policies (Policies) 33: R23 Basis of Presentation and Summary of Significant HTML 38K Accounting Policies (Tables) 34: R24 Revenues (Tables) HTML 174K 35: R25 Acquisitions, Divestitures, Goodwill and HTML 103K Intangible Assets (Tables) 36: R26 Fair Value Measurements (Tables) HTML 30K 37: R27 Derivative Instruments (Tables) HTML 42K 38: R28 Debt (Tables) HTML 73K 39: R29 Accumulated Other Comprehensive Income (Loss) HTML 44K (Tables) 40: R30 Earnings Per Share (Tables) HTML 33K 41: R31 Business Segments (Tables) HTML 52K 42: R32 Commitments and Contingencies (Tables) HTML 28K 43: R33 Basis of Presentation and Summary of Significant HTML 38K Accounting Policies (Narrative) (Details) 44: R34 Basis of Presentation and Summary of Significant HTML 29K Accounting Policies (Changes in Estimates on Contracts) (Details) 45: R35 Revenues (Narrative) (Details) HTML 42K 46: R36 Revenues (Disaggregation of Revenue) (Details) HTML 85K 47: R37 Revenues (Contract Asset and Liabilities) HTML 29K (Details) 48: R38 Acquisitions, Divestitures, Goodwill and HTML 59K Intangible Assets (Narrative) (Details) 49: R39 Acquisitions, Divestitures, Goodwill and HTML 32K Intangible Assets (Intangible Assets Acquired) (Details) 50: R40 Acquisitions, Divestitures, Goodwill and HTML 57K Intangible Assets (Changes in Goodwill by Segment) (Details) 51: R41 Acquisitions, Divestitures, Goodwill and HTML 51K Intangible Assets (Intangible Assets) (Details) 52: R42 Acquisitions, Divestitures, Goodwill and HTML 37K Intangible Assets (Estimated Annual Amortization Expense) (Details) 53: R43 Fair Value Measurements (Financial Instruments HTML 37K Measured at Fair Value on Recurring Basis) (Details) 54: R44 Fair Value Measurements (Narrative) (Details) HTML 35K 55: R45 Derivative Instruments (Interest Rate Swaps) HTML 28K (Details) 56: R46 Derivative Instruments (Narrative) (Details) HTML 35K 57: R47 Derivative Instruments (Effect of Cash Flow Hedge) HTML 32K (Details) 58: R48 Debt (Schedule of Company's Debt) (Details) HTML 97K 59: R49 Debt (Narrative) (Details) HTML 104K 60: R50 Debt (Maturities of Notes Payable and Long-Term HTML 43K Debt) (Details) 61: R51 Accumulated Other Comprehensive Income (Loss) - HTML 59K Schedule of Changes in the Components of Accumulated Other Comprehensive Income (Loss) (Details) 62: R52 Earnings Per Share (Reconciliation of Weighted HTML 35K Average Number of Shares Outstanding) (Details) 63: R53 Earnings Per Share (Narrative) (Details) HTML 25K 64: R54 Income Taxes (Details) HTML 25K 65: R55 Business Segments (Segment Reporting Information HTML 44K by Segment) (Details) 66: R56 Commitments and Contingencies (Narrative) HTML 50K (Details) 67: R57 Commitments and Contingencies (Future Expirations HTML 35K Maturity Table) (Details) 70: XML IDEA XML File -- Filing Summary XML 132K 68: XML XBRL Instance -- ldos-20230929_htm XML 2.04M 69: EXCEL IDEA Workbook of Financial Report Info XLSX 128K 7: EX-101.CAL XBRL Calculations -- ldos-20230929_cal XML 191K 8: EX-101.DEF XBRL Definitions -- ldos-20230929_def XML 501K 9: EX-101.LAB XBRL Labels -- ldos-20230929_lab XML 1.63M 10: EX-101.PRE XBRL Presentations -- ldos-20230929_pre XML 899K 6: EX-101.SCH XBRL Schema -- ldos-20230929 XSD 145K 71: JSON XBRL Instance as JSON Data -- MetaLinks 470± 683K 72: ZIP XBRL Zipped Folder -- 0001336920-23-000061-xbrl Zip 436K
ldos-20230929 |
i ☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
i ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
i Leidos Holdings, Inc. | ||||||||
(Exact name of registrant as specified in its charter) |
i Delaware | i 20-3562868 | ||||||||||||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | ||||||||||||||||
i 1750 Presidents Street, | i Reston, | i Virginia | i 20190 | ||||||||||||||
(Address of principal executive offices) | (Zip Code) | ||||||||||||||||
Title of each class | Trading symbol(s) | Name of each exchange on which registered | ||||||||||||
i Common stock, par value $.0001 per share | i LDOS | i New York Stock Exchange |
i Large accelerated filer | ☒ | Accelerated filer | ☐ | ||||||||||||||||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | i ☐ | ||||||||||||||||||||||||||
Emerging growth company | i ☐ |
Part I | Page | |||||||
Item 1. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Part II | ||||||||
Item 1. | ||||||||
Item 1A. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Item 5. | ||||||||
Item 6. | ||||||||
September 29, 2023 | December 30, 2022 | |||||||||||||
(unaudited;
in millions, except share and per share data) | ||||||||||||||
Assets: | ||||||||||||||
Cash and cash equivalents | $ | i 750 | $ | i 516 | ||||||||||
Receivables, net | i 2,452 | i 2,350 | ||||||||||||
Inventory, net | i 295 | i 287 | ||||||||||||
Other current assets | i 494 | i 490 | ||||||||||||
Total current assets | i 3,991 | i 3,643 | ||||||||||||
Property, plant and equipment, net | i 935 | i 847 | ||||||||||||
Intangible assets, net | i 713 | i 952 | ||||||||||||
Goodwill | i 6,079 | i 6,696 | ||||||||||||
Operating lease right-of-use assets, net | i 512 | i 545 | ||||||||||||
Other long-term assets | i 527 | i 388 | ||||||||||||
Total assets | $ | i 12,757 | $ | i 13,071 | ||||||||||
Liabilities: | ||||||||||||||
Accounts payable and accrued liabilities | $ | i 2,221 | $ | i 2,254 | ||||||||||
Accrued payroll and employee benefits | i 801 | i 701 | ||||||||||||
Short-term debt and current portion of long-term debt | i 18 | i 992 | ||||||||||||
Total current liabilities | i 3,040 | i 3,947 | ||||||||||||
Long-term debt, net of current portion | i 4,667 | i 3,928 | ||||||||||||
Operating lease liabilities | i 527 | i 570 | ||||||||||||
Deferred tax liabilities | i 6 | i 40 | ||||||||||||
Other long-term liabilities | i 314 | i 233 | ||||||||||||
Total liabilities | i 8,554 | i 8,718 | ||||||||||||
Commitments and contingencies (Note 11) | i | i | ||||||||||||
Stockholders’ equity: | ||||||||||||||
Common stock, $ i i 0.0001 /
par value, i i 500,000,000 / shares authorized, i i 137,506,136 /
and i i 136,926,990 / shares issued and outstanding at September 29, 2023, and December 30,
2022, respectively | i — | i — | ||||||||||||
Additional paid-in capital | i 2,055 | i 2,005 | ||||||||||||
Retained earnings | i 2,186 | i 2,367 | ||||||||||||
Accumulated other comprehensive loss | ( i 95) | ( i 73) | ||||||||||||
Total Leidos stockholders’ equity | i 4,146 | i 4,299 | ||||||||||||
Non-controlling interest | i 57 | i 54 | ||||||||||||
Total stockholders' equity | i 4,203 | i 4,353 | ||||||||||||
Total liabilities and stockholders' equity | $ | i 12,757 | $ | i 13,071 |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
September
29, 2023 | September 30, 2022 | September 29, 2023 | September 30, 2022 | |||||||||||||||||||||||
(unaudited; in millions, except per share data) | ||||||||||||||||||||||||||
Revenues | $ | i 3,921 | $ | i 3,608 | $ | i 11,458 | $ | i 10,699 | ||||||||||||||||||
Cost of revenues | i 3,334 | i 3,095 | i 9,809 | i 9,136 | ||||||||||||||||||||||
Selling, general and administrative expenses | i 239 | i 232 | i 709 | i 730 | ||||||||||||||||||||||
Acquisition, integration and restructuring costs | i 5 | i 4 | i 14 | i 12 | ||||||||||||||||||||||
Goodwill impairment charges | i 599 | i — | i 599 | i — | ||||||||||||||||||||||
Asset impairment charges | i 88 | i — | i 88 | i 3 | ||||||||||||||||||||||
Equity earnings of non-consolidated subsidiaries | ( i 8) | ( i 4) | ( i 21) | ( i 5) | ||||||||||||||||||||||
Operating
(loss) income | ( i 336) | i 281 | i 260 | i 823 | ||||||||||||||||||||||
Non-operating
income (expense): | ||||||||||||||||||||||||||
Interest expense, net | ( i 53) | ( i 50) | ( i 163) | ( i 148) | ||||||||||||||||||||||
Other
income (expense), net | i 1 | ( i 10) | ( i 4) | ( i 7) | ||||||||||||||||||||||
(Loss)
income before income taxes | ( i 388) | i 221 | i 93 | i 668 | ||||||||||||||||||||||
Income
tax expense | ( i 8) | ( i 57) | ( i 115) | ( i 155) | ||||||||||||||||||||||
Net
(loss) income | $ | ( i 396) | $ | i 164 | $ | ( i 22) | $ | i 513 | ||||||||||||||||||
Less: net income attributable to non-controlling interest | i 3 | i 2 | i 8 | i 5 | ||||||||||||||||||||||
Net
(loss) income attributable to Leidos common stockholders | $ | ( i 399) | $ | i 162 | $ | ( i 30) | $ | i 508 | ||||||||||||||||||
Earnings per share: | ||||||||||||||||||||||||||
Basic | $ | ( i 2.91) | $ | i 1.18 | $ | ( i 0.22) | $ | i 3.71 | ||||||||||||||||||
Diluted | ( i 2.91) | i 1.17 | ( i 0.22) | i 3.68 |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
September
29, 2023 | September 30, 2022 | September 29, 2023 | September 30, 2022 | |||||||||||||||||||||||
(unaudited; in millions) | ||||||||||||||||||||||||||
Net (loss) income | $ | ( i 396) | $ | i 164 | $ | ( i 22) | $ | i 513 | ||||||||||||||||||
Foreign
currency translation adjustments | ( i 31) | ( i 75) | ( i 19) | ( i 158) | ||||||||||||||||||||||
Unrecognized
gain (loss) on derivative instruments | i — | i 18 | ( i 1) | i 54 | ||||||||||||||||||||||
Pension
adjustments | ( i 1) | i 1 | ( i 2) | ( i 19) | ||||||||||||||||||||||
Total
other comprehensive (loss) income, net of taxes | ( i 32) | ( i 56) | ( i 22) | ( i 123) | ||||||||||||||||||||||
Comprehensive
(loss) income | ( i 428) | i 108 | ( i 44) | i 390 | ||||||||||||||||||||||
Less: net income attributable to non-controlling interest | i 3 | i 2 | i 8 | i 5 | ||||||||||||||||||||||
Comprehensive
(loss) income attributable to Leidos common stockholders | $ | ( i 431) | $ | i 106 | $ | ( i 52) | $ | i 385 |
Shares of common stock | Additional paid-in capital | Retained earnings | Accumulated other comprehensive income (loss) | Leidos stockholders' equity | Non-controlling interest | Total stockholders' equity | ||||||||||||||||||||||||||||||||||||||
(unaudited; in millions, except per share data) | ||||||||||||||||||||||||||||||||||||||||||||
Balance at December 30, 2022 | i 137 | $ | i 2,005 | $ | i 2,367 | $ | ( i 73) | $ | i 4,299 | $ | i 54 | $ | i 4,353 | |||||||||||||||||||||||||||||||
Net income | — | — | i 162 | — | i 162 | i 2 | i 164 | |||||||||||||||||||||||||||||||||||||
Other comprehensive income, net of taxes | — | — | — | i 9 | i 9 | — | i 9 | |||||||||||||||||||||||||||||||||||||
Issuances of stock | — | i 14 | — | — | i 14 | — | i 14 | |||||||||||||||||||||||||||||||||||||
Repurchases
of stock and other | — | ( i 43) | — | — | ( i 43) | — | ( i 43) | |||||||||||||||||||||||||||||||||||||
Dividends
of $ i 0.36 per share | — | — | ( i 50) | — | ( i 50) | — | ( i 50) | |||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | i 18 | — | — | i 18 | — | i 18 | |||||||||||||||||||||||||||||||||||||
Net capital distributions to non-controlling interest | — | — | — | — | — | ( i 1) | ( i 1) | |||||||||||||||||||||||||||||||||||||
Balance at March 31, 2023 | i 137 | $ | i 1,994 | $ | i 2,479 | $ | ( i 64) | $ | i 4,409 | $ | i 55 | $ | i 4,464 | |||||||||||||||||||||||||||||||
Net income | — | — | i 207 | — | i 207 | i 3 | i 210 | |||||||||||||||||||||||||||||||||||||
Other
comprehensive income, net of taxes | — | — | — | i 1 | i 1 | — | i 1 | |||||||||||||||||||||||||||||||||||||
Issuances of stock | — | i 14 | — | — | i 14 | — | i 14 | |||||||||||||||||||||||||||||||||||||
Dividends
of $ i 0.36 per share | — | — | ( i 50) | — | ( i 50) | — | ( i 50) | |||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | i 19 | — | — | i 19 | — | i 19 | |||||||||||||||||||||||||||||||||||||
Net capital distributions to non-controlling interest | — | ( i 3) | — | — | ( i 3) | ( i 2) | ( i 5) | |||||||||||||||||||||||||||||||||||||
Balance at June 30, 2023 | i 137 | $ | i 2,024 | $ | i 2,636 | $ | ( i 63) | $ | i 4,597 | $ | i 56 | $ | i 4,653 | |||||||||||||||||||||||||||||||
Net (loss) income | — | — | ( i 399) | — | ( i 399) | i 3 | ( i 396) | |||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of taxes | — | — | — | ( i 32) | ( i 32) | — | ( i 32) | |||||||||||||||||||||||||||||||||||||
Issuances of stock | i 1 | i 12 | — | — | i 12 | — | i 12 | |||||||||||||||||||||||||||||||||||||
Repurchases
of stock and other | — | ( i 1) | — | — | ( i 1) | — | ( i 1) | |||||||||||||||||||||||||||||||||||||
Dividends
of $ i 0.36 per share | — | — | ( i 51) | — | ( i 51) | — | ( i 51) | |||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | i 20 | — | — | i 20 | — | i 20 | |||||||||||||||||||||||||||||||||||||
Net capital distributions to non-controlling interest | — | — | — | — | — | ( i 2) | ( i 2) | |||||||||||||||||||||||||||||||||||||
Balance at September 29, 2023 | i 138 | $ | i 2,055 | $ | i 2,186 | $ | ( i 95) | $ | i 4,146 | $ | i 57 | $ | i 4,203 | |||||||||||||||||||||||||||||||
Shares of common stock | Additional paid-in capital | Retained earnings | Accumulated other comprehensive income (loss) | Leidos stockholders' equity | Non-controlling interest | Total stockholders' equity | ||||||||||||||||||||||||||||||||||||||
(unaudited; in millions, except per share data) | ||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2021 | i 140 | $ | i 2,423 | $ | i 1,880 | $ | ( i 12) | $ | i 4,291 | $ | i 53 | $ | i 4,344 | |||||||||||||||||||||||||||||||
Net income | — | — | i 175 | — | i 175 | i 2 | i 177 | |||||||||||||||||||||||||||||||||||||
Other comprehensive income, net of taxes | — | — | — | i 32 | i 32 | — | i 32 | |||||||||||||||||||||||||||||||||||||
Issuances of stock | i 1 | i 15 | — | — | i 15 | — | i 15 | |||||||||||||||||||||||||||||||||||||
Repurchases
of stock and other | ( i 4) | ( i 526) | — | — | ( i 526) | — | ( i 526) | |||||||||||||||||||||||||||||||||||||
Dividends
of $ i 0.36 per share | — | — | ( i 48) | — | ( i 48) | — | ( i 48) | |||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | i 16 | — | — | i 16 | — | i 16 | |||||||||||||||||||||||||||||||||||||
Net capital distributions to non-controlling interest | — | — | — | — | — | ( i 2) | ( i 2) | |||||||||||||||||||||||||||||||||||||
Balance at April 1, 2022 | i 137 | $ | i 1,928 | $ | i 2,007 | $ | i 20 | $ | i 3,955 | $ | i 53 | $ | i 4,008 | |||||||||||||||||||||||||||||||
Net income | — | — | i 171 | — | i 171 | i 1 | i 172 | |||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of taxes | — | — | — | ( i 99) | ( i 99) | — | ( i 99) | |||||||||||||||||||||||||||||||||||||
Issuances of stock | — | i 10 | — | — | i 10 | — | i 10 | |||||||||||||||||||||||||||||||||||||
Repurchases
of stock and other | — | ( i 2) | — | — | ( i 2) | — | ( i 2) | |||||||||||||||||||||||||||||||||||||
Dividends
of $ i 0.36 per share | — | — | ( i 50) | — | ( i 50) | — | ( i 50) | |||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | i 19 | — | — | i 19 | — | i 19 | |||||||||||||||||||||||||||||||||||||
Net capital distributions to non-controlling interest | — | — | — | — | — | ( i 1) | ( i 1) | |||||||||||||||||||||||||||||||||||||
Balance at July 1, 2022 | i 137 | $ | i 1,955 | $ | i 2,128 | $ | ( i 79) | $ | i 4,004 | $ | i 53 | $ | i 4,057 | |||||||||||||||||||||||||||||||
Net income | — | — | i 162 | — | i 162 | i 2 | i 164 | |||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of taxes | — | — | — | ( i 56) | ( i 56) | — | ( i 56) | |||||||||||||||||||||||||||||||||||||
Issuances of stock | — | i 13 | — | — | i 13 | — | i 13 | |||||||||||||||||||||||||||||||||||||
Repurchases
of stock and other | — | ( i 4) | — | — | ( i 4) | — | ( i 4) | |||||||||||||||||||||||||||||||||||||
Dividends
of $ i 0.36 per share | — | — | ( i 51) | — | ( i 51) | — | ( i 51) | |||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | i 18 | — | — | i 18 | — | i 18 | |||||||||||||||||||||||||||||||||||||
Net capital distributions to non-controlling interest | — | — | — | — | — | ( i 2) | ( i 2) | |||||||||||||||||||||||||||||||||||||
Balance at September 30, 2022 | i 137 | $ | i 1,982 | $ | i 2,239 | $ | ( i 135) | $ | i 4,086 | $ | i 53 | $ | i 4,139 | |||||||||||||||||||||||||||||||
Nine Months Ended | ||||||||||||||
September 29, 2023 | September 30, 2022 | |||||||||||||
(unaudited; in millions) | ||||||||||||||
Cash flows from operations: | ||||||||||||||
Net (loss) income | $ | ( i 22) | $ | i 513 | ||||||||||
Adjustments to reconcile net (loss) income to net cash provided by operations: | ||||||||||||||
Depreciation and amortization | i 248 | i 249 | ||||||||||||
Stock-based compensation | i 57 | i 53 | ||||||||||||
Deferred income taxes | ( i 192) | ( i 221) | ||||||||||||
Goodwill impairment charges | i 599 | i — | ||||||||||||
Asset impairment charges | i 88 | i 3 | ||||||||||||
Other | i 25 | i 21 | ||||||||||||
Change in assets and liabilities, net of effects of acquisitions and dispositions: | ||||||||||||||
Receivables | ( i 109) | ( i 139) | ||||||||||||
Other current assets and other long-term assets | i 141 | i 132 | ||||||||||||
Accounts payable and accrued liabilities and other long-term liabilities | i 22 | ( i 70) | ||||||||||||
Accrued payroll and employee benefits | i 105 | i 217 | ||||||||||||
Income taxes receivable/payable | ( i 101) | i 109 | ||||||||||||
Net cash provided by operating activities | i 861 | i 867 | ||||||||||||
Cash flows from investing activities: | ||||||||||||||
Acquisition of a business, net of cash acquired | ( i 6) | ( i 2) | ||||||||||||
Divestiture
of a business | i — | i 15 | ||||||||||||
Payments for property, equipment and software | ( i 129) | ( i 76) | ||||||||||||
Net proceeds from sale of assets | i — | i 6 | ||||||||||||
Other | i — | i 2 | ||||||||||||
Net cash used in investing activities | ( i 135) | ( i 55) | ||||||||||||
Cash flows from financing activities: | ||||||||||||||
Proceeds from debt issuance | i 1,743 | i 380 | ||||||||||||
Repayments of borrowings | ( i 2,041) | ( i 459) | ||||||||||||
Payments for debt issuance costs | ( i 7) | i — | ||||||||||||
Dividend payments | ( i 150) | ( i 149) | ||||||||||||
Repurchases of stock and other | ( i 44) | ( i 532) | ||||||||||||
Proceeds from issuances of stock | i 37 | i 35 | ||||||||||||
Net capital distributions to non-controlling interests | ( i 8) | ( i 5) | ||||||||||||
Net cash used in financing activities | ( i 470) | ( i 730) | ||||||||||||
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash | i — | i 14 | ||||||||||||
Net
increase in cash, cash equivalents and restricted cash | i 256 | i 96 | ||||||||||||
Cash, cash equivalents and restricted cash at beginning of period | i 683 | i 875 | ||||||||||||
Cash, cash equivalents and restricted cash at end of period | i 939 | i 971 | ||||||||||||
Less: restricted cash at end of period | i 189 | i 164 | ||||||||||||
Cash and cash equivalents at end of period | $ | i 750 | $ | i 807 |
Nine Months Ended | ||||||||||||||
September 29, 2023 | September 30, 2022 | |||||||||||||
(unaudited; in millions) | ||||||||||||||
Supplementary cash flow information: | ||||||||||||||
Cash paid for income taxes, net of refunds | $ | i 325 | $ | i 166 | ||||||||||
Cash paid for interest | i 160 | i 136 | ||||||||||||
Non-cash investing activity: | ||||||||||||||
Property, plant and equipment additions | $ | i 2 | $ | i 7 | ||||||||||
Non-cash financing activity: | ||||||||||||||
Finance lease obligations | $ | i 65 | $ | i 1 |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
September
29, 2023 | September 30, 2022 | September 29, 2023 | September 30, 2022 | |||||||||||||||||||||||
(in millions, except per share data) | ||||||||||||||||||||||||||
Favorable impact | $ | i 40 | $ | i 36 | $ | i 102 | $ | i 116 | ||||||||||||||||||
Unfavorable impact | ( i 24) | ( i 29) | ( i 62) | ( i 75) | ||||||||||||||||||||||
Net impact to (loss) income before income taxes | $ | i 16 | $ | i 7 | $ | i 40 | $ | i 41 | ||||||||||||||||||
Impact
on diluted EPS attributable to Leidos common stockholders | $ | i 0.09 | $ | i 0.03 | $ | i 0.22 | $ | i 0.22 |
Three Months Ended September 29, 2023 | Nine Months Ended September 29, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||
Defense Solutions | Civil | Health | Total | Defense Solutions | Civil | Health | Total | |||||||||||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||
DoD and U.S. Intelligence Community | $ | i 1,677 | $ | i 28 | $ | i 242 | $ | i 1,947 | $ | i 4,798 | $ | i 71 | $ | i 755 | $ | i 5,624 | ||||||||||||||||||||||||||||||||||
Other
U.S. government agencies(1) | i 261 | i 695 | i 512 | i 1,468 | i 772 | i 2,054 | i 1,413 | i 4,239 | ||||||||||||||||||||||||||||||||||||||||||
Commercial
and non-U.S. customers | i 283 | i 177 | i 22 | i 482 | i 948 | i 512 | i 66 | i 1,526 | ||||||||||||||||||||||||||||||||||||||||||
Total | $ | i 2,221 | $ | i 900 | $ | i 776 | $ | i 3,897 | $ | i 6,518 | $ | i 2,637 | $ | i 2,234 | $ | i 11,389 |
Three Months Ended September 30, 2022 | Nine Months Ended September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||
Defense Solutions | Civil | Health | Total | Defense Solutions | Civil | Health | Total | |||||||||||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||
DoD and U.S. Intelligence Community | $ | i 1,559 | $ | i 22 | $ | i 255 | $ | i 1,836 | $ | i 4,620 | $ | i 62 | $ | i 732 | $ | i 5,414 | ||||||||||||||||||||||||||||||||||
Other
U.S. government agencies(1) | i 236 | i 676 | i 372 | i 1,284 | i 686 | i 1,949 | i 1,177 | i 3,812 | ||||||||||||||||||||||||||||||||||||||||||
Commercial
and non-U.S. customers | i 280 | i 151 | i 28 | i 459 | i 869 | i 446 | i 83 | i 1,398 | ||||||||||||||||||||||||||||||||||||||||||
Total | $ | i 2,075 | $ | i 849 | $ | i 655 | $ | i 3,579 | $ | i 6,175 | $ | i 2,457 | $ | i 1,992 | $ | i 10,624 |
Three Months Ended September 29, 2023 | Nine Months Ended September 29, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||
Defense Solutions | Civil | Health | Total | Defense Solutions | Civil | Health | Total | |||||||||||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Cost-reimbursement and fixed-price-incentive-fee | $ | i 1,247 | $ | i 472 | $ | i 131 | $ | i 1,850 | $ | i 3,578 | $ | i 1,401 | $ | i 542 | $ | i 5,521 | ||||||||||||||||||||||||||||||||||
Firm-fixed-price | i 718 | i 286 | i 543 | i 1,547 | i 2,128 | i 813 | i 1,396 | i 4,337 | ||||||||||||||||||||||||||||||||||||||||||
Time-and-materials
and fixed-price-level-of-effort | i 256 | i 142 | i 102 | i 500 | i 812 | i 423 | i 296 | i 1,531 | ||||||||||||||||||||||||||||||||||||||||||
Total | $ | i 2,221 | $ | i 900 | $ | i 776 | $ | i 3,897 | $ | i 6,518 | $ | i 2,637 | $ | i 2,234 | $ | i 11,389 |
Three Months Ended September 30, 2022 | Nine Months Ended September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||
Defense Solutions | Civil | Health | Total | Defense Solutions | Civil | Health | Total | |||||||||||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Cost-reimbursement and fixed-price-incentive-fee | $ | i 1,166 | $ | i 442 | $ | i 200 | $ | i 1,808 | $ | i 3,493 | $ | i 1,293 | $ | i 534 | $ | i 5,320 | ||||||||||||||||||||||||||||||||||
Firm-fixed-price | i 668 | i 279 | i 389 | i 1,336 | i 1,950 | i 792 | i 1,260 | i 4,002 | ||||||||||||||||||||||||||||||||||||||||||
Time-and-materials
and fixed-price-level-of-effort | i 241 | i 128 | i 66 | i 435 | i 732 | i 372 | i 198 | i 1,302 | ||||||||||||||||||||||||||||||||||||||||||
Total | $ | i 2,075 | $ | i 849 | $ | i 655 | $ | i 3,579 | $ | i 6,175 | $ | i 2,457 | $ | i 1,992 | $ | i 10,624 |
Three Months Ended September 29, 2023 | Nine Months Ended September 29, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||
Defense Solutions | Civil | Health | Total | Defense Solutions | Civil | Health | Total | |||||||||||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||
United States | $ | i 1,936 | $ | i 845 | $ | i 776 | $ | i 3,557 | $ | i 5,659 | $ | i 2,504 | $ | i 2,234 | $ | i 10,397 | ||||||||||||||||||||||||||||||||||
International | i 285 | i 55 | i — | i 340 | i 859 | i 133 | i — | i 992 | ||||||||||||||||||||||||||||||||||||||||||
Total | $ | i 2,221 | $ | i 900 | $ | i 776 | $ | i 3,897 | $ | i 6,518 | $ | i 2,637 | $ | i 2,234 | $ | i 11,389 |
Three Months Ended September 30, 2022 | Nine Months Ended September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||
Defense Solutions | Civil | Health | Total | Defense Solutions | Civil | Health | Total | |||||||||||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||
United States | $ | i 1,830 | $ | i 810 | $ | i 655 | $ | i 3,295 | $ | i 5,429 | $ | i 2,340 | $ | i 1,992 | $ | i 9,761 | ||||||||||||||||||||||||||||||||||
International | i 245 | i 39 | i — | i 284 | i 746 | i 117 | i — | i 863 | ||||||||||||||||||||||||||||||||||||||||||
Total | $ | i 2,075 | $ | i 849 | $ | i 655 | $ | i 3,579 | $ | i 6,175 | $ | i 2,457 | $ | i 1,992 | $ | i 10,624 |
Balance sheet line item | September 29, 2023 | December
30, 2022 | ||||||||||||||||||
(in millions) | ||||||||||||||||||||
Contract assets - current: | ||||||||||||||||||||
Unbilled receivables | Receivables, net | $ | i 1,047 | $ | i 1,010 | |||||||||||||||
Contract liabilities - current: | ||||||||||||||||||||
Deferred revenue(1) | Accounts payable and accrued liabilities | $ | i 449 | $ | i 380 | |||||||||||||||
Contract liabilities - non-current: | ||||||||||||||||||||
Deferred revenue(1) | Other long-term liabilities | $ | i 23 | $ | i 29 |
Weighted average amortization period | Fair value | |||||||||||||
(in years) | (in millions) | |||||||||||||
Programs | i 11 | $ | i 19 | |||||||||||
Technology | i 10 | i 5 | ||||||||||||
Total | i 11 | $ | i 24 |
Defense Solutions | Civil | Health | Total | |||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||
Goodwill at December 31, 2021(1) | $ | i 3,681 | $ | i 2,097 | $ | i 966 | $ | i 6,744 | ||||||||||||||||||
Acquisition of businesses | i 26 | i — | i — | i 26 | ||||||||||||||||||||||
Divestiture of a business | ( i 6) | i — | i — | ( i 6) | ||||||||||||||||||||||
Foreign currency translation adjustments | ( i 37) | ( i 31) | i — | ( i 68) | ||||||||||||||||||||||
Goodwill
at December 30, 2022(1) | $ | i 3,664 | $ | i 2,066 | $ | i 966 | $ | i 6,696 | ||||||||||||||||||
Goodwill impairment | i — | ( i 599) | i — | ( i 599) | ||||||||||||||||||||||
Acquisition
of a business(2) | ( i 4) | i — | i — | ( i 4) | ||||||||||||||||||||||
Foreign currency translation adjustments | ( i 18) | i 4 | i — | ( i 14) | ||||||||||||||||||||||
Goodwill
at September 29, 2023(3) | $ | i 3,642 | $ | i 1,471 | $ | i 966 | $ | i 6,079 |
September 29, 2023 | December 30, 2022 | |||||||||||||||||||||||||||||||||||||
Gross carrying value | Accumulated amortization | Net carrying value | Gross carrying value | Accumulated amortization | Net carrying value | |||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||
Finite-lived intangible assets: | ||||||||||||||||||||||||||||||||||||||
Programs | $ | i 1,686 | $ | ( i 1,132) | $ | i 554 | $ | i 1,721 | $ | ( i 1,016) | $ | i 705 | ||||||||||||||||||||||||||
Software
and technology | i 203 | ( i 138) | i 65 | i 225 | ( i 136) | i 89 | ||||||||||||||||||||||||||||||||
Customer
relationships | i 52 | ( i 21) | i 31 | i 87 | ( i 25) | i 62 | ||||||||||||||||||||||||||||||||
Trade
names | i 1 | ( i 1) | i — | i 1 | ( i 1) | i — | ||||||||||||||||||||||||||||||||
Total
finite-lived intangible assets | i 1,942 | ( i 1,292) | i 650 | i 2,034 | ( i 1,178) | i 856 | ||||||||||||||||||||||||||||||||
Indefinite-lived
intangible assets: | ||||||||||||||||||||||||||||||||||||||
In-process research and development ("IPR&D")(1) | i 59 | — | i 59 | i 92 | — | i 92 | ||||||||||||||||||||||||||||||||
Trade names | i 4 | — | i 4 | i 4 | — | i 4 | ||||||||||||||||||||||||||||||||
Total indefinite-lived intangible assets | i 63 | — | i 63 | i 96 | — | i 96 | ||||||||||||||||||||||||||||||||
Total intangible assets | $ | i 2,005 | $ | ( i 1,292) | $ | i 713 | $ | i 2,130 | $ | ( i 1,178) | $ | i 952 |
Fiscal year ending | ||||||||
(in millions) | ||||||||
2023 (remainder of year) | $ | i 49 | ||||||
2024 | i 140 | |||||||
2025 | i 113 | |||||||
2026 | i 92 | |||||||
2027 | i 66 | |||||||
2028 and thereafter | i 190 | |||||||
$ | i 650 |
September 29, 2023 | December 30, 2022 | |||||||||||||||||||||||||
Carrying value | Fair value | Carrying value | Fair value | |||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||
Financial assets: | ||||||||||||||||||||||||||
Derivatives | $ | i 19 | $ | i 19 | $ | i 20 | $ | i 20 |
Asset derivatives | ||||||||||||||||||||
Balance sheet line item | September 29, 2023 | December
30, 2022 | ||||||||||||||||||
(in millions) | ||||||||||||||||||||
Cash flow interest rate swaps | Other long-term assets | $ | i 19 | $ | i 20 |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
September
29, 2023 | September 30, 2022 | September 29, 2023 | September 30, 2022 | |||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||
Total interest expense, net presented in the condensed consolidated statements of operations in which the effects of cash flow hedges are recorded | $ | i 53 | $ | i 50 | $ | i 163 | $ | i 148 | ||||||||||||||||||
Amount recognized in other comprehensive income (loss) | $ | i 3 | $ | i 21 | $ | i 11 | $ | i 57 | ||||||||||||||||||
Amount reclassified from accumulated other comprehensive income (loss) to interest expense, net | $ | ( i 3) | $ | i 2 | $ | ( i 12) | $ | i 13 |
Stated interest rate | Effective interest rate | September 29, 2023 | December 30, 2022 | |||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||
Short-term debt and current portion of long-term debt: | ||||||||||||||||||||||||||
Senior unsecured term loans: | ||||||||||||||||||||||||||
$ i 380 million
term loan, due May 2023 | i 6.08% | i 6.17% | $ | i — | $ | i 320 | ||||||||||||||||||||
Current portion of long-term debt | i 18 | i 672 | ||||||||||||||||||||||||
Total short-term debt and current portion of long-term debt | $ | i 18 | $ | i 992 | ||||||||||||||||||||||
Long-term debt: | ||||||||||||||||||||||||||
Senior unsecured term loans: | ||||||||||||||||||||||||||
$ i 1,925 million
term loan, due January 2025 | i 5.77% | i 6.09% | $ | i — | $ | i 1,211 | ||||||||||||||||||||
$ i 1,000 million
term loan, due March 2028 | i 6.68% | i 6.86% | i 1,000 | i — | ||||||||||||||||||||||
Senior unsecured notes: | ||||||||||||||||||||||||||
$ i 500 million notes, due May 2023 | i 2.95% | i 3.17% | i — | i 500 | ||||||||||||||||||||||
$ i 500 million
notes, due May 2025 | i 3.63% | i 3.76% | i 500 | i 500 | ||||||||||||||||||||||
$ i 750 million
notes due May 2030 | i 4.38% | i 4.50% | i 750 | i 750 | ||||||||||||||||||||||
$ i 750 million
notes due March 2033 | i 5.75% | i 5.81% | i 750 | i — | ||||||||||||||||||||||
$ i 1,000 million
notes, due February 2031 | i 2.30% | i 2.38% | i 1,000 | i 1,000 | ||||||||||||||||||||||
$ i 250 million
notes, due July 2032 | i 7.13% | i 7.43% | i 250 | i 250 | ||||||||||||||||||||||
$ i 300 million
notes, due July 2033 | i 5.50% | i 5.88% | i 161 | i 161 | ||||||||||||||||||||||
$ i 300 million
notes, due December 2040 | i 5.95% | i 6.03% | i 218 | i 218 | ||||||||||||||||||||||
Finance leases due on various dates through fiscal 2032 | Various | i 1.84%- i 6.31% | i 96 | i 44 | ||||||||||||||||||||||
Less: unamortized debt discounts and deferred debt issuance costs | ( i 40) | ( i 34) | ||||||||||||||||||||||||
Total long-term debt | i 4,685 | i 4,600 | ||||||||||||||||||||||||
Less current portion | ( i 18) | ( i 672) | ||||||||||||||||||||||||
Total long-term debt, net of current portion | $ | i 4,667 | $ | i 3,928 |
Fiscal year ending | ||||||||
(in millions) | ||||||||
2023 (remainder of year) | $ | i 5 | ||||||
2024 | i 18 | |||||||
2025 | i 619 | |||||||
2026 | i 120 | |||||||
2027 | i 114 | |||||||
2028 and thereafter | i 3,849 | |||||||
Total principal payments | i 4,725 | |||||||
Less: unamortized debt discounts and deferred debt issuance costs | ( i 40) | |||||||
Total short-term and long-term debt | $ | i 4,685 |
Foreign currency translation adjustments | Unrecognized gain (loss) on derivative instruments | Pension adjustments | Total AOCI | |||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||
Balance at December 31, 2021 | $ | i 22 | $ | ( i 41) | $ | i 7 | $ | ( i 12) | ||||||||||||||||||
Other comprehensive income (loss) | ( i 108) | i 59 | ( i 27) | ( i 76) | ||||||||||||||||||||||
Taxes | i 13 | ( i 16) | i 7 | i 4 | ||||||||||||||||||||||
Reclassification
from AOCI | i — | i 11 | i — | i 11 | ||||||||||||||||||||||
Balance at December 30, 2022 | ( i 73) | i 13 | ( i 13) | ( i 73) | ||||||||||||||||||||||
Other comprehensive income (loss) | ( i 22) | i 11 | ( i 1) | ( i 12) | ||||||||||||||||||||||
Taxes | i 3 | i — | ( i 1) | i 2 | ||||||||||||||||||||||
Reclassification from AOCI | i — | ( i 12) | i — | ( i 12) | ||||||||||||||||||||||
Balance at September 29, 2023 | $ | ( i 92) | $ | i 12 | $ | ( i 15) | $ | ( i 95) |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
September 30, 2022 | September 30, 2022 | |||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||
Basic weighted average number of shares outstanding | i 137 | i 137 | i 137 | i 137 | ||||||||||||||||||||||
Dilutive
common share equivalents—stock options and other stock awards | i — | i 1 | i — | i 1 | ||||||||||||||||||||||
Diluted weighted average number of shares outstanding | i 137 | i 138 | i 137 | i 138 |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||
September 29, 2023 | September 30, 2022 | September 29, 2023 | September 30, 2022 | |||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||||||||
Defense Solutions | $ | i 2,221 | $ | i 2,075 | $ | i 6,520 | $ | i 6,176 | ||||||||||||||||||||||||||||||
Civil | i 924 | i 874 | i 2,703 | i 2,526 | ||||||||||||||||||||||||||||||||||
Health | i 776 | i 659 | i 2,235 | i 1,997 | ||||||||||||||||||||||||||||||||||
Total revenues | $ | i 3,921 | $ | i 3,608 | $ | i 11,458 | $ | i 10,699 | ||||||||||||||||||||||||||||||
Operating (loss) income: | ||||||||||||||||||||||||||||||||||||||
Defense Solutions | $ | i 147 | $ | i 137 | $ | i 469 | $ | i 409 | ||||||||||||||||||||||||||||||
Civil | ( i 607) | i 79 | ( i 503) | i 160 | ||||||||||||||||||||||||||||||||||
Health | i 152 | i 91 | i 381 | i 335 | ||||||||||||||||||||||||||||||||||
Corporate | ( i 28) | ( i 26) | ( i 87) | ( i 81) | ||||||||||||||||||||||||||||||||||
Total operating (loss) income | $ | ( i 336) | $ | i 281 | $ | i 260 | $ | i 823 |
Fiscal year ending | ||||||||
(in millions) | ||||||||
2023 (remainder of year) | $ | i 34 | ||||||
2024 | i 10 | |||||||
2025 | i 102 | |||||||
2026 | i 2 | |||||||
2027 | i 13 | |||||||
2028 and thereafter | i 3 | |||||||
$ | i 164 |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||
September 29, 2023 | September 30, 2022 | Dollar change | Percent change | September 29, 2023 | September 30, 2022 | Dollar change | Percent change | |||||||||||||||||||||||||||||||||||||||||||
(dollars in millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues | $ | 3,921 | $ | 3,608 | $ | 313 | 8.7 | % | $ | 11,458 | $ | 10,699 | $ | 759 | 7.1 | % | ||||||||||||||||||||||||||||||||||
Operating (loss) income | (336) | 281 | (617) | (219.6) | % | 260 | 823 | (563) | (68.4) | % | ||||||||||||||||||||||||||||||||||||||||
Non-operating
expense, net | (52) | (60) | 8 | (13.3) | % | (167) | (155) | (12) | 7.7 | % | ||||||||||||||||||||||||||||||||||||||||
(Loss)
income before income taxes | (388) | 221 | (609) | (275.6) | % | 93 | 668 | (575) | (86.1) | % | ||||||||||||||||||||||||||||||||||||||||
Income
tax expense | (8) | (57) | 49 | (86.0) | % | (115) | (155) | 40 | (25.8) | % | ||||||||||||||||||||||||||||||||||||||||
Net (loss) income | $ | (396) | $ | 164 | $ | (560) | (341.5) | % | $ | (22) | $ | 513 | $ | (535) | (104.3) | % | ||||||||||||||||||||||||||||||||||
Net
(loss) income attributable to Leidos common stockholders | $ | (399) | $ | 162 | $ | (561) | (346.3) | % | $ | (30) | $ | 508 | $ | (538) | (105.9) | % | ||||||||||||||||||||||||||||||||||
Operating margin | (8.6) | % | 7.8 | % | 2.3 | % | 7.7 | % |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||
Defense Solutions | September 29, 2023 | September 30, 2022 | Dollar change | Percent change | September 29, 2023 | September
30, 2022 | Dollar change | Percent change | ||||||||||||||||||||||||||||||||||||||||||
(dollars in millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues | $ | 2,221 | $ | 2,075 | $ | 146 | 7.0 | % | $ | 6,520 | $ | 6,176 | $ | 344 | 5.6 | % | ||||||||||||||||||||||||||||||||||
Operating income | 147 | 137 | 10 | 7.3 | % | 469 | 409 | 60 | 14.7 | % | ||||||||||||||||||||||||||||||||||||||||
Operating margin | 6.6 | % | 6.6 | % | 7.2 | % | 6.6 | % |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||
Civil | September 29, 2023 | September 30, 2022 | Dollar change | Percent change | September 29, 2023 | September 30, 2022 | Dollar change | Percent change | ||||||||||||||||||||||||||||||||||||||||||
(dollars in millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues | $ | 924 | $ | 874 | $ | 50 | 5.7 | % | $ | 2,703 | $ | 2,526 | $ | 177 | 7.0 | % | ||||||||||||||||||||||||||||||||||
Operating (loss) income | (607) | 79 | (686) | NM | (503) | 160 | (663) | NM | ||||||||||||||||||||||||||||||||||||||||||
Operating margin | (65.7) | % | 9.0 | % | (18.6) | % | 6.3 | % |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||
Health | September 29, 2023 | September 30, 2022 | Dollar change | Percent change | September 29, 2023 | September
30, 2022 | Dollar change | Percent change | ||||||||||||||||||||||||||||||||||||||||||
(dollars in millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues | $ | 776 | $ | 659 | $ | 117 | 17.8 | % | $ | 2,235 | $ | 1,997 | $ | 238 | 11.9 | % | ||||||||||||||||||||||||||||||||||
Operating income | 152 | 91 | 61 | 67.0 | % | 381 | 335 | 46 | 13.7 | % | ||||||||||||||||||||||||||||||||||||||||
Operating margin | 19.6 | % | 13.8 | % | 17.0 | % | 16.8 | % |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||
Corporate | September 29, 2023 | September 30, 2022 | Dollar change | Percent change | September 29, 2023 | September
30, 2022 | Dollar change | Percent change | ||||||||||||||||||||||||||||||||||||||||||
(dollars in millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Operating loss | $ | (28) | $ | (26) | $ | (2) | 7.7 | % | $ | (87) | $ | (81) | $ | (6) | 7.4 | % |
September 29, 2023 | September 30, 2022 | |||||||||||||||||||||||||||||||||||||
Segment | Funded | Unfunded | Total | Funded | Unfunded | Total | ||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||
Defense Solutions | $ | 4,994 | $ | 14,568 | $ | 19,562 | $ | 4,178 | $ | 13,842 | $ | 18,020 | ||||||||||||||||||||||||||
Civil | 2,297 | 9,602 | 11,899 | 2,037 | 8,652 | 10,689 | ||||||||||||||||||||||||||||||||
Health | 1,756 | 4,826 | 6,582 | 1,214 | 5,105 | 6,319 | ||||||||||||||||||||||||||||||||
Total | $ | 9,047 | $ | 28,996 | $ | 38,043 | $ | 7,429 | $ | 27,599 | $ | 35,028 |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
September 29, 2023 | September 30, 2022 | September 29, 2023 | September 30, 2022 | |||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||
Net cash
provided by operating activities(1) | $ | 795 | $ | 729 | $ | 861 | $ | 867 | ||||||||||||||||||
Net cash used in investing activities | (52) | (26) | (135) | (55) | ||||||||||||||||||||||
Net
cash used in financing activities | (249) | (217) | (470) | (730) |
Senior unsecured Registered Notes: | ||
$500 million 3.625% notes, due May 2025 | ||
$750 million 4.375% notes, due May 2030 | ||
$1,000 million 2.300% notes, due February 2031 | ||
$750 million 5.750% notes, due May 2033 |
Senior unsecured unregistered debt securities issued by Leidos, Inc.: | ||
$250 million 7.125% notes, due July 2032 | ||
$300 million 5.500% notes, due July 2033 |
Senior unsecured unregistered debt securities issued by Leidos Holdings, Inc.: | ||
$300 million 5.950% notes, due December 2040 |
September
29, 2023 | December 30, 2022 | |||||||||||||
(in millions) | ||||||||||||||
Total current assets | $ | 2,345 | $ | 2,115 | ||||||||||
Goodwill | 5,514 | 5,810 | ||||||||||||
Other long-term assets | 1,352 | 1,188 | ||||||||||||
Total assets | $ | 9,211 | $ | 9,113 | ||||||||||
Total current liabilities | $ | 2,101 | $ | 2,922 | ||||||||||
Long-term debt, net of current portion | 4,666 | 3,925 | ||||||||||||
Intercompany payables | 2,208 | 1,695 | ||||||||||||
Other long-term liabilities | 647 | 699 | ||||||||||||
Total liabilities | $ | 9,622 | $ | 9,241 |
Nine Months Ended | ||||||||
September 29, 2023 | ||||||||
(in millions) | ||||||||
Revenues, net | $ | 7,761 | ||||||
Operating income | 307 | |||||||
Net loss attributable to Leidos common stockholders | (67) |
Name
and title | Date of adoption(1) | Date of termination | Scheduled expiration date(2) | Aggregate number of shares of common stock to be purchased or sold(3) | ||||||||||||||||||||||
i James R. Moos, i President
- Civil | i August 3, 2023 | N/A | March 2, 2024 | Up to i 2,134
shares underlying options expiring March 2, 2024 |
Exhibit Number | Description of Exhibit | |||||||
10.1 | ||||||||
22 | ||||||||
31.1 | ||||||||
31.2 | ||||||||
32.1 | ||||||||
32.2 | ||||||||
101 | Interactive Data File. The instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | |||||||
104 | Cover Page Interactive Data File. The cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. |
Leidos Holdings, Inc. | ||
/s/ Christopher R. Cage | ||
Christopher R. Cage Executive Vice President and Chief Financial Officer and as a duly authorized officer |
This ‘10-Q’ Filing | Date | Other Filings | ||
---|---|---|---|---|
6/30/27 | ||||
12/31/24 | ||||
3/2/24 | ||||
11/17/23 | ||||
Filed on: | 10/31/23 | 8-K | ||
10/24/23 | ||||
9/30/23 | ||||
For Period end: | 9/29/23 | 4 | ||
9/20/23 | ||||
8/3/23 | ||||
6/30/23 | 10-Q, 4 | |||
6/27/23 | ||||
6/22/23 | ||||
6/5/23 | ||||
5/26/23 | 8-K, SD | |||
5/1/23 | ||||
3/31/23 | 10-Q, 4, 8-K/A | |||
3/30/23 | ||||
3/10/23 | 4, 8-K | |||
2/28/23 | 8-K | |||
2/14/23 | 10-K, 8-K | |||
12/31/22 | 11-K, SD | |||
12/30/22 | 10-K, 4 | |||
10/30/22 | ||||
9/30/22 | 10-Q, 4 | |||
7/1/22 | 10-Q | |||
4/1/22 | 10-Q | |||
12/31/21 | 10-K, 11-K, SD | |||
2/4/21 | SC 13G | |||
10/30/20 | ||||
10/26/20 | ||||
4/23/20 | ||||
11/22/19 | ||||
8/30/18 | ||||
4/11/18 | ||||
4/10/18 | 4 | |||
List all Filings |
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 8/01/23 Leidos Holdings, Inc. 10-Q 6/30/23 73:7.8M 5/02/23 Leidos Holdings, Inc. 10-Q 3/31/23 71:7.1M |