Leidos Holdings, Inc. Reports Fourth Quarter and Fiscal Year 2016 Results

 



Quarter Ended January 1, 2016



As reported


Amortization
of
intangibles1


Restructuring
expenses


Gain on a
real estate
sale


Non-GAAP
results

Income from continuing operations, before 
     income taxes


$

173



$

(2)



$

(3)



$

82



$

96


Depreciation expense


7









7


Amortization expense


2



2








Interest expense, net


12









12


EBITDA


$

194



$



$

(3)



$

82



$

115



(1) Prior period has been recast to reflect amortization of acquired intangible assets as a non-GAAP adjustment.

 

 

LEIDOS HOLDINGS, INC.

UNAUDITED NON-GAAP FINANCIAL MEASURES [CONTINUED]

(in millions, except per share amounts)




Year Ended December 30, 2016



As
reported


Asset
impairment
charges


Acquisition
and
integration
costs


Amortization
of
intangibles


Restructuring
expenses


Gains on
sale of
assets and
businesses


Non-GAAP
results

Revenue


$

7,043



$



$



$



$



$



$

7,043


Cost of revenues


6,191













6,191


Selling, general and 
     administrative expenses 1


337







84







253


Asset impairment charges


4



4












Acquisition and integration 
     costs


90





90










Restructuring expenses


14









14






Equity earnings of non-
     consolidated subsidiaries


(10)













(10)


Operating income


417



(4)



(90)



(84)



(14)





609


Non-operating expense, net


(99)











5



(104)


Income from continuing 
     operations, before income 
     taxes


318



(4)



(90)



(84)



(14)



5



505


Income tax expense 2


(72)



2



27



33



5



(1)



(138)


Income from continuing 
     operations


246



(2)



(63)



(51)



(9)



4



367


Less: net income attributable 
     to non-controlling interest, 
     net of taxes


2













2


Net income attributable to 
     Leidos common 
     stockholders


$

244



$

(2)



$

(63)



$

(51)



$

(9)



$

4



$

365

















Diluted EPS from continuing 
     operations attributable to 
     Leidos common 
     stockholders


$

2.35



$

(0.02)



$

(0.60)



$

(0.49)



$

(0.09)



$

0.04



$

3.51


Diluted shares


104



104



104



104



104



104



104



(1) Selling, general and administrative expenses includes bad debt expense of $3 million.

(2) Calculation uses an estimated statutory tax rate on non-GAAP tax deductible adjustments.


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