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

 

 

LEIDOS HOLDINGS, INC.

UNAUDITED NON-GAAP FINANCIAL MEASURES [CONTINUED]

(in millions, except per share amounts)




Calendar Year Ended January 1, 2016



As reported


Asset
impairment
charges


Amortization
of
intangibles1


Restructuring
expenses


Gain on a
real estate
sale


Non-GAAP
results

Revenue


$

5,086



$



$



$



$



$

5,086


Cost of revenues


4,468











4,468


Selling, general and administrative 
     expenses2


241





9







232


Asset impairment charges


73



73










Restructuring expenses


6







6






Operating income


298



(73)



(9)



(6)





386


Non-operating income (expense), 
     net


30









82



(52)


Income from continuing operations, 
     before income taxes


328



(73)



(9)



(6)



82



334


Income tax expense 3


(92)



28



4



2



(11)



(115)


Income from continuing operations


236



(45)



(5)



(4)



71



219


Income from discontinued 
     operations, net of taxes


18











18


Net income


$

254



$

(45)



$

(5)



$

(4)



$

71



$

237















Diluted EPS from continuing 
     operations


$

3.19



$

(0.61)



$

(0.07)



$

(0.05)



$

0.96



$

2.96


Diluted shares


74



74



74



74



74



74



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

(2) Selling, general and administrative expenses includes bad debt expense of $9 million.

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


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