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

 



Quarter Ended December 30, 2016



As reported


Asset
impairment
charges


Acquisition
and
integration
costs


Amortization
of intangibles


Restructuring
expenses


Non-GAAP
results

Income from continuing operations, 
     before income taxes


$

105



$

(4)



$

(22)



$

(54)



$

(8)



$

193


Depreciation expense


14











14


Amortization expense


54







54






Interest expense, net


37











37


EBITDA


$

210



$

(4)



$

(22)



$



$

(8)



$

244


 

 

LEIDOS HOLDINGS, INC.

UNAUDITED NON-GAAP FINANCIAL MEASURES [CONTINUED]

(in millions, except per share amounts)




Quarter Ended January 1, 2016



As reported


Amortization
of
intangibles 1


Restructuring
expenses


Gain on a
real estate
sale


Non-GAAP
results

Revenue


$

1,281



$



$



$



$

1,281


Cost of revenues


1,124









1,124


Selling, general and administrative expenses 2


52



2







50


Restructuring expenses


3





3






Operating income


102



(2)



(3)





107


Non-operating income (expense), net


71







82



(11)


Income from continuing operations, before 
     income taxes


173



(2)



(3)



82



96


Income tax expense 3


(46)



1



1



(11)



(37)


Income from continuing operations


$

127



$

(1)



$

(2)



$

71



$

59


Net income


$

127



$

(1)



$

(2)



$

71



$

59













Diluted EPS from continuing operations


$

1.72



$

(0.01)



$

(0.03)



$

0.96



$

0.80


Diluted shares


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 ($1) million.

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


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