|
|
Quarter Ended October 2, 2015 | ||||||||||||||||||
|
|
As reported |
|
Asset impairment charges |
|
Amortization of intangibles1 |
|
Restructuring expenses |
|
Non-GAAP results | ||||||||||
Income from continuing operations, before income taxes |
|
$ |
80 |
|
|
$ |
(4) |
|
|
$ |
(2) |
|
|
$ |
(1) |
|
|
$ |
87 |
|
Depreciation expense |
|
9 |
|
|
— |
|
|
— |
|
|
— |
|
|
9 |
| |||||
Amortization expense |
|
2 |
|
|
— |
|
|
2 |
|
|
— |
|
|
— |
| |||||
Interest expense, net |
|
14 |
|
|
— |
|
|
— |
|
|
— |
|
|
14 |
| |||||
EBITDA |
|
$ |
105 |
|
|
$ |
(4) |
|
|
$ |
— |
|
|
$ |
(1) |
|
|
$ |
110 |
|
| ||||||||||||||||||||
(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 (in millions, except per share amounts)
| ||||||||||||||||||||||||
| ||||||||||||||||||||||||
|
|
Nine Months Ended September 30, 2016 | ||||||||||||||||||||||
|
|
As reported |
|
Acquisition and integration costs |
|
Amortization of intangibles |
|
Restructuring expenses |
|
Gains (losses) on sale of assets |
|
Non-GAAP results | ||||||||||||
Revenue |
|
$ |
4,468 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
4,468 |
|
Cost of revenues |
|
3,925 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
3,925 |
| ||||||
Selling, general and administrative expenses 1 |
|
204 |
|
|
— |
|
|
30 |
|
|
— |
|
|
— |
|
|
174 |
| ||||||
Acquisition and integration costs |
|
68 |
|
|
68 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
| ||||||
Restructuring expenses |
|
6 |
|
|
— |
|
|
— |
|
|
6 |
|
|
— |
|
|
— |
| ||||||
Operating income |
|
265 |
|
|
(68) |
|
|
(30) |
|
|
(6) |
|
|
— |
|
|
369 |
| ||||||
Non-operating (expense) income, net |
|
(52) |
|
|
— |
|
|
— |
|
|
— |
|
|
5 |
|
|
(57) |
| ||||||
Income from continuing operations, before income taxes |
|
213 |
|
|
(68) |
|
|
(30) |
|
|
(6) |
|
|
5 |
|
|
312 |
| ||||||
Income tax (expense) benefit 2 |
|
(27) |
|
|
21 |
|
|
12 |
|
|
2 |
|
|
(1) |
|
|
(61) |
| ||||||
Income from continuing operations |
|
186 |
|
|
(47) |
|
|
(18) |
|
|
(4) |
|
|
4 |
|
|
251 |
| ||||||
Less: net income attributable to non-controlling interest, net of taxes |
|
1 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
1 |
| ||||||
Net income attributable to Leidos Holdings, Inc. |
|
$ |
185 |
|
|
$ |
(47) |
|
|
$ |
(18) |
|
|
$ |
(4) |
|
|
$ |
4 |
|
|
$ |
250 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Diluted EPS from continuing operations attributable to Leidos Holdings, Inc. 3 |
|
$ |
2.13 |
|
|
$ |
(0.54) |
|
|
$ |
(0.21) |
|
|
$ |
(0.05) |
|
|
$ |
0.05 |
|
|
$ |
2.87 |
|
Diluted shares |
|
87 |
|
|
87 |
|
|
87 |
|
|
87 |
|
|
87 |
|
|
87 |
| ||||||
|
|
| ||||||||||||||||||||||
(1) Selling, general and administrative expenses includes bad debt expense of $1 million. |
|
| ||||||||||||||||||||||
(2) Calculation uses an estimated statutory tax rate on non-GAAP tax deductible adjustments. |
|
| ||||||||||||||||||||||
(3) Earnings per share is computed independently for each of the non-GAAP adjustment presented and therefore may not sum to the total
|
|
|