Leidos Holdings, Inc. Reports Third Quarter Fiscal Year 2016 Results

             

 



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

Income from continuing operations,
 before income taxes


$

213



$

(68)



$

(30)



$

(6)



$

5



$

312


Depreciation expense


24











24


Amortization expense


30





30








Interest expense, net


49











49


EBITDA


$

316



$

(68)



$



$

(6)



$

5



$

385


 

 

LEIDOS HOLDINGS, INC.

UNAUDITED NON-GAAP FINANCIAL MEASURES

(in millions, except per share amounts)

 




Nine Months Ended October 2, 2015



As reported


Asset impairment charges


Amortization of intangibles1


Restructuring expenses


Non-GAAP results

Revenue


$

3,805



$



$



$



$

3,805


Cost of revenues


3,344









3,344


Selling, general and administrative
 expenses 2


192





7



3



182


Asset impairment charges


73



73








Operating income


196



(73)



(7)



(3)



279


Non-operating expense, net


(41)









(41)


Income from continuing operations,
 before income taxes


155



(73)



(7)



(3)



238


Income tax (expense) benefit 3


(46)



28



3



1



(78)


Income from continuing operations


109



(45)



(4)



(2)



160


Income from discontinued operations,
 net of taxes


18









18


Net income


$

127



$

(45)



$

(4)



$

(2)



$

178













Diluted EPS from continuing operations 4


$

1.47



$

(0.61)



$

(0.05)



$

(0.03)



$

2.16


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 $10 million and restructuring expense of $3 million.

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

(4) Earnings per share is computed independently for each of the non-GAAP adjustment presented and therefore may not sum to the total
     non-GAAP earnings per share due to rounding.


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