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

 

 



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
     non-GAAP earnings per share due to rounding.




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