Leidos Holdings, Inc. Files 10-Q for Period Ending March 29, 2024

TL;DR

<b>Leidos Holdings, Inc. has filed its Q1 2024 10-Q report, detailing financial performance and company information.</b>

AI Summary

Leidos Holdings, Inc. (LDOS) filed a Quarterly Report (10-Q) with the SEC on April 30, 2024. Leidos Holdings, Inc. filed a 10-Q report for the period ending March 29, 2024. The filing covers the first quarter of fiscal year 2024. The company's principal business address is 1750 Presidents Street, Reston, VA 20190. Leidos Holdings, Inc. was formerly known as SAIC, Inc. until August 23, 2005. The filing includes financial data for the periods ending March 29, 2024, December 29, 2023, and March 31, 2023.

Why It Matters

For investors and stakeholders tracking Leidos Holdings, Inc., this filing contains several important signals. This 10-Q filing provides a quarterly update on Leidos' financial health and operational performance, crucial for investors to assess recent trends. Understanding the financial data and disclosures in this report allows stakeholders to evaluate the company's strategic direction and market position.

Risk Assessment

Risk Level: low — Leidos Holdings, Inc. shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain unusual or high-risk disclosures.

Analyst Insight

Review the detailed financial statements and segment performance within the 10-Q to understand Leidos' current operational and financial standing.

Key Numbers

• 2024-03-29 — Report Period End Date (Conformed period of report)
• 2024-04-30 — Filing Date (Filed as of date)
• 2024-03-31 — Prior Year Quarter End (Comparison period for financial data)
• 2023-12-31 — Prior Year End (Comparison period for financial data)

Key Players & Entities

• Leidos Holdings, Inc. (company) — Filer name
• SAIC, Inc. (company) — Former company name
• Reston, VA (location) — Business address city and state
• 20190 (location) — Business address zip code
• 571-526-6000 (phone) — Business phone number

FAQ

Risk Factors

• Government Contracts and Regulations [high — regulatory]: The company's operations are heavily reliant on government contracts, which are subject to complex regulations, funding changes, and competitive bidding processes.
• Competition in Defense and IT Services [medium — market]: Leidos operates in highly competitive markets, facing pressure from both large established players and smaller, specialized firms.
• Integration of Acquisitions [medium — operational]: The company's growth strategy often involves acquisitions, and successfully integrating these businesses presents operational challenges.
• Revenue Recognition and Contract Changes [medium — financial]: Complex revenue recognition policies for long-term government contracts can lead to fluctuations and require careful management.

Key Dates

• 2024-03-29: Quarter End — End of the reporting period for the 10-Q.
• 2024-04-30: Filing Date — Date the 10-Q was officially filed with the SEC.

Filing Documents

• ldos-20240329.htm (10-Q) — 1074KB
• ldos032924ex311.htm (EX-31.1) — 9KB
• ldos032924ex312.htm (EX-31.2) — 9KB
• ldos032924ex321.htm (EX-32.1) — 4KB
• ldos032924ex322.htm (EX-32.2) — 4KB
• ldos-20240329_g1.jpg (GRAPHIC) — 167KB
• 0001336920-24-000036.txt (&nbsp;) — 6559KB
• ldos-20240329.xsd (EX-101.SCH) — 43KB
• ldos-20240329_cal.xml (EX-101.CAL) — 68KB
• ldos-20240329_def.xml (EX-101.DEF) — 191KB
• ldos-20240329_lab.xml (EX-101.LAB) — 543KB
• ldos-20240329_pre.xml (EX-101.PRE) — 365KB
• ldos-20240329_htm.xml (XML) — 972KB

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) 1 Condensed Consolidated Balance Sheets 1 Condensed Consolidated Statements of Operations 2 Condensed Consolidated Statements of Comprehensive Income 3 Condensed Consolidated Statements of Equity 4 Condensed Consolidated Statements of Cash Flows 5 Notes to Condensed Consolidated Financial Statements 6 Note 1–Basis of Presentation and Summary of Significant Accounting Policies 6 Note 2–Revenues 8 Note 3 – Goodwill and Intangible Assets 10 Note 4–Fair Value Measurements 12 Note 5–Derivative Instruments 13 Note 6–Debt 14 Note 7–Accumulated Other Comprehensive Income (Loss) 15 Note 8–Earnings Per Share 15 Note 9–Income Taxes 16 Note 10–Business Segments 16 Note 11–Commitments and Contingencies 17

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 20 Overview 20 Business Environment and Trends 20 Results of Operations 21 Bookings and Backlog 23 Liquidity and Capital Resources 23 Off-Balance Sheet Arrangements 24 Guarantor and Issuer of Guaranteed Securities 25 Contractual Obligations and Commitments 26 Critical Accounting Policies 26 Recently Adopted and Issued Accounting Standards 26

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 27

Controls and Procedures

Item 4. Controls and Procedures 27 Part II

Legal Proceedings

Item 1. Legal Proceedings 28

Risk Factors

Item 1A. Risk Factors 28

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 28

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 28

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 28

Other Information

Item 5. Other Information 28

Exhibits

Item 6. Exhibits 29

Signatures

Signatures 30 Table of Contents

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements. LEIDOS HOLDINGS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS March 29, 2024 December 29, 2023 (unaudited; in millions, except share and per share data) Assets: Cash and cash equivalents $ 633 $ 777 Receivables, net 2,713 2,429 Inventory, net 318 310 Other current assets 486 489 Total current assets 4,150 4,005 Property, plant and equipment, net 972 961 Intangible assets, net 629 667 Goodwill 6,099 6,112 Operating lease right-of-use assets, net 493 512 Other long-term assets 474 438 Total assets $ 12,817 $ 12,695 Liabilities: Accounts payable and accrued liabilities $ 2,301 $ 2,277 Accrued payroll and employee benefits 740 695 Current portion of long-term debt 43 18 Total current liabilities 3,084 2,990 Long-term debt, net of current portion 4,636 4,664 Operating lease liabilities 495 516 Other long-term liabilities 289 267 Total liabilities 8,504 8,437 Commitments and contingencies (Note 11) Stockholders' equity: Common stock, $ 0.0001 par value, 500,000,000 shares authorized, 135,097,654 and 135,766,419 shares issued and outstanding at March 29, 2024, and December 29, 2023, respectively — — Additional paid-in capital 1,735 1,885 Retained earnings 2,595 2,364 Accumulated other comprehensive loss ( 72 ) ( 48 ) Total Leidos stockholders' equity 4,258 4,201 Non-controlling interest 55 57 Total stockholders' equity 4,313 4,258 Total liabilities and stockholders' equity $ 12,817 $ 12,695 See accompanying notes to condensed consolidated financial statements. 1 Table of Contents LEIDOS HOLDINGS, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS Three Months Ended March 29, 2024 March 31, 2023 (unaudited; in millions, except per share data) Revenues $ 3,975 $ 3,699 Cost of revenues 3,337 3,204 Selling, general and administrative expenses 226 233 Acquisition, integration and restructuring costs 4 3 Equity earnings of non-consolidated subsidiaries ( 7 ) ( 6 ) Operating income 415 2

View Full Filing

View this 10-Q filing on SEC EDGAR