Leidos Holdings Files 10-Q for Q2 2024

TL;DR

Leidos Holdings filed its Q2 2024 10-Q. Check financials.

AI Summary

Leidos Holdings, Inc. filed its 10-Q for the period ending June 28, 2024. The filing covers financial performance and operational details for the second quarter of 2024. Key financial data and disclosures relevant to investors are presented in this report.

Why It Matters

This 10-Q filing provides investors with a detailed look at Leidos Holdings' financial health and operational performance during the second quarter of 2024, crucial for investment decisions.

Risk Assessment

Risk Level: low — This is a standard quarterly financial filing (10-Q) and does not inherently indicate new or elevated risks.

Key Players & Entities

• Leidos Holdings, Inc. (company) — Filer of the 10-Q
• 0001336920-24-000049 (other) — Accession Number for the filing
• 20240628 (date) — End of the reporting period
• 20240730 (date) — Filing date
• SAIC, Inc. (company) — Former company name

FAQ

Filing Documents

• ldos-20240628.htm (10-Q) — 1419KB
• ldos062824ex311.htm (EX-31.1) — 9KB
• ldos062824ex312.htm (EX-31.2) — 9KB
• ldos062824ex321.htm (EX-32.1) — 4KB
• ldos062824ex322.htm (EX-32.2) — 4KB
• ldos-20240628_g1.jpg (GRAPHIC) — 167KB
• 0001336920-24-000049.txt ( ) — 7683KB
• ldos-20240628.xsd (EX-101.SCH) — 42KB
• ldos-20240628_cal.xml (EX-101.CAL) — 70KB
• ldos-20240628_def.xml (EX-101.DEF) — 187KB
• ldos-20240628_lab.xml (EX-101.LAB) — 551KB
• ldos-20240628_pre.xml (EX-101.PRE) — 371KB
• ldos-20240628_htm.xml (XML) — 1350KB

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 6 Notes to Condensed Consolidated Financial Statements 8 Note 1–Basis of Presentation and Summary of Significant Accounting Policies 8 Note 2–Revenues 10 Note 3–Goodwill and Intangible Assets 14 Note 4–Fair Value Measurements 16 Note 5–Derivative Instruments 17 Note 6–Debt 18 Note 7–Accumulated Other Comprehensive Income (Loss) 19 Note 8–Earnings Per Share 20 Note 9–Income Taxes 20 Note 10–Business Segments 21 Note 11–Commitments and Contingencies 22

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 24 Overview 24 Business Environment and Trends 24 Results of Operations 25 Bookings and Backlog 28 Liquidity and Capital Resources 28 Off-Balance Sheet Arrangements 29 Guarantor and Issuer of Guaranteed Securities 30 Contractual Obligations and Commitments 31 Critical Accounting Policies 31 Recently Adopted and Issued Accounting Standards 31

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 32

Controls and Procedures

Item 4. Controls and Procedures 32 Part II

Legal Proceedings

Item 1. Legal Proceedings 33

Risk Factors

Item 1A. Risk Factors 33

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 33

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 33

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 33

Other Information

Item 5. Other Information 33

Exhibits

Item 6. Exhibits 34

Signatures

Signatures 35 Table of Contents

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements. LEIDOS HOLDINGS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS June 28, 2024 December 29, 2023 (unaudited; in millions, except share and per share data) Assets: Cash and cash equivalents $ 823 $ 777 Receivables, net 2,615 2,429 Inventory, net 333 310 Other current assets 458 489 Total current assets 4,229 4,005 Property, plant and equipment, net 984 961 Intangible assets, net 592 667 Goodwill 6,102 6,112 Operating lease right-of-use assets, net 480 512 Other long-term assets 522 438 Total assets $ 12,909 $ 12,695 Liabilities: Accounts payable and accrued liabilities $ 2,235 $ 2,277 Accrued payroll and employee benefits 703 695 Current portion of long-term debt 567 18 Total current liabilities 3,505 2,990 Long-term debt, net of current portion 4,109 4,664 Operating lease liabilities 486 516 Other long-term liabilities 299 267 Total liabilities 8,399 8,437 Commitments and contingencies (Note 11) Stockholders' equity: Common stock, $ 0.0001 par value, 500,000,000 shares authorized, 134,709,785 and 135,766,419 shares issued and outstanding at June 28, 2024, and December 29, 2023, respectively — — Additional paid-in capital 1,654 1,885 Retained earnings 2,866 2,364 Accumulated other comprehensive loss ( 65 ) ( 48 ) Total Leidos stockholders' equity 4,455 4,201 Non-controlling interest 55 57 Total stockholders' equity 4,510 4,258 Total liabilities and stockholders' equity $ 12,909 $ 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 Six Months Ended June 28, 2024 June 30, 2023 June 28, 2024 June 30, 2023 (unaudited; in millions, except per share data) Revenues $ 4,132 $ 3,838 $ 8,107 $ 7,537 Cost of revenues 3,427 3,271 6,764 6,475 Selling, general and administrative expenses 231 237 457 470 Acquisition, integration and restructuring costs 7 6 11 9 Equi

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View this 10-Q filing on SEC EDGAR