Leidos Holdings, Inc. Reports Fourth Quarter and Fiscal Year

Leidos Holdings, Inc. Reports Fourth Quarter and Fiscal Year 2017 Results

LEIDOS HOLDINGS, INC.
UNAUDITED NON-GAAP FINANCIAL MEASURES [CONTINUED]
(in millions, except per share amounts)

The following tables present the reconciliation of the non-GAAP operating income by reportable segment and Corporate:

	Quarter Ended December 29, 2017
	Operating income (loss)		Acquisition and integration costs		Amortization of intangibles		Restructuring expenses		Amortization of equity method investments		Non-GAAP operating income (loss)		Non-GAAP operating margin
Defense Solutions	$	85	$	—	$	27	$	—	$	1	$	113	9.3	%
Civil	56		—		33		—		2		91		10.7	%
Health	44		—		9		—		—		53		12.0	%
Corporate	(84)		46		—		12		—		(26)		NM
Total	$	101	$	46	$	69	$	12	$	3	$	231	9.2	%

	Quarter Ended December 30, 2016
	Operating income (loss)		Asset impairment charges		Acquisition and integration costs		Amortization of intangibles ¹		Restructuring expenses		Non-GAAP operating income (loss)		Non-GAAP operating margin
Defense Solutions	$	88	$	—	$	—	$	13	$	—	$	101	8.0	%
Civil	66		—		—		22		—		88		10.2	%
Health	48		—		—		19		—		67		15.1	%
Corporate	(50)		4		22		—		8		(16)		NM
Total	$	152	$	4	$	22	$	54	$	8	$	240	9.3	%

	Year Ended December 29, 2017
	Operating income (loss)		Acquisition and integration costs		Amortization of intangibles		Restructuring expenses		Amortization of equity method investments		Non-GAAP operating income (loss)		Non-GAAP operating margin
Defense Solutions	$	307	$	—	$	108	$	—	$	3	$	418	8.4	%
Civil	226		—		132		—		11		369		10.8	%
Health	228		—		41		—		—		269		14.9	%
Corporate	(202)		102		—		37		—		(63)		NM
Total	$	559	$	102	$	281	$	37	$	14	$	993	9.8	%

	Year Ended December 30, 2016
	Operating income (loss)		Asset impairment charges		Acquisition and integration costs		Amortization of intangibles ¹		Restructuring expenses		Non-GAAP operating income (loss)		Non-GAAP operating margin
Defense Solutions	$	312	$	—	$	—	$	17	$	—	$	329	8.6	%
Civil	146		—		—		39		—		185		8.9	%
Health	110		—		—		28		—		138		12.4	%
Corporate	(151)		4		90		—		14		(43)		NM
Total	$	417	$	4	$	90	$	84	$	14	$	609	8.6	%

NM - Not Meaningful
(1) Amortization was based on the preliminary fair value of the acquired intangibles and was subject to change once purchase accounting was finalized.

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