LEIDOS HOLDINGS, INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in millions) | ||||||||
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| Three Months Ended |
| Nine Months Ended | ||||
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| September 27,
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| September 29,
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| September 27,
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| September 29,
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Cash flows from operations: |
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Net income (loss) |
| $ 362 |
| $ (396) |
| $ 969 |
| $ (22) |
Adjustments to reconcile net income (loss) to net cash provided by operations: |
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Depreciation and amortization |
| 71 |
| 82 |
| 211 |
| 248 |
Stock-based compensation |
| 19 |
| 20 |
| 59 |
| 57 |
Deferred income taxes |
| (29) |
| (104) |
| (96) |
| (192) |
Goodwill impairment charges |
| — |
| 599 |
| — |
| 599 |
Asset impairment charges |
| 6 |
| 88 |
| 6 |
| 88 |
Other |
| 3 |
| 19 |
| 5 |
| 25 |
Change in assets and liabilities, net of effects of acquisitions: |
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Receivables |
| (75) |
| 14 |
| (260) |
| (109) |
Other current assets and other long-term assets |
| 95 |
| 92 |
| 102 |
| 141 |
| Accounts payable and accrued liabilities and other long-term liabilities |
| 25 |
| 220 |
| (149) |
| 22 |
| Accrued payroll and employee benefits |
| 198 |
| 137 |
| 208 |
| 105 |
| Income taxes receivable/payable |
| (19) |
| 24 |
| 38 |
| (101) |
| Net cash provided by operating activities |
| 656 |
| 795 |
| 1,093 |
| 861 |
| Cash flows from investing activities: |
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| Acquisition of a business, net of cash acquired |
| — |
| (2) |
| — |
| (6) |
| Payments for property, equipment and software |
| (23) |
| (50) |
| (63) |
| (129) |
| Net proceeds from sale of assets |
| — |
| — |
| 2 |
| — |
| Other |
| — |
| — |
| 5 |
| — |
| Net cash used in investing activities |
| (23) |
| (52) |
| (56) |
| (135) |
| Cash flows from financing activities: |
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|
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| Proceeds from debt issuance |
| — |
| — |
| — |
| 1,743 |
| Net proceeds from commercial paper |
| — |
| (200) |
| — |
| — |
| Repayments of borrowings |
| (5) |
| (5) |
| (14) |
| (2,041) |
| Payments for debt issuance costs |
| — |
| — |
| — |
| (7) |
| Dividend payments |
| (51) |
| (50) |
| (155) |
| (150) |
| Repurchases of stock and other |
| (203) |
| (1) |
| (500) |
| (44) |
| Proceeds from issuances of stock |
| 2 |
| 12 |
| 28 |
| 37 |
| Net capital distributions to non-controlling interests |
| — |
| (5) |
| (3) |
| (8) |
| Net cash used in financing activities |
| (257) |
| (249) |
| (644) |
| (470) |
| Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash |
| 9 |
| (3) |
| 5 |
| — |
| Net increase in cash, cash equivalents and restricted cash |
| 385 |
| 491 |
| 398 |
| 256 |
| Cash, cash equivalents and restricted cash at beginning of period |
| 941 |
| 448 |
| 928 |
| 683 |
| Cash, cash equivalents and restricted cash at end of period |
| 1,326 |
| 939 |
| 1,326 |
| 939 |
| Less: restricted cash at end of period |
| 141 |
| 189 |
| 141 |
| 189 |
| Cash and cash equivalents at end of period |
| $ 1,185 |
| $ 750 |
| $ 1,185 |
| $ 750 |
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Leidos Reports Strong Third Quarter 2024 Results and Raises Full-Year Guidance
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