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

 

 


LEIDOS HOLDINGS, INC.

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in millions)




Three Months Ended


Twelve Months Ended



December 29,
 2017


December 30,
 2016


December 29,
 2017


December 30,
 2016

Cash flows from operations:









Net income


$

113



$

60



$

364



$

246


Adjustments to reconcile net income to net cash
  provided by operations:









Depreciation and amortization


82



68



336



122


Amortization of equity method investments


3





14




Stock-based compensation


11



10



43



35


Asset impairment charges




4





4


Promissory note impairment


33





33




Bad debt expense


(1)



2



10



3


Non-cash interest expense


3



3



12



4


Other


6



(3)



9



(7)


Change in assets and liabilities, net of effects of
  acquisitions and dispositions:









Receivables


(36)



(17)



(191)



123


Inventory, prepaid expenses and other current
  assets


(30)



(18)



(76)



(98)


Accounts payable and accrued liabilities


147



(61)



152



(25)


Accrued payroll and employee benefits


52



28



8



26


Deferred income taxes and income taxes
receivable/payable


(101)



55



(151)



36


Other long-term assets/ liabilities


(118)



(10)



(37)



(20)


Net cash provided by operating activities of continuing
  operations


164



121



526



449


Cash flows from investing activities:









Payments for property, plant and equipment


(39)



(9)



(81)



(29)


Acquisitions of businesses








25


Net proceeds from sale of assets


1





8



3


Proceeds from disposition of business








23


Other




1



2



4


Net cash (used in) provided by investing activities of
  continuing operations


(38)



(8)



(71)



26


Cash flows from financing activities:









Payments of long-term debt


(15)



(175)



(209)



(277)


Proceeds from debt issuance








690


Payments for debt issuance and modification costs






(4)



(30)


Proceeds from issuances of stock


3





13



25


Repurchases of stock and other


(5)



(4)



(31)



(24)


Special cash dividend payment








(993)


Dividend payments


(48)



(48)



(198)



(142)


Net cash used in financing activities of continuing
  operations


(65)



(227)



(429)



(751)


Net increase (decrease) in cash, cash equivalents and
  restricted cash from continuing operations


61



(114)



26



(276)


Cash flows from discontinued operations:









Net cash used in investing activities of discontinued
  operations








(1)


Net decrease in cash, cash equivalents and restricted
  cash from discontinued operations








(1)


Net increase (decrease) in cash, cash equivalents and
  restricted cash


61



(114)



26



(277)


Cash, cash equivalents and restricted cash at beginning
  of year


361



510



396



673


Cash, cash equivalents and restricted cash at end of
  year


$

422



$

396



$

422



$

396



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