Leidos Reports Strong Third Quarter 2024 Results and Raises Full-Year Guidance

UNAUDITED NON-GAAP FINANCIAL MEASURES [CONTINUED]
(in millions, except per share data and margin percentages)

The following tables present the reconciliation of non-GAAP operating income, net income, diluted EPS, adjusted EBITDA, and adjusted EBITDA margin to the most directly comparable GAAP measures for the three months ended September 29, 2023: 



Three Months Ended September 29, 2023



As reported


Acquisition,
integration and
restructuring
costs(3)


Amortization of
acquired
intangibles


Asset
impairment
charges


Goodwill
impairment
charges


Non-GAAP
results

Operating (loss) income


$         (336)


$            17


$            50


$           88


$          599


$          418

Non-operating expense, net


(52)






(52)

(Loss) income before income taxes


(388)


17


50


88


599


366

Income tax expense(1)(4)


(8)


(4)


(12)


(31)


(28)


(83)

Net (loss) income


(396)


13


38


57


571


283

 Less: net income attributable to non-controlling interest


3






3

Net (loss) income attributable to Leidos common stockholders


$         (399)


$            13


$            38


$           57


$          571


$          280














Diluted EPS attributable to Leidos common stockholders(2)


$        (2.91)


$         0.09


$         0.28


$         0.41


$         4.14


$         2.03

Diluted shares


137


138


138


138


138


138
















Three Months Ended September 29, 2023



As reported


Acquisition,
integration and
restructuring
costs (3)


Amortization of
acquired
intangibles


Asset
impairment
charges


Goodwill
impairment
charges


Non-GAAP
results

Net (loss) income


$       (396)


$            13


$            38


$           57


$         571


$          283

Income tax expense (1)(4)


8


4


12


31


28


83

(Loss) income before income taxes


(388)


17


50


88


599


366

Depreciation expense


32






32

Amortization of intangibles


50



(50)




Interest expense, net


53






53

Adjusted EBITDA


$       (253)


$            17


$             —


$           88


$         599


$          451

Adjusted EBITDA margin


(6.5) %










11.5 %


(1) Calculation uses an estimated statutory tax rate on non-GAAP adjustments.

(2) Earnings per share is computed independently for each of the non-GAAP adjustment presented and therefore may not sum to the total non-GAAP earnings per share due to rounding.

(3) Asset markdowns associated with restructuring activities were recorded to "Cost of revenues" in the condensed consolidated statements of operations.

(4) Non-GAAP tax rates were revised from using a blended rate to an individual tax rate for each non-GAAP adjustment, as this approach better reflects the allocation of the tax adjustment.

LEIDOS HOLDINGS, INC.

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