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 nine months ended September 27, 2024:



Nine Months Ended September 27, 2024



As reported


Acquisition,
integration
and
restructuring
costs(3)


Amortization
of acquired
intangibles


Asset
impairment
charges


Gain on sale
of intangible
assets


Non-GAAP
results

Operating income


$      1,406


$           20


$         110


$           6


$           —


$      1,542

Non-operating expense, net


(142)





(2)


(144)

Income before income taxes


1,264


20


110


6


(2)


1,398

Income tax expense(1)


(295)


(4)


(28)


(2)



(329)

Net income


969


16


82


4


(2)


1,069

Less: net loss attributable to non-controlling interest


(1)






(1)

Net income attributable to Leidos common stockholders


$         970


$           16


$           82


$           4


$           (2)


$      1,070














Diluted EPS attributable to Leidos common stockholders (2)


$        7.13


$        0.12


$        0.60


$       0.03


$      (0.01)


$        7.87

Diluted shares


136


136


136


136


136


136
















Nine Months Ended September 27, 2024



As reported


Acquisition,
integration
and
restructuring
costs (3)


Amortization
of acquired
intangibles


Asset
impairment
charges


Gain on sale
of intangible
assets


Non-GAAP
results

Net income


$        969


$           16


$           82


$          4


$           (2)


$     1,069

Income tax expense (1)


295


4


28


2



329

Income before income taxes


1,264


20


110


6


(2)


1,398

Depreciation expense


101






101

Amortization of intangibles


110



(110)




Interest expense, net


146






146

Adjusted EBITDA


$     1,621


$           20


$           —


$          6


$           (2)


$     1,645

Adjusted EBITDA margin


13.2 %










13.4 %


(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.

LEIDOS HOLDINGS, INC.

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