(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 27, 2024:
|
| Three Months Ended September 27, 2024 | ||||||||
|
| As reported |
| Acquisition,
|
| Amortization of
|
| Asset
|
| Non-GAAP
|
Operating income |
| $ 516 |
| $ 3 |
| $ 37 |
| $ 6 |
| $ 562 |
Non-operating expense, net |
| (46) |
| — |
| — |
| — |
| (46) |
Income before income taxes |
| 470 |
| 3 |
| 37 |
| 6 |
| 516 |
Income tax expense(1) |
| (108) |
| (1) |
| (9) |
| (2) |
| (120) |
Net income |
| 362 |
| 2 |
| 28 |
| 4 |
| 396 |
Less: net loss attributable to non-controlling interest |
| (2) |
| — |
| — |
| — |
| (2) |
Net income attributable to Leidos common stockholders |
| $ 364 |
| $ 2 |
| $ 28 |
| $ 4 |
| $ 398 |
|
|
|
|
|
|
|
|
|
|
|
Diluted EPS attributable to Leidos common stockholders(2) |
| $ 2.68 |
| $ 0.01 |
| $ 0.21 |
| $ 0.03 |
| $ 2.93 |
Diluted shares |
| 136 |
| 136 |
| 136 |
| 136 |
| 136 |
|
|
| ||||||||
|
| Three Months Ended September 27, 2024 | ||||||||
|
| As reported |
| Acquisition,
|
| Amortization of
|
| Asset
|
| Non-GAAP
|
Net income |
| $ 362 |
| $ 2 |
| $ 28 |
| $ 4 |
| $ 396 |
Income tax expense (1) |
| 108 |
| 1 |
| 9 |
| 2 |
| 120 |
Income before income taxes |
| 470 |
| 3 |
| 37 |
| 6 |
| 516 |
Depreciation expense |
| 34 |
| — |
| — |
| — |
| 34 |
Amortization of intangibles |
| 37 |
| — |
| (37) |
| — |
| — |
Interest expense, net |
| 46 |
| — |
| — |
| — |
| 46 |
Adjusted EBITDA |
| $ 587 |
| $ 3 |
| $ — |
| $ 6 |
| $ 596 |
Adjusted EBITDA margin |
| 14.0 % |
|
|
|
|
|
|
| 14.2 % |
|
(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. |
LEIDOS HOLDINGS, INC.