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 27, 2024: 



Three Months Ended September 27, 2024



As reported


Acquisition,
integration and
restructuring
costs


Amortization of
acquired
intangibles


Asset
impairment
charges


Non-GAAP
results

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,
integration and
restructuring
costs


Amortization of
acquired
intangibles


Asset
impairment
charges


Non-GAAP
results

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.

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