(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,
|
| Amortization
|
| Asset
|
| Gain on sale
|
| Non-GAAP
|
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,
|
| Amortization
|
| Asset
|
| Gain on sale
|
| Non-GAAP
|
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.