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

UNAUDITED NON-GAAP FINANCIAL MEASURES [CONTINUED]
(in millions, except percentages)

The following table presents the reconciliation of non-GAAP free cash flow to net cash provided by operating activities as well as the calculation of operating cash flow and non-GAAP free cash flow conversion ratios:



Three Months Ended



September 27, 2024


September 29, 2023

Net cash provided by operating activities


$                 656


$                 795

Payments for property, equipment and software


(23)


(50)

Non-GAAP free cash flow


$                 633


$                 745






Net income (loss) attributable to Leidos common stockholders


$                 364


$               (399)

Acquisition, integration and restructuring costs(1)(2)(3)


2


13

Amortization of acquired intangibles(1)(3)


28


38

Goodwill impairment charges(2)(3)



571

Asset impairment charges(2)(3)


4


57

Non-GAAP net income attributable to Leidos common stockholders


$                 398


$                 280






Operating cash flow conversion ratio


180 %


(199) %

Non-GAAP free cash flow conversion ratio


159 %


266 %


(1) After-tax expenses excluded from non-GAAP net income.

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

(3) Non-GAAP tax rates were revised for the three months ended September 29, 2023, 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.

 

Cision View original content: https://www.prnewswire.com/news-releases/leidos-reports-strong-third-quarter-2024-results-and-raises-full-year-guidance-302289156.html

SOURCE Leidos

Contact:
Company Name: Leidos
Financial data for Leidos



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