Leidos(US:LDOS)2024-10-29 14:42Financial Performance - Total revenues for the three months ended September 27, 2024, were $4,190 million, a 6.9% increase from $3,921 million for the same period in 2023[81]. - Operating income for the three months ended September 27, 2024, was $516 million, compared to a loss of $336 million in the same period of 2023, representing a significant improvement[81]. - Net income for the three months ended September 27, 2024, was $362 million, a 191.4% increase from a loss of $396 million in the same period of 2023[81]. - Revenues for the nine months ended September 27, 2024, were reported at $7,820 million[104]. - Operating income for the same period was $652 million[104]. Revenue Segments - Revenues from the National Security & Digital segment for the three months ended September 27, 2024, were $1,865 million, a 0.7% increase from $1,852 million in the same period of 2023[82]. - Revenues from the Health & Civil segment for the three months ended September 27, 2024, were $1,225 million, a 16.1% increase from $1,055 million in the same period of 2023[84]. - Revenues from the Commercial & International segment for the three months ended September 27, 2024, were $578 million, a 4.7% increase from $552 million in the same period of 2023[85]. - Revenues for the three months ended September 27, 2024, increased to $522 million, a 13.0% increase from $462 million for the same period in 2023[86]. Government Contracts - Approximately 87% of total revenues for the three months ended September 27, 2024, were generated from contracts with the U.S. government, consistent with the previous year[79]. Operating Margins - The operating margin for the Health & Civil segment improved to 23.4% for the three months ended September 27, 2024, compared to 15.6% in the same period of 2023[84]. - Operating margin for the three months ended September 27, 2024, was 7.1%, significantly higher than 0.6% for the same period in 2023[86]. Backlog and Bookings - Net bookings for the three months ended September 27, 2024, were $8.1 billion, up from $7.9 billion in the same period last year[92]. - Total backlog as of September 27, 2024, was $40.561 billion, compared to $38.043 billion as of September 29, 2023[92]. Cash and Assets - Cash and cash equivalents stood at $1,185 million as of September 27, 2024, with no borrowings under the revolving credit facility[93]. - Total current assets increased to $2,791 million in 2024 from $2,464 million in 2023, representing a growth of 13.3%[102]. - Total assets rose to $9,812 million in 2024, up from $9,222 million in 2023, indicating an increase of 6.4%[102]. Liabilities and Debt - Total current liabilities increased to $2,852 million in 2024, compared to $1,983 million in 2023, reflecting a significant rise of 43.7%[102]. - Long-term debt, net of current portion, decreased to $4,080 million in 2024 from $4,663 million in 2023, a reduction of 12.5%[102]. - Total liabilities increased to $10,579 million in 2024, up from $9,768 million in 2023, marking an increase of 8.3%[102]. Tax and Expenses - The effective tax rate for the three months ended September 27, 2024, was 23.0%, up from (2.1)% in the prior year, primarily due to nondeductible goodwill impairments[90]. - Non-operating expense, net for the three months ended September 27, 2024, decreased to $46 million from $52 million in the same period last year[89]. Stock and Shareholder Returns - Stock repurchases amounted to $200 million during the three months ended September 27, 2024, compared to no repurchases in the same period last year[94].