Q2 2024 Leidos Holdings Inc Earnings Call Transcript
Key Points
- Leidos Holdings Inc (LDOS) reported a record quarter with an adjusted EBITDA margin of 13.5%.
- Adjusted diluted EPS increased by 50% year-over-year, showcasing strong profitability.
- The company raised its full-year guidance, reflecting confidence in continued growth.
- Leidos Holdings Inc (LDOS) is halfway through its $500 million share repurchase plan, indicating strong cash flow and shareholder value focus.
- The company is making significant progress in its strategic focus areas, including operational improvement, profitable growth, and robust cash conversion.
- The UK business experienced $39 million in write-downs due to changing requirements and schedule slippages.
- The Veterans Benefits Administration (VBA) customer has implemented measures to manage budget challenges, potentially impacting near-term case volumes.
- National security and digital segment growth was modest, with a tough year-over-year comparison due to spikes in large digital modernization programs last year.
- Commercial and international segment margins were suppressed to 0.7% due to write-downs, impacting overall profitability.
- There are $3 billion of awards currently under protest, which could delay revenue recognition and impact short-term growth.
Greetings and welcome to Leidos second-quarter 2024 earnings conference call. (Operator Instructions)
Please note this conference is being recorded. At this time, I'll turn the conference over to Stuart Davis from Investor Relations. Stuart, you may begin.
Thank you, operator, and good morning, everyone. I'd like to welcome you to our second-quarter fiscal year 2024 earnings conference call. Joining me today are Tom Bell, our CEO, and Chris cage, our Chief Financial Officer. Today's call is being webcast on the Investor Relations portion of our website, where you will also find the earnings release and supplemental financial presentation slides that we'll use during today's call.
Turning to slide 2 of the presentation. Today's discussion contains forward-looking statements based on the environment as we currently see it and as such, includes risks and uncertainties. Please refer to our press release for more information on the specific risk factors that could cause actual results to
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