Leidos Holdings, Inc.
For the period ended Apr 4, 2025. Filed May 6, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Apr 4, 2025 · Filed May 6, 2025
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Bookings and Backlog
Effective for the first quarter of fiscal 2025, we changed our backlog policy to include estimated future revenue on task orders expected to be awarded under sole source indefinite delivery/indefinite quantity ("IDIQ") contracts in our reported backlog. We believe this presentation provides enhanced visibility for investors and more accurately reflects the future revenues we expect to generate from our business.
We recorded net bookings worth an estimated $2.1 billion during the three months ended April 4, 2025, as compared to $3.8 billion for the three months ended March 29, 2024.
The estimated value of our total backlog was as follows:
| April 4, 2025 | March 29, 2024(1) | |||||
|---|---|---|---|---|---|---|
| (in millions) | Funded | Unfunded | Total | Funded | Unfunded | Total |
| National Security & Digital | $2,733 | $21,601 | $24,334 | $2,411 | $19,616 | $22,027 |
| Health & Civil | 991 | 10,290 | 11,281 | 1,953 | 8,956 | 10,909 |
| Commercial & International | 2,267 | 2,847 | 5,114 | 2,465 | 2,071 | 4,536 |
| Defense Systems | 1,338 | 4,229 | 5,567 | 1,136 | 3,075 | 4,211 |
| Total | $7,329 | $38,967 | $46,296 | $7,965 | $33,718 | $41,683 |
(1)Amounts have been recast to include estimated future revenue on task orders expected to be awarded under sole source IDIQ contracts. As a result, unfunded backlog increased $5,112 million.
Backlog represents the revenues we expect to recognize under negotiated contracts and unissued task orders on sole source IDIQ contracts, to the extent we believe their execution and funding to be probable. Backlog does not include potential task orders expected to be awarded under multiple award IDIQ contracts.
Backlog estimates are subject to change and may be affected by factors including modifications of contracts and foreign currency movements.
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