Leidos sees FY24 EPS $7.50-$7.90, consensus $7.60

Sees FY24 revenue $15.7B-$16.1B, consensus $15.96B. Sees FY24 adjusted EBITDA margin mid-to-high 10%. The company said, “Fiscal year 2024 guidance for cash flows provided by operating activities reflects approximately $60 million of cash tax payments related to the Tax Cuts and Jobs Act of 2017 provision requiring the capitalization and amortization of research and development costs that went into effect on January 1, 2022. The actual impact on cash flows provided by operating activities will depend on the amount of research and development costs Leidos will incur, whether Congress modifies or repeals this provision and whether new guidance and interpretive rules are issued by the US Treasury, among other factors.”