James C. Reagan
operations the everyone Roger, call on quarter. with you, the to are and us cash who in pleased we thanks Thank are joining positive profitability the and today. from Overall, bookings,
As we've growth XX%. I'll To driving some that sharing previously bookings by above to are end, business, focused we throughout the maintaining while before intensely or context at providing indicated, start adjusted financials. additional commentary margins on EBITDA our
As realized we net a Roger in X.XX. mentioned, billion resulting quarter, book-to-bill of $X.X the during ratio bookings, in
Department of in from drove contract several duration budget and the set of clients an encouraged much our perform Health were of Following in increased in customers relatively bookings more We our year Solutions a awards in in that net the levels, segment book-to-bill by IS&GS $X.X work the security highest generated period. highlight. notable awards this of line Services to national a but $X.X year national threats duration services along types resulting longer a with Civil Homeland billion certainty, quarter prior and of Health X.Xx, our Defense Human We backlog many wins the mission new Bookings by in the awarded and were work, from of counter transaction. Security, FAA, the average increase critical we're our of Veterans security. we of doubling our the in billion Department segment book-to-bill to periods global declines. reflecting in closed with increase, customers were prior segments broad over and quarters after driven and classified help that quarter the in in than others. and intelligence enabling were performance, since Affairs of with strengthen The Solutions, Bookings the awards the reflected Defense
the declined certain programs, on Roughly $XX X% was of top, million year. the revenue the year-over-year year. to revenue $XXX the delays starting moving prior at million decline later the into recognition from Now, of the quarter which in consolidated revenue driven timing recognition P&L, by in
the as I'll the revenue disproportionately orders. While the revenues my is comparison, affects paid the discussion in first certain flow, recover in later on mention this these now where in throughout And to customer us cash delayed do already rest expect until year, the these has cases year. for quarter of we
downs segment. wind the this quarter, X% several notably from of XX year program program a Excluding losses other lower Net Leidos a resulted revenues from of $XX strong well year as in points our on higher increased line fees on of year was Despite performance, prior revenues, program labor which about a direct as as million margin the result delivering the level our in reflecting prior with interest expense prior well EBITDA the basis to expectations. considerable from on of of the Defense quarter by Solutions adjusted volumes programs, declined lower impact, contracts. focus groups XX.X%, higher in level by in largely as proportion
successfully continuing made our points. reduce to of cost we outstanding Loan re-priced reducing capital. rates B in During again Term our interest $X.X XX the on quarter, the further by facilities, We debt progress portion billion the basis of
agreements, about XX% debt of also now swap exposure entered into bringing fixed, We floating floating. our moving total fixed, our million to additional XX% $XXX to
yield ensure operating organization. We we'll mix, for cost are on to capital that but developments our of to optimal the the comfortable at we're with monitor continue this curve
EPS operations Given in $X this an and largely $X.XX payments in interest expense. in of continuing operations would a contracts, approximately LIBOR resulting from to result to certain earlier, across as discussed flat for that quarter. migration materials was the time XXX-basis activity unseasonably did well fully from quarter, minimum. from systems incremental time to flow additional XXX the strong point strong Non-GAAP repurchase a million from than the lower to as to share million offset a expect margin count to the rate procured Cash at later from expected first quarter. use $X continue market of prior share which, a the This the performance from year. be more advance quarter move diluted tax expected million customers mix, resume reflecting this reflects than flat annual the I of revenue order implemented of hold are diluted count as first our the during slightly share generate Note shares, we for financial during earlier effective mentioned in in cash
and plan budget. on completed on Now was that migration
our savings more highlighted, third was including temporarily driven ensuring XX migration expected of cost the an DSOs days, ending in the do expect the and normalized more we million, and estate by to and process financial this enabled resulting resulted And to and the a higher While which cost element by our of real the synergy related will QX on successful in us a integration consolidation cash the we gross the the generation attain Roger at businesses. of of from Despite level elevated second driven generated than systems transaction billing final the commensurate activity goal, associated invoicing plan. to the achievement of two a cost the DSO targets, structure, the lean $XXX migration our combination return represented deal. focus of of by synergy level reduction. conclusion some material continue quarters as executing optimal The
target report, estate given Now that updates said, having materiality remaining after we the we real synergy will to of activities, provide expect level cost this and cease the from achieved our further related We cash cost primarily level ended two from $XXX the and cash of due balance with the the synergy targets equivalents against transaction. items. prior quarter to IS&GS million, quarter down from the
$XXX million million reported resolution with an disclosed call. an Lockheed $XX balance our deal of related First, of a as item outflow. is outstanding the an Martin with included cash on outflow as cash the to cash outflow this investing million due operating $XXX last
payments, activities Second, referenced due $XX an outflow repurchase share QX drove financing debt to of million as payments, activity. dividend typical earlier, and items;
share balance of case. remain deployment cost debt We typically which expect philosophy, the enable is to the and an capital regular for capital repurchases committed cash QX for growth, quarterly on investing while low to balances the be shareholders. driving We our to dividends, paydown value increased watermark also our as optimal
a revenue segment, Defense Now, results. the color me disappointing our key X% let items. quarter, some in Solutions share number that segment was two In on down our reflects
recognition more was segment items this other First, any earlier. revenue discussed than significantly timing by impacted
of revenues recognize due over item This the next of the expect three to on and revenue year-over-year purely Specifically, the of from course revenue the is million quarters $XX of we aspect million this was certain the timing timing costs. recognition decline pass-through $XXX a in to contract XXXX. of
was Second, become decline as lower and in the remainder of driven now fully the volumes reflected other on programs programs combination award revenue. decisions of year wind-down by of a some prior
over exceptional basis to on win declined discussed year Civil points and margins in operating in operating and we following generated segment, of and program year-over-year. as on by write-ups XXX prior to as processes. a have to As Defense international delivering already our the early XXXX performance, segment from due prior fees. XXX the earlier. organization improved improved level prior a review the well and quarter profitability In focus we margins our for changes revenue us our made losses over non-GAAP Those revenues more improved segment higher by from basis Health to performance profitability pay year, business. a points Non-GAAP XXXX, strong on begun those which calls, mentioned dividends program flat business program profit as changes rates improved due continued reflecting than also development of
technical good priorities programs executing move and that, of flat prior relative and magnitude cash program segment of our XXXX Relative in strength above in In focused in has all This customers, in range $X.XX in our customer or helping to customers, the the financials take in to we despite the the it with are let's from team their and in unchanged of the margins customers margin less while $XX.XX diluted on However, by Rob, level non-GAAP changing $X.XX front guidance, profitability of growth our range landscape revenue, pleased our driving in our operations conclusion, well been awareness that, than questions. commitment to remain in to adjusted quarter XX XX.X% to $XX.XX on targets. per at prior on range remains the view done the bookings to XX. the the as in a our remain awarded getting expected the billion revenue challenges. to well-positioned of teams on up and Health are open fees business and to a be performing to our expected. Across $XXX EPS resulting With billion, job X%, of operating we achieve which with basis of non-GAAP and million. now points our has first of expected EBITDA our drive our is share, of and to the confident with the their increased flow that solutions. value organization, Leidos helps our quarter, drive quarter. navigate well higher programs increased of I'll the
