Amentum (NYSE: AMTM) boosts 2026 guidance after Q3 profit and $48.2B backlog
Rhea-AI Filing Summary
Amentum Holdings, Inc. reported third quarter fiscal 2026 results with revenue of $3,490 million, down 2% year over year, primarily due to contract transitions to unconsolidated joint ventures and prior-year divestitures, partially offset by new awards in critical digital infrastructure and space systems.
Operating income rose to $172 million from $103 million, supported by strong operational performance and lower intangible amortization. Net income attributable to common shareholders was $66 million, up from $10 million, and diluted EPS grew to $0.27 from $0.04, aided by higher operating income and lower interest expense.
On a non-GAAP basis, Adjusted EBITDA was $290 million with an 8.3% margin, up from 7.7%, and Adjusted diluted EPS increased to $0.67 from $0.56. Free cash flow was $135 million, up 35%. As of July 3, 2026, Amentum held $459 million of cash and $3,875 million of gross debt, implying Net Leverage of 3.0x. Backlog reached $48.2 billion with funded backlog of $6.2 billion and a last twelve months book-to-bill of 1.3x.
The company highlighted over $400 million in global nuclear energy awards, approximately $250 million in critical digital infrastructure contracts, and over $1 billion in classified defense awards, plus major NASA COSMOS (~$500 million) and CMOE II ($974 million) contracts now reflected in backlog. Amentum raised fiscal 2026 guidance for Adjusted EBITDA to $1,115–$1,140 million and for Adjusted diluted EPS to $2.40–$2.50, while maintaining revenue and free cash flow ranges.
Positive
- Profitability and EPS improved sharply: operating income rose 67% to $172 million, net income grew to $66 million, and diluted EPS increased to $0.27 from $0.04.
- Non-GAAP performance strengthened: Adjusted EBITDA increased 6% to $290 million, margin expanded to 8.3%, and Adjusted diluted EPS rose 20% to $0.67.
- Cash generation was strong: third-quarter Free Cash Flow grew 35% to $135 million, supported by higher cash earnings and disciplined working capital management.
- Backlog and demand indicators improved: total backlog reached $48.2 billion (up from $44.6 billion), funded backlog rose to $6.2 billion, and last-twelve-months book-to-bill was 1.3x.
- Guidance increased for profitability: fiscal 2026 Adjusted EBITDA guidance was raised to $1,115–$1,140 million and Adjusted diluted EPS to $2.40–$2.50, reflecting stronger year-to-date results.
Negative
- None.
Filing Explained
The quarter included a $125 million Term Loan B payment, but July 3 debt remained $3,875 million against $459 million of cash.
The August 10 8-K reports the completed third quarter and identifies a
The cash-flow statement also reports
The filing reports 244,319,846 common shares issued and outstanding at
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Q3 2026 Revenue: $3,490 million
Q3 2026 Net Income: $66 million
Q3 2026 Adjusted EBITDA: $290 million
+5 more
8 metrics
Q3 2026 Revenue
$3,490 million
Three months ended July 3, 2026; down 2% year over year
Q3 2026 Net Income
$66 million
Net income attributable to common shareholders for the quarter
Q3 2026 Adjusted EBITDA
$290 million
Non-GAAP Adjusted EBITDA; 8.3% margin vs 7.7% prior year
Q3 2026 Free Cash Flow
$135 million
Free cash flow for the third quarter; up 35% year over year
Total Backlog
$48.2 billion
Backlog as of July 3, 2026; up from $44.6 billion a year earlier
Net Leverage
3.0x
Net debt divided by last twelve months Adjusted EBITDA of $1,128 million
FY 2026 Adjusted EBITDA Guidance
$1,115–$1,140 million
Updated fiscal year 2026 guidance range
FY 2026 Adjusted Diluted EPS Guidance
$2.40–$2.50
Updated fiscal year 2026 guidance range
Key Terms
Adjusted EBITDA, Free Cash Flow, backlog, book-to-bill, +2 more
6 terms
Adjusted EBITDA financial
"Adjusted EBITDA of $290 million resulted in Adjusted EBITDA Margins of 8.3%"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
Free Cash Flow financial
"Free Cash Flow 1 was $135 million, up 35% year-over-year"
Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.
backlog financial
"As of July 3, 2026, the Company had total backlog of $48.2 billion"
A backlog is the amount of work or orders that a company has received but hasn't completed yet. It’s like a restaurant with many dishes to serve; the backlog shows how many orders are still waiting to be finished. It matters because a large backlog can indicate strong demand or potential delays in delivering products or services.
book-to-bill financial
"net bookings and 1.3x book-to-bill"
The book-to-bill ratio compares new orders a company has received (bookings) to the products or services it has invoiced or shipped (billings) over the same period. It matters to investors because a ratio above 1 means demand is outpacing fulfillment and the company may grow revenue or build backlog, while a ratio below 1 suggests slowing demand and possible future revenue weakness — think of it as new customer orders versus what the company actually sold.
Net Leverage financial
"For the third quarter of fiscal year 2026, Net Leverage was 3.0x"
Net leverage measures how many years it would take for a company to pay off its outstanding debt using its annual operating cash flow, after subtracting cash on hand from total debt. Think of it like a household’s mortgage balance minus savings divided by yearly income; a lower number means the company is in a safer position to handle debt, while a higher number signals greater financial risk and potential pressure on profits or growth.
mentor-protégé joint venture regulatory
"award of the nine-year COSMOS contract to our mentor-protégé joint venture"
Earnings Snapshot
Revenue: $3,490 million · Guidance included
third quarter fiscal year 2026 ended July 3, 2026
Revenue
$3,490 million
-2% year over year
Operating Income
$172 million
67% increase year over year
Net Income
$66 million
from $10 million in prior-year quarter
Diluted EPS
$0.27
from $0.04 in prior-year quarter
Adjusted EBITDA
$290 million
6% increase year over year
Adjusted Diluted EPS
$0.67
20% increase year over year
Free Cash Flow
$135 million
35% increase year over year
Total Backlog
$48.2 billion
up from $44.6 billion a year earlier
Guidance
For fiscal 2026, Amentum guided revenue to $13.8–$13.95 billion, Adjusted EBITDA to $1,115–$1,140 million, Adjusted diluted EPS to $2.40–$2.50, and Free Cash Flow to $525–$575 million.
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
How did Amentum (AMTM) perform financially in Q3 fiscal 2026?
Amentum reported revenue of $3,490 million, down 2% year over year. Net income was $66 million and diluted EPS $0.27, both significantly higher than the prior-year quarter, driven by stronger operating income and lower interest expense.
What were Amentum (AMTM)’s key non-GAAP results for Q3 fiscal 2026?
Non-GAAP metrics included Adjusted EBITDA of $290 million with an 8.3% margin, up from 7.7%, and Adjusted diluted EPS of $0.67, compared with $0.56 a year earlier. Free cash flow reached $135 million, an increase of 35% versus the prior-year quarter.
How strong is Amentum (AMTM)’s backlog and book-to-bill?
As of July 3, 2026, Amentum’s total backlog was $48.2 billion, up from $44.6 billion. Funded backlog was $6.2 billion. Net bookings were $17.7 billion, producing a last-twelve-months book-to-bill ratio of 1.3x, indicating growing contracted demand.
What guidance did Amentum (AMTM) provide for fiscal year 2026?
Amentum guided fiscal 2026 revenue to $13.8–$13.95 billion, Adjusted EBITDA to $1,115–$1,140 million, Adjusted diluted EPS to $2.40–$2.50, and Free cash flow to $525–$575 million. The ranges for Adjusted EBITDA and Adjusted EPS were increased from prior guidance.
What major contract wins did Amentum (AMTM) highlight this quarter?
Amentum highlighted over $400 million in global nuclear energy awards, about $250 million in critical digital infrastructure contracts, over $1 billion in classified defense awards, and major NASA contracts including roughly $500 million under COSMOS and a $974 million CMOE II IDIQ.
What is Amentum (AMTM)’s leverage and liquidity position as of Q3 2026?
As of July 3, 2026, Amentum held $459 million in cash and cash equivalents and had $3,875 million of gross debt. Net Leverage was 3.0x, calculated as net debt divided by last-twelve-months Adjusted EBITDA of $1,128 million.
Exhibit 99.1
Amentum Reports Third Quarter Fiscal Year 2026 Results
Revenues of $3.5 billion
Net Income of $66 million; Adjusted EBITDA of $290 million
Diluted Earnings Per Share of $0.27; Adjusted Diluted Earnings Per Share of $0.67
Operating Cash Flow of $146 million; Free Cash Flow of $135 million
Backlog of $48.2 billion; Book-to-Bill of 1.1x, Last Twelve Months 1.3x
CHANTILLY, VA., August 10, 2026 — Amentum Holdings, Inc. (“Amentum” or the “Company”) (NYSE: AMTM), a leading advanced engineering and technology company, today announced results for the third quarter ended July 3, 2026.
“We delivered solid third quarter results with strong operating performance, profitability, and free cash flow," said Amentum Chief Executive Officer John Heller. “Although near-term dynamics have impacted our revenue outlook, our strong year-to-date results allow us to increase guidance for both Adjusted EBITDA and Adjusted Diluted EPS. Looking ahead, we’ve made significant progress executing our strategy and our leading business development indicators remain robust including recently announced key wins and partnerships in global nuclear energy. We remain focused on delivering differentiated solutions to our customers and driving long-term value for our shareholders.”
| Summary Operating Results | |||||||||||||||||
| Three Months Ended | |||||||||||||||||
| (in millions, except per share data) | July 3, 2026 | June 27, 2025 | % Change | ||||||||||||||
| GAAP Measures: | |||||||||||||||||
| Revenues | $3,490 | $3,561 | (2%) | ||||||||||||||
| Operating income | $172 | $103 | 67% | ||||||||||||||
| Net income | $66 | $10 | 560% | ||||||||||||||
| Diluted earnings per share | $0.27 | $0.04 | 575% | ||||||||||||||
Non-GAAP Measures1: | |||||||||||||||||
Adjusted EBITDA1 | $290 | $274 | 6% | ||||||||||||||
Adjusted EBITDA Margin1 | 8.3% | 7.7% | +60 bps | ||||||||||||||
Adjusted Diluted Earnings Per Share (EPS)1 | $0.67 | $0.56 | 20% | ||||||||||||||
Free Cash Flow1 | $135 | $100 | 35% | ||||||||||||||
1 – Non-GAAP financial measures should be considered in addition to, but not as a substitute for, the information provided in accordance with GAAP. Management believes that these non-GAAP measures provide another measure of Amentum’s results of operations and financial condition, including its ability to comply with financial covenants. See Unaudited Non-GAAP Financial Measures at the end of this press release for more information and a reconciliation of our selected reported results to these non-GAAP measures.
GAAP Results
Revenues of $3,490 million decreased 2% year-over-year driven by a 3% impact from the transition of certain contracts from consolidated to unconsolidated joint ventures and fiscal year 2025 divestitures; partially offset by the ramp-up of new contract awards in critical digital infrastructure and space systems and technologies. Operating income increased as a result of strong operational performance and decreased intangible amortization expense. Net income and diluted earnings per share improved year-over-year, supported by higher operating income and lower interest expense.
Non-GAAP Results
Adjusted EBITDA of $290 million resulted in Adjusted EBITDA Margins of 8.3%, up from 7.7% in the prior year quarter, driven by continued progress on our margin expansion initiatives including a favorable mix shift and strong operational performance. Adjusted Net Income and Adjusted Diluted Earnings Per Share increased primarily as a result of the strong operational performance and lower interest expense.
1
Non-GAAP Segment Results
| Three Months Ended | ||||||||||||||||||||
| (in millions) | July 3, 2026 | June 27, 2025 | % Change | |||||||||||||||||
| Revenues | ||||||||||||||||||||
| Digital Solutions | $1,457 | $1,421 | 3% | |||||||||||||||||
| Global Engineering Solutions | 2,033 | 2,140 | (5%) | |||||||||||||||||
| Total Revenues | $3,490 | $3,561 | (2%) | |||||||||||||||||
Adjusted EBITDA1 | ||||||||||||||||||||
| Digital Solutions | $116 | $114 | 2% | |||||||||||||||||
| Global Engineering Solutions | 174 | 160 | 9% | |||||||||||||||||
| Total Adjusted EBITDA | $290 | $274 | 6% | |||||||||||||||||
1 – Non-GAAP financial measures should be considered in addition to, but not as a substitute for, the information provided in accordance with GAAP. Management believes that these non-GAAP measures provide another measure of Amentum’s results of operations and financial condition, including its ability to comply with financial covenants. See Unaudited Non-GAAP Financial Measures at the end of this press release for more information and a reconciliation of our selected reported results to these non-GAAP measures.
Digital Solutions revenues increased 3% year-over-year driven by the ramp-up of new contract awards in critical digital infrastructure and space systems and technologies, partially offset by the fiscal year 2025 divestiture of Rapid Solutions. Adjusted EBITDA increased 2% year-over-year as a result of increased revenue volume, partially offset by the divestiture of Rapid Solutions.
Global Engineering Solutions revenues decreased 5% year-over-year due to contract transitions from consolidated to unconsolidated joint ventures, a fiscal year 2025 divestiture, and the expected ramp-down of other historical programs; partially offset by the ramp up of new contract awards. Adjusted EBITDA increased 9% year-over-year as a result of continued progress on our margin expansion initiatives, favorable contract mix, and strong program performance.
Cash Flow Summary
In the third quarter, Amentum generated $146 million and $3 million of net cash from operating activities and investing activities, respectively, and used $121 million in financing activities. Net cash provided by operating activities was driven by strong cash earnings, disciplined working capital management, and reflects one additional pay cycle compared to the prior year quarter. Net cash provided by investing activities included $11 million in capital expenditures and $10 million in cash proceeds from the sale of a minority stake in a legacy joint venture. Net cash used in financing activities consisted primarily of the $125 million voluntary principal payment on the Term Loan B and the impacts from the first amendment to the credit facility. As of July 3, 2026, Amentum had $459 million in cash and cash equivalents and $3,875 million of gross debt.
Backlog and Contract Awards
As of July 3, 2026, the Company had total backlog of $48.2 billion, compared with $44.6 billion as of June 27, 2025, an increase of 8% driven by $17.7 billion in net bookings and 1.3x book-to-bill. Funded backlog as of July 3, 2026 was $6.2 billion, compared with $5.6 billion as of June 27, 2025, an increase of 10%.
Notable Highlights
•Global Nuclear Energy – Amentum booked over $400 million for the initial engineering, development, and design of advanced nuclear technologies in the growing global nuclear market. These awards support our long-term growth opportunity in next-generation nuclear.
•Continued Growth in Critical Digital Infrastructure – Amentum was awarded approximately $250 million in contracts to support communication networks, cloud and data center infrastructure, and critical technology modernization. These wins build on Amentum’s core strengths in delivering integrated, large-scale digital infrastructure across both commercial and government markets.
•Classified U.S. and International Defense Awards – Amentum was awarded over $1 billion in awards to provide defense engineering, logistics, and modernization solutions for U.S. and allied military operations. These awards reinforce Amentum’s position as a trusted partner supporting global defense readiness and mission sustainment.
2
•Contract for Organizing Spaceflight Mission Operations and Systems (COSMOS) – Amentum booked ~$500 million associated with NASA's award of the nine-year COSMOS contract to our mentor-protégé joint venture, to support flight mission operations. The previously announced protest was resolved during the quarter and therefore the award is now reflected in backlog and book-to-bill.
•Center Maintenance Operations and Engineering (CMOE II) – NASA’s Langley Research Center awarded Amentum a $974 million, 10-year IDIQ contract to deliver cutting-edge support for advanced research, systems engineering, and infrastructure modernization. The previously announced protest was resolved during the quarter and therefore the award is now reflected in backlog and book-to-bill.
Fiscal Year 2026 Guidance
Amentum updates its fiscal year 2026 guidance as follows:
| (in millions, except per share data) | Updated Guidance | Prior Guidance | |||||||||||||||||||||||||||||||||||||||||||||
| Revenues | $13,800 | - | $13,950 | $13,950 | - | $14,300 | |||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA1 | $1,115 | - | $1,140 | $1,100 | - | $1,140 | |||||||||||||||||||||||||||||||||||||||||
Adjusted Diluted EPS1 | $2.40 | - | $2.50 | $2.25 | - | $2.45 | |||||||||||||||||||||||||||||||||||||||||
Free Cash Flow1 | $525 | - | $575 | $525 | - | $575 | |||||||||||||||||||||||||||||||||||||||||
1 – Represents a Non-GAAP financial measure - see the related explanations included elsewhere in this release. Amentum does not provide a reconciliation of forward-looking non-GAAP financial measures to the most directly comparable GAAP measures due to the inherent difficulty in forecasting and quantifying certain significant items. These items are uncertain, depend on various factors and could have a material impact on GAAP reported results for the relevant period.
Webcast Information
Amentum will host a conference call beginning at 8:30 a.m. Eastern time on Tuesday, August 11, 2026 to discuss the results for the third quarter ended July 3, 2026. The conference call will be webcast simultaneously to the public through a link on the Investor Relations section of the Amentum website at amentum.com. After the call concludes, a replay of the webcast can be accessed on the Investor Relations website.
About Amentum
Amentum is a global leader in advanced engineering and innovative technology solutions, trusted by the United States and its allies to address their most significant and complex challenges in science, security and sustainability. Our people apply undaunted curiosity, relentless ambition and boundless imagination to challenge convention and drive progress. Our commitments are underpinned by the belief that safety, collaboration and well-being are integral to success. Headquartered in Chantilly, Virginia, we have approximately 50,000 employees in over 70 countries across all 7 continents.
Visit us at amentum.com to learn how we advance the future together.
Cautionary Note Regarding Forward Looking Statements
This release contains or incorporates by reference statements that relate to future events and expectations and, as such, could be interpreted to be “forward-looking statements” as that term is defined in the Private Securities Litigation Reform Act of 1995 and other federal securities laws. Forward-looking statements may be characterized by terminology such as “believe,” “project,” “expect,” “anticipate,” “estimate,” “forecast,” “outlook,” “target,” “endeavor,” “seek,” “predict,” “intend,” “strategy,” “plan,” “may,” “could,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” or the negative thereof or variations thereon or similar terminology generally intended to identify forward-looking statements. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including projections of financial performance; statements of plans, strategies and objectives of management for future operations; any statement concerning developments, performance or industry rankings relating to products or services; any statements regarding future economic conditions or performance; any statements of assumptions underlying any of the foregoing; any statements regarding industry and market trends; and any other statements that address activities, events or developments that the Company intends, expects, projects, believes or anticipates will or may occur in the future.
Important factors that could cause actual results to differ materially from such plans, estimates or expectations include, among others: changes in U.S. or global economic, financial, business and political conditions, including changes to governmental budgetary priorities and tariffs and the ongoing conflicts in Europe and the Middle East; our ability to comply with the various procurement and other laws and regulations; risks associated with contracts with governmental entities; reviews and audits by the U.S. government and others; changes to our professional reputation and relationship with government agencies; the occurrence of an accident or safety incident; the ability
3
of the Company to control costs, meet performance requirements or contractual schedules, compete effectively or implement its business strategy; the ability of the Company to retain and hire key personnel, and retain and engage key customers and suppliers; the failure to realize the anticipated benefits of the 2024 transaction with Jacobs Solutions Inc.; potential liabilities associated with shareholder litigation or other settlements or investigations; evolving legal, regulatory and tax regimes; and other factors set forth under Item 1A, Risk Factors in the annual report on Form 10-K (the “Annual Report”), and from time to time in documents that we file with the SEC. The above list of factors is not exhaustive or necessarily in order of importance. For additional information on identifying factors that may cause actual results to vary materially from those stated in forward-looking statements, see the discussions under the section entitled “Risk Factors” in the Annual Report. Any forward-looking statement speaks only as of the date on which it is made, and we assume no obligation to update or revise such statement, whether as a result of new information, future events or otherwise, except as required by applicable law.
Non-GAAP Measures
This release includes the presentation and discussion of Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income, Adjusted Diluted Earnings Per Share, Free Cash Flow, and Net Leverage, which are not measures of financial performance under Generally Accepted Accounting Principles in the United States (“GAAP”). These non-GAAP measures should be considered only as supplements to, and should not be considered in isolation or used as substitutes for, financial information prepared in accordance with GAAP. Management of the Company believes these non-GAAP measures, when read in conjunction with the Company’s financial statements prepared in accordance with GAAP and, where applicable, the reconciliations herein to the most directly comparable GAAP measures, provide useful information to management, investors and other users of the Company’s financial information in evaluating operating results and understanding operating trends by adjusting for the effects of items we do not consider to be indicative of the Company’s ongoing performance, the inclusion of which can obscure underlying trends. Additionally, management of the Company uses such measures in its evaluation of business performance, particularly when comparing performance to past periods, and believes these measures are useful for investors because they facilitate a comparison of financial results from period to period. The computation of non-GAAP measures may not be comparable to similarly titled measures reported by other companies, thus limiting their use for comparability.
Definitions of applicable non-GAAP measures and reconciliations to the most directly comparable GAAP measures are provided elsewhere in this release.
In addition to the above non-GAAP financial measures, the Company has included backlog, net bookings, and book-to-bill in this release. Backlog is an operational measure representing the estimated amount of future revenues to be recognized under negotiated contracts, and net bookings represent the change in backlog between reporting periods plus reported revenues for the period. Book-to-bill represents net bookings divided by reported revenues for the same period. We believe these metrics are useful for investors because they are an important measure of business development performance and are used by management to conduct and evaluate its business during its regular review of operating results.
| Contacts | |||||||||||
Investor Relations Contact | Media Contact | ||||||||||
| Joseph DeNardi | Roela Santos | ||||||||||
| IR@amentum.com | Roela.Santos@amentum.com | ||||||||||
4
AMENTUM HOLDINGS, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions, except per share data)
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
| July 3, 2026 | June 27, 2025 | July 3, 2026 | June 27, 2025 | ||||||||||||||||||||
| Revenues | $ | 3,490 | $ | 3,561 | $ | 10,205 | $ | 10,468 | |||||||||||||||
| Cost of revenues | (3,130) | (3,193) | (9,174) | (9,372) | |||||||||||||||||||
| Selling, general, and administrative expenses | (122) | (165) | (361) | (440) | |||||||||||||||||||
| Amortization of intangibles | (94) | (118) | (282) | (358) | |||||||||||||||||||
| Equity earnings of non-consolidated subsidiaries | 28 | 18 | 73 | 47 | |||||||||||||||||||
| Operating income | 172 | 103 | 461 | 345 | |||||||||||||||||||
| Interest expense and other, net | (62) | (88) | (209) | (261) | |||||||||||||||||||
| Loss on extinguishment of debt | (16) | (3) | (16) | (3) | |||||||||||||||||||
| Income before income taxes | 94 | 12 | 236 | 81 | |||||||||||||||||||
| Provision for income taxes | (28) | (13) | (72) | (59) | |||||||||||||||||||
| Net income (loss) including non-controlling interests | 66 | (1) | 164 | 22 | |||||||||||||||||||
| Less: net income (loss) attributable to non-controlling interests | — | 11 | — | 4 | |||||||||||||||||||
| Net income attributable to common shareholders | $ | 66 | $ | 10 | $ | 164 | $ | 26 | |||||||||||||||
| Basic and diluted earnings per share attributable to common shareholders | $ | 0.27 | $ | 0.04 | $ | 0.67 | $ | 0.11 | |||||||||||||||
| Basic weighted average shares outstanding | 244 | 243 | 244 | 243 | |||||||||||||||||||
| Diluted weighted average shares outstanding | 245 | 243 | 245 | 243 | |||||||||||||||||||
5
AMENTUM HOLDINGS, INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(in millions, except per share data)
| July 3, 2026 | October 3, 2025 | ||||||||||
| ASSETS | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | 459 | $ | 437 | |||||||
| Accounts receivable, net | 2,553 | 2,479 | |||||||||
| Prepaid expenses and other current assets | 177 | 197 | |||||||||
| Total current assets | 3,189 | 3,113 | |||||||||
| Property and equipment, net | 108 | 114 | |||||||||
| Equity method investments | 204 | 196 | |||||||||
| Goodwill | 5,703 | 5,703 | |||||||||
| Intangible assets, net | 1,675 | 1,955 | |||||||||
| Other long-term assets | 320 | 379 | |||||||||
| Total assets | $ | 11,199 | $ | 11,460 | |||||||
| LIABILITIES | |||||||||||
| Current liabilities: | |||||||||||
| Current portion of long-term debt | $ | 54 | $ | 42 | |||||||
| Accounts payable | 825 | 892 | |||||||||
| Accrued compensation and benefits | 546 | 705 | |||||||||
| Contract liabilities | 171 | 227 | |||||||||
| Other current liabilities | 498 | 488 | |||||||||
| Total current liabilities | 2,094 | 2,354 | |||||||||
| Long-term debt, net of current portion | 3,771 | 3,901 | |||||||||
| Deferred tax liabilities | 273 | 260 | |||||||||
| Other long-term liabilities | 272 | 325 | |||||||||
| Total liabilities | 6,410 | 6,840 | |||||||||
| SHAREHOLDERS' EQUITY | |||||||||||
Common stock, $0.01 par value, 1,000,000,000 shares authorized; 244,319,846 shares issued and outstanding at July 3, 2026 and 243,464,776 shares issued and outstanding at October 3, 2025. | 2 | 2 | |||||||||
| Additional paid-in capital | 4,946 | 4,924 | |||||||||
| Retained deficit | (297) | (461) | |||||||||
| Accumulated other comprehensive income | 44 | 40 | |||||||||
| Total Amentum shareholders' equity | 4,695 | 4,505 | |||||||||
| Non-controlling interests | 94 | 115 | |||||||||
| Total shareholders' equity | 4,789 | 4,620 | |||||||||
| Total liabilities and shareholders' equity | $ | 11,199 | $ | 11,460 | |||||||
6
AMENTUM HOLDINGS, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
| July 3, 2026 | June 27, 2025 | July 3, 2026 | June 27, 2025 | ||||||||||||||||||||
| Cash flows from operating activities | |||||||||||||||||||||||
| Net income including non-controlling interests | $ | 66 | $ | (1) | $ | 164 | $ | 22 | |||||||||||||||
| Adjustments to reconcile net income including non-controlling interests to net cash provided by operating activities: | |||||||||||||||||||||||
| Depreciation | 7 | 11 | 25 | 29 | |||||||||||||||||||
| Amortization of intangibles | 94 | 118 | 282 | 358 | |||||||||||||||||||
| Loss on extinguishment of debt | 16 | 3 | 16 | 3 | |||||||||||||||||||
| Equity earnings of non-consolidated subsidiaries | (28) | (18) | (73) | (47) | |||||||||||||||||||
| Distributions from equity method investments | 33 | 22 | 87 | 57 | |||||||||||||||||||
| Deferred income taxes | 13 | (33) | 11 | (44) | |||||||||||||||||||
| Stock-based compensation | 8 | 7 | 23 | 15 | |||||||||||||||||||
| Other | (3) | 6 | 3 | 16 | |||||||||||||||||||
| Changes in assets and liabilities, net of effects of business acquisition: | |||||||||||||||||||||||
| Accounts receivable, net | (58) | (27) | (11) | (154) | |||||||||||||||||||
| Prepaid expenses and other assets | (40) | 4 | 11 | 75 | |||||||||||||||||||
| Accounts payable, contract liabilities, and other current liabilities | 52 | (17) | (198) | (28) | |||||||||||||||||||
| Accrued compensation and benefits | (72) | 37 | (160) | (9) | |||||||||||||||||||
| Other long-term liabilities | 58 | (6) | 55 | (20) | |||||||||||||||||||
| Net cash provided by operating activities | 146 | 106 | 235 | 273 | |||||||||||||||||||
| Cash flows from investing activities | |||||||||||||||||||||||
| Acquisitions, net of cash acquired | — | (70) | — | (70) | |||||||||||||||||||
| Divestitures, net of cash conveyed | 10 | 358 | 2 | 358 | |||||||||||||||||||
| Payments for property and equipment | (11) | (6) | (22) | (18) | |||||||||||||||||||
| Contributions to equity method investments | (1) | (8) | (53) | (36) | |||||||||||||||||||
| Returns of capital from equity method investments | 1 | 1 | 23 | 2 | |||||||||||||||||||
| Other | 4 | — | 2 | — | |||||||||||||||||||
| Net cash provided by (used in investing) activities | 3 | 275 | (48) | 236 | |||||||||||||||||||
| Cash flows from financing activities | |||||||||||||||||||||||
| Borrowings on revolving credit facilities | 417 | 345 | 2,403 | 858 | |||||||||||||||||||
| Payments on revolving credit facilities | (417) | (345) | (2,403) | (858) | |||||||||||||||||||
| Proceeds from borrowing under the term loans | 2,991 | — | 2,991 | — | |||||||||||||||||||
| Repayments of borrowings under the credit agreement | (3,106) | (200) | (3,125) | (200) | |||||||||||||||||||
| Distributions to non-controlling interests | (2) | 1 | (23) | (21) | |||||||||||||||||||
| Other | (4) | (4) | (8) | (10) | |||||||||||||||||||
| Net cash used in financing activities | (121) | (203) | (165) | (231) | |||||||||||||||||||
| Effect of exchange rate changes on cash | 3 | 14 | — | 8 | |||||||||||||||||||
| Net change in cash and cash equivalents | 31 | 192 | 22 | 286 | |||||||||||||||||||
| Cash and cash equivalents, beginning of period | 428 | 546 | 437 | 452 | |||||||||||||||||||
| Cash and cash equivalents, end of period | $ | 459 | $ | 738 | $ | 459 | $ | 738 | |||||||||||||||
7
AMENTUM HOLDINGS, INC.
UNAUDITED NON-GAAP FINANCIAL MEASURES
The presentation and discussion of Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income, Adjusted Diluted EPS, Free Cash Flow, and Net Leverage are not measures of financial performance under Generally Accepted Accounting Principles in the United States (“GAAP”). These non-GAAP measures should be considered only as supplements to, and should not be considered in isolation or used as a substitute for, financial information prepared in accordance with GAAP. Management believes these non-GAAP measures, when read in conjunction with our consolidated financial statements prepared in accordance with GAAP and the reconciliations herein to the most directly comparable GAAP measures, provide useful information in assessing trends in our ongoing operating performance and may provide greater visibility in understanding the long-term financial performance of the Company. The computation of non-GAAP measures may not be comparable to similarly titled measures reported by other companies, thus limiting their use for comparability.
Adjusted EBITDA is defined as GAAP net income attributable to common shareholders adjusted for interest expense and other, net, provision for income taxes, depreciation and amortization, and excludes the following discrete items:
•Acquisition, transaction, and integration costs – Represents acquisition, transaction and integration costs, including severance, retention, and other adjustments related to acquisition and integration activities.
•Amortization of intangibles – Represents the amortization of intangible assets.
•Divestitures – Represents divestiture gains and losses.
•Utilization of certain fair market value adjustments assigned in purchase accounting – Represents the periodic utilization of the fair market value adjustments assigned to certain equity method investments and non-controlling interests based on the remaining period of performance for the related contract.
•Stock-based compensation – Represents non-cash compensation expenses recognized for stock-based arrangements.
Adjusted EBITDA Margin is defined as Adjusted EBITDA divided by revenues.
Adjusted Net Income is defined as GAAP net income attributable to common shareholders excluding the discrete items listed under Adjusted EBITDA and the related tax impacts.
Adjusted Diluted EPS is defined as Adjusted Net Income divided by diluted weighted average number of common shares outstanding.
Free Cash Flow is defined as GAAP cash flow provided by operating activities less purchases of property and equipment. For the third quarter of fiscal year 2026, Free Cash Flow was $135 million, consisting of $146 million of GAAP cash flow provided by operating activities less $11 million of purchases of property and equipment.
Net Leverage is defined as GAAP total debt (excluding unamortized original issue discount and deferred financing costs) less cash and cash equivalents, divided by last twelve months Adjusted EBITDA, which is a non-GAAP measure. For the third quarter of fiscal year 2026, Net Leverage was 3.0x, consisting of $3,875 million of total debt less $459 million of cash and cash equivalents, divided by the last twelve months Adjusted EBITDA of $1,128 million.
8
AMENTUM HOLDINGS, INC.
UNAUDITED NON-GAAP FINANCIAL MEASURES
(in millions, except per share data and margin percentages)
The following table presents the reconciliation of Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income and Adjusted Diluted EPS to the most directly comparable GAAP measures for the three months ended July 3, 2026:
| For the Three Months Ended July 3, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||
| As reported | Acquisition, transaction and integration costs | Amortization of intangibles | Divestitures | Loss on extinguishment of debt | Utilization of fair market value adjustments | Stock-based compensation | Non-GAAP results | ||||||||||||||||||||||||||||||||||||||||
| Revenues | $ | 3,490 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 3,490 | |||||||||||||||||||||||||||||||
| Operating income | $ | 172 | $ | 9 | $ | 94 | $ | — | $ | — | $ | 4 | $ | 8 | $ | 287 | |||||||||||||||||||||||||||||||
| Non-operating expenses, net | (78) | — | — | (5) | 16 | — | — | (67) | |||||||||||||||||||||||||||||||||||||||
| Income (loss) before income taxes | 94 | 9 | 94 | (5) | 16 | 4 | 8 | 220 | |||||||||||||||||||||||||||||||||||||||
(Provision) benefit for income taxes 1 | (28) | (2) | (17) | 1 | (4) | (1) | (2) | (53) | |||||||||||||||||||||||||||||||||||||||
| Net income (loss) including non-controlling interests | 66 | 7 | 77 | (4) | 12 | 3 | 6 | 167 | |||||||||||||||||||||||||||||||||||||||
| Less: net income (loss) attributable to non-controlling interests | — | — | — | — | — | (4) | — | (4) | |||||||||||||||||||||||||||||||||||||||
| Net income (loss) attributable to common shareholders | $ | 66 | $ | 7 | $ | 77 | $ | (4) | $ | 12 | $ | (1) | $ | 6 | $ | 163 | |||||||||||||||||||||||||||||||
| Basic and diluted income per share attributable to common shareholders | $ | 0.27 | $ | 0.03 | $ | 0.31 | $ | (0.02) | $ | 0.05 | $ | (0.01) | $ | 0.04 | $ | 0.67 | |||||||||||||||||||||||||||||||
| Basic weighted average shares outstanding | 244 | 244 | 244 | 244 | 244 | 244 | 244 | 244 | |||||||||||||||||||||||||||||||||||||||
| Diluted weighted average shares outstanding | 245 | 245 | 245 | 245 | 245 | 245 | 245 | 245 | |||||||||||||||||||||||||||||||||||||||
| Net income (loss) attributable to common shareholders | $ | 66 | $ | 7 | $ | 77 | $ | (4) | $ | 12 | $ | (1) | $ | 6 | $ | 163 | |||||||||||||||||||||||||||||||
Net income margin 2 | 1.9 | % | 4.7 | % | |||||||||||||||||||||||||||||||||||||||||||
| Depreciation | 7 | — | — | — | — | — | — | 7 | |||||||||||||||||||||||||||||||||||||||
| Amortization of intangibles | 94 | — | (94) | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
| Interest expense and other, net | 62 | — | — | 5 | — | — | — | 67 | |||||||||||||||||||||||||||||||||||||||
| Provision (benefit) for income taxes | 28 | 2 | 17 | (1) | 4 | 1 | 2 | 53 | |||||||||||||||||||||||||||||||||||||||
| EBITDA (non-GAAP) | $ | 257 | $ | 9 | $ | — | $ | — | $ | 16 | $ | — | $ | 8 | $ | 290 | |||||||||||||||||||||||||||||||
| EBITDA margin | 7.4 | % | 8.3 | % | |||||||||||||||||||||||||||||||||||||||||||
| 1 - Calculation uses a full year estimated statutory rate on each non-GAAP tax deductible adjustment, unless the nature of the item requires application of specific tax treatment for related impacts. | |||||||||||||||||||||||||||||||||||||||||||||||
| 2 - Calculated as net income attributable to common shareholders divided by revenues. | |||||||||||||||||||||||||||||||||||||||||||||||
9
AMENTUM HOLDINGS, INC.
UNAUDITED NON-GAAP FINANCIAL MEASURES
(in millions, except per share data and margin percentages)
The following table presents the reconciliation of Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income and Adjusted Diluted EPS to the most directly comparable GAAP measures for the nine months ended July 3, 2026:
| For the Nine Months Ended July 3, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||
| As reported | Acquisition, transaction and integration costs | Amortization of intangibles | Divestitures | Loss on extinguishment of debt | Utilization of fair market value adjustments | Stock-based compensation | Non-GAAP results | ||||||||||||||||||||||||||||||||||||||||
| Revenues | $ | 10,205 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 10,205 | |||||||||||||||||||||||||||||||
| Operating income | $ | 461 | $ | 36 | $ | 282 | $ | — | $ | — | $ | 14 | $ | 23 | $ | 816 | |||||||||||||||||||||||||||||||
| Non-operating expenses, net | (225) | — | — | (8) | 16 | — | — | (217) | |||||||||||||||||||||||||||||||||||||||
| Income (loss) before income taxes | 236 | 36 | 282 | (8) | 16 | 14 | 23 | 599 | |||||||||||||||||||||||||||||||||||||||
(Provision) benefit for income taxes 1 | (72) | (8) | (54) | 2 | (4) | (3) | (5) | (144) | |||||||||||||||||||||||||||||||||||||||
| Net income (loss) including non-controlling interests | 164 | 28 | 228 | (6) | 12 | 11 | 18 | 455 | |||||||||||||||||||||||||||||||||||||||
| Less: net income (loss) attributable to non-controlling interests | — | — | — | — | — | (13) | — | (13) | |||||||||||||||||||||||||||||||||||||||
| Net income (loss) attributable to common shareholders | $ | 164 | $ | 28 | $ | 228 | $ | (6) | $ | 12 | $ | (2) | $ | 18 | $ | 442 | |||||||||||||||||||||||||||||||
| Basic income per share attributable to common shareholders | $ | 0.67 | $ | 0.11 | $ | 0.93 | $ | (0.02) | $ | 0.05 | $ | (0.01) | $ | 0.08 | $ | 1.81 | |||||||||||||||||||||||||||||||
| Basic weighted average shares outstanding | 244 | 244 | 244 | 244 | 244 | 244 | 244 | 244 | |||||||||||||||||||||||||||||||||||||||
| Diluted income per share attributable to common shareholders | $ | 0.67 | $ | 0.11 | $ | 0.93 | $ | (0.02) | $ | 0.05 | $ | (0.01) | $ | 0.07 | $ | 1.80 | |||||||||||||||||||||||||||||||
| Diluted weighted average shares outstanding | 245 | 245 | 245 | 245 | 245 | 245 | 245 | 245 | |||||||||||||||||||||||||||||||||||||||
| Net income (loss) attributable to common shareholders | $ | 164 | $ | 28 | $ | 228 | $ | (6) | $ | 12 | $ | (2) | $ | 18 | $ | 442 | |||||||||||||||||||||||||||||||
Net income margin 2 | 1.6 | % | 4.3 | % | |||||||||||||||||||||||||||||||||||||||||||
| Depreciation | 25 | — | — | — | — | — | — | 25 | |||||||||||||||||||||||||||||||||||||||
| Amortization of intangibles | 282 | — | (282) | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
| Interest expense and other, net | 209 | — | — | 8 | — | — | — | 217 | |||||||||||||||||||||||||||||||||||||||
| Provision (benefit) for income taxes | 72 | 8 | 54 | (2) | 4 | 3 | 5 | 144 | |||||||||||||||||||||||||||||||||||||||
| EBITDA (non-GAAP) | $ | 752 | $ | 36 | $ | — | $ | — | $ | 16 | $ | 1 | $ | 23 | $ | 828 | |||||||||||||||||||||||||||||||
| EBITDA margin | 7.4 | % | 8.1 | % | |||||||||||||||||||||||||||||||||||||||||||
| 1 - Calculation uses a full year estimated statutory rate on each non-GAAP tax deductible adjustment, unless the nature of the item requires application of specific tax treatment for related impacts. | |||||||||||||||||||||||||||||||||||||||||||||||
| 2 - Calculated as net income attributable to common shareholders divided by revenues. | |||||||||||||||||||||||||||||||||||||||||||||||
10
AMENTUM HOLDINGS, INC.
UNAUDITED NON-GAAP FINANCIAL MEASURES
(in millions, except per share data and margin percentages)
The following table presents the reconciliation of Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income and Adjusted Diluted EPS to the most directly comparable GAAP measures for the three months ended June 27, 2025:
| For the Three Months Ended June 27, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||
| As reported | Acquisition, transaction and integration costs | Amortization of intangibles | Divestitures | Loss on extinguishment of debt | Utilization of fair market value adjustments | Stock-based compensation | Non-GAAP results | ||||||||||||||||||||||||||||||||||||||||
| Revenues | $ | 3,561 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 3,561 | |||||||||||||||||||||||||||||||
| Operating income | $ | 103 | $ | 32 | $ | 118 | $ | — | $ | — | $ | 5 | $ | 7 | $ | 265 | |||||||||||||||||||||||||||||||
| Non-operating expenses, net | (91) | — | — | 3 | 3 | — | — | (85) | |||||||||||||||||||||||||||||||||||||||
| Income before income taxes | 12 | 32 | 118 | 3 | 3 | 5 | 7 | 180 | |||||||||||||||||||||||||||||||||||||||
Provision for income taxes 1 | (13) | (8) | (11) | (8) | — | (1) | (2) | (43) | |||||||||||||||||||||||||||||||||||||||
| Net (loss) income including non-controlling interests | (1) | 24 | 107 | (5) | 3 | 4 | 5 | 137 | |||||||||||||||||||||||||||||||||||||||
| Less: net (loss) income attributable to non-controlling interests | 11 | — | — | — | — | (13) | — | (2) | |||||||||||||||||||||||||||||||||||||||
| Net income (loss) attributable to common shareholders | $ | 10 | $ | 24 | $ | 107 | $ | (5) | $ | 3 | $ | (9) | $ | 5 | $ | 135 | |||||||||||||||||||||||||||||||
| Basic and diluted income per share attributable to common shareholders | $ | 0.04 | $ | 0.10 | $ | 0.44 | $ | (0.02) | $ | 0.01 | $ | (0.03) | $ | 0.02 | $ | 0.56 | |||||||||||||||||||||||||||||||
| Basic and diluted weighted average shares outstanding | 243 | 243 | 243 | 243 | 243 | 243 | 243 | 243 | |||||||||||||||||||||||||||||||||||||||
| Net income (loss) attributable to common shareholders | $ | 10 | $ | 24 | $ | 107 | $ | (5) | $ | 3 | $ | (9) | $ | 5 | $ | 135 | |||||||||||||||||||||||||||||||
Net income margin 2 | 0.3 | % | 3.8 | % | |||||||||||||||||||||||||||||||||||||||||||
| Depreciation | 11 | — | — | — | — | — | — | 11 | |||||||||||||||||||||||||||||||||||||||
| Amortization of intangibles | 118 | — | (118) | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
| Interest expense and other, net | 88 | — | — | (3) | — | — | — | 85 | |||||||||||||||||||||||||||||||||||||||
| Provision for income taxes | 13 | 8 | 11 | 8 | — | 1 | 2 | 43 | |||||||||||||||||||||||||||||||||||||||
| EBITDA (non-GAAP) | $ | 240 | $ | 32 | $ | — | $ | — | $ | 3 | $ | (8) | $ | 7 | $ | 274 | |||||||||||||||||||||||||||||||
| EBITDA margin | 6.7 | % | 7.7 | % | |||||||||||||||||||||||||||||||||||||||||||
| 1 - Calculation uses a full year estimated statutory rate on each non-GAAP tax deductible adjustment, unless the nature of the item requires application of specific tax treatment for related impacts. | |||||||||||||||||||||||||||||||||||||||||||||||
| 2 - Calculated as net income attributable to common shareholders divided by revenues. | |||||||||||||||||||||||||||||||||||||||||||||||
11
AMENTUM HOLDINGS, INC.
UNAUDITED NON-GAAP FINANCIAL MEASURES
(in millions, except per share data and margin percentages)
The following table presents the reconciliation of Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income and Adjusted Diluted EPS to the most directly comparable GAAP measures for the nine months ended June 27, 2025:
| For the Nine Months Ended June 27, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||
| As reported | Acquisition, transaction and integration costs | Amortization of intangibles | Divestitures | Loss on extinguishment of debt | Utilization of fair market value adjustments | Stock-based compensation | Non-GAAP results | ||||||||||||||||||||||||||||||||||||||||
| Revenues | $ | 10,468 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 10,468 | |||||||||||||||||||||||||||||||
| Operating income | $ | 345 | $ | 62 | $ | 358 | $ | — | $ | — | $ | 16 | $ | 15 | $ | 796 | |||||||||||||||||||||||||||||||
| Non-operating expenses, net | (264) | — | — | 3 | 3 | — | — | (258) | |||||||||||||||||||||||||||||||||||||||
| Income before income taxes | 81 | 62 | 358 | 3 | 3 | 16 | 15 | 538 | |||||||||||||||||||||||||||||||||||||||
Provision for income taxes 1 | (59) | (15) | (41) | (8) | — | (3) | (3) | (129) | |||||||||||||||||||||||||||||||||||||||
| Net income (loss) including non-controlling interests | 22 | 47 | 317 | (5) | 3 | 13 | 12 | 409 | |||||||||||||||||||||||||||||||||||||||
| Less: net income (loss) attributable to non-controlling interests | 4 | — | — | — | — | (25) | — | (21) | |||||||||||||||||||||||||||||||||||||||
| Net income (loss) attributable to common shareholders | $ | 26 | $ | 47 | $ | 317 | $ | (5) | $ | 3 | $ | (12) | $ | 12 | $ | 388 | |||||||||||||||||||||||||||||||
| Basic and diluted income (loss) per share attributable to common shareholders | $ | 0.11 | $ | 0.19 | $ | 1.30 | $ | (0.02) | $ | 0.01 | $ | (0.04) | $ | 0.05 | $ | 1.60 | |||||||||||||||||||||||||||||||
| Basic and diluted weighted average shares outstanding | 243 | 243 | 243 | 243 | 243 | 243 | 243 | 243 | |||||||||||||||||||||||||||||||||||||||
| Net income (loss) attributable to common shareholders | $ | 26 | $ | 47 | $ | 317 | $ | (5) | $ | 3 | $ | (12) | $ | 12 | $ | 388 | |||||||||||||||||||||||||||||||
Net income margin 2 | 0.2 | % | 3.7 | % | |||||||||||||||||||||||||||||||||||||||||||
| Depreciation | 29 | — | — | — | — | — | — | 29 | |||||||||||||||||||||||||||||||||||||||
| Amortization of intangibles | 358 | — | (358) | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
| Interest expense and other, net | 261 | — | — | (3) | — | — | — | 258 | |||||||||||||||||||||||||||||||||||||||
| Provision for income taxes | 59 | 15 | 41 | 8 | — | 3 | 3 | 129 | |||||||||||||||||||||||||||||||||||||||
| EBITDA (non-GAAP) | $ | 733 | $ | 62 | $ | — | $ | — | $ | 3 | $ | (9) | $ | 15 | $ | 804 | |||||||||||||||||||||||||||||||
| EBITDA margin | 7.0 | % | 7.7 | % | |||||||||||||||||||||||||||||||||||||||||||
| 1 - Calculation uses a full year estimated statutory rate on each non-GAAP tax deductible adjustment, unless the nature of the item requires application of specific tax treatment for related impacts. | |||||||||||||||||||||||||||||||||||||||||||||||
| 2 - Calculated as net income attributable to common shareholders divided by revenues. | |||||||||||||||||||||||||||||||||||||||||||||||
12