A Secretive US Space Plane Will Soon Test Quantum Navigation Technology
The X-37B, the US Space Force's secretive space plane, will soon take flight again.
On Monday, the Space Force announced that it will fly the small, Space Shuttle–shaped vehicle on the program's eighth mission next month. The launch of the vehicle, on a Falcon 9 rocket, is scheduled to occur no earlier than August 21 from Kennedy Space Center in Florida.
There are two active X-37Bs in the Space Force fleet, both built by Boeing. The first made its debut flight in April 2010. Since then, the two uncrewed spacecraft have made a succession of longer flights. The first made its longest and latest flight from 2020 to 2022 over a span of 908 days. The second flew more recently, landing at Vandenberg Space Force Base on March 7 after 434 days in orbit.
It's likely that the first of these two vehicles, both of which are about 29 feet (9 meters) long and roughly one-quarter the length of one of NASA's Space Shuttle orbiters, will launch next month. Some Details About the Upcoming Flight
Over the past decade and a half, the Space Force has largely remained silent about the purpose of this space plane, flying classified payloads and providing only limited information about the purpose of each flight.
However, for this flight, OTV-8, the military has provided a bit more detail about its intentions. The vehicle will fly with a service module that will expand its capacity for experiments, allowing the space plane to host payload for the Air Force Research Laboratory and the Defense Innovation Unit.
The mission's goals include tests of 'high-bandwidth inter-satellite laser communications technologies.'
'OTV-8's laser communications demonstration will mark an important step in the US Space Force's ability to leverage commercial space networks as part of proliferated, diversified, and redundant space architectures,' said General Chance Saltzman, US Space Force chief of space operations, in a statement. 'In so doing, it will strengthen the resilience, reliability, adaptability, and data transport speeds of our satellite communications architectures.' Navigating in a World Without GPS
The space plane will also advance the development of a new navigation technology based on electromagnetic wave interference. The Space Force news release characterizes this as the 'highest-performing quantum inertial sensor ever tested in space.'
Boeing has previously tested a quantum inertial measurement unit, which detects rotation and acceleration using atom interferometry, on conventional aircraft. Now, an advanced version of the technology is being taken to space to demonstrate its viability. The goal of the in-space test is to demonstrate precise positioning, navigation, and timing in an environment where GPS services are not available.
'Bottom line: Testing this tech will be helpful for navigation in contested environments where GPS may be degraded or denied,' Saltzman said in a social media post Monday, describing the flight.
Quantum inertial sensors could also be used near the moon, where there is no comparable GPS capability, or for exploration further into the solar system.
Notably, the small X-37B is back to launching on a medium-lift rocket with this new mission. During its most recent flight that ended in March, the space plane launched on a Falcon Heavy rocket for the first time. This allowed the X-37B to fly beyond low Earth orbit and reach an elliptical high Earth orbit.
This story originally appeared on Ars Technica.
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Amentum Reports Third Quarter Fiscal Year 2025 Results and Raises Full Year Organic Guidance
CHANTILLY, Va.--(BUSINESS WIRE)--Amentum Holdings, Inc. ('Amentum' or the 'Company') (NYSE: AMTM), a leading advanced engineering and technology company, today announced results for the third quarter ended June 27, 2025, and raised its full year organic guidance for fiscal year 2025. 'Amentum's third quarter performance reflects strong execution and demonstrates the continued strength of our business,' said Amentum Chief Executive Officer John Heller. Share 'Amentum's third quarter performance reflects strong execution and demonstrates the continued strength of our business,' said Amentum Chief Executive Officer John Heller. 'We're seeing benefits from our integration efforts and mission-focused portfolio converge with tailwinds from enduring global trends and an improving budget environment. In addition, the successful divestiture of Rapid Solutions combined with our strategic growth initiatives enhance our financial flexibility and provide momentum for future growth as we head into the fourth quarter and beyond. We're pleased with our performance and excited about our ability to deliver long-term value for customers, employees and shareholders.' GAAP Results GAAP revenues increased 66% year-over-year primarily as a result of revenues from the combination with Jacobs' Critical Mission Solutions and Cyber & Intelligence (CMS) businesses. GAAP operating income increased as a result of the contribution from CMS, partially offset by increased intangible amortization expense. GAAP net income and diluted earnings per share improved year-over-year due to the higher operating income and lower interest expense. Pro Forma and Non-GAAP Results Pro forma revenues, which include the results of CMS prepared in accordance with the requirements of Article 11 of Regulation S-X, increased 2% year-over-year driven by growth in Digital Solutions. Pro Forma Adjusted EBITDA increased 7% year-over-year primarily due to the higher revenues and improved operating performance. Pro Forma Adjusted Net Income and Adjusted Diluted Earnings Per Share increased due to higher operating profit partially offset by an increase in interest expense. Pro Forma and Non-GAAP Segment Results Digital Solutions revenues for the third quarter increased 12% year-over-year driven by higher volume from the ramp up of new commercial contract awards. Adjusted EBITDA increased 21% year-over-year due to the higher revenues and improved operational performance. Global Engineering Solutions revenues for the third quarter decreased 3% year-over-year as a result of the expected ramp-down on certain historical programs, partially offset by new contract awards and growth on existing programs. Adjusted EBITDA decreased 2% year-over-year as a result of the lower revenue volume, partially offset by improved operational performance. Cash Flow Summary During the three months ended June 27, 2025, Amentum generated $106 million and $275 million of net cash from operating and investing activities, respectively, and used $203 million in financing activities. Net cash provided by operating activities was driven by strong cash earnings and disciplined working capital management. Net cash provided by investing activities included $360 million in proceeds from the sale of Rapid Solutions which were partially offset by a $70 million payment for the final net working capital position from the CMS merger. Investing activities also included $6 million in capital expenditures which resulted in quarterly free cash flow of $100 million. Financing activities consisted primarily of $200 million in principal payments on our Term Loan. As of June 27, 2025, Amentum had $738 million in cash and cash equivalents and $4.6 billion of gross debt. Subsequent to the quarter end, Amentum made an additional $250 million voluntary principal payment on the Term Loan. Backlog and Contract Awards As of June 27, 2025, the Company had total backlog of $44.6 billion, compared with $26.9 billion as of June 28, 2024, an increase of $17.7 billion primarily due to the acquisition of CMS. Funded backlog as of June 27, 2025 was $5.6 billion. Notable Q3 Fiscal Year 2025 Highlights Space Force Range Contract (SFRC) - The United States Space Force awarded Amentum SFRC, a $4 billion single-award indefinite delivery indefinite quantity contract with a ten-year ordering period, to advance the national capability for Assured Access To Space from the Eastern and Western Ranges through responsive and flexible operations, maintenance, sustainment, systems engineering and integration solutions. The award is under protest and therefore is not yet included in backlog or book-to-bill. Canadian Nuclear Laboratories (CNL) - The Atomic Energy of Canada Limited awarded the CNL operations and management solutions contract, a CAD $1.2 billion annual contract with a six-year base and extension periods up to a total of twenty years, to Nuclear Laboratory Partners of Canada, Inc. As part of the joint venture partnership, Amentum will continue to bring comprehensive nuclear operational solutions, research and development, and technical expertise in Canada. Multiple Intelligence Awards - Amentum secured two new awards totaling over $500 million to provide Intelligence customers with a broad range of advanced engineering and technology solutions including mission-critical data modeling and analysis. The awards illustrate the continued strong demand for Amentum's expertise and innovative intelligence solutions. On-Contract Growth Modifications and Extensions - Amentum benefited from over $2 billion in bookings from contract modifications and extensions from a variety of end-market customers, including the U.S. Air Force, U.S. Navy, and Fortune 500 clients. Completed Divestitures On June 26, 2025, Amentum announced it completed the divestiture of a hardware and products business, Rapid Solutions, for $360 million in cash. The business accounted for approximately 1% of Amentum's annual revenues and Adjusted EBITDA. In addition, during the third quarter Amentum also completed the sale of its non-core New Zealand facilities maintenance business which accounted for approximately $50 million in annual revenues. Amentum raises its fiscal year 2025 organic guidance as follows: (in millions, except per share data) Prior Guidance Current Guidance Implied Underlying Organic Increase 2 Revenues $13,850 - $14,150 $13,975 - $14,175 ~$125 Adjusted EBITDA 1 $1,065 - $1,095 $1,065 - $1,095 ~$5 Adjusted Diluted EPS 1 $2.00 - $2.20 $2.05 - $2.20 ~$0.05 Free Cash Flow 1 $475 - $525 $475 - $525 ~$20 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. 2 – Represents increases to the guidance mid-points plus the estimated fourth quarter impact from the divested Rapid Solutions and New Zealand facilities maintenance businesses included in the prior guidance issued on May 6, 2025 which were approximately: Revenues of $50 million, Adjusted EBITDA of $5 million, Adjusted Diluted EPS of $0.02 and Free Cash Flow of $20 million. Expand Webcast Information Amentum will host a conference call beginning at 8:30 a.m. Eastern time on Wednesday, August 6, 2025 to discuss the results for the third quarter ended June 27, 2025. The conference call will be webcast simultaneously to the public through a link on the Investor Relations section of the Amentum website at 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 more than 53,000 employees in approximately 80 countries across all 7 continents. Visit us at 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; 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; 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 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. Pro Forma and Non-GAAP Measures This release includes the presentation and discussion of pro forma financial information that incorporates the results of CMS prepared in accordance with the requirements of Article 11 of Regulation S-X. This release also 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'), each of which are pro forma when reporting for the three and nine months ended June 28, 2024. These pro forma and 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 pro forma and 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 pro forma and 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. AMENTUM HOLDINGS, INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (in millions, except per share data) June 27, 2025 September 27, 2024 ASSETS Current assets: Cash and cash equivalents $ 738 $ 452 Accounts receivable, net 2,475 2,401 Prepaid expenses and other current assets 214 231 Total current assets 3,427 3,084 Property and equipment, net 115 144 Equity method investments 198 123 Goodwill 5,616 5,556 Intangible assets, net 2,075 2,623 Other long-term assets 377 444 Total assets $ 11,808 $ 11,974 LIABILITIES Current liabilities: Current portion of long-term debt $ 43 $ 36 Accounts payable 821 764 Accrued compensation and benefits 692 696 Contract liabilities 147 113 Other current liabilities 469 356 Total current liabilities 2,172 1,965 Long-term debt, net of current portion 4,441 4,643 Deferred tax liabilities 249 370 Other long-term liabilities 357 444 Total liabilities 7,219 7,422 SHAREHOLDERS' EQUITY Common stock, $0.01 par value, 1,000,000,000 shares authorized; 243,322,468 shares issued and outstanding at June 27, 2025 and 243,302,173 shares issued and outstanding at September 27, 2024. 2 2 Additional paid-in capital 4,914 4,962 Retained deficit (501 ) (527 ) Accumulated other comprehensive income 43 23 Total Amentum shareholders' equity 4,458 4,460 Non-controlling interests 131 92 Total shareholders' equity 4,589 4,552 Total liabilities and shareholders' equity $ 11,808 $ 11,974 Expand AMENTUM HOLDINGS, INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in millions) Three Months Ended Nine Months Ended June 27, 2025 June 28, 2024 June 27, 2025 June 28, 2024 Cash flows from operating activities Net (loss) income including non-controlling interests $ (1 ) $ (24 ) $ 22 $ (105 ) Adjustments to reconcile net (loss) income including non-controlling interests to net cash provided by operating activities: Depreciation 11 5 29 17 Amortization of intangibles 118 57 358 171 Amortization of deferred loan costs and original issue discount 3 5 8 16 Derivative instruments 2 3 8 34 Equity earnings of non-consolidated subsidiaries (18 ) (17 ) (47 ) (51 ) Distributions from equity method investments 22 15 57 46 Deferred income taxes (33 ) 12 (44 ) (17 ) Equity-based compensation 7 1 15 3 Other 4 4 3 6 Changes in assets and liabilities, net of effects of business acquisition: Accounts receivable, net (27 ) 117 (154 ) 29 Prepaid expenses and other assets 4 17 75 69 Accounts payable, contract liabilities, and other current liabilities (17 ) (13 ) (28 ) (111 ) Accrued employee compensation and benefits 37 61 (9 ) 57 Other long-term liabilities (6 ) (5 ) (20 ) (4 ) Net cash provided by operating activities 106 238 273 160 Cash flows from investing activities Acquisition, net of cash acquired (70 ) — (70 ) — Divestitures, net of cash conveyed 358 — 358 — Payments for property and equipment (6 ) (2 ) (18 ) (7 ) Contributions to equity method investments (8 ) — (36 ) — Other 1 — 2 (1 ) Net cash provided by (used in) investing activities 275 (2 ) 236 (8 ) Cash flows from financing activities Borrowings on revolving credit facilities 345 — 858 562 Payments on revolving credit facilities (345 ) — (858 ) (562 ) Repayments of borrowings under the credit agreement (200 ) (158 ) (200 ) (175 ) Repayments of borrowings under other agreements (2 ) (4 ) (7 ) (10 ) Distributions to non-controlling interests 1 — (21 ) (2 ) Other (2 ) 1 (3 ) (2 ) Net cash used in financing activities (203 ) (161 ) (231 ) (189 ) Effect of exchange rate changes on cash 14 (1 ) 8 3 Net change in cash and cash equivalents 192 74 286 (34 ) Cash and cash equivalents, beginning of period 546 197 452 305 Cash and cash equivalents, end of period $ 738 $ 271 $ 738 $ 271 Expand AMENTUM HOLDINGS, INC. UNAUDITED NON-GAAP FINANCIAL MEASURES The presentation and discussion of Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income, Adjusted Diluted EPS, and Free Cash Flow 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. Non-cash GAAP expense (gain) – Represents a non-cash goodwill impairment charge and a non-cash gain on acquisition of controlling interest. Divestitures – Represents divestiture gains and losses. Loss on extinguishment of debt – Represents the write-off of debt discount and debt issuance costs as a result of debt modifications. 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. Share-based compensation – Represents non-cash compensation expenses recognized for share 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. 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 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 income including non-controlling interests (1 ) 24 107 (5 ) 3 4 5 137 Less: net income (loss) 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 expense 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 (loss) attributable to common shareholders divided by revenues. Expand 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 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 expense 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 (loss) attributable to common shareholders divided by revenues. Expand AMENTUM HOLDINGS, INC. UNAUDITED PRO FORMA NON-GAAP FINANCIAL MEASURES The presentation and discussion of Pro Forma Adjusted EBITDA, Pro Forma Adjusted EBITDA Margin, Pro Forma Adjusted Net Income, Pro Forma Adjusted Diluted EPS, 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. Pro Forma Adjusted EBITDA is defined as pro forma net income attributable to common shareholders, which incorporates the results of CMS prepared in accordance with the requirements of Article 11 of Regulation S-X, adjusted for pro forma interest expense and other, net, pro forma provision for income taxes, pro forma depreciation and amortization, and excludes the following discrete pro forma 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. Non-cash GAAP expense (gain) – Represents a non-cash goodwill impairment charge and a non-cash gain on acquisition of controlling interest. Loss on extinguishment of debt – Represents the write-off of debt discount and debt issuance costs as a result of debt modifications. 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. Share-based compensation – Represents non-cash compensation expenses recognized for share based arrangements. Pro Forma Adjusted EBITDA Margin is defined as Pro Forma Adjusted EBITDA divided by Pro Forma Revenues. Pro Forma Adjusted Net Income is defined as pro forma net income attributable to common shareholders, which incorporates the results of CMS prepared in accordance with the requirements of Article 11 of Regulation S-X, excluding the discrete pro forma items listed under Pro Forma Adjusted EBITDA and the related pro forma tax impacts. Pro Forma Adjusted Diluted EPS is defined as Pro Forma Adjusted Net Income divided by pro forma diluted weighted average number of common shares outstanding. 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 Pro Forma Adjusted EBITDA, which is a non- GAAP measure. For FY25 Q3, Net Leverage was 3.5x, consisting of $4,560 million of total debt less $738 million of cash and cash equivalents, divided by the last twelve months Pro Forma Adjusted EBITDA of $1,081 million. The following table presents the unaudited pro forma combined reconciliation of Pro Forma Adjusted EBITDA, Pro Forma Adjusted EBITDA Margin, Pro Forma Adjusted Net Income and Pro Forma Adjusted Diluted EPS to the most directly comparable pro forma measures for the Company, including CMS, for the three months ended June 28, 2024: For the Three Months Ended June 28, 2024 Revenues $ 3,490 $ — $ — $ — $ — $ — $ 3,490 Operating income $ 112 $ 9 $ 132 $ — $ — $ 2 $ 255 Non-operating expenses, net (83 ) — — 3 — — (80 ) Income before income taxes 29 9 132 3 — 2 175 Provision for income taxes 1 (9 ) (2 ) (31 ) (1 ) — — (43 ) Net income including non-controlling interests 20 7 101 2 — 2 132 Less: net income attributable to non-controlling interests (3 ) — — — (4 ) — (7 ) Net income (loss) attributable to common shareholders $ 17 $ 7 $ 101 $ 2 $ (4 ) $ 2 $ 125 Basic and diluted income (loss) per share attributable to common shareholders $ 0.07 $ 0.03 $ 0.41 $ 0.01 $ (0.02 ) $ 0.01 $ 0.51 Basic and diluted weighted average shares outstanding 243 243 243 243 243 243 243 Net income (loss) attributable to common shareholders $ 17 $ 7 $ 101 $ 2 $ (4 ) $ 2 $ 125 Net income margin 2 0.5 % 3.6 % Depreciation expense 9 — — — — — 9 Amortization of intangibles 132 — (132 ) — — — — Interest expense and other, net 80 — — — — — 80 Provision for income taxes 9 2 31 1 — — 43 EBITDA (non-GAAP) $ 247 $ 9 $ — $ 3 $ (4 ) $ 2 $ 257 EBITDA margin 7.1 % 7.4 % 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. Expand AMENTUM HOLDINGS, INC. UNAUDITED PRO FORMA NON-GAAP FINANCIAL MEASURES (in millions, except per share data and margin percentages) The following table presents the unaudited pro forma combined reconciliation of Pro Forma Adjusted EBITDA, Pro Forma Adjusted EBITDA Margin, Pro Forma Adjusted Net Income and Pro Forma Adjusted Diluted EPS to the most directly comparable pro forma measures for the Company, including CMS, for the nine months ended June 28, 2024: For the Nine Months Ended June 28, 2024 Pro Forma results Acquisition, transaction and integration costs Amortization of intangibles Loss on extinguishment of debt Utilization of fair market value adjustments Share-based compensation Pro Forma Non-GAAP results Revenues $ 10,293 $ — $ — $ — $ — $ — $ 10,293 Operating income $ 345 $ 20 $ 389 $ — $ — $ 7 $ 761 Non-operating expenses, net (250 ) — — 3 — — (247 ) Income before income taxes 95 20 389 3 — 7 514 Provision for income taxes 1 (4 ) (9 ) (110 ) (1 ) — — (124 ) Net income including non-controlling interests 91 11 279 2 — 7 390 Less: net income attributable to non-controlling interests (4 ) — — — (14 ) — (18 ) Net income (loss) attributable to common shareholders $ 87 $ 11 $ 279 $ 2 $ (14 ) $ 7 $ 372 Basic and diluted income (loss) per share attributable to common shareholders $ 0.36 $ 0.04 $ 1.15 $ 0.01 $ (0.06 ) $ 0.03 $ 1.53 Basic and diluted weighted average shares outstanding 243 243 243 243 243 243 243 Net income (loss) attributable to common shareholders $ 87 $ 11 $ 279 $ 2 $ (14 ) $ 7 $ 372 Net income margin 2 0.8 % 3.6 % Depreciation expense 29 — — — — — 29 Amortization of intangibles 389 — (389 ) — — — — Interest expense and other, net 247 — — — — — 247 Provision for income taxes 4 9 110 1 — — 124 EBITDA (non-GAAP) $ 756 $ 20 $ — $ 3 $ (14 ) $ 7 $ 772 EBITDA margin 7.3 % 7.5 % 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. Expand
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- Yahoo
Crew-10 astronauts to depart ISS: How they set stage for ‘stuck' Starliner crew to leave
In mid-March, four spacefarers arrived at the International Space Station on a mission that at any other time would have been relatively routine and unremarkable. NASA astronauts Nichole Ayers and Anne McClain were joined by Japanese astronaut Takuya Onishi and Russian cosmonaut Kirill Peskov on a mission known as Crew-10 that took on far more significance than most of the regular ventures jointly carried out by SpaceX and NASA. As expected, awaiting the Crew-10 contingent at the orbital outpost were months of scientific experiments tailored to be conducted in microgravity. Crucially, though, the mission also attracted plenty of headlines and fanfare as it cemented its place in spaceflight history for its role in ending the infamous Starliner saga. The Crew-9 team may have arrived in September on a spacecraft with room for the two astronauts who crewed the doomed Boeing Starliner to hitch a ride home, but it was the arrival of the Crew-10 astronauts at the space station that set the stage for Butch Wilmore and Suni Williams to make their long-awaited homecoming. Now that the Crew-10 astronaut are soon due to depart the space station more than four months later, here's everything to know about the mission and why it made headlines. Remembering the Boeing Starliner: Look back at mission's biggest moments What was the Crew-10 mission? Astronauts relieve 'stuck' Starliner crew The March 15 arrival of Crew-10 astronauts at the space station made it possible for astronauts Wilmore and Williams, who arrived in June on the doomed Starliner, to finally depart. The mission got off the ground a day earlier from NASA's Kennedy Space Center. The U.S. space agency had been working toward a February liftoff before announcing in December 2024 that the mission had been pushed to late March to give SpaceX more time to prepare a new Dragon capsule. The launch date was then moved up to mid-March – most likely because of pressure from President Donald Trump and SpaceX founder Elon Musk – when NASA decided to instead use a previously flown Dragon. The Dragon docked at the orbital outpost after a 28-hour journey, allowing the crew to exit the vehicle and enter the space station through its Harmony module. Once aboard, the four Crew-10 spacefarers officially greeted the Expedition 72 crew members, including the astronauts who flew aboard the Starliner. What happened with the Boeing Starliner? Selected for the inaugural crewed flight of the Boeing Starliner, Wilmore and Williams became fixtures of the news cycle when the vehicle they flew to the space station in June 2024 encountered a series of technical failures. NASA and Boeing ultimately decided that the troubled Starliner capsule wasn't safe enough to crew and would instead undock and return to Earth without them. On Sept. 28, 2024, NASA launched the SpaceX Crew-9 mission as planned, but with one crucial change: Just two astronauts – Nick Hague of NASA and Russian cosmonaut Aleksandr Gorbunov – headed to the space station on a Dragon, leaving two empty seats on their vehicle reserved for Wilmore and Williams. NASA opted to keep Williams and Wilmore at the station a few extra months rather than launch an emergency mission to return them to Earth and leave the station understaffed. Williams and Wilmore eventually departed the space station with the Crew-9 team and safely landed March 17 off the Florida coast after the arrival of the Crew-10 mission. When will SpaceX launch Crew-11 astronauts on NASA mission? Now, the astronauts of the Crew-10 mission are set to return to Earth themselves after their own replacements arrive. The Crew-11 mission is scheduled to launch no earlier than 12:09 p.m. ET Thursday, July 31, from near Cape Canaveral, Florida, according to NASA. As the name suggests, Crew-11 is NASA and SpaceX's 11th science expedition to the International Space Station. The missions, most of which last about six months, are contracted under NASA's commercial crew program. The program allows the space agency to pay SpaceX to launch and transport astronauts and cargo to orbit aboard the company's own vehicles, freeing up NASA to focus on its Artemis lunar program and other spaceflight missions, including future crewed voyages to Mars. Selected for the mission are NASA astronauts Zena Cardman and Mike Fincke; Japanese astronaut Kimiya Yui of the Japan Aerospace Exploration Agency (JAXA); and Russian Oleg Platonov, a Roscosmos cosmonaut. SpaceX uses its Falcon 9 rocket – one of the most active in the world – to launch the crew missions from Launch Complex 39A at NASA's Kennedy Space Center. The astronauts themselves ride a Dragon crew capsule – the only U.S. spacecraft capable of carrying astronauts to and from the space station – which separates from the rocket in orbit. Ahead of the planned launch, the Dragon has been stacked atop the Falcon 9 rocket, which was rolled out July 27 to the launch pad before being raised to a vertical position, according to NASA. When will the Crew-10 astronauts depart ISS and return to Earth? The arrival of Cardman, Fincke, Yui and Platonov will ultimately pave the way for their predecessors, the Crew-10 contingent, to depart the space station and head back to Earth. But the Crew-10 astronauts won't leave right away. What follows upon the arrival of any astronauts is a brief handover period in which the new crew members are familiarized with the orbital laboratory and station operations. McClain, Ayers, Onishi and Peskov will depart a few days later on the same Dragon capsule that flew them to the space station. Mission teams also will have to review weather conditions off California, where the Dragon will splash down. Who else is at the International Space Station? Another three spacefarers are also living and working about the International Space Station as members of Expedition 73. They are NASA astronaut Jonny Kim and cosmonauts Sergey Ryzhikov and Alexey Zubritsky, who flew to the outpost in April. Eric Lagatta is the Space Connect reporter for the USA TODAY Network. Reach him at elagatta@ This article originally appeared on USA TODAY: What was the Crew-10 mission? Astronauts played role in Starliner saga
Entrepreneur
7 hours ago
- Entrepreneur
Linda Yaccarino Is a CEO Again After X Departure
The former NBC executive and X leader is now the CEO of an online GLP-1 health management company. Linda Yaccarino, the former X CEO who resigned in June, has moved on to another chief executive role. Digital health platform, eMed Population Health, which offers chronic care management related to obesity and type 2 diabetes (and access to GLP-1s), announced in a press release on Tuesday that it has appointed Yaccarino as CEO. Related: Who Is Linda Yaccarino? Everything to Know About X's Former CEO "The healthcare industry has been disrupted by technology, but not yet completely transformed by it," Yaccarino said in a statement. "There is an opportunity to combine technology, lifestyle, and data in a new powerful way through the digital channels that impact consumers directly in ways that have never been done before." In the statement, eMed says its mission is "to make safe, effective, and sustainable chronic care accessible directly through an all-in-one, digital-first experience." Yaccarino began as CEO of X in May of 2023, about six months after Elon Musk bought the company, then known as Twitter, for $44 billion. Related: 'Futures Are Intertwined': Elon Musk xAI Buys His Own Social Media Platform, X, in a $33 Billion Deal When Yaccarino publicly announced her resignation on X in June, owner Musk replied to the post with a short: "Thank you for your contributions." Before joining X in 2023, Yaccarino was the chairman of global advertising and partnerships at NBCUniversal. Join top CEOs, founders and operators at the Level Up conference to unlock strategies for scaling your business, boosting revenue and building sustainable success.
