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  "documentTitle": "Leidos Holdings, Inc. (LDOS)",
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  "authorName": "Ben Axler",
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      "kind": "callout",
      "text": "What happened to the pro forma business being ~13% international?",
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      "text": "International Revenue %: 8%",
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      "kind": "paragraph",
      "text": "Spruce Point has significant concerns that SD&A's revenues collapsed post acquisition. The Company stated that pro forma international revenues would be ~13% post closure, but international revenues now stand at just 8%.",
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      "text": "Second, our goal has been to diversify our revenue outside of the United States and this acquisition increases our international revenue for this business by a factor of 6 and expands customer penetration into 75 additional countries. At the consolidated level, the acquisition adds an additional three points of international revenue bringing our total for the company to approximately 13% international revenues.",
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      "text": "Sales to customers in international markets represented approximately 8% of total revenues for the three and nine months ended October 2, 2020. Our international customers include foreign governments and their agencies. Our international business increases our exposure to international markets and the associated international regulatory and geopolitical risks.",
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      "text": "Second, our goal has been to diversify our revenue outside of the United States and this acquisition increases our international revenue for this business by a factor of 6 and expands customer penetration into 75 additional countries. At the consolidated level, the acquisition adds an additional three points of international revenue bringing our total for the company to approximately 13% international revenues. — CEO M&A Call Feb 2020; Sales to customers in international markets represented approximately 8% of total revenues for the three and nine months ended October 2, 2020. Our international customers include foreign governments and their agencies. Our international business increases our exposure to international markets and the associated international regulatory and geopolitical risks. — Oct 2, 2020 10-Q p. 33",
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      "text": "Source: Leidos SEC Filings, Note 2 – Disaggregation of Revenues and Spruce Point analysis",
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