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  "documentTitle": "Leidos Holdings, Inc. (LDOS)",
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  "authorName": "Ben Axler",
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  "notes": "Uses a table to calculate implied international revenue and expose the discrepancy.",
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      "text": "Where is the rest of the $355 - $367m international revenue coming from?",
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      "text": "International Revenue: 90%",
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      "text": "From Leidos' disclosures, Spruce Point estimates that approximately 90% of SD&A's revenues are claimed to be international. Yet, when it was under L3's control through early 2019, they emphasized that the U.S. TSA, CBP and others were notable customers.",
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      "text": "Security & Detection Systems (SDS) is a leading provider of integrated security solutions for airports, ports, border crossings and other critical infrastructure... Key customers include the U.S. Transportation Security Administration...",
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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...",
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      "kind": "quote",
      "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",
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      "text": "Source: Deal presentation, Slide 7, “Leidos International Revenue Mix will increase to 13% from 10%, Feb 3, 2020. 1) Of this implied revenue, MacDonald Humfrey (UK-based) would contribute ~$105m of revenues, but ~84% were reported from UK, Europe and ROW.",
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      "text": "Spruce Point's Estimated International Revenue Contribution from SD&A",
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      "text": "International Revenue Claims Appear Dubious (Cont'd)",
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