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  "documentTitle": "Leidos Holdings, Inc. (LDOS)",
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  "authorName": "Ben Axler",
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      "text": "Spruce Point sees growing risks in Leidos' business. Notably, backlog is becoming increasingly “negotiated unfunded” vs. “funded”. Also, while contract mix becomes more firm-fixed-price, this introduces greater business risk due to cost overruns. In addition, Leidos' auditor has cited the accounting around (FFP) as “critical” as it contains a number of assumptions management can play with to recognize revenues and costs.",
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      "text": "Source: 2019 10-K, pp 47-48",
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