Significant Contract Modifications ($10M+) — August 26, 2026

Leidos’ $127 million base FAA E-IDS contract uses cost-plus-fixed-fee pricing, capping margin upside while ensuring low volatility. With $122M already outlayed of the $127M base, remaining base value is minimal, and option exercise to $297.6M through 2034 is unconfirmed.

ADAMS AND ASSOCIATES INC awarded $158 million DOL contract with no revenue estimate, pricing, or competition data available — creating an opaque risk for investors tracking exposure.

Management & Training Corporation’s $106.9M DOL Job Corps contract expired October 2022 with no exercised options, suggesting potential loss of recurring revenue stream for the private contractor.

Harvard Pilgrim Health Care’s $110.7M FDA Sentinel Initiative contract ends December 2024; $83M already outlayed — near-term re-compete risk without clear renewal signal.

Three of four contracts (ADAMS AND ASSOCIATES, Harvard Pilgrim, Management & Training) have over 70-75% of value already outlayed, indicating these are maturing/expired contracts with limited forward revenue.

Management & Training Corp’s Job Corps contract expiry without option extension signals potential DOL workforce training budget contraction or re-compete loss.

Leidos’ $127M FAA E-IDS contract has $122M already outlayed on base period, leaving only ~$5M remaining — minimal near-term revenue contribution unless options are exercised.

Leidos’ competitive win for FAA’s E-IDS (base $127M, potential $297.6M) positions it for long-term air traffic IT infrastructure modernization — a civilian agency growth theme.

Harvard Pilgrim’s $110.7M FDA Sentinel Initiative contract through Dec 2024 demonstrates strong health data analytics capabilities — may position firm for follow-on FDA drug safety surveillance contracts.

ADAMS AND ASSOCIATES’ $158M DOL contract suggests capacity to win large technical training awards — potential for Job Corps or workforce development re-competes.

Leidos’ $127M FAA E-IDS (NAICS 518210) and Harvard Pilgrim’s $110.7M FDA Sentinel Initiative (NAICS 518210) both use computing infrastructure/cloud services with low-risk cost-plus pricing, signaling stable federal IT modern spend outside DOD.

ADAMS AND ASSOCIATES ($158M DOL) and Management & Training Corp ($106.9M DOL) both operate trade/school services (NAICS 611519). With total DOL exposure of $264.9M, but both contracts are mature or expired, signaling stable but contracting budget.

{"entity" => "Leidos, Inc.", "reason" => "Only public company in this digest; FAA E-IDS contract maturity requires option exercise signals for continued revenue", "trigger" => "FAA option exercise announcement for E-IDS contract beyond 2026 base"}

{"entity" => "Harvard Pilgrim Health Care, Inc.", "reason" => "FDA Sentinel Initiative contract ends Dec 2024; non-profit limits equity upside but signals health IT analytics competitiveness", "trigger" => "Contract renewal or re-compete announcement before Dec 2024"}

{"entity" => "Department of Labor – Workforce Training Budget", "reason" => "Two DOL Job Corps/trade school contracts ($264.9M combined) nearing end – re-compete or budget contraction could signal sector trend", "trigger" => "FY2024-2025 DOL budget request, new Job Corps center awards"}