SAIC Announces Fourth Quarter and Full Fiscal Year 2023 Results

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[{"type":"text","content":"\n\nQ4 of fiscal year 2023 revenues of $1.97 billion, 10% growth over Q4 of fiscal year 2022; fiscal year 2023 revenues of $7.70 billion, 4% growth over fiscal year 2022\n\n\n\n\nQ4 of fiscal year 2023 diluted earnings per share of $1.34; Adjusted diluted earnings per share(1) of $2.04\n\n\n\n\nReported fiscal year 2023 cash flows provided by operating activities of $532 million; free cash flow(1) of $457 million, $5 million ahead of top end of prior guidance adjusting for $68 million under Section 174 of the Internal Revenue Code and other cash tax payments\n\n\n\n\nUpdated fiscal year 2024 guidance reflects Logistics & Supply Chain Management (L&SCM) divestiture, deconsolidation of Forfeiture Support Associates joint venture and inclusion of impact from Section 174 of the Internal Revenue Code on cash tax payments\n\n\n\n\nMidpoint of fiscal year 2024 guidance reflects ~3% pro-forma organic revenue growth, 50 bps of adjusted EBITDA margin expansion, and 10% pro-forma free cash flow growth compared to fiscal year 2023\n\n\n\n RESTON, Va.--(BUSINESS WIRE)--\nScience Applications International Corporation (NYSE: SAIC), a premier Fortune 500® technology integrator driving our nation's digital transformation across the defense, space, civilian, and intelligence markets, today announced results for the fourth quarter and full fiscal year ended February 3, 2023.\n\n\n“Our results in the quarter and for the fiscal year reflect sound execution of our strategy to deliver excellence for our customers and value for our shareholders,” said Nazzic Keene, SAIC Chief Executive Officer. “We believe that our continued new business development success and recent portfolio actions position us well to deliver profitable growth in the coming years.”\n\n\n“The sale of our Logistics & Supply Chain Management business is an important step for SAIC as we look to further align the portfolio to our GTA areas of focus with strong customer demand and accretive returns for shareholders,” said Prabu Natarajan, SAIC Chief Financial Officer. “The transaction will allow us to reach our target leverage of 3.0x faster, provides balance sheet flexibility and permits increased return of capital to shareholders.”\n\n\nFourth Quarter and Full Fiscal Year 2023: Summary Operating Results\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\nThree Months Ended\n\n\n\n\n\n\n \n\n\n\n\n...

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