Booz Allen Hamilton Holding Corporation · NYSE:BAH
Booz Allen Hamilton — Q1 2023 Earnings Presentation
16 slides from Booz Allen Hamilton's earnings presentation, Jul 29, 2022
Slide 1: Earnings Call Presentation
EARNINGS CALL PRESENTATION Fiscal Year 2023, First Quarter July 29, 2022
Slide 2: Call Participants
HORACIO ROZANSKI CALL President and Chief Executive Officer PARTICIPANTS LLOYD HOWELL, JR. Chief Financial Officer NATHAN RUTLEDGE Director & Head of Investor Relations 2
Slide 3: Disclaimer
DISCLAIMER Forward Looking Safe Harbor Statement Certain statements contained in this presentation and in related comments by our management include “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Examples of forward-looking statements include
Slide 4: Key Financial Results
KEY FINANCIAL RESULTS FIRST QUARTER FISCAL YEAR 2023 RESULTS FIRST QUARTER (1) Revenue $2.2 billion +13.1% Revenue, Excluding Billable Expenses $1.6 billion +9.9% Adjusted EBITDA $253 million +6.1% Adjusted EBITDA Margin on Revenue 11.2% (6.2)% Net Income $138 million +49.9% Adjusted Net Income $151
Slide 5: Investment Thesis
INVESTMENT THESIS EXCEPTIONAL SHAREHOLDER VALUE CREATION Y2023—FY2025 GOALS ADJUSTED EBITDA. viseitine GROWTH 10 $1.2—1.3B._ fanltal Deployment Organic Strategic Strong Mid 10% $3 h— 4.5B Revenue e Acquisitions & +) Adjusted EBITDA 5-8% Investments Margin
Slide 6: Key Financial Results
Page 4 intentionally repeated KEY FINANCIAL RESULTS FIRST QUARTER FISCAL YEAR 2023 RESULTS FIRST QUARTER (1) Revenue $2.2 billion +13.1% Revenue, Excluding Billable Expenses $1.6 billion +9.9% Adjusted EBITDA $253 million +6.1% Adjusted EBITDA Margin on Revenue 11.2% (6.2)% Net Income $138 million +
Slide 7: Historical Backlog & Book-to-Bill
HISTORICAL BACKLOG & BOOK-TO-BILL BACKLOG ($ IN BILLIONS) (1) $29.0 $22.0 $27.8 $29.2 $28.6 $26.8 $24.6 $23.3 $24.0 $22.9 $22.0 $23.0 $20.7 $14.6 $14.3 $15.6 $14.6 $14.3 $13.2 $13.9 $13.7 $14.4 $13.1 $12.8 $14.8 $9.5 $9.4 $9.9 $10.0 $5.4 $6.2 $6.0 $6.1 $9.0 $5.3 $4.5 $4.7 $4.4 $3.5 $3.4 $3.4 $4.5 $3
Slide 8: Capital Allocation
CAPITAL ALLOCATION DELIVERING STRONG CAPITAL RETURNS THROUGH EFFICIENT CAPITAL DEPLOYMENT STRATEGY – Our multi-year capital deployment plan is to follow a disciplined and opportunistic approach, subject to market conditions – In Q1 FY 2023, we deployed approximately $116.5 million: – $58.9 million t
Slide 9: Financial Outlook
FINANCIAL OUTLOOK REAFFIRMING FULL YEAR FISCAL 2023 GUIDANCE OPERATING PERFORMANCE Total Revenue Growth(1) 5.0 - 9.0% Adjusted EBITDA $950 - $1,000 million Adjusted EBITDA Margin on Revenue Mid-to-High 10% Adjusted Diluted EPS(2) $4.15 - $4.45 Net Cash Provided by Operating Activities(3) $850 – $950
Slide 10: Fiscal Year 2023 Operating Cash Bridge
FISCAL YEAR 2023 OPERATING CASH BRIDGE OPERATING CASH BRIDGE FROM FISCAL 2022 TO FISCAL 20231 FY22 Operating Cash $737 million FY22 Net Cash Paid for Income Taxes2 $(127) million Adjusted EBITDA Growth3 ~$15 – $65 million Interest Expense3 ~$(16) million Net Changes in Working Capital ~$(14) – $37 m
Slide 11: Fiscal Year 2023 ADEPS Bridge
FISCAL YEAR 2023 ADEPS BRIDGE REAFFIRMING ADEPS BRIDGE FROM FY22 TO FY23 FY22 ADEPS $4.21 5 – 9% Revenue Growth ~$0.28 – $0.48 Mid-to-High 10% Adjusted EBITDA Margin ~$(0.20) – $(0.10) FY23 Operational ADEPS $4.29 – $4.59 Depreciation and Amortization1 ~$(0.02) Interest Expense2 ~$(0.10) Income Tax
Slide 12: Appendix
APPENDIX 12
Slide 13: Non-GAAP Financial Information
NON-GAAP FINANCIAL INFORMATION • "Revenue, Excluding Billable Expenses" represents revenue less billable expenses. We use Revenue, Excluding Billable Expenses because it provides management useful information about the Company's operating performance by excluding the impact of costs that are not ind
Slide 14: Non-GAAP Financial Information (Unaudited)
NON-GAAP FINANCIAL INFORMATION (Unaudited) (a) Represents costs associated with the Three Months Ended June 30, acquisition and divestiture efforts of the Company related to transactions for which the (In thousands, except share and per share data) 2022 2021 Company has entered into a letter of inte
Slide 15: Non-GAAP Financial Information (Unaudited)
NON-GAAP FINANCIAL INFORMATION (Unaudited) Three Months Three Months Three Months Three Months Ended Ended Ended Ended (In thousands, except share and per share data) June 30, 2022 March 31, 2022 December 31, 2021 September 30, 2021 (a) Reflects the combination of Interest expense and Other income N
Slide 16: Financial Results – Key Drivers
FINANCIAL RESULTS – KEY DRIVERS First Quarter Fiscal 2023 – Below is a summary of the key factors driving results for the fiscal 2023 first quarter ended June 30, 2022 as compared to the prior year period: • Revenue increased 13.1% to $2.2 billion and Revenue, Excluding Billable Expenses increased 9
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