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Aug 04, 2023
SAIC Q2 2024 Earnings Report
SAIC's Q2 2024 financial results were announced, demonstrating strong organic revenue growth and margin expansion.
Key Takeaways
SAIC reported revenues of $1.78 billion with an 8.3% organic growth adjusted for divestitures. Net income reached $247 million, with an adjusted EBITDA of $174 million. The company's diluted earnings per share stood at $4.56, and adjusted diluted earnings per share was $2.05. SAIC also increased its revenue, adjusted EBITDA margin, and adjusted diluted EPS guidance for fiscal year 2024.
Revenues reached $1.78 billion, reflecting an 8.3% organic growth when adjusted for the impact of divestitures.
Net income was reported as $247 million, with an adjusted EBITDA of $174 million, representing 9.8% of revenues.
Diluted earnings per share amounted to $4.56, and adjusted diluted earnings per share was $2.05.
Cash flows from operating activities totaled $150 million, with a transaction-adjusted free cash flow of $143 million.
Forward Guidance
SAIC provided fiscal year 2024 guidance, with revenue expected to be between $7.20B and $7.25B. Adjusted EBITDA margin is projected to be 9.3% - 9.4%, and adjusted diluted EPS is expected to be $7.20 to $7.40. Transaction-adjusted free cash flow is estimated to be $460M - $480M.
Positive Outlook
- Revenue: $7.20B - $7.25B
- Adjusted EBITDA Margin: 9.3% - 9.4%
- Adjusted Diluted EPS: $7.20 to $7.40
- Transaction-Adjusted Free Cash Flow: $460M - $480M
- Increased revenue, adjusted EBITDA margin, and adjusted diluted EPS guidance for fiscal year 2024
Challenges Ahead
- Current transaction-adjusted free cash flow guidance excludes expected cash tax and other payments of approximately $82M related to the L&SCM sale which will impact cash flows provided by operating activities in the second, third and fourth quarters of fiscal year 2024.
- The company sold its logistics and supply chain management business (Supply Chain Business) ($149 million).
- The deconsolidation of the Forfeiture Support Associates J.V. (FSA) ($34 million).
Historical Earnings Impact
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Avg. Return Before/After Earnings
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