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Feb 03, 2023
SAIC Q4 2023 Earnings Report
SAIC's Q4 2023 financial results showcased revenue growth and improved profitability.
Key Takeaways
SAIC reported a 10% increase in Q4 2023 revenues, reaching $1.97 billion, driven by additional working days and contract ramp-up. Diluted earnings per share increased to $1.34, and adjusted diluted earnings per share was $2.04. The company's strategic portfolio actions and new business development are expected to drive future growth.
Q4 2023 revenues reached $1.97 billion, a 10% increase year-over-year.
Diluted earnings per share for Q4 2023 was $1.34, up from $0.76 in the prior year quarter.
Adjusted diluted earnings per share for Q4 2023 was $2.04, compared to $1.50 in the prior year quarter.
Net bookings for the quarter were approximately $1.3 billion, resulting in a book-to-bill ratio of approximately 0.7.
Forward Guidance
SAIC provided fiscal year 2024 guidance, projecting revenue between $7.05B and $7.20B, adjusted EBITDA margin of 9.2% - 9.4%, adjusted diluted EPS between $6.80 and $7.00, and free cash flow between $460M and $480M. The guidance reflects the 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.
Positive Outlook
- Midpoint of fiscal year 2024 guidance reflects ~3% pro-forma organic revenue growth.
- 50 bps of adjusted EBITDA margin expansion compared to fiscal year 2023.
- 10% pro-forma free cash flow growth compared to fiscal year 2023.
Challenges Ahead
- Fiscal year 2024 guidance reflects Logistics & Supply Chain Management (L&SCM) divestiture.
- Deconsolidation of Forfeiture Support Associates joint venture.
- Inclusion of impact from Section 174 of the Internal Revenue Code on cash tax payments.
Historical Earnings Impact
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