- Booz Allen Hamilton Holding Corp BAH reported first-quarter FY23 sales growth of 13.1% year-on-year to $2.25 billion, beating the consensus of $2.19 billion. Revenue, excluding billable expenses, grew 9.9%.
- Adjusted EPS of $1.13 versus $1.07 in 1Q22 topped the consensus of $1.07.
- Operating income increased by 46.7% Y/Y to $207.19 million, and the margin expanded by 211 bps to 9.2%.
- Booz Allen Hamilton's cash used in operating activities was $(45.63) million in Q1, compared to $(10.66) million a year ago. Free cash outflow was $(59.37) million.
- Adjusted EBITDA of $252.58 million rose 6.1% Y/Y, and the margin contracted by 74 bps to 11.2%.
- The total backlog increased by 6.8% Y/Y to $28.6 billion, and the book-to-bill ratio was 0.72x.
- As of June 30, 2022, the total headcount was 733 higher than last year, reflecting an increase of 2.57% and 26 lower than the end of the prior quarter.
- Dividend: The company declared a regular quarterly dividend of $0.43 per share, payable on August 31, 2022, to stockholders of record on August 15, 2022.
- The company held $497.83 million in cash and equivalents as of June 30, 2022.
- FY23 Outlook, reaffirmed: Booz Allen Hamilton expects sales growth of 5%- 9%. It expects an adjusted EPS of $4.15 - $4.45 vs. the consensus of $4.35.
- It sees Adjusted EBITDA of $950 million - $1 billion and the margin in mid-to-high 10%.
- The company expects net cash provided by operating activities of $850 million - $950 million.
- Price Action: BAH shares traded higher by 0.63% at $96.24 on the last check Friday.
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