SAIC Tops Q4, Thanks To Contracts Ramp Up, Halfaker Acquisition

  • Science Applications International Corp SAIC  reported fourth-quarter FY22 revenue growth of 4% year-over-year to $1.78 billion and +1.4% organic, beating the consensus of $1.77 billion.
  • The growth reflected ramp up on new and existing contracts and the acquisition of Halfaker and Associates.
  • Adjusted EPS of $1.50 beat the consensus of $1.23.
  • Operating margin contracted by 110 bps to 4.8% due to higher acquisition costs related to Halfaker. Adjusted operating margin contracted by 40 bps to 5.9%.
  • Adjusted EBITDA margin contracted 110 bps to 8.2%.
  • SAIC generated $103 million in operating cash flow and held $106 million in cash and equivalents.
  • Net bookings for the quarter were $2.2 billion, reflecting a book-to-bill ratio of 1.2. 
  • The board's cash dividend of $0.37 per share is payable on April 29, 2022, to stockholders of record on April 14, 2022.
  • FY23 Outlook: SAIC sees revenue of $7.35 billion-$7.55 billion, lower than the consensus of $7.61 billion.
  • It expects an Adjusted EPS of $6.80 -$7.10 versus the consensus of $6.84.
  • Price Action: SAIC shares closed higher by 0.91% at $91.66 on Friday.
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