Market Snapshot
  • U.S.
  • Europe
  • Asia
Ticker Volume Price Price Delta
DJIA 16,408.54 -16.31 -0.10%
S&P 500 1,864.85 2.54 0.14%
NASDAQ 4,095.52 9.29 0.23%
Ticker Volume Price Price Delta
STOXX 50 3,155.81 16.55 0.53%
FTSE 100 6,625.25 41.08 0.62%
DAX 9,409.71 91.89 0.99%
Ticker Volume Price Price Delta
NIKKEI 14,516.27 98.74 0.68%
TOPIX 1,173.37 6.78 0.58%
HANG SENG 22,760.24 64.23 0.28%

Booz Allen Hamilton Announces First Quarter Fiscal 2014 Results



  Booz Allen Hamilton Announces First Quarter Fiscal 2014 Results

        First quarter revenue decreased 0.3 percent, to $1.43 billion

          Adjusted EBITDA increased 16.6 percent, to $158.1 million

  Adjusted Diluted Earnings per Share increased by 8.7 percent, to $0.50 per
                                    share

 Quarterly dividend of $0.10 per share declared – payable on August 30, 2013

Business Wire

MCLEAN, Va. -- July 31, 2013

Booz Allen Hamilton Holding Corporation (NYSE:BAH), the parent company of
management and technology consulting firm Booz Allen Hamilton Inc., today
announced preliminary results for the first quarter of fiscal 2014 with
revenue slightly lower and earnings higher than the prior year period. Booz
Allen also reported total backlog of $11.27 billion as of June 30, 2013. Booz
Allen’s fiscal year runs from April 1 to March 31, with the first quarter of
fiscal 2014 ending June 30, 2013.

Revenue in the first quarter of fiscal 2014 was $1.428 billion, compared with
$1.432 billion in the prior year period, a decrease of 0.3 percent. Adjusted
Net Income increased to $73.2 million from $66.0 million in the prior year
period, while net income increased to $70.3 million from $61.9 million in the
prior year period. Adjusted Diluted Earnings per Share was $0.50 in the first
quarter of fiscal 2014 compared with $0.46 in the prior year period. Diluted
earnings per share in the first quarter of 2014 was $0.48, compared with $0.43
in the prior year period.

Today, the Company is announcing a regular cash dividend in the amount of
$0.10 per share, which will be payable on August 30, 2013 to stockholders of
record on August 12, 2013.

Ralph W. Shrader, Booz Allen’s Chairman, Chief Executive Officer, and
President, said “We are focused on the important things that we can control in
the midst of unprecedented external factors and uncertain market conditions.
First and foremost, we are serving our clients with the highest quality work
and commitment to their mission. We are also supporting our people and the
communities in which we work and live, and are focused on delivering value to
our stockholders through our effective management of the business and capital
deployment choices.

“Booz Allen continues to win significant contract awards across all of our
major markets, including large new and recompete wins during the quarter from
the Department of Veterans Affairs, Department of Interior, US Army, Navy, and
Coast Guard, and the National Geospatial-Intelligence Agency. We also
increased our focus on effective project management while enhancing control of
our cost base which has enabled us to again deliver on bottom-line
commitments.

“Looking forward, we are investing in our future, especially in areas such as
engineering and advanced technologies, including cyber, cloud, and rapid
prototyping that we believe have growth potential and attractive margins. We
continue to generate strong cash flow and continually assess the full range of
options for use of that cash to deliver returns to our stockholders,” Shrader
said.

Financial Review

Booz Allen’s 0.3 percent decrease in revenue in the first quarter of fiscal
2014 compared with the prior year period was primarily the result of a
reduction in billable hours due to modestly lower demand in an uncertain
federal budget environment. Fewer billable hours combined with the need to
manage costs and capacity has resulted in reductions in headcount; however, a
higher level of productivity of consulting staff, higher billable expenses,
and revenue from acquisitions of approximately $80 million during the quarter
ended June 30, 2013 helped minimize the impact of headcount declines.

In the first quarter of fiscal 2014, Adjusted Operating Income increased to
$141.9 million from $120.3 million in the prior year period, and operating
income increased to $138.7 million from $114.7 million in the prior year
period. The improvement in Adjusted Operating Income was primarily driven by
more focused deployment of Booz Allen’s consulting staff, effective management
of our total cost base, and the recovery of additional allowable expenses.

In the first quarter of fiscal 2014, Adjusted Net Income increased to $73.2
million from $66.0 million in the prior year period, and net income increased
to $70.3 million from $61.9 million in the prior year period. Adjusted EBITDA
increased 16.6 percent to $158.1 million in the first quarter of fiscal 2014,
compared with $135.6 million in the prior year period. The increases in
Adjusted Net Income, net income, and Adjusted EBITDA were driven by the same
factors as the improvement in Adjusted Operating Income and operating income.

In the first quarter of fiscal 2014, Adjusted Diluted EPS increased to $0.50
compared to $0.46 in the prior year period, while diluted EPS increased to
$0.48 from $0.43 in the prior year period.

Net cash provided by operating activities for the first quarter of fiscal 2014
was $73.8 million compared with $74.0 million in the prior year period. Free
cash flow was $71.4 million, compared to $70.1 million in the prior year
period. Booz Allen’s cash flow benefitted from strong cash collections, as
evidenced by Days Sales Outstanding of 65 days.

Funded backlog as of June 30, 2013 was $2.19 billion, compared to $2.58
billion as of June 30, 2012. The decrease in funded backlog is a reflection of
the government’s trend toward shorter-duration funding given the budget
uncertainty leading into the quarter; this trend was counterbalanced by the
increase year-over-year in our unfunded backlog. We anticipate an acceleration
in funding actions as we approach the end of the government fiscal year. Booz
Allen’s total backlog as of June 30, 2013 was $11.27 billion, compared with
$10.23 billion as of June 30, 2012.

Financial Outlook

For fiscal 2014, we are reaffirming prior guidance of expectations for a low
single-digit percentage decline in revenue. At the bottom line, for the full
year, we continue to forecast diluted EPS to be in the range of $1.47 to
$1.57, and Adjusted Diluted EPS to be on the order of $1.55 to $1.65 per
share. Our overall EPS outlook incorporates our expectations related to the
business impact of sequestration and reflects our confidence in our ability to
continue to generate demand for our products and services, while effectively
managing our costs and consulting staff capacity in line with market demand.

These EPS estimates are based on fiscal year 2014 estimated average diluted
shares outstanding of approximately 149.0 million shares.

Conference Call Information

Booz Allen will host a conference call at 8 a.m. EDT on Wednesday, July 31,
2013, to discuss the financial results for its first quarter for Fiscal 2014
(ending June 30, 2013). Analysts and institutional investors may participate
on the call by dialing (877) 375-9141 (International: 253-237-1151). The
conference call will be webcast simultaneously to the public through a link on
the investor relations section of the Booz Allen web site at
investors.boozallen.com. A replay of the conference call will be available
online at investors.boozallen.com beginning at 11 a.m. EDT on July 31, 2013,
and continuing for thirty days. The replay will also be available by telephone
for seven days at (855) 859-2056 (International: 404-537-3406). The conference
ID number is #87642857.

About Booz Allen Hamilton

Booz Allen Hamilton is a leading provider of management consulting,
technology, and engineering services to the U.S. government in defense,
intelligence, and civil markets, and to major corporations, institutions, and
not-for-profit organizations. Booz Allen is headquartered in McLean, Virginia,
employs more than 23,000 people, and had revenue of $5.76 billion for the 12
months ended March 31, 2013.

BAHPR-FI

Non-GAAP Financial Information

“Adjusted Operating Income” represents Operating Income before (i) certain
stock option-based and other equity-based compensation expenses, (ii)
adjustments related to the amortization of intangible assets, and (iii) any
extraordinary, unusual, or non-recurring items. Booz Allen prepares Adjusted
Operating Income to eliminate the impact of items it does not consider
indicative of ongoing operating performance due to their inherent unusual,
extraordinary or non-recurring nature or because they result from an event of
a similar nature.

“Adjusted EBITDA” represents net income before income taxes, net interest and
other expense and depreciation and amortization and before certain other
items, including: (i) certain stock option-based and other equity-based
compensation expenses, (ii) transaction costs, fees, losses, and expenses,
including fees associated with debt prepayments, and (iii) any extraordinary,
unusual or non-recurring items. Booz Allen prepares Adjusted EBITDA to
eliminate the impact of items it does not consider indicative of ongoing
operating performance due to their inherent unusual, extraordinary or
non-recurring nature or because they result from an event of a similar nature.

“Adjusted Net Income” represents net income before: (i) certain stock
option-based and other equity-based compensation expenses, (ii) transaction
costs, fees, losses, and expenses, including fees associated with debt
prepayments, (iii) adjustments related to the amortization of intangible
assets, (iv) amortization or write-off of debt issuance costs and write-off of
original issue discount and (v) any extraordinary, unusual or non-recurring
items, in each case net of the tax effect calculated using an assumed
effective tax rate. Booz Allen prepares Adjusted Net Income to eliminate the
impact of items, net of taxes, it does not consider indicative of ongoing
operating performance due to their inherent unusual, extraordinary or
non-recurring nature or because they result from an event of a similar nature.

“Adjusted Diluted EPS” represents diluted EPS calculated using Adjusted Net
Income as opposed to Net Income. Additionally, Adjusted Diluted EPS does not
contemplate any adjustments to net income as required under the two-class
method of calculating EPS as required in accordance with GAAP.

“Free Cash Flow” represents the net cash generated from operating activities
less the impact of purchases of property and equipment.

Booz Allen utilizes and discusses in this release Adjusted Operating Income,
Adjusted EBITDA, Adjusted Net Income, and Adjusted Diluted EPS because
management uses these measures for business planning purposes, including
managing its business against internal projected results of operations and
measuring its performance. Management views Adjusted Operating Income,
Adjusted EBITDA, Adjusted Net Income, and Adjusted Diluted EPS as measures of
the core operating business, which exclude the impact of the items detailed in
the supplemental exhibits, as these items are generally not operational in
nature. These supplemental performance measures also provide another basis for
comparing period to period results by excluding potential differences caused
by non-operational and unusual or non-recurring items. Booz Allen also
utilizes and discusses Free Cash Flow in this release because management uses
this measure for business planning purposes, measuring the cash generating
ability of the operating business and measuring liquidity generally. Booz
Allen presents these supplemental measures because it believes that these
measures provide investors and securities analysts with important supplemental
information with which to evaluate Booz Allen’s performance, long term
earnings potential, or liquidity, as applicable, and to enable them to assess
Booz Allen’s performance on the same basis as management. These supplemental
performance measurements may vary from and may not be comparable to similarly
titled measures by other companies in Booz Allen’s industry. Adjusted
Operating Income, Adjusted EBITDA, Adjusted Net Income, Adjusted Diluted EPS,
and Free Cash Flow are not recognized measurements under GAAP and when
analyzing Booz Allen’s performance or liquidity, as applicable, investors
should (i) evaluate each adjustment in our reconciliation of Operating and Net
Income to Adjusted Operating Income, Adjusted EBITDA and Adjusted Net Income,
and cash flows to Free Cash Flows and the explanatory footnotes regarding
those adjustments, (ii) use Adjusted Operating Income, Adjusted EBITDA,
Adjusted Net Income, and Adjusted Diluted EPS in addition to, and not as an
alternative to Operating Income, Net Income or Diluted EPS as measures of
operating results, and (iii) use Free Cash Flows, in addition to, and not as
an alternative to, Net Cash Provided by Operating Activities as a measure of
liquidity, each as defined under GAAP. Exhibit 4 includes a reconciliation of
Adjusted Operating Income, Adjusted EBITDA, Adjusted Net Income, Adjusted
Diluted EPS, and Free Cash Flow to the most directly comparable financial
measure calculated and presented in accordance with GAAP.

No reconciliation of the forecasted range for Adjusted Diluted EPS to Diluted
EPS for fiscal 2014 is included in this release because we are unable to
quantify certain amounts that would be required to be included in the GAAP
measure without unreasonable efforts and we believe such reconciliations would
imply a degree of precision that would be confusing or misleading to
investors.

Forward Looking Statements

Certain statements contained in this press release 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 information concerning Booz Allen’s preliminary financial
results, financial outlook and guidance, including forecasted revenue, Diluted
EPS, and Adjusted Diluted EPS, future quarterly dividends, and future
improvements in operating margins, as well as any other statement that does
not directly relate to any historical or current fact. In some cases, you can
identify forward-looking statements by terminology such as “may,” “will,”
“could,” “should,” “forecasts,” “expects,” “intends,” “plans,” “anticipates,”
“projects,” “outlook,” “believes,” “estimates,” “predicts,” “potential,”
“continue,” “preliminary,” or the negative of these terms or other comparable
terminology. Although we believe that the expectations reflected in the
forward-looking statements are reasonable, we can give you no assurance these
expectations will prove to have been correct.

These forward-looking statements relate to future events or our future
financial performance and involve known and unknown risks, uncertainties and
other factors that may cause our actual results, levels of activity,
performance or achievements to differ materially from any future results,
levels of activity, performance or achievements expressed or implied by these
forward-looking statements.

These risks and other factors include: cost cutting and efficiency
initiatives, budget reductions, Congressionally mandated automatic spending
cuts, and other efforts to reduce U.S. government spending, including
automatic sequestration required by the Budget Control Act of 2011 (as amended
by the American Taxpayer Relief Act of 2012), which have reduced and delayed
and may further reduce or delay contract awards or funding for orders for
services especially in the current political environment or otherwise
negatively affect our ability to generate revenue under contract awards,
including as a result of reduced staffing and hours of operation at U.S.
government clients; delayed funding of our contracts due to delays in the
completion of the U.S. government's budgeting process and the use of
continuing resolutions by the U.S. government to fund its operations or
changes in the pattern or timing of government funding and spending (including
those resulting from or related to cuts associated with sequestration or other
budgetary cuts made in lieu of sequestration); current and continued
uncertainty around the timing, extent, and nature of Congressional and other
U.S. government action to address budgetary constraints, the U.S. government's
ability to incur indebtedness in excess of its current limit and the U.S.
deficit; any issue that compromises our relationships with the U.S. government
or damages our professional reputation, including negative publicity
concerning government contractors in general or us in particular; changes in
U.S. government spending, including a continuation of efforts by the U.S.
government to decrease spending for management support service contracts, and
mission priorities that shift expenditures away from agencies or programs that
we support; the size of our addressable markets and the amount of U.S.
government spending on private contractors; failure to comply with numerous
laws and regulations; our ability to compete effectively in the competitive
bidding process and delays or losses of contract awards caused by competitors'
protests of major contract awards received by us; the loss of General Services
Administration Multiple Award schedule contracts, or GSA schedules, or our
position as prime contractor on government-wide acquisition contract vehicles,
or GWACs; changes in the mix of our contracts and our ability to accurately
estimate or otherwise recover expenses, time, and resources for our contracts;
our ability to generate revenue under certain of our contracts; our ability to
realize the full value of and replenish our backlog and the timing of our
receipt of revenue under contracts included in backlog; changes in estimates
used in recognizing revenue; an inability to attract, train, or retain
employees with the requisite skills, experience, and security clearances; an
inability to hire, assimilate, and deploy enough employees to serve our
clients under existing contracts; an inability to timely and effectively
utilize our employees; failure by us or our employees to obtain and maintain
necessary security clearances; the loss of members of senior management or
failure to develop new leaders; misconduct or other improper activities from
our employees or subcontractors, including the improper use or release of our
clients' sensitive or classified information; increased insourcing by various
U.S. government agencies due to changes in the definition of “inherently
governmental” work, including proposals to limit contractor access to
sensitive or classified information and work assignments; increased
competition from other companies in our industry; failure to maintain strong
relationships with other contractors; inherent uncertainties and potential
adverse developments in legal or regulatory proceedings, including litigation,
audits, reviews, and investigations, which may result in materially adverse
judgments, settlements, withheld payments, penalties, or other unfavorable
outcomes including debarment, as well as disputes over the availability of
insurance or indemnification; continued efforts to change how the U.S.
government reimburses compensation related and other expenses or otherwise
limit such reimbursements, including recent rules that expand the scope of
existing reimbursement limitations and an increased risk of compensation being
deemed unallowable or payments being withheld as a result of U.S. government
audit, review or investigation; internal system or service failures and
security breaches, including, but not limited to, those resulting from
external cyber attacks on our network and internal systems; risks related to
changes to our operating structure, capabilities, or strategy intended to
address client needs, grow our business or respond to market developments;
risks associated with new relationships, clients, capabilities, and service
offerings in our U.S. and international businesses; failure to comply with
special U.S. government laws and regulations relating to our international
operations; risks related to our indebtedness and credit facilities which
contain financial and operating covenants; the adoption by the U.S. government
of new laws, rules, and regulations, such as those relating to organizational
conflicts of interest issues or limits; risks related to completed and future
acquisitions, including our ability to realize the expected benefits from such
acquisitions; an inability to utilize existing or future tax benefits,
including those related to our stock-based compensation expense, for any
reason, including a change in law; variable purchasing patterns under U.S.
government GSA schedules, blanket purchase agreements and indefinite delivery,
indefinite quantity, or ID/IQ, contracts. Additional information concerning
these and other factors can be found in our filings with the Securities and
Exchange Commission (SEC), including our Annual Report on Form 10-K, filed
with the SEC on May 23, 2013.

All forward-looking statements attributable to us or persons acting on our
behalf are expressly qualified in their entirety by the foregoing cautionary
statements. All such statements speak only as of the date made and, except as
required by law, we undertake no obligation to update or revise publicly any
forward-looking statements, whether as a result of new information, future
events or otherwise.

 
Exhibits:
Exhibit 1: Condensed Consolidated Statements of Operations
Exhibit 2: Condensed Consolidated Balance Sheets
Exhibit 3: Condensed Consolidated Statements of Cash Flows
Exhibit 4: Non-GAAP Financial Information
Exhibit 5: Operating Data

                                                                
Exhibit 1
Booz Allen Hamilton Holding Corporation
Condensed Consolidated Statements of
Operations
                                                                  
                                                 Three Months Ended
                                                 June 30,
(Amounts in thousands, except per share data)      2013            2012       
                                                 (Unaudited)
                                                                  
Revenue                                          $ 1,427,691     $ 1,432,424
                                                                  
Operating costs and expenses:
Cost of revenue                                    701,472         727,370
Billable expenses                                  397,888         378,460
General and administrative expenses                171,328         193,355
Depreciation and amortization                      18,330          18,503
                                                                              
Total operating costs and expenses                 1,289,018       1,317,688  
                                                                  
Operating income                                   138,673         114,736
                                                                  
Interest expense                                   (20,712   )     (11,246   )
Other, net                                         54              (483      )
                                                                  
Income before income taxes                         118,015         103,007
Income tax expense                                 47,702          41,062
                                                                  
Net income                                       $ 70,313        $ 61,945     
                                                                  
Earnings per common share:
Basic                                            $ 0.51          $ 0.46       
Diluted                                          $ 0.48          $ 0.43       
                                                                  
                                                                  
Dividends declared per share                     $ 0.10          $ 1.59       

                                                                
Exhibit 2
Booz Allen Hamilton Holding Corporation
Condensed Consolidated Balance Sheets
                                                                  
                                                 June 30,        March 31,
(Amounts in thousands, except share and per        2013            2013       
share data)
                                                                  
ASSETS                                           (Unaudited)
Current assets:
Cash and cash equivalents                        $ 385,359       $ 350,384
Accounts receivable, net of allowance              995,554         1,029,586
Prepaid expenses and other current assets          50,432          44,382     
Total current assets                               1,431,345       1,424,352
                                                                  
Property and equipment, net of accumulated         154,126         166,570
depreciation
Intangible assets, net of accumulated              232,021         236,220
amortization
Goodwill                                           1,277,123       1,277,369
Other long-term assets                             73,408          73,017     
Total assets                                     $ 3,168,023     $ 3,177,528  
                                                                  
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Current portion of long-term debt                $ 60,094        $ 55,562
Accounts payable and other accrued expenses        477,697         451,065
Accrued compensation and benefits                  299,955         385,433
Other current liabilities                          75,149          72,586     
Total current liabilities                          912,895         964,646
                                                                  
Long-term debt, net of current portion             1,643,889       1,659,611
Other long-term liabilities                        323,046         326,478    
Total liabilities                                  2,879,830       2,950,735
                                                                  
Stockholders' equity:
Common stock, Class A — $0.01 par value —
authorized, 600,000,000 shares; issued,
137,641,125 shares at June 30, 2013 and            1,376           1,364
136,457,444 shares at March 31, 2013;
outstanding, 137,087,952 shares at June 30,
2013 and 136,051,601 shares at March 31, 2013
Non-voting common stock, Class B — $0.01 par
value — authorized, 16,000,000 shares; issued      11              15
and outstanding, 1,103,330 shares at June 30,
2013 and 1,451,600 shares at March 31, 2013
Restricted common stock, Class C — $0.01 par
value — authorized, 5,000,000 shares; issued       10              12
and outstanding, 1,036,876 shares at June 30,
2013 and 1,224,319 shares at March 31, 2013
Special voting common stock, Class E — $0.003
par value — authorized, 25,000,000 shares;
issued and outstanding, 7,244,207 shares at        22              22
June 30, 2013 and 7,478,522 shares at March
31, 2013
Treasury stock, at cost — 553,173 shares at
June 30, 2013 and 405,843 shares at March 31,      (8,964    )     (6,444    )
2013
Additional paid-in capital                         127,927         120,836
Retained earnings                                  181,174         124,775
Accumulated other comprehensive loss               (13,363   )     (13,787   )
Total stockholders' equity                         288,193         226,793
                                                                  
Total liabilities and stockholders' equity       $ 3,168,023     $ 3,177,528  

                                                                 
Exhibit 3
Booz Allen Hamilton Holding Corporation
Condensed Consolidated Statements of Cash Flows
                                                                   
                                                    Three Months Ended
                                                    June 30,
(Amounts in thousands)                                2013          2012      
                                                                   
Cash flows from operating activities                (Unaudited)
Net income                                          $ 70,313      $ 61,945
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization                         18,330        18,503
Stock-based compensation expense                      5,146         6,762
Excess tax benefits from the exercise of stock        (961    )     (315     )
options
Amortization of debt issuance costs and original      2,084         1,476
issuance discount on debt
Loss on dispositions and impairments                  585           808
                                                                     
Change in assets and liabilities:
Accounts receivable                                   34,032        6,539
Prepaid expenses and other current assets             (4,930  )     29,662
Other long-term assets                                (2,041  )     4,711
Accrued compensation and benefits                     (72,400 )     (58,245  )
Accounts payable and other accrued expenses           26,632        (3,173   )
Accrued interest                                      2,012         2,045
Other current liabilities                             552           2,748
Other long-term liabilities                           (5,507  )     577       
Net cash provided by operating activities             73,847        74,043    
                                                                   
Cash flows from investing activities
Purchases of property and equipment                   (2,430  )     (3,969   )
Net cash used in investing activities                 (2,430  )     (3,969   )
                                                                   
Cash flows from financing activities
Net proceeds from issuance of common stock            1,285         1,754
Stock option exercises                                3,235         837
Excess tax benefits from the exercise of stock        961           315
options
Repurchases of common stock                           (2,520  )     -
Cash dividends paid                                   (13,915 )     (210,672 )
Dividend equivalents paid to option holders           (13,864 )     -
Repayment of debt                                     (11,624 )     (10,625  )
Net cash used in financing activities                 (36,442 )     (218,391 )
                                                                   
Net increase (decrease) in cash and cash              34,975        (148,317 )
equivalents
Cash and cash equivalents -- beginning of period      350,384       484,368   
Cash and cash equivalents -- end of period          $ 385,359     $ 336,051   
                                                                   
Supplemental disclosures of cash flow information
Cash paid during the period for:
Interest                                            $ 16,604      $ 7,721     
Income taxes                                        $ 40,103      $ 869       

                                                              
Exhibit 4
Booz Allen Hamilton Holding Corporation
Non-GAAP Financial Information
                                                                
                                             Three Months Ended
                                             June 30,
(Amounts in thousands, except share and        2013              2012         
per share data)
                                             (Unaudited)
                                                                
Adjusted Operating Income
Operating Income                             $ 138,673         $ 114,736
Certain stock-based compensation expense       1,094             2,393
(a)
Amortization of intangible assets (b)          2,113             3,133        
Adjusted Operating Income                    $ 141,880         $ 120,262      
                                                                
EBITDA & Adjusted EBITDA
Net income                                   $ 70,313          $ 61,945
Income tax expense                             47,702            41,062
Interest and other, net                        20,658            11,729
Depreciation and amortization                  18,330            18,503       
EBITDA                                         157,003           133,239
Certain stock-based compensation expense       1,094             2,393        
(a)
Adjusted EBITDA                              $ 158,097         $ 135,632      
                                                                
Adjusted Net Income
Net income                                   $ 70,313          $ 61,945
Certain stock-based compensation expense       1,094             2,393
(a)
Amortization of intangible assets (b)          2,113             3,133
Amortization or write-off of debt issuance
costs and write-off of original issue          1,650             1,198
discount
Adjustments for tax effect (c)                 (1,943      )     (2,690      )
Adjusted Net Income                          $ 73,227          $ 65,979       
                                                                
Adjusted Diluted Earnings Per Share
Weighted-average number of diluted shares      147,237,749       142,677,037  
outstanding
Adjusted Net Income Per Diluted Share (d)    $ 0.50            $ 0.46         
                                                                
Free Cash Flow
Net cash provided by operating activities    $ 73,847          $ 74,043
Less: Purchases of property and equipment      (2,430      )     (3,969      )
Free Cash Flow                               $ 71,417          $ 70,074       
                                                                

     
      Reflects stock-based compensation expense for options for Class A Common
      Stock and restricted shares, in each case, issued in connection with the
      Acquisition of our Company by The Carlyle Group (the Acquisition) under
(a)   the Officers' Rollover Stock Plan. Also reflects stock-based
      compensation expense for Equity Incentive Plan Class A Common Stock
      options issued in connection with the Acquisition under the Equity
      Incentive Plan.
(b)   Reflects amortization of intangible assets resulting from the
      Acquisition.
(c)   Reflects tax effect of adjustments at an assumed marginal tax rate of
      40%.
      Excludes an adjustment of approximately $299,000 and $1.3 million of net
(d)   earnings for the three months ended June 30, 2013 and 2012,
      respectively, associated with the application of the two-class method
      for computing diluted earnings per share.

                                                    
Exhibit 5
Booz Allen Hamilton Holding Corporation
Operating Data
                                                      
                                          As of
                                          June 30,
(Amounts in millions)                     2013       2012
                                                      
Backlog (1)
                                                      
Funded                                    $ 2,192    $ 2,576
Unfunded (2)                                2,942      2,559
Priced Options (3)                          6,138      5,099
Total Backlog                             $ 11,272   $ 10,234

     
      Backlog presented in the above table includes backlog acquired from the
(1)   Company's acquisition of ARINC's Defense Systems Engineering and Support
      (DSES) division on November 30, 2012. Total backlog acquired from DSES
      is approximately $1.3 billion as of June 30, 2013.
      Reflects a reduction by management to the revenue value of orders for
(2)   services under two existing single award ID/IQ contracts the Company has
      had for several years, based on an established pattern of funding under
      these contracts by the U.S. government.
(3)   Amounts shown reflect 100% of the undiscounted revenue value of all
      priced options.

                      
                       As of
                       June 30,
                       2013     2012
                                 
Book-to-Bill *           0.6      0.6

 
* Book-to-bill is calculated as the change in total backlog during the
relevant fiscal quarter plus the relevant fiscal quarter revenue, all divided
by the relevant fiscal quarter revenue.

                                       
                               As of
                               June 30,
                               2013     2012
                                         
Headcount
                                         
Total Headcount                23,395   24,138
Consulting Staff Headcount**   21,141   21,706

 
** Consulting staff headcount as of June 30, 2012 has been adjusted to conform
to the current quarter's internal realignment of certain personnel that are
engaged in general corporate functions.

                                              
                                               Three Months Ended
                                               June 30,
                                               2013        2012
                                                            
Percentage of Total Revenue by Contract Type
                                                            
Cost-Reimbursable (4)                          56   %      56  %
Time-and-Materials                             30   %      30  %
Fixed-Price (5)                                14   %      14  %

     
(4)   Includes both cost-plus-fixed-fee and cost-plus-award fee contracts.
(5)   Includes fixed-price level of effort contracts.

                            
                             Three Months Ended
                             June 30,
                             2013        2012
                                          
Days Sales Outstanding ***       65         69

 
*** Calculated as total accounts receivable divided by revenue per day during
the relevant fiscal quarter.

Contact:

Booz Allen Hamilton Holding Corporation
Media Relations
Marie Lerch, 703-902-5559
James Fisher, 703-377-7595
or
Investor Relations
Curt Riggle, 703-377-5332
Sponsored Links
Advertisement
Advertisements
Sponsored Links
Advertisement