EARNINGS CALL PRESENTATION Fiscal Year 2024, Second Quarter HORACIO ROZANSKI CALL President and Chief Executive Officer PARTICIPANTS MATT CALDERONE Chief Financial Officer ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ___________________________________________________________ FORM 10-Q ___________________________________________________________ (Mark One) ☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 TradingSymbol BAH For the transition period from to Commission File N ...

Second Quarter 2023 Review July 28, 2023 Seth P. Bernstein, President & Chief Executive Officer Bill Siemers, Interim Chief Financial Officer; Controller & Chief Accounting Officer Cautions Regarding Forward-Looking Statements Certain statemen ...

Booz Allen Hamilton Holding Corporation (NYSE:BAH) Q1 2024 Earnings Conference Call July 28, 2023 8:00 AM ET Company Participants Nathan Rutledge - Investor Relations Horacio Rozanski - President and Chief Executive Officer Matt Calderone - Executive Vice President and Chief Financial Officer Conference Call Participants Sheila Kahyaoglu - Jefferies Bert Subin - Stifel Matt Akers - Wells Fargo Robert Spingarn - Melius Research Cai von Rumohr - Cowen Good morning. Thank you for standing by. And welcome to Bo ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ___________________________________________________________ FORM 10-Q ___________________________________________________________ (Mark One) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 ☒ For the quarterly period ended June 30, 2023 ☐ ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File No. 001-34972 _______ ...

Booz Allen Hamilton Holding Corporation (NYSE:BAH) Q4 2023 Earnings Conference Call May 26, 2023 8:00 AM ET Company Participants Nathan Rutledge - Investor Relations Horacio Rozanski - President and Chief Executive Officer Matt Calderone - Executive Vice President and Chief Financial Officer Conference Call Participants Bert Subin - Stifel Sheila Kahyaoglu - Jefferies Robert Spingarn - Melius Research Cai von Rumohr - Cowen and Company Matthew Akers - Wells Fargo David Strauss - Barclays Seth Seifman - JPMo ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ___________________________________ FORM 10-K ___________________________________ (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended March 31, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File No. 001-34972 ___________________________________ | --- | -- ...

EARNINGS CALL PRESENTATION Fiscal Year 2023, Third Quarter January 27, 2023 CALL PARTICIPANTS HORACIO ROZANSKI President and Chief Executive Officer MATT CALDERONE Chief Financial Officer NATHAN RUTLEDGE Director & Head of Investor Relations 2 DISCLAIMER Forward Looking Safe Harbor Statement Certain statements contained in this presentation 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 fo ...

Booz Allen Hamilton Holding Corporation (NYSE:BAH) Q3 2023 Earnings Conference Call January 27, 2023 8:00 AM ET Company Participants Nathan Rutledge - IR Horacio Rozanski - President and Chief Executive Officer Matt Calderone - Executive Vice President and Chief Financial Officer. Conference Call Participants Sheila Kahyaoglu - Jefferies Bert Subin - Stifel Louie DiPalma - William Blair Cai von Rumohr - Cowen Eric Allen - Wells Fargo Tobey Sommer - Truist Mariana Perez Mora - Bank of America Operator Good m ...

Revenue and Financial Performance - Revenue for the three months ended December 31, 2022, was $2.28 billion, a 12.1% increase compared to $2.03 billion in the same period in 2021[12] - Total revenue for the nine months ended December 31, 2021, was $1,074,254 thousand, with retained earnings of $1,981,715 thousand[24] - Total revenue for Q3 2022 was $2.277 billion, a 12% increase from $2.031 billion in Q3 2021[38] - Revenue for Q4 2022 was $2.28 billion, a 12.1% increase from $2.03 billion in Q4 2021[112] - Revenue increased 12.1% year-over-year for the three months ended December 31, 2022, and 11.4% for the nine months ended December 31, 2022, driven by headcount growth, salary increases, and strong demand for solutions[106] - Revenue for the three months ended December 31, 2022, was $2.28 billion, an increase from $2.03 billion in the same period in 2021[12] - Total revenue for 2022 increased to $2,277,074 thousand, up 12% from $2,030,520 thousand in 2021[38] Net Income and Earnings - Net income for the three months ended December 31, 2022, was $30.7 million, a 76.2% decrease compared to $128.8 million in the same period in 2021[12] - Net income for the nine months ended December 31, 2022, was $339.56 million, compared to $375.78 million in the same period in 2021[18] - Net income for the nine months ended December 31, 2021 was $375.9 million[24] - Net income attributable to common stockholders decreased by 76.0% for the three months ended December 31, 2022[137] - Net income for the three months ended December 31, 2022, was $30.69 million, compared to $128.85 million in the same period in 2021[12] Operating Income and Expenses - Operating income for the three months ended December 31, 2022, was $58.6 million, a 66.9% decrease compared to $177.2 million in the same period in 2021[12] - Operating income decreased 66.9% to $58.6 million in the three months ended December 31, 2022, reflecting a decrease in operating margin from 8.7% to 2.6%[106] - Operating income for the three months ended December 31, 2022, was $58.64 million, down from $177.21 million in the same period in 2021[12] - General and administrative expenses increased 60.8% for the three months ended December 31, 2022, primarily due to a $124.0 million reserve related to a DOJ investigation[141] - The company's operating margin decreased from 8.8% to 7.2% for the nine months ended December 31, 2022, impacted by higher unallowable spending and inflationary pressure[106] Assets and Liabilities - Total assets as of December 31, 2022, were $6.35 billion, a 5.3% increase from $6.03 billion as of March 31, 2022[9] - Total current assets as of December 31, 2022, were $2.29 billion, a 6.6% decrease from $2.45 billion as of March 31, 2022[9] - Goodwill as of December 31, 2022, was $2.34 billion, a 15.6% increase from $2.02 billion as of March 31, 2022[9] - Total liabilities as of December 31, 2022, were $5.14 billion, up from $4.98 billion as of March 31, 2022[9] - Total stockholders' equity at December 31, 2022, was $1.21 billion, down from $1.22 billion at September 30, 2022[20] - Total stockholders' equity as of December 30, 2021 was $1.07 billion[24] Debt and Financing - Long-term debt, net of current portion, as of December 31, 2022, was $2.78 billion, a 1.8% increase from $2.73 billion as of March 31, 2022[9] - Total long-term debt, net of current portion, increased to $2,780.5 million as of December 31, 2022, from $2,731.7 million as of March 31, 2022[63] - The company refinanced its credit agreement, securing a $1,639.7 million Term Loan A and a $1,000.0 million revolving credit facility[66] - Total borrowings as of December 31, 2022, amounted to $44.219 million, compared to $20.598 million in 2021, reflecting a significant increase in debt[69] - Interest expense for the nine months ended December 31, 2022, was $85.028 million, up from $69.201 million in the same period in 2021[72] Cash Flow and Investments - Net cash provided by operating activities decreased to $365.67 million in 2022 from $481.15 million in 2021[18] - Payments for business acquisitions, net of cash acquired, were $440.07 million in 2022, down from $780.21 million in 2021[18] - Net cash used in investing activities was $440.06 million in 2022, compared to $835.25 million in 2021[18] - Net cash used in financing activities increased to $250.6 million for the nine months ended December 31, 2022, driven by higher debt repayments and lower proceeds from debt refinancing[155] - Cash and cash equivalents decreased to $370.94 million as of December 31, 2022, from $695.91 million as of March 31, 2022[9] Share Repurchases and Dividends - The company repurchased 1.0 million shares of Class A Common Stock for $86.4 million during the nine months ended December 31, 2022[21] - Cash dividends paid increased to $173.22 million in 2022 from $151.66 million in 2021[18] - The company repurchased 3.4 million shares of Class A Common Stock for $286.3 million during the nine months ended December 31, 2021[24] - Dividends declared were $1.11 per share of common stock, totaling $151.7 million[24] - The company declared quarterly cash dividends of $0.43 and $1.29 per share for the three and nine months ended December 31, 2022, totaling $57.3 million and $173.2 million, respectively[156] Acquisitions and Divestitures - The company completed the acquisition of EverWatch Corp. for $444.8 million in October 2022[51] - The acquisition of EverWatch resulted in a preliminary goodwill of $324.7 million, primarily due to specialized workforce and expected synergies[52] - The company divested its MENA management consulting business, recognizing a pre-tax gain of $31.2 million[55] - The divestiture of the Managed Threat Services (MTS) business resulted in a pre-tax gain of $4.6 million[55] - Goodwill increased to $2,337.6 million as of December 31, 2022, up from $2,021.9 million as of March 31, 2022, driven by the EverWatch acquisition[57] Legal and Tax Matters - The company recorded a $124.0 million reserve in the third quarter of fiscal 2023 related to the U.S. Department of Justice investigation[106] - The company incurred incremental legal costs during the three and nine months ended December 31, 2022, in response to the U.S. Department of Justice investigation[106] - The company is contesting tax assessments from the District of Columbia Office of Tax and Revenue for fiscal years 2013 through 2015, amounting to $11.7 million[81] - The company received a partial federal tax refund of approximately $174.0 million plus interest in October 2022, reducing the long-term income tax receivable[81] Employee Compensation and Benefits - Stock-based compensation expense increased to $50.99 million in 2022 from $45.19 million in 2021[18] - Total stock-based compensation expense for the three months ended December 31, 2022 was $18.8 million, with $17.998 million attributed to restricted stock and other awards[88][91] - As of December 31, 2022, there was $66.4 million of total unrecognized compensation cost related to unvested stock-based compensation agreements, expected to be amortized over the next 4.84 years[91] - Total expenses for employee matching contributions under the ECAP plan were $139.1 million for the nine months ended December 31, 2022, up from $128.2 million in 2021[82] Revenue Sources and Contracts - The company's revenue is derived from cost-reimbursable, time-and-materials, and fixed-price contracts, with significant reliance on U.S. government contracts[34] - Revenue recognition under the Estimate-at-Completion (EAC) process involves subjective estimates of future activity and cost drivers, which can impact profitability[35] - U.S. government clients accounted for 97% of total revenue in Q3 2022, with defense clients contributing $1.044 billion (46%)[41] - Global commercial clients revenue decreased to $55.8 million in Q3 2022 from $64.0 million in Q3 2021[41] - Prime contractor revenue increased to $2.151 billion (94% of total) in Q3 2022 from $1.914 billion (94%) in Q3 2021[42] - Remaining performance obligations stood at $8.1 billion as of December 31, 2022, with 70% expected to be recognized as revenue within 12 months[43] Backlog and Future Revenue - Total backlog increased by 8.2% from December 31, 2021 to December 31, 2022, reaching $27.761 billion[129] - Additions to funded backlog during the twelve months ended December 31, 2022 totaled $9.6 billion, compared to $8.5 billion in the prior year[129] - The company expects to recognize approximately 70% of the remaining performance obligations ($8.1 billion) as revenue over the next 12 months, and 85% over the next 24 months[129] Interest Rate and Derivative Instruments - The company has interest rate swaps with an aggregate notional amount of $550.0 million to hedge against interest rate volatility[75] - The company estimates that $11.6 million will be reclassified as a decrease to interest expense over the next 12 months due to interest rate swaps[78] - The company's interest rate swaps have staggered maturities ranging from June 30, 2023, to June 30, 2025[75] - The fair value of current derivative instruments as of December 31, 2022 was $11.483 million, classified under Level 2 inputs[93] COVID-19 and Business Impact - The company is monitoring the evolving situation related to COVID-19 and its potential impact on business operations[108] Non-GAAP Financial Measures - The company uses non-GAAP financial measures such as Revenue, Excluding Billable Expenses, Adjusted Operating Income, and Adjusted EBITDA for business planning and performance measurement[109] - Adjusted Operating Income for Q4 2022 was $215.8 million, up 11.0% from $194.4 million in Q4 2021[112] - Adjusted EBITDA for Q4 2022 was $244.1 million, a 9.8% increase from $222.2 million in Q4 2021[113] - Adjusted EBITDA Margin on Revenue was 10.7% in Q4 2022, compared to 10.9% in Q4 2021[113] - Adjusted Net Income for Q4 2022 was $142.5 million, up 4.0% from $137.0 million in Q4 2021[113] - Free Cash Flow for Q4 2022 was $116.9 million, a significant improvement from a negative $0.5 million in Q4 2021[113] Government Contracts and Budget Impact - Substantially all of the company's revenue is derived from services provided under contracts and task orders with the U.S. government, primarily by client staff and, to a lesser extent, subcontractors[120] - The Bipartisan Budget Act of 2013 and subsequent acts apply an 8.3% reduction in defense spending annually from 2021 to 2030, potentially impacting the company's services to the Department of Defense[120] - The company faces risks from U.S. government budget restrictions, cost-cutting initiatives, and potential delays in procurement due to budget process delays[117] - Changes in U.S. government spending mix, with lower spending on defense and increased spending on cybersecurity and healthcare, could impact the company's revenue[117] - The company's revenue is diversified across a large portfolio of contracts and clients, reducing potential volatility but still subject to material adverse effects from reductions in U.S. government services[120] Employee and Talent Management - The company employed approximately 31,100 employees as of December 31, 2022[27] - The company's ability to hire, retain, and deploy talent aligned with client needs is critical for revenue growth[126] - Total headcount as of December 31, 2022 increased by approximately 1,680 compared to December 31, 2021[138] Cost of Revenue and Expenses - Cost of revenue increased 12.3% and 11.8% for the three and nine months ended December 31, 2022, primarily due to salary increases and headcount growth[139] - Billable expenses increased 14.3% and 13.9% for the three and nine months ended December 31, 2022, driven by higher subcontractor usage and client demand[140] - Depreciation and amortization expense increased by 6.2% for the three months and 15.5% for the nine months ended December 31, 2022, primarily due to intangible amortization from acquisitions in fiscal 2022 and 2023[142] - Interest expense increased by 35.3% for the three months and 22.9% for the nine months ended December 31, 2022, driven by an overall increase in rates[143] - Net other income increased to $14.6 million for the three months and $38.1 million for the nine months ended December 31, 2022, driven by gains from divestitures and debt refinancing[143] - Income tax expense decreased by 65.0% for the three months and 0.3% for the nine months ended December 31, 2022, with an effective tax rate increase to 25.6% and 23.3%, respectively[144] Capital Expenditures and Investments - Capital expenditures for the nine months ended December 31, 2022, were $51.4 million, slightly down from $51.6 million in the same period of 2021[164] Contingent Liabilities and Guarantees - The company was contingently liable under open standby letters of credit and bank guarantees totaling $6.1 million as of December 31, 2022[98] - The company had $14.9 million available under a separate $20 million facility for guarantees as of December 31, 2022[98] Fair Value Measurements - The fair value of current derivative instruments as of December 31, 2022 was $11.483 million, classified under Level 2 inputs[93] - The company's total assets measured at fair value as of December 31, 2022 were $37.393 million, with $19.392 million classified under Level 1 inputs[93] - The carrying amount of the New Term Loan A as of December 31, 2022 was $1.639 billion, with an estimated fair value of $1.602 billion[97] - The fair value of the 3.88% Senior Notes due 2028 as of December 31, 2022 was $624.092 million, compared to a carrying amount of $700 million[97] - The fair value of the 4.00% Senior Notes due 2029 as of December 31, 2022 was $443.125 million, compared to a carrying amount of $500 million[97] Postretirement Plans and Other Comprehensive Income - Postretirement plans and derivatives designated as cash flow hedges showed a net current-period other comprehensive income (loss) of $(62) million for the three months ended December 31, 2022[86] - The unfunded status of the post-retirement medical plan was $118.4 million as of December 31, 2022[82] Tax and Legal Reserves - The company incurred $124.0 million in legal matter reserves related to a U.S. Department of Justice investigation in Q4 2022[112][113] - Acquisition and divestiture costs were $19.1 million in Q4 2022, up from $5.3 million in Q4 2021[112][113] - Significant acquisition amortization was $14.1 million in Q4 2022, compared to $11.9 million in Q4 2021[112][113] Revenue by Contract Type - The company generates revenue under three types of contracts: Cost-Reimbursable (53% of total revenue in 2022), Time-and-Materials (25%), and Fixed-Price (22%)[124] - Cost-reimbursable revenue for 2022 was $1,211,589 thousand, representing 53% of total revenue, consistent with 2021[38] - Fixed-price revenue for 2022 was $492,994 thousand, representing 22% of total revenue, consistent with 2021[38] - Time-and-materials revenue for 2022 increased to $572,491 thousand, up 18% from $484,718 thousand in 2021[38] Revenue by Client Segment - U.S. government revenue accounted for 97% of total revenue in 2022, with Defense Clients contributing $1,043