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January 30, 2017
Third Quarter Revenue Increased by 7.4 percent to $1.40 billion
Headcount Increase of approximately 440 year-over-year
Continued Strong Backlog of $13.5 billion
Diluted Earnings per Share of $0.37 and Adjusted Diluted Earnings per Share1 of $0.38
13 percent Increase in Quarterly Dividend to $0.17 per share, Payable on February 28, 2017
McLean, Virginia – Booz Allen Hamilton Holding Corporation (NYSE:BAH), the parent company of management and technology consulting and engineering services firm Booz Allen Hamilton Inc., today announced preliminary results for the third quarter of fiscal 2017.
The Company reported another strong quarter of year-over-year revenue growth and solid bottom line earnings, and remains on track to achieve full-year objectives. Solid awards in the third quarter of fiscal 2017 generated a book-to-bill ratio of .92x in the seasonally light quarter and a 12 percent increase in total backlog over the prior year. Additionally, headcount increased by approximately 440 employees over the prior year period and nearly 290 employees over the second quarter of fiscal 2017.
“Booz Allen Hamilton pivoted to growth a year ago and continues to grow on a healthy trajectory,” said Horacio Rozanski, President and Chief Executive Officer. “The people of Booz Allen are implementing our long-term strategy for sustainable, quality growth by consistently delivering exceptional client service and advanced solutions that integrate mission knowledge, consulting expertise, and technical prowess.”
The Company authorized and declared a two-cent increase to its regular quarterly dividend, to $0.17 per share, which is payable on February 28, 2017, to stockholders of record on February 10, 2017.
Third Quarter 2017 – A summary of results for the third quarter of fiscal 2017 and the key factors driving those results is below:
As of December 31, 2016, total backlog was $13.5 billion, compared to $12.1 billion as of December 31, 2015, an increase of 12 percent. All components of backlog grew during the quarter compared to the prior year. Strong awards in the quarter generated a book-to-bill ratio of .92x, which represents our best third quarter book-to-bill in six years.
Nine Months Ended December 31, 2016 – Booz Allen’s cumulative performance for the first three quarters of fiscal 2017 has resulted in:
1 Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Diluted EPS, Adjusted Operating Income, Adjusted Net Income, and Free Cash Flow are non-GAAP financial measures. See “Non-GAAP Financial Information” below for additional detail.
For our full year fiscal 2017 revenue guidance, we are raising the bottom and top end of the guidance we discussed on November 2, 2016. For the full year, we expect revenue to increase in the range of four to six percent. For our full fiscal year fiscal 2017, we are narrowing our Diluted EPS and Adjusted Diluted EPS guidance as previously issued on November 2, 2016. At the bottom line, we expect Diluted EPS to be $1.65 to $1.69 and Adjusted Diluted EPS to be $1.70 to $1.74.
These EPS estimates are based on fiscal 2017 estimated average diluted shares outstanding of approximately 150 million shares, and a 39.1 percent effective tax rate, which reflects the qualification of certain federal and state tax credits during the nine months ended December 31, 2016.
About Booz Allen
For more than 100 years, military, government, and business leaders have turned to Booz Allen Hamilton to solve their most complex problems. As a consulting firm with experts in analytics, digital, engineering, and cyber, we help organizations transform. We are a key partner on some of the most innovative programs for governments worldwide and trusted by their most sensitive agencies. We work shoulder to shoulder with clients, using a mission-first approach to choose the right strategy and technology to help them realize their vision. With global headquarters in McLean, Virginia and more than 80 offices worldwide, our firm employs more than 26,300 people and had revenue of $6.7 billion for the 12 months ending March 31, 2019. To learn more, visit BoozAllen.com. (NYSE: BAH)