Combination Creates a Government Services Prime
Leading Scale, Visibility & FCF Generation Relative to Public Peers
2023
Reported
Combined
$15B
~$13B
$10B
$8B
$7B
$7B
$5B
Revenue
leidos
CMS/C&I+
Amentum
Booz Allen Hamilton
SAIC
CACI
KBR
PARSONS
EVER VIGILANT
2023 Reported
7%
~5%
14%
2%
10%
(8%)
25%
Revenue Growth
Backlog Coverage
2.5x
~3.7x
3.5x
2.9x
3.8x
3.2x
1.7x
FCF Conversion¹
89%
~97%
93%
96%
91%
87%
90%
2023 Adj. EBITDA
Margin
10.6%
8.3%
10.7%
9.2%
10.7%
10.5%
7.9%
EV /
FY24 Adj. EBITDA
11.2x
16.5x
12.0x
11.4x
10.5x
16.5x
13
Source: FactSet as of November 17, 2023.
Note: Peer financials shown on fiscal year ending September 30. Combined metrics include $60M synergies. SAIC 2023 metrics reflect last twelve months as of August 4, 2023. Parsons EBITDA is adjusted to include stock-based
compensation expense. 1FCF reflects Adj. EBITDA less CapEx. Conversion defined as % of Adj. EBITDA.
OJacobs 2023View entire presentation