Peraton Corp.

On a pro forma basis, adjusting only for the full contribution of these business in 2021, we expect 2022 pro forma revenue growth to be about 1%, though this includes the Next Generation Enterprise Network (NGEN) contract that was winding down in 2021 after an unsuccessful recompete in 2020. Without it, we expect pro forma revenue growth in 2022 to be about 7%. For additional details regarding the NGEN contract, see related research below. None of Peraton's contracts are larger than 3% of revenue, therefore the potential loss of a large contract should not have as significant an impact as the loss of NGEN. Peraton had record bookings in the first quarter of 2022. Based on year-to-date successful recompetes (over

...After an acquisitive 2021, we expect Peraton Corp.'s pro forma revenue to increase in the mid-single-digit percentage area in 2022. Peraton's fiscal 2021 was quite transformative. It acquired Northrop Grumman's information technology (IT) and mission support services business (Feb. 1, 2021; $3.4 billion), Perspecta Inc. (May 6, 2021; $7.1 billion), and ViON Corp.'s as-a-service business (Sept. 21, 2021; $225 million). Through these acquisitions, Peraton's revenues are now nearly 7x what they were in 2020 and make it one of the largest government IT service providers. We expect the company's scale and service capabilities to enable it to compete for a larger market of business opportunities, increasing sales and cash flow. On a pro forma basis, adjusting only for the full contribution of these business in 2021, we expect 2022 pro forma revenue growth to be about 1%, though this includes the Next Generation Enterprise Network (NGEN) contract that was winding down in 2021 after an unsuccessful...

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