Overview Key strengths Key risks Continued strong government defense spending drives revenue growth. Operates in the highly competitive U.S. defense services industry. It has long-standing relationships with key intelligence and defense organizations. Tight labor supply may constrain growth. Stable margins and minimal capital expenditure requirements support strong free operating cash flow (FOCF). Financial policy incorporates willingness to raise leverage for strategic acquisitions. in fiscal 2023 (about $7.6 billion, top end of the original guided range) and 1%-1.5% in 2024. SAIC has performed in line with our expectations throughout fiscal 2023 (ending in January), however several factors included in its revenue growth are worth unpacking. Notably, SAIC had four extra working days in the year, which on average is about $30
