Slides
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Q4 2025 Earnings Supplemental Materials
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Safe Harbor Certain statements made in this news release are “forward-looking statements” within the meaning of Section 27A of the Securities Exchange Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking information includes estimates of the company’s future financial and operating performance. Certain data and statements in this presentation, other than those setting forth strictly historical information, are forward-looking and are not guarantees of future performance. Actual results from these estimates might differ materially. Forward-looking information includes estimates of future financial and operating performance. Our future performance is subject to various risks and uncertainties, which are set forth in our reports filed with the SEC, including our Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the SEC on February 24, 2025. We specifically disclaim any intention or duty to update any forward-looking information contained in this presentation. Notes to the financial and operating information (page 13) are an integral part of the information presented herein. 2
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Full Year 2025 2024 CHANGE Cash Flows from Operating Activities: Before Changes in Operating Assets and Liabilities 331.4$ 353.9$ (6.4%) Changes in Operating Assets and Liabilities, Net (3.5) 46.1 (107.6%) Cash provided by Operating Activities 327.9$ 400.0$ (18.0%) Capital Expenditures (39.8) (35.3) 12.7% Free Cash Flow (non-GAAP measure) 288.1$ 364.7$ (21.0%) Cash used for Stock Repurchases 170.1$ 327.2$ (48.0%) Net Leverage Ratio 2.40 to 1 Total Leverage Ratio 2.78 to 1 12/31/25 12/31/24 Cash & Cash Equivalents 161.2$ 205.2$ Working Capital 491.9$ 550.6$ Long-Term Debt: Senior Secured Debt 619.4$ 483.5$ Senior Fixed Rate Unsecured Notes 550.0 550.0 1,169.4$ 1,033.5$ Stockholders' Equity 1,804.0$ 1,776.7$ 2025 2024 2025 2024 Operating Results Revenues 980.1$ 985.0$ 3,980.4$ 4,099.7$ Gross Profit 283.5 286.0 1,149.1 1,183.7 Net Income 25.2 42.4 113.5 175.2 Adjusted Net Income 49.2 57.1 198.5 238.6 Adjusted EBITDA 107.9 109.7 422.6 452.0 Margins Gross 28.9% 29.0% 28.9% 28.9% Adjusted EBITDA 11.0% 11.1% 10.6% 11.0% Earnings per Share - Diluted Income per Share 0.59$ 0.95$ 2.60$ 3.83$ Adjusted Net Income 1.15$ 1.28$ 4.55$ 5.22$ Diluted Shares 42.6 44.5 43.6 45.7 Full YearQ4 3 Cash Flow DataBalance Sheet & Other Operating Data ($’s in millions, except per share data)Summary Consolidated Financial Data Revenue Mix Consumer & Industrial 22% TMT 15% Financial Services 13% Defense & Intel 13% Healthcare 13% Business Services 8% National Security 7% Fed. Civilian 5% Fed. Other 4% Q4 2025 Consumer & Industrial 20% Financial Services 15% TMT 14% Defense & Intel 13% Healthcare 11% Business Services 10% National Security 7% Fed. Civilian 7% Fed. Other 3% Q4 2024
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$226.0 $217.7 $233.4 $235.9 $227.4 32.6% 32.4% 33.0% 33.2% 32.6% $5.0 $55.0 $105.0 $155.0 $205.0 $255.0 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 $84.0 $71.7 $84.0 $88.6 $82.4 12.1% 10.7% 11.9% 12.5% 11.8% $5.0 $25.0 $45.0 $65.0 $85.0 $105.0 $125.0 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q4 2025 Q3 2025 Q4 2024 Bookings 444.4$ 324.0$ 348.2$ TTM Book-to-Bill Ratio 1.2 to 1 1.2 to 1 1.1 to 1 Seq Y-Y Consumer & Industrial -2.4% 12.0% TMT (Technology, Media & Telecom) 1.7% 2.3% Financial Services -0.1% -10.3% Business & Government Services -12.3% -20.3% Healthcare 1.5% 14.0% CHANGE Q4 2025 $284.7 $290.1 $325.7 $334.9 $339.4 $408.0 $382.1 $382.4 $376.4 $359.2 $692.7 $672.2 $708.1 $711.3 $698.6 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Commercial Segment Key Metrics 4 Revenues by Type Revenues by Industry Gross Profit & Margin Adjusted EBITDA & Margin Commercial Consulting Metrics Commercial Segment Key Metrics ($’s in millions) Assignment Consulting
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$32.2 $28.4 $32.3 $33.5 $32.5 11.0% 9.6% 10.3% 11.2% 11.6% $5.0 $10.0 $15.0 $20.0 $25.0 $30.0 $35.0 $40.0 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q4 2025 Q3 2025 Q4 2024 New Contract Awards 144.2$ 461.4$ 282.5$ TTM Book-to-Bill Ratio 0.9 to 1 1.0 to 1 1.1 to 1 Backlog Coverage Ratio 2.5x 2.6x 2.5x 12/31/2025 9/30/2025 12/31/2024 Funded Backlog 492.9$ 609.8$ 529.0$ Unfunded Backlog 2,455.6 2,476.7 2,589.6 Total 2,948.5$ 3,086.5$ 3,118.6$ Q4 2025 Y-Y CHANGE MIX Defense & Intel 2.6% 46.3% National Security -2.6% 24.1% Federal Civilian -25.5% 17.1% Federal Other 13.1% 12.5% Q4 2025 2024 Firm-Fixed-Price 31.5% 32.1% Time and Materials 36.7% 43.3% Cost Reimbursable 31.8% 24.6% Q4 CHANGE 2025 2024 Y-Y Revenues 281.5$ 292.3$ -3.7% Gross Profit 56.1$ 60.0$ -6.5% Federal Segment Key Metrics ($’s in millions) 5 Revenues & Gross Profit Revenues by Contract Type Revenues by Customer Type Adjusted EBITDA & Margin Contract Backlog Federal Government Segment Metrics Federal Segment Key Metrics
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Q1 2026 Financial Estimates Financial Estimates (as of February 7, 2024) LOW HIGH Key Assumptions Additional Assumptions Revenues Y-Y Revenue Change Gross Margin SG&A expenses Net Income Earnings per diluted share Non-GAAP Financial Measures Adjusted EBITDA Adjusted Net Income Adjusted Net Income per diluted share Adjusted EBITDA Margin 6 $960.0 — $980.0 (0.9%) — 1.2% 28.7% — 29.1% $209.7 — $214.4 $25.8 — $29.4 $0.62 — $0.71 $93.5 — $98.5 $38.8 — $42.4 $0.93 — $1.02 9.7% — 10.1% Stock-based compensation Depreciation and other amortization Amortization of intangible assets Interest expense Effective tax rate Billable Days $14.9 $12.8 $13.6 $16.3 28.0% 62.0 ($’s in millions, except per share amounts)
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($ in millions, except per share amounts) Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Commercial Assignment 560.4$ 530.2$ 508.2$ 480.1$ 2,078.9$ 454.5$ 444.2$ 433.8$ 408.0$ 1,740.5$ 382.1$ 382.4$ 376.4$ 359.2$ 1,500.1$ Consulting 271.7 281.1 274.2 268.5 1,095.5 277.0 281.5 285.0 284.7 1,128.2 290.1 325.7 334.9 339.4 1,290.1 832.1 811.3 782.4 748.6 3,174.4 731.5 725.7 718.8 692.7 2,868.7 672.2 708.1 711.3 698.6 2,790.2 Federal Government 296.7 319.6 334.4 325.5 1,276.2 317.5 309.0 312.2 292.3 1,231.0 296.1 312.5 300.1 281.5 1,190.2 Consolidated 1,128.8$ 1,130.9$ 1,116.8$ 1,074.1$ 4,450.6$ 1,049.0$ 1,034.7$ 1,031.0$ 985.0$ 4,099.7$ 968.3$ 1,020.6$ 1,011.4$ 980.1$ 3,980.4$ Revenue Growth Rates (Year-over-Year): Commercial Assignment -10.8% -15.6% -19.5% -18.4% -16.0% -18.9% -16.2% -14.6% -15.0% -16.3% -15.9% -13.9% -13.2% -12.0% -13.8% Consulting 32.7% 26.5% 2.1% 1.7% 14.2% 2.0% 0.1% 3.9% 6.0% 3.0% 4.7% 15.7% 17.5% 19.2% 14.4% Total Commercial -0.1% -4.6% -13.1% -12.2% -7.6% -12.1% -10.6% -8.1% -7.5% -9.6% -8.1% -2.4% -1.0% 0.9% -2.7% Federal Government 15.0% 9.8% 12.3% 9.2% 11.4% 7.0% -3.3% -6.6% -10.2% -3.5% -6.7% 1.1% -3.9% -3.7% -3.3% Consolidated 3.5% -1.0% -6.8% -6.6% -2.8% -7.1% -8.5% -7.7% -8.3% -7.9% -7.7% -1.4% -1.9% -0.5% -2.9% Revenues by Industry Vertical: Consumer & Industrial 18.0% 17.5% 17.3% 17.7% 17.6% 17.7% 18.5% 18.8% 19.7% 18.6% 20.1% 21.7% 22.0% 22.1% 21.5% Financial Services 17.4% 17.0% 16.5% 15.8% 16.7% 15.2% 14.5% 14.6% 14.6% 14.8% 13.4% 13.1% 12.7% 13.2% 13.1% Technology, Media & Telecom 13.6% 12.5% 12.0% 12.6% 12.7% 13.3% 14.6% 14.4% 14.5% 14.2% 14.2% 13.9% 14.2% 14.9% 14.3% Healthcare 13.0% 13.1% 12.9% 12.9% 13.0% 12.1% 11.1% 10.9% 11.0% 11.3% 11.1% 11.3% 12.1% 12.6% 11.8% Business Services 11.6% 11.6% 11.4% 10.7% 11.3% 11.4% 11.4% 11.0% 10.5% 11.1% 10.6% 9.4% 9.3% 8.5% 9.4% Federal Government 26.3% 28.3% 29.9% 30.3% 28.7% 30.3% 29.9% 30.3% 29.7% 30.0% 30.6% 30.6% 29.7% 28.7% 29.9% Consolidated 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% Billable Days 63.00 63.25 62.50 60.00 248.75 62.75 63.50 63.50 61.00 250.75 62.00 63.25 63.50 61.00 249.75 Revenues Per Billable Day (Commercial Segment) 13.2$ 12.8$ 12.5$ 12.5$ 12.8$ 11.7$ 11.4$ 11.3$ 11.4$ 11.4$ 10.8$ 11.2$ 11.2$ 11.5$ 11.2$ Revenues Per Billable Day (Consolidated) 17.9$ 17.9$ 17.9$ 17.9$ 17.9$ 16.7$ 16.3$ 16.2$ 16.1$ 16.3$ 15.6$ 16.1$ 15.9$ 16.1$ 15.9$ Statements of Operations Revenues 1,128.8$ 1,130.9$ 1,116.8$ 1,074.1$ 4,450.6$ 1,049.0$ 1,034.7$ 1,031.0$ 985.0$ 4,099.7$ 968.3$ 1,020.6$ 1,011.4$ 980.1$ 3,980.4$ Costs of services 802.4 804.6 794.4 769.2 3,170.6 752.8 733.6 730.6 699.0 2,916.0 692.9 727.3 714.5 696.6 2,831.3 Gross profit 326.4 326.3 322.4 304.9 1,280.0 296.2 301.1 300.4 286.0 1,183.7 275.4 293.3 296.9 283.5 1,149.1 Selling, general and administrative expenses 224.1 210.5 206.0 203.6 844.2 210.2 205.6 207.5 197.9 821.2 214.5 216.8 212.2 210.5 854.0 Amortization of intangible assets 18.1 17.9 17.8 17.9 71.7 15.1 15.1 14.0 13.9 58.1 14.3 16.9 16.8 16.8 64.8 Operating income 84.2 97.9 98.6 83.4 364.1 70.9 80.4 78.9 74.2 304.4 46.6 59.6 67.9 56.2 230.3 Interest expense (15.4) (15.8) (18.5) (16.7) (66.4) (17.6) (15.8) (16.0) (14.9) (64.3) (15.4) (18.2) (17.4) (16.7) (67.7) Income before income taxes 68.8 82.1 80.1 66.7 297.7 53.3 64.6 62.9 59.3 240.1 31.2 41.4 50.5 39.5 162.6 Provision for income taxes 19.3 22.0 20.7 16.4 78.4 15.2 17.4 15.4 16.9 64.9 10.3 12.1 12.4 14.3 49.1 Net income 49.5$ 60.1$ 59.4$ 50.3$ 219.3$ 38.1$ 47.2$ 47.5$ 42.4$ 175.2$ 20.9$ 29.3$ 38.1$ 25.2$ 113.5$ Earnings per share - Diluted 0.99$ 1.22$ 1.23$ 1.06$ 4.50$ 0.81$ 1.02$ 1.06$ 0.95$ 3.83$ 0.48$ 0.67$ 0.87$ 0.59$ 2.60$ Diluted Shares 49.8 49.2 48.4 47.5 48.7 46.9 46.1 45.0 44.5 45.7 44.0 44.0 43.7 42.6 43.6 Cash provided by operating activities 80.5$ 112.5$ 147.5$ 116.4$ 456.9$ 73.3$ 90.7$ 135.8$ 100.2$ 400.0$ 16.8$ 124.9$ 83.9$ 102.3$ 327.9$ Free Cash Flow (non-GAAP measure) 68.8$ 101.3 137.7 109.2 417.0 62.5 85.4 127.9 88.9 364.7 6.6 115.8 72.0 93.7 288.1 2023 2024 2025 Selected Financial Data 8
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9 Reconciliations of GAAP to Non-GAAP Measures ($ in millions, except per share amounts) Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Free Cash Flow Cash provided by operating activities 80.5$ 112.5$ 147.5$ 116.4$ 456.9$ 73.3$ 90.7$ 135.8$ 100.2$ 400.0$ 16.8$ 124.9$ 83.9$ 102.3$ 327.9$ Capital expenditures (11.7) (11.2) (9.8) (7.2) (39.9) (10.8) (5.3) (7.9) (11.3) (35.3) (10.2) (9.1) (11.9) (8.6) (39.8) Free Cash Flow (non-GAAP measure) 68.8$ 101.3$ 137.7$ 109.2$ 417.0$ 62.5$ 85.4$ 127.9$ 88.9$ 364.7$ 6.6$ 115.8$ 72.0$ 93.7$ 288.1$ Reconciliation of Net Income to Adjusted EBITDA Net income 49.5$ 60.1$ 59.4$ 50.3$ 219.3$ 38.1$ 47.2$ 47.5$ 42.4$ 175.2$ 20.9$ 29.3$ 38.1$ 25.2$ 113.5$ Interest expense 15.4 15.8 18.5 16.7 66.4 17.6 15.8 16.0 14.9 64.3 15.4 18.2 17.4 16.7 67.7 Provision for income taxes 19.3 22.0 20.7 16.4 78.4 15.2 17.4 15.4 16.9 64.9 10.3 12.1 12.4 14.3 49.1 Depreciation and other amortization 6.8 7.0 7.0 7.8 28.6 9.4 9.4 9.4 10.0 38.2 11.2 11.8 12.4 13.3 48.7 Amortization of intangible assets 18.1 17.9 17.8 17.9 71.7 15.1 15.1 14.0 13.9 58.1 14.3 16.9 16.8 16.8 64.8 EBITDA (non-GAAP measure) 109.1 122.8 123.4 109.1 464.4 95.4 104.9 102.3 98.1 400.7 72.1 88.3 97.1 86.3 343.8 Stock-based compensation 12.1 11.3 10.3 10.3 44.0 11.7 11.0 9.9 9.7 42.3 13.8 11.9 11.3 10.9 47.9 Legal settlement expense - - 2.7 - 2.7 - - 3.6 3.6 - - - - - Software costs write-off - - - - - - - - - - 4.4 - - - 4.4 Acquisition, integration and strategic planning expenses 2.3 1.1 1.1 1.6 6.1 1.2 1.2 1.1 1.9 5.4 3.3 8.3 4.2 10.7 26.5 Adjusted EBITDA (non-GAAP measure) 123.5$ 135.2$ 137.5$ 121.0$ 517.2$ 108.3$ 117.1$ 116.9$ 109.7$ 452.0$ 93.6$ 108.5$ 112.6$ 107.9$ 422.6$ Adjusted EBITDA Margin (non-GAAP measure) 10.9% 12.0% 12.3% 11.3% 11.6% 10.3% 11.3% 11.3% 11.1% 11.0% 9.7% 10.6% 11.1% 11.0% 10.6% Reconciliation of Net Income to Adjusted Net Income Net income 49.5$ 60.1$ 59.4$ 50.3$ 219.3$ 38.1$ 47.2$ 47.5$ 42.4$ 175.2$ 20.9$ 29.3$ 38.1$ 25.2$ 113.5$ Legal settlement expense - - 2.7 - 2.7 - - 3.6 - 3.6 - - - - - Software costs write-off - - - - - - - - - - 4.4 - - - 4.4 Acquisition, integration and strategic planning expenses 2.3 1.1 1.1 1.6 6.1 1.2 1.2 1.1 1.9 5.4 3.3 8.3 4.2 10.7 26.5 Credit facility amendment expenses - - 2.3 - 2.3 1.5 - - - 1.5 - - - - - Tax effect on adjustments (0.6) (0.3) (1.6) (0.4) (2.9) (0.7) (0.3) (1.3) (0.5) (2.8) (1.9) (2.2) (1.1) (2.8) (8.0) Non-GAAP net income 51.2 60.9 63.9 51.5 227.5 40.1 48.1 50.9 43.8 182.9 26.7 35.4 41.2 33.1 136.4 Amortization of intangible assets 18.1 17.9 17.8 17.9 71.7 15.1 15.1 14.0 13.9 58.1 14.3 16.9 16.8 16.8 64.8 Other (0.6) (0.6) (0.6) (0.6) (2.4) (0.6) (0.6) (0.6) (0.6) (2.4) (0.6) (0.7) (0.7) (0.7) (2.7) Adjusted Net Income (non-GAAP measure) 68.7$ 78.2$ 81.1$ 68.8$ 296.8$ 54.6$ 62.6$ 64.3$ 57.1$ 238.6$ 40.4$ 51.6$ 57.3$ 49.2$ 198.5$ Adjusted earnings per share - Diluted (non-GAAP measure) 1.38$ 1.59$ 1.68$ 1.45$ 6.09$ 1.16$ 1.36$ 1.43$ 1.28$ 5.22$ 0.92$ 1.17$ 1.31$ 1.15$ 4.55$ Cash tax savings on indefinite-lived intangible assets 8.5$ 8.5$ 8.5$ 8.5$ 34.0$ 8.5$ 8.5$ 8.5$ 8.5$ 34.0$ 8.9$ 8.9$ 8.9$ 8.9$ 35.6$ 20242023 2025
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10 Commercial Segment ($ in millions) Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Revenues by Type: Assignment 560.4$ 530.2$ 508.2$ 480.1$ 2,078.9$ 454.5$ 444.2$ 433.8$ 408.0$ 1,740.5$ 382.1$ 382.4$ 376.4$ 359.2$ 1,500.1$ Consulting 271.7 281.1 274.2 268.5 1,095.5 277.0 281.5 285.0 284.7 1,128.2 290.1 325.7 334.9 339.4 1,290.1 832.1 811.3 782.4 748.6 3,174.4 731.5 725.7 718.8 692.7 2,868.7 672.2 708.1 711.3 698.6 2,790.2 Gross Margin 31.5% 32.2% 32.5% 32.1% 32.1% 32.0% 32.7% 32.8% 32.6% 32.5% 32.4% 33.0% 33.2% 32.6% 32.8% Adjusted EBITDA 97.4$ 105.0$ 107.6$ 91.5$ 401.5$ 83.8$ 89.6$ 90.8$ 84.0$ 348.2$ 71.7$ 84.0$ 88.6$ 82.4$ 326.6$ Adjusted EBITDA Margin 11.7% 12.9% 13.8% 12.2% 12.6% 11.5% 12.3% 12.6% 12.1% 12.1% 10.7% 11.9% 12.5% 11.8% 11.7% Revenue Growth Rates (Year-over-Year): Assignment -10.8% -15.6% -19.5% -18.4% -16.0% -18.9% -16.2% -14.6% -15.0% -16.3% -15.9% -13.9% -13.2% -12.0% -13.8% Consulting 32.7% 26.5% 2.1% 1.7% 14.2% 2.0% 0.1% 3.9% 6.0% 3.0% 4.7% 15.7% 17.5% 19.2% 14.4% Total Commercial -0.1% -4.6% -13.1% -12.2% -7.6% -12.1% -10.6% -8.1% -7.5% -9.6% -8.1% -2.4% -1.0% 0.9% -2.7% Revenue Mix: Assignment 67.3% 65.4% 65.0% 64.1% 65.5% 62.1% 61.2% 60.4% 58.9% 60.7% 56.8% 54.0% 52.9% 51.4% 53.8% Consulting 32.7% 34.6% 35.0% 35.9% 34.5% 37.9% 38.8% 39.6% 41.1% 39.3% 43.2% 46.0% 47.1% 48.6% 46.2% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% Commercial Consulting: Bookings 391.9$ 357.3$ 291.0$ 311.7$ 1,351.9$ 323.2$ 327.4$ 282.5$ 348.2$ 1,281.3$ 336.9$ 417.5$ 324.0$ 444.4$ 1,522.8$ Book-to-Bill Ratio (bookings/revenue) 1.4x 1.3x 1.1x 1.2x 1.2x 1.2x 1.2x 1.0x 1.2x 1.1x 1.2x 1.3x 1.0x 1.3x 1.2x TTM Book-to-Bill Ratio 1.3x 1.2x 1.2x 1.2x 1.2x 1.2x 1.2x 1.1x 1.1x 1.1x 1.1x 1.2x 1.2x 1.2x 1.2x 20242023 2025
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($ in millions) Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Revenues 296.7$ 319.6$ 334.4$ 325.5$ 1,276.2$ 317.5$ 309.0$ 312.2$ 292.3$ 1,231.0$ 296.1$ 312.5$ 300.1$ 281.5$ 1,190.2$ Gross Margin 21.6% 20.5% 20.4% 19.9% 20.6% 19.7% 20.6% 20.7% 20.5% 20.4% 19.5% 19.2% 20.3% 19.9% 19.7% Adjusted EBITDA 33.3$ 35.9$ 37.8$ 34.9$ 141.9$ 32.1$ 33.8$ 33.6$ 32.2$ 131.7$ 28.4$ 32.3$ 33.5$ 32.5$ 126.8$ Adjusted EBITDA Margin 11.2% 11.2% 11.3% 10.7% 11.1% 10.1% 10.9% 10.8% 11.0% 10.7% 9.6% 10.3% 11.2% 11.6% 10.7% Revenue Growth Rate (Year-over-Year) 15.0% 9.8% 12.3% 9.2% 11.4% 7.0% -3.3% -6.6% -10.2% -3.5% -6.7% 1.1% -3.9% -3.7% -3.3% Revenues by Contract Type: Firm-Fixed-Price 31.3% 30.6% 32.1% 27.3% 30.3% 28.1% 29.8% 29.7% 32.1% 29.9% 30.4% 27.5% 28.0% 31.5% 29.3% Time and Materials 41.1% 40.4% 37.9% 39.0% 39.6% 41.3% 44.1% 41.0% 43.3% 42.4% 42.6% 41.0% 39.0% 36.7% 39.9% Cost Reimbursable 27.6% 29.0% 30.0% 33.7% 30.1% 30.6% 26.1% 29.3% 24.6% 27.7% 27.0% 31.5% 33.0% 31.8% 30.8% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% Revenues by Customer Type: Defense and Intel 44.8% 48.5% 49.3% 49.7% 48.2% 47.3% 45.8% 45.3% 43.4% 45.5% 43.5% 43.6% 43.6% 46.3% 44.2% National Security 22.7% 21.5% 21.6% 20.9% 21.6% 22.2% 21.7% 23.1% 23.8% 22.7% 25.0% 27.9% 26.9% 24.1% 26.0% Federal Civilian 21.8% 20.6% 19.7% 20.0% 20.5% 20.9% 22.4% 21.5% 22.0% 21.7% 20.9% 18.5% 19.0% 17.1% 18.9% Other 10.7% 9.4% 9.4% 9.4% 9.7% 9.6% 10.1% 10.1% 10.8% 10.1% 10.6% 10.0% 10.5% 12.5% 10.9% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% Contract Backlog at Period End: Funded 559.8$ 595.3$ 701.0$ 543.5$ 543.5$ 520.8$ 510.6$ 612.2$ 529.0$ 529.0$ 501.2$ 408.5$ 609.8$ 492.9$ 492.9$ Unfunded 2,482.2 2,516.6 2,577.8 2,466.0 2,466.0 2,368.4 2,263.8 2,516.3 2,589.6 2,589.6 2,664.4 2,516.2 2,476.7 2,455.6 2,455.6 Total 3,042.0$ 3,111.9$ 3,278.8$ 3,009.5$ 3,009.5$ 2,889.2$ 2,774.4$ 3,128.5$ 3,118.6$ 3,118.6$ 3,165.6$ 2,924.7$ 3,086.5$ 2,948.5$ 2,948.5$ New Contract Awards 75.2$ 389.5$ 501.2$ 56.3$ 1,022.2$ 197.3$ 194.3$ 666.4$ 282.5$ 1,340.5$ 343.1$ 71.6$ 461.4$ 144.2$ 1,020.3$ TTM Ratios: Book-to-Bill 0.9x 0.9x 0.9x 0.8x 0.8x 0.9x 0.7x 0.9x 1.1x 1.1x 1.2x 1.1x 1.0x 0.9x 0.9x Backlog Coverage 2.6x 2.6x 2.6x 2.4x 2.4x 2.2x 2.2x 2.5x 2.5x 2.5x 2.6x 2.4x 2.6x 2.5x 2.5x 20242023 2025 11 Federal Government Segment
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12 Billable Days Sequential (2025) 1.00 1.25 0.25 (2.50) (1.00) 2025 62.00 63.25 63.50 61.00 249.75 Q1 Q2 Q3 Q4 FY 2026 62.00 63.25 64.00 61.00 250.25 2026 vs 2025 - - 0.50 - 0.50 Sequential (2026) 1.00 1.25 0.75 (3.00) 0.50
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13 Notes 1. This presentation includes non-GAAP financial measures. Reconciliations from the comparable GAAP measures to the non-GAAP measures are included in the Appendix of this presentation. A description of these non-GAAP financial measures are included in the earnings release for this quarter. 2. Assignment revenues include Permanent Placement and Conversion Fees. 3. Total Leverage Ratio is total debt to lender defined trailing twelve months of EBITDA (“lender defined EBITDA”). The calculation for lender-defined EBITDA can be found in the credit agreement filed with the SEC on November 2, 2023. Net Leverage Ratio is total debt less cash to lender-defined EBITDA. 4. The revolving credit facility available balance is $451.3 million after adjusting for outstanding letters of credit. 5. Industries broadly defined as: • Financial Services: banks, thrifts & mortgage services, consumer finance, capital markets, financial technology, insurance, and investment firms • TMT (Technology, Media & Telco): software applications & systems, services excluding consulting & data processing/outsourced services, hardware manufacturing & services, equipment & electronic manufacturing services, diversified Telco including wired/wireless Telco services; media, entertainment and interactive media/services • Consumer & Industrials: consumer staples, consumer discretionary, energy, materials, utility & real estate • Business & Government Services: contractors, federal government agencies and state and local government, aerospace, professional services, human resource & employment, data processing & outsourced services, IT consulting, and other services • Healthcare: equipment & service providers and payers, health insurance administrators operating as diversified healthcare companies, biotechnology, pharmaceuticals and life science tools & services 6. Federal Segment revenues include Department of Defense and intelligence agencies, National Security (Department of Homeland Security and Department of Justice), Civilian, and Other (quasi-government agencies, state & local, and commercial entities). 7. Contract backlog represents the estimated amount of future revenues to be recognized under negotiated contracts and task orders as work is performed. Contract backlog excludes awards which have been protested by competitors until the protest is resolved in our favor. Contract backlog is segregated into two categories, funded contract backlog and negotiated unfunded contract backlog. There is no assurance our contract backlog will result in future revenues. 8. Funded contract backlog for contracts with U.S. government agencies primarily represents contracts for which funding has been formally awarded less revenues previously recognized on these contracts. Backlog does not include the unfunded portion of contracts where funding is incrementally awarded or authorized by the U.S. government. Backlog for contracts with non- government agencies represents the estimated value of contracts, which may cover multiple future years, less revenues previously recognized on these contracts. 9. Negotiated unfunded contract backlog represents the estimated future revenues to be earned from negotiated contract awards for which funding has not been awarded or authorized, and unexercised priced contract options. Negotiated unfunded contract backlog does not include any estimate of future potential task orders expected to be awarded under indefinite delivery, indefinite quantity (IDIQ), U.S. General Services Administration (GSA) schedules or other master agreement contract vehicles. 10. Backlog coverage ratio is calculated by dividing total contract backlog by trailing twelve months revenue. 11. New contract awards are defined as the estimated amount of future revenues to be recognized under contracts awarded during a specified period, including adjustments to estimates for contracts awarded in previous periods. There is no assurance our new contract awards will result in future revenues. 12. The book-to-bill ratio for the Federal Government Segment is the ratio of New Contract Awards to revenues for a specified period. 13. Bookings for the Commercial Segment’s consulting revenues is the amount of work won in the quarter. 14. Book-to-bill ratio for the Commercial Segment’s consulting revenues is calculated as Bookings (as defined above) divided by revenues. 15. Other amortization is related to capitalized cloud-based application implementation costs, included in SG&A expenses.