Exhibit 99.1
Perspecta announces financial results for fourth quarter and fiscal year 2020
Revenue: $1.1 billion for fourth quarter; $4.5 billion for fiscal year
Diluted EPS: $(4.89) for fourth quarter; $(4.17) for fiscal year due to one-time non-cash impairment charge
Adjusted Diluted EPS: $0.55 for fourth quarter; $2.16 for fiscal year
Operating Cash Flow: $186 million for fourth quarter; $626 million for fiscal year
Adjusted Free Cash Flow: $179 million for fourth quarter; $542 million for fiscal year
Bookings: $1.2 billion (1.1x book-to-bill) for fourth quarter; $6.1 billion (1.4x book-to-bill) for fiscal year
Fiscal year 2021 guidance issued

Chantilly, Va., May 21, 2020 - Perspecta Inc. (NYSE:PRSP), a leading U.S. government services provider, today announced financial results for the fourth quarter and fiscal year ended March 31, 2020.
“We finished our fiscal year by delivering yet another quarter of strong performance,” said Mac Curtis, president and chief executive officer, Perspecta. “The health and safety of our dedicated employees is our top priority while remaining focused on supporting our customers’ missions and driving value for our shareholders. I am incredibly impressed by the resiliency, creativity and compassion of our workforce. We rose to the COVID-19 challenge and continued to deliver in new, safe and innovative ways. This led to results that exceeded the high end of our revenue, earnings and free cash flow conversion expectations. Our strong business development efforts combined with this dedication ensure we are well positioned for fiscal year 2021 and beyond.”
Summary operating results (unaudited)
 
 
Three Months Ended
 
Fiscal Years Ended
(in millions, except margin and per share data)
 
March 31, 2020
 
March 31, 2019
 
March 31, 2020
 
March 31, 2019
Revenue
 
$
1,099

 
$
1,094

 
$
4,504

 
$
4,030

(Loss) income before taxes
 
(884
)
 
(13
)
 
(730
)
 
112

Operating Margin
 
(80.4
)%
 
(1.2
)%
 
(16.2
)%
 
2.8
%
Net (loss) income
 
(789
)
 
(19
)
 
(676
)
 
72

Diluted (loss) earnings per share (EPS)
 
(4.89
)
 
(0.12
)
 
(4.17
)
 
0.44

 
 
 
 
 
 
 
 
 
Pro Forma and Non-GAAP Measures*:
 
 
 
 
 
 
 
 
Revenue
 
$
1,099

 
$
1,094

 
$
4,504

 
$
4,274

Adjusted Net Income
 
89

 
89

 
352

 
329

Adjusted EBITDA
 
182

 
207

 
778

 
760

Adjusted EBITDA Margin
 
16.6
 %
 
18.9
 %
 
17.3
 %
 
17.8
%
Adjusted Diluted EPS
 
0.55

 
0.54

 
2.16

 
2.00

 
 
 
 
 
 
 
 
 
* Amounts presented under the heading “Pro Forma and Non-GAAP Measures” for the fiscal year ended March 31, 2019 are presented on a pro forma basis as if Perspecta was formed on April 1, 2017. Adjusted Net Income, Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted Diluted EPS are non-GAAP financial measures. Non-GAAP financial measures should be considered in addition to, but not as a substitute for, the information provided in accordance with GAAP. See Selected Financial Data and Reconciliation of Non-GAAP Financial Measures at the end of this press release for more information.



The following information was filed by Perspecta Inc. (PRSP) on Thursday, May 21, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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