As always, Lloyd and I are pleased to share our latest financial results and to represent the great work of the more than 28,000 people of Booz Allen.
Global Commercial represents 2% of our revenue.
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At the top-line, in the first quarter, revenue increased 1.7% year-over-year to $2 billion.
Liberty contributed approximately $16 million to revenue growth.
Revenue excluding billable expenses grew 1.9% to $1.4 billion.
As a reminder, we forecast constrained low single-digit top-line growth in the first half of the year, driven by four dynamics: First, the need to ramp up on contracts and hiring; second, a more normalized utilization rate in the first half of this fiscal year compared to the high staff utilization in the first half of fiscal year 2021, which we believe to be worth roughly 300 basis points of growth.
In defense, revenue grew 4.4%, with strong growth in revenue ex billable expenses, partially offset by significant materials purchases in the prior year period.
In Civil, revenue grew 6%, led by strong performance in our health business and the addition of Liberty.
Revenue from our intelligence business declined 6.4% this quarter.
Lastly, revenue in Global Commercial declined 27.4% compared to the prior year quarter.
Our book-to-bill for the quarter was 1.3 times, while our last 12-months book-to-bill was 1.2 times.
Total backlog grew 16.5% year-over-year, including Liberty, resulting in backlog of $26.8 billion, a new record.
Funded backlog grew 1.6% to $3.5 billion.
Unfunded backlog grew 91% to $9 billion and price options declined 3.7% and to $14.3 billion.
Pivoting to headcount as of June 30th, we had 28,558 employees, up by 1,177 year-over-year or 4.3%.
Moving to the bottom line, adjusted EBITDA for the quarter was $238 million, up 11.8% from the prior year period.
Those items, along with continued low billable expenses as a percentage of revenue pushed our adjusted EBITDA margin to 12%.
First quarter net income decreased 29% year-over-year to $92 million, primarily impacted by Liberty transaction-related expenses of approximately $67 million.
Adjusted net income was $146 million, up 12.3% from the prior year period, primarily driven by the same factors driving higher adjusted EBITDA.
Diluted earnings per share declined 27% to $0.67 from $0.92 in the prior year period.
And adjusted diluted earnings per share increased 15% to $1.07 from $0.93.
Turning to cash, cash flow from operations was negative $11 million in the first quarter.
Operating cash flow was negatively impacted by approximately $67 million of transaction costs paid in the first quarter, which includes approximately $56 million of cash payment at closing of the Liberty acquisition.
These cash payments represent a reallocation of a portion of the overall $725 million purchase price prior to adjustments from investing cash flows into operating cash flows.
Capital expenditures for the quarter were $9 million, down $11 million from the prior year period, driven primarily by lower facility expenses.
During the quarter, we issued $500 million of 4% senior notes due 2029.
Additionally, we extended the maturity of our Term Loan A and revolving credit facility to 2026 and increased the size of our revolver by $500 million to $1 billion of total capacity.
During the quarter, we paid out $52 million for our quarterly dividend and repurchased $111 million worth of shares at an average price of $83.91 per share.
In total, including the close of the Liberty acquisition, we deployed $889 million.
Today, we are announcing that our Board has approved a regular dividend of $0.37 per share, payable on August 31st to stockholders of record on August 16th.
Today, we are reaffirming our fiscal year 2022 guidance.
We expect total revenue growth to be between 7% and 10%, inclusive of Liberty.
We expect adjusted EBITDA margin in the mid-10% range.
We expect adjusted diluted earnings per share to be between $4.10 and $4.30 based on an effective tax rate of 22% to 24% and 134 million to 137 million weighted average shares outstanding.
ADEPS guidance is inclusive of both Liberty and incremental interest expense from our $500 million bond offering.
We expect operating cash flow to grow to $800 million to $850 million, inclusive of the aforementioned $56 million of cash payments related to the Liberty transaction.
And finally, we expect capex in the $80 million to $100 million range.

Summary:
Diluted earnings per share declined 27% to $0.67 from $0.92 in the prior year period.
And adjusted diluted earnings per share increased 15% to $1.07 from $0.93.
Today, we are reaffirming our fiscal year 2022 guidance.