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CACI Reports Results for Its Fiscal 2024 Third Quarter and Raises Fiscal Year Guidance

Revenues of $1.9 billion, +11% YoY

Net income of $115.4 million and diluted EPS of $5.13, +18% YoY

Adjusted net income of $129.0 million and adjusted diluted EPS of $5.74, +17% YoY

EBITDA margin of 11.3%, +200 basis points sequentially

Contract awards of $3.5 billion representing a book-to-bill of 1.8x

Raising Fiscal Year 2024 guidance for revenue, adjusted net income, and adjusted diluted EPS

CACI International Inc (NYSE: CACI), a leading provider of expertise and technology to government customers, announced results today for its fiscal third quarter ended March 31, 2024.

“CACI’s outstanding performance reflects the continued successful execution of our strategy. We’re winning and delivering in the marketplace with differentiated capabilities, exceptional business development, and program execution,” said John Mengucci, CACI President and Chief Executive Officer. “Our third quarter results were strong across the board, including double-digit organic growth, margin expansion, $3.5 billion of awards, and record backlog. Our performance enables us to again raise fiscal year 2024 revenue and earnings guidance. We remain confident in our ability to drive long-term growth, increase free cash flow, and generate value for our customers and our shareholders.”

Third Quarter Results

(in millions, except earnings per share and DSO)

Three Months Ended

3/31/2024

 

3/31/2023

 

% Change

Revenues

$

1,937.5

 

$

1,744.3

 

11.1

%

Income from operations

$

181.3

 

$

155.0

 

16.9

%

Net income

$

115.4

 

$

100.7

 

14.5

%

Adjusted net income, a non-GAAP measure1

$

129.0

 

$

114.5

 

12.7

%

Diluted earnings per share

$

5.13

 

$

4.33

 

18.5

%

Adjusted diluted earnings per share, a non-GAAP measure1

$

5.74

 

$

4.92

 

16.7

%

Earnings before interest, taxes, depreciation and amortization (EBITDA), a non-GAAP measure1

$

218.0

 

$

191.8

 

13.6

%

Net cash provided by operating activities excluding MARPA1

$

113.6

 

$

56.1

 

102.4

%

Free cash flow, a non-GAAP measure1

$

101.9

 

$

41.0

 

148.9

%

Days sales outstanding (DSO)2

 

50

 

 

53

 

 

(1)

This non-GAAP measure should not be considered in isolation or as a substitute for measures prepared in accordance with GAAP. For additional information regarding this non-GAAP measure, see the related explanation and reconciliation to the GAAP measure included below in this release.

(2)

The DSO calculations for three months ended March 31, 2024 and 2023 exclude the impact of the Company's Master Accounts Receivable Purchase Agreement (MARPA), which was 8 days and 6 days, respectively.

Revenues in the third quarter of fiscal year 2024 increased 11 percent year-over-year, driven by 10 percent organic growth. The increase in income from operations was driven by higher revenues and gross profit. Growth in diluted earnings per share and adjusted diluted earnings per share was driven by higher income from operations and share repurchases earlier in the year, partially offset by a higher tax provision and higher interest expense. The increase in cash from operations, excluding MARPA, was driven primarily by strong working capital and capital expenditure management, and higher net income.

Third Quarter Contract Awards

Contract awards in the third quarter totaled $3.5 billion, with approximately 46 percent for new business to CACI. Awards exclude ceiling values of multi-award, indefinite delivery, indefinite quantity (IDIQ) contracts. Some notable awards during the quarter were:

  • A five-year task order worth a total estimated value of $1.3 billion to provide communications and information technology expertise to U.S. European Command (USEUCOM) and U.S. Africa Command (USAFRICOM). This work continues and expands CACI’s current relationship with these two 4-star commands, service component commands, and associated staff elements and organizations, by providing innovative IT solutions and expertise tailored to their missions to execute global multi-domain operations with NATO, allies, and mission partners to prevent conflict and respond in crisis.
  • A $638 million task order to provide enterprise product support to the Department of Defense (DoD) for five years, enabling faster and more effective development and dissemination of actionable intelligence.
  • A five-year DoD logistics and sustainment support task order worth up to $271 million.
  • A task order valued at up to $199 million over five years to provide expertise to the DoD for tactical command, control, and communications support across the warfighting functions of movement and maneuver, command and control, fires, sustainment, protection, intelligence, and engagement.
  • An order of counter-unmanned aircraft systems (C-UAS) by the Canadian Armed Forces that will defeat unmanned aerial vehicle threats, including small drones.

Total backlog as of March 31, 2024 was $28.6 billion compared with $25.3 billion a year ago, an increase of 13.0 percent. Funded backlog as of March 31, 2024 was $3.2 billion compared with $3.4 billion a year ago, a decrease of 5.9 percent. The change in funded backlog was driven by normal variation in timing of funding as well as particularly strong funding in the year-ago quarter.

Additional Highlights

  • Fortune magazine recognized CACI as one of the World’s Most Admired Companies in 2024, commemorating its seventh consecutive year on the list and its 13th appearance since the list’s inception. CACI received notable results in Fortune’s survey criteria for the quality of its expertise and technology, long-term investment strategy, financial soundness, and social responsibility. CACI was chosen from among approximately 1,500 global companies considered by Fortune.
  • For the fourth consecutive year, CACI was named a Top Workplace USA by employee engagement technology partner Energage, LLC. This latest accolade is a result of the company’s strong culture, total rewards, and legacy spanning more than 60 years.
  • Twenty one CACI employees were honored for their excellence in science, technology, engineering, and math (STEM) at the 38th annual Black Engineer of the Year Awards (BEYA) Global Competitiveness Conference held Feb. 15-17 in Baltimore, Maryland.

Fiscal Year 2024 Guidance

The table below summarizes our fiscal year 2024 guidance and represents our views as of April 24, 2024. Our revenue guidance reflects approximately $200 million of higher-than-expected material purchases by our customers, split evenly between the first and second quarters of fiscal year 2024. Our guidance also reflects lower diluted weighted average shares due to the effect of share repurchases earlier in the year.

(in millions, except earnings per share)

Fiscal Year 2024

Current Guidance

 

Prior Guidance

Revenues

$7,500 - $7,600

 

$7,300 - $7,500

Adjusted net income, a non-GAAP measure1

$455 - $465

 

$450 - $465

Adjusted diluted earnings per share, a non-GAAP measure1

$20.13 - $20.58

 

$19.91 - $20.58

Diluted weighted average shares

22.6

 

22.6

Free cash flow, a non-GAAP measure2

at least $420

 

at least $420

(1)

Adjusted net income and adjusted diluted earnings per share are defined as GAAP net income and GAAP diluted EPS, respectively, excluding intangible amortization expense and the related tax impact. This non-GAAP measure should not be considered in isolation or as a substitute for measures prepared in accordance with GAAP. For additional information regarding this non-GAAP measure, see the related explanation and reconciliation to the GAAP measure included below in this release.

(2)

Free cash flow is defined as net cash provided by operating activities excluding MARPA, less payments for capital expenditures (capex). This non-GAAP measure should not be considered in isolation or as a substitute for measures prepared in accordance with GAAP. Fiscal year 2024 free cash flow guidance assumes approximately $75 million in tax payments related to Section 174 of the Tax Cuts and Jobs Act of 2017, and a $40 million tax refund associated with prior year tax method changes. For additional information regarding this non-GAAP measure, see the related explanation and reconciliation to the GAAP measure included below in this release.

Conference Call Information

We have scheduled a conference call for 8:00 AM Eastern Time Thursday, April 25, 2024 during which members of our senior management will be making a brief presentation focusing on third quarter results and operating trends, followed by a question-and-answer session. You can listen to the webcast and view the accompanying exhibits on CACI’s investor relations website at http://investor.caci.com/events/default.aspx at the scheduled time. A replay of the call will also be available on CACI’s investor relations website at http://investor.caci.com/.

About CACI

At CACI International Inc (NYSE: CACI), our 24,000 talented and dynamic employees are ever vigilant in delivering distinctive expertise and differentiated technology to meet our customers’ greatest challenges in national security and government modernization. We are a company of good character, relentless innovation, and long-standing excellence. Our culture drives our success and earns us recognition as a Fortune World's Most Admired Company. CACI is a member of the Fortune 1000 Largest Companies, the Russell 1000 Index, and the S&P MidCap 400 Index. For more information, visit us at www.caci.com.

There are statements made herein that do not address historical facts and, therefore, could be interpreted to be forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such statements are subject to risk factors that could cause actual results to be materially different from anticipated results. These risk factors include, but are not limited to, the following: our reliance on U.S. government contracts, which includes general risk around the government contract procurement process (such as bid protest, small business set asides, loss of work due to organizational conflicts of interest, etc.) and termination risks; significant delays or reductions in appropriations for our programs and broader changes in U.S. government funding and spending patterns; legislation that amends or changes discretionary spending levels or budget priorities, such as for homeland security or to address global pandemics like COVID-19; legal, regulatory, and political change from successive presidential administrations that could result in economic uncertainty; changes in U.S. federal agencies, current agreements with other nations, foreign events, or any other events which may affect the global economy, including the impact of global pandemics like COVID-19; the results of government audits and reviews conducted by the Defense Contract Audit Agency, the Defense Contract Management Agency, or other governmental entities with cognizant oversight; competitive factors such as pricing pressures and/or competition to hire and retain employees (particularly those with security clearances); failure to achieve contract awards in connection with re-competes for present business and/or competition for new business; regional and national economic conditions in the United States and globally, including but not limited to: terrorist activities or war, changes in interest rates, currency fluctuations, significant fluctuations in the equity markets, and market speculation regarding our continued independence; our ability to meet contractual performance obligations, including technologically complex obligations dependent on factors not wholly within our control; limited access to certain facilities required for us to perform our work, including during a global pandemic like COVID-19; changes in tax law, the interpretation of associated rules and regulations, or any other events impacting our effective tax rate; changes in technology; the potential impact of the announcement or consummation of a proposed transaction and our ability to successfully integrate the operations of our recent and any future acquisitions; our ability to achieve the objectives of near term or long-term business plans; the effects of health epidemics, pandemics and similar outbreaks may have material adverse effects on our business, financial position, results of operations and/or cash flows; and other risks described in our Securities and Exchange Commission filings.

CACI International Inc

Consolidated Statements of Operations (Unaudited)

(in thousands, except per share data)

 

 

Three Months Ended

 

Nine Months Ended

 

3/31/2024

 

3/31/2023

 

% Change

 

3/31/2024

 

3/31/2023

 

% Change

Revenues

$

1,937,456

 

$

1,744,270

 

11.1

%

 

$

5,621,537

 

$

4,999,445

 

12.4

%

Costs of revenues:

 

 

 

 

 

 

 

 

 

 

 

Direct costs

 

1,290,903

 

 

1,143,781

 

12.9

%

 

 

3,819,072

 

 

3,293,867

 

15.9

%

Indirect costs and selling expenses

 

430,134

 

 

410,235

 

4.9

%

 

 

1,244,122

 

 

1,180,619

 

5.4

%

Depreciation and amortization

 

35,115

 

 

35,220

 

-0.3

%

 

 

106,385

 

 

106,255

 

0.1

%

Total costs of revenues

 

1,756,152

 

 

1,589,236

 

10.5

%

 

 

5,169,579

 

 

4,580,741

 

12.9

%

Income from operations

 

181,304

 

 

155,034

 

16.9

%

 

 

451,958

 

 

418,704

 

7.9

%

Interest expense and other, net

 

27,668

 

 

23,570

 

17.4

%

 

 

80,758

 

 

59,705

 

35.3

%

Income before income taxes

 

153,636

 

 

131,464

 

16.9

%

 

 

371,200

 

 

358,999

 

3.4

%

Income taxes

 

38,286

 

 

30,722

 

24.6

%

 

 

85,933

 

 

82,031

 

4.8

%

Net income

$

115,350

 

$

100,742

 

14.5

%

 

$

285,267

 

$

276,968

 

3.0

%

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share

$

5.17

 

$

4.37

 

18.3

%

 

$

12.73

 

$

11.87

 

7.2

%

Diluted earnings per share

$

5.13

 

$

4.33

 

18.5

%

 

$

12.63

 

$

11.76

 

7.4

%

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares used in per share computations:

 

 

 

 

 

 

 

 

 

 

 

Weighted-average basic shares outstanding

 

22,292

 

 

23,055

 

-3.3

%

 

 

22,407

 

 

23,329

 

-4.0

%

Weighted-average diluted shares outstanding

 

22,478

 

 

23,277

 

-3.4

%

 

 

22,593

 

 

23,546

 

-4.0

%

CACI International Inc

Consolidated Balance Sheets (Unaudited)

(in thousands)

 

 

3/31/2024

 

6/30/2023

ASSETS

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

159,226

 

$

115,776

Accounts receivable, net

 

1,013,677

 

 

894,946

Prepaid expenses and other current assets

 

220,623

 

 

199,315

Total current assets

 

1,393,526

 

 

1,210,037

 

 

 

 

Goodwill

 

4,138,450

 

 

4,084,705

Intangible assets, net

 

490,004

 

 

507,835

Property, plant and equipment, net

 

188,226

 

 

199,519

Operating lease right-of-use assets

 

303,926

 

 

312,989

Supplemental retirement savings plan assets

 

98,962

 

 

96,739

Accounts receivable, long-term

 

12,557

 

 

11,857

Other long-term assets

 

178,733

 

 

177,127

Total assets

$

6,804,384

 

$

6,600,808

 

 

 

 

LIABILITIES AND SHAREHOLDERS' EQUITY

 

 

 

Current liabilities:

 

 

 

Current portion of long-term debt

$

61,250

 

$

45,938

Accounts payable

 

363,451

 

 

198,177

Accrued compensation and benefits

 

257,485

 

 

372,354

Other accrued expenses and current liabilities

 

402,656

 

 

377,502

Total current liabilities

 

1,084,842

 

 

993,971

 

 

 

 

Long-term debt, net of current portion

 

1,631,150

 

 

1,650,443

Supplemental retirement savings plan obligations, net of current portion

 

112,455

 

 

104,912

Deferred income taxes

 

36,616

 

 

120,545

Operating lease liabilities, noncurrent

 

321,324

 

 

329,432

Other long-term liabilities

 

252,633

 

 

177,171

Total liabilities

 

3,439,020

 

 

3,376,474

 

 

 

 

Total shareholders' equity

 

3,365,364

 

 

3,224,334

Total liabilities and shareholders' equity

$

6,804,384

 

$

6,600,808

CACI International Inc

Consolidated Statements of Cash Flows (Unaudited)

(in thousands)

 

 

Nine Months Ended

 

3/31/2024

 

3/31/2023

CASH FLOWS FROM OPERATING ACTIVITIES

 

 

 

Net income

$

285,267

 

 

$

276,968

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

Depreciation and amortization

 

106,385

 

 

 

106,255

 

Amortization of deferred financing costs

 

1,644

 

 

 

1,688

 

Non-cash lease expense

 

50,765

 

 

 

52,293

 

Stock-based compensation expense

 

35,016

 

 

 

30,564

 

Deferred income taxes

 

(36,231

)

 

 

(84,794

)

Changes in operating assets and liabilities, net of effect of business acquisitions:

 

 

 

Accounts receivable, net

 

(109,617

)

 

 

(80,116

)

Prepaid expenses and other assets

 

(24,254

)

 

 

(42,137

)

Accounts payable and other accrued expenses

 

179,922

 

 

 

62,116

 

Accrued compensation and benefits

 

(117,580

)

 

 

(62,522

)

Income taxes payable and receivable

 

2,483

 

 

 

28,825

 

Operating lease liabilities

 

(55,111

)

 

 

(58,667

)

Long-term liabilities

 

21,434

 

 

 

5,481

 

Net cash provided by operating activities

 

340,123

 

 

 

235,954

 

 

 

 

 

CASH FLOWS FROM INVESTING ACTIVITIES

 

 

 

Capital expenditures

 

(41,091

)

 

 

(40,844

)

Acquisitions of businesses, net of cash acquired

 

(81,577

)

 

 

 

Other

 

1,974

 

 

 

1,626

 

Net cash used in investing activities

 

(120,694

)

 

 

(39,218

)

 

 

 

 

CASH FLOWS FROM FINANCING ACTIVITIES

 

 

 

Proceeds from borrowings under bank credit facilities

 

2,421,000

 

 

 

2,384,000

 

Principal payments made under bank credit facilities

 

(2,426,625

)

 

 

(2,314,969

)

Proceeds from employee stock purchase plans

 

8,374

 

 

 

7,638

 

Repurchases of common stock

 

(158,426

)

 

 

(270,449

)

Payment of taxes for equity transactions

 

(19,945

)

 

 

(14,115

)

Net cash used in financing activities

 

(175,622

)

 

 

(207,895

)

Effect of exchange rate changes on cash and cash equivalents

 

(357

)

 

 

3,144

 

Net change in cash and cash equivalents

 

43,450

 

 

 

(8,015

)

Cash and cash equivalents, beginning of period

 

115,776

 

 

 

114,804

 

Cash and cash equivalents, end of period

$

159,226

 

 

$

106,789

 

Revenues by Customer Group (Unaudited)

 

 

Three Months Ended

(in thousands)

3/31/2024

 

3/31/2023

 

$ Change

 

% Change

Department of Defense

$

1,452,264

 

74.9

%

 

$

1,298,700

 

74.4

%

 

$

153,564

 

 

11.8

%

Federal Civilian agencies

 

381,214

 

19.7

%

 

 

355,612

 

20.4

%

 

 

25,602

 

 

7.2

%

Commercial and other

 

103,978

 

5.4

%

 

 

89,958

 

5.2

%

 

 

14,020

 

 

15.6

%

Total

$

1,937,456

 

100.0

%

 

$

1,744,270

 

100.0

%

 

$

193,186

 

 

11.1

%

 

 

Nine Months Ended

(in thousands)

3/31/2024

 

3/31/2023

 

$ Change

 

% Change

Department of Defense

$

4,163,079

 

74.0

%

 

$

3,554,080

 

71.1

%

 

$

608,999

 

 

17.1

%

Federal Civilian agencies

 

1,178,500

 

21.0

%

 

 

1,179,467

 

23.6

%

 

 

(967

)

 

-0.1

%

Commercial and other

 

279,958

 

5.0

%

 

 

265,898

 

5.3

%

 

 

14,060

 

 

5.3

%

Total

$

5,621,537

 

100.0

%

 

$

4,999,445

 

100.0

%

 

$

622,092

 

 

12.4

%

Revenues by Contract Type (Unaudited)

 

 

Three Months Ended

(in thousands)

3/31/2024

 

3/31/2023

 

$ Change

 

% Change

Cost-plus-fee

$

1,174,219

 

60.6

%

 

$

1,008,688

 

57.8

%

 

$

165,531

 

 

16.4

%

Fixed-price

 

520,987

 

26.9

%

 

 

529,786

 

30.4

%

 

 

(8,799

)

 

-1.7

%

Time-and-materials

 

242,250

 

12.5

%

 

 

205,796

 

11.8

%

 

 

36,454

 

 

17.7

%

Total

$

1,937,456

 

100.0

%

 

$

1,744,270

 

100.0

%

 

$

193,186

 

 

11.1

%

 

 

Nine Months Ended

(in thousands)

3/31/2024

 

3/31/2023

 

$ Change

 

% Change

Cost-plus-fee

$

3,411,128

 

60.7

%

 

$

2,896,778

 

58.0

%

 

$

514,350

 

 

17.8

%

Fixed-price

 

1,542,608

 

27.4

%

 

 

1,520,915

 

30.4

%

 

 

21,693

 

 

1.4

%

Time-and-materials

 

667,801

 

11.9

%

 

 

581,752

 

11.6

%

 

 

86,049

 

 

14.8

%

Total

$

5,621,537

 

100.0

%

 

$

4,999,445

 

100.0

%

 

$

622,092

 

 

12.4

%

Revenues by Prime or Subcontractor (Unaudited)

 

 

Three Months Ended

(in thousands)

3/31/2024

 

3/31/2023

 

$ Change

 

% Change

Prime contractor

$

1,741,777

 

89.9

%

 

$

1,556,733

 

89.2

%

 

$

185,044

 

11.9

%

Subcontractor

 

195,679

 

10.1

%

 

 

187,537

 

10.8

%

 

 

8,142

 

4.3

%

Total

$

1,937,456

 

100.0

%

 

$

1,744,270

 

100.0

%

 

$

193,186

 

11.1

%

 

 

Nine Months Ended

(in thousands)

3/31/2024

 

3/31/2023

 

$ Change

 

% Change

Prime contractor

$

5,027,516

 

89.4

%

 

$

4,467,882

 

89.4

%

 

$

559,634

 

12.5

%

Subcontractor

 

594,021

 

10.6

%

 

 

531,563

 

10.6

%

 

 

62,458

 

11.7

%

Total

$

5,621,537

 

100.0

%

 

$

4,999,445

 

100.0

%

 

$

622,092

 

12.4

%

Revenues by Expertise or Technology (Unaudited)

 

 

Three Months Ended

(in thousands)

3/31/2024

 

3/31/2023

 

$ Change

 

% Change

Expertise

$

916,955

 

47.3

%

 

$

812,300

 

46.6

%

 

$

104,655

 

12.9

%

Technology

 

1,020,501

 

52.7

%

 

 

931,970

 

53.4

%

 

 

88,531

 

9.5

%

Total

$

1,937,456

 

100.0

%

 

$

1,744,270

 

100.0

%

 

$

193,186

 

11.1

%

 

 

Nine Months Ended

(in thousands)

3/31/2024

 

3/31/2023

 

$ Change

 

% Change

Expertise

$

2,644,590

 

47.0

%

 

$

2,288,123

 

45.8

%

 

$

356,467

 

15.6

%

Technology

 

2,976,947

 

53.0

%

 

 

2,711,322

 

54.2

%

 

 

265,625

 

9.8

%

Total

$

5,621,537

 

100.0

%

 

$

4,999,445

 

100.0

%

 

$

622,092

 

12.4

%

Contract Awards (Unaudited)

 

 

Three Months Ended

(in thousands)

3/31/2024

 

3/31/2023

 

$ Change

 

% Change

Contract Awards

$

3,503,358

 

$

1,059,094

 

$

2,444,264

 

230.8

%

 

 

Nine Months Ended

(in thousands)

3/31/2024

 

3/31/2023

 

$ Change

 

% Change

Contract Awards

$

8,772,272

 

$

7,793,551

 

$

978,721

 

12.6

%

Reconciliation of Net Income to Adjusted Net Income and Diluted EPS to Adjusted Diluted EPS (Unaudited)

Adjusted net income and Adjusted diluted EPS are non-GAAP performance measures. We define Adjusted net income and Adjusted diluted EPS as GAAP net income and GAAP diluted EPS, respectively, excluding intangible amortization expense and the related tax impact as we do not consider intangible amortization expense to be indicative of our operating performance. We believe that these performance measures provide management and investors with useful information in assessing trends in our ongoing operating performance, provide greater visibility in understanding the long-term financial performance of the Company, and allow investors to more easily compare our results to results of our peers. These non-GAAP measures should not be considered in isolation or as a substitute for performance measures prepared in accordance with GAAP.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in thousands, except per share data)

Three Months Ended

 

Nine Months Ended

 

 

3/31/2024

 

3/31/2023

 

% Change

 

3/31/2024

 

3/31/2023

 

% Change

 

 

Net income, as reported

$

115,350

 

 

$

100,742

 

 

 

14.5

%

 

$

285,267

 

 

$

276,968

 

 

3.0

%

 

 

Intangible amortization expense

 

18,358

 

 

 

18,585

 

 

 

-1.2

%

 

 

55,150

 

 

 

56,808

 

 

-2.9

%

 

 

Tax effect of intangible amortization1

 

(4,682

)

 

 

(4,813

)

 

 

-2.7

%

 

 

(14,065

)

 

 

(14,712

)

 

-4.4

%

 

 

Adjusted net income

$

129,026

 

 

$

114,514

 

 

 

12.7

%

 

$

326,352

 

 

$

319,064

 

 

2.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Nine Months Ended

 

 

 

3/31/2024

 

3/31/2023

 

% Change

 

3/31/2024

 

3/31/2023

 

% Change

 

 

Diluted EPS, as reported

$

5.13

 

 

$

4.33

 

 

 

18.5

%

 

$

12.63

 

 

$

11.76

 

 

7.4

%

 

 

Intangible amortization expense

 

0.82

 

 

 

0.80

 

 

 

2.5

%

 

 

2.44

 

 

 

2.41

 

 

1.2

%

 

 

Tax effect of intangible amortization1

 

(0.21

)

 

 

(0.21

)

 

 

0.0

%

 

 

(0.63

)

 

 

(0.62

)

 

1.6

%

 

 

Adjusted diluted EPS

$

5.74

 

 

$

4.92

 

 

 

16.7

%

 

$

14.44

 

 

$

13.55

 

 

6.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FY24 Guidance Range

 

 

 

 

 

 

 

 

(in millions, except per share data)

Low End

 

 

 

High End

 

 

 

 

 

 

 

 

Net income, as reported

$

400

 

 

 

---

 

 

$

410

 

 

 

 

 

 

 

 

 

Intangible amortization expense

 

74

 

 

 

---

 

 

 

74

 

 

 

 

 

 

 

 

 

Tax effect of intangible amortization1

 

(19

)

 

 

---

 

 

 

(19

)

 

 

 

 

 

 

 

 

Adjusted net income

$

455

 

 

 

---

 

 

$

465

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FY24 Guidance Range

 

 

 

 

 

 

 

 

 

Low End

 

 

 

High End

 

 

 

 

 

 

 

 

Diluted EPS, as reported

$

17.70

 

 

 

---

 

 

$

18.14

 

 

 

 

 

 

 

 

 

Intangible amortization expense

 

3.27

 

 

 

---

 

 

 

3.27

 

 

 

 

 

 

 

 

 

Tax effect of intangible amortization1

 

(0.84

)

 

 

---

 

 

 

(0.84

)

 

 

 

 

 

 

 

 

Adjusted diluted EPS

$

20.13

 

 

 

---

 

 

$

20.58

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)

Calculation uses an assumed full year statutory tax rate of 25.5% and 25.9% on non-GAAP tax deductible adjustments for March 31, 2024 and 2023, respectively.

 
Note: Numbers may not sum due to rounding.

Reconciliation of Net Income to Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) (Unaudited)

The Company views EBITDA and EBITDA margin, both of which are defined as non-GAAP measures, as important indicators of performance, consistent with the manner in which management measures and forecasts the Company’s performance. EBITDA is a commonly used non-GAAP measure when comparing our results with those of other companies. We define EBITDA as GAAP net income plus net interest expense, income taxes, and depreciation and amortization expense (including depreciation within direct costs). We consider EBITDA to be a useful metric for management and investors to evaluate and compare the ongoing operating performance of our business on a consistent basis across reporting periods, as it eliminates the effect of non-cash items such as depreciation of tangible assets, amortization of intangible assets primarily recognized in business combinations, which we do not believe are indicative of our operating performance. EBITDA margin is EBITDA divided by revenue. These non-GAAP measures should not be considered in isolation or as a substitute for performance measures prepared in accordance with GAAP.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Nine Months Ended

 

 

(in thousands)

3/31/2024

 

3/31/2023

 

% Change

 

3/31/2024

 

3/31/2023

 

% Change

 

 

Net income

$

115,350

 

$

100,742

 

14.5

%

 

$

285,267

 

$

276,968

 

3.0

%

 

 

Plus:

 

 

 

 

 

 

 

 

 

 

 

 

 

Income taxes

 

38,286

 

 

30,722

 

24.6

%

 

 

85,933

 

 

82,031

 

4.8

%

 

 

Interest income and expense, net

 

27,668

 

 

23,570

 

17.4

%

 

 

80,758

 

 

59,705

 

35.3

%

 

 

Depreciation and amortization expense, including amounts within direct costs

 

36,667

 

 

36,771

 

-0.3

%

 

 

111,168

 

 

111,584

 

-0.4

%

 

 

EBITDA

$

217,971

 

$

191,805

 

13.6

%

 

$

563,126

 

$

530,288

 

6.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Nine Months Ended

 

 

(in thousands)

3/31/2024

 

3/31/2023

 

% Change

 

3/31/2024

 

3/31/2023

 

% Change

 

 

Revenues, as reported

$

1,937,456

 

$

1,744,270

 

11.1

%

 

$

5,621,537

 

$

4,999,445

 

12.4

%

 

 

EBITDA

 

217,971

 

 

191,805

 

13.6

%

 

 

563,126

 

 

530,288

 

6.2

%

 

 

EBITDA margin

 

11.3%

 

 

11.0%

 

 

 

 

10.0%

 

 

10.6%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of Net Cash Provided by Operating Activities to Net Cash Provided by Operating Activities Excluding MARPA and to Free Cash Flow (Unaudited)

The Company defines Net cash provided by operating activities excluding MARPA, a non-GAAP measure, as net cash provided by operating activities calculated in accordance with GAAP, adjusted to exclude cash flows from CACI’s Master Accounts Receivable Purchase Agreement (MARPA) for the sale of certain designated eligible U.S. government receivables up to a maximum amount of $250.0 million. Free cash flow is a non-GAAP liquidity measure and may not be comparable to similarly titled measures used by other companies. The Company defines Free cash flow as Net cash provided by operating activities excluding MARPA, less payments for capital expenditures. The Company uses these non-GAAP measures to assess our ability to generate cash from our business operations and plan for future operating and capital actions. We believe these measures allow investors to more easily compare current period results to prior period results and to results of our peers. Free cash flow does not represent residual cash flows available for discretionary purposes and should not be used as a substitute for cash flow measures prepared in accordance with GAAP.

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Nine Months Ended

 

 

(in thousands)

3/31/2024

 

3/31/2023

 

3/31/2024

 

3/31/2023

 

 

Net cash provided by operating activities

$

198,271

 

 

$

28,864

 

 

$

340,123

 

 

$

235,954

 

 

 

Cash used in (provided by) MARPA

 

(84,645

)

 

 

27,272

 

 

 

(50,000

)

 

 

(14,905

)

 

 

Net cash provided by operating activities excluding MARPA

 

113,626

 

 

 

56,136

 

 

 

290,123

 

 

 

221,049

 

 

 

Capital expenditures

 

(11,681

)

 

 

(15,174

)

 

 

(41,091

)

 

 

(40,844

)

 

 

Free cash flow

$

101,945

 

 

$

40,962

 

 

$

249,032

 

 

$

180,205

 

 

 

 

 

 

 

 

 

 

 

 

 

(in millions)

FY24 Guidance

 

 

 

 

 

 

 

Current

 

Prior

 

 

 

 

 

 

Net cash provided by operating activities

$

500

 

 

$

510

 

 

 

 

 

 

 

Cash used in (provided by) MARPA

 

 

 

 

 

 

 

 

 

 

 

Net cash provided by operating activities excluding MARPA

 

500

 

 

 

510

 

 

 

 

 

 

 

Capital expenditures

 

(80

)

 

 

(90

)

 

 

 

 

 

 

Free cash flow

$

420

 

 

$

420

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CACI-Financial

Contacts

Corporate Communications and Media:

Lorraine Corcoran, Executive Vice President, Corporate Communications

(703) 434-4165, lorraine.corcoran@caci.com

Investor Relations:

George Price, Senior Vice President, Investor Relations

(703) 841-7818, george.price@caci.com

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