Revenue of $1.6 billion, +5.9%
year-over-year
Net income of $120.3 million, +49.4%
year-over-year
Robust cash flow
Contract awards of $1.6 billion
Updates Fiscal Year 2021 Guidance
CACI International Inc (NYSE: CACI), a leading provider of
expertise and technology to government enterprise and mission
customers, announced results today for its third fiscal quarter
ended March 31, 2021.
CEO Commentary and Outlook
John Mengucci, CACI’s President and CEO, said, “We again
delivered solid organic growth, strong profitability, and robust
cash flow. While the effects of the pandemic linger, we continue to
execute our long-term strategy of offering differentiated and
distinctive technology that drives growth, operational excellence,
and allows us to deploy capital for the benefit of our
shareholders. CACI is focused on our customers’ critical national
security and IT modernization priorities, which enables us to grow
faster than our addressable market, expand margins, and deliver
value to our customers and shareholders.”
Third Quarter Results
(in millions except earnings per share and DSO)
Q3 FY21
Q3 FY20
% Change
Revenue
$1,551.9
$1,465.6
5.9%
Operating income
$151.4
$113.7
33.2%
Net income
$120.3
$80.6
49.4%
Diluted earnings per share
$4.78
$3.16
51.2%
Adjusted earnings before interest, taxes,depreciation and
amortization (EBITDA),a non-GAAP measure1
$183.7
$141.4
29.9%
Net cash provided by operating activitiesexcluding MARPA, a
non-GAAP measure1
$128.1
$124.7
2.7%
Free cash flow, a non-GAAP measure1
$108.7
$111.4
-2.4%
Days sales outstanding (DSO)2
53
57
(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 third quarter FY21 and third
quarter FY20 exclude the impact of the Company’s MARPA, which was 6
days and 8 days, respectively.
Revenue in Q3 FY21 increased 5.9% year-over-year as reported and
5.3% organically. The year-over-year increase in operating income
was driven by higher revenue, strong operating performance,
favorable fixed-price contract performance, and lower indirect
costs. The year-over-year increase in net income was due to strong
operating performance as well as lower interest expense and lower
effective tax rate. The lower effective tax rate was driven by a
greater than expected benefit from R&D tax credits. The
increase in cash from operations, excluding MARPA, was driven
primarily by higher net income. The decrease in free cash flow was
driven by higher capital expenditures.
Third Quarter Contract Awards
Contract awards in Q3 FY21 totaled $1.6 billion, approximately
60% for new business to CACI. These awards exclude ceiling values
of multi-award, indefinite delivery, indefinite quantity (IDIQ)
contracts. Some notable awards during the quarter were:
- A five-year, multiple-award Blanket Purchase Agreement (BPA) by
the U.S. Department of Homeland Security (DHS), with a $700 million
total federal program value, to provide enterprise technology in
support of the department’s national security investigations.
- A five-year, single-award indefinite delivery/indefinite
quantity contract, with a ceiling value of $376 million, by the
National Geospatial-Intelligence Agency (NGA) to provide mission
technology, including advanced artificial intelligence and machine
learning tools, in support of critical geospatial intelligence
(GEOINT) missions.
- A five-year, single-award, indefinite delivery/indefinite
quantity contract, with a ceiling value of $48 million, by the
Federal Emergency Management Agency (FEMA) to provide enterprise
technology, such as protections against High-Altitude
Electromagnetic Pulses (HEMP), to sustain and modernize the
National Public Warning System (NPWS).
- A 10-year, multiple-award Blanket Purchase Agreement (BPA),
with a $1 billion total federal program value, to provide
enterprise expertise and financial system integration support
services.
- A prime position on a 10-year, multiple-award, indefinite
delivery/indefinite quantity contract, with a ceiling value of
$12.6 billion, by the Defense Intelligence Agency (DIA) to provide
enterprise technology, including cybersecurity, application
development and sustainment, connectivity and network services, and
enterprise computing and cloud services, for the Solutions for
Information Technology Enterprise (SITE III) contract. CACI will
support enterprise IT needs for both the DIA and National
Geospatial-Intelligence Agency (NGA).
Total backlog as of March 31, 2021 was $22.3 billion compared
with $19.9 billion a year ago, an increase of 12.3%. Funded backlog
as of March 31, 2021 was $3.0 billion compared with $2.96 billion a
year ago, an increase of 1.3%.
Additional Highlights
- CACI has been awarded Edison Awards™ for two distinctive
technologies, SteelBox™ and the CM142 sensor, for their excellence
in innovation. The Edison Awards recognize the most innovative
products, services, and business leaders from around the world and
are among the most prestigious accolades honoring excellence in new
product and service development, marketing, design, and innovation.
Gold, silver, and bronze designations for each winner will be
announced at the 2021 Edison Awards Gala in Fort Myers, Florida on
April 22, 2021.
- CACI has named Glenn Kurowski Chief Technology Officer (CTO) to
advance critical technologies, drive technology investments, and
recruit and develop the company's technical workforce to accelerate
growth and innovatively address its mission and enterprise
customers' most challenging needs.
- CACI announced that under its previously announced $500 million
accelerated share repurchase (ASR) authorization, the company has
entered into an accelerated share repurchase agreement to
repurchase $500 million of common stock.
- CACI was named a 2021 Top Workplace USA and Top Technology
company on the inaugural national lists administered by Energage.
More than 1,100 companies across the country participated in the
Top Workplaces USA survey and honorees are chosen based solely on
employee feedback gathered through an employee engagement survey.
CACI was also named as a Top Workplace on regional lists, including
Baltimore, Colorado, Memphis, New Jersey, Oklahoma, San Antonio,
and Washington, D.C. in 2020.
- CACI International Inc was again named a Fortune magazine
World's Most Admired Companies for 2021, CACI's 10th time appearing
on the list.
- Gary Patton, CACI Vice President, Veterans and Military
Affairs, will be named a Veteran Champion of the Year in Corporate
America by G.I. Jobs. The inaugural list honors 14 champions who
advocate for our nation's veterans in the civilian workforce. The
list will be published in the July issue of G.I. Jobs magazine, a
national print and digital publication that connects service
members, veterans and their families to civilian career.
Updating FY21 Guidance
As a result of greater than expected impact from COVID-19,
including travel restrictions, reduction in government processing
of deployment orders, and delays in task orders, we are lowering
our FY21 revenue guidance. We are raising net income and diluted
earnings per share guidance to reflect a number of factors,
including strong operating performance, lower program and indirect
expenses, and certain tax benefits. Specifically, we now expect a
full-year effective tax rate of between 8% and 9% driven by higher
R&D tax credits and a material tax benefit we expect to realize
in our fiscal fourth quarter. We are also reflecting a reduced
share count driven by our recently announced accelerated share
repurchase. The table below summarizes our FY21 guidance and
represents our views as of April 21, 2021.
(in millions except earnings per
share)
Current Fiscal Year 2021
Guidance
Prior Fiscal Year 2021
Guidance
Revenue
$6,000 - $6,075
$6,050 - $6,250
Net income
$450 - $460
$372 - $392
Diluted earnings per share
$18.00 - $18.40
$14.47 - $15.25
Diluted weighted average shares
25.0
25.7
Net cash provided by operating
activities
at least $600
at least $600
Conference Call Information
We have scheduled a conference call for 8:30 AM Eastern Time
Thursday, April 22, 2021 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/news/#upcomingevent 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
CACI’s approximately 23,000 talented employees are vigilant in
providing the unique expertise and distinctive technology that
address our customers’ greatest enterprise and mission challenges.
Our culture of good character, innovation, and excellence drives
our success and earns us recognition as a Fortune World’s Most
Admired Company. As a member of the Fortune 1000 Largest Companies,
the Russell 1000 Index, and the S&P MidCap 400 Index, we
consistently deliver strong shareholder value. 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-Earnings Release
Selected Financial Data CACI International Inc
Condensed Consolidated Statements of Operations (Unaudited)
(Amounts in thousands, except per share amounts)
Three
Months Ended Nine Months Ended 3/31/2021
3/31/2020 % Change
3/31/2021 3/31/2020 %
Change Revenue
$ 1,551,918
$ 1,465,600
5.9%
$ 4,480,135
$ 4,224,461
6.1%
Operating costs and expenses:
Costs of revenue
1,000,235
953,630
4.9%
2,887,300
2,737,378
5.5%
Indirect costs and selling expenses
369,015
371,135
-0.6%
1,071,826
1,081,175
-0.9%
Depreciation and amortization
31,230
27,159
15.0%
93,608
81,888
14.3%
Total operating expenses
1,400,480
1,351,924
3.6%
4,052,734
3,900,441
3.9%
Operating income
151,438
113,676
33.2%
427,401
324,020
31.9%
Interest expense and other, net
8,954
14,087
-36.4%
28,021
45,612
-38.6%
Income before income taxes
142,484
99,589
43.1%
399,380
278,408
43.5%
Income taxes
22,140
19,012
16.5%
78,914
50,659
55.8%
Net income
$ 120,344
$ 80,577
49.4%
$ 320,466
$ 227,749
40.7%
Basic earnings per share
$ 4.83
$ 3.21
50.2%
$ 12.81
$ 9.11
40.6%
Diluted earnings per share
$ 4.78
$ 3.16
51.2%
$ 12.66
$ 8.94
41.7%
Weighted average shares used in per share computations:
Basic
24,935
25,078
25,026
25,012
Diluted
25,166
25,478
25,307
25,481
Statement of Operations Data (Unaudited) Three
Months Ended Nine Months Ended 3/31/2021
3/31/2020 3/31/2021 3/31/2020 % Change %
Change Operating income margin
9.8%
7.8%
9.5%
7.7%
Tax rate
15.5%
19.1%
19.8%
18.2%
Net income margin
7.8%
5.5%
7.2%
5.4%
Adjusted EBITDA*
$ 183,651
$ 141,432
29.9%
$ 523,667
$ 410,645
27.5%
Adjusted EBITDA Margin
11.8%
9.7%
11.7%
9.7%
* See Reconciliation of Net Income to Adjusted Earnings
before Interest, Taxes, Depreciation and Amortization on page 10
Selected Financial Data (Continued) CACI
International Inc Condensed Consolidated Balance Sheets
(Unaudited) (Amounts in thousands)
3/31/2021
6/30/2020
ASSETS: Current assets Cash and cash equivalents
$ 105,591
$ 107,236
Accounts receivable, net
860,720
841,227
Prepaid expenses and other current assets
162,374
137,423
Total current assets
1,128,685
1,085,886
Goodwill and intangible assets, net
4,125,137
3,813,995
Property and equipment, net
184,375
170,521
Operating lease right-of-use assets
371,151
330,767
Other long-term assets
161,067
141,303
Total assets
$ 5,970,415
$ 5,542,472
LIABILITIES AND SHAREHOLDERS' EQUITY: Current
liabilities Current portion of long-term debt
$ 46,920
$ 46,920
Accounts payable
109,695
89,961
Accrued compensation and benefits
382,246
338,760
Other accrued expenses and current liabilities
304,030
293,518
Total current liabilities
842,891
769,159
Long-term debt, net of current portion
1,775,071
1,357,519
Other long-term liabilities
833,059
754,484
Total liabilities
3,451,021
2,881,162
Shareholders' equity
2,519,394
2,661,310
Total liabilities and shareholders' equity
$ 5,970,415
$ 5,542,472
Selected Financial Data (Continued) CACI
International Inc Condensed Consolidated Statements of Cash
Flows (Unaudited) (Amounts in thousands)
Nine Months
Ended 3/31/2021 3/31/2020 CASH FLOWS FROM
OPERATING ACTIVITIES: Net income
$ 320,466
$ 227,749
Reconciliation of net income to net cash provided by
operatingactivities: Depreciation and amortization
93,608
81,888
Non-cash lease expense
57,800
54,493
Amortization of deferred financing costs
1,743
1,762
Stock-based compensation expense
23,841
22,204
Deferred income taxes
(585)
39,527
Changes in operating assets and liabilities, net of effect
ofbusiness acquisitions: Accounts receivable, net
(18,826)
36,433
Prepaid expenses and other assets
(27,068)
(35,461)
Accounts payable and other accrued expenses
27,933
27,638
Accrued compensation and benefits
41,691
(4,522)
Income taxes payable and receivable
10,102
(42,383)
Operating lease liabilities
(55,274)
(56,240)
Long-term liabilities
25,085
4,737
Net cash provided by operating activities
500,516
357,825
CASH FLOWS FROM INVESTING ACTIVITIES: Capital
expenditures
(51,273)
(54,331)
Cash paid for business acquisitions, net of cash acquired
(355,452)
(102,437)
Other
2,744
-
Net cash used in investing activities
(403,981)
(156,768)
CASH FLOWS FROM FINANCING ACTIVITIES: Net borrowings
(payments) under credit facilities
415,810
(155,190)
Payment of contingent consideration
-
(8,700)
Proceeds from employee stock purchase plans
6,840
5,463
Repurchases of common stock
(506,629)
(5,584)
Payment of taxes for equity transactions
(19,567)
(30,616)
Net cash used in financing activities
(103,546)
(194,627)
Effect of exchange rate changes on cash and cash equivalents
5,366
(1,302)
Net decrease in cash and cash equivalents
(1,645)
5,128
Cash and cash equivalents, beginning of period
107,236
72,028
Cash and cash equivalents, end of period
$ 105,591
$ 77,156
Selected Financial Data (Continued)
Revenue by Customer Group (Unaudited)
Three Months Ended (dollars in thousands)
3/31/2021 3/31/2020 $ Change
% Change Department of Defense
1,074,056
69.2%
1,037,242
70.7%
$ 36,814
3.5%
Federal Civilian Agencies
405,855
26.2%
361,320
24.7%
44,535
12.3%
Commercial and other
72,007
4.6%
67,038
4.6%
4,969
7.4%
Total
1,551,918
100.0%
1,465,600
100.0%
$ 86,318
5.9%
Nine Months Ended
(dollars in thousands)
3/31/2021
3/31/2020 $ Change % Change
Department of Defense
3,091,126
69.0%
2,965,263
70.2%
$ 125,863
4.2%
Federal Civilian Agencies
1,186,068
26.5%
1,067,342
25.3%
118,726
11.1%
Commercial and other
202,941
4.5%
191,856
4.5%
11,085
5.8%
Total
4,480,135
100.0%
4,224,461
100.0%
$ 255,674
6.1%
Revenue by Contract
Type (Unaudited) Three Months Ended
(dollars in thousands)
3/31/2021 3/31/2020
$ Change % Change Cost-plus-fee
905,774
58.3%
852,700
58.2%
$ 53,074
6.2%
Fixed price
457,099
29.5%
405,736
27.7%
51,363
12.7%
Time and materials
189,045
12.2%
207,164
14.1%
(18,119)
-8.7%
Total
1,551,918
100.0%
1,465,600
100.0%
$ 86,318
5.9%
Nine Months Ended
(dollars in thousands)
3/31/2021
3/31/2020 $ Change % Change
Cost-plus-fee
2,572,967
57.5%
2,418,891
57.3%
$ 154,076
6.4%
Fixed price
1,331,734
29.7%
1,212,579
28.7%
119,155
9.8%
Time and materials
575,434
12.8%
592,991
14.0%
(17,557)
-3.0%
Total
4,480,135
100.0%
4,224,461
100.0%
$ 255,674
6.1%
Revenue by Prime or
Subcontractor (Unaudited) Three Months Ended
(dollars in thousands)
3/31/2021
3/31/2020 $ Change % Change
Prime
1,401,633
90.3%
1,340,861
91.5%
$ 60,772
4.5%
Subcontractor
150,285
9.7%
124,739
8.5%
25,546
20.5%
Total
1,551,918
100.0%
1,465,600
100.0%
$ 86,318
5.9%
Nine Months Ended
(dollars in thousands)
3/31/2021
3/31/2020 $ Change % Change
Prime
4,055,496
90.5%
3,842,621
91.0%
$ 212,875
5.5%
Subcontractor
424,639
9.5%
381,840
9.0%
42,799
11.2%
Total
4,480,135
100.0%
4,224,461
100.0%
$ 255,674
6.1%
Selected Financial
Data (Continued)
Revenue by Expertise or Technology (Unaudited) Three
Months Ended (dollars in thousands)
3/31/2021 3/31/2020 $ Change
% Change Expertise
764,419
49.3%
763,336
52.1%
$ 1,083
0.1%
Technology
787,499
50.7%
702,264
47.9%
85,235
12.1%
Total
1,551,918
100.0%
1,465,600
100.0%
$ 86,318
5.9%
Nine Months Ended
(dollars in thousands)
3/31/2021
3/31/2020 $ Change % Change
Expertise
2,237,378
49.9%
2,227,723
52.7%
$ 9,655
0.4%
Technology
2,242,757
50.1%
1,996,738
47.3%
246,019
12.3%
Total
4,480,135
100.0%
4,224,461
100.0%
$ 255,674
6.1%
Contract Awards
Received (Unaudited) Three Months Ended
(dollars in thousands)
3/31/2021 3/31/2020
$ Change % Change Contract Awards
$ 1,565,591
$ 1,448,035
$ 117,556
8.1%
Nine Months Ended
(dollars in thousands)
3/31/2021 3/31/2020
$ Change % Change Contract Awards
$ 5,529,457
$ 8,176,742
$ (2,647,285)
-32.4%
Reconciliation of Net Income to Adjusted
Earnings Before Interest, Taxes, Depreciation and Amortization
(EBITDA) (Unaudited)
The Company views Adjusted EBITDA and Adjusted 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.
Adjusted EBITDA is a commonly used non-GAAP measure when comparing
our results with those of other companies. We define Adjusted
EBITDA as GAAP net income plus net interest expense, income taxes,
depreciation and amortization expense, including depreciation
within direct costs, and earnout adjustments. We consider Adjusted
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, as well as the effect of
earnout gains and losses, which we do not believe are indicative of
our core operating performance. Adjusted EBITDA margin is adjusted
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 (dollars in
thousands)
3/31/2021 3/31/2020 %
Change 3/31/2021 3/31/2020 %
Change Net income
$ 120,344
$ 80,577
49.4%
$ 320,466
$ 227,749
40.7%
Plus: Income taxes
22,140
19,012
16.5%
78,914
50,659
55.8%
Interest income and expense, net
8,954
14,087
-36.4%
28,021
45,612
-38.6%
Depreciation and amortization expense,including amounts within
direct costs
32,213
27,656
16.5%
96,266
83,625
15.1%
Earnout adjustments
-
100
-100.0%
-
3,000
-100.0%
Adjusted EBITDA
$ 183,651
$ 141,432
29.9%
$ 523,667
$ 410,645
27.5%
Three Months Ended
Nine Months Ended (dollars in thousands)
3/31/2021
3/31/2020 % Change 3/31/2021
3/31/2020 % Change Revenue, as reported
$ 1,551,918
$ 1,465,600
5.9%
$ 4,480,135
$ 4,224,461
6.1%
Adjusted EBITDA
183,651
141,432
29.9%
523,667
410,645
27.5%
Adjusted EBITDA margin
11.8%
9.7%
11.7%
9.7%
Reconciliation of Net Income to Adjusted Net
Income (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 core operating performance. We believe that these
performance measures provide management and investors with useful
information in assessing trends in our ongoing operating
performance and may provide greater visibility in understanding the
long-term financial performance of the Company. These non-GAAP
measures should not be considered in isolation or as a substitute
for performance measures prepared in accordance with GAAP.
(amounts in thousands, except per share amounts)
Three Months
Ended Nine Months Ended 3/31/2021
3/31/2020 % Change 3/31/2021
3/31/2020 % Change Net income, as reported
$ 120,344
$ 80,577
49.4%
$ 320,466
$ 227,749
40.7%
Intangible amortization expense
16,993
14,652
16.0%
50,605
44,639
13.4%
Tax effect of intangible amortization (1)
(4,468)
(3,852)
16.0%
(13,306)
(11,737)
13.4%
Adjusted net income
$ 132,869
$ 91,377
45.4%
$ 357,765
$ 260,651
37.3%
Three Months Ended
Nine Months Ended 3/31/2021 3/31/2020
% Change 3/31/2021 3/31/2020
% Change Diluted EPS, as reported
$ 4.78
$ 3.16
51.2%
$ 12.66
$ 8.94
41.7%
Intangible amortization expense
$ 0.68
$ 0.58
17.2%
$ 2.00
$ 1.75
14.3%
Tax effect of intangible amortization (1)
(0.18)
(0.15)
19.3%
(0.52)
(0.46)
14.2%
Adjusted diluted EPS
$ 5.28
$ 3.59
47.1%
$ 14.14
$ 10.23
38.2%
(1) Calculation uses an
estimated statutory tax rate on non-GAAP tax deductible
adjustments.
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 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 $200.0 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 (Amounts in
thousands)
3/31/2021 3/31/2020
3/31/2021 3/31/2020 Net cash provided by
operating activities
$ 118,229
$ 120,800
$ 500,516
$ 357,825
Cash used (provided) by MARPA
9,898
3,938
10,140
(972)
Net cash provided by operating activities excluding MARPA
128,127
124,738
510,656
356,853
Capital expenditures
(19,400)
(13,296)
(51,273)
(54,331)
Free cash flow
$ 108,727
$ 111,442
$ 459,383
$ 302,522
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210421005992/en/
Corporate Communications and Media: Jody Brown, Executive Vice
President, Public Relations (703) 841-7801, jbrown@caci.com
Investor Relations: Dan Leckburg, Senior Vice President, Investor
Relations (703) 841-7666, dleckburg@caci.com
Grafico Azioni CACI (NYSE:CACI)
Storico
Da Giu 2024 a Lug 2024
Grafico Azioni CACI (NYSE:CACI)
Storico
Da Lug 2023 a Lug 2024