Revenues of $1.6 billion
Net income of $95.4 million and Diluted EPS
of $4.04
Adjusted net income of $109.6 million and
Adjusted diluted EPS of $4.64
Robust Cash flow from operations and Free
cash flow
Contract awards of $1.2 billion
CACI International Inc (NYSE: CACI), a leading provider of
expertise and technology to government enterprise and mission
customers, announced results today for its fiscal third quarter
ended March 31, 2022.
John Mengucci, CACI President and Chief Executive Officer, said,
“In the third quarter we delivered revenue growth, healthy
profitability, and robust cash flow. We continue to experience
short-term headwinds, which is reflected in our results and Fiscal
Year 2022 guidance. Looking past these short-term dynamics, we see
strong demand signals and a healthy budget environment with
increasing urgency in national security priorities well-aligned
with CACI’s capabilities. We continue to invest ahead of customer
need, win in the marketplace, and execute on our robust backlog,
positioning us to deliver long-term growth, margin expansion,
strong cash flow, and shareholder value.”
Third Quarter Results
Three Months Ended (in millions, except earnings per share
and DSO)
3/31/2022
3/31/2021 % Change Revenue
$1,584.0
$1,551.9
2.1%
Income from operations
$125.4
$151.4
-17.2%
Net income
$95.4
$120.3
-20.7%
Adjusted net income, a non-GAAP measure1
$109.6
$132.9
-17.5%
Diluted earnings per share
$4.04
$4.78
-15.5%
Adjusted diluted earnings per share, a non-GAAP measure1
$4.64
$5.28
-12.1%
Adjusted earnings before interest, taxes, depreciation and
amortization (EBITDA), a non-GAAP measure1
$161.5
$183.7
-12.1%
Net cash provided by operating activities excluding MARPA1
$314.1
$128.1
145.1%
Free cash flow, a non-GAAP measure1
$296.9
$108.7
173.1%
Days sales outstanding (DSO)2
51
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, 2022 and 2021
exclude the impact of the Company’s MARPA, which was 8 days and 6
days, respectively.
Revenues in Q3 FY22 increased 2 percent year-over-year driven by
acquisitions completed earlier this fiscal year, partially offset
by a 2 percent organic decline as a result of short-term funding
headwinds. The decrease in income from operations was driven by
higher indirect expenses from acquisitions and organic investments.
Diluted earnings per share and adjusted diluted earnings per share
decreased due to lower income from operations and a higher tax
rate, partially offset by a lower share count as a result of the
$500 million accelerated share repurchase announced in March 2021.
The increase in cash from operations, excluding MARPA, was driven
by a $160 million tax benefit from method changes elected at the
end of fiscal year 2021, as well as efficient working capital
management. The increase in free cash flow was driven by higher
cash from operations, excluding MARPA, and lower capital
expenditures.
Third Quarter Contract Awards
Contract awards in Q3 FY22 totaled $1.2 billion, with
approximately 45 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, single-award contract worth more than $323 million
to continue to provide high-end research and development support
with an expanded scope of work for a classified customer’s mission
objective.
- A three-year, single award task order worth $258 million to
expand its current enterprise technology support and continue
modernization efforts to the Defense Agencies Initiative (DAI)
program office’s financial management and end-to-end business
processes.
- A $20 million contract to build and demonstrate software for a
customer, while also providing technology, research, development,
and innovation, to create secure command and control of
heterogeneous networks in support of Joint All Domain Command and
Control (JADC2) missions.
Total backlog as of March 31, 2022 was $23.5 billion compared
with $22.3 billion a year ago, an increase of 5 percent. Funded
backlog as of March 31, 2022 was $2.8 billion compared with $3.0
billion a year ago, a decrease of 7 percent.
Additional Third Quarter Highlights
- CACI delivered a free-space optical modem as part of the
Integrated Laser Communications Relay Demonstration (LCRD)
Low-Earth Orbit (LEO) User Modem and Amplifier (ILLUMA) program to
MIT Lincoln Laboratory, which will integrate CACI's advanced laser
communications mission technology with other equipment for delivery
to NASA.
- CACI completed the Critical Design Review (CDR) for two CACI
mission payloads that will launch into low earth orbit next year –
one demonstrating alternative positioning, navigation, and timing
(APNT) technology and the other tactical intelligence,
surveillance, and reconnaissance (TacISR) technology. Both payloads
are built on flexible, upgradable software-defined radio (SDR)
hardware.
- CACI was awarded a Gold Edison Award™ for Bluestone Analytics’
DarkBlue intelligence platform. DarkBlue is an unclassified,
secure, cloud-based Software-as-a-Service technology that enables
analysts to search for, analyze, and visualize data on the deep and
dark web and select open-source intelligence (OSINT) platforms. 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.
- CACI was named a World's Most Admired Companies for 2022 by
Fortune magazine, commemorating CACI's 11th time appearing on the
list. CACI ranked 7th, increasing its position, among Information
Technology Services companies worldwide.
- CACI was named a 2022 Top Workplace USA company for the second
consecutive year on the national list administered by Energage.
More than 1,100 companies across the country participated in the
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 Colorado, New
Jersey, Oklahoma, San Antonio, South Carolina, and Washington, D.C.
in 2022.
- CACI was named a VETS Indexes 5 Star Employer for the second
consecutive year, as part of the 2022 VETS Indexes Employer Awards.
CACI was recognized for its commitment to recruiting, hiring,
retaining, developing, and supporting veterans and the
military-connected community.
- Ten CACI employees, including one Legacy Award winner, were
honored for their excellence in science, technology, engineering,
and math (STEM) and workforce innovation at the 36th annual 2022
Black Engineer of the Year Awards (BEYA) Global Competitiveness
Conference.
- CACI's DeEtte Gray, President of Business and Information
Technology Solutions, received the 2022 AFCEA International Women's
Appreciation Award for her efforts to further women's careers and
support to the AFCEA association. Ms. Gray also won the 2022 FCW
Federal 100 Award her role in leading major U.S. Government
technology transformation efforts.
FY22 Guidance
The table below summarizes our FY22 guidance and represents our
views as of April 27, 2022.
(in millions, except earnings per share)
Fiscal Year 2022
Current Guidance Prior Guidance Revenues $6,200 -
$6,250 $6,300 - $6,400 Adjusted net income, a non-GAAP measure1
$415 - $425 $430 - $440 Adjusted diluted earnings per share, a
non-GAAP measure1 $17.51 - $17.93 $18.14 - $18.57 Diluted weighted
average shares
23.7
23.7
Free cash flow, a non-GAAP measure2 at least $720 at least $720
(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)
Expected Fiscal Year 2022 free cash flow includes an estimated $230
million tax benefit related to certain tax elections, as well as a
payroll tax deferral repayment of approximately $47 million. 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. 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 8:30 AM Eastern Time
Thursday, April 28, 2022 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
CACI’s approximately 22,000 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 500 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 International Inc Condensed Consolidated
Statements of Operations (Unaudited) (in thousands, except per
share data)
Three Months Ended Nine Months
Ended 3/31/2022 3/31/2021 % Change
3/31/2022 3/31/2021 % Change Revenues
$
1,583,980
$
1,551,918
2.1%
$
4,560,656
$
4,480,135
1.8%
Costs of revenues: Direct costs
1,022,181
1,000,235
2.2%
2,970,370
2,887,300
2.9%
Indirect costs and selling expenses
402,227
369,015
9.0%
1,114,310
1,071,826
4.0%
Depreciation and amortization
34,216
31,230
9.6%
99,484
93,608
6.3%
Total costs of revenues:
1,458,624
1,400,480
4.2%
4,184,164
4,052,734
3.2%
Income from operations
125,356
151,438
-17.2%
376,492
427,401
-11.9%
Interest expense and other, net
9,084
8,954
1.5%
30,491
28,021
8.8%
Income before income taxes
116,272
142,484
-18.4%
346,001
399,380
-13.4%
Income taxes
20,855
22,140
-5.8%
72,176
78,914
-8.5%
Net income
$
95,417
$
120,344
-20.7%
$
273,825
$
320,466
-14.6%
Basic earnings per share
$
4.08
$
4.83
-15.5%
$
11.67
$
12.81
-8.9%
Diluted earnings per share
$
4.04
$
4.78
-15.5%
$
11.56
$
12.66
-8.7%
Weighted average shares used in per share computations:
Basic
23,409
24,935
-6.1%
23,457
25,026
-6.3%
Diluted
23,616
25,166
-6.2%
23,687
25,307
-6.4%
Statement of Operations Data
(Unaudited)
Three Months Ended Nine Months Ended
3/31/2022 3/31/2021 % Change
3/31/2022
3/31/2021 % Change Income from operations (as a % of
Revenues)
7.9%
9.8%
8.3%
9.5%
Effective tax rate
17.9%
15.5%
20.9%
19.8%
Net income (as a % of Revenues)
6.0%
7.8%
6.0%
7.2%
Adjusted EBITDA1
$
161,451
$
183,651
-12.1%
$
480,416
$
523,667
-8.3%
Adjusted EBITDA Margin1
10.2%
11.8%
10.5%
11.7%
(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.
CACI International
Inc Condensed Consolidated Balance Sheets (Unaudited)
(in thousands)
3/31/2022 6/30/2021
ASSETS Current assets: Cash and cash
equivalents
$
125,074
$
88,031
Accounts receivable, net
857,181
879,851
Prepaid expenses and other current assets
210,988
363,294
Total current assets
1,193,243
1,331,176
Goodwill
4,069,954
3,632,578
Intangible assets, net
601,464
476,106
Property, plant and equipment, net
187,363
190,444
Operating lease right-of-use assets
332,844
356,887
Supplemental retirement savings plan assets
100,298
102,984
Accounts receivable, long-term
11,134
12,159
Other long-term assets
80,449
70,038
Total assets
$
6,576,749
$
6,172,372
LIABILITIES AND SHAREHOLDERS' EQUITY Current
liabilities: Current portion of long-term debt
$
30,625
$
46,920
Accounts payable
218,026
148,636
Accrued compensation and benefits
377,456
409,275
Other accrued expenses and current liabilities
301,335
279,970
Total current liabilities
927,442
884,801
Long-term debt, net of current portion
1,823,240
1,688,919
Supplemental retirement savings plan obligations, net of current
portion
104,644
104,490
Deferred income taxes
350,309
327,230
Operating lease liabilities, noncurrent
332,338
363,302
Other long-term liabilities
77,890
138,352
Total liabilities
3,615,863
3,507,094
COMMITMENTS AND CONTINGENCIES
Shareholders' equity: Common stock
4,282
4,268
Additional paid-in-capital
563,452
484,260
Retained earnings
3,462,912
3,189,087
Accumulated other comprehensive loss
(22,566
)
(36,291
)
Treasury stock, at cost
(1,047,329
)
(976,181
)
Total CACI shareholders' equity
2,960,751
2,665,143
Noncontrolling interest
135
135
Total shareholders' equity
2,960,886
2,665,278
Total liabilities and shareholders' equity
$
6,576,749
$
6,172,372
CACI International Inc Condensed
Consolidated Statements of Cash Flows (Unaudited) (in
thousands)
Nine Months Ended
3/31/2022 3/31/2021 CASH FLOWS FROM
OPERATING ACTIVITIES: Net income
$
273,825
$
320,466
Adjustments to reconcile net income to net cash provided by
operating activities: Depreciation and amortization
99,484
93,608
Amortization of deferred financing costs
1,712
1,743
Loss on extinguishment of debt
891
-
Non-cash lease expense
51,449
57,800
Stock-based compensation expense
23,085
23,841
Deferred income taxes
2,813
(585
)
Changes in operating assets and liabilities, net of effect
of business acquisitions: Accounts receivable, net
66,953
(18,826
)
Prepaid expenses and other assets
(27,227
)
(27,068
)
Accounts payable and other accrued expenses
23,056
27,933
Accrued compensation and benefits
(84,466
)
41,691
Income taxes payable and receivable
201,112
10,102
Operating lease liabilities
(54,575
)
(55,274
)
Long-term liabilities
14,901
25,085
Net cash provided by operating activities
593,013
500,516
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures
(38,742
)
(51,273
)
Acquisitions of businesses, net of cash acquired
(615,769
)
(355,452
)
Other
923
2,744
Net cash used in investing activities
(653,588
)
(403,981
)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from borrowings under bank credit facilities
2,087,095
2,478,500
Principal payments made under bank credit facilities
(1,965,386
)
(2,062,690
)
Payment of financing costs under bank credit facilities
(6,286
)
-
Proceeds from employee stock purchase plans
7,398
6,840
Repurchases of common stock
(7,301
)
(506,629
)
Payment of taxes for equity transactions
(14,685
)
(19,567
)
Net cash provided by (used in) financing activities
100,835
(103,546
)
Effect of exchange rate changes on cash and cash equivalents
(3,217
)
5,366
Net change in cash and cash equivalents
37,043
(1,645
)
Cash and cash equivalents, beginning of period
88,031
107,236
Cash and cash equivalents, end of period
$
125,074
$
105,591
Revenues by Customer Group (Unaudited)
Three Months Ended (in thousands)
3/31/2022
3/31/2021 $ Change % Change Department of
Defense
$
1,118,665
70.7%
$
1,074,056
69.2%
$
44,609
4.2%
Federal Civilian Agencies
380,837
24.0%
405,855
26.2%
(25,018)
-6.2%
Commercial and other
84,478
5.3%
72,007
4.6%
12,471
17.3%
Total
$
1,583,980
100.0%
$
1,551,918
100.0%
$
32,062
2.1%
Nine Months Ended (in thousands)
3/31/2022
3/31/2021 $ Change % Change Department of
Defense
$
3,155,806
69.2%
$
3,091,126
69.0%
$
64,680
2.1%
Federal Civilian Agencies
1,166,398
25.6%
1,186,068
26.5%
(19,670)
-1.7%
Commercial and other
238,452
5.2%
202,941
4.5%
35,511
17.5%
Total
$
4,560,656
100.0%
$
4,480,135
100.0%
$
80,521
1.8%
Revenues by Contract Type (Unaudited) Three
Months Ended (in thousands)
3/31/2022 3/31/2021
$ Change % Change Cost-plus-fee
$
889,624
56.1%
$
905,774
58.3%
$
(16,150)
-1.8%
Fixed price
503,174
31.8%
457,099
29.5%
46,075
10.1%
Time and materials
191,182
12.1%
189,045
12.2%
2,137
1.1%
Total
$
1,583,980
100.0%
$
1,551,918
100.0%
$
32,062
2.1%
Nine Months Ended (in thousands)
3/31/2022
3/31/2021 $ Change % Change Cost-plus-fee
$
2,672,695
58.6%
$
2,572,967
57.5%
$
99,728
3.9%
Fixed price
1,344,169
29.5%
1,331,734
29.7%
12,435
0.9%
Time and materials
543,792
11.9%
575,434
12.8%
(31,642)
-5.5%
Total
$
4,560,656
100.0%
$
4,480,135
100.0%
$
80,521
1.8%
Revenues by Prime or Subcontractor (Unaudited)
Three Months Ended (in thousands)
3/31/2022
3/31/2021 $ Change % Change Prime
$
1,419,805
89.6%
1,401,633
90.3%
$
18,172
1.3%
Subcontractor
164,175
10.4%
150,285
9.7%
13,890
9.2%
Total
$
1,583,980
100.0%
$
1,551,918
100.0%
$
32,062
2.1%
Nine Months Ended (in thousands)
3/31/2022
3/31/2021 $ Change % Change Prime
$
4,097,210
89.8%
$
4,055,496
90.5%
$
41,714
1.0%
Subcontractor
463,446
10.2%
424,639
9.5%
38,807
9.1%
Total
$
4,560,656
100.0%
$
4,480,135
100.0%
$
80,521
1.8%
Revenues by Expertise or Technology (Unaudited)
Three Months Ended (in thousands)
3/31/2022
3/31/2021 $ Change % Change Expertise
$
716,199
45.2%
$
764,419
49.3%
$
(48,220)
-6.3%
Technology
867,781
54.8%
787,499
50.7%
80,282
10.2%
Total
$
1,583,980
100.0%
$
1,551,918
100.0%
$
32,062
2.1%
Nine Months Ended (in thousands)
3/31/2022
3/31/2021 $ Change % Change Expertise
$
2,105,554
46.2%
$
2,237,378
49.9%
$
(131,824)
-5.9%
Technology
2,455,102
53.8%
2,242,757
50.1%
212,345
9.5%
Total
$
4,560,656
100.0%
$
4,480,135
100.0%
$
80,521
1.8%
Contract Awards
(Unaudited)
Three Months Ended
(in thousands)
3/31/2022
3/31/2021
$ Change
% Change
Contract Awards
$
1,222,723
$
1,565,591
$
(342,868)
-21.9%
Nine Months Ended
(in thousands)
3/31/2022
3/31/2021
$ Change
% Change
Contract Awards
$
5,563,364
$
5,529,457
$
33,907
0.6%
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 core 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
3/31/2022 3/31/2021 % Change 3/31/2022
3/31/2021 % Change Net income, as reported
$
95,417
$
120,344
-20.7
%
$
273,825
$
320,466
-14.6
%
Intangible amortization expense
19,297
16,993
13.6
%
54,944
50,605
8.6
%
Tax effect of intangible amortization1
(5,074
)
(4,468
)
13.6
%
(14,446
)
(13,306
)
8.6
%
Adjusted net income
$
109,640
$
132,869
-17.5
%
$
314,323
$
357,765
-12.1
%
Three Months Ended Nine Months Ended
3/31/2022 3/31/2021 % Change 3/31/2022
3/31/2021 % Change Diluted EPS, as reported
$
4.04
$
4.78
-15.5
%
$
11.56
$
12.66
-8.7
%
Intangible amortization expense
0.82
0.68
20.6
%
2.32
2.00
16.0
%
Tax effect of intangible amortization1
(0.22
)
(0.18
)
22.2
%
(0.61
)
(0.52
)
17.3
%
Adjusted diluted EPS
$
4.64
$
5.28
-12.1
%
$
13.27
$
14.14
-6.2
%
(in millions, except per share data)
FY22 Guidance
Range Low End High End Net income, as reported
$
360
---
$
370
Intangible amortization expense
74
---
74
Tax effect of intangible amortization1
(19
)
---
(19
)
Adjusted net income
$
415
---
$
425
FY22 Guidance Range Low End High End
Diluted EPS, as reported
$
15.19
---
$
15.61
Intangible amortization expense
3.12
---
3.12
Tax effect of intangible amortization1
(0.80
)
---
(0.80
)
Adjusted diluted EPS
$
17.51
---
$
17.93
(1) Calculation uses an assumed statutory tax rate of 26.3%
on non-GAAP tax deductible adjustments. Note: Numbers may not sum
due to rounding.
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 (in thousands)
3/31/2022 3/31/2021 % Change 3/31/2022
3/31/2021 % Change Net income
$
95,417
$
120,344
-20.7
%
$
273,825
$
320,466
-14.6
%
Plus: Income taxes
20,855
22,140
-5.8
%
72,176
78,914
-8.5
%
Interest income and expense, net
9,084
8,954
1.5
%
30,491
28,021
8.8
%
Depreciation and amortization expense, including amounts within
direct costs
36,095
32,213
12.1
%
103,924
96,266
8.0
%
Adjusted EBITDA
$
161,451
$
183,651
-12.1
%
$
480,416
$
523,667
-8.3
%
Three Months Ended Nine Months Ended (in
thousands)
3/31/2022 3/31/2021 % Change
3/31/2022 3/31/2021 % Change Revenues, as
reported
$
1,583,980
$
1,551,918
2.1
%
$
4,560,656
$
4,480,135
1.8
%
Adjusted EBITDA
161,451
183,651
-12.1
%
480,416
523,667
-8.3
%
Adjusted EBITDA margin
10.2
%
11.8
%
10.5
%
11.7
%
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
$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 this measure
allows 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)
3/31/2022
3/31/2021 3/31/2022 3/31/2021 Net cash
provided by operating activities
$
284,248
$
118,229
$
593,013
$
500,516
Cash used in (provided by) MARPA
29,811
9,898
24,360
10,140
Net cash provided by operating activities excluding MARPA
314,059
128,127
617,373
510,656
Capital expenditures
(17,110
)
(19,400
)
(38,742
)
(51,273
)
Free cash flow
$
296,949
$
108,727
$
578,631
$
459,383
(in millions)
FY22 Guidance Net cash provided by operating
activities1
$
800
Cash used in (provided by) MARPA
-
Net cash provided by operating activities excluding MARPA
800
Capital expenditures
(80
)
Free cash flow
$
720
(1) Includes estimated tax benefits of $230 million related to
certain tax elections, as well as payroll tax deferral repayment of
approximately $47 million.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220427005917/en/
Corporate Communications and Media: Jody Brown, Executive Vice
President, Public Relations (703) 841-7801, jbrown@caci.com
Investor Relations: Daniel Leckburg, Senior Vice President,
Investor Relations (703) 841-7666, dleckburg@caci.com
Grafico Azioni CACI (NYSE:CACI)
Storico
Da Set 2024 a Ott 2024
Grafico Azioni CACI (NYSE:CACI)
Storico
Da Ott 2023 a Ott 2024