Annual revenues of $7.7 billion, up 14%
YoY
Annual net income of $419.9 million; Diluted
EPS of $18.60, up 13% YoY
Annual adjusted net income of $475.1
million; Adjusted diluted EPS of $21.05, up 12% YoY
Annual EBITDA of $798.0 million and EBITDA
margin of 10.4%
Annual contract awards of $14.2 billion and
book-to-bill of 1.9x
Company committed to continued healthy cash
flow in Fiscal Year 2025, driven by revenue growth, strong margins,
and efficient capital management
CACI International Inc (NYSE: CACI), a leading provider of
expertise and technology to government customers, announced results
today for its fiscal fourth quarter and full year ended June 30,
2024, and issued guidance for fiscal year 2025.
“CACI’s exceptional fiscal year 2024 financial performance is
the result of the relentless execution of our strategy. Our results
were strong across the board, including achieving organic growth in
the mid-teens, and delivering on our margin and cash flow
expectations,” said John Mengucci, CACI President and Chief
Executive Officer. “With more than $14 billion of awards, we
continue to demonstrate our ability to win in the marketplace with
differentiated capabilities that address our customers’ most
critical national security needs. Our industry-leading business
development efforts drove a 22% increase in our backlog, boosting
it to $32 billion. Overall, our FY24 performance expands our
ability to deliver value for our customers and shareholders
throughout fiscal year 2025 and beyond.”
Fourth Quarter Results
Three Months Ended
(in millions, except earnings per share
and DSO)
6/30/2024
6/30/2023
% Change
Revenues
$
2,038.3
$
1,703.1
19.7
%
Income from operations
$
197.8
$
148.8
32.9
%
Net income
$
134.7
$
107.8
25.0
%
Adjusted net income, a non-GAAP
measure1
$
148.7
$
121.9
22.0
%
Diluted earnings per share
$
5.98
$
4.68
27.8
%
Adjusted diluted earnings per share, a
non-GAAP measure1
$
6.61
$
5.30
24.7
%
Earnings before interest, taxes,
depreciation and amortization (EBITDA), a non-GAAP measure1
$
234.9
$
185.7
26.5
%
Net cash provided by operating activities
excluding MARPA1
$
157.2
$
124.8
26.0
%
Free cash flow, a non-GAAP measure1
$
134.6
$
101.9
32.1
%
Days sales outstanding (DSO)2
46
48
(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 June 30, 2024 and 2023 exclude the impact of the Company's
Master Accounts Receivable Purchase Agreement (MARPA), which was a
reduction of 6 days and 7 days, respectively.
Revenues in the fourth quarter of fiscal year 2024 increased
19.7 percent year-over-year, driven by 18.5 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. The increase in cash
from operations, excluding MARPA, was driven primarily by higher
net income and strong working capital management.
Fourth Quarter Contract Awards
Contract awards in the fourth quarter totaled $5.4 billion, with
nearly 70 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:
- CACI was awarded an eight-year contract worth up to $2 billion
to provide digital solutions technology to standardize and
centralize 11 of NASA’s IT services under the NASA Consolidated
Applications and Platform Services (NCAPS) award. NCAPS expands
CACI’s current relationship with NASA and will bring
enterprise-wide automation across more than 200 systems from
various NASA locations into a single program, enhancing efficiency
and boosting productivity.
- CACI was awarded a ten-year expertise contract valued at up to
$450 million to support the Joint Navigation Warfare Center (JNWC),
an operational center of U.S. Space Forces – Space and the
Department of Defense’s center of excellence for navigation warfare
(NAVWAR). CACI will provide 24/7 operations support, joint and
operational planning, adversary positioning, navigation, and timing
(PNT) capability and order of battle assessment, and other tasks
that inform and enhance joint force, DoD combatant commander,
interagency, and allied NAVWAR requirements.
- CACI was awarded a five-year technology task order valued at up
to $416 million to design, produce, and deliver complex, customized
radio frequency (RF) systems for the U.S. Army’s signals
intelligence (SIGINT) missions. As part of the Exploit, Enhance,
Enable and Influence-TENCAP (E3I-T) work, CACI will begin deploying
new, upgraded hardware systems this year.
- CACI was awarded a five-year task order valued at up to $414
million to provide expertise and unmanned systems support to the
U.S. Army Combat Capabilities Development Command (DEVCOM) –
Command, Control, Communications, Computers, Cyber, Intelligence,
Surveillance, and Reconnaissance (C5ISR) Center to enable
warfighter rapid response to current and emerging threats.
- CACI was awarded a five-year task order valued at up to $319
million to provide intelligence systems expertise to the U.S. Army,
Communications-Electronics Command (CECOM), Software Engineering
Center (SEC), Electronic Warfare & Sensors Directorate (IEWSD),
Army Reprogramming Analysis Team-Program Office (ARAT-PO). Through
the ARAT task order, CACI will help the Army, other services, and
foreign military partners establish a state-of-the-art, on-demand
environment that provides the most current threat data possible to
support multi-domain operations.
- CACI was awarded a six-year expertise task order valued at up
to $239 million to provide intelligence analysis and operations to
the U.S. Army commands in Europe and Africa. Under the Theater
Military Intelligence Support Services (TMISS) task order, CACI
will deliver comprehensive all-source and single-discipline
intelligence expertise tailored to the U.S. European Command
(EUCOM) and U.S. Africa Command (AFRICOM) AORs during peacetime
activity as well as crisis and contingency.
- CACI was awarded a firm-fixed-price contract worth
approximately $100 million for the Terrestrial Layer System Brigade
Combat Team Manpack (TLS BCT Manpack) by the U.S. Army. CACI will
deliver a tailorable, modular, low size, weight, and power (SWaP)
solution that integrates and delivers significantly improved
signals intelligence and electronic warfare capabilities to
soldiers at the tactical edge.
Total backlog as of June 30, 2024 was $31.6 billion compared
with $25.8 billion a year ago, an increase of 22 percent. Funded
backlog as of June 30, 2024 was $3.8 billion compared with $3.7
billion a year ago, an increase of 3 percent.
Additional Highlights
- CACI’s optical communications technology was used by NASA to
successfully send data from its Psyche spacecraft to the Jet
Propulsion Laboratory in Southern California, a distance of more
than 200 million kilometers, as part of the Deep Space Optical
Communications (DSOC) experiment. Additionally, NASA will continue
to leverage CACI’s optical technology for DSOC as the range is
extended.
- CACI hired Retired Lieutenant General Bob Marion as a Senior
Vice President in the new role of corporate strategic advisor. In
this new position, Marion will provide insight on critical industry
and acquisition issues as an active member of the team charged with
leading efforts to augment CACI’s growing national security
business.
- CACI Chairman of the Board of Directors, Michael “Mike” A.
Daniels, received the Virginia Chamber of Commerce Lifetime
Achievement Award honoring his career as a technology leader and
for promoting a thriving economy within the Commonwealth, supported
by a world-class workforce.
Fiscal Year Results
Twelve Months Ended
(in millions, except earnings per
share)
6/30/2024
6/30/2023
% Change
Revenues
$
7,659.8
$
6,702.5
14.3
%
Income from operations
$
649.7
$
567.5
14.5
%
Net income
$
419.9
$
384.7
9.1
%
Adjusted net income, a non-GAAP
measure1
$
475.1
$
440.9
7.7
%
Diluted earnings per share
$
18.60
$
16.43
13.2
%
Adjusted diluted earnings per share, a
non-GAAP measure1
$
21.05
$
18.83
11.8
%
Earnings before interest, taxes,
depreciation and amortization (EBITDA), a non-GAAP measure1
$
798.0
$
716.0
11.5
%
Net cash provided by operating activities
excluding MARPA1
$
447.3
$
345.8
29.3
%
Free cash flow, a non-GAAP measure1
$
383.6
$
282.1
36.0
%
(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.
Revenues in fiscal year 2024 increased 14.3 percent
year-over-year, driven by 13.7 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, partially offset by higher interest expense and
a higher tax provision. The increase in cash from operations,
excluding MARPA, was driven by higher net income, lower tax
payments including those related to our method change enacted in
fiscal year 2021 and Section 174 of the Tax Cuts and Jobs Act of
2017, and strong working capital management.
Fiscal Year 2025 Guidance
The table below summarizes our fiscal year 2025 guidance and
represents our views as of August 7, 2024.
(in millions, except earnings per
share)
Fiscal Year 2025
Guidance
Revenues
$7,900 - $8,100
Adjusted net income, a non-GAAP
measure1
$505 - $525
Adjusted diluted earnings per share, a
non-GAAP measure1
$22.44 - $23.33
Diluted weighted average shares
22.5
Free cash flow, a non-GAAP measure2
at least $425
(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 2025 free cash flow guidance
assumes approximately $55 million in tax payments related to
Section 174 of the Tax Cuts and Jobs Act of 2017 and an
approximately $40 million cash tax refund related to our method
change enacted in fiscal year 2021. 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, August 8, 2024 during which members of our senior
management will be making a brief presentation focusing on fourth
quarter and full year 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 technology to meet our customers’ greatest challenges
in national security. 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
Twelve Months Ended
6/30/2024
6/30/2023
% Change
6/30/2024
6/30/2023
% Change
Revenues
$
2,038,295
$
1,703,101
19.7
%
$
7,659,832
$
6,702,546
14.3
%
Costs of revenues:
Direct costs
1,328,468
1,108,861
19.8
%
5,147,540
4,402,728
16.9
%
Indirect costs and selling expenses
476,317
410,135
16.1
%
1,720,439
1,590,754
8.2
%
Depreciation and amortization
35,760
35,309
1.3
%
142,145
141,564
0.4
%
Total costs of revenues
1,840,545
1,554,305
18.4
%
7,010,124
6,135,046
14.3
%
Income from operations
197,750
148,796
32.9
%
649,708
567,500
14.5
%
Interest expense and other, net
24,301
24,156
0.6
%
105,059
83,861
25.3
%
Income before income taxes
173,449
124,640
39.2
%
544,649
483,639
12.6
%
Income taxes
38,792
16,873
129.9
%
124,725
98,904
26.1
%
Net income
$
134,657
$
107,767
25.0
%
$
419,924
$
384,735
9.1
%
Basic earnings per share
$
6.04
$
4.73
27.7
%
$
18.76
$
16.59
13.1
%
Diluted earnings per share
$
5.98
$
4.68
27.8
%
$
18.60
$
16.43
13.2
%
Weighted average shares used in per share
computations:
Weighted-average basic shares
outstanding
22,300
22,795
-2.2
%
22,381
23,196
-3.5
%
Weighted-average diluted shares
outstanding
22,510
23,012
-2.2
%
22,573
23,413
-3.6
%
CACI International Inc
Consolidated Balance Sheets
(Unaudited)
(in thousands)
6/30/2024
6/30/2023
ASSETS
Current assets:
Cash and cash equivalents
$
133,961
$
115,776
Accounts receivable, net
1,031,311
894,946
Prepaid expenses and other current
assets
209,257
199,315
Total current assets
1,374,529
1,210,037
Goodwill
4,154,844
4,084,705
Intangible assets, net
474,354
507,835
Property, plant and equipment, net
195,443
199,519
Operating lease right-of-use assets
305,637
312,989
Supplemental retirement savings plan
assets
99,339
96,739
Accounts receivable, long-term
13,311
11,857
Other long-term assets
178,644
177,127
Total assets
$
6,796,101
$
6,600,808
LIABILITIES AND SHAREHOLDERS’
EQUITY
Current liabilities:
Current portion of long-term debt
$
61,250
$
45,938
Accounts payable
287,142
198,177
Accrued compensation and benefits
316,514
372,354
Other accrued expenses and current
liabilities
413,354
377,502
Total current liabilities
1,078,260
993,971
Long-term debt, net of current portion
1,481,387
1,650,443
Supplemental retirement savings plan
obligations, net of current portion
111,208
104,912
Deferred income taxes
169,808
120,545
Operating lease liabilities,
noncurrent
325,046
329,432
Other long-term liabilities
112,185
177,171
Total liabilities
3,277,894
3,376,474
Total shareholders’ equity
3,518,207
3,224,334
Total liabilities and shareholders’
equity
$
6,796,101
$
6,600,808
CACI International Inc
Consolidated Statements of
Cash Flows (Unaudited)
(in thousands)
Twelve Months Ended
6/30/2024
6/30/2023
CASH FLOWS FROM OPERATING
ACTIVITIES
Net income
$
419,924
$
384,735
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization
142,145
141,564
Amortization of deferred financing
costs
2,194
2,233
Non-cash lease expense
67,898
69,400
Stock-based compensation expense
53,904
39,643
Deferred income taxes
(49,763
)
(146,013
)
Changes in operating assets and
liabilities, net of effect of business acquisitions:
Accounts receivable, net
(127,878
)
32,081
Prepaid expenses and other assets
580
(43,568
)
Accounts payable and other accrued
expenses
125,173
(6,629
)
Accrued compensation and benefits
(58,352
)
(34,422
)
Income taxes payable and receivable
(27,227
)
10,997
Operating lease liabilities
(73,905
)
(75,586
)
Long-term liabilities
22,638
13,621
Net cash provided by operating
activities
497,331
388,056
CASH FLOWS FROM INVESTING
ACTIVITIES
Capital expenditures
(63,686
)
(63,717
)
Acquisitions of businesses, net of cash
acquired
(90,240
)
(14,462
)
Other
1,974
2,462
Net cash used in investing activities
(151,952
)
(75,717
)
CASH FLOWS FROM FINANCING
ACTIVITIES
Proceeds from borrowings under bank credit
facilities
3,102,000
3,238,000
Principal payments made under bank credit
facilities
(3,257,938
)
(3,276,625
)
Proceeds from employee stock purchase
plans
11,290
10,225
Repurchases of common stock
(161,487
)
(273,235
)
Payment of taxes for equity
transactions
(20,760
)
(14,473
)
Net cash used in financing activities
(326,895
)
(316,108
)
Effect of exchange rate changes on cash
and cash equivalents
(299
)
4,741
Net change in cash and cash
equivalents
18,185
972
Cash and cash equivalents, beginning of
year
115,776
114,804
Cash and cash equivalents, end of year
$
133,961
$
115,776
Revenues by Customer Group
(Unaudited)
Three Months Ended
(in thousands)
6/30/2024
6/30/2023
$ Change
% Change
Department of Defense
$
1,532,329
75.2
%
$
1,263,390
74.2
%
$
268,939
21.3
%
Federal Civilian agencies
409,762
20.1
%
353,828
20.8
%
55,934
15.8
%
Commercial and other
96,204
4.7
%
85,883
5.0
%
10,321
12.0
%
Total
$
2,038,295
100.0
%
$
1,703,101
100.0
%
$
335,194
19.7
%
Twelve Months Ended
(in thousands)
6/30/2024
6/30/2023
$ Change
% Change
Department of Defense
$
5,695,408
74.4
%
$
4,817,470
71.9
%
$
877,938
18.2
%
Federal Civilian agencies
1,588,262
20.7
%
1,533,295
22.9
%
54,967
3.6
%
Commercial and other
376,162
4.9
%
351,781
5.2
%
24,381
6.9
%
Total
$
7,659,832
100.0
%
$
6,702,546
100.0
%
$
957,286
14.3
%
Revenues by Contract Type
(Unaudited)
Three Months Ended
(in thousands)
6/30/2024
6/30/2023
$ Change
% Change
Cost-plus-fee
$
1,243,561
61.0
%
$
999,947
58.8
%
$
243,614
24.4
%
Fixed-price
548,571
26.9
%
503,053
29.5
%
45,518
9.0
%
Time-and-materials
246,163
12.1
%
200,101
11.7
%
46,062
23.0
%
Total
$
2,038,295
100.0
%
$
1,703,101
100.0
%
$
335,194
19.7
%
Twelve Months Ended
(in thousands)
6/30/2024
6/30/2023
$ Change
% Change
Cost-plus-fee
$
4,654,689
60.8
%
$
3,896,725
58.1
%
$
757,964
19.5
%
Fixed-price
2,091,179
27.3
%
2,023,968
30.2
%
67,211
3.3
%
Time-and-materials
913,964
11.9
%
781,853
11.7
%
132,111
16.9
%
Total
$
7,659,832
100.0
%
$
6,702,546
100.0
%
$
957,286
14.3
%
Revenues by Prime or
Subcontractor (Unaudited)
Three Months Ended
(in thousands)
6/30/2024
6/30/2023
$ Change
% Change
Prime contractor
$
1,822,333
89.4
%
$
1,505,818
88.4
%
$
316,515
21.0
%
Subcontractor
215,962
10.6
%
197,283
11.6
%
18,679
9.5
%
Total
$
2,038,295
100.0
%
$
1,703,101
100.0
%
$
335,194
19.7
%
Twelve Months Ended
(in thousands)
6/30/2024
6/30/2023
$ Change
% Change
Prime contractor
$
6,849,849
89.4
%
$
5,973,700
89.1
%
$
876,149
14.7
%
Subcontractor
809,983
10.6
%
728,846
10.9
%
81,137
11.1
%
Total
$
7,659,832
100.0
%
$
6,702,546
100.0
%
$
957,286
14.3
%
Revenues by Expertise or
Technology (Unaudited)
Three Months Ended
(in thousands)
6/30/2024
6/30/2023
$ Change
% Change
Expertise
$
912,399
44.8
%
$
803,249
47.2
%
$
109,150
13.6
%
Technology
1,125,896
55.2
%
899,852
52.8
%
226,044
25.1
%
Total
$
2,038,295
100.0
%
$
1,703,101
100.0
%
$
335,194
19.7
%
Twelve Months Ended
(in thousands)
6/30/2024
6/30/2023
$ Change
% Change
Expertise
$
3,556,989
46.4
%
$
3,091,372
46.1
%
$
465,617
15.1
%
Technology
4,102,843
53.6
%
3,611,174
53.9
%
491,669
13.6
%
Total
$
7,659,832
100.0
%
$
6,702,546
100.0
%
$
957,286
14.3
%
Contract Awards
(Unaudited)
Three Months Ended
(in thousands)
6/30/2024
6/30/2023
$ Change
% Change
Contract Awards
$
5,420,636
$
2,324,891
$
3,095,745
133.2
%
Twelve Months Ended
(in thousands)
6/30/2024
6/30/2023
$ Change
% Change
Contract Awards
$
14,192,908
$
10,118,442
$
4,074,466
40.3
%
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
Twelve Months Ended
6/30/2024
6/30/2023
% Change
6/30/2024
6/30/2023
% Change
Net income, as reported
$
134,657
$
107,767
25.0
%
$
419,924
$
384,735
9.1
%
Intangible amortization expense
18,626
18,618
0.0
%
73,776
75,426
-2.2
%
Tax effect of intangible amortization1
(4,575
)
(4,524
)
1.1
%
(18,640
)
(19,236
)
-3.1
%
Adjusted net income
$
148,708
$
121,861
22.0
%
$
475,060
$
440,925
7.7
%
Three Months Ended
Twelve Months Ended
6/30/2024
6/30/2023
% Change
6/30/2024
6/30/2023
% Change
Diluted EPS, as reported
$
5.98
$
4.68
27.8
%
$
18.60
$
16.43
13.2
%
Intangible amortization expense
0.83
0.81
2.5
%
3.27
3.22
1.6
%
Tax effect of intangible amortization1
(0.20
)
(0.19
)
5.3
%
(0.82
)
(0.82
)
0.0
%
Adjusted diluted EPS
$
6.61
$
5.30
24.7
%
$
21.05
$
18.83
11.8
%
FY25 Current Guidance
Range
(in millions, except per share data)
Low End
High End
Net income, as reported
$
451
---
$
471
Intangible amortization expense
72
---
72
Tax effect of intangible amortization1
(18
)
---
(18
)
Adjusted net income
$
505
---
$
525
FY25 Current Guidance
Range
Low End
High End
Diluted EPS, as reported
$
20.04
---
$
20.93
Intangible amortization expense
3.20
---
3.20
Tax effect of intangible amortization1
(0.80
)
---
(0.80
)
Adjusted diluted EPS
$
22.44
---
$
23.33
(1)
Calculation uses an assumed full year
statutory tax rate of 25.3% and 25.5% on non-GAAP tax deductible
adjustments for June 30, 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 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
Twelve Months Ended
(in thousands)
6/30/2024
6/30/2023
% Change
6/30/2024
6/30/2023
% Change
Net income
$
134,657
$
107,767
25.0
%
$
419,924
$
384,735
9.1
%
Plus:
Income taxes
38,792
16,873
129.9
%
124,725
98,904
26.1
%
Interest income and expense, net
24,301
24,156
0.6
%
105,059
83,861
25.3
%
Depreciation and amortization expense,
including amounts within direct costs
37,125
36,898
0.6
%
148,293
148,482
-0.1
%
EBITDA
$
234,875
$
185,694
26.5
%
$
798,001
$
715,982
11.5
%
Three Months Ended
Twelve Months Ended
(in thousands)
6/30/2024
6/30/2023
% Change
6/30/2024
6/30/2023
% Change
Revenues, as reported
$
2,038,295
$
1,703,101
19.7
%
$
7,659,832
$
6,702,546
14.3
%
EBITDA
234,875
185,694
26.5
%
798,001
715,982
11.5
%
EBITDA margin
11.5%
10.9%
10.4%
10.7%
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
$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
Twelve Months Ended
(in thousands)
6/30/2024
6/30/2023
6/30/2024
6/30/2023
Net cash provided by operating
activities
$
157,208
$
152,102
$
497,331
$
388,056
Cash used in (provided by) MARPA
—
(27,310
)
(50,000
)
(42,215
)
Net cash provided by operating activities
excluding MARPA
157,208
124,792
447,331
345,841
Capital expenditures
(22,595
)
(22,873
)
(63,686
)
(63,717
)
Free cash flow
$
134,613
$
101,919
$
383,645
$
282,124
(in millions)
FY25 Current Guidance
Net cash provided by operating
activities
$
505
Cash used in (provided by) MARPA
—
Net cash provided by operating activities
excluding MARPA
505
Capital expenditures
(80
)
Free cash flow
$
425
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240807469805/en/
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
Grafico Azioni CACI (NYSE:CACI)
Storico
Da Set 2024 a Ott 2024
Grafico Azioni CACI (NYSE:CACI)
Storico
Da Ott 2023 a Ott 2024