Annual revenues of $6.7 billion, up 8%
YoY
Annual net income of $384.7 million; Diluted
EPS of $16.43, up 6% YoY
Annual adjusted net income of $440.9
million; Adjusted diluted EPS of $18.83, up 6% YoY
Annual EBITDA of $716.0 million and EBITDA
margin of 10.7%, up 40 bps YoY
Annual contract awards of $10.1 billion and
book-to-bill of 1.5x
Company committed to continued growth,
strong margins, and healthy cash flow in Fiscal Year 2024
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,
2023, and issued guidance for fiscal year 2024.
“Our strong Fiscal Year 2023 financial performance is the result
of the consistent execution of our strategy,” said John Mengucci,
CACI President and Chief Executive Officer. “We delivered on our
commitments of top-line growth, margin expansion, and healthy cash
flow generation. We won significant new business, including
enterprise-scale IT modernization work with the Air Force,
exquisite cyber work in the intelligence community, and development
of the Navy’s next-generation shipboard signals intelligence and
electronic warfare platform. We deployed capital in a flexible and
opportunistic manner to drive value for our shareholders. And we
continued to invest in our business and our people to ensure CACI
remains positioned to deliver on our commitments in Fiscal Year
2024 and beyond.”
Fourth Quarter Results
(in millions, except earnings per share
and DSO)
Three Months Ended
6/30/2023
6/30/2022
% Change
Revenues
$
1,703.1
$
1,642.3
3.7
%
Income from operations
$
148.8
$
119.8
24.2
%
Net income
$
107.8
$
93.0
15.9
%
Adjusted net income, a non-GAAP
measure1
$
121.9
$
107.4
13.5
%
Diluted earnings per share
$
4.68
$
3.93
19.1
%
Adjusted diluted earnings per share, a
non-GAAP measure1
$
5.30
$
4.54
16.7
%
Earnings before interest, taxes,
depreciation and amortization (EBITDA), a non-GAAP measure1
$
185.7
$
157.1
18.2
%
Net cash provided by operating activities
excluding MARPA1
$
124.8
$
152.4
-18.1
%
Free cash flow, a non-GAAP measure1
$
101.9
$
116.6
-12.6
%
Days sales outstanding (DSO)2
48
55
(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, 2023 and 2022 exclude the impact of the Company's
Master Accounts Receivable Purchase Agreement (MARPA), which was a
reduction of 7 days and 8 days, respectively.
Revenues in the fourth quarter of fiscal year 2023 increased 4
percent year-over-year, driven by organic growth. The increase in
income from operations was driven by higher revenues and gross
profit. Diluted earnings per share and adjusted diluted earnings
per share increased due to higher operating income, partially
offset by higher interest expense. The decrease in cash from
operations, excluding MARPA was driven primarily by higher tax
payments.
Fourth Quarter Contract Awards
Contract awards in the fourth quarter totaled $2.3 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 a seven-year single-award indefinite delivery
indefinite quantity (IDIQ) mission technology contract, called
Spectral, with a $1.2 billion ceiling for the U.S. Navy’s Naval
Information Warfare Systems Command (NAVWAR). CACI recognized $600
million of award and backlog value based on current requirements in
its fourth quarter of fiscal year 2023. CACI will utilize its
industry-leading software development and electromagnetic spectrum
capabilities to develop and deploy the Navy’s next-generation
shipboard signals intelligence (SIGINT), electronic warfare (EW),
and information operations (IO) weapon systems.
- CACI was awarded a five-year, single-award $209 million mission
expertise prime contract by the U.S. Fleet Forces Command (USFFC)
to provide global logistics and technical training support to Naval
Forces Logistics (NFL). Under the expanded contract, CACI will
continue to provide advanced mission software and modern
capabilities needed to ensure readiness and decision advantage
across all domains.
- CACI was awarded a five-year single-award, indefinite delivery
indefinite quantity mission technology contract valued up to $125
million to continue providing vital full life cycle support for
Command, Control, Computers, Communications, Cyber, Intelligence,
Surveillance, and Reconnaissance (C5ISR) systems, including
engineering and design, rapid prototyping, fabrication, and
integration.
- CACI was awarded a five-year single-award, indefinite delivery
indefinite quantity (IDIQ) mission expertise contract valued up to
$76.3 million.
Total backlog as of June 30, 2023 was $25.8 billion compared
with $23.3 billion a year ago, an increase of 11 percent. Funded
backlog as of June 30, 2023 was $3.7 billion compared with $3.2
billion a year ago, an increase of 16 percent.
Additional Highlights
- CACI has been named to Forbes’ America’s Best Employers for
Diversity 2023 for the second consecutive year. According to
Forbes, companies were selected based on responses to an
independent survey of more than 45,000 employees in the U.S. who
work for companies with a minimum of 1,000 employees. Respondents
answered questions regarding age, gender, ethnicity, disability,
LGBTQIA+, and general diversity in their current workplace.
- CACI’s Bluestone Analytics and Torchlight AI (Torchlight)
announced a strategic partnership to provide the DarkPursuit
capability within the Torchlight Catalyst platform. This
partnership will provide Torchlight customers, mainly Special
Operations Forces (SOF), with safe and secure access to browse the
open, deep, and dark web.
Fiscal Year Results
(in millions, except earnings per
share)
Twelve Months Ended
6/30/2023
6/30/2022
% Change
Revenues
$
6,702.5
$
6,202.9
8.1
%
Income from operations
$
567.5
$
496.3
14.3
%
Net income
$
384.7
$
366.8
4.9
%
Adjusted net income, a non-GAAP
measure1
$
440.9
$
421.7
4.6
%
Diluted earnings per share
$
16.43
$
15.49
6.1
%
Adjusted diluted earnings per share, a
non-GAAP measure1
$
18.83
$
17.81
5.7
%
Earnings before interest, taxes,
depreciation and amortization (EBITDA), a non-GAAP measure1
$
716.0
$
637.5
12.3
%
Net cash provided by operating activities
excluding MARPA1
$
345.8
$
769.8
-55.1
%
Free cash flow, a non-GAAP measure1
$
282.1
$
695.2
-59.4
%
(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 2023 increased 8 percent year-over-year,
driven by 6 percent organic growth as well as revenues from
acquisitions completed during the prior year. The increase in
income from operations was driven by higher revenues and gross
profit. Diluted earnings per share and adjusted diluted earnings
per share increased due to higher income from operations, partially
offset by higher interest expense and a higher tax rate. The
decrease in cash from operations, excluding MARPA, was driven by
tax benefits in the prior year from method changes enacted at the
end of fiscal year 2021, as well as higher tax payments primarily
related to Section 174 of the Tax Cuts and Jobs Act of 2017.
Fiscal Year 2024 Guidance
The table below summarizes our fiscal year 2024 guidance and
represents our views as of August 9, 2023.
(in millions, except earnings per
share)
Fiscal Year 2024
Guidance
Revenues
$7,000 - $7,200
Adjusted net income, a non-GAAP
measure1
$440 - $465
Adjusted diluted earnings per share, a
non-GAAP measure1
$19.13 - $20.22
Diluted weighted average shares
23.0
Free cash flow, a non-GAAP measure2
at least $400
(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. 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, August 10, 2023 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 23,000 talented and
dynamic employees are ever vigilant in delivering distinctive
expertise and 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
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
6/30/2023
6/30/2022
% Change
6/30/2023
6/30/2022
% Change
Revenues
$
1,703,101
$
1,642,261
3.7
%
$
6,702,546
$
6,202,917
8.1
%
Costs of revenues:
Direct costs
1,108,861
1,080,818
2.6
%
4,402,728
4,051,188
8.7
%
Indirect costs and selling expenses
410,135
406,409
0.9
%
1,590,754
1,520,719
4.6
%
Depreciation and amortization
35,309
35,197
0.3
%
141,564
134,681
5.1
%
Total costs of revenues
1,554,305
1,522,424
2.1
%
6,135,046
5,706,588
7.5
%
Income from operations
148,796
119,837
24.2
%
567,500
496,329
14.3
%
Interest expense and other, net
24,156
11,266
114.4
%
83,861
41,757
100.8
%
Income before income taxes
124,640
108,571
14.8
%
483,639
454,572
6.4
%
Income taxes
16,873
15,602
8.1
%
98,904
87,778
12.7
%
Net income
$
107,767
$
92,969
15.9
%
$
384,735
$
366,794
4.9
%
Basic earnings per share
$
4.73
$
3.97
19.1
%
$
16.59
$
15.64
6.1
%
Diluted earnings per share
$
4.68
$
3.93
19.1
%
$
16.43
$
15.49
6.1
%
Weighted average shares used in per share
computations:
Weighted-average basic shares
outstanding
22,795
23,415
-2.6
%
23,196
23,446
-1.1
%
Weighted-average diluted shares
outstanding
23,012
23,647
-2.7
%
23,413
23,677
-1.1
%
CACI International Inc
Consolidated Balance Sheets
(Unaudited)
(in thousands)
6/30/2023
6/30/2022
ASSETS
Current assets:
Cash and cash equivalents
$
115,776
$
114,804
Accounts receivable, net
894,946
926,144
Prepaid expenses and other current
assets
199,315
168,690
Total current assets
1,210,037
1,209,638
Goodwill
4,084,705
4,058,291
Intangible assets, net
507,835
581,385
Property, plant and equipment, net
199,519
205,622
Operating lease right-of-use assets
312,989
317,359
Supplemental retirement savings plan
assets
96,739
96,114
Accounts receivable, long-term
11,857
10,199
Other long-term assets
177,127
150,823
Total assets
$
6,600,808
$
6,629,431
LIABILITIES AND SHAREHOLDERS’
EQUITY
Current liabilities:
Current portion of long-term debt
$
45,938
$
30,625
Accounts payable
198,177
303,443
Accrued compensation and benefits
372,354
405,722
Other accrued expenses and current
liabilities
377,502
287,571
Total current liabilities
993,971
1,027,361
Long-term debt, net of current portion
1,650,443
1,702,148
Supplemental retirement savings plan
obligations, net of current portion
104,912
102,127
Deferred income taxes
120,545
356,841
Operating lease liabilities,
noncurrent
329,432
315,315
Other long-term liabilities
177,171
72,096
Total liabilities
3,376,474
3,575,888
Total shareholders’ equity
3,224,334
3,053,543
Total liabilities and shareholders’
equity
$
6,600,808
$
6,629,431
CACI International Inc
Consolidated Statements of
Cash Flows (Unaudited)
(in thousands)
Twelve Months Ended
6/30/2023
6/30/2022
CASH FLOWS FROM OPERATING
ACTIVITIES
Net income
$
384,735
$
366,794
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization
141,564
134,681
Amortization of deferred financing
costs
2,233
2,276
Loss on extinguishment of debt
—
891
Non-cash lease expense
69,400
69,382
Stock-based compensation expense
39,643
31,732
Deferred income taxes
(146,013
)
9,570
Changes in operating assets and
liabilities, net of effect of business acquisitions:
Accounts receivable, net
32,081
(4,463
)
Prepaid expenses and other assets
(43,568
)
(13,605
)
Accounts payable and other accrued
expenses
(6,629
)
80,874
Accrued compensation and benefits
(34,422
)
(55,037
)
Income taxes payable and receivable
10,997
187,854
Operating lease liabilities
(75,586
)
(74,080
)
Long-term liabilities
13,621
8,685
Net cash provided by operating
activities
388,056
745,554
CASH FLOWS FROM INVESTING
ACTIVITIES
Capital expenditures
(63,717
)
(74,564
)
Acquisitions of businesses, net of cash
acquired
(14,462
)
(615,508
)
Other
2,462
923
Net cash used in investing activities
(75,717
)
(689,149
)
CASH FLOWS FROM FINANCING
ACTIVITIES
Proceeds from borrowings under bank credit
facilities
3,238,000
2,508,595
Principal payments made under bank credit
facilities
(3,276,625
)
(2,508,542
)
Payment of financing costs under bank
credit facilities
—
(6,286
)
Proceeds from employee stock purchase
plans
10,225
9,728
Repurchases of common stock
(273,235
)
(9,785
)
Payment of taxes for equity
transactions
(14,473
)
(14,919
)
Net cash used in financing activities
(316,108
)
(21,209
)
Effect of exchange rate changes on cash
and cash equivalents
4,741
(8,423
)
Net change in cash and cash
equivalents
972
26,773
Cash and cash equivalents, beginning of
year
114,804
88,031
Cash and cash equivalents, end of year
$
115,776
$
114,804
Revenues by Customer Group
(Unaudited)
Three Months Ended
(in thousands)
6/30/2023
6/30/2022
$ Change
% Change
Department of Defense
$
1,263,390
74.2
%
$
1,175,521
71.6
%
$
87,869
7.5
%
Federal Civilian agencies
353,828
20.8
%
383,393
23.3
%
(29,565
)
-7.7
%
Commercial and other
85,883
5.0
%
83,347
5.1
%
2,536
3.0
%
Total
$
1,703,101
100.0
%
$
1,642,261
100.0
%
$
60,840
3.7
%
Twelve Months Ended
(in thousands)
6/30/2023
6/30/2022
$ Change
% Change
Department of Defense
$
4,817,470
71.9
%
$
4,331,327
69.8
%
$
486,143
11.2
%
Federal Civilian agencies
1,533,295
22.9
%
1,549,791
25.0
%
(16,496
)
-1.1
%
Commercial and other
351,781
5.2
%
321,799
5.2
%
29,982
9.3
%
Total
$
6,702,546
100.0
%
$
6,202,917
100.0
%
$
499,629
8.1
%
Revenues by Contract Type
(Unaudited)
Three Months Ended
(in thousands)
6/30/2023
6/30/2022
$ Change
% Change
Cost-plus-fee
$
999,947
58.8
%
$
959,664
58.4
%
$
40,283
4.2
%
Fixed-price
503,053
29.5
%
479,052
29.2
%
24,001
5.0
%
Time-and-materials
200,101
11.7
%
203,545
12.4
%
(3,444
)
-1.7
%
Total
$
1,703,101
100.0
%
$
1,642,261
100.0
%
$
60,840
3.7
%
Twelve Months Ended
(in thousands)
6/30/2023
6/30/2022
$ Change
% Change
Cost-plus-fee
$
3,896,725
58.1
%
$
3,632,359
58.6
%
$
264,366
7.3
%
Fixed-price
2,023,968
30.2
%
1,823,221
29.4
%
200,747
11.0
%
Time-and-materials
781,853
11.7
%
747,337
12.0
%
34,516
4.6
%
Total
$
6,702,546
100.0
%
$
6,202,917
100.0
%
$
499,629
8.1
%
Revenues by Prime or
Subcontractor (Unaudited)
Three Months Ended
(in thousands)
6/30/2023
6/30/2022
$ Change
% Change
Prime contractor
$
1,505,818
88.4
%
$
1,467,712
89.4
%
$
38,106
2.6
%
Subcontractor
197,283
11.6
%
174,549
10.6
%
22,734
13.0
%
Total
$
1,703,101
100.0
%
$
1,642,261
100.0
%
$
60,840
3.7
%
Twelve Months Ended
(in thousands)
6/30/2023
6/30/2022
$ Change
% Change
Prime contractor
$
5,973,700
89.1
%
$
5,564,922
89.7
%
$
408,778
7.3
%
Subcontractor
728,846
10.9
%
637,995
10.3
%
90,851
14.2
%
Total
$
6,702,546
100.0
%
$
6,202,917
100.0
%
$
499,629
8.1
%
Revenues by Expertise or
Technology (Unaudited)
Three Months Ended
(in thousands)
6/30/2023
6/30/2022
$ Change
% Change
Expertise
$
803,249
47.2
%
$
763,763
46.5
%
$
39,486
5.2
%
Technology
899,852
52.8
%
878,498
53.5
%
21,354
2.4
%
Total
$
1,703,101
100.0
%
$
1,642,261
100.0
%
$
60,840
3.7
%
Twelve Months Ended
(in thousands)
6/30/2023
6/30/2022
$ Change
% Change
Expertise
$
3,091,372
46.1
%
$
2,869,317
46.3
%
$
222,055
7.7
%
Technology
3,611,174
53.9
%
3,333,600
53.7
%
277,574
8.3
%
Total
$
6,702,546
100.0
%
$
6,202,917
100.0
%
$
499,629
8.1
%
Contract Awards
(Unaudited)
Three Months Ended
(in thousands)
6/30/2023
6/30/2022
$ Change
% Change
Contract Awards
$
2,324,891
$
1,544,460
$
780,431
50.5
%
Twelve Months Ended
(in thousands)
6/30/2023
6/30/2022
$ Change
% Change
Contract Awards
$
10,118,442
$
7,107,824
$
3,010,618
42.4
%
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
6/30/2023
6/30/2022
% Change
6/30/2023
6/30/2022
% Change
Net income, as reported
$
107,767
$
92,969
15.9%
$
384,735
$
366,794
4.9%
Intangible amortization expense
18,618
19,189
-3.0%
75,426
74,133
1.7%
Tax effect of intangible amortization1
(4,524
)
(4,753
)
-4.8%
(19,236
)
(19,199
)
0.2%
Adjusted net income
$
121,861
$
107,405
13.5%
$
440,925
$
421,728
4.6%
Three Months Ended
Twelve Months Ended
6/30/2023
6/30/2022
% Change
6/30/2023
6/30/2022
% Change
Diluted EPS, as reported
$
4.68
$
3.93
19.1%
$
16.43
$
15.49
6.1%
Intangible amortization expense
0.81
0.81
0.0%
3.22
3.13
2.9%
Tax effect of intangible amortization1
(0.19
)
(0.20
)
-5.0%
(0.82
)
(0.81
)
1.2%
Adjusted diluted EPS
$
5.30
$
4.54
16.7%
$
18.83
$
17.81
5.7%
FY24 Current Guidance
Range
(in millions, except per share data)
Low End
High End
Net income, as reported
$
386
---
$
411
Intangible amortization expense
72
---
72
Tax effect of intangible amortization1
(18
)
---
(18
)
Adjusted net income
$
440
---
$
465
FY24 Current Guidance
Range
Low End
High End
Diluted EPS, as reported
$
16.78
---
$
17.87
Intangible amortization expense
3.13
---
3.13
Tax effect of intangible amortization1
(0.78
)
---
(0.78
)
Adjusted diluted EPS
$
19.13
---
$
20.22
(1)
Calculation uses an assumed full year
statutory tax rate of 25.5% and 25.9% on non-GAAP tax deductible
adjustments for June 30, 2023 and 2022, 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)
6/30/2023
6/30/2022
% Change
6/30/2023
6/30/2022
% Change
Net income
$
107,767
$
92,969
15.9%
$
384,735
$
366,794
4.9%
Plus:
Income taxes
16,873
15,602
8.1%
98,904
87,778
12.7%
Interest income and expense, net
24,156
11,266
114.4%
83,861
41,757
100.8%
Depreciation and amortization expense,
including amounts within direct costs
36,898
37,255
-1.0%
148,482
141,179
5.2%
EBITDA
$
185,694
$
157,092
18.2%
$
715,982
$
637,508
12.3%
Three Months Ended
Twelve Months Ended
(in thousands)
6/30/2023
6/30/2022
% Change
6/30/2023
6/30/2022
% Change
Revenues, as reported
$
1,703,101
$
1,642,261
3.7%
$
6,702,546
$
6,202,917
8.1%
EBITDA
185,694
157,092
18.2%
715,982
637,508
12.3%
EBITDA margin
10.9%
9.6%
10.7%
10.3%
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 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)
6/30/2023
6/30/2022
6/30/2023
6/30/2022
Net cash provided by operating
activities
$
152,102
$
152,541
$
388,056
$
745,554
Cash used in (provided by) MARPA
(27,310
)
(118
)
(42,215
)
24,242
Net cash provided by operating activities
excluding MARPA
124,792
152,423
345,841
769,796
Capital expenditures
(22,873
)
(35,822
)
(63,717
)
(74,564
)
Free cash flow
$
101,919
$
116,601
$
282,124
$
695,232
(in millions)
FY24 Current Guidance
Net cash provided by operating
activities
$
490
Cash used in (provided by) MARPA
—
Net cash provided by operating activities
excluding MARPA
490
Capital expenditures
(90
)
Free cash flow
$
400
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230809772368/en/
Corporate Communications and Media: Lorraine Corcoran, Executive
Vice President, Corporate Communications (703) 434-4165,
lorraine.corcoran@caci.com
Investor Relations: Daniel Leckburg, Senior Vice President,
Investor Relations (703) 841-7666, dleckburg@caci.com
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