Financial News

CACI Reports Results for Its Fiscal 2024 Fourth Quarter and Full Year and Issues Fiscal Year 2025 Guidance

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contacts

Corporate Communications and Media:

Lorraine Corcoran, Executive Vice President, Corporate Communications

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

Investor Relations:

George Price, Senior Vice President, Investor Relations

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

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