CACI Reports Results for Its Fiscal 2024 Third Quarter and Raises Fiscal Year Guidance
Revenues of
Net income of
Adjusted net income of
EBITDA margin of 11.3%, +200 basis points sequentially
Contract awards of
Raising Fiscal Year 2024 guidance for revenue, adjusted net income, and adjusted diluted EPS
“CACI’s outstanding performance reflects the continued successful execution of our strategy. We’re winning and delivering in the marketplace with differentiated capabilities, exceptional business development, and program execution,” said
Third Quarter Results
(in millions, except earnings per share and DSO) |
Three Months Ended |
|||||||
|
|
|
|
% Change |
||||
Revenues |
$ |
1,937.5 |
|
$ |
1,744.3 |
|
11.1 |
% |
Income from operations |
$ |
181.3 |
|
$ |
155.0 |
|
16.9 |
% |
Net income |
$ |
115.4 |
|
$ |
100.7 |
|
14.5 |
% |
Adjusted net income, a non-GAAP measure1 |
$ |
129.0 |
|
$ |
114.5 |
|
12.7 |
% |
Diluted earnings per share |
$ |
5.13 |
|
$ |
4.33 |
|
18.5 |
% |
Adjusted diluted earnings per share, a non-GAAP measure1 |
$ |
5.74 |
|
$ |
4.92 |
|
16.7 |
% |
Earnings before interest, taxes, depreciation and amortization (EBITDA), a non-GAAP measure1 |
$ |
218.0 |
|
$ |
191.8 |
|
13.6 |
% |
Net cash provided by operating activities excluding MARPA1 |
$ |
113.6 |
|
$ |
56.1 |
|
102.4 |
% |
Free cash flow, a non-GAAP measure1 |
$ |
101.9 |
|
$ |
41.0 |
|
148.9 |
% |
Days sales outstanding (DSO)2 |
|
50 |
|
|
53 |
|
|
(1) |
This non-GAAP measure should not be considered in isolation or as a substitute for measures prepared in accordance with GAAP. For additional information regarding this non-GAAP measure, see the related explanation and reconciliation to the GAAP measure included below in this release. |
|
(2) |
The DSO calculations for three months ended |
Revenues in the third quarter of fiscal year 2024 increased 11 percent year-over-year, driven by 10 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 and higher interest expense. The increase in cash from operations, excluding MARPA, was driven primarily by strong working capital and capital expenditure management, and higher net income.
Third Quarter Contract Awards
Contract awards in the third quarter totaled
-
A five-year task order worth a total estimated value of
$1.3 billion to provide communications and information technology expertise toU.S. European Command (USEUCOM) andU.S. Africa Command (USAFRICOM). This work continues and expands CACI’s current relationship with these two 4-star commands, service component commands, and associated staff elements and organizations, by providing innovative IT solutions and expertise tailored to their missions to execute global multi-domain operations withNATO , allies, and mission partners to prevent conflict and respond in crisis. -
A
$638 million task order to provide enterprise product support to theDepartment of Defense (DoD ) for five years, enabling faster and more effective development and dissemination of actionable intelligence. -
A five-year
DoD logistics and sustainment support task order worth up to$271 million . -
A task order valued at up to
$199 million over five years to provide expertise to theDoD for tactical command, control, and communications support across the warfighting functions of movement and maneuver, command and control, fires, sustainment, protection, intelligence, and engagement. - An order of counter-unmanned aircraft systems (C-UAS) by the Canadian Armed Forces that will defeat unmanned aerial vehicle threats, including small drones.
Total backlog as of
Additional Highlights
- Fortune magazine recognized CACI as one of the World’s Most Admired Companies in 2024, commemorating its seventh consecutive year on the list and its 13th appearance since the list’s inception. CACI received notable results in Fortune’s survey criteria for the quality of its expertise and technology, long-term investment strategy, financial soundness, and social responsibility. CACI was chosen from among approximately 1,500 global companies considered by Fortune.
-
For the fourth consecutive year, CACI was named a
Top Workplace USA by employee engagement technology partnerEnergage, LLC . This latest accolade is a result of the company’s strong culture, total rewards, and legacy spanning more than 60 years. -
Twenty one CACI employees were honored for their excellence in science, technology, engineering, and math (STEM) at the 38th annual Black Engineer of the
Year Awards (BEYA) Global Competitiveness Conference heldFeb. 15-17 inBaltimore, Maryland .
Fiscal Year 2024 Guidance
The table below summarizes our fiscal year 2024 guidance and represents our views as of
(in millions, except earnings per share) |
Fiscal Year 2024 |
||
Current Guidance |
|
Prior Guidance |
|
Revenues |
|
|
|
Adjusted net income, a non-GAAP measure1 |
|
|
|
Adjusted diluted earnings per share, a non-GAAP measure1 |
|
|
|
Diluted weighted average shares |
22.6 |
|
22.6 |
Free cash flow, a non-GAAP measure2 |
at least |
|
at least |
(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 |
Conference Call Information
We have scheduled a conference call for
About CACI
At
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
Consolidated Statements of Operations (Unaudited) (in thousands, except per share data) |
|||||||||||||||||
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||||
|
|
|
|
|
% Change |
|
|
|
|
|
% Change |
||||||
Revenues |
$ |
1,937,456 |
|
$ |
1,744,270 |
|
11.1 |
% |
|
$ |
5,621,537 |
|
$ |
4,999,445 |
|
12.4 |
% |
Costs of revenues: |
|
|
|
|
|
|
|
|
|
|
|
||||||
Direct costs |
|
1,290,903 |
|
|
1,143,781 |
|
12.9 |
% |
|
|
3,819,072 |
|
|
3,293,867 |
|
15.9 |
% |
Indirect costs and selling expenses |
|
430,134 |
|
|
410,235 |
|
4.9 |
% |
|
|
1,244,122 |
|
|
1,180,619 |
|
5.4 |
% |
Depreciation and amortization |
|
35,115 |
|
|
35,220 |
|
-0.3 |
% |
|
|
106,385 |
|
|
106,255 |
|
0.1 |
% |
Total costs of revenues |
|
1,756,152 |
|
|
1,589,236 |
|
10.5 |
% |
|
|
5,169,579 |
|
|
4,580,741 |
|
12.9 |
% |
Income from operations |
|
181,304 |
|
|
155,034 |
|
16.9 |
% |
|
|
451,958 |
|
|
418,704 |
|
7.9 |
% |
Interest expense and other, net |
|
27,668 |
|
|
23,570 |
|
17.4 |
% |
|
|
80,758 |
|
|
59,705 |
|
35.3 |
% |
Income before income taxes |
|
153,636 |
|
|
131,464 |
|
16.9 |
% |
|
|
371,200 |
|
|
358,999 |
|
3.4 |
% |
Income taxes |
|
38,286 |
|
|
30,722 |
|
24.6 |
% |
|
|
85,933 |
|
|
82,031 |
|
4.8 |
% |
Net income |
$ |
115,350 |
|
$ |
100,742 |
|
14.5 |
% |
|
$ |
285,267 |
|
$ |
276,968 |
|
3.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Basic earnings per share |
$ |
5.17 |
|
$ |
4.37 |
|
18.3 |
% |
|
$ |
12.73 |
|
$ |
11.87 |
|
7.2 |
% |
Diluted earnings per share |
$ |
5.13 |
|
$ |
4.33 |
|
18.5 |
% |
|
$ |
12.63 |
|
$ |
11.76 |
|
7.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Weighted average shares used in per share computations: |
|
|
|
|
|
|
|
|
|
|
|
||||||
Weighted-average basic shares outstanding |
|
22,292 |
|
|
23,055 |
|
-3.3 |
% |
|
|
22,407 |
|
|
23,329 |
|
-4.0 |
% |
Weighted-average diluted shares outstanding |
|
22,478 |
|
|
23,277 |
|
-3.4 |
% |
|
|
22,593 |
|
|
23,546 |
|
-4.0 |
% |
Consolidated Balance Sheets (Unaudited) (in thousands) |
|||||
|
|
|
|
||
ASSETS |
|
|
|
||
Current assets: |
|
|
|
||
Cash and cash equivalents |
$ |
159,226 |
|
$ |
115,776 |
Accounts receivable, net |
|
1,013,677 |
|
|
894,946 |
Prepaid expenses and other current assets |
|
220,623 |
|
|
199,315 |
Total current assets |
|
1,393,526 |
|
|
1,210,037 |
|
|
|
|
||
|
|
4,138,450 |
|
|
4,084,705 |
Intangible assets, net |
|
490,004 |
|
|
507,835 |
Property, plant and equipment, net |
|
188,226 |
|
|
199,519 |
Operating lease right-of-use assets |
|
303,926 |
|
|
312,989 |
Supplemental retirement savings plan assets |
|
98,962 |
|
|
96,739 |
Accounts receivable, long-term |
|
12,557 |
|
|
11,857 |
Other long-term assets |
|
178,733 |
|
|
177,127 |
Total assets |
$ |
6,804,384 |
|
$ |
6,600,808 |
|
|
|
|
||
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
||
Current liabilities: |
|
|
|
||
Current portion of long-term debt |
$ |
61,250 |
|
$ |
45,938 |
Accounts payable |
|
363,451 |
|
|
198,177 |
Accrued compensation and benefits |
|
257,485 |
|
|
372,354 |
Other accrued expenses and current liabilities |
|
402,656 |
|
|
377,502 |
Total current liabilities |
|
1,084,842 |
|
|
993,971 |
|
|
|
|
||
Long-term debt, net of current portion |
|
1,631,150 |
|
|
1,650,443 |
Supplemental retirement savings plan obligations, net of current portion |
|
112,455 |
|
|
104,912 |
Deferred income taxes |
|
36,616 |
|
|
120,545 |
Operating lease liabilities, noncurrent |
|
321,324 |
|
|
329,432 |
Other long-term liabilities |
|
252,633 |
|
|
177,171 |
Total liabilities |
|
3,439,020 |
|
|
3,376,474 |
|
|
|
|
||
Total shareholders' equity |
|
3,365,364 |
|
|
3,224,334 |
Total liabilities and shareholders' equity |
$ |
6,804,384 |
|
$ |
6,600,808 |
Consolidated Statements of Cash Flows (Unaudited) (in thousands) |
|||||||
|
Nine Months Ended |
||||||
|
|
|
|
||||
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
|
||||
Net income |
$ |
285,267 |
|
|
$ |
276,968 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
||||
Depreciation and amortization |
|
106,385 |
|
|
|
106,255 |
|
Amortization of deferred financing costs |
|
1,644 |
|
|
|
1,688 |
|
Non-cash lease expense |
|
50,765 |
|
|
|
52,293 |
|
Stock-based compensation expense |
|
35,016 |
|
|
|
30,564 |
|
Deferred income taxes |
|
(36,231 |
) |
|
|
(84,794 |
) |
Changes in operating assets and liabilities, net of effect of business acquisitions: |
|
|
|
||||
Accounts receivable, net |
|
(109,617 |
) |
|
|
(80,116 |
) |
Prepaid expenses and other assets |
|
(24,254 |
) |
|
|
(42,137 |
) |
Accounts payable and other accrued expenses |
|
179,922 |
|
|
|
62,116 |
|
Accrued compensation and benefits |
|
(117,580 |
) |
|
|
(62,522 |
) |
Income taxes payable and receivable |
|
2,483 |
|
|
|
28,825 |
|
Operating lease liabilities |
|
(55,111 |
) |
|
|
(58,667 |
) |
Long-term liabilities |
|
21,434 |
|
|
|
5,481 |
|
Net cash provided by operating activities |
|
340,123 |
|
|
|
235,954 |
|
|
|
|
|
||||
CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
|
||||
Capital expenditures |
|
(41,091 |
) |
|
|
(40,844 |
) |
Acquisitions of businesses, net of cash acquired |
|
(81,577 |
) |
|
|
— |
|
Other |
|
1,974 |
|
|
|
1,626 |
|
Net cash used in investing activities |
|
(120,694 |
) |
|
|
(39,218 |
) |
|
|
|
|
||||
CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
|
||||
Proceeds from borrowings under bank credit facilities |
|
2,421,000 |
|
|
|
2,384,000 |
|
Principal payments made under bank credit facilities |
|
(2,426,625 |
) |
|
|
(2,314,969 |
) |
Proceeds from employee stock purchase plans |
|
8,374 |
|
|
|
7,638 |
|
Repurchases of common stock |
|
(158,426 |
) |
|
|
(270,449 |
) |
Payment of taxes for equity transactions |
|
(19,945 |
) |
|
|
(14,115 |
) |
Net cash used in financing activities |
|
(175,622 |
) |
|
|
(207,895 |
) |
Effect of exchange rate changes on cash and cash equivalents |
|
(357 |
) |
|
|
3,144 |
|
Net change in cash and cash equivalents |
|
43,450 |
|
|
|
(8,015 |
) |
Cash and cash equivalents, beginning of period |
|
115,776 |
|
|
|
114,804 |
|
Cash and cash equivalents, end of period |
$ |
159,226 |
|
|
$ |
106,789 |
|
Revenues by |
||||||||||||||||||
|
Three Months Ended |
|||||||||||||||||
(in thousands) |
|
|
|
|
$ Change |
|
% Change |
|||||||||||
|
$ |
1,452,264 |
|
74.9 |
% |
|
$ |
1,298,700 |
|
74.4 |
% |
|
$ |
153,564 |
|
|
11.8 |
% |
Federal Civilian agencies |
|
381,214 |
|
19.7 |
% |
|
|
355,612 |
|
20.4 |
% |
|
|
25,602 |
|
|
7.2 |
% |
Commercial and other |
|
103,978 |
|
5.4 |
% |
|
|
89,958 |
|
5.2 |
% |
|
|
14,020 |
|
|
15.6 |
% |
Total |
$ |
1,937,456 |
|
100.0 |
% |
|
$ |
1,744,270 |
|
100.0 |
% |
|
$ |
193,186 |
|
|
11.1 |
% |
|
Nine Months Ended |
|||||||||||||||||
(in thousands) |
|
|
|
|
$ Change |
|
% Change |
|||||||||||
|
$ |
4,163,079 |
|
74.0 |
% |
|
$ |
3,554,080 |
|
71.1 |
% |
|
$ |
608,999 |
|
|
17.1 |
% |
Federal Civilian agencies |
|
1,178,500 |
|
21.0 |
% |
|
|
1,179,467 |
|
23.6 |
% |
|
|
(967 |
) |
|
-0.1 |
% |
Commercial and other |
|
279,958 |
|
5.0 |
% |
|
|
265,898 |
|
5.3 |
% |
|
|
14,060 |
|
|
5.3 |
% |
Total |
$ |
5,621,537 |
|
100.0 |
% |
|
$ |
4,999,445 |
|
100.0 |
% |
|
$ |
622,092 |
|
|
12.4 |
% |
Revenues by Contract Type (Unaudited) |
||||||||||||||||||
|
Three Months Ended |
|||||||||||||||||
(in thousands) |
|
|
|
|
$ Change |
|
% Change |
|||||||||||
Cost-plus-fee |
$ |
1,174,219 |
|
60.6 |
% |
|
$ |
1,008,688 |
|
57.8 |
% |
|
$ |
165,531 |
|
|
16.4 |
% |
Fixed-price |
|
520,987 |
|
26.9 |
% |
|
|
529,786 |
|
30.4 |
% |
|
|
(8,799 |
) |
|
-1.7 |
% |
Time-and-materials |
|
242,250 |
|
12.5 |
% |
|
|
205,796 |
|
11.8 |
% |
|
|
36,454 |
|
|
17.7 |
% |
Total |
$ |
1,937,456 |
|
100.0 |
% |
|
$ |
1,744,270 |
|
100.0 |
% |
|
$ |
193,186 |
|
|
11.1 |
% |
|
Nine Months Ended |
|||||||||||||||||
(in thousands) |
|
|
|
|
$ Change |
|
% Change |
|||||||||||
Cost-plus-fee |
$ |
3,411,128 |
|
60.7 |
% |
|
$ |
2,896,778 |
|
58.0 |
% |
|
$ |
514,350 |
|
|
17.8 |
% |
Fixed-price |
|
1,542,608 |
|
27.4 |
% |
|
|
1,520,915 |
|
30.4 |
% |
|
|
21,693 |
|
|
1.4 |
% |
Time-and-materials |
|
667,801 |
|
11.9 |
% |
|
|
581,752 |
|
11.6 |
% |
|
|
86,049 |
|
|
14.8 |
% |
Total |
$ |
5,621,537 |
|
100.0 |
% |
|
$ |
4,999,445 |
|
100.0 |
% |
|
$ |
622,092 |
|
|
12.4 |
% |
Revenues by Prime or Subcontractor (Unaudited) |
|||||||||||||||||
|
Three Months Ended |
||||||||||||||||
(in thousands) |
|
|
|
|
$ Change |
|
% Change |
||||||||||
Prime contractor |
$ |
1,741,777 |
|
89.9 |
% |
|
$ |
1,556,733 |
|
89.2 |
% |
|
$ |
185,044 |
|
11.9 |
% |
Subcontractor |
|
195,679 |
|
10.1 |
% |
|
|
187,537 |
|
10.8 |
% |
|
|
8,142 |
|
4.3 |
% |
Total |
$ |
1,937,456 |
|
100.0 |
% |
|
$ |
1,744,270 |
|
100.0 |
% |
|
$ |
193,186 |
|
11.1 |
% |
|
Nine Months Ended |
||||||||||||||||
(in thousands) |
|
|
|
|
$ Change |
|
% Change |
||||||||||
Prime contractor |
$ |
5,027,516 |
|
89.4 |
% |
|
$ |
4,467,882 |
|
89.4 |
% |
|
$ |
559,634 |
|
12.5 |
% |
Subcontractor |
|
594,021 |
|
10.6 |
% |
|
|
531,563 |
|
10.6 |
% |
|
|
62,458 |
|
11.7 |
% |
Total |
$ |
5,621,537 |
|
100.0 |
% |
|
$ |
4,999,445 |
|
100.0 |
% |
|
$ |
622,092 |
|
12.4 |
% |
Revenues by Expertise or Technology (Unaudited) |
|||||||||||||||||
|
Three Months Ended |
||||||||||||||||
(in thousands) |
|
|
|
|
$ Change |
|
% Change |
||||||||||
Expertise |
$ |
916,955 |
|
47.3 |
% |
|
$ |
812,300 |
|
46.6 |
% |
|
$ |
104,655 |
|
12.9 |
% |
Technology |
|
1,020,501 |
|
52.7 |
% |
|
|
931,970 |
|
53.4 |
% |
|
|
88,531 |
|
9.5 |
% |
Total |
$ |
1,937,456 |
|
100.0 |
% |
|
$ |
1,744,270 |
|
100.0 |
% |
|
$ |
193,186 |
|
11.1 |
% |
|
Nine Months Ended |
||||||||||||||||
(in thousands) |
|
|
|
|
$ Change |
|
% Change |
||||||||||
Expertise |
$ |
2,644,590 |
|
47.0 |
% |
|
$ |
2,288,123 |
|
45.8 |
% |
|
$ |
356,467 |
|
15.6 |
% |
Technology |
|
2,976,947 |
|
53.0 |
% |
|
|
2,711,322 |
|
54.2 |
% |
|
|
265,625 |
|
9.8 |
% |
Total |
$ |
5,621,537 |
|
100.0 |
% |
|
$ |
4,999,445 |
|
100.0 |
% |
|
$ |
622,092 |
|
12.4 |
% |
Contract Awards (Unaudited) |
|||||||||||
|
Three Months Ended |
||||||||||
(in thousands) |
|
|
|
|
$ Change |
|
% Change |
||||
Contract Awards |
$ |
3,503,358 |
|
$ |
1,059,094 |
|
$ |
2,444,264 |
|
230.8 |
% |
|
Nine Months Ended |
||||||||||
(in thousands) |
|
|
|
|
$ Change |
|
% Change |
||||
Contract Awards |
$ |
8,772,272 |
|
$ |
7,793,551 |
|
$ |
978,721 |
|
12.6 |
% |
Reconciliation of Net Income to Adjusted Net Income and Diluted EPS to Adjusted Diluted EPS (Unaudited)
Adjusted net income and Adjusted diluted EPS are non-GAAP performance measures. We define Adjusted net income and Adjusted diluted EPS as GAAP net income and GAAP diluted EPS, respectively, excluding intangible amortization expense and the related tax impact as we do not consider intangible amortization expense to be indicative of our operating performance. We believe that these performance measures provide management and investors with useful information in assessing trends in our ongoing operating performance, provide greater visibility in understanding the long-term financial performance of the Company, and allow investors to more easily compare our results to results of our peers. These non-GAAP measures should not be considered in isolation or as a substitute for performance measures prepared in accordance with GAAP.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
(in thousands, except per share data) |
Three Months Ended |
|
Nine Months Ended |
|
|||||||||||||||||||
|
|
|
|
|
% Change |
|
|
|
|
|
% Change |
|
||||||||||||
|
Net income, as reported |
$ |
115,350 |
|
|
$ |
100,742 |
|
|
|
14.5 |
% |
|
$ |
285,267 |
|
|
$ |
276,968 |
|
|
3.0 |
% |
|
|
Intangible amortization expense |
|
18,358 |
|
|
|
18,585 |
|
|
|
-1.2 |
% |
|
|
55,150 |
|
|
|
56,808 |
|
|
-2.9 |
% |
|
|
Tax effect of intangible amortization1 |
|
(4,682 |
) |
|
|
(4,813 |
) |
|
|
-2.7 |
% |
|
|
(14,065 |
) |
|
|
(14,712 |
) |
|
-4.4 |
% |
|
|
Adjusted net income |
$ |
129,026 |
|
|
$ |
114,514 |
|
|
|
12.7 |
% |
|
$ |
326,352 |
|
|
$ |
319,064 |
|
|
2.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
|
Three Months Ended |
|
Nine Months Ended |
|
|||||||||||||||||||
|
|
|
|
|
|
% Change |
|
|
|
|
|
% Change |
|
|||||||||||
|
Diluted EPS, as reported |
$ |
5.13 |
|
|
$ |
4.33 |
|
|
|
18.5 |
% |
|
$ |
12.63 |
|
|
$ |
11.76 |
|
|
7.4 |
% |
|
|
Intangible amortization expense |
|
0.82 |
|
|
|
0.80 |
|
|
|
2.5 |
% |
|
|
2.44 |
|
|
|
2.41 |
|
|
1.2 |
% |
|
|
Tax effect of intangible amortization1 |
|
(0.21 |
) |
|
|
(0.21 |
) |
|
|
0.0 |
% |
|
|
(0.63 |
) |
|
|
(0.62 |
) |
|
1.6 |
% |
|
|
Adjusted diluted EPS |
$ |
5.74 |
|
|
$ |
4.92 |
|
|
|
16.7 |
% |
|
$ |
14.44 |
|
|
$ |
13.55 |
|
|
6.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
(in millions, except per share data) |
Low End |
|
|
|
High End |
|
|
|
|
|
|
|
|||||||||||
|
Net income, as reported |
$ |
400 |
|
|
|
--- |
|
|
$ |
410 |
|
|
|
|
|
|
|
|
|||||
|
Intangible amortization expense |
|
74 |
|
|
|
--- |
|
|
|
74 |
|
|
|
|
|
|
|
|
|||||
|
Tax effect of intangible amortization1 |
|
(19 |
) |
|
|
--- |
|
|
|
(19 |
) |
|
|
|
|
|
|
|
|||||
|
Adjusted net income |
$ |
455 |
|
|
|
--- |
|
|
$ |
465 |
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
Low End |
|
|
|
High End |
|
|
|
|
|
|
|
|||||||||||
|
Diluted EPS, as reported |
$ |
17.70 |
|
|
|
--- |
|
|
$ |
18.14 |
|
|
|
|
|
|
|
|
|||||
|
Intangible amortization expense |
|
3.27 |
|
|
|
--- |
|
|
|
3.27 |
|
|
|
|
|
|
|
|
|||||
|
Tax effect of intangible amortization1 |
|
(0.84 |
) |
|
|
--- |
|
|
|
(0.84 |
) |
|
|
|
|
|
|
|
|||||
|
Adjusted diluted EPS |
$ |
20.13 |
|
|
|
--- |
|
|
$ |
20.58 |
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
Calculation uses an assumed full year statutory tax rate of 25.5% and 25.9% on non-GAAP tax deductible adjustments for |
|
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 EBITDA divided by revenue. These non-GAAP measures should not be considered in isolation or as a substitute for performance measures prepared in accordance with GAAP.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
Three Months Ended |
|
Nine Months Ended |
|
||||||||||||||
|
(in thousands) |
|
|
|
|
% Change |
|
|
|
|
|
% Change |
|
||||||
|
Net income |
$ |
115,350 |
|
$ |
100,742 |
|
14.5 |
% |
|
$ |
285,267 |
|
$ |
276,968 |
|
3.0 |
% |
|
|
Plus: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Income taxes |
|
38,286 |
|
|
30,722 |
|
24.6 |
% |
|
|
85,933 |
|
|
82,031 |
|
4.8 |
% |
|
|
Interest income and expense, net |
|
27,668 |
|
|
23,570 |
|
17.4 |
% |
|
|
80,758 |
|
|
59,705 |
|
35.3 |
% |
|
|
Depreciation and amortization expense, including amounts within direct costs |
|
36,667 |
|
|
36,771 |
|
-0.3 |
% |
|
|
111,168 |
|
|
111,584 |
|
-0.4 |
% |
|
|
EBITDA |
$ |
217,971 |
|
$ |
191,805 |
|
13.6 |
% |
|
$ |
563,126 |
|
$ |
530,288 |
|
6.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
Three Months Ended |
|
Nine Months Ended |
|
||||||||||||||
|
(in thousands) |
|
|
|
|
% Change |
|
|
|
|
|
% Change |
|
||||||
|
Revenues, as reported |
$ |
1,937,456 |
|
$ |
1,744,270 |
|
11.1 |
% |
|
$ |
5,621,537 |
|
$ |
4,999,445 |
|
12.4 |
% |
|
|
EBITDA |
|
217,971 |
|
|
191,805 |
|
13.6 |
% |
|
|
563,126 |
|
|
530,288 |
|
6.2 |
% |
|
|
EBITDA margin |
|
11.3% |
|
|
11.0% |
|
|
|
|
10.0% |
|
|
10.6% |
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
Three Months Ended |
|
Nine Months Ended |
|
||||||||||||
|
(in thousands) |
|
|
|
|
|
|
|
|
||||||||
|
Net cash provided by operating activities |
$ |
198,271 |
|
|
$ |
28,864 |
|
|
$ |
340,123 |
|
|
$ |
235,954 |
|
|
|
Cash used in (provided by) MARPA |
|
(84,645 |
) |
|
|
27,272 |
|
|
|
(50,000 |
) |
|
|
(14,905 |
) |
|
|
Net cash provided by operating activities excluding MARPA |
|
113,626 |
|
|
|
56,136 |
|
|
|
290,123 |
|
|
|
221,049 |
|
|
|
Capital expenditures |
|
(11,681 |
) |
|
|
(15,174 |
) |
|
|
(41,091 |
) |
|
|
(40,844 |
) |
|
|
Free cash flow |
$ |
101,945 |
|
|
$ |
40,962 |
|
|
$ |
249,032 |
|
|
$ |
180,205 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
(in millions) |
FY24 Guidance |
|
|
|
|
|
||||||||||
|
|
Current |
|
Prior |
|
|
|
|
|
||||||||
|
Net cash provided by operating activities |
$ |
500 |
|
|
$ |
510 |
|
|
|
|
|
|
||||
|
Cash used in (provided by) MARPA |
|
— |
|
|
|
— |
|
|
|
|
|
|
||||
|
Net cash provided by operating activities excluding MARPA |
|
500 |
|
|
|
510 |
|
|
|
|
|
|
||||
|
Capital expenditures |
|
(80 |
) |
|
|
(90 |
) |
|
|
|
|
|
||||
|
Free cash flow |
$ |
420 |
|
|
$ |
420 |
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
CACI-Financial
View source version on businesswire.com: https://www.businesswire.com/news/home/20240424431511/en/
Corporate Communications and Media:
(703) 434-4165, lorraine.corcoran@caci.com
Investor Relations:
(703) 841-7818, george.price@caci.com
Source: