Revenues of $1.7 billion, 10% YoY
growth
Net income of $100.7 million and Diluted EPS
of $4.33
Adjusted EBITDA of $191.8 million and
Adjusted EBITDA Margin of 11.0%
Adjusted net income of $114.5 million and
Adjusted diluted EPS of $4.92
Raising Fiscal Year 2023 guidance for
Revenue, Adjusted Net Income, and Adjusted EPS
CACI International Inc (NYSE: CACI), a leading provider of
expertise and technology to government enterprise and mission
customers, announced results today for its fiscal third quarter
ended March 31, 2023.
John Mengucci, CACI President and Chief Executive Officer, said,
“Our third quarter results demonstrate the continued successful
execution of our strategy. We delivered double-digit revenue
growth, strong profitability, and solid cash flow. CACI is winning
and executing in the marketplace with differentiated Technology and
Expertise, growing our backlog, and pursuing a strong pipeline of
additional opportunities. Given our year-to-date performance and
strong position, we are raising our fiscal year 2023 revenue and
earnings guidance.”
Third Quarter Results
Three Months Ended
(in millions, except earnings per share
and DSO)
3/31/2023
3/31/2022
% Change
Revenues
$
1,744.3
$
1,584.0
10.1
%
Income from operations
$
155.0
$
125.4
23.7
%
Net income
$
100.7
$
95.4
5.6
%
Adjusted net income, a non-GAAP
measure1
$
114.5
$
109.6
4.4
%
Diluted earnings per share
$
4.33
$
4.04
7.2
%
Adjusted diluted earnings per share, a
non-GAAP measure1
$
4.92
$
4.64
6.0
%
Adjusted earnings before interest, taxes,
depreciation and amortization (EBITDA), a non-GAAP measure1
$
191.8
$
161.5
18.8
%
Net cash provided by operating activities
excluding MARPA1
$
56.1
$
314.1
-82.1
%
Free cash flow, a non-GAAP measure1
$
41.0
$
296.9
-86.2
%
Days sales outstanding (DSO)2
53
51
(1)
This non-GAAP measure should not be
considered in isolation or as a substitute for measures prepared in
accordance with GAAP. For additional information regarding this
non-GAAP measure, see the related explanation and reconciliation to
the GAAP measure included below in this release.
(2) The DSO calculations for three months ended March 31,
2023 and 2022 exclude the impact of the Company’s Master Accounts
Receivable Purchase Agreement (MARPA), which was 6 days and 8 days,
respectively.
Revenues in the third quarter of fiscal year 2023 increased 10
percent year-over-year, driven entirely by organic growth. The
increase in income from operations was driven by higher revenue 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 and a higher tax rate.
Net cash provided by operating activities excluding MARPA and free
cash flow decreased primarily as a result of tax benefits from
method changes in the year ago quarter.
Third Quarter Contract Awards
Contract awards in the third quarter totaled $1.1 billion, with
approximately 50 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 $100 million extension to continue mission
software development support for the Air Force Distributed Common
Ground System (DCGS) program. DCGS is the Air Force’s primary
intelligence, surveillance and reconnaissance (ISR) planning and
direction, collection, processing and exploitation, analysis and
dissemination (PCPAD) weapon system. The system employs a global
communications architecture that connects multiple intelligence
platforms and sensors. The contract extension allows CACI to
continue to enhance and modernize system capabilities with tools
that enable warfighters to process and disseminate intelligence
data.
- CACI was awarded a $46 million single-award task order to
provide mission expertise and analysis in science, technology,
engineering, and mathematics (STEM) categories to support the
Department of Defense (DoD) and Intelligence Community (IC).
Total backlog as of March 31, 2023 was $25.3 billion compared
with $23.5 billion a year ago, an increase of 8 percent. Funded
backlog as of March 31, 2023 was $3.4 billion compared with $2.8
billion a year ago, an increase of 21 percent.
Additional Highlights
- CACI was awarded Top Workplace USA 2023 by employee engagement
technology partner Energage, LLC for the third consecutive year.
Honorees are chosen based solely on employee feedback gathered
through a confidential employee engagement survey, issued by
Energage. Results are calculated by comparing the survey's
research-based statements, that evaluate factors such as
leadership, culture, and benefits that are proven to predict high
performance, against industry benchmarks.
- CACI was recognized by Fortune magazine as a World's Most
Admired Companies for 2023 commemorating CACI's 6th consecutive
year on the list and its 12th appearance since the list's
inception. CACI received top rankings in Fortune's survey criteria
for the quality of its technology and expertise offerings and
management. CACI was also recognized for its long-term investment
value. CACI was chosen from among approximately 1,500 global
companies considered by Fortune.
- Thirteen CACI employees were honored for their excellence in
science, technology, engineering, and math (STEM) at the 37th
annual Global Competitiveness Conference for the Black Engineer of
the Year Awards (BEYA), including one who accepted the coveted
Community Service Award. CACI is a supporter of BEYA's mission and
a corporate sponsor of the conference. As part of its diversity and
inclusion efforts, CACI partners with BEYA to help expand the
company's networking, recruitment, and career development
opportunities.
- CACI signed a five-year cooperative research & development
agreement (CRADA) with the U.S. Army Space and Missile Defense
Technical Center (USASMDC-TC) to further the development of
advanced payload technologies, space sensor applications, and
resilient Positioning, Navigation & Timing (PNT). The payload
includes two software-defined technology applications that enable
precise, resilient PNT and tactical signals intelligence (TacISR)
capabilities while in low earth orbit (LEO).
- CACI successfully demonstrated its Spectral Sieve and Pit Viper
low-size, weight, and power (SWaP) intelligence, surveillance, and
reconnaissance (ISR) and electronic warfare (EW) technologies for
small to medium unmanned aircraft systems (UAS) at the U.S. Army's
Project Convergence Technology Gateway. CACI delivered real-time
situational awareness and targeting information for commanders
through direction-finding, geolocation, and active cyber
effects.
- The Intelligence and National Security Alliance (INSA) named
Todd Probert, CACI President of National Security and Innovative
Solutions, to its Board of Directors. Probert will serve a
three-year term, effective January 1, 2023. INSA is the leading
nonpartisan, nonprofit forum for driving public-private
partnerships to advance intelligence and national security
priorities.
Fiscal Year 2023 Guidance
The table below summarizes our fiscal year 2023 guidance and
represents our views as of April 26, 2023. Free cash flow guidance
reflects the delay of a $40 million tax refund related to the
previously-disclosed tax method changes.
(in millions, except earnings per
share)
Fiscal Year 2023
Current Guidance
Prior Guidance
Revenues
$6,675 - $6,750
$6,475 - $6,675
Adjusted net income, a non-GAAP
measure1
$425 - $440
$420 - $440
Adjusted diluted earnings per share, a
non-GAAP measure1
$18.09 - $18.72
$17.65 - $18.49
Diluted weighted average shares
23.5
23.8
Free cash flow, a non-GAAP measure2
at least $280
at least $320
(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 2023 free cash flow guidance
assumes $95 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 8:00 AM Eastern Time
Thursday, April 27, 2023 during which members of our senior
management will be making a brief presentation focusing on third
quarter results and operating trends, followed by a
question-and-answer session. You can listen to the webcast and view
the accompanying exhibits on CACI’s investor relations website at
http://investor.caci.com/events/default.aspx at the scheduled time.
A replay of the call will also be available on CACI’s investor
relations website at http://investor.caci.com/.
About CACI
CACI’s approximately 22,000 talented employees are vigilant in
providing the unique expertise and distinctive technology that
address our customers’ greatest enterprise and mission challenges.
Our culture of good character, innovation, and excellence drives
our success and earns us recognition as a Fortune World's Most
Admired Company. As a member of the Fortune 1000 Largest Companies,
the Russell 1000 Index, and the S&P MidCap 400 Index, we
consistently deliver strong shareholder value. Visit us at
www.caci.com.
There are statements made herein that do not address historical
facts and, therefore, could be interpreted to be forward-looking
statements as that term is defined in the Private Securities
Litigation Reform Act of 1995. Such statements are subject to risk
factors that could cause actual results to be materially different
from anticipated results. These risk factors include, but are not
limited to, the following: our reliance on U.S. government
contracts, which includes general risk around the government
contract procurement process (such as bid protest, small business
set asides, loss of work due to organizational conflicts of
interest, etc.) and termination risks; significant delays or
reductions in appropriations for our programs and broader changes
in U.S. government funding and spending patterns; legislation that
amends or changes discretionary spending levels or budget
priorities, such as for homeland security or to address global
pandemics like COVID-19; legal, regulatory, and political change
from successive presidential administrations that could result in
economic uncertainty; changes in U.S. federal agencies, current
agreements with other nations, foreign events, or any other events
which may affect the global economy, including the impact of global
pandemics like COVID-19; the results of government audits and
reviews conducted by the Defense Contract Audit Agency, the Defense
Contract Management Agency, or other governmental entities with
cognizant oversight; competitive factors such as pricing pressures
and/or competition to hire and retain employees (particularly those
with security clearances); failure to achieve contract awards in
connection with re-competes for present business and/or competition
for new business; regional and national economic conditions in the
United States and globally, including but not limited to: terrorist
activities or war, changes in interest rates, currency
fluctuations, significant fluctuations in the equity markets, and
market speculation regarding our continued independence; our
ability to meet contractual performance obligations, including
technologically complex obligations dependent on factors not wholly
within our control; limited access to certain facilities required
for us to perform our work, including during a global pandemic like
COVID-19; changes in tax law, the interpretation of associated
rules and regulations, or any other events impacting our effective
tax rate; changes in technology; the potential impact of the
announcement or consummation of a proposed transaction and our
ability to successfully integrate the operations of our recent and
any future acquisitions; our ability to achieve the objectives of
near term or long-term business plans; the effects of health
epidemics, pandemics and similar outbreaks may have material
adverse effects on our business, financial position, results of
operations and/or cash flows; and other risks described in our
Securities and Exchange Commission filings.
CACI International Inc
Condensed Consolidated
Statements of Operations (Unaudited)
(in thousands, except per share
data)
Three Months Ended
Nine Months Ended
3/31/2023
3/31/2022
% Change
3/31/2023
3/31/2022
% Change
Revenues
$
1,744,270
$
1,583,980
10.1
%
$
4,999,445
$
4,560,656
9.6
%
Costs of revenues:
Direct costs
1,143,781
1,022,181
11.9
%
3,293,867
2,970,370
10.9
%
Indirect costs and selling expenses
410,235
402,227
2.0
%
1,180,619
1,114,310
6.0
%
Depreciation and amortization
35,220
34,216
2.9
%
106,255
99,484
6.8
%
Total costs of revenues:
1,589,236
1,458,624
9.0
%
4,580,741
4,184,164
9.5
%
Income from operations
155,034
125,356
23.7
%
418,704
376,492
11.2
%
Interest expense and other, net
23,570
9,084
159.5
%
59,705
30,491
95.8
%
Income before income taxes
131,464
116,272
13.1
%
358,999
346,001
3.8
%
Income taxes
30,722
20,855
47.3
%
82,031
72,176
13.7
%
Net income
$
100,742
$
95,417
5.6
%
$
276,968
$
273,825
1.1
%
Basic earnings per share
$
4.37
$
4.08
7.1
%
$
11.87
$
11.67
1.7
%
Diluted earnings per share
$
4.33
$
4.04
7.2
%
$
11.76
$
11.56
1.7
%
Weighted average shares used in per share
computations:
Basic
23,055
23,409
-1.5
%
23,329
23,457
-0.5
%
Diluted
23,277
23,616
-1.4
%
23,546
23,687
-0.6
%
CACI International Inc
Condensed Consolidated Balance
Sheets (Unaudited)
(in thousands)
3/31/2023
6/30/2022
ASSETS
Current assets:
Cash and cash equivalents
$
106,789
$
114,804
Accounts receivable, net
1,004,733
926,144
Prepaid expenses and other current
assets
197,120
168,690
Total current assets
1,308,642
1,209,638
Goodwill
4,066,260
4,058,291
Intangible assets, net
524,445
581,385
Property, plant and equipment, net
197,549
205,622
Operating lease right-of-use assets
285,746
317,359
Supplemental retirement savings plan
assets
96,434
96,114
Accounts receivable, long-term
12,653
10,199
Other long-term assets
159,827
150,823
Total assets
$
6,651,556
$
6,629,431
LIABILITIES AND SHAREHOLDERS’
EQUITY
Current liabilities:
Current portion of long-term debt
$
38,281
$
30,625
Accounts payable
323,346
303,443
Accrued compensation and benefits
344,039
405,722
Other accrued expenses and current
liabilities
358,790
287,571
Total current liabilities
1,064,456
1,027,361
Long-term debt, net of current portion
1,765,210
1,702,148
Supplemental retirement savings plan
obligations, net of current portion
103,023
102,127
Deferred income taxes
202,755
356,841
Operating lease liabilities,
noncurrent
278,344
315,315
Other long-term liabilities
148,128
72,096
Total liabilities
3,561,916
3,575,888
Total shareholders’ equity
3,089,640
3,053,543
Total liabilities and shareholders’
equity
$
6,651,556
$
6,629,431
CACI International Inc
Condensed Consolidated
Statements of Cash Flows (Unaudited)
(in thousands)
Nine Months Ended
3/31/2023
3/31/2022
CASH FLOWS FROM OPERATING
ACTIVITIES:
Net income
$
276,968
$
273,825
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization
106,255
99,484
Amortization of deferred financing
costs
1,688
1,712
Loss on extinguishment of debt
—
891
Non-cash lease expense
52,293
51,449
Stock-based compensation expense
30,564
23,085
Deferred income taxes
(84,794
)
2,813
Changes in operating assets and
liabilities, net of effect of business acquisitions:
Accounts receivable, net
(80,116
)
66,953
Prepaid expenses and other assets
(42,137
)
(27,227
)
Accounts payable and other accrued
expenses
62,116
23,056
Accrued compensation and benefits
(62,522
)
(84,466
)
Income taxes payable and receivable
28,825
201,112
Operating lease liabilities
(58,667
)
(54,575
)
Long-term liabilities
5,481
14,901
Net cash provided by operating
activities
235,954
593,013
CASH FLOWS FROM INVESTING
ACTIVITIES:
Capital expenditures
(40,844
)
(38,742
)
Acquisitions of businesses, net of cash
acquired
—
(615,769
)
Other
1,626
923
Net cash used in investing activities
(39,218
)
(653,588
)
CASH FLOWS FROM FINANCING
ACTIVITIES:
Proceeds from borrowings under bank credit
facilities
2,384,000
2,087,095
Principal payments made under bank credit
facilities
(2,314,969
)
(1,965,386
)
Payment of financing costs under bank
credit facilities
—
(6,286
)
Proceeds from employee stock purchase
plans
7,638
7,398
Repurchases of common stock
(270,449
)
(7,301
)
Payment of taxes for equity
transactions
(14,115
)
(14,685
)
Net cash (used in) provided by financing
activities
(207,895
)
100,835
Effect of exchange rate changes on cash
and cash equivalents
3,144
(3,217
)
Net change in cash and cash
equivalents
(8,015
)
37,043
Cash and cash equivalents at beginning of
period
114,804
88,031
Cash and cash equivalents at end of
period
$
106,789
$
125,074
Revenues by Customer Group
(Unaudited)
Three Months Ended
(in thousands)
3/31/2023
3/31/2022
$ Change
% Change
Department of Defense
$
1,298,700
74.4
%
$
1,118,665
70.7
%
$
180,035
16.1
%
Federal Civilian agencies
355,612
20.4
%
380,837
24.0
%
(25,225
)
-6.6
%
Commercial and other
89,958
5.2
%
84,478
5.3
%
5,480
6.5
%
Total
$
1,744,270
100.0
%
$
1,583,980
100.0
%
$
160,290
10.1
%
Nine Months Ended
(in thousands)
3/31/2023
3/31/2022
$ Change
% Change
Department of Defense
$
3,554,080
71.1
%
$
3,155,806
69.2
%
$
398,274
12.6
%
Federal Civilian agencies
1,179,467
23.6
%
1,166,398
25.6
%
13,069
1.1
%
Commercial and other
265,898
5.3
%
238,452
5.2
%
27,446
11.5
%
Total
$
4,999,445
100.0
%
$
4,560,656
100.0
%
$
438,789
9.6
%
Revenues by Contract Type
(Unaudited)
Three Months Ended
(in thousands)
3/31/2023
3/31/2022
$ Change
% Change
Cost-plus-fee
$
1,008,688
57.8
%
$
889,624
56.1
%
$
119,064
13.4
%
Fixed-price
529,786
30.4
%
503,174
31.8
%
26,612
5.3
%
Time-and-materials
205,796
11.8
%
191,182
12.1
%
14,614
7.6
%
Total
$
1,744,270
100.0
%
$
1,583,980
100.0
%
$
160,290
10.1
%
Nine Months Ended
(in thousands)
3/31/2023
3/31/2022
$ Change
% Change
Cost-plus-fee
$
2,896,778
58.0
%
$
2,672,695
58.6
%
$
224,083
8.4
%
Fixed-price
1,520,915
30.4
%
1,344,169
29.5
%
176,746
13.1
%
Time-and-materials
581,752
11.6
%
543,792
11.9
%
37,960
7.0
%
Total
$
4,999,445
100.0
%
$
4,560,656
100.0
%
$
438,789
9.6
%
Revenues by Prime or Subcontractor
(Unaudited)
Three Months Ended
(in thousands)
3/31/2023
3/31/2022
$ Change
% Change
Prime contractor
$
1,556,733
89.2
%
$
1,419,805
89.6
%
$
136,928
9.6
%
Subcontractor
187,537
10.8
%
164,175
10.4
%
23,362
14.2
%
Total
$
1,744,270
100.0
%
$
1,583,980
100.0
%
$
160,290
10.1
%
Nine Months Ended
(in thousands)
3/31/2023
3/31/2022
$ Change
% Change
Prime contractor
$
4,467,882
89.4
%
$
4,097,210
89.8
%
$
370,672
9.0
%
Subcontractor
531,563
10.6
%
463,446
10.2
%
68,117
14.7
%
Total
$
4,999,445
100.0
%
$
4,560,656
100.0
%
$
438,789
9.6
%
Revenues by Expertise or Technology
(Unaudited)
Three Months Ended
(in thousands)
3/31/2023
3/31/2022
$ Change
% Change
Expertise
$
812,300
46.6
%
$
716,199
45.2
%
$
96,101
13.4
%
Technology
931,970
53.4
%
867,781
54.8
%
64,189
7.4
%
Total
$
1,744,270
100.0
%
$
1,583,980
100.0
%
$
160,290
10.1
%
Nine Months Ended
(in thousands)
3/31/2023
3/31/2022
$ Change
% Change
Expertise
$
2,288,123
45.8
%
$
2,105,554
46.2
%
$
182,569
8.7
%
Technology
2,711,322
54.2
%
2,455,102
53.8
%
256,220
10.4
%
Total
$
4,999,445
100.0
%
$
4,560,656
100.0
%
$
438,789
9.6
%
Contract Awards (Unaudited)
Three Months Ended
(in thousands)
3/31/2023
3/31/2022
$ Change
% Change
Contract Awards
$
1,059,095
$
1,222,723
$
(163,628
)
-13.4
%
Nine Months Ended
(in thousands)
3/31/2023
3/31/2022
$ Change
% Change
Contract Awards
$
7,793,551
$
5,563,364
$
2,230,187
40.1
%
Reconciliation of Net Income to Adjusted Net
Income and Diluted EPS to Adjusted Diluted EPS
(Unaudited)
Adjusted net income and Adjusted diluted EPS are non-GAAP
performance measures. We define Adjusted net income and Adjusted
diluted EPS as GAAP net income and GAAP diluted EPS, respectively,
excluding intangible amortization expense and the related tax
impact as we do not consider intangible amortization expense to be
indicative of our core operating performance. We believe that these
performance measures provide management and investors with useful
information in assessing trends in our ongoing operating
performance, provide greater visibility in understanding the
long-term financial performance of the Company, and allow investors
to more easily compare our results to results of our peers. These
non-GAAP measures should not be considered in isolation or as a
substitute for performance measures prepared in accordance with
GAAP.
(in thousands, except per share data)
Three Months Ended
Nine Months Ended
3/31/2023
3/31/2022
% Change
3/31/2023
3/31/2022
% Change
Net income, as reported
$
100,742
$
95,417
5.6
%
$
276,968
$
273,825
1.1
%
Intangible amortization expense
18,585
19,297
-3.7
%
56,808
54,944
3.4
%
Tax effect of intangible amortization1
(4,813
)
(5,074
)
-5.1
%
(14,712
)
(14,446
)
1.8
%
Adjusted net income
$
114,514
$
109,640
4.4
%
$
319,064
$
314,323
1.5
%
Three Months Ended
Nine Months Ended
3/31/2023
3/31/2022
% Change
3/31/2023
3/31/2022
% Change
Diluted EPS, as reported
$
4.33
$
4.04
7.2
%
$
11.76
$
11.56
1.7
%
Intangible amortization expense
0.80
0.82
-2.4
%
2.41
2.32
3.9
%
Tax effect of intangible amortization1
(0.21
)
(0.22
)
-4.5
%
(0.62
)
(0.61
)
1.6
%
Adjusted diluted EPS
$
4.92
$
4.64
6.0
%
$
13.55
$
13.27
2.1
%
FY23 Current Guidance
Range
(in millions, except per share data)
Low End
High End
Net income, as reported
$
369
---
$
384
Intangible amortization expense
75
---
75
Tax effect of intangible amortization1
(19
)
---
(19
)
Adjusted net income
$
425
---
$
440
FY23 Current Guidance
Range
Low End
High End
Diluted EPS, as reported
$
15.71
---
$
16.34
Intangible amortization expense
3.19
---
3.19
Tax effect of intangible amortization1
(0.81
)
---
(0.81
)
Adjusted diluted EPS
$
18.09
---
$
18.72
(1) Calculation uses an assumed full year
statutory tax rate of 25.9% and 26.3% on non-GAAP tax deductible
adjustments for March 31, 2023 and 2022, respectively.
Note: Numbers may not sum due to
rounding.
Reconciliation of Net Income to Adjusted
Earnings Before Interest, Taxes, Depreciation and Amortization
(EBITDA) (Unaudited)
The Company views Adjusted EBITDA and Adjusted EBITDA margin,
both of which are defined as non-GAAP measures, as important
indicators of performance, consistent with the manner in which
management measures and forecasts the Company’s performance.
Adjusted EBITDA is a commonly used non-GAAP measure when comparing
our results with those of other companies. We define Adjusted
EBITDA as GAAP net income plus net interest expense, income taxes,
depreciation and amortization expense (including depreciation
within direct costs), and earnout adjustments. We consider Adjusted
EBITDA to be a useful metric for management and investors to
evaluate and compare the ongoing operating performance of our
business on a consistent basis across reporting periods, as it
eliminates the effect of non-cash items such as depreciation of
tangible assets, amortization of intangible assets primarily
recognized in business combinations, as well as the effect of
earnout gains and losses, which we do not believe are indicative of
our core operating performance. Adjusted EBITDA margin is Adjusted
EBITDA divided by revenue. These non-GAAP measures should not be
considered in isolation or as a substitute for performance measures
prepared in accordance with GAAP.
Three Months Ended
Nine Months Ended
(in thousands)
3/31/2023
3/31/2022
% Change
3/31/2023
3/31/2022
% Change
Net income
$
100,742
$
95,417
5.6
%
$
276,968
$
273,825
1.1
%
Plus:
Income taxes
30,722
20,855
47.3
%
82,031
72,176
13.7
%
Interest income and expense, net
23,570
9,084
159.5
%
59,705
30,491
95.8
%
Depreciation and amortization expense,
including amounts within direct costs
36,771
36,095
1.9
%
111,584
103,924
7.4
%
Adjusted EBITDA
$
191,805
$
161,451
18.8
%
$
530,288
$
480,416
10.4
%
Three Months Ended
Nine Months Ended
(in thousands)
3/31/2023
3/31/2022
% Change
3/31/2023
3/31/2022
% Change
Revenues, as reported
$
1,744,270
$
1,583,980
10.1
%
$
4,999,445
$
4,560,656
9.6
%
Adjusted EBITDA
191,805
161,451
18.8
%
530,288
480,416
10.4
%
Adjusted EBITDA margin
11.0
%
10.2
%
10.6
%
10.5
%
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
Nine Months Ended
(in thousands)
3/31/2023
3/31/2022
3/31/2023
3/31/2022
Net cash provided by operating
activities
$
28,864
$
284,248
$
235,954
$
593,013
Cash used in (provided by) MARPA
27,272
29,811
(14,905
)
24,360
Net cash provided by operating activities
excluding MARPA
56,136
314,059
221,049
617,373
Capital expenditures
(15,174
)
(17,110
)
(40,844
)
(38,742
)
Free cash flow
$
40,962
$
296,949
$
180,205
$
578,631
(in millions)
FY23 Current Guidance
Net cash provided by operating
activities
$
360
Cash used in (provided by) MARPA
—
Net cash provided by operating activities
excluding MARPA
360
Capital expenditures
(80
)
Free cash flow
$
280
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230426005472/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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