CACI CACI International Inc

Revenues of $2.1 billion, up 14.5% YoY

Net income of $109.9 million and diluted EPS of $4.88, up 30% YoY

Adjusted net income of $134.2 million and adjusted diluted EPS of $5.95, up 36% YoY

EBITDA of $232.9 million and EBITDA margin of 11.1%, up 180 bps YoY

CACI International Inc (NYSE: CACI), a leading provider of expertise and technology to government customers, announced results today for its fiscal second quarter ended December 31, 2024.

“Our second quarter reflected another exceptional period for CACI. Financial results were strong across the board with double-digit revenue growth, increased profitability, healthy cash flow, and growing backlog. In addition, we closed and integrated the previously announced strategic acquisitions of Azure Summit and Applied Insight,” said John Mengucci, CACI President and Chief Executive Officer. “With the momentum we see in our business, we are again able to raise our fiscal year 2025 guidance, and we are well on track to achieve the three-year financial targets we introduced at our Investor Day. Our strategy, capabilities, and performance position CACI extremely well to continue providing long-term value for our customers and our shareholders.”

Second Quarter Results

(in millions, except earnings per share and DSO)

Three Months Ended

12/31/2024

 

12/31/2023

 

% Change

Revenues

$

2,099.8

 

$

1,833.9

 

14.5

%

Income from operations

$

181.3

 

$

133.3

 

36.0

%

Net income

$

109.9

 

$

83.9

 

31.1

%

Adjusted net income, a non-GAAP measure1

$

134.2

 

$

97.6

 

37.5

%

Diluted earnings per share

$

4.88

 

$

3.74

 

30.5

%

Adjusted diluted earnings per share, a non-GAAP measure1

$

5.95

 

$

4.36

 

36.5

%

Earnings before interest, taxes, depreciation and amortization (EBITDA), a non-GAAP measure1

$

232.9

 

$

170.9

 

36.2

%

Net cash provided by operating activities excluding MARPA1

$

76.0

 

$

83.2

 

-8.7

%

Free cash flow, a non-GAAP measure1

$

66.1

 

$

67.8

 

-2.6

%

Days sales outstanding (DSO)2

 

53

 

 

47

 

 

(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 December 31, 2024 and 2023 exclude the impact of the Company's Master Accounts Receivable Purchase Agreement (MARPA), which was 7 days and 6 days, respectively.

Revenues in the second quarter of fiscal year 2025 increased 14.5 percent year-over-year, driven by 8.1 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, partially offset by increased interest expense and a higher tax provision. The decrease in cash from operations, excluding MARPA, was driven primarily by changes in working capital partially offset by higher earnings.

Second Quarter Contract Awards

Contract awards in the second quarter totaled $1.2 billion, with approximately 45 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 sole-source contract valued at more than $131 million to continue to provide advanced data visualization technology to support the Department of Defense (DoD) and the Intelligence Community (IC). As a key technology partner to this undisclosed customer, CACI enables decision superiority by providing analysts with pattern-of-life data to help find unique items of interest wherever the mission takes them. This invaluable asset has assisted in mission planning and battlefield forensics for nearly two decades.

• CACI was awarded a seven-year single-award contract valued at more than $238 million to support space technology operations for a classified national security customer. CACI will provide 24/7 operators, analysts, and engineers with expert technical knowledge and experience for the Continental United States and Outside the Continental United States mission centers. As a space technology solutions provider, CACI protects our nation’s assets and interests by performing mission operations and data management ensuring space system optimization and resilience.

Total backlog as of December 31, 2024 was $31.8 billion compared with $26.9 billion a year ago, an increase of 18.2 percent. Funded backlog as of December 31, 2024 was $4.1 billion compared with $3.7 billion a year ago, an increase of 10.8 percent.

Additional Highlights

• CACI completed its acquisition of Azure Summit Technology, a provider of innovative, high-performance radio frequency (RF) technology and engineering, focused on the electromagnetic spectrum, in an all-cash transaction for $1.275 billion. With the closing of this transaction, CACI bolsters its market-based strategy by expanding its software-defined offerings in signals intelligence (SIGINT), electronic warfare (EW), and intelligence, surveillance, and reconnaissance (ISR), across multiple domains, platforms, and customer sets. In particular, this acquisition expands the breadth of CACI’s reach and insight into maritime and airborne platforms.

• CACI completed the acquisition of Applied Insight, a Northern Virginia-based portfolio company of Acacia Group, in an all-cash transaction. In alignment with CACI’s mission to deliver distinctive expertise and differentiated technology to meet its customers’ greatest national security challenges, Applied Insight delivers proven cloud migration, adoption, and transformation capabilities, coupled with intimate customer relationships across the DoD and IC.

• CACI hosted an Investor Day in November, showcasing the company’s strategy, unique industry position, differentiated capabilities, and focus on supporting enduring national security priorities in the markets it serves. President and CEO John Mengucci, joined by senior leadership, provided deeper insight into how CACI’s use of software and software-defined technology, investing ahead of need, and significant synergy between Expertise and Technology allow the company to more rapidly address critical customer needs with greater efficiency and flexibility. CACI also strengthened its investment thesis by presenting three-year financial targets, reinforcing its commitment to continue driving growth and shareholder value.

• CACI was recognized by Forbes as one of America’s Best Companies and one of America’s Most Trusted Companies for 2025, ranking fourth and seventh, respectively, within the Aerospace and Defense industry. As one of America’s best companies, CACI achieved high marks, ranking in the top 15 percent, for public trust, employee sentiment, and financial strength. CACI was selected as a most trusted company for its enduring commitment to character, integrity, and ethics.

• CACI earned 11 prestigious awards in 2024 for being a leader in veteran hiring and inclusivity. CACI was also recognized for its dedication to the military community and its commitment to fostering a welcoming environment where veterans can continue their mission.

• CACI Chairman of the Board of Directors Michael (Mike) A. Daniels was presented with the prestigious 2024 National Association of Corporate Directors (NACD) Directorship 100™ B. Kenneth West Lifetime Achievement Award at its annual gala in New York. This award is bestowed to a corporate director with distinguished service on public, private, and/or nonprofit boards over an extended period and who has demonstrated the principles of director professionalism—integrity, mature confidence, informed judgment, and high-performance standards.

• CACI President and CEO John Mengucci received the 2024 Technology Good Scout Award from the Boy Scouts of America National Capital Area Council. This award recognizes and honors outstanding leaders in the technology industry from the greater Washington, D.C. area who exemplify the values of the Scout Oath and Law in their daily lives. Mengucci received the prestigious 27th annual Technology Good Scout Award on Oct. 23 in Tysons, Virginia.

Fiscal Year 2025 Guidance

The table below summarizes our fiscal year 2025 guidance and represents our views as of January 22, 2025. The increase in our revenue guidance is driven by higher organic growth expectations.

(in millions, except earnings per share)

Fiscal Year 2025

Current Guidance

 

Prior Guidance

Revenues

$8,450 - $8,650

 

$8,370 - $8,570

Adjusted net income, a non-GAAP measure1

$537 - $557

 

$523 - $543

Adjusted diluted earnings per share, a non-GAAP measure1

$23.87 - $24.76

 

$23.24 - $24.13

Diluted weighted average shares

22.5

 

22.5

Free cash flow, a non-GAAP measure2

at least $450

 

at least $445

(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 a.m. Eastern time Thursday, January 23, 2025 during which members of our senior management will be making a brief presentation focusing on second 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

At CACI International Inc (NYSE: CACI), our 25,000 talented and dynamic employees are ever vigilant in delivering distinctive expertise and differentiated 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

Condensed Consolidated Statements of Operations (Unaudited)

(in thousands, except per share data)

 

 

Three Months Ended

 

Six Months Ended

 

12/31/2024

 

12/31/2023

 

% Change

 

12/31/2024

 

12/31/2023

 

% Change

Revenues

$

2,099,809

 

$

1,833,934

 

14.5

%

 

$

4,156,698

 

$

3,684,081

 

12.8

%

Costs of revenues:

 

 

 

 

 

 

 

 

 

 

 

Direct costs

 

1,402,225

 

 

1,255,251

 

11.7

%

 

 

2,816,649

 

 

2,528,169

 

11.4

%

Indirect costs and selling expenses

 

466,661

 

 

409,355

 

14.0

%

 

 

894,607

 

 

813,988

 

9.9

%

Depreciation and amortization

 

49,625

 

 

36,023

 

37.8

%

 

 

84,303

 

 

71,270

 

18.3

%

Total costs of revenues

 

1,918,511

 

 

1,700,629

 

12.8

%

 

 

3,795,559

 

 

3,413,427

 

11.2

%

Income from operations

 

181,298

 

 

133,305

 

36.0

%

 

 

361,139

 

 

270,654

 

33.4

%

Interest expense and other, net

 

44,066

 

 

27,519

 

60.1

%

 

 

68,036

 

 

53,090

 

28.2

%

Income before income taxes

 

137,232

 

 

105,786

 

29.7

%

 

 

293,103

 

 

217,564

 

34.7

%

Income taxes

 

27,294

 

 

21,916

 

24.5

%

 

 

62,988

 

 

47,647

 

32.2

%

Net income

$

109,938

 

$

83,870

 

31.1

%

 

$

230,115

 

$

169,917

 

35.4

%

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share

$

4.90

 

$

3.76

 

30.3

%

 

$

10.29

 

$

7.56

 

36.1

%

Diluted earnings per share

$

4.88

 

$

3.74

 

30.5

%

 

$

10.21

 

$

7.50

 

36.1

%

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares used in per share computations:

 

 

 

 

 

 

 

 

 

 

 

Weighted-average basic shares outstanding

 

22,414

 

 

22,282

 

0.6

%

 

 

22,359

 

 

22,464

 

-0.5

%

Weighted-average diluted shares outstanding

 

22,534

 

 

22,407

 

0.6

%

 

 

22,537

 

 

22,650

 

-0.5

%

CACI International Inc

Condensed Consolidated Balance Sheets (Unaudited)

(in thousands)

 

 

12/31/2024

 

6/30/2024

ASSETS

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

175,707

 

$

133,961

Accounts receivable, net

 

1,200,683

 

 

1,031,311

Prepaid expenses and other current assets

 

257,005

 

 

209,257

Total current assets

 

1,633,395

 

 

1,374,529

 

 

 

 

Goodwill

 

4,913,099

 

 

4,154,844

Intangible assets, net

 

1,168,205

 

 

474,354

Property, plant and equipment, net

 

205,597

 

 

195,443

Operating lease right-of-use assets

 

340,729

 

 

305,637

Supplemental retirement savings plan assets

 

99,461

 

 

99,339

Accounts receivable, long-term

 

15,065

 

 

13,311

Other long-term assets

 

172,948

 

 

178,644

Total assets

$

8,548,499

 

$

6,796,101

 

 

 

 

LIABILITIES AND SHAREHOLDERS' EQUITY

 

 

 

Current liabilities:

 

 

 

Current portion of long-term debt

$

68,750

 

$

61,250

Accounts payable

 

243,356

 

 

287,142

Accrued compensation and benefits

 

244,789

 

 

316,514

Other accrued expenses and current liabilities

 

514,582

 

 

413,354

Total current liabilities

 

1,071,477

 

 

1,078,260

 

 

 

 

Long-term debt, net of current portion

 

2,989,750

 

 

1,481,387

Supplemental retirement savings plan obligations, net of current portion

 

114,186

 

 

111,208

Deferred income taxes

 

156,128

 

 

169,808

Operating lease liabilities, noncurrent

 

379,780

 

 

325,046

Other long-term liabilities

 

108,805

 

 

112,185

Total liabilities

 

4,820,126

 

 

3,277,894

 

 

 

 

Total shareholders' equity

 

3,728,373

 

 

3,518,207

Total liabilities and shareholders' equity

$

8,548,499

 

$

6,796,101

CACI International Inc

Condensed Consolidated Statements of Cash Flows (Unaudited)

(in thousands)

 

 

Six Months Ended

 

12/31/2024

 

12/31/2023

CASH FLOWS FROM OPERATING ACTIVITIES

 

 

 

Net income

$

230,115

 

 

$

169,917

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

Depreciation and amortization

 

84,303

 

 

 

71,270

 

Amortization of deferred financing costs

 

1,291

 

 

 

1,095

 

Stock-based compensation expense

 

31,343

 

 

 

22,949

 

Deferred income taxes

 

(13,352

)

 

 

(25,770

)

Changes in operating assets and liabilities, net of effect of business acquisitions:

 

 

 

Accounts receivable, net

 

(51,731

)

 

 

(50,642

)

Prepaid expenses and other assets

 

(12,995

)

 

 

(28,703

)

Accounts payable and other accrued expenses

 

(27,907

)

 

 

90,769

 

Accrued compensation and benefits

 

(86,261

)

 

 

(124,640

)

Income taxes payable and receivable

 

5,077

 

 

 

2,879

 

Operating lease liabilities and assets, net

 

(572

)

 

 

(4,371

)

Long-term liabilities

 

1,392

 

 

 

17,099

 

Net cash provided by operating activities

 

160,703

 

 

 

141,852

 

 

 

 

 

CASH FLOWS FROM INVESTING ACTIVITIES

 

 

 

Capital expenditures

 

(21,400

)

 

 

(29,410

)

Acquisitions of businesses, net of cash acquired

 

(1,569,388

)

 

 

(10,869

)

Other

 

2,410

 

 

 

1,974

 

Net cash used in investing activities

 

(1,588,378

)

 

 

(38,305

)

 

 

 

 

CASH FLOWS FROM FINANCING ACTIVITIES

 

 

 

Proceeds from borrowings under bank credit facilities

 

4,347,000

 

 

 

1,531,500

 

Principal payments made under bank credit facilities

 

(2,824,148

)

 

 

(1,454,313

)

Payment of financing costs under bank credit facilities

 

(9,803

)

 

 

—

 

Proceeds from employee stock purchase plans

 

6,415

 

 

 

5,848

 

Repurchases of common stock

 

(10,352

)

 

 

(155,765

)

Payment of taxes for equity transactions

 

(35,797

)

 

 

(18,061

)

Net cash provided by (used in) financing activities

 

1,473,315

 

 

 

(90,791

)

Effect of exchange rate changes on cash and cash equivalents

 

(3,894

)

 

 

319

 

Net change in cash and cash equivalents

 

41,746

 

 

 

13,075

 

Cash and cash equivalents, beginning of period

 

133,961

 

 

 

115,776

 

Cash and cash equivalents, end of period

$

175,707

 

 

$

128,851

 

Revenues by Customer Group (Unaudited)

 

Three Months Ended

(in thousands)

12/31/2024

 

12/31/2023

 

$ Change

 

% Change

Department of Defense

$

1,578,733

 

75.1

%

 

$

1,358,509

 

74.0

%

 

$

220,224

 

 

16.2

%

Federal Civilian agencies

 

433,691

 

20.7

%

 

 

389,942

 

21.3

%

 

 

43,749

 

 

11.2

%

Commercial and other

 

87,385

 

4.2

%

 

 

85,483

 

4.7

%

 

 

1,902

 

 

2.2

%

Total

$

2,099,809

 

100.0

%

 

$

1,833,934

 

100.0

%

 

$

265,875

 

 

14.5

%

 

 

 

Six Months Ended

(in thousands)

12/31/2024

 

12/31/2023

 

$ Change

 

% Change

Department of Defense

$

3,113,266

 

74.9

%

 

$

2,710,815

 

73.6

%

 

$

402,451

 

 

14.8

%

Federal Civilian agencies

 

873,062

 

21.0

%

 

 

797,286

 

21.6

%

 

 

75,776

 

 

9.5

%

Commercial and other

 

170,370

 

4.1

%

 

 

175,980

 

4.8

%

 

 

(5,610

)

 

-3.2

%

Total

$

4,156,698

 

100.0

%

 

$

3,684,081

 

100.0

%

 

$

472,617

 

 

12.8

%

Revenues by Contract Type (Unaudited)

 

 

Three Months Ended

(in thousands)

12/31/2024

12/31/2023

$ Change

% Change

Cost-plus-fee

$

1,240,213

59.1

%

$

1,102,474

60.1

%

$

137,739

12.5

%

Fixed-price

 

602,859

28.7

%

 

519,544

28.3

%

 

83,315

16.0

%

Time-and-materials

 

256,737

12.2

%

 

211,916

11.6

%

 

44,821

21.2

%

Total

$

2,099,809

100.0

%

$

1,833,934

100.0

%

$

265,875

14.5

%

 

 

 

Six Months Ended

(in thousands)

12/31/2024

12/31/2023

$ Change

% Change

Cost-plus-fee

$

2,520,223

60.7

%

$

2,236,909

60.7

%

$

283,314

12.7

%

Fixed-price

 

1,078,115

25.9

%

 

1,021,621

27.7

%

 

56,494

5.5

%

Time-and-materials

 

558,360

13.4

%

 

425,551

11.6

%

 

132,809

31.2

%

Total

$

4,156,698

100.0

%

$

3,684,081

100.0

%

$

472,617

12.8

%

Revenues by Prime or Subcontractor (Unaudited)

 

 

Three Months Ended

(in thousands)

12/31/2024

12/31/2023

$ Change

% Change

Prime contractor

$

1,862,098

88.7

%

$

1,636,377

89.2

%

$

225,721

13.8

%

Subcontractor

 

237,711

11.3

%

 

197,557

10.8

%

 

40,154

20.3

%

Total

$

2,099,809

100.0

%

$

1,833,934

100.0

%

$

265,875

14.5

%

 

 

 

Six Months Ended

(in thousands)

12/31/2024

12/31/2023

$ Change

% Change

Prime contractor

$

3,742,517

90.0

%

$

3,285,739

89.2

%

$

456,778

13.9

%

Subcontractor

 

414,181

10.0

%

 

398,342

10.8

%

 

15,839

4.0

%

Total

$

4,156,698

100.0

%

$

3,684,081

100.0

%

$

472,617

12.8

%

Revenues by Expertise or Technology (Unaudited)

 

Three Months Ended

(in thousands)

12/31/2024

 

12/31/2023

 

$ Change

 

% Change

Expertise

$

925,900

 

44.1

%

 

$

849,541

 

46.3

%

 

$

76,359

 

9.0

%

Technology

 

1,173,909

 

55.9

%

 

 

984,393

 

53.7

%

 

 

189,516

 

19.3

%

Total

$

2,099,809

 

100.0

%

 

$

1,833,934

 

100.0

%

 

$

265,875

 

14.5

%

 

 

 

Six Months Ended

(in thousands)

12/31/2024

 

12/31/2023

 

$ Change

 

% Change

Expertise

$

1,914,165

 

46.1

%

 

$

1,727,635

 

46.9

%

 

$

186,530

 

10.8

%

Technology

 

2,242,533

 

53.9

%

 

 

1,956,446

 

53.1

%

 

 

286,087

 

14.6

%

Total

$

4,156,698

 

100.0

%

 

$

3,684,081

 

100.0

%

 

$

472,617

 

12.8

%

Contract Awards (Unaudited)

 

 

Three Months Ended

(in thousands)

12/31/2024

 

12/31/2023

 

$ Change

 

% Change

Contract Awards

$

1,168,955

 

$

2,199,671

 

$

(1,030,716

)

 

-46.9

%

 

 

 

Six Months Ended

(in thousands)

12/31/2024

 

12/31/2023

 

$ Change

 

% Change

Contract Awards

$

4,508,590

 

$

5,268,914

 

$

(760,324

)

 

-14.4

%

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

 

Six Months Ended

 

 

12/31/2024

 

12/31/2023

 

% Change

 

12/31/2024

 

12/31/2023

 

% Change

 

 

Net income, as reported

$

109,938

 

 

$

83,870

 

 

 

31.1

%

 

$

230,115

 

 

$

169,917

 

 

35.4

%

 

 

Intangible amortization expense

 

32,442

 

 

 

18,426

 

 

 

76.1

%

 

 

50,449

 

 

 

36,792

 

 

37.1

%

 

 

Tax effect of intangible amortization1

 

(8,197

)

 

 

(4,699

)

 

 

74.4

%

 

 

(12,746

)

 

 

(9,383

)

 

35.8

%

 

 

Adjusted net income

$

134,183

 

 

$

97,597

 

 

 

37.5

%

 

$

267,818

 

 

$

197,326

 

 

35.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Six Months Ended

 

 

 

12/31/2024

 

12/31/2023

 

% Change

 

12/31/2024

 

12/31/2023

 

% Change

 

 

Diluted EPS, as reported

$

4.88

 

 

$

3.74

 

 

 

30.5

%

 

$

10.21

 

 

$

7.50

 

 

36.1

%

 

 

Intangible amortization expense

 

1.44

 

 

 

0.82

 

 

 

75.6

%

 

 

2.24

 

 

 

1.62

 

 

38.3

%

 

 

Tax effect of intangible amortization1

 

(0.37

)

 

 

(0.20

)

 

 

85.0

%

 

 

(0.57

)

 

 

(0.41

)

 

39.0

%

 

 

Adjusted diluted EPS

$

5.95

 

 

$

4.36

 

 

 

36.5

%

 

$

11.88

 

 

$

8.71

 

 

36.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FY25 Guidance Range

 

 

 

 

(in millions, except per share data)

Low End

 

 

 

High End

 

 

 

 

 

 

 

 

Net income, as reported

$

444

 

 

 

---

 

 

$

464

 

 

 

 

 

 

 

 

 

Intangible amortization expense

 

124

 

 

 

---

 

 

 

124

 

 

 

 

 

 

 

 

 

Tax effect of intangible amortization1

 

(31

)

 

 

---

 

 

 

(31

)

 

 

 

 

 

 

 

 

Adjusted net income

$

537

 

 

 

---

 

 

$

557

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FY25 Guidance Range

 

 

 

 

 

Low End

 

 

 

High End

 

 

 

 

 

 

 

 

Diluted EPS, as reported

$

19.73

 

 

 

---

 

 

$

20.62

 

 

 

 

 

 

 

 

 

Intangible amortization expense

 

5.51

 

 

 

---

 

 

 

5.51

 

 

 

 

 

 

 

 

 

Tax effect of intangible amortization1

 

(1.37

)

 

 

---

 

 

 

(1.37

)

 

 

 

 

 

 

 

 

Adjusted diluted EPS

$

23.87

 

 

 

---

 

 

$

24.76

 

 

 

 

 

 

 

 

 

(1)

Calculation uses an assumed full year statutory tax rate of 25.3% and 25.5% on non-GAAP tax deductible adjustments for December 31, 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 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

 

Six Months Ended

 

 

(in thousands)

12/31/2024

 

12/31/2023

 

% Change

 

12/31/2024

 

12/31/2023

 

% Change

 

 

Net income

$

109,938

 

 

$

83,870

 

 

31.1

%

 

$

230,115

 

 

$

169,917

 

 

35.4

%

 

 

Plus:

 

 

 

 

 

 

 

 

 

 

 

 

 

Income taxes

 

27,294

 

 

 

21,916

 

 

24.5

%

 

 

62,988

 

 

 

47,647

 

 

32.2

%

 

 

Interest income and expense, net

 

44,066

 

 

 

27,519

 

 

60.1

%

 

 

68,036

 

 

 

53,090

 

 

28.2

%

 

 

Depreciation and amortization expense, including amounts within direct costs

 

51,564

 

 

 

37,612

 

 

37.1

%

 

 

87,614

 

 

 

74,501

 

 

17.6

%

 

 

EBITDA

$

232,862

 

 

$

170,917

 

 

36.2

%

 

$

448,753

 

 

$

345,155

 

 

30.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Six Months Ended

 

 

(in thousands)

12/31/2024

 

12/31/2023

 

% Change

 

12/31/2024

 

12/31/2023

 

% Change

 

 

Revenues, as reported

$

2,099,809

 

 

$

1,833,934

 

 

14.5

%

 

$

4,156,698

 

 

$

3,684,081

 

 

12.8

%

 

 

EBITDA

 

232,862

 

 

 

170,917

 

 

36.2

%

 

 

448,753

 

 

 

345,155

 

 

30.0

%

 

 

EBITDA margin

 

11.1%

 

 

 

9.3%

 

 

 

 

 

10.8%

 

 

 

9.4%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 $300.0 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

 

Six Months Ended

 

 

(in thousands)

12/31/2024

 

12/31/2023

 

12/31/2024

 

12/31/2023

 

 

Net cash provided by operating activities

$

126,042

 

 

$

71,764

 

 

$

160,703

 

 

$

141,852

 

 

 

Cash used in (provided by) MARPA

 

(50,051

)

 

 

11,478

 

 

 

(23,841

)

 

 

34,645

 

 

 

Net cash provided by operating activities excluding MARPA

 

75,991

 

 

 

83,242

 

 

 

136,862

 

 

 

176,497

 

 

 

Capital expenditures

 

(9,924

)

 

 

(15,419

)

 

 

(21,400

)

 

 

(29,410

)

 

 

Free cash flow

$

66,067

 

 

$

67,823

 

 

$

115,462

 

 

$

147,087

 

 

 

 

 

 

 

 

 

 

 

 

 

(in millions)

FY25 Guidance

 

 

 

 

 

 

 

Current

 

Prior

 

 

 

 

 

 

Net cash provided by operating activities

$

535

 

 

$

530

 

 

 

 

 

 

 

Cash used in (provided by) MARPA

 

—

 

 

 

—

 

 

 

 

 

 

 

Net cash provided by operating activities excluding MARPA

 

535

 

 

 

530

 

 

 

 

 

 

 

Capital expenditures

 

(85

)

 

 

(85

)

 

 

 

 

 

 

Free cash flow

$

450

 

 

$

445

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20250122810137/en/

Corporate Communications and Media: Lorraine Corcoran, Executive Vice President, Corporate Communications (703) 434-4165, lorraine.corcoran@caci.com

Investor Relations: George Price, Senior Vice President, Investor Relations (703) 841-7818, george.price@caci.com