Revenues of $1.8 billion, +11% YoY
Net income of $83.9 million and diluted EPS
of $3.74, +2% YoY
Adjusted net income of $97.6 million and
adjusted diluted EPS of $4.36, +2% YoY
Contract awards of $2.2 billion and
book-to-bill of 1.2x
Raising Fiscal Year 2024 guidance for
revenue, adjusted net income, adjusted diluted EPS, and free cash
flow
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, 2023.
“I’m pleased with how our business is performing, both the
near-term conversion of our growing backlog as well as our
positioning for future growth,” said John Mengucci, CACI President
and Chief Executive Officer. “The first half of Fiscal Year 2024
played out as we expected and we are seeing increasing momentum in
the second half of the year. This acceleration enables us to raise
our Fiscal Year 2024 guidance. We continue to win in the
marketplace by providing differentiated capabilities, investing
ahead of customer need, and leveraging our exceptional past
performance and business development. We remain confident in our
ability to drive long-term growth, increase free cash flow, and
generate value for our customers and our shareholders.”
Second Quarter Results
(in millions, except earnings per share
and DSO)
Three Months Ended
12/31/2023
12/31/2022
% Change
Revenues
$
1,833.9
$
1,649.4
11.2
%
Income from operations
$
133.3
$
130.9
1.9
%
Net income
$
83.9
$
87.1
-3.7
%
Adjusted net income, a non-GAAP
measure1
$
97.6
$
101.3
-3.6
%
Diluted earnings per share
$
3.74
$
3.68
1.6
%
Adjusted diluted earnings per share, a
non-GAAP measure1
$
4.36
$
4.28
1.9
%
Earnings before interest, taxes,
depreciation and amortization (EBITDA), a non-GAAP measure1
$
170.9
$
168.4
1.5
%
Net cash provided by operating activities
excluding MARPA1
$
83.2
$
22.0
278.8
%
Free cash flow, a non-GAAP measure1
$
67.8
$
9.1
647.4
%
Days sales outstanding (DSO)2
47
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 December 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 second quarter of fiscal year 2024 increased
11.2 percent year-over-year, essentially all 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, lower tax provision, and share repurchases, partially
offset by higher interest expense. The increase in cash from
operations, excluding MARPA was driven primarily by higher cash tax
payments in the year-ago quarter, including a $47 million payment
related to Section 174 of the Tax Cuts and Jobs Act of 2017.
Second Quarter Contract Awards
Contract awards in the second quarter totaled $2.2 billion, with
approximately 55 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 selected for Global Enterprise Network Modernization
(GENMOD), a five-year, single-award task order worth up to $526
million to provide network modernization and sustainment technology
to the U.S. Army. CACI will deliver vertical integration to create
a robust, reliable, and high-speed network modernizing the Army’s
enterprise IT infrastructure and facilities across the Pacific and
Southwest Asia.
- CACI won a single-award, five-year task order worth up to $382
million to provide technology to the U.S. Army Combat Capabilities
Development Command (DEVCOM) Engineering and Systems Integration
Directorate (ESID) Trojan Engineering and Systems Integration (ESI)
Advancement of Trojan Systems (EATS). CACI will provide advanced
software and full life cycle support for the Trojan family of
systems across the Army military intelligence enterprise at all
echelons.
- CACI was awarded a $239 million task order to provide
technology, including commercial solution for classified (CSfC), to
modernize a Department of Defense network.
- CACI was awarded a five-year task order valued at up to $64
million to provide complete life cycle hardware and systems
engineering for the U.S. Air Force Distributed Common Ground System
(DCGS). CACI’s proven mobile technologies deliver scalable,
customizable mobile command, control, computers, and communications
(C4) capabilities. This technology award will support the Air Force
Life Cycle Management Center C2ISR Division under the Program
Executive Office (PEO) – Digital Directorate.
Total backlog as of December 31, 2023 was $26.9 billion compared
with $26.5 billion a year ago, an increase of 2 percent. Funded
backlog as of December 31, 2023 was $3.7 billion compared with $3.2
billion a year ago, an increase of 16 percent.
Additional Highlights
- CACI was named to the Forbes 2023 list of America’s Best
Employers for Veterans for the fourth consecutive year. As an
employer with a workforce of approximately 23,000 employees, of
which 38% are veterans, military spouses, or current members of the
National Guard and Reserves, CACI strives to create a welcoming
environment that allows veterans to thrive and continue their
mission. CACI ranked seventh in Aerospace and Defense and 39th
overall.
- CACI received the National Veteran Small Business Coalition’s
(NVSBC) Champions Award for exceeding the NVSBC-established goals
for subcontracting to service-disabled and veteran-owned small
businesses (SD/VOSB’s) during the federal government’s fiscal year
2022.
- CACI hired Tanya M. Skeen, former Assistant Secretary of
Defense for Acquisition (Acting), as Senior Vice President of
Corporate Strategy and Development. In this role, she will be
providing guidance and recommendations on investments to further
advance CACI’s capabilities aimed at satisfying our customers’
future mission needs.
Fiscal Year 2024 Guidance
The table below summarizes our fiscal year 2024 guidance and
represents our views as of January 24, 2024. Our revenue guidance
reflects approximately $200 million of higher-than-expected
material purchases by our customers, split evenly between the first
and second quarters of fiscal year 2024. Our guidance also reflects
lower diluted weighted average shares due to the effect of share
repurchases.
(in millions, except earnings per
share)
Fiscal Year 2024
Current Guidance
Prior Guidance
Revenues
$7,300 - $7,500
$7,200 - $7,400
Adjusted net income, a non-GAAP
measure1
$450 - $465
$440 - $465
Adjusted diluted earnings per share, a
non-GAAP measure1
$19.91 - $20.58
$19.38 - $20.48
Diluted weighted average shares
22.6
22.7
Free cash flow, a non-GAAP measure2
at least $420
at least $410
(1)
Adjusted net income and adjusted diluted
earnings per share are defined as GAAP net income and GAAP diluted
EPS, respectively, excluding intangible amortization expense and
the related tax impact. This non-GAAP measure should not be
considered in isolation or as a substitute for measures prepared in
accordance with GAAP. For additional information regarding this
non-GAAP measure, see the related explanation and reconciliation to
the GAAP measure included below in this release.
(2)
Free cash flow is defined as net cash
provided by operating activities excluding MARPA, less payments for
capital expenditures (capex). This non-GAAP measure should not be
considered in isolation or as a substitute for measures prepared in
accordance with GAAP. Fiscal year 2024 free cash flow guidance
assumes approximately $75 million in tax payments related to
Section 174 of the Tax Cuts and Jobs Act of 2017. For additional
information regarding this non-GAAP measure, see the related
explanation and reconciliation to the GAAP measure included below
in this release.
Conference Call Information
We have scheduled a conference call for 8:00 AM Eastern Time
Thursday, January 25, 2024 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 23,000 talented and
dynamic employees are ever vigilant in delivering distinctive
expertise and differentiated technology to meet our customers’
greatest challenges in national security and government
modernization. We are a company of good character, relentless
innovation, and long-standing excellence. Our culture drives our
success and earns us recognition as a Fortune World's Most Admired
Company. CACI is a member of the Fortune 1000 Largest Companies,
the Russell 1000 Index, and the S&P MidCap 400 Index. For more
information, visit us at 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
Six Months Ended
12/31/2023
12/31/2022
% Change
12/31/2023
12/31/2022
% Change
Revenues
$
1,833,934
$
1,649,416
11.2
%
$
3,684,081
$
3,255,175
13.2
%
Costs of revenues:
Direct costs
1,255,251
1,094,314
14.7
%
2,528,169
2,150,086
17.6
%
Indirect costs and selling expenses
409,355
388,303
5.4
%
813,988
770,384
5.7
%
Depreciation and amortization
36,023
35,932
0.3
%
71,270
71,035
0.3
%
Total costs of revenues
1,700,629
1,518,549
12.0
%
3,413,427
2,991,505
14.1
%
Income from operations
133,305
130,867
1.9
%
270,654
263,670
2.6
%
Interest expense and other, net
27,519
19,942
38.0
%
53,090
36,135
46.9
%
Income before income taxes
105,786
110,925
-4.6
%
217,564
227,535
-4.4
%
Income taxes
21,916
23,824
-8.0
%
47,647
51,309
-7.1
%
Net income
$
83,870
$
87,101
-3.7
%
$
169,917
$
176,226
-3.6
%
Basic earnings per share
$
3.76
$
3.71
1.3
%
$
7.56
$
7.51
0.7
%
Diluted earnings per share
$
3.74
$
3.68
1.6
%
$
7.50
$
7.44
0.8
%
Weighted average shares used in per share
computations:
Weighted-average basic shares
outstanding
22,282
23,506
-5.2
%
22,464
23,463
-4.3
%
Weighted-average diluted shares
outstanding
22,407
23,676
-5.4
%
22,650
23,677
-4.3
%
CACI International Inc
Consolidated Balance Sheets
(Unaudited)
(in thousands)
12/31/2023
6/30/2023
ASSETS
Current assets:
Cash and cash equivalents
$
128,851
$
115,776
Accounts receivable, net
947,452
894,946
Prepaid expenses and other current
assets
227,501
199,315
Total current assets
1,303,804
1,210,037
Goodwill
4,106,113
4,084,705
Intangible assets, net
474,964
507,835
Property, plant and equipment, net
190,199
199,519
Operating lease right-of-use assets
309,084
312,989
Supplemental retirement savings plan
assets
97,559
96,739
Accounts receivable, long-term
12,409
11,857
Other long-term assets
164,310
177,127
Total assets
$
6,658,442
$
6,600,808
LIABILITIES AND SHAREHOLDERS'
EQUITY
Current liabilities:
Current portion of long-term debt
$
61,250
$
45,938
Accounts payable
298,544
198,177
Accrued compensation and benefits
248,187
372,354
Other accrued expenses and current
liabilities
378,145
377,502
Total current liabilities
986,126
993,971
Long-term debt, net of current portion
1,713,413
1,650,443
Supplemental retirement savings plan
obligations, net of current portion
112,514
104,912
Deferred income taxes
55,293
120,545
Operating lease liabilities,
noncurrent
323,919
329,432
Other long-term liabilities
231,553
177,171
Total liabilities
3,422,818
3,376,474
Total shareholders' equity
3,235,624
3,224,334
Total liabilities and shareholders'
equity
$
6,658,442
$
6,600,808
CACI International Inc
Consolidated Statements of
Cash Flows (Unaudited)
(in thousands)
Six Months Ended
12/31/2023
12/31/2022
CASH FLOWS FROM OPERATING
ACTIVITIES
Net income
$
169,917
$
176,226
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization
71,270
71,035
Amortization of deferred financing
costs
1,095
1,126
Non-cash lease expense
33,835
34,909
Stock-based compensation expense
22,949
20,196
Deferred income taxes
(25,770
)
(48,320
)
Changes in operating assets and
liabilities, net of effect of business acquisitions:
Accounts receivable, net
(50,642
)
55,518
Prepaid expenses and other assets
(28,703
)
(30,322
)
Accounts payable and other accrued
expenses
90,769
28,157
Accrued compensation and benefits
(124,640
)
(59,917
)
Income taxes payable and receivable
2,879
(5,110
)
Operating lease liabilities
(38,206
)
(40,050
)
Long-term liabilities
17,099
3,642
Net cash provided by operating
activities
141,852
207,090
CASH FLOWS FROM INVESTING
ACTIVITIES
Capital expenditures
(29,410
)
(25,670
)
Acquisitions of businesses, net of cash
acquired
(10,869
)
—
Other
1,974
—
Net cash used in investing activities
(38,305
)
(25,670
)
CASH FLOWS FROM FINANCING
ACTIVITIES
Proceeds from borrowings under bank credit
facilities
1,531,500
1,101,500
Principal payments made under bank credit
facilities
(1,454,313
)
(1,269,813
)
Proceeds from employee stock purchase
plans
5,848
5,288
Repurchases of common stock
(155,765
)
(5,286
)
Payment of taxes for equity
transactions
(18,061
)
(13,269
)
Net cash used in financing activities
(90,791
)
(181,580
)
Effect of exchange rate changes on cash
and cash equivalents
319
94
Net change in cash and cash
equivalents
13,075
(66
)
Cash and cash equivalents, beginning of
period
115,776
114,804
Cash and cash equivalents, end of
period
$
128,851
$
114,738
Revenues by Customer Group
(Unaudited)
Three Months Ended
(in thousands)
12/31/2023
12/31/2022
$ Change
% Change
Department of Defense
$
1,358,509
74.0
%
$
1,160,060
70.4
%
$
198,449
17.1
%
Federal Civilian agencies
389,942
21.3
%
399,768
24.2
%
(9,826
)
-2.5
%
Commercial and other
85,483
4.7
%
89,588
5.4
%
(4,105
)
-4.6
%
Total
$
1,833,934
100.0
%
$
1,649,416
100.0
%
$
184,518
11.2
%
Six Months Ended
(in thousands)
12/31/2023
12/31/2022
$ Change
% Change
Department of Defense
$
2,710,815
73.6
%
$
2,255,380
69.3
%
$
455,435
20.2
%
Federal Civilian agencies
797,286
21.6
%
823,855
25.3
%
(26,569
)
-3.2
%
Commercial and other
175,980
4.8
%
175,940
5.4
%
40
—
%
Total
$
3,684,081
100.0
%
$
3,255,175
100.0
%
$
428,906
13.2
%
Revenues by Contract Type
(Unaudited)
Three Months Ended
(in thousands)
12/31/2023
12/31/2022
$ Change
% Change
Cost-plus-fee
$
1,102,474
60.1
%
$
953,344
57.8
%
$
149,130
15.6
%
Fixed-price
519,544
28.3
%
509,356
30.9
%
10,188
2.0
%
Time-and-materials
211,916
11.6
%
186,716
11.3
%
25,200
13.5
%
Total
$
1,833,934
100.0
%
$
1,649,416
100.0
%
$
184,518
11.2
%
Six Months Ended
(in thousands)
12/31/2023
12/31/2022
$ Change
% Change
Cost-plus-fee
$
2,236,909
60.7
%
$
1,888,090
58.1
%
$
348,819
18.5
%
Fixed-price
1,021,621
27.7
%
991,129
30.4
%
30,492
3.1
%
Time-and-materials
425,551
11.6
%
375,956
11.5
%
49,595
13.2
%
Total
$
3,684,081
100.0
%
$
3,255,175
100.0
%
$
428,906
13.2
%
Revenues by Prime or
Subcontractor (Unaudited)
Three Months Ended
(in thousands)
12/31/2023
12/31/2022
$ Change
% Change
Prime contractor
$
1,636,377
89.2
%
$
1,460,839
88.6
%
$
175,538
12.0
%
Subcontractor
197,557
10.8
%
188,577
11.4
%
8,980
4.8
%
Total
$
1,833,934
100.0
%
$
1,649,416
100.0
%
$
184,518
11.2
%
Six Months Ended
(in thousands)
12/31/2023
12/31/2022
$ Change
% Change
Prime contractor
$
3,285,739
89.2
%
$
2,911,149
89.4
%
$
374,590
12.9
%
Subcontractor
398,342
10.8
%
344,026
10.6
%
54,316
15.8
%
Total
$
3,684,081
100.0
%
$
3,255,175
100.0
%
$
428,906
13.2
%
Revenues by Expertise or
Technology (Unaudited)
Three Months Ended
(in thousands)
12/31/2023
12/31/2022
$ Change
% Change
Expertise
$
849,541
46.3
%
$
741,620
45.0
%
$
107,921
14.6
%
Technology
984,393
53.7
%
907,796
55.0
%
76,597
8.4
%
Total
$
1,833,934
100.0
%
$
1,649,416
100.0
%
$
184,518
11.2
%
Six Months Ended
(in thousands)
12/31/2023
12/31/2022
$ Change
% Change
Expertise
$
1,727,635
46.9
%
$
1,475,823
45.3
%
$
251,812
17.1
%
Technology
1,956,446
53.1
%
1,779,352
54.7
%
177,094
10.0
%
Total
$
3,684,081
100.0
%
$
3,255,175
100.0
%
$
428,906
13.2
%
Contract Awards
(Unaudited)
Three Months Ended
(in thousands)
12/31/2023
12/31/2022
$ Change
% Change
Contract Awards
$
2,199,671
$
3,488,834
$
(1,289,163
)
-37.0
%
Six Months Ended
(in thousands)
12/31/2023
12/31/2022
$ Change
% Change
Contract Awards
$
5,268,914
$
6,734,457
$
(1,465,543
)
-21.8
%
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
12/31/2023
12/31/2022
% Change
12/31/2023
12/31/2022
% Change
Net income, as reported
$
83,870
$
87,101
-3.7
%
$
169,917
$
176,226
-3.6
%
Intangible amortization expense
18,426
19,109
-3.6
%
36,792
38,223
-3.7
%
Tax effect of intangible amortization1
(4,699
)
(4,949
)
-5.1
%
(9,383
)
(9,899
)
-5.2
%
Adjusted net income
$
97,597
$
101,261
-3.6
%
$
197,326
$
204,550
-3.5
%
Three Months Ended
Six Months Ended
12/31/2023
12/31/2022
% Change
12/31/2023
12/31/2022
% Change
Diluted EPS, as reported
$
3.74
$
3.68
1.6
%
$
7.50
$
7.44
0.8
%
Intangible amortization expense
0.82
0.81
1.2
%
1.62
1.61
0.6
%
Tax effect of intangible amortization1
(0.20
)
(0.21
)
-4.8
%
(0.41
)
(0.41
)
—
%
Adjusted diluted EPS
$
4.36
$
4.28
1.9
%
$
8.71
$
8.64
0.8
%
FY24 Guidance Range
(in millions, except per share data)
Low End
High End
Net income, as reported
$
396
---
$
411
Intangible amortization expense
73
---
73
Tax effect of intangible amortization1
(19
)
---
(19
)
Adjusted net income
$
450
---
$
465
FY24 Guidance Range
Low End
High End
Diluted EPS, as reported
$
17.52
---
$
18.19
Intangible amortization expense
3.23
---
3.23
Tax effect of intangible amortization1
(0.84
)
---
(0.84
)
Adjusted diluted EPS
$
19.91
---
$
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 December 31, 2023 and 2022, respectively.
Note: Numbers may not sum due to rounding.
Reconciliation of Net Income to Earnings
Before Interest, Taxes, Depreciation and Amortization (EBITDA)
(Unaudited)
The Company views EBITDA and EBITDA margin, both of which are
defined as non-GAAP measures, as important indicators of
performance, consistent with the manner in which management
measures and forecasts the Company’s performance. EBITDA is a
commonly used non-GAAP measure when comparing our results with
those of other companies. We define EBITDA as GAAP net income plus
net interest expense, income taxes, and depreciation and
amortization expense (including depreciation within direct costs).
We consider EBITDA to be a useful metric for management and
investors to evaluate and compare the ongoing operating performance
of our business on a consistent basis across reporting periods, as
it eliminates the effect of non-cash items such as depreciation of
tangible assets, amortization of intangible assets primarily
recognized in business combinations, which we do not believe are
indicative of our operating performance. EBITDA margin is divided
by revenue. These non-GAAP measures should not be considered in
isolation or as a substitute for performance measures prepared in
accordance with GAAP.
Three Months Ended
Six Months Ended
(in thousands)
12/31/2023
12/31/2022
% Change
12/31/2023
12/31/2022
% Change
Net income
$
83,870
$
87,101
-3.7
%
$
169,917
$
176,226
-3.6
%
Plus:
Income taxes
21,916
23,824
-8.0
%
47,647
51,309
-7.1
%
Interest income and expense, net
27,519
19,942
38.0
%
53,090
36,135
46.9
%
Depreciation and amortization expense,
including amounts within direct costs
37,612
37,582
0.1
%
74,501
74,813
-0.4
%
EBITDA
$
170,917
$
168,449
1.5
%
$
345,155
$
338,483
2.0
%
Three Months Ended
Six Months Ended
(in thousands)
12/31/2023
12/31/2022
% Change
12/31/2023
12/31/2022
% Change
Revenues, as reported
$
1,833,934
$
1,649,416
11.2
%
$
3,684,081
$
3,255,175
13.2
%
EBITDA
170,917
168,449
1.5
%
345,155
338,483
2.0
%
EBITDA margin
9.3
%
10.2
%
9.4
%
10.4
%
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
$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
Six Months Ended
(in thousands)
12/31/2023
12/31/2022
12/31/2023
12/31/2022
Net cash provided by operating
activities
$
71,764
$
62,247
$
141,852
$
207,090
Cash used in (provided by) MARPA
11,478
(40,273
)
34,645
(42,177
)
Net cash provided by operating activities
excluding MARPA
83,242
21,974
176,497
164,913
Capital expenditures
(15,419
)
(12,899
)
(29,410
)
(25,670
)
Free cash flow
$
67,823
$
9,075
$
147,087
$
139,243
FY24 Guidance
(in millions)
Current
Prior
Net cash provided by operating
activities
$
510
$
500
Cash used in (provided by) MARPA
—
—
Net cash provided by operating activities
excluding MARPA
510
500
Capital expenditures
(90
)
(90
)
Free cash flow
$
420
$
410
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240124200482/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
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