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Share Name | Share Symbol | Market | Type |
---|---|---|---|
CACI International Inc | NYSE:CACI | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
2.11 | 0.48% | 441.94 | 443.43 | 438.20 | 442.85 | 37,295 | 15:14:54 |
Annual revenues of $6.2 billion
Annual net income of $366.8 million and Diluted EPS of $15.49
Annual adjusted net income of $421.7 million and Adjusted diluted EPS of $17.81
Robust Cash flow from operations and Free cash flow
Company expects continued growth, margin expansion, and healthy cash flow in Fiscal Year 2023
CACI International Inc (NYSE: CACI), a leading provider of expertise and technology to government enterprise and mission customers, announced results today for its fiscal fourth quarter and full year ended June 30, 2022, and issued guidance for fiscal year 2023.
John Mengucci, CACI President and Chief Executive Officer, said, “We delivered growth, healthy margins, and robust cash flow in fiscal year 2022. We also delivered another year of strong contract awards and our backlog and pipeline remain robust. With a backdrop of growing budgets and increasing national security demands, we expect continued growth, margin expansion, and healthy cash flow generation in fiscal year 2023 and beyond. Our differentiated capabilities and strong financial position give us confidence in our ability to deliver value for our customers and our shareholders.”
Fourth Quarter Results
Three Months Ended
(in millions, except earnings per share and DSO)
6/30/2022
6/30/2021
% Change
Revenues$1,642.3
$1,564.0
5.0
%
Income from operations$119.8
$112.1
6.9
%
Net income$93.0
$137.0
-32.1
%
Adjusted net income, a non-GAAP measure1$107.4
$149.4
-28.1
%
Diluted earnings per share$3.93
$5.74
-31.5
%
Adjusted diluted earnings per share, a non-GAAP measure1$4.54
$6.26
-27.5
%
Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA), a non-GAAP measure1$157.1
$144.9
8.4
%
Net cash provided by operating activities excluding MARPA1$152.4
$99.5
53.1
%
Free cash flow, a non-GAAP measure1$116.6
$77.7
50.1
%
Days sales outstanding (DSO)255
54
(1)
This non-GAAP measure should not be considered in isolation or as a substitute for measures prepared in accordance with GAAP. For additional information regarding this non-GAAP measure, see the related explanation and reconciliation to the GAAP measure included below in this release.
(2)The DSO calculations for three months ended June 30, 2022 and 2021 exclude the impact of the Company’s MARPA, which was 8 days and 7 days, respectively.
Revenues in the fourth quarter of fiscal year 2022 increased 5 percent year-over-year driven by acquisitions completed earlier this fiscal year and organic growth of approximately 2 percent. The increase in income from operations was driven by higher revenue and gross profit, partially offset by higher indirect costs and selling expenses. Diluted earnings per share and adjusted diluted earnings per share decreased due to a lower effective tax rate in the year-ago quarter as a result of certain tax elections, partially offset by higher income from operations. The increase in cash from operations, excluding MARPA, was driven by higher income tax payments in the year ago quarter. The increase in free cash flow was driven by higher cash from operations, excluding MARPA, partially offset by higher capital expenditures.
Fourth Quarter Contract Awards
Contract awards in Q4 FY22 totaled $1.5 billion, with approximately 70 percent for new business to CACI. Awards exclude ceiling values of multi-award, indefinite delivery, indefinite quantity (IDIQ) contracts. Some notable awards during the quarter were:
Total backlog as of June 30, 2022 was $23.3 billion compared with $24.2 billion a year ago, a decrease of 4 percent. Funded backlog as of June 30, 2022 was $3.2 billion compared with $3.3 billion a year ago, a decrease of 3 percent.
Additional Highlights
Fiscal Year Results
Twelve Months Ended
(in millions except earnings per share and DSO)
6/30/2022
6/30/2021
% Change
Revenues$6,202.9
$6,044.1
2.6
%
Income from operations$496.3
$539.5
-8.0
%
Net income$366.8
$457.4
-19.8
%
Adjusted net income, a non-GAAP measure1$421.7
$507.2
-16.9
%
Diluted earnings per share$15.49
$18.30
-15.4
%
Adjusted diluted earnings per share, a non-GAAP measure1$17.81
$20.29
-12.2
%
Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA), a non-GAAP measure1$637.5
$668.6
-4.6
%
Net cash provided by operating activities excluding MARPA1$769.8
$610.2
26.2
%
Free cash flow, a non-GAAP measure1$695.2
$537.1
29.5
%
(1)This non-GAAP measure should not be considered in isolation or as a substitute for measures prepared in accordance with GAAP. For additional information regarding this non-GAAP measure, see the related explanation and reconciliation to the GAAP measure included below in this release.
Revenues in fiscal year 2022 increased 3 percent year-over-year driven by acquisitions completed during the year as well as organic growth. The decrease in income from operations was driven by higher indirect costs and selling expenses from acquisitions and organic investments, as well as higher depreciation and amortization, partially offset by higher revenue and gross profit. Diluted earnings per share and adjusted diluted earnings per share decreased due to lower income from operations and a higher tax rate, partially offset by a lower share count as a result of the $500 million accelerated share repurchase announced in March 2021. The increase in cash from operations, excluding MARPA, was driven by a $190 million tax benefit from method changes elected at the end of fiscal year 2021, partially offset by a $47 million repayment of deferred payroll taxes under the CARES Act. The increase in free cash flow was driven by higher cash from operations.
Fiscal Year 2023 Guidance
The table below summarizes our fiscal year 2023 guidance and represents our views as of August 10, 2022.
(in millions, except earnings per share)
Fiscal Year 2023 Guidance
Revenues
$6,475 - $6,675
Adjusted net income, a non-GAAP measure1$420 - $440
Adjusted diluted earnings per share, a non-GAAP measure1$17.65 - $18.49
Diluted weighted average shares23.8
Free cash flow, a non-GAAP measure2at least $415
(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 Section 174 of the Tax Cuts and Jobs Act of 2017 will be deferred, modified or repealed. CACI currently estimates that, if not deferred, modified or repealed, fiscal year 2023 Free cash flow would be reduced by approximately $95 million. 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 8:30 AM Eastern Time Thursday, August 11, 2022 during which members of our senior management will be making a brief presentation focusing on fourth quarter and full-year results and operating trends, as well as fiscal year 2023 guidance, 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
Twelve Months Ended
6/30/2022
6/30/2021
% Change
6/30/2022
6/30/2021
% Change
Revenues$
1,642,261
$
1,564,000
5.0%
$
6,202,917
$
6,044,135
2.6%
Costs of revenues:
Direct costs
1,080,818
1,043,407
3.6%
4,051,188
3,930,707
3.1%
Indirect costs and selling expenses
406,409
376,788
7.9%
1,520,719
1,448,614
5.0%
Depreciation and amortization
35,197
31,755
10.8%
134,681
125,363
7.4%
Total costs of revenues:
1,522,424
1,451,950
4.9%
5,706,588
5,504,684
3.7%
Income from operations
119,837
112,050
6.9%
496,329
539,451
-8.0%
Interest expense and other, net
11,266
11,815
-4.6%
41,757
39,836
4.8%
Income before income taxes
108,571
100,235
8.3%
454,572
499,615
-9.0%
Income taxes
15,602
(36,742)
-142.5%
87,778
42,172
108.1%
Net income$
92,969
$
136,977
-32.1%
$
366,794
$
457,443
-19.8%
Basic earnings per share
$
3.97
$
5.82
-31.8%
$
15.64
$
18.52
-15.6%
Diluted earnings per share$
3.93
$
5.74
-31.5%
$
15.49
$
18.30
-15.4%
Weighted average shares used in per share computations: Basic
23,415
23,552
-0.6%
23,446
24,705
-5.1%
Diluted
23,647
23,856
-0.9%
23,677
24,992
-5.3%
Statement of Operations Data (Unaudited)
Three Months Ended
Twelve Months Ended
6/30/2022
6/30/2021
% Change
6/30/2022
6/30/2021
% Change
Income from operations (as a % of Revenues)
7.3%
7.2%
8.0%
8.9%
Effective tax rate
14.4%
-36.7%
19.3%
8.4%
Net income (as a % of Revenues)
5.7%
8.8%
5.9%
7.6%
Adjusted EBITDA1
$
157,092
$
144,915
8.4%
$
637,508
$
668,582
-4.6%
Adjusted EBITDA Margin1
9.6%
9.3%
10.3%
11.1%
(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.
CACI International Inc
Condensed Consolidated Balance Sheets (Unaudited) (in thousands)6/30/2022
6/30/2021
ASSETS
Current assets:
Cash and cash equivalents
$
114,804
$
88,031
Accounts receivable, net
926,144
879,851
Prepaid expenses and other current assets
168,690
363,294
Total current assets
1,209,638
1,331,176
Goodwill
4,058,291
3,632,578
Intangible assets, net
581,385
476,106
Property, plant and equipment, net
205,622
190,444
Operating lease right-of-use assets
317,359
356,887
Supplemental retirement savings plan assets
96,114
102,984
Accounts receivable, long-term
10,199
12,159
Other long-term assets
150,823
70,038
Total assets
$
6,629,431
$
6,172,372
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Current portion of long-term debt
$
30,625
$
46,920
Accounts payable
303,443
148,636
Accrued compensation and benefits
405,722
409,275
Other accrued expenses and current liabilities
287,571
279,970
Total current liabilities
1,027,361
884,801
Long-term debt, net of current portion
1,702,148
1,688,919
Supplemental retirement savings plan obligations, net of current portion
102,127
104,490
Deferred income taxes
356,841
327,230
Operating lease liabilities, noncurrent
315,315
363,302
Other long-term liabilities
72,096
138,352
Total liabilities
3,575,888
3,507,094
COMMITMENTS AND CONTINGENCIES
Shareholders' equity:
Common stock
4,282
4,268
Additional paid-in-capital
571,650
484,260
Retained earnings
3,555,881
3,189,087
Accumulated other comprehensive loss
(31,076
)
(36,291
)
Treasury stock, at cost
(1,047,329
)
(976,181
)
Total CACI shareholders' equity
3,053,408
2,665,143
Noncontrolling interest
135
135
Total shareholders' equity
3,053,543
2,665,278
Total liabilities and shareholders' equity
$
6,629,431
$
6,172,372
CACI International Inc Condensed Consolidated Statements of Cash Flows (Unaudited) (in thousands)
Twelve Months Ended
6/30/2022
6/30/2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income
$
366,794
$
457,443
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
134,681
125,363
Amortization of deferred financing costs
2,276
2,320
Loss on extinguishment of debt
891
-
Non-cash lease expense
69,382
77,148
Stock-based compensation expense
31,732
30,463
Deferred income taxes
9,570
108,973
Changes in operating assets and liabilities, net of effect of business acquisitions:
Accounts receivable, net
(4,463
)
(38,162
)
Prepaid expenses and other assets
(13,605
)
(15,760
)
Accounts payable and other accrued expenses
80,874
49,812
Accrued compensation and benefits
(55,037
)
68,742
Income taxes payable and receivable
187,854
(231,971
)
Operating lease liabilities
(74,080
)
(73,057
)
Long-term liabilities
8,685
30,901
Net cash provided by operating activities
745,554
592,215
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures
(74,564
)
(73,129
)
Acquisitions of businesses, net of cash acquired
(615,508
)
(356,261
)
Other
923
2,744
Net cash used in investing activities
(689,149
)
(426,646
)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from borrowings under bank credit facilities
2,508,595
3,290,000
Principal payments made under bank credit facilities
(2,508,542
)
(2,960,920
)
Payment of financing costs under bank credit facilities
(6,286
)
-
Proceeds from employee stock purchase plans
9,728
9,181
Repurchases of common stock
(9,785
)
(509,137
)
Payment of taxes for equity transactions
(14,919
)
(19,720
)
Net cash provided by (used in) financing activities
(21,209
)
(190,596
)
Effect of exchange rate changes on cash and cash equivalents
(8,423
)
5,822
Net change in cash and cash equivalents
26,773
(19,205
)
Cash and cash equivalents, beginning of period
88,031
107,236
Cash and cash equivalents, end of period
$
114,804
$
88,031
Revenues by Customer Group (Unaudited) Three Months Ended (in thousands) 6/30/2022 6/30/2021 $ Change % Change Department of Defense
$
1,175,521
71.6%
$
1,094,166
69.9%
$
81,355
7.4%
Federal Civilian Agencies
383,393
23.3%
399,604
25.6%
(16,211)
-4.1%
Commercial and other
83,347
5.1%
70,230
4.5%
13,117
18.7%
Total$
1,642,261
100.0%
$
1,564,000
100.0%
$
78,261
5.0%
Twelve Months Ended (in thousands) 6/30/2022 6/30/2021 $ Change % Change Department of Defense$
4,331,327
69.8%
$
4,185,292
69.3%
$
146,035
3.5%
Federal Civilian Agencies
1,549,791
25.0%
1,585,672
26.2%
(35,881)
-2.3%
Commercial and other
321,799
5.2%
273,171
4.5%
48,628
17.8%
Total$
6,202,917
100.0%
$
6,044,135
100.0%
$
158,782
2.6%
Revenues by Contract Type (Unaudited) Three Months Ended (in thousands) 6/30/2022 6/30/2021 $ Change % Change Cost-plus-fee$
959,664
58.4%
$
931,871
59.6%
$
27,793
3.0%
Fixed price
479,052
29.2%
438,107
28.0%
40,945
9.3%
Time and materials
203,545
12.4%
194,022
12.4%
9,523
4.9%
Total$
1,642,261
100.0%
$
1,564,000
100.0%
$
78,261
5.0%
Twelve Months Ended (in thousands) 6/30/2022 6/30/2021 $ Change % Change Cost-plus-fee$
3,632,359
58.6%
$
3,504,838
58.0%
$
127,521
3.6%
Fixed price
1,823,221
29.4%
1,769,841
29.3%
53,380
3.0%
Time and materials
747,337
12.0%
769,456
12.7%
(22,119)
-2.9%
Total$
6,202,917
100.0%
$
6,044,135
100.0%
$
158,782
2.6%
Revenues by Prime or Subcontractor (Unaudited) Three Months Ended (in thousands) 6/30/2022 6/30/2021 $ Change % Change Prime$
1,467,712
89.4%
$
1,394,094
89.1%
$
73,618
5.3%
Subcontractor
174,549
10.6%
169,906
10.9%
4,643
2.7%
Total$
1,642,261
100.0%
$
1,564,000
100.0%
$
78,261
5.0%
Twelve Months Ended (in thousands) 6/30/2022 6/30/2021 $ Change % Change Prime$
5,564,922
89.7%
$
5,449,590
90.2%
$
115,332
2.1%
Subcontractor
637,995
10.3%
594,545
9.8%
43,450
7.3%
Total$
6,202,917
100.0%
$
6,044,135
100.0%
$
158,782
2.6%
Revenues by Expertise or Technology (Unaudited)Three Months Ended
(in thousands)
6/30/2022
6/30/2021
$ Change
% Change
Expertise$
763,763
46.5%
$
735,588
47.0%
$
28,175
3.8%
Technology
878,498
53.5%
828,412
53.0%
50,086
6.0%
Total$
1,642,261
100.0%
$
1,564,000
100.0%
$
78,261
5.0%
Twelve Months Ended
(in thousands)
6/30/2022
6/30/2021
$ Change
% Change
Expertise$
2,869,317
46.3%
$
2,972,966
49.2%
$
(103,649)
-3.5%
Technology
3,333,600
53.7%
3,071,169
50.8%
262,431
8.5%
Total$
6,202,917
100.0%
$
6,044,135
100.0%
$
158,782
2.6%
Contract Awards (Unaudited)
Three Months Ended
(in thousands)
6/30/2022
6/30/2021
$ Change
% Change
Contract Awards$
1,544,460
$
3,642,295
$
(2,097,835)
-57.6%
Twelve Months Ended
(in thousands)
6/30/2022
6/30/2021
$ Change
% Change
Contract Awards$
7,107,824
$
9,171,752
$
(2,063,928)
-22.5%
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 Twelve Months Ended 6/30/2022 6/30/2021 % Change 6/30/2022 6/30/2021 % Change Net income, as reported
$
92,969
$
136,977
-32.1
%
$
366,794
$
457,443
-19.8
%
Intangible amortization expense
19,189
16,896
13.6
%
74,133
67,501
9.8
%
Tax effect of intangible amortization1
(4,753
)
(4,442
)
7.0
%
(19,199
)
(17,748
)
8.2
%
Adjusted net income$
107,405
$
149,431
-28.1
%
$
421,728
$
507,196
-16.9
%
Three Months Ended Twelve Months Ended 6/30/2022 6/30/2021 % Change 6/30/2022 6/30/2021 % Change Diluted EPS, as reported$
3.93
$
5.74
-31.5
%
$
15.49
$
18.30
-15.4
%
Intangible amortization expense
0.81
0.71
14.1
%
3.13
2.70
15.9
%
Tax effect of intangible amortization1
(0.20
)
(0.19
)
5.3
%
(0.81
)
(0.71
)
14.1
%
Adjusted diluted EPS$
4.54
$
6.26
-27.5
%
$
17.81
$
20.29
-12.2
%
(in millions, except per share data) FY23 Guidance Range Low End High End Net income, as reported$
364
---
$
384
Intangible amortization expense
75
---
75
Tax effect of intangible amortization1
(19
)
---
(19
)
Adjusted net income$
420
---
$
440
FY23 Guidance Range Low End High End Diluted EPS, as reported
$
15.29
---
$
16.13
Intangible amortization expense
3.15
---
3.15
Tax effect of intangible amortization1
(0.80
)
---
(0.80
)
Adjusted diluted EPS$
17.65
---
$
18.49
(1) Calculation uses an assumed full year statutory tax rate of 25.9% on non-GAAP tax deductible adjustments. 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 Twelve Months Ended (in thousands) 6/30/2022 6/30/2021 % Change 6/30/2022 6/30/2021 % Change Net income$
92,969
$
136,977
-32.1
%
$
366,794
$
457,443
-19.8
%
Plus: Income taxes
15,602
(36,742
)
-142.5
%
87,778
42,172
108.1
%
Interest income and expense, net
11,266
11,815
-4.6
%
41,757
39,836
4.8
%
Depreciation and amortization expense, including amounts within direct costs
37,255
32,865
13.4
%
141,179
129,131
9.3
%
Adjusted EBITDA$
157,092
$
144,915
8.4
%
$
637,508
$
668,582
-4.6
%
Three Months Ended Twelve Months Ended (in thousands) 6/30/2022 6/30/2021 % Change 6/30/2022 6/30/2021 % Change Revenues, as reported$
1,642,261
$
1,564,000
5.0
%
$
6,202,917
$
6,044,135
2.6
%
Adjusted EBITDA
157,092
144,915
8.4
%
637,508
668,582
-4.6
%
Adjusted EBITDA margin
9.6
%
9.3
%
10.3
%
11.1
%
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 this measure allows investors to more easily compare current period results to prior period results and to results of our peers. Free cash flow does not represent residual cash flows available for discretionary purposes and should not be used as a substitute for cash flow measures prepared in accordance with GAAP.
Three Months Ended Twelve Months Ended (in thousands) 6/30/2022 6/30/2021 6/30/2022 6/30/2021 Net cash provided by operating activities
$
152,541
$
91,699
$
745,554
$
592,215
Cash used in (provided by) MARPA
(118
)
7,833
24,242
17,973
Net cash provided by operating activities excluding MARPA
152,423
99,532
769,796
610,188
Capital expenditures
(35,822
)
(21,856
)
(74,564
)
(73,129
)
Free cash flow$
116,601
$
77,676
$
695,232
$
537,059
(in millions) FY23 Guidance Net cash provided by operating activities1
$
495
Cash used in (provided by) MARPA
-
Net cash provided by operating activities excluding MARPA1
495
Capital expenditures
(80
)
Free cash flow$
415
(1) FY23 guidance assumes Section 174 of the Tax Cuts and Jobs Act of 2017 will be deferred, modified or repealed. CACI currently estimates that, if not deferred, modified or repealed, FY23 operating cash flow would be reduced by approximately $95 million.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220810005249/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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