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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 | |
---|---|---|---|---|---|---|---|---|
6.80 | 1.55% | 446.629 | 446.75 | 438.20 | 442.85 | 77,054 | 18:14:32 |
Annual revenues of $6.7 billion, up 8% YoY
Annual net income of $384.7 million; Diluted EPS of $16.43, up 6% YoY
Annual adjusted net income of $440.9 million; Adjusted diluted EPS of $18.83, up 6% YoY
Annual EBITDA of $716.0 million and EBITDA margin of 10.7%, up 40 bps YoY
Annual contract awards of $10.1 billion and book-to-bill of 1.5x
Company committed to continued growth, strong margins, and healthy cash flow in Fiscal Year 2024
CACI International Inc (NYSE: CACI), a leading provider of expertise and technology to government customers, announced results today for its fiscal fourth quarter and full year ended June 30, 2023, and issued guidance for fiscal year 2024.
“Our strong Fiscal Year 2023 financial performance is the result of the consistent execution of our strategy,” said John Mengucci, CACI President and Chief Executive Officer. “We delivered on our commitments of top-line growth, margin expansion, and healthy cash flow generation. We won significant new business, including enterprise-scale IT modernization work with the Air Force, exquisite cyber work in the intelligence community, and development of the Navy’s next-generation shipboard signals intelligence and electronic warfare platform. We deployed capital in a flexible and opportunistic manner to drive value for our shareholders. And we continued to invest in our business and our people to ensure CACI remains positioned to deliver on our commitments in Fiscal Year 2024 and beyond.”
Fourth Quarter Results
(in millions, except earnings per share and DSO)
Three Months Ended
6/30/2023
6/30/2022
% Change
Revenues
$
1,703.1
$
1,642.3
3.7
%
Income from operations
$
148.8
$
119.8
24.2
%
Net income
$
107.8
$
93.0
15.9
%
Adjusted net income, a non-GAAP measure1
$
121.9
$
107.4
13.5
%
Diluted earnings per share
$
4.68
$
3.93
19.1
%
Adjusted diluted earnings per share, a non-GAAP measure1
$
5.30
$
4.54
16.7
%
Earnings before interest, taxes, depreciation and amortization (EBITDA), a non-GAAP measure1
$
185.7
$
157.1
18.2
%
Net cash provided by operating activities excluding MARPA1
$
124.8
$
152.4
-18.1
%
Free cash flow, a non-GAAP measure1
$
101.9
$
116.6
-12.6
%
Days sales outstanding (DSO)2
48
55
(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, 2023 and 2022 exclude the impact of the Company's Master Accounts Receivable Purchase Agreement (MARPA), which was a reduction of 7 days and 8 days, respectively.
Revenues in the fourth quarter of fiscal year 2023 increased 4 percent year-over-year, driven by organic growth. The increase in income from operations was driven by higher revenues 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. The decrease in cash from operations, excluding MARPA was driven primarily by higher tax payments.
Fourth Quarter Contract Awards
Contract awards in the fourth quarter totaled $2.3 billion, with nearly 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, 2023 was $25.8 billion compared with $23.3 billion a year ago, an increase of 11 percent. Funded backlog as of June 30, 2023 was $3.7 billion compared with $3.2 billion a year ago, an increase of 16 percent.
Additional Highlights
Fiscal Year Results
(in millions, except earnings per share)
Twelve Months Ended
6/30/2023
6/30/2022
% Change
Revenues
$
6,702.5
$
6,202.9
8.1
%
Income from operations
$
567.5
$
496.3
14.3
%
Net income
$
384.7
$
366.8
4.9
%
Adjusted net income, a non-GAAP measure1
$
440.9
$
421.7
4.6
%
Diluted earnings per share
$
16.43
$
15.49
6.1
%
Adjusted diluted earnings per share, a non-GAAP measure1
$
18.83
$
17.81
5.7
%
Earnings before interest, taxes, depreciation and amortization (EBITDA), a non-GAAP measure1
$
716.0
$
637.5
12.3
%
Net cash provided by operating activities excluding MARPA1
$
345.8
$
769.8
-55.1
%
Free cash flow, a non-GAAP measure1
$
282.1
$
695.2
-59.4
%
(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 2023 increased 8 percent year-over-year, driven by 6 percent organic growth as well as revenues from acquisitions completed during the prior year. The increase in income from operations was driven by higher revenues and gross profit. Diluted earnings per share and adjusted diluted earnings per share increased due to higher income from operations, partially offset by higher interest expense and a higher tax rate. The decrease in cash from operations, excluding MARPA, was driven by tax benefits in the prior year from method changes enacted at the end of fiscal year 2021, as well as higher tax payments primarily related to Section 174 of the Tax Cuts and Jobs Act of 2017.
Fiscal Year 2024 Guidance
The table below summarizes our fiscal year 2024 guidance and represents our views as of August 9, 2023.
(in millions, except earnings per share)
Fiscal Year 2024 Guidance
Revenues
$7,000 - $7,200
Adjusted net income, a non-GAAP measure1
$440 - $465
Adjusted diluted earnings per share, a non-GAAP measure1
$19.13 - $20.22
Diluted weighted average shares
23.0
Free cash flow, a non-GAAP measure2
at least $400
(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 8:30 AM Eastern Time Thursday, August 10, 2023 during which members of our senior management will be making a brief presentation focusing on fourth quarter and full year 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 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 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
Twelve Months Ended
6/30/2023
6/30/2022
% Change
6/30/2023
6/30/2022
% Change
Revenues
$
1,703,101
$
1,642,261
3.7
%
$
6,702,546
$
6,202,917
8.1
%
Costs of revenues:
Direct costs
1,108,861
1,080,818
2.6
%
4,402,728
4,051,188
8.7
%
Indirect costs and selling expenses
410,135
406,409
0.9
%
1,590,754
1,520,719
4.6
%
Depreciation and amortization
35,309
35,197
0.3
%
141,564
134,681
5.1
%
Total costs of revenues
1,554,305
1,522,424
2.1
%
6,135,046
5,706,588
7.5
%
Income from operations
148,796
119,837
24.2
%
567,500
496,329
14.3
%
Interest expense and other, net
24,156
11,266
114.4
%
83,861
41,757
100.8
%
Income before income taxes
124,640
108,571
14.8
%
483,639
454,572
6.4
%
Income taxes
16,873
15,602
8.1
%
98,904
87,778
12.7
%
Net income
$
107,767
$
92,969
15.9
%
$
384,735
$
366,794
4.9
%
Basic earnings per share
$
4.73
$
3.97
19.1
%
$
16.59
$
15.64
6.1
%
Diluted earnings per share
$
4.68
$
3.93
19.1
%
$
16.43
$
15.49
6.1
%
Weighted average shares used in per share computations:
Weighted-average basic shares outstanding
22,795
23,415
-2.6
%
23,196
23,446
-1.1
%
Weighted-average diluted shares outstanding
23,012
23,647
-2.7
%
23,413
23,677
-1.1
%
CACI International Inc
Consolidated Balance Sheets (Unaudited)
(in thousands)
6/30/2023
6/30/2022
ASSETS
Current assets:
Cash and cash equivalents
$
115,776
$
114,804
Accounts receivable, net
894,946
926,144
Prepaid expenses and other current assets
199,315
168,690
Total current assets
1,210,037
1,209,638
Goodwill
4,084,705
4,058,291
Intangible assets, net
507,835
581,385
Property, plant and equipment, net
199,519
205,622
Operating lease right-of-use assets
312,989
317,359
Supplemental retirement savings plan assets
96,739
96,114
Accounts receivable, long-term
11,857
10,199
Other long-term assets
177,127
150,823
Total assets
$
6,600,808
$
6,629,431
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Current portion of long-term debt
$
45,938
$
30,625
Accounts payable
198,177
303,443
Accrued compensation and benefits
372,354
405,722
Other accrued expenses and current liabilities
377,502
287,571
Total current liabilities
993,971
1,027,361
Long-term debt, net of current portion
1,650,443
1,702,148
Supplemental retirement savings plan obligations, net of current portion
104,912
102,127
Deferred income taxes
120,545
356,841
Operating lease liabilities, noncurrent
329,432
315,315
Other long-term liabilities
177,171
72,096
Total liabilities
3,376,474
3,575,888
Total shareholders’ equity
3,224,334
3,053,543
Total liabilities and shareholders’ equity
$
6,600,808
$
6,629,431
CACI International Inc
Consolidated Statements of Cash Flows (Unaudited)
(in thousands)
Twelve Months Ended
6/30/2023
6/30/2022
CASH FLOWS FROM OPERATING ACTIVITIES
Net income
$
384,735
$
366,794
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
141,564
134,681
Amortization of deferred financing costs
2,233
2,276
Loss on extinguishment of debt
—
891
Non-cash lease expense
69,400
69,382
Stock-based compensation expense
39,643
31,732
Deferred income taxes
(146,013
)
9,570
Changes in operating assets and liabilities, net of effect of business acquisitions:
Accounts receivable, net
32,081
(4,463
)
Prepaid expenses and other assets
(43,568
)
(13,605
)
Accounts payable and other accrued expenses
(6,629
)
80,874
Accrued compensation and benefits
(34,422
)
(55,037
)
Income taxes payable and receivable
10,997
187,854
Operating lease liabilities
(75,586
)
(74,080
)
Long-term liabilities
13,621
8,685
Net cash provided by operating activities
388,056
745,554
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures
(63,717
)
(74,564
)
Acquisitions of businesses, net of cash acquired
(14,462
)
(615,508
)
Other
2,462
923
Net cash used in investing activities
(75,717
)
(689,149
)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from borrowings under bank credit facilities
3,238,000
2,508,595
Principal payments made under bank credit facilities
(3,276,625
)
(2,508,542
)
Payment of financing costs under bank credit facilities
—
(6,286
)
Proceeds from employee stock purchase plans
10,225
9,728
Repurchases of common stock
(273,235
)
(9,785
)
Payment of taxes for equity transactions
(14,473
)
(14,919
)
Net cash used in financing activities
(316,108
)
(21,209
)
Effect of exchange rate changes on cash and cash equivalents
4,741
(8,423
)
Net change in cash and cash equivalents
972
26,773
Cash and cash equivalents, beginning of year
114,804
88,031
Cash and cash equivalents, end of year
$
115,776
$
114,804
Revenues by Customer Group (Unaudited)
Three Months Ended
(in thousands)
6/30/2023
6/30/2022
$ Change
% Change
Department of Defense
$
1,263,390
74.2
%
$
1,175,521
71.6
%
$
87,869
7.5
%
Federal Civilian agencies
353,828
20.8
%
383,393
23.3
%
(29,565
)
-7.7
%
Commercial and other
85,883
5.0
%
83,347
5.1
%
2,536
3.0
%
Total
$
1,703,101
100.0
%
$
1,642,261
100.0
%
$
60,840
3.7
%
Twelve Months Ended
(in thousands)
6/30/2023
6/30/2022
$ Change
% Change
Department of Defense
$
4,817,470
71.9
%
$
4,331,327
69.8
%
$
486,143
11.2
%
Federal Civilian agencies
1,533,295
22.9
%
1,549,791
25.0
%
(16,496
)
-1.1
%
Commercial and other
351,781
5.2
%
321,799
5.2
%
29,982
9.3
%
Total
$
6,702,546
100.0
%
$
6,202,917
100.0
%
$
499,629
8.1
%
Revenues by Contract Type (Unaudited)
Three Months Ended
(in thousands)
6/30/2023
6/30/2022
$ Change
% Change
Cost-plus-fee
$
999,947
58.8
%
$
959,664
58.4
%
$
40,283
4.2
%
Fixed-price
503,053
29.5
%
479,052
29.2
%
24,001
5.0
%
Time-and-materials
200,101
11.7
%
203,545
12.4
%
(3,444
)
-1.7
%
Total
$
1,703,101
100.0
%
$
1,642,261
100.0
%
$
60,840
3.7
%
Twelve Months Ended
(in thousands)
6/30/2023
6/30/2022
$ Change
% Change
Cost-plus-fee
$
3,896,725
58.1
%
$
3,632,359
58.6
%
$
264,366
7.3
%
Fixed-price
2,023,968
30.2
%
1,823,221
29.4
%
200,747
11.0
%
Time-and-materials
781,853
11.7
%
747,337
12.0
%
34,516
4.6
%
Total
$
6,702,546
100.0
%
$
6,202,917
100.0
%
$
499,629
8.1
%
Revenues by Prime or Subcontractor (Unaudited)
Three Months Ended
(in thousands)
6/30/2023
6/30/2022
$ Change
% Change
Prime contractor
$
1,505,818
88.4
%
$
1,467,712
89.4
%
$
38,106
2.6
%
Subcontractor
197,283
11.6
%
174,549
10.6
%
22,734
13.0
%
Total
$
1,703,101
100.0
%
$
1,642,261
100.0
%
$
60,840
3.7
%
Twelve Months Ended
(in thousands)
6/30/2023
6/30/2022
$ Change
% Change
Prime contractor
$
5,973,700
89.1
%
$
5,564,922
89.7
%
$
408,778
7.3
%
Subcontractor
728,846
10.9
%
637,995
10.3
%
90,851
14.2
%
Total
$
6,702,546
100.0
%
$
6,202,917
100.0
%
$
499,629
8.1
%
Revenues by Expertise or Technology (Unaudited)
Three Months Ended
(in thousands)
6/30/2023
6/30/2022
$ Change
% Change
Expertise
$
803,249
47.2
%
$
763,763
46.5
%
$
39,486
5.2
%
Technology
899,852
52.8
%
878,498
53.5
%
21,354
2.4
%
Total
$
1,703,101
100.0
%
$
1,642,261
100.0
%
$
60,840
3.7
%
Twelve Months Ended
(in thousands)
6/30/2023
6/30/2022
$ Change
% Change
Expertise
$
3,091,372
46.1
%
$
2,869,317
46.3
%
$
222,055
7.7
%
Technology
3,611,174
53.9
%
3,333,600
53.7
%
277,574
8.3
%
Total
$
6,702,546
100.0
%
$
6,202,917
100.0
%
$
499,629
8.1
%
Contract Awards (Unaudited)
Three Months Ended
(in thousands)
6/30/2023
6/30/2022
$ Change
% Change
Contract Awards
$
2,324,891
$
1,544,460
$
780,431
50.5
%
Twelve Months Ended
(in thousands)
6/30/2023
6/30/2022
$ Change
% Change
Contract Awards
$
10,118,442
$
7,107,824
$
3,010,618
42.4
%
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
Twelve Months Ended
6/30/2023
6/30/2022
% Change
6/30/2023
6/30/2022
% Change
Net income, as reported
$
107,767
$
92,969
15.9%
$
384,735
$
366,794
4.9%
Intangible amortization expense
18,618
19,189
-3.0%
75,426
74,133
1.7%
Tax effect of intangible amortization1
(4,524
)
(4,753
)
-4.8%
(19,236
)
(19,199
)
0.2%
Adjusted net income
$
121,861
$
107,405
13.5%
$
440,925
$
421,728
4.6%
Three Months Ended
Twelve Months Ended
6/30/2023
6/30/2022
% Change
6/30/2023
6/30/2022
% Change
Diluted EPS, as reported
$
4.68
$
3.93
19.1%
$
16.43
$
15.49
6.1%
Intangible amortization expense
0.81
0.81
0.0%
3.22
3.13
2.9%
Tax effect of intangible amortization1
(0.19
)
(0.20
)
-5.0%
(0.82
)
(0.81
)
1.2%
Adjusted diluted EPS
$
5.30
$
4.54
16.7%
$
18.83
$
17.81
5.7%
FY24 Current Guidance Range
(in millions, except per share data)
Low End
High End
Net income, as reported
$
386
---
$
411
Intangible amortization expense
72
---
72
Tax effect of intangible amortization1
(18
)
---
(18
)
Adjusted net income
$
440
---
$
465
FY24 Current Guidance Range
Low End
High End
Diluted EPS, as reported
$
16.78
---
$
17.87
Intangible amortization expense
3.13
---
3.13
Tax effect of intangible amortization1
(0.78
)
---
(0.78
)
Adjusted diluted EPS
$
19.13
---
$
20.22
(1)
Calculation uses an assumed full year statutory tax rate of 25.5% and 25.9% on non-GAAP tax deductible adjustments for June 30, 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
Twelve Months Ended
(in thousands)
6/30/2023
6/30/2022
% Change
6/30/2023
6/30/2022
% Change
Net income
$
107,767
$
92,969
15.9%
$
384,735
$
366,794
4.9%
Plus:
Income taxes
16,873
15,602
8.1%
98,904
87,778
12.7%
Interest income and expense, net
24,156
11,266
114.4%
83,861
41,757
100.8%
Depreciation and amortization expense, including amounts within direct costs
36,898
37,255
-1.0%
148,482
141,179
5.2%
EBITDA
$
185,694
$
157,092
18.2%
$
715,982
$
637,508
12.3%
Three Months Ended
Twelve Months Ended
(in thousands)
6/30/2023
6/30/2022
% Change
6/30/2023
6/30/2022
% Change
Revenues, as reported
$
1,703,101
$
1,642,261
3.7%
$
6,702,546
$
6,202,917
8.1%
EBITDA
185,694
157,092
18.2%
715,982
637,508
12.3%
EBITDA margin
10.9%
9.6%
10.7%
10.3%
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
Twelve Months Ended
(in thousands)
6/30/2023
6/30/2022
6/30/2023
6/30/2022
Net cash provided by operating activities
$
152,102
$
152,541
$
388,056
$
745,554
Cash used in (provided by) MARPA
(27,310
)
(118
)
(42,215
)
24,242
Net cash provided by operating activities excluding MARPA
124,792
152,423
345,841
769,796
Capital expenditures
(22,873
)
(35,822
)
(63,717
)
(74,564
)
Free cash flow
$
101,919
$
116,601
$
282,124
$
695,232
(in millions)
FY24 Current Guidance
Net cash provided by operating activities
$
490
Cash used in (provided by) MARPA
—
Net cash provided by operating activities excluding MARPA
490
Capital expenditures
(90
)
Free cash flow
$
400
View source version on businesswire.com: https://www.businesswire.com/news/home/20230809772368/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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