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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 | |
---|---|---|---|---|---|---|---|---|
-2.00 | -0.47% | 425.72 | 430.708 | 425.14 | 429.05 | 71,385 | 23:00:02 |
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:
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
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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