Delaware | 001-31400 | 54-1345888 | ||||||
(State or Other Jurisdiction
of Incorporation)
|
(Commission File Number) |
(IRS Employer
Identification No.)
|
12021 Sunset Hills Road
Reston, Virginia
|
20190 |
|||||||
(Address of Principal Executive Offices) | (Zip Code) |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
||||
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
||||
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the exchange Act (17 CFR 240.14d-2(b)) |
||||
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Common Stock | CACI | New York Stock Exchange |
Emerging growth company | o |
ITEM 2.02 | Results of Operations and Financial Condition |
ITEM 9.01 | Financial Statements and Exhibits |
Exhibit Number | Description |
|||||||
99.1 | ||||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | |||||||
CACI International Inc | ||||||||
Date: August 09, 2023 |
By: | s/ J. William Koegel, Jr. | ||||||
J. William Koegel, Jr. | ||||||||
Executive Vice President, General Counsel and Secretary |
Three Months Ended | |||||||||||||||||
(in millions, except earnings per share and DSO) | 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 |
Twelve Months Ended | |||||||||||||||||
(in millions, except earnings per share) | 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% |
(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 |
Corporate Communications and Media: |
Investor Relations: |
|||||||
Lorraine Corcoran, Executive Vice President, Corporate Communications |
Daniel Leckburg, Senior Vice President, Investor Relations |
|||||||
(703) 434-4165, lorraine.corcoran@caci.com |
(703) 841-7666, dleckburg@caci.com |
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% |
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 |
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 |
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% |
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% |
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% |
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% |
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% |
(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 | ||||||||||||||||||||||||||||||||||||
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% | |||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||