Le Lézard
Classified in: Business, Covid-19 virus
Subjects: EARNINGS, Conference Call, Webcast

CACI Reports Results for Its Fiscal 2022 Fourth Quarter and Full Year and Issues Fiscal Year 2023 Guidance


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)2  

55

 

 

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 shares  

23.8

Free cash flow, a non-GAAP measure2  

at 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.
   

 


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