{"id":725907,"date":"2023-01-25T16:38:18","date_gmt":"2023-01-25T21:38:18","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/caci-reports-results-for-its-fiscal-2023-second-quarter\/"},"modified":"2023-01-25T16:38:18","modified_gmt":"2023-01-25T21:38:18","slug":"caci-reports-results-for-its-fiscal-2023-second-quarter","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/caci-reports-results-for-its-fiscal-2023-second-quarter\/","title":{"rendered":"CACI Reports Results for Its Fiscal 2023 Second Quarter"},"content":{"rendered":"

<\/p>\n

CACI Reports Results for Its Fiscal 2023 Second Quarter<\/b><\/p>\n

Revenues of $1.6 billion, 11% YoY growth<\/i><\/b><\/p>\n

Net income of $87.1 million and Diluted EPS of $3.68<\/i><\/b><\/p>\n

Adjusted net income of $101.3 million and Adjusted diluted EPS of $4.28<\/i><\/b><\/p>\n

RESTON, Va.–(BUSINESS WIRE<\/a>)–
\nCACI International Inc (NYSE: CACI<\/a>), a leading provider of expertise and technology to government enterprise and mission customers, announced results today for its fiscal second quarter ended December 31, 2022.\n<\/p>\n

John Mengucci<\/a>, CACI President and Chief Executive Officer, said, \u201cCACI delivered strong growth, profitability, and contract awards in our second quarter and first half. We are successfully executing our strategy, making the right investments, hiring and retaining top talent, winning new work, and managing the business efficiently. We remain confident in our full-year outlook and our ability to deliver value to both our customers and our shareholders.\u201d\n<\/p>\n

Second Quarter Results<\/b><\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

Three Months Ended<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

(in millions, except earnings per share and DSO)<\/i><\/p>\n<\/td>\n

\n

12\/31\/2022<\/span><\/b><\/p>\n<\/td>\n

\n

12\/31\/2021<\/span><\/b><\/p>\n<\/td>\n

\n

% Change<\/span><\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\nRevenues\n<\/p>\n<\/td>\n

\n

\n$1,649.4\n<\/p>\n<\/td>\n

\n

\n$1,485.8\n<\/p>\n<\/td>\n

\n

\n11.0%\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nIncome from operations\n<\/p>\n<\/td>\n

\n

\n$130.9\n<\/p>\n<\/td>\n

\n

\n$124.1\n<\/p>\n<\/td>\n

\n

\n5.4%\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nNet income\n<\/p>\n<\/td>\n

\n

\n$87.1\n<\/p>\n<\/td>\n

\n

\n$90.3\n<\/p>\n<\/td>\n

\n

\n-3.5%\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nAdjusted net income, a non-GAAP measure1<\/sup><\/p>\n<\/td>\n

\n

\n$101.3\n<\/p>\n<\/td>\n

\n

\n$103.6\n<\/p>\n<\/td>\n

\n

\n-2.3%\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nDiluted earnings per share\n<\/p>\n<\/td>\n

\n

\n$3.68\n<\/p>\n<\/td>\n

\n

\n$3.83\n<\/p>\n<\/td>\n

\n

\n-3.9%\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nAdjusted diluted earnings per share, a non-GAAP measure1<\/sup><\/p>\n<\/td>\n

\n

\n$4.28\n<\/p>\n<\/td>\n

\n

\n$4.39\n<\/p>\n<\/td>\n

\n

\n-2.5%\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nAdjusted earnings before interest, taxes, depreciation and amortization (EBITDA), a non-GAAP measure1<\/sup><\/p>\n<\/td>\n

\n

\n$168.4\n<\/p>\n<\/td>\n

\n

\n$158.0\n<\/p>\n<\/td>\n

\n

\n6.6%\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nNet cash provided by operating activities excluding MARPA1<\/sup><\/p>\n<\/td>\n

\n

\n$22.0\n<\/p>\n<\/td>\n

\n

\n$128.9\n<\/p>\n<\/td>\n

\n

\n-82.9%\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nFree cash flow, a non-GAAP measure1<\/sup><\/p>\n<\/td>\n

\n

\n$9.1\n<\/p>\n<\/td>\n

\n

\n$117.4\n<\/p>\n<\/td>\n

\n

\n-92.3%\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nDays sales outstanding (DSO)2<\/sup><\/p>\n<\/td>\n

\n

\n51\n<\/p>\n<\/td>\n

\n

\n53\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n\n
(1)<\/td>\n\n

\nThis 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.\n<\/p>\n<\/td>\n<\/tr>\n

(2)<\/td>\n\n

\nThe DSO calculations for three months ended December 31, 2022 and 2021 exclude the impact of the Company\u2019s Master Accounts Receivable Purchase Agreement (MARPA), which was 8 days and 8 days, respectively.\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n

\nRevenues in the second quarter of fiscal year 2023 increased 11 percent year-over-year, driven by 6 percent organic growth as well as acquisitions completed within the prior 12 months. The increase in income from operations was driven by higher revenue and gross profit. Diluted earnings per share and adjusted diluted earnings per share decreased due to higher interest expense and a higher tax rate, partially offset by higher income from operations. Net cash provided by operating activities excluding MARPA and free cash flow decreased due higher cash tax payments, including a $46 million payment related to Section 174 of the Tax Cuts and Jobs Act of 2017.\n<\/p>\n

\n

Second Quarter Contract Awards<\/b><\/p>\n

\nContract awards in the second quarter totaled $3.5 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:\n<\/p>\n