{"id":751704,"date":"2023-04-26T18:06:59","date_gmt":"2023-04-26T22:06:59","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/caci-reports-results-for-its-fiscal-2023-third-quarter\/"},"modified":"2023-04-26T18:06:59","modified_gmt":"2023-04-26T22:06:59","slug":"caci-reports-results-for-its-fiscal-2023-third-quarter","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/caci-reports-results-for-its-fiscal-2023-third-quarter\/","title":{"rendered":"CACI Reports Results for Its Fiscal 2023 Third Quarter"},"content":{"rendered":"

<\/p>\n

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

Revenues of $1.7 billion, 10% YoY growth<\/i><\/b><\/p>\n

Net income of $100.7 million and Diluted EPS of $4.33<\/i><\/b><\/p>\n

Adjusted EBITDA of $191.8 million and Adjusted EBITDA Margin of 11.0%<\/i><\/b><\/p>\n

Adjusted net income of $114.5 million and Adjusted diluted EPS of $4.92<\/i><\/b><\/p>\n

Raising Fiscal Year 2023 guidance for Revenue, Adjusted Net Income, and Adjusted EPS<\/i><\/b><\/p>\n

RESTON, Va.–(BUSINESS WIRE<\/a>)–
\nCACI International Inc (NYSE: CACI), a leading provider of expertise and technology to government enterprise and mission customers, announced results today for its fiscal third quarter ended March 31, 2023.<\/p>\n

\nJohn Mengucci, CACI President and Chief Executive Officer, said, \u201cOur third quarter results demonstrate the continued successful execution of our strategy. We delivered double-digit revenue growth, strong profitability, and solid cash flow. CACI is winning and executing in the marketplace with differentiated Technology and Expertise, growing our backlog, and pursuing a strong pipeline of additional opportunities. Given our year-to-date performance and strong position, we are raising our fiscal year 2023 revenue and earnings guidance.\u201d<\/p>\n

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

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

\n

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

\n

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

\n

3\/31\/2023<\/b><\/p>\n<\/td>\n

\n

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

\n

3\/31\/2022<\/b><\/p>\n<\/td>\n

\n

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

\n

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

\n

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

\n

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

\n

\n1,744.3<\/p>\n<\/td>\n

\n

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

\n

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

\n

\n1,584.0<\/p>\n<\/td>\n

\n

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

\n

\n10.1<\/p>\n<\/td>\n

\n

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

\n

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

\n

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

\n

\n155.0<\/p>\n<\/td>\n

\n

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

\n

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

\n

\n125.4<\/p>\n<\/td>\n

\n

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

\n

\n23.7<\/p>\n<\/td>\n

\n

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

\n

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

\n

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

\n

\n100.7<\/p>\n<\/td>\n

\n

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

\n

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

\n

\n95.4<\/p>\n<\/td>\n

\n

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

\n

\n5.6<\/p>\n<\/td>\n

\n

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

\n

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

\n

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

\n

\n114.5<\/p>\n<\/td>\n

\n

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

\n

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

\n

\n109.6<\/p>\n<\/td>\n

\n

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

\n

\n4.4<\/p>\n<\/td>\n

\n

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

\n

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

\n

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

\n

\n4.33<\/p>\n<\/td>\n

\n

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

\n

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

\n

\n4.04<\/p>\n<\/td>\n

\n

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

\n

\n7.2<\/p>\n<\/td>\n

\n

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

\n

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

\n

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

\n

\n4.92<\/p>\n<\/td>\n

\n

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

\n

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

\n

\n4.64<\/p>\n<\/td>\n

\n

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

\n

\n6.0<\/p>\n<\/td>\n

\n

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

\n

\n191.8<\/p>\n<\/td>\n

\n

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

\n

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

\n

\n161.5<\/p>\n<\/td>\n

\n

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

\n

\n18.8<\/p>\n<\/td>\n

\n

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

\n

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

\n

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

\n

\n56.1<\/p>\n<\/td>\n

\n

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

\n

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

\n

\n314.1<\/p>\n<\/td>\n

\n

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

\n

\n-82.1<\/p>\n<\/td>\n

\n

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

\n

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

\n

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

\n

\n41.0<\/p>\n<\/td>\n

\n

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

\n

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

\n

\n296.9<\/p>\n<\/td>\n

\n

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

\n

\n-86.2<\/p>\n<\/td>\n

\n

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

\n

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

\n

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

\n

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

\n

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

\n

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

\n

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

\n

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

\n

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

\n(1)<\/p>\n<\/td>\n

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

(2)<\/td>\n\u00a0<\/td>\nThe DSO calculations for three months ended March 31, 2023 and 2022 exclude the impact of the Company\u2019s Master Accounts Receivable Purchase Agreement (MARPA), which was 6 days and 8 days, respectively.<\/td>\n<\/tr>\n<\/table>\n

\nRevenues in the third quarter of fiscal year 2023 increased 10 percent year-over-year, driven entirely by organic growth. The increase in income from operations was driven by higher revenue 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 and a higher tax rate. Net cash provided by operating activities excluding MARPA and free cash flow decreased primarily as a result of tax benefits from method changes in the year ago quarter.<\/p>\n

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

\nContract awards in the third quarter totaled $1.1 billion, with approximately 50 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:<\/p>\n