https://assets.capyfin.com/instruments/678fdc13234e27009c5d5eaa.png avatar
CACI
🇺🇸 NYSE:CACI
View Company
OverviewEarningsDividends
•
Sep 30, 2023

CACI Q1 2024 Earnings Report

CACI's first quarter results for fiscal year 2024 were reported, with revenue increasing by 15% year-over-year, driven by organic growth and higher material purchases, and contract awards totaling $3.1 billion.

Key Takeaways

CACI International Inc. reported a 15% increase in revenue for the first quarter of fiscal year 2024, reaching $1.9 billion. Diluted EPS remained unchanged at $3.76, while contract awards totaled $3.1 billion, resulting in a book-to-bill ratio of 1.7x. The company raised its fiscal year 2024 revenue, adjusted EPS, and free cash flow guidance.

Revenues increased by 15% year-over-year, driven by organic growth and approximately $100 million in higher-than-expected material purchases.

Contract awards totaled $3.1 billion, with over 50% for new business.

Diluted earnings per share and adjusted diluted earnings per share were unchanged year-over-year.

The company raised its fiscal year 2024 revenue, adjusted EPS, and free cash flow guidance.

Total Revenue
$1.85B
Previous year: $1.61B
+15.2%
EPS
$4.36
Previous year: $4.36
+0.0%
Gross Profit
$137M
Previous year: $133M
+3.4%
Cash and Equivalents
$126M
Previous year: $137M
-8.1%
Free Cash Flow
$79.3M
Previous year: $130M
-39.1%
Total Assets
$6.74B
Previous year: $6.52B
+3.3%

CACI

CACI

CACI Revenue by Segment

Forward Guidance

CACI raised its fiscal year 2024 revenue, adjusted EPS, and free cash flow guidance.

Positive Outlook

  • Revenue guidance now 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.
  • Guidance also now reflects lower diluted weighted average shares due to the effect of the share repurchases made during the first quarter.
  • Higher free cash flow reflects first quarter results and confidence in our expectations for the year.
  • Revenue is expected to be between $7,200 million and $7,400 million.
  • Free cash flow is expected to be at least $410 million.

Challenges Ahead

  • Approximately $200 million of higher-than-expected material purchases by our customers has no material contribution to profit.
  • Assumes approximately $75 million in tax payments related to Section 174 of the Tax Cuts and Jobs Act of 2017.
  • Adjusted net income is expected to be between $440 million and $465 million.
  • Adjusted diluted earnings per share is expected to be between $19.38 and $20.48.
  • Diluted weighted average shares are expected to be 22.7 million.

Revenue & Expenses

Visualization of income flow from segment revenue to net income

Company Overview

Full financial data and analysis

View CACI