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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.
CACI
CACI
CACI Revenue by Segment
Revenue by Segment
Department of Defense Revenue
CapyFin.comFederal Civilian Agencies Revenue
CapyFin.comCommercial and Other Revenue
CapyFin.comCost-plus-fee Revenue
CapyFin.comFixed-price Revenue
CapyFin.comTime-and-materials Revenue
CapyFin.comPrime Contractor Revenue
CapyFin.comSubcontractor Revenue
CapyFin.comExpertise Revenue
CapyFin.comTechnology Revenue
CapyFin.com 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