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Mar 31, 2023
CACI Q3 2023 Earnings Report
CACI reported strong Q3 2023 results, marked by double-digit revenue growth and solid profitability.
Key Takeaways
CACI International Inc. announced its fiscal third quarter results, demonstrating a 10% year-over-year revenue increase to $1.7 billion, driven by organic growth. The company's net income reached $100.7 million, with a diluted EPS of $4.33. CACI is raising its fiscal year 2023 revenue and earnings guidance.
Revenues increased by 10.1% year-over-year, reaching $1.74 billion.
Net income was reported at $100.7 million, with a diluted EPS of $4.33.
Contract awards in the third quarter totaled $1.1 billion, with approximately 50% for new business.
Total backlog as of March 31, 2023, was $25.3 billion, an 8% increase compared to the previous year.
CACI
CACI
CACI Revenue by Segment
Revenue by Segment
Department of Defense Revenue
CapyFin.comFederal Civilian Agencies Revenue
CapyFin.comCommercial and Other Revenue
CapyFin.com Forward Guidance
CACI is raising its fiscal year 2023 guidance for Revenue, Adjusted Net Income, and Adjusted EPS.
Positive Outlook
- Revenue: $6,675 - $6,750 million (Previous: $6,475 - $6,675 million)
- Adjusted net income: $425 - $440 million (Previous: $420 - $440 million)
- Adjusted diluted earnings per share: $18.09 - $18.72 (Previous: $17.65 - $18.49)
- Diluted weighted average shares: 23.5 million
- Free cash flow: at least $280 million (Previous: at least $320 million)
Challenges Ahead
- Free cash flow guidance reflects the delay of a $40 million tax refund related to the previously-disclosed tax method changes.
- Assumes $95 million in tax payments related to Section 174 of the Tax Cuts and Jobs Act of 2017.
- Reliance on U.S. government contracts and potential termination risks.
- Significant delays or reductions in appropriations for programs.
- Competitive factors such as pricing pressures and competition to hire and retain employees.
Revenue & Expenses
Visualization of income flow from segment revenue to net income