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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.
Revenue by Segment
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.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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