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Mar 31, 2024
CACI Q3 2024 Earnings Report
CACI's Q3 2024 performance showcased double-digit organic growth, margin expansion, significant contract awards, and a record backlog, leading to raised fiscal year 2024 revenue and earnings guidance.
Key Takeaways
CACI International Inc. reported strong third-quarter results with an 11% increase in revenues to $1.9 billion and a net income of $115.4 million. The company's performance was driven by organic growth, margin expansion, and significant contract awards, leading to raised fiscal year 2024 revenue and earnings guidance.
Revenues reached $1.9 billion, marking an 11% year-over-year increase.
Net income was reported at $115.4 million, with diluted EPS of $5.13, reflecting an 18% year-over-year growth.
Contract awards totaled $3.5 billion, resulting in a book-to-bill ratio of 1.8x.
EBITDA margin expanded to 11.3%, a 200 basis point increase sequentially.
CACI
CACI
CACI Revenue by Segment
CACI Revenue by Geographic Location
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.comRevenue by Geographic Location
Total Revenue
CapyFin.com Forward Guidance
CACI raised its fiscal year 2024 guidance, projecting revenues between $7.5 billion and $7.6 billion, adjusted net income between $455 million and $465 million, adjusted diluted earnings per share between $20.13 and $20.58, and free cash flow of at least $420 million.
Positive Outlook
- Revenue guidance increased to $7.5 - $7.6 billion from $7.3 - $7.5 billion.
- Adjusted net income guidance maintained at $455 - $465 million.
- Adjusted diluted earnings per share guidance updated to $20.13 - $20.58 from $19.91 - $20.58.
- Free cash flow guidance remains at least $420 million.
- Diluted weighted average shares remain at 22.6 million.
Challenges Ahead
- Guidance reflects approximately $200 million of higher-than-expected material purchases by customers.
- Guidance reflects lower diluted weighted average shares due to share repurchases earlier in the year.
- Fiscal year 2024 free cash flow guidance assumes approximately $75 million in tax payments related to Section 174 of the Tax Cuts and Jobs Act of 2017.
- Fiscal year 2024 free cash flow guidance assumes a $40 million tax refund associated with prior year tax method changes.
- No other negative factors were explicitly mentioned in the provided guidance summary.
Revenue & Expenses
Visualization of income flow from segment revenue to net income