Caci International, Inc. · NYSE:CACI
Caci International — Q1 2024 Earnings Presentation
19 slides from Caci International's earnings presentation, Oct 26, 2023
Slide 1: Q1 FY24 Earnings Conference Call
CACI International Inc Q1 FY24 Earnings Conference Call October 26, 2023 EXPERTISE and TECHNOLOGY For National Security
Slide 2: Forward-looking Statements
Forward-looking Statements There are statements made herein that do not address historical facts and, therefore, could be interpreted to be forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such statements are subject to risk factors that cou
Slide 3: On Today's Call
On Today’s Call John Mengucci Jeff MacLauchlan President and Chief Financial Officer Chief Executive Officer 3 | EXPERTISE and TECHNOLOGY For National Security
Slide 4: Value Creation Model
Value Creation Model Predictable Efficient Profitability Flexible and organic revenue management of supportive opportunistic growth working capital and of continued capital capital expenditures investment deployment 15% revenue growth1 Strong DSO and $174 million of $150M share $3.1 billion of contr
Slide 5: Winning New Work to Address Enduring Priorities
Winning New Work to Address Enduring Priorities Network Software Development SIGINT, EW, and Modernization @Scale Electromagnetic Spectrum DoD IC customer U.S. Air Force Supplying Army POR with software-defined technology Additional DoD customer, Open Architectures, includes IDT CSfC technology Agil
Slide 6: Successful Execution
Successful Execution USAF Enterprise IT Large NSA Intel and Spectral Award as-a-Service (EITaaS) Cyber Contract from US Navy WAVE 1 $5.7B $2.7B $1.2B CEILING CEILING CEILING Next-gen Next-gen intelligence, network Next-gen IT modernization exploitation, and cybersecurity SIGINT/EW weapon system 6 |
Slide 7: Macro Environment
Macro Environment Monitoring GFY ‘24 budget process Customer demand remains high CACI well-aligned to key customer priorities 7 | EXPERTISE and TECHNOLOGY For National Security
Slide 8: Summary
Summary Strong Q1 results, great start to FY24 Healthy demand, CACI well-positioned Investing ahead of need and winning in the marketplace Deploying capital to drive free cash flow per share and shareholder value Raising FY24 Revenue, Adjusted EPS, and Free Cash Flow guidance 8 | EXPERTISE and TECHN
Slide 9: Q1 FY23 to Q1 FY24 Revenue Walk
Q1 FY23 to Q1 FY24 Revenue Walk $1,900M ~ $100 $1,850 $1,800M ~ $144 +6 pts +15 pts $1,700M +9 pts $1,606 $1,600M $1,500M $1,400M $1,300M $1,200M 1Q23 Revenue Underlying Unplanned Material 1Q24 Revenue Performance Revenue Revenue in $ millions 9 | EXPERTISE and TECHNOLOGY For National Security
Slide 10: Q1 Financial Summary
Q1 Financial Summary Strong underlying Adjusted EPS1 Free Cash Flow1 EBITDA1 margin unchanged from of $79 million prior year Ahead of Higher interest DSO of 49 days expectations expense Revenue-driven 60 bps of impact Higher operating working capital from unplanned income material revenue Lower tax
Slide 11: Flexible and Opportunistic Capital Deployment
Flexible and Opportunistic Capital Deployment Internal Capital Returns Strategic M&A Investments to Shareholders $750 million share repurchase program authorization $250 million accelerated share repurchase (ASR) Opportunistically repurchased additional shares in open market (~470k shares, or ~2% of
Slide 12: FY24 Guidance
FY24 Guidance Updated Guidance Prior Guidance Revenue growth of ~7.5% to ~10.5% Revenue ~$200M unplanned material revenue $7,200 – $7,400 $7,000 – $7,200 (millions) EBITDA $ expectations unchanged Adjusted Net Income1 $440 – $465 $440 – $465 Depreciation and amortization ~$146M (millions) Net intere
Slide 13: Positive Forward Indicators
Positive Forward Indicators Q1 FY23 contract awards of $3.1 billion ~89% STRONG Q1 Book-to-Bill of 1.7x Existing Business Performance Weighted average duration >6 years Backlog of $27 billion, +7% YoY ~7% HIGH ~4 years of annualized revenue Recompetes Win Rate Pipeline of submitted bids: $11 billion
Slide 14: Executing Our Strategy
Executing Our Strategy FY24 off to a great start Winning high-value, enduring work Flexible and opportunistic capital deployment Driving growth in free cash flow per share and shareholder value Numerous awards recognizing CACI as a “best places to work” Talented, innovative, committed employees driv
Slide 15: Appendix
Appendix 15 | EXPERTISE and TECHNOLOGY For National Security
Slide 16: Definitions of Non-GAAP Measures
Definitions of Non-GAAP Measures Adjusted net income and Adjusted diluted EPS are non-GAAP performance measures. We define Adjusted net income and Adjusted diluted EPS as GAAP net income and GAAP diluted EPS, respectively, excluding intangible amortization expense and the related tax impact as we do
Slide 17: Reconciliation of Net Income to Adjusted Net Income and Diluted EPS
Reconciliation of Net Income to Adjusted Net Income and Diluted EPS to Adjusted Diluted EPS (Unaudited) (in thousands, except per share data) Three Months Ended 9/30/2023 9/30/2022 % Change Net income, as reported $ 86,047 $ 89,125 -3.5% Intangible amortization expense 18,366 19,114 -3.9% Tax effect
Slide 18: Reconciliation of Net Income to EBITDA
Reconciliation of Net Income to Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) (Unaudited) Three Months Ended (in thousands) 9/30/2023 9/30/2022 % Change Net income $ 86,047 $ 89,125 -3.5% Plus: Income taxes 25,731 27,485 -6.4% Interest income and expense, net 25,571 16,193
Slide 19: Reconciliation of Operating Cash Flow to Free Cash Flow
Reconciliation of Net Cash Provided by Operating Activities to Net Cash Provided by Operating Activities Excluding MARPA and to Free Cash Flow (Unaudited) Three Months Ended (in thousands) 9/30/2023 9/30/2022 Net cash provided by operating activities $ 70,088 $ 144,843 Cash used in (provided by) MAR