Caci International, Inc. · NYSE:CACI
Caci International — Q4 FY2021 Earnings Presentation
19 slides from Caci International's earnings presentation, Aug 12, 2021
Slide 1: Q4 and FY21 Earnings Conference Call
CACI International Inc Q4 and FY21 Earnings Conference Call August 12, 2021 CACI Proprietary Information CACI Proprietary Information
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 co
Slide 3: On Today's Call
On Today’s Call John Mengucci Thomas Mutryn President and Chief Chief Financial Officer Executive Officer 3 | CACI Proprietary Information CACI Q4 FY21 Earnings Conference Call
Slide 4: Strong FY21 Performance
Strong FY21 Performance Revenue +6% as reported, +5% organic Adjusted EBITDA Margin +110 bps to 11.1%1 Robust cash flow from operations ($610 million)1 Strong contract awards of $9.2 billion More than 40% new business to CACI Strong recompete performance TTM book-to-bill 1.5x (11th consecutive quart
Slide 5: Budget and Market Environment
Budget and Market Environment Continued bipartisan support for national security and IT modernization Key priorities include cyber, border security, C4ISR, electronic warfare, and space DHS’ Cybersecurity and Infrastructure Security Agency (CISA) will be a focal point for federal civilian cyber inve
Slide 6: Software Development Capabilities Drive Growth
Software Development Capabilities Drive Growth Customer needs – speed to market, agility and flexibility, security, and efficiency CACI industry leadership in software development Agile software development at Scale DevSecOps using tool-based automation Focus on open architecture Increasing leverage
Slide 7: FY22 Guidance Consistent with Financial Goals
FY22 Guidance Consistent with Financial Goals Total revenue growth of about 4% Essentially all organic Ahead of addressable market growth of ~3% Includes ~2% headwind from Afghanistan withdrawal Adjusted EBITDA Margin1 of 10.9%, 20 basis point expansion vs. normalized FY21 Strong cash flow generatio
Slide 8: Capital Deployment
Capital Deployment Continued investment in high-demand, high-value capabilities to drive growth Opportunistic and flexible capital deployment for strategic M&A, share repurchases, and/or other capital return options Committed to utilize our strong cash flow to deliver long-term shareholder value 8 |
Slide 9: Q4 Financial Summary
Q4 Financial Summary Revenue (Ms) Net Income (Ms) $1,564 $1,600 +5% $160 +46% $137 $1,496 $1,500 $120 $94 $1,400 $80 $1,300 $40 $1,200 $0 Q4 FY20 Q4 FY21 Q4 FY20 Q4 FY21 Adjusted Net Income1 (Ms) Organic revenue growth of 4.3% $149 +43% $160 Technology revenue +14.8% $120 $105 Adjusted EBITDA Margin
Slide 10: FY21 Financial Summary
FY21 Financial Summary Revenue (Ms) Net Income (Ms) $6,500 $500 $457 $6,044 +42% $6,000 $5,720 +6% $400 $321 $300 $5,500 $200 $5,000 $100 $4,500 $0 FY20 FY21 FY20 FY21 Adjusted Net Income1 (Ms) Organic revenue growth of 5.0% $600 $507 $500 +39% Technology revenue +13.0% $365 $400 Adjusted EBITDA Mar
Slide 11: Strong Cash Flow
Strong Cash Flow ▪ FY21 net cash provided by operating Cash Flow and CapEx 1 activities excluding MARPA of (millions, TTM) $610 million1, up 19% year-over-year $700 $650 $600 ▪ Cash flow included ~$90 million of higher $550 $500 tax payments and ~$50 million benefit $450 from the payroll tax deferra
Slide 12: FY22 Guidance
FY22 Guidance Organic revenue growth of FY22 Guidance ~4% at the midpoint, including Afghanistan headwind (2 pts) Revenue $6,200 – $6,400 (millions) Adj. EBITDA Margin1 of ~10.9% Adjusted Net Income1 Diluted shares outstanding $430 – $450 (millions) expected to be 23.9 million Capital expenditures o
Slide 13: FY22 Guidance Assumptions
FY22 Guidance Assumptions Depreciation and amortization ~$135 million Net interest expense ~$42 million Tax rate expected to be ~23.5%, with lower tax rate in Q2 due to vesting Expect typical quarterly sequential increase in revenue and profitability, but note certain factors (e.g., timing of delive
Slide 14: Positive Forward Indicators
Positive Forward Indicators Strong FY21 contract awards of 80% STRONG $9.2 billion TTM Book-to-Bill of 1.5x Existing Business Performance Record backlog of $24.2 billion, +12% YoY 12% HIGH Recompetes Win Rate Pipeline of submitted bids totals $7.0 billion ~85% for new business to CACI 8% QUALITY Bid
Slide 15: Delivering Results and Meeting Commitments
Delivering Results and Meeting Commitments FY21 another year of exceptional performance – “we did what we said we would do” Organic growth ahead of our addressable market Margin expansion Robust cash flow generation Strong awards and record backlog Flexible and opportunistic capital deployment, incl
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) (amounts in thousands, except per share amounts) Three Months Ended Twelve Months Ended 6/30/2021 6/30/2020 % Change 6/30/2021 6/30/2020 % Change Net income, as reported $ 136,977 $ 93,731 46.1% $
Slide 18: Adjusted EBITDA Reconciliation
Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (Adjusted EBITDA) (Unaudited) Three Months Ended Twelve Months Ended (dollars in thousands) 6/30/2021 6/30/2020 % Change 6/30/2021 6/30/2020 % Change Net income $ 136,977 $ 93,731 46.1% $ 457,443 $ 321,480 42.3% Plus: Income tax
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 Twelve Months Ended (Amounts in thousands) 6/30/2021 6/30/2020 6/30/2021 6/30/2020 Net cash provided by operating activities $