Caci International, Inc. · NYSE:CACI
Caci International — Q1 FY2023 Earnings Presentation
18 slides from Caci International's earnings presentation, Oct 27, 2022
Slide 1: CACI International Inc Q1 FY23 Earnings Conference Call
CACI International Inc Q1 FY23 Earnings Conference Call October 27, 2022 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 Jeffrey MacLauchlan President and Chief Chief Financial Officer Senior Vice President Executive Officer of Finance 3 | CACI Proprietary Information CACI Q1 FY23 Earnings Conference Call
Slide 4: Q1 FY23 Financial Highlights
Q1 FY23 Financial Highlights Revenue +8%, organic growth +4% Adjusted EBITDA Margin 10.6%1 Strong free cash flow of $130 million1 Contract awards of $3.2 billion, >80% new business to CACI Q1 book-to-bill of 2.0x, trailing twelve months (TTM) book-to-bill 1.3x 1 See slides at the end of this present
Slide 5: External Environment
External Environment Market demand remains strong Continued bipartisan support for national security and modernization CR through December 16th but GFY23 budget seeing increases as it moves through Congress Higher spending in Defense, Intelligence, and Homeland Security Higher spending in key addres
Slide 6: Investing Ahead of Need
Investing Ahead of Need Space Investing in photonics capabilities gained through LGS and SA Photonics acquisitions Focused on multi-year, technology-driven growth opportunities in Assured Positioning Navigation and Timing (APNT) and Laser Remote Sensing (or LiDAR) C4ISR CACI providing advanced, clas
Slide 7: Q1 Financial Summary
Q1 Financial Summary Revenue (Ms) EPS (GAAP) $1,700 $5.00 $1,606 $1,600 +7.7% $4.00 $3.70 +1.6% $3.76 $1,491 $1,500 $3.00 $1,400 $2.00 $1,300 $1.00 $1,200 $0.00 Q1 FY22 Q1 FY23 Q1 FY22 Q1 FY23 Organic revenue growth +4.3%, driven by Adjusted EPS1 new wins and on-contract growth $6.00 $5.00 $4.24 +2.
Slide 8: Strong Cash Flow
Strong Cash Flow 1,2 Cash Flow1 and CapEx Free Cash Flow (FCF) per Share (millions, TTM) $800 $35.00 $700 $30.00 $600 $25.00 $500 $20.00 $400 $15.00 $300 $10.00 $200 $100 $5.00 $0 $0.00 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23E FY14 to FY19 FY15 to FY20 FY16 to FY21 FY17 to FY22 FY18 to FY2
Slide 9: Reaffirming FY23 Guidance
Reaffirming FY23 Guidance FY23 Guidance Revenue growth of ~4.5% to ~7.5% Inorganic revenue of ~$180 million Revenue $6,475 – $6,675 or ~3 points of growth (millions) Adjusted EBITDA Margin1 in the Adjusted Net Income1 $420 – $440 mid-to-high 10% range (millions) Interest expense of ~$75 million Adju
Slide 10: Positive Forward Indicators
Positive Forward Indicators 90% STRONG Strong Q1 FY23 contract awards of $3.2 billion Existing Business Performance TTM Book-to-Bill of 1.3x Backlog of $24.9 billion, +4% YoY 5% HIGH Pipeline of submitted bids: $10.8 billion Recompetes Win Rate >70% for new business to CACI Bids expected to be submi
Slide 11: Great Start to FY23
Great Start to FY23 We delivered strong revenue growth, margins, and cash flow in Q1 Strong awards, growing backlog, and robust pipeline of opportunities Focused on long-term growth, margin expansion, robust cash flow, and free cash flow per share growth Successfully investing ahead of need to drive
Slide 12: Appendix
Appendix 12 | CACI Proprietary Information CACI Q1 FY23 Earnings Conference Call
Slide 13: FY23 Cash Flow
FY23 Cash Flow Ms FY22 Cash from Operations excl. MARPA 1 $770 Method change in FY22 ($190) Method change delayed from FY22 $40 Method change impact in FY23 ($65) Working capital and other ($60) FY23 Cash from Operations excl. MARPA 1,2 $495 FY23 Capital expenditures $80 FY23 Free Cash Flow 1,2 $415
Slide 14: 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 15: 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 9/30/2022 9/30/2021 % Change Net income, as reported $ 89,125 $ 88,109 1.2% Intangible amortization expense 19,114 17,593 8.6% Tax effect o
Slide 16: Reconciliation of Net Income to Adjusted EBITDA
Reconciliation of Net Income to Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (Adjusted EBITDA) (Unaudited) Three Months Ended (in thousands) 9/30/2022 9/30/2021 % Change Net income $ 89,125 $ 88,109 1.2% Plus: Income taxes 27,485 28,522 -3.6% Interest income and expense, n
Slide 17: 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) 9/30/2022 9/30/2021 Net cash provided by operating activities $ 144,843 $ 185,953 Cash used in (provided by) MA
Slide 18: Reconciliation of Operating Cash Flow to Free Cash Flow per Share
Reconciliation of Net Cash Provided by Operating Activities to Net Cash Provided by Operating Activities Excluding MARPA, to Free Cash Flow, and to Free Cash Flow per share (Unaudited) Twelve Months Ended (in thousands, except per share data) 6/30/2014 6/30/2015 6/30/2016 6/30/2017 6/30/2018 6/30/20