Caci International, Inc. · NYSE:CACI
Caci International — Q3 2023 Earnings Presentation
16 slides from Caci International's earnings presentation, Apr 27, 2023
Slide 1: CACI International Inc Q3 FY23 Earnings Conference Call
CACI International Inc Q3 FY23 Earnings Conference Call April 27, 2023 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 Jeff MacLauchlan President and Chief Chief Financial Officer Executive Officer 3 | CACI Proprietary Information CACI Q3 FY23 Earnings Conference Call
Slide 4: Q3 FY23 Financial Highlights
Q3 FY23 Financial Highlights Revenue +10%, all organic Growth in both Expertise +13% and Technology +7% Adjusted EBITDA Margin 11.0%1 Q3 trailing twelve months book-to-bill 1.4x Raising Fiscal ‘23 guidance for Revenue, Adjusted Net Income1, and Adjusted EPS1 1 See slides at the end of this presentat
Slide 5: Favorable Macro Environment
Favorable Macro Environment Healthy budget growth, improving funding trends Strong demand in key areas of focus Modernization (applications, networks, cloud) Space (photonics, situational awareness) Electromagnetic spectrum (SIGINT, EW, cyber) CACI well-aligned to critical national security and mode
Slide 6: Winning and Executing in the Marketplace
Winning and Executing in the Marketplace USAF Enterprise IT as-a-Service (EITaaS) Wave 1 GAO reaffirms award to CACI (largest award in company history) Rollout of Army’s Integrated Personnel and Pay System (IPPS-A) Largest PeopleSoft implementation in federal government (software development @Scale)
Slide 7: Q3 Financial Summary
Q3 Financial Summary Revenue (Ms) EPS (GAAP) $2,000 $6.00 +10.1% $1,744 $1,800 $1,584 $5.00 $4.04 +7.2% $4.33 $1,600 $4.00 $1,400 $3.00 $1,200 $2.00 $1,000 $1.00 Q3 FY22 Q3 FY23 Q3 FY22 Q3 FY23 Adjusted EPS1 +10.1% revenue growth all organic, driven $6.00 by new wins and on-contract growth $5.00 $4.
Slide 8: Cash Flow and Notable Cash Tax Impacts
Cash Flow and Notable Cash Tax Impacts Cash Flow1 and CapEx Notable Cash Tax Impacts and (millions, TTM) 1,2 Free Cash Flow $800 (millions) $700 $800 $695 $600 $600 $537 $439 $500 $400 $280 $400 $200 $143 $300 $41 $- $200 ($37) $100 $(200) ($222) $0 $(400) FY20 FY21 FY22 FY23E Notable Cash Tax Impac
Slide 9: 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 Latest Actions: Executing $250 million accelerated share repurchase (ASR) Opportunistically repurchasing additional shares in open mark
Slide 10: Updating FY23 Guidance
Updating FY23 Guidance Current Guidance Prior Guidance Revenue growth of ~7.5% to ~9% (2 points from acquisitions) Revenue $6,675 – $6,750 $6,475 – $6,675 (millions) Adjusted EBITDA Margin1 in the mid-to-high 10% range Adjusted Net Income1 $425 – $440 $420 – $440 Interest expense of $80 million to (
Slide 11: Positive Forward Indicators
Positive Forward Indicators Q3 FY23 contract awards of $1.1 billion ~98% STRONG TTM Book-to-Bill of 1.4x Existing Business Performance Backlog of $25.3 billion, +8% YoY ~1% HIGH Pipeline of submitted bids: $7.2 billion Recompetes Win Rate ~65% for new business ~1% QUALITY Bids expected to be submitt
Slide 12: Executing our Strategy
Executing our Strategy Strong growth and profitability, solid cash flow Winning in the market, growing backlog, robust pipeline of opportunities Raising full-year revenue and earnings guidance Successfully executing our strategy of differentiation, innovation, operational excellence, and flexible ca
Slide 13: 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 14: Reconciliation of Net Income to Adjusted Net Income and Adjusted Diluted EPS
Reconciliation of Net Income to Adjusted Net Income and Diluted EPS to Adjusted Diluted EPS (Unaudited) Three Months Ended Nine Months Ended (in thousands, except per share data) 3/31/2023 3/31/2022 % Change 3/31/2023 3/31/2022 % Change Net income, as reported $ 100,742 $ 95,417 5.6% $ 276,968 $ 273
Slide 15: 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 Nine Months Ended (in thousands) 3/31/2023 3/31/2022 % Change 3/31/2023 3/31/2022 % Change Net income $ 100,742 $ 95,417 5.6% $ 276,968 $ 273,825 1
Slide 16: 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 Nine Months Ended (in thousands) 3/31/2023 3/31/2022 3/31/2023 3/31/2022 Net cash provided by operating activities $ 28,864 $