CACI International Inc (CACI, Financial) released its 8-K filing on August 7, 2024, reporting impressive financial results for its fiscal fourth quarter and full year ended June 30, 2024. The company, a leading provider of information solutions and services primarily to U.S. government agencies, demonstrated strong performance across various financial metrics, surpassing analyst estimates.
Company Overview
CACI International Inc is an information solutions and services provider, offering a variety of information solutions and services to its customers. The company's primary customers are agencies and departments of the U.S. government, which account for the vast majority of the firm's revenue. It provides information solutions and services supporting national security missions and government modernization/transformation for intelligence, defense, and federal civilian customers. The firm conducts its operations through a variety of subsidiaries in the United States and Europe.
Quarterly and Annual Performance
For the fourth quarter, CACI reported revenues of $2,038.3 million, a 19.7% increase from the same period last year, driven by 18.5% organic growth. Income from operations rose by 32.9% to $197.8 million, while net income increased by 25.0% to $134.7 million. Diluted earnings per share (EPS) were $5.98, up 27.8% year-over-year, exceeding the analyst estimate of $5.30.
For the full fiscal year 2024, CACI reported revenues of $7,659.8 million, a 14.3% increase from the previous year. Net income for the year was $419.9 million, with diluted EPS of $18.60, up 13.2% year-over-year, surpassing the annual estimate of $17.93. The company also reported an annual EBITDA of $798.0 million, with an EBITDA margin of 10.4%.
Key Financial Metrics
| Metric | Q4 2024 | Q4 2023 | % Change |
|---|---|---|---|
| Revenues | $2,038.3 million | $1,703.1 million | 19.7% |
| Income from Operations | $197.8 million | $148.8 million | 32.9% |
| Net Income | $134.7 million | $107.8 million | 25.0% |
| Diluted EPS | $5.98 | $4.68 | 27.8% |
Contract Awards and Backlog
In the fourth quarter, CACI secured $5.4 billion in contract awards, with nearly 70% for new business. Notable awards include an eight-year, $2 billion contract with NASA for digital solutions technology and a ten-year, $450 million contract with the Joint Navigation Warfare Center. The company's total backlog increased by 22% to $31.6 billion, with a funded backlog of $3.8 billion.
Financial Achievements and Industry Impact
CACI's financial achievements are significant for the software and information solutions industry, particularly in the government sector. The company's ability to secure large, long-term contracts underscores its competitive edge and capability to meet critical national security needs. The strong revenue growth and improved margins highlight the effectiveness of CACI's strategic execution and operational efficiency.
Income Statement Highlights
Revenues for the fiscal year 2024 increased by 14.3%, driven by higher direct and indirect costs, which rose by 16.9% and 8.2%, respectively. The increase in income from operations was primarily due to higher revenues and gross profit. The company's net income grew by 9.1%, reflecting strong operational performance and effective cost management.
Balance Sheet and Cash Flow
As of June 30, 2024, CACI reported total assets of $6,796.1 million, with cash and cash equivalents of $133.9 million. The company's total liabilities stood at $3,277.9 million, with shareholders' equity of $3,518.2 million. Net cash provided by operating activities, excluding MARPA, was $447.3 million, a 29.3% increase from the previous year, driven by higher net income and strong working capital management.
Guidance for Fiscal Year 2025
CACI provided guidance for fiscal year 2025, projecting revenues between $7,900 million and $8,100 million. Adjusted net income is expected to be between $505 million and $525 million, with adjusted diluted EPS ranging from $22.44 to $23.33. The company also anticipates free cash flow of at least $425 million.
Conclusion
CACI International Inc (CACI, Financial) has demonstrated robust financial performance, driven by significant contract wins and strong organic growth. The company's ability to exceed analyst estimates and secure long-term contracts positions it well for continued success in the government information solutions and services sector. For more detailed insights, visit the full 8-K filing.
Explore the complete 8-K earnings release (here) from CACI International Inc for further details.
