Q4 2024 CACI International Inc Earnings Call Transcript
Key Points
- CACI International Inc (CACI) delivered a strong fourth quarter with 20% revenue growth, closing out the fiscal year with a 14% revenue increase, surpassing their guidance.
- The company achieved a record $14 billion in contract awards, representing a 1.9 times book-to-bill ratio for the year, with nearly 60% of the award value being renewed business.
- CACI's free cash flow per share increased by 41% from the previous year, reaching over $380 million in free cash flow.
- The company won significant contracts, including an eight-year, $2 billion NASA award and a $100 million contract with the US Army, showcasing their expertise in agile software development and signals intelligence.
- CACI's strategic investments in technology and talent have positioned them well in high-value markets, supporting long-term growth and shareholder value.
- The company anticipates a continuing resolution for the government fiscal year 2025, which could impact funding and project timelines.
- CACI's growth in fiscal 2025 is expected to be slower, with revenue growth projected at 6% to 8.5%, partly due to the nonrecurring $200 million of materials from the previous year.
- The ramp-up of new work in fiscal 2025 may require significant labor additions, posing potential execution challenges.
- The company's free cash flow conversion is expected to be below 100% in the short term due to working capital requirements for new technology programs.
- CACI's tax rate is projected to increase by 160 basis points, driven by a higher blended effective state tax rate and the full-year impact of the UK statutory rate increase.
Ladies and gentlemen, thank you for standing by. Welcome to the CACI International fourth quarter and fiscal year 2024 earnings conference call. Today's call is being recorded. At this time, all lines are in a listen-only mode. Later, we will announce the opportunity for questions and instructions will be given at that time. (Operator Instructions)
At this time, I would like to turn the conference call over to George Price, Senior Vice President of Investor of Investor Relations. Please go ahead, sir.
Thanks, Rochelle, and good morning, everyone. I'm George Price, Senior Vice President of Investor Relations for CACI. Thank you for joining us this morning. We are providing presentation slides, so let's move to slide 2. There will be statements in this call that do not address historical fact and as such constitute forward-looking statements under current law. These statements reflect our views as of today and are subject to important factors that could cause our actual
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