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CACI International (CACI) Q4 Earnings & Revenues Beat Estimates
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CACI International (CACI - Free Report) reported better-than-expected fourth-quarter fiscal 2024 results, wherein both top and bottom lines surpassed the Zacks Consensus Estimate.
The national security-related IT solutions and services provider reported non-GAAP earnings per share of $6.61, which surpassed the Zacks Consensus Estimate of $5.90. The bottom line also improved 24.7% on a year-over-year basis, primarily driven by increased revenues, higher operating income and lower share outstanding, partially offset by higher tax provisions and increased interest expenses.
In the fourth quarter of fiscal 2024, CACI International reported revenues of $2.04 billion, which beat the Zacks Consensus Estimate of $1.93 billion. The top line increased 19.7% from the prior-year quarter, primarily driven by organic growth.
CACI International, Inc. Price, Consensus and EPS Surprise
In the fiscal fourth quarter, contract awards totaled $5.4 billion, with approximately 70% for the new business. Revenues from contract awards excluded the ceiling value of multi-award, indefinite-delivery indefinite-quantity contracts.
The company ended the quarter with a backlog of $31.6 billion, up 22% on a year-over-year basis. As of Jun 30, 2024, the funded backlog increased 3% to $3.8 billion. Our estimates for the total backlog and the funded backlog were pegged at $30.3 billion and $4.2 billion, respectively.
In terms of the customer mix, the Department of Defense contributed 75.2% to total revenues in the reported quarter. Federal Civilian Agencies made up 20.1%, while Commercial and other customers accounted for 4.7% of revenues. Our estimates for the Department of Defense, Federal Civilian Agencies, and Commercial and Other customers’ contributions toward total revenues were pegged at 74.1%, 20.9% and 5%, respectively.
The Prime Contractor and Subcontractor accounted for 89.4% and 10.6% of total revenues, respectively. Our model estimates for the Prime Contractor and Subcontractor’s contributions toward total revenues were pinned at 89.2% and 10.8%, respectively.
In terms of contract type, cost-plus-fee-type, fixed-price, and time and material-type contracts contributed 61%, 26.9% and 12.1%, respectively, to total revenues. Our model estimates for cost-plus-fee-type, fixed-price, and time and material-type contracts’ contributions toward total revenues were pegged at 60.4%, 27.2% and 12.3%, respectively.
Expertise and Technology accounted for 44.8% and 55.2% of total revenues, respectively. Our estimates for Expertise and Technology’s contributions toward total revenues were pegged at 47.1% and 52.9%, respectively.
The operating income for the quarter amounted to $197.8 million, up 32.9% year over year. Moreover, the operating margin expanded 96 basis points (bps) to 9.7%.
Adjusted EBITDA increased 26.5% year over year to $234.9 million while adjusted EBITDA margin expanded 60 bps to 11.5%.
Balance Sheet & Cash Flow
As of Jun 30, 2024, CACI had cash and cash equivalents of $134 million compared with the previous quarter’s $159.2 million. The total long-term (net of the current portion) debt was $1.48 billion, which declined from $1.63 billion as of Mar 31, 2023.
The company generated operating cash flow (excluding mini-automatic radar plotting aid or MARPA) of $157.2 million in the fiscal fourth quarter, up 32.1% from the year-ago quarter. Free cash flow was $134.6 million during the quarter under review.
Fiscal 2025 Guidance
CACI International projects fiscal 2025 revenues between $7.9 billion and $8.2 billion. It forecasts adjusted earnings per share between $22.44 and $23.33.
Free cash flow is estimated to be $425 for fiscal 2025. CACI expects adjusted net income in the range of $505-$525 million.
Zacks Rank & Other Stocks to Consider
CACI International currently carries a Zacks Rank #2 (Buy). Shares of CACI have returned 38.1% year to date (YTD).
The consensus mark for Twilio’s 2024 earnings has been revised upward by 10 cents to $3.22 per share over the past seven days, indicating a 5.29% increase from 2023. It has a long-term earnings growth expectation of 33%. The stock has plunged 22.4% YTD.
The Zacks Consensus Estimate for ANET’s fiscal 2024 earnings has been revised upward by 32 cents to $8.24 per share in the past 30 days, suggesting year-over-year growth of 16%. The long-term estimated earnings growth rate for the stock is 17.2%. The stock has gained 34.7% YTD.
The Zacks Consensus Estimate for Datadog’s 2024 earnings has remained unchanged at $1.54 in the past 90 days, indicating an increase of 16.7% on a year-over-year basis. Shares of DDOG have plunged 11% YTD. The long-term estimated earnings growth rate for the stock is 9.6%.
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CACI International (CACI) Q4 Earnings & Revenues Beat Estimates
CACI International (CACI - Free Report) reported better-than-expected fourth-quarter fiscal 2024 results, wherein both top and bottom lines surpassed the Zacks Consensus Estimate.
The national security-related IT solutions and services provider reported non-GAAP earnings per share of $6.61, which surpassed the Zacks Consensus Estimate of $5.90. The bottom line also improved 24.7% on a year-over-year basis, primarily driven by increased revenues, higher operating income and lower share outstanding, partially offset by higher tax provisions and increased interest expenses.
In the fourth quarter of fiscal 2024, CACI International reported revenues of $2.04 billion, which beat the Zacks Consensus Estimate of $1.93 billion. The top line increased 19.7% from the prior-year quarter, primarily driven by organic growth.
CACI International, Inc. Price, Consensus and EPS Surprise
CACI International, Inc. price-consensus-eps-surprise-chart | CACI International, Inc. Quote
Quarterly Details
In the fiscal fourth quarter, contract awards totaled $5.4 billion, with approximately 70% for the new business. Revenues from contract awards excluded the ceiling value of multi-award, indefinite-delivery indefinite-quantity contracts.
The company ended the quarter with a backlog of $31.6 billion, up 22% on a year-over-year basis. As of Jun 30, 2024, the funded backlog increased 3% to $3.8 billion. Our estimates for the total backlog and the funded backlog were pegged at $30.3 billion and $4.2 billion, respectively.
In terms of the customer mix, the Department of Defense contributed 75.2% to total revenues in the reported quarter. Federal Civilian Agencies made up 20.1%, while Commercial and other customers accounted for 4.7% of revenues. Our estimates for the Department of Defense, Federal Civilian Agencies, and Commercial and Other customers’ contributions toward total revenues were pegged at 74.1%, 20.9% and 5%, respectively.
The Prime Contractor and Subcontractor accounted for 89.4% and 10.6% of total revenues, respectively. Our model estimates for the Prime Contractor and Subcontractor’s contributions toward total revenues were pinned at 89.2% and 10.8%, respectively.
In terms of contract type, cost-plus-fee-type, fixed-price, and time and material-type contracts contributed 61%, 26.9% and 12.1%, respectively, to total revenues. Our model estimates for cost-plus-fee-type, fixed-price, and time and material-type contracts’ contributions toward total revenues were pegged at 60.4%, 27.2% and 12.3%, respectively.
Expertise and Technology accounted for 44.8% and 55.2% of total revenues, respectively. Our estimates for Expertise and Technology’s contributions toward total revenues were pegged at 47.1% and 52.9%, respectively.
The operating income for the quarter amounted to $197.8 million, up 32.9% year over year. Moreover, the operating margin expanded 96 basis points (bps) to 9.7%.
Adjusted EBITDA increased 26.5% year over year to $234.9 million while adjusted EBITDA margin expanded 60 bps to 11.5%.
Balance Sheet & Cash Flow
As of Jun 30, 2024, CACI had cash and cash equivalents of $134 million compared with the previous quarter’s $159.2 million. The total long-term (net of the current portion) debt was $1.48 billion, which declined from $1.63 billion as of Mar 31, 2023.
The company generated operating cash flow (excluding mini-automatic radar plotting aid or MARPA) of $157.2 million in the fiscal fourth quarter, up 32.1% from the year-ago quarter. Free cash flow was $134.6 million during the quarter under review.
Fiscal 2025 Guidance
CACI International projects fiscal 2025 revenues between $7.9 billion and $8.2 billion. It forecasts adjusted earnings per share between $22.44 and $23.33.
Free cash flow is estimated to be $425 for fiscal 2025. CACI expects adjusted net income in the range of $505-$525 million.
Zacks Rank & Other Stocks to Consider
CACI International currently carries a Zacks Rank #2 (Buy). Shares of CACI have returned 38.1% year to date (YTD).
Some other top-ranked stocks in the broader technology sector are Twilio (TWLO - Free Report) , Arista Networks (ANET - Free Report) and Datadog (DDOG - Free Report) , each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
The consensus mark for Twilio’s 2024 earnings has been revised upward by 10 cents to $3.22 per share over the past seven days, indicating a 5.29% increase from 2023. It has a long-term earnings growth expectation of 33%. The stock has plunged 22.4% YTD.
The Zacks Consensus Estimate for ANET’s fiscal 2024 earnings has been revised upward by 32 cents to $8.24 per share in the past 30 days, suggesting year-over-year growth of 16%. The long-term estimated earnings growth rate for the stock is 17.2%. The stock has gained 34.7% YTD.
The Zacks Consensus Estimate for Datadog’s 2024 earnings has remained unchanged at $1.54 in the past 90 days, indicating an increase of 16.7% on a year-over-year basis. Shares of DDOG have plunged 11% YTD. The long-term estimated earnings growth rate for the stock is 9.6%.