e720fd7e3b902a4499e91c893af1530e0500246ac7c4aadeb15dde7fe05ce854

Adjustments for Non-Cash Items (USD, thousands)

Stock-Based Compensation (USD, thousands)

Changes in Working Capital (USD, thousands)

Capital Expenditures (CapEx) (USD, thousands)

Proceeds from / Repayments of Debt (USD, thousands)

Share Repurchases (USD, thousands)

Dividend Payments (USD, thousands)

Net Change in Cash (USD, thousands)

2a5b20732759bbf6f504ab98511c42d6913d8bf404041a1e615b8920310dd415

86b1abdf5e5bd5a6f0bca53431fbe970e7f4494cdf10d02e201c170327a2b9e5

dab27c60a21ba65ca178b3a4862805b3855c5c4751ef90072bab0db3122e5d33

Domestic

International

- Commercial and Other Revenue (Domestic)

- Commercial and Other Revenue (International)

Total Revenue

bdd69b5622920450a9faca81add77fdc15a8c84ef39e0a79182d215758a46f35

Net income [USD, thousands]

Depreciation and amortization [USD, thousands]

Amortization of deferred financing costs [USD, thousands]

Stock-based compensation expense [USD, thousands]

Net cash provided by operating activities [USD, thousands]

Capital expenditures [USD, thousands]

Acquisitions of businesses, net of cash acquired [USD, thousands]

Other (Investing Activities) [USD, thousands]

Net cash used in investing activities [USD, thousands]

Proceeds from borrowings under bank credit facilities [USD, thousands]

Principal payments made under bank credit facilities [USD, thousands]

Payment of financing costs under bank credit facilities [USD, thousands]

Proceeds from employee stock purchase plans [USD, thousands]

Repurchases of common stock [USD, thousands]

Payment of taxes for equity transactions [USD, thousands]

Net cash provided by (used in) financing activities [USD, thousands]

Effect of exchange rate changes on cash and cash equivalents [USD, thousands]

Net change in cash and cash equivalents [USD, thousands]

Deferred income taxes [USD, thousands]

Cash and cash equivalents, beginning of period [USD, thousands]

Cash and cash equivalents, end of period [USD, thousands]

04a9a1a734a321cfb420cf96420311f0457745c502c6d003df998341622b28cb

Revenues (USD, thousands)

Direct Costs (USD, thousands)

Indirect Costs and Selling Expenses (USD, thousands)

Depreciation and Amortization (USD, thousands)

Total Costs of Revenues (USD, thousands)

Income from Operations (USD, thousands)

Interest Expense and Other, Net (USD, thousands)

Income Before Income Taxes (USD, thousands)

Income Taxes (USD, thousands)

Net Income (USD, thousands)

Basic Earnings per Share (USD)

Diluted Earnings per Share (USD)

Weighted-average Basic Shares Outstanding (Thousands of shares)

Weighted-average Diluted Shares Outstanding (Thousands of shares)

2bb21e624dd75f931624c7f5ca1ec415a5e7cef930f6e0fc8c61153ea2eabf53

Cash and cash equivalents (USD, thousands)

Accounts receivable, net (USD, thousands)

Prepaid expenses and other current assets (USD, thousands)

Total current assets (USD, thousands)

Goodwill (USD, thousands)

Intangible assets, net (USD, thousands)

Property, plant and equipment, net (USD, thousands)

Operating lease right-of-use assets (USD, thousands)

Supplemental retirement savings plan assets (USD, thousands)

Accounts receivable, long-term (USD, thousands)

Other long-term assets (USD, thousands)

Total assets (USD, thousands)

Current portion of long-term debt (USD, thousands)

Accounts payable (USD, thousands)

Accrued compensation and benefits (USD, thousands)

Other accrued expenses and current liabilities (USD, thousands)

Total current liabilities (USD, thousands)

Long-term debt, net of current portion (USD, thousands)

Supplemental retirement savings plan obligations, net of current portion (USD, thousands)

Deferred income taxes (USD, thousands)

Operating lease liabilities, noncurrent (USD, thousands)

Other long-term liabilities (USD, thousands)

Total liabilities (USD, thousands)

Total shareholders’ equity (USD, thousands)

Total liabilities and shareholders’ equity (USD, thousands)

830123c8a905198183275e3cc8bcc77942808631dbc2d81c282e0237794a4452

The revenue spike in Q4 2024 was primarily driven by **organic growth**, which accounted for **18.5%** of the total growth, and was further supported by **higher contract awards** and **successful business development efforts**, including winning significant new work and recompetes.  **[0000016058-24-000125_caci20240808ex991.htm:0]** **[CACI_3397667_4]** **[CACI_3397667_1]** **[CACI_3397667_2]** 

What drove the revenue spike in Q4 2024?

Operating income improved significantly in Q3 2024 due to several factors. **Revenues grew by 11.1% year-over-year**, driven by **10.2% organic growth** and acquisitions over the past 12 months, which significantly boosted overall topline performance.  **[0000016058-24-000072_caci-20240324xex991.htm:4]** **[CACI_3380865_4]**  Additionally, the increase in revenues was supported by a higher **gross profit**, and despite a 10.5% rise in total costs, the company achieved **efficient cost management** that contributed to improved profitability. Moreover, the EBITDA margin expanded to **11.3%**, a sequential increase of **200 basis points**, reinforcing the strength in operational performance. These combined factors led to a **16.9% increase** in operating income from Q3 2023 to Q3 2024.  **[0000016058-24-000072_caci-20240324xex991.htm:4]** **[0000016058-24-000070_caci-20240331.htm:20]** 

Why did operating income improve significantly in Q3 2024?

The **net income increase** in Q1 2025 was primarily driven by **higher revenues**—an increase of **11.2%** due to new contract awards and growth on existing programs—as well as **improved operational efficiency**, shown by a **30.9%** rise in income from operations. Additionally, a **6.3% decrease in interest expense** helped improve profitability, despite a higher tax provision that partially offset these gains.  **[0000016058-24-000196_fy25-q1caci20241023ex991.htm:0]** **[0000016058-24-000196_fy25-q1caci20241023ex991.htm:4]** **[0000016058-24-000199_caci-20240930.htm:1]** **[0000016058-24-000199_caci-20240930.htm:18]** 

What led to the net income increase in Q1 2025?

CACI’s EPS boost in Q1 2025 was driven by several factors. **Higher net income** increased by **39.7% year-over-year** (rising from **$86.0 million** to **$120.2 million**) thanks to higher revenues and improved profitability.  **[0000016058-24-000196_fy25-q1caci20241023ex991.htm:4]** **[0000016058-24-000199_caci-20240930.htm:1]**  In addition, **revenue growth** of **11.2% year-over-year** (reaching **$2.1 billion**, with **9.9% organic growth** and acquisition contributions) played a key role.  **[0000016058-24-000196_fy25-q1caci20241023ex991.htm:4]** **[CACI_3403763_3]**  Furthermore, **improved operating income** that increased by **30.9% year-over-year** due to higher gross profit and efficient cost management also contributed.  **[0000016058-24-000196_fy25-q1caci20241023ex991.htm:4]** **[0000016058-24-000199_caci-20240930.htm:1]**  Lastly, a **lower share count**, which declined by **1.5%** (from **22.6 million** to **22.3 million** shares owing to share repurchases), amplified the EPS growth.  **[0000016058-24-000199_caci-20240930.htm:1]** **[0000016058-24-000132_caci-20240630.htm:74]** 

What factors boosted EPS in Q1 2025?

The surge in **net income** for Q2 2025 was driven by several factors. **Revenue growth** increased by **14.5%**, bolstered by **8.1% organic growth** as well as significant contributions from acquisitions, notably through the impact of Azure Summit and Applied Insight. Additionally, **higher income from operations**—which rose by **36.0%**—and an **improved EBITDA margin** (an increase of **180 basis points**, reaching **11.1%**) played integral roles. These operational improvements, along with the benefits from the acquisitions, outweighed the increases in interest expense and income tax, collectively driving the substantial improvement in net income in Q2 2025.  **[0000016058-25-000032_caci-20241231.htm:20]** **[0000016058-25-000032_caci-20241231.htm:1]** **[CACI_3413104_4]** 

What caused the surge in net income in Q2 2025?

c3e8574dd4063f67f83ba6b60d96cb470dd01a1a81eacf6d4bf693c8ab63ad64

The spike in cash and cash equivalents in Q1 2025 was primarily driven by a significant increase in net cash provided by financing activities. **CACI reported a net cash inflow of $279,356 thousand** during this period, largely due to a **$187.3 million increase in net borrowings under its Credit Facility** and a **$137.1 million decrease in repurchases of common stock**. Additionally, a positive impact from exchange rate changes further contributed to the increase, even as there were decreases in operating cash flow and minimal changes in investing activities.  **[0000016058-24-000199_caci-20240930.htm:22]** 

What drove the spike in cash and cash equivalents in Q1 2025?

The sharp increase in total assets was primarily driven by several factors. **Goodwill** increased by approximately **$758,255 thousand** due to acquisitions such as Azure Summit and Applied Insight, while **intangible assets** saw a rise of about **$693,851 thousand** from these same acquisitions. In addition, **accounts receivable, net** increased by around **$169,372 thousand** reflecting higher revenues and business activity, and **cash and cash equivalents** also rose by about **$41,746 thousand** driven by financing activities and operational cash flow.  **[0000016058-25-000028_fy25-q2caci20250122ex991.htm:0]** **[0000016058-25-000032_caci-20241231.htm:20]** **[0000016058-25-000028_fy25-q2caci20250122ex991.htm:0]** **[0000016058-25-000032_caci-20241231.htm:24]** 

What factors contributed to the sharp increase in total assets in Q2 2025?

The increase in long-term debt was mainly driven by **substantial new borrowings under bank credit facilities** that provided **$4,347,000** in proceeds. This influx of funds was primarily used to finance **acquisitions and other strategic initiatives**, including acquisitions of businesses (net of cash acquired) totaling **$1,569,388** during the period, which explains why the debt nearly doubled in Q2 2025.  **[0000016058-25-000032_caci-20241231.htm:2]** **[0000016058-25-000032_caci-20241231.htm:3]** 

Why did long-term debt nearly double in Q2 2025?

The significant increase in intangible assets in Q2 2025 is primarily explained by the acquisition of new intangible assets. This includes the purchase of customer contracts, related customer relationships, and acquired technologies. Specifically, the gross carrying value for customer contracts and related customer relationships rose from **$695,944 thousand** to **$1,050,138 thousand**, and the gross carrying value for acquired technologies increased from **$271,285 thousand** to **$661,171 thousand**.  **[0000016058-25-000032_caci-20241231.htm:2]** **[0000016058-25-000032_caci-20241231.htm:8]** 

What explains the large jump in intangible assets in Q2 2025?

The sharp drop in deferred income taxes in Q3 2024 was primarily driven by a change in tax treatment under the **Tax Cuts and Jobs Act of 2017**. Instead of allowing an immediate deduction for domestic research and development costs, these expenses must now be **capitalized and amortized over five years**. This shift resulted in an estimated **$75.3 million increase** to both income taxes payable and net deferred tax assets, along with a **$50.3 million increase** in the liability for unrecognized tax benefits and a **$51.9 million increase** in income taxes payable during the nine months ended March 31, 2024, which collectively impacted the deferred income tax balances reported in Q3 2024.  **[0000016058-24-000070_caci-20240331.htm:14]** 

Why did deferred income taxes drop so sharply in Q3 2024?

6746d61bce8c41df89fa56e6fd167a10de6709131906935c78c213b8c825bd51

The significant surge in Q3 2024 operating cash flow was primarily driven by a **$35.1 million increase in cash received from MARPA**, a **$46.6 million reduction in CARES Act payroll tax payments**, and a **$29.1 million reduction in income tax payments**. In addition, improved working capital and capital expenditure management along with higher net income further supported the robust cash flow performance.  **[0000016058-24-000070_caci-20240331.htm:24]** **[0000016058-24-000072_caci-20240324xex991.htm:0]** 

What drove the significant surge in operating cash flow in Q3 2024?

Operating cash flow nearly halved in Q1 2025 because the net cash provided by operating activities dropped significantly compared to Q1 2024. Specifically, there was a **$75.1 million net unfavorable change in working capital**—primarily due to increased vendor disbursements—which heavily impacted cash flow. This effect was only partially offset by **$39.7 million of higher earnings** after adding back non-cash adjustments, leading to a net decrease in operating cash flow.  **[0000016058-24-000196_fy25-q1caci20241023ex991.htm:5]** **[0000016058-24-000199_caci-20240930.htm:22]** 

Why did operating cash flow nearly halve in Q1 2025?

The increase in **depreciation and amortization** in Q2 2025 was primarily attributable to **intangible amortization from the two acquisitions completed during fiscal 2025**.  **[0000016058-25-000032_caci-20241231.htm:21]** 

What factors contributed to the increase in depreciation and amortization in Q2 2025?

CACI’s Q4 2024 stock-based compensation expense spiked due to a combination of factors. **Higher grant activity** led to more RSUs and performance-based RSUs being issued, and some awards accelerated recognition once performance targets were met. Additionally, **greater employee participation** and the **higher fair value** of awards—driven by an increased stock price—contributed to the significant rise in expense.  **[0000016058-24-000132_caci-20240630.htm:74]** **[CACI_3397667_6]** 

Why did stock-based compensation expense spike in Q4 2024?

The documents do not provide specific reasons for the lower capital expenditures in Q2 2025. However, they note that such fluctuations are typically related to changes in **investment priorities**, **project timelines**, or broader **strategic decisions** regarding infrastructure, technology, or acquisitions.  **[0000016058-25-000032_caci-20241231.htm:3]** **[0000016058-25-000028_fy25-q2caci20250122ex991.htm:6]** 

What led to the notably lower capital expenditures in Q2 2025?

decefd9182ef6027a86c805371797bbcc3d2e774a05f39fc719f80f65097cfa5

e021e6f9e9866dc458f07870b27eaeef950f7d1dd6cc1c10b510acc8c45e7ef0

c5621dbaaa36131f780979d1c2501d4b913f854eaf8d9ccd6bda9f8d167ec5b8

CACI International Inc (CACI)

Financials