CACI International Inc. reported significant financial growth for the three months ended September 30, 2024, with total revenues reaching $2,056.9 million, an increase of $206.7 million (11.2%) compared to $1,850.1 million in the same period of 2023. This growth was driven primarily by a 13.5% rise in revenues from the Department of Defense, which totaled $1,534.5 million, and a 7.9% increase from federal civilian agencies, amounting to $439.4 million.
The company's income from operations also saw a notable increase, rising to $179.8 million, up $42.5 million (30.9%) from $137.3 million in the prior year. Income before income taxes increased by $44.1 million (39.4%) to $155.9 million, while net income surged to $120.2 million, reflecting a $34.1 million (39.7%) increase from $86.0 million in 2023. Basic earnings per share rose to $5.39 from $3.80, and diluted earnings per share increased to $5.33 from $3.76.
The company’s cash and cash equivalents significantly improved, totaling $440.7 million as of September 30, 2024, compared to $134.0 million at the end of June 2024. Total current assets also increased to $1,747.1 million from $1,374.5 million. However, net cash provided by operating activities decreased to $34.7 million from $70.1 million in the previous year, primarily due to unfavorable changes in working capital.
Strategically, CACI completed two significant acquisitions in September 2024: Azure Summit Technology, Inc. for approximately $1,275 million and AI Corporate Holdings, Inc. and Applied Insight Holdings, LLC for about $320 million. Funding for the Applied Insight acquisition was sourced from cash on hand and borrowings under a revolving credit facility. The company has also secured a commitment letter for a senior secured bridge loan facility of up to $750 million, with plans to establish a new Term Loan B facility of the same amount in the second quarter of fiscal 2025.
As of September 30, 2024, CACI's total backlog stood at $32.4 billion, a 21.3% increase from $26.7 billion a year prior, with a funded backlog of $4.3 billion. The company continues to focus on aligning its capabilities with government budget priorities, particularly in defense and advanced technologies, while navigating challenges such as delays in contract awards and the need for personnel with security clearances.
About CACI INTERNATIONAL INC /DE/
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