CACI International (CACI) Q4 2024 earnings summary

Executive summary

• Achieved 14% revenue growth in FY24, with Q4 revenue up nearly 20% year-over-year and strong profitability and cash flow generation.

• Secured over $14 billion in contract awards, a company record, with a 1.9x book-to-bill ratio and backlog up 22% to over $31.6 billion.

• Executed strategy focused on larger, longer-duration contracts, high-value differentiated capabilities, and superior execution.

• Positioned for continued growth in FY25, supported by a robust pipeline, high win rates, and strong demand in national security and technology.

• Organic growth was in the mid-teens, driven by strong execution and differentiated capabilities.

Financial highlights

• FY24 revenue totaled $7.7 billion, up 14.3% year-over-year (13.7% organic); Q4 revenue reached $2.04 billion, up 19.7% year-over-year.

• FY24 adjusted diluted EPS was $21.05, up 12%; Q4 adjusted EPS was $6.61, up 25% year-over-year.

• FY24 EBITDA margin was 10.7% underlying; Q4 EBITDA margin was 11.5%, up 60 bps year-over-year.

• Free cash flow for FY24 was $384 million, up 36% year-over-year; DSO reached a record low of 46 days.

• Cost-plus-fee contracts comprised 60.8% of annual revenue, with Department of Defense customers accounting for 74.4%.

Outlook and guidance

• FY25 revenue guidance is $7.9–$8.1 billion, representing 6%–8.5% underlying growth; adjusted net income expected between $505M and $525M.

• Adjusted diluted EPS guidance for FY25 is $22.44–$23.33; EBITDA margin projected in the high 10% range.

• Free cash flow guidance of at least $425M; higher profitability and steeper ramp in free cash flow anticipated in the second half.

• Capital expenditures projected at ~$80 million; tax rate 24%–25%.