CACI International Raises FY24 EPS Guidance From $19.38-$20.48 To $19.91-$20.58 Vs $20.02 Est.; Revenue From $7.2B-$7.4B To $7.3B-$7.5B Vs $7.35B Est.
Author: Benzinga Newsdesk | January 24, 2024 05:42pm
Fiscal Year 2024 Guidance
The table below summarizes our fiscal year 2024 guidance and represents our views as of January 24, 2024. Our revenue guidance reflects approximately $200 million of higher-than-expected material purchases by our customers, split evenly between the first and second quarters of fiscal year 2024. Our guidance also reflects lower diluted weighted average shares due to the effect of share repurchases.
(in millions, except earnings per share)
Fiscal Year 2024
Current Guidance
Prior Guidance
Revenues
$7,300 - $7,500
$7,200 - $7,400
Adjusted net income, a non-GAAP measure1
$450 - $465
$440 - $465
Adjusted diluted earnings per share, a non-GAAP measure1
$19.91 - $20.58
$19.38 - $20.48
Diluted weighted average shares
22.6
22.7
Free cash flow, a non-GAAP measure2
at least $420
at least $410
(1)
Adjusted net income and adjusted diluted earnings per share are defined as GAAP net income and GAAP diluted EPS, respectively, excluding intangible amortization expense and the related tax impact. This non-GAAP measure should not be considered in isolation or as a substitute for measures prepared in accordance with GAAP. For additional information regarding this non-GAAP measure, see the related explanation and reconciliation to the GAAP measure included below in this release.
(2)
Free cash flow is defined as net cash provided by operating activities excluding MARPA, less payments for capital expenditures (capex). This non-GAAP measure should not be considered in isolation or as a substitute for measures prepared in accordance with GAAP. Fiscal year 2024 free cash flow guidance assumes approximately $75 million in tax payments related to Section 174 of the Tax Cuts and Jobs Act of 2017. For additional information regarding this non-GAAP measure, see the related explanation and reconciliation to the GAAP measure included below in this release.
