CACI International Inc. (NYSE:CACI) Q3 2022 Results Conference Call April 28, 2022 8:30 AM ET

Company Participants

Dan Leckburg - SVP, IR

John Mengucci - President and CEO

Tom Mutryn - CFO

Conference Call Participants

Gavin Parsons - Goldman Sachs

Mariana Perez Mora - Bank of America

Jasper Bibb - Truist Securities

Matt Sharpe - Morgan Stanley

Scott Forbes - Jefferies

Colin Canfield - Barclays

Matt Akers - Wells Fargo

Operator

Ladies and gentlemen, thank you for standing by. Welcome to the CACI International Fiscal 2022 Third Quarter Results. Today’s call is being recorded. [Operator Instructions]

At this time, I would like to turn the conference call over to Dan Leckburg, Senior Vice President of Investor Relations for CACI International. Please go ahead, sir.

Dan Leckburg

Well, thanks, Seth, and good morning, everyone. I’m Dan Leckburg, Senior Vice President of Investor Relations for CACI, and we thank you for joining us this morning.

We are providing presentation slides, so let’s move to Slide #2. There will be statements in this call that do not address historical fact and as such, constitute forward-looking statements under current law. These statements reflect our views as of today and are subject to factors that could cause our actual results to differ materially from anticipated. Those factors are listed at the bottom of last night’s press release and are described in the company’s SEC filings. Our safe harbor statement is included on this exhibit and should be incorporated as part of any transcript of this call. I also point out our presentation this morning will include a discussion of non-GAAP financial measures. These should not be considered in isolation or as a substitute for performance measures prepared in accordance with GAAP.

With that out of the way, let’s turn to Slide #3, please. To open our discussion this morning, I’ll turn the call over to John Mengucci, President and Chief Executive Officer of CACI. John, over to you.

John Mengucci

Thanks, Dan, and good morning, everyone. Thank you for joining us to discuss our third quarter 2022 results. With me this morning is Tom Mutryn, our Chief Financial Officer.

Slide 4, please. Let’s start off with our third quarter financial highlights. We grew revenue by 2%. Profitability was healthy with adjusted EBITDA margin of 10.2%, and we generated robust free cash flow of nearly $300 million. We also continue to win new and recompete work with $1.2 billion of contract awards, $568 million of those classified, representing a book-to-bill of 1.5x on a trailing 12-month basis. Our results reflect the short-term headwinds we discussed last quarter, albeit a bit more than expected with funding delays being the key driver.