CACI International Inc

Sign signs are in a listen-only mode. Later, we will announce the opportunity for questions and instructions will be given at that time. If you should need any assistance during this call, please press star zero and someone will help you. At this time, I would like to turn the call over to George Price.

Thanks, Brianna, and good morning, everyone. I'm George Price, Senior Vice President of Investor Relations for CACI International. Thank you for joining us this morning. We are providing presentation slides, so let's move to slide two. 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 important 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 filing. Our safe harbor statement is included on this exhibit and should be incorporated as part of any transcript of this call. I would also like to point out that our presentation will include 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. Let's turn to slide three, please. To open our discussion this morning, here's John Mangucci, President and Chief Executive Officer of CACI International. John?

Thanks, George, and good morning, everyone. Thank you for joining us to discuss our first quarter fiscal year 24 results, as well as our fiscal 24 guidance. With me this morning is Jeff McLaughlin, our Chief Financial Officer. Before we get started, and as I previously informed many of you, George Price now leads investor relations for CACI, replacing Dan Lechberg, who has taken an executive role elsewhere in the company. My thanks to Dan for the fine job he did, and my congratulations to George, who brings his four years as a deputy to Dan and his significant experience as both a sell-side analyst and investor relations executive to the position. So with that, let's move to our first quarter results. Slide four, please. Last night, we released our first quarter results for fiscal year 24, and I'm pleased to say that our actions and results in the first quarter were directly aligned with our value creation model. As we've discussed, that value creation model is one that is built to drive growth and free cash flow per share by utilizing a combination of long-term predictable organic revenue growth, efficient management of working capital and CapEx, profitability supportive of continuing investment, and prudent opportunistic value creating capital deployment. Against those elements, we delivered 15% organic revenue growth, 174 million of EBITDA, free cash flow that exceeded our expectations. We executed a $150 million share repurchase program. In addition, we won $3.1 billion of contract awards, which represents a 1.7 times book to bill for the quarter. at 1.4 times on a trailing 12-month basis. More than half of our awards were for new work to CACI, but we had strong performance on our re-competes as well. Our first quarter performance provides us the opportunity to raise elements of our fiscal year 24 guidance, and Jeff will provide the financial details shortly. Slide five, please. We've talked about network modernization being a critical need for our government, and a significant long-term opportunity for CACI. Secure, modernized networks are the required foundation for many priorities, including AI, cyber, and JAN-C2. We have invested to develop innovative network modernization capabilities, both organically and via the acquisitions of LGS and IT technologies. As a result, we were awarded an eight-year contract valued at up to $1.3 billion to modernize the network of a major DOD intelligence community customer to support critical intelligence missions around the world. We had the highest rated technical proposal. We displaced a long entrenched incumbent. We established a new VCHAT for network modernization with this customer. And we increased our visibility and access across the broader intelligence community. In addition, we were just notified of a $200 million DoD network modernization win, this one specifically leveraging our commercial solutions for classified or CSFC technology. We continue to see healthy demand for network modernization and a strong pipeline of additional opportunities. Next, you've heard us discuss the importance of software as an enabler for customer missions, and the software is our superpower. CACI has continued to demonstrate that we have the most mature, advanced software development capabilities building open systems and software-defined offerings in the market today. These capabilities led to the award of a five-year contract with a maximum ceiling value of $917 million to continue providing software and systems engineering to support battlespace awareness for the United States Air Force. our unique software-defined capabilities, coupled with our deep understanding of signals and the electromagnetic spectrum, continues to differentiate CCI in the marketplace. We are seeing increased market adoption of our software-defined technology, particularly in the areas of signals intelligence and electronic warfare. This is evidenced by being selected to supply our technology offerings to an Army program of record as well as the evaluation of the same offerings for another Army program that enables dismounted soldiers to quickly detect, identify, geolocate, and defeat signals of interest. These successes are great examples of our ability to deliver software-defined innovation in a fast, agile manner to support critical and enduring national security priorities. Slide six, please. In addition to winning enduring new work, We are executing and performing with excellence on the three large awards we announced in our last fiscal year. Let me provide you with an update. First, our Air Force Enterprise IT as a Service, or ITAS, contract is ramping up as planned. We are on track to stand up our Enterprise Service Desk before year end and assume day-to-day operations of existing systems with additional program milestones on track for the second half of the fiscal year. Both of these actions accelerate support to our customer and support our financial goals for FY24. Next, the transition of our large NSA Intel and cyber award is also progressing well. We continue to show the value of our technically superior proposal, and we are receiving positive feedback from our customer executives. Finally, our Navy spectral program is off to a great start. Even with an extremely complex environment and technical requirements, we've hit the ground running because we invested ahead of customer need. We have a great partnership with the Navy, and our customer is pleased with our performance. With the ever-evolving threats in the Indo-Pacon theater, Spectral is the type of program built with an open software architecture that breaks vendor lock and provides capabilities at the speed of the fight that the Navy requires. Slide seven, please. Turning to the macro environment, we continue to monitor the government fiscal year 24 budget process closely. We're prepared for a number of scenarios, most of which we believe are addressed within our guidance range. As we've said many times, the world is a dangerous place, and recent events have only confirmed that view. Customer demand remains high, driven by the elevated global threat environment. the pacing capabilities of our adversaries, and the significant opportunity for modernization in government to enhance both efficiency and security. DCI remains very well positioned in key enduring areas of demand, including broad IT modernization, the electromagnetic spectrum, cyber, space, and intelligence. Slide eight, please. As a trusted national security company, our government customers rely on CACI to meet their most urgent and critical needs. Given the recent budget uncertainty, just such an opportunity arose when we received requests to purchase nearly $200 million of network equipment, cybersecurity licenses, and other material before the government fiscal year ended. We are proud that our team was able to rapidly and efficiently respond to these requests. With 100 million of the material delivered in our first quarter, and another $100 million slated to be delivered next quarter. Excluding these material purchases, our underlying organic growth was 9%. In summary, our first quarter results were strong, and fiscal year 24 is off to a great start. Demand signals are healthy, and we are well positioned to address key customer priorities. We are successfully executing our strategy to invest ahead of need, to build differentiated capabilities, And as a result, we are winning in the marketplace. And we are leveraging our financial strength to deploy capital in a flexible and opportunistic manner to drive free cash flow for share growth and shareholder value. With that, I'll turn the call over to John.