CACI INTERNATIONAL INC /DE/, 10-Q filed on 1/26/2023
Quarterly Report
v3.22.4
Document And Entity Information - shares
 6 Months Ended
Dec. 31, 2022
Jan. 12, 2023
Cover [Abstract]    
Entity Registrant Name CACI International Inc  
Entity Central Index Key 0000016058  
Current Fiscal Year End Date --06-30  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   23,508,119
Document Type 10-Q  
Document Period End Date Dec. 31, 2022  
Amendment Flag false  
Document Fiscal Year Focus 2022  
Document Fiscal Period Focus Q2  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Title of 12(b) Security Common Stock  
Trading Symbol CACI  
Security Exchange Name NYSE  
Entity File Number 001-31400  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 54-1345888  
Entity Address, Address Line One 12021 Sunset Hills Road  
Entity Address, City or Town Reston  
Entity Address, State or Province VA  
Entity Address, Postal Zip Code 20190  
City Area Code 703  
Local Phone Number 841-7800  
Document Quarterly Report true  
Document Transition Report false  
v3.22.4
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2022
Dec. 31, 2021
Income Statement [Abstract]        
Revenues $ 1,649,416 $ 1,485,778 $ 3,255,175 $ 2,976,676
Costs of revenues:        
Direct costs 1,094,314 974,018 2,150,086 1,948,189
Indirect costs and selling expenses 388,303 354,977 770,384 712,083
Depreciation and amortization 35,932 32,676 71,035 65,268
Total costs of revenues 1,518,549 1,361,671 2,991,505 2,725,540
Income from operations 130,867 124,107 263,670 251,136
Interest expense and other, net 19,942 11,009 36,135 21,407
Income before income taxes 110,925 113,098 227,535 229,729
Income taxes 23,824 22,799 51,309 51,321
Net income $ 87,101 $ 90,299 $ 176,226 $ 178,408
Basic earnings per share $ 3.71 $ 3.86 $ 7.51 $ 7.60
Diluted earnings per share $ 3.68 $ 3.83 $ 7.44 $ 7.52
Weighted-average basic shares outstanding 23,506 23,399 23,463 23,480
Weighted-average diluted shares outstanding 23,676 23,598 23,677 23,722
v3.22.4
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2022
Dec. 31, 2021
Statement Of Income And Comprehensive Income [Abstract]        
Net income $ 87,101 $ 90,299 $ 176,226 $ 178,408
Other comprehensive income (loss):        
Foreign currency translation adjustment 17,123 575 (366) (6,187)
Change in fair value of interest rate swap agreements, net of tax (1,516) 5,424 14,013 7,638
Other comprehensive income, net of tax 15,607 5,999 13,647 1,451
Comprehensive income $ 102,708 $ 96,298 $ 189,873 $ 179,859
v3.22.4
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2022
Jun. 30, 2022
Current assets:    
Cash and cash equivalents $ 114,738 $ 114,804
Accounts receivable, net 868,629 926,144
Prepaid expenses and other current assets 191,811 168,690
Total current assets 1,175,178 1,209,638
Goodwill 4,063,834 4,058,291
Intangible assets, net 543,058 581,385
Property, plant and equipment, net 195,567 205,622
Operating lease right-of-use assets 301,012 317,359
Supplemental retirement savings plan assets 95,752 96,114
Accounts receivable, long-term 11,843 10,199
Other long-term assets 168,305 150,823
Total assets 6,554,549 6,629,431
Current liabilities:    
Current portion of long-term debt 30,625 30,625
Accounts payable 270,768 303,443
Accrued compensation and benefits 345,779 405,722
Other accrued expenses and current liabilities 334,476 287,571
Total current liabilities 981,648 1,027,361
Long-term debt, net of current portion 1,534,961 1,702,148
Supplemental retirement savings plan obligations, net of current portion 103,512 102,127
Deferred income taxes 273,626 356,841
Operating lease liabilities, noncurrent 296,637 315,315
Other long-term liabilities 113,919 72,096
Total liabilities 3,304,303 3,575,888
COMMITMENTS AND CONTINGENCIES
Shareholders’ equity:    
Preferred stock $0.10 par value, 10,000 shares authorized, no shares issued or outstanding
Common stock $0.10 par value, 80,000 shares authorized; 42,911 shares issued and 23,508 outstanding at December 31, 2022 and 42,820 shares issued and 23,416 outstanding at June 30, 2022 4,291 4,282
Additional paid-in capital 578,470 571,650
Retained earnings 3,732,107 3,555,881
Accumulated other comprehensive loss (17,429) (31,076)
Treasury stock, at cost (19,404 and 19,404 shares, respectively) (1,047,328) (1,047,329)
Total CACI shareholders’ equity 3,250,111 3,053,408
Noncontrolling interest 135 135
Total shareholders’ equity 3,250,246 3,053,543
Total liabilities and shareholders’ equity $ 6,554,549 $ 6,629,431
v3.22.4
CONDENSED CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares
Dec. 31, 2022
Jun. 30, 2022
Statement Of Financial Position [Abstract]    
Preferred stock, par value (in dollars per share) $ 0.10 $ 0.10
Preferred stock, shares authorized 10,000,000 10,000,000
Preferred stock, shares issued 0 0
Preferred stock, shares outstanding 0 0
Common stock, par value (in dollars per share) $ 0.10 $ 0.10
Common stock, shares authorized 80,000,000 80,000,000
Common stock, shares issued 42,911,000 42,820,000
Common stock, shares outstanding 23,508,000 23,416,000
Treasury stock, shares at cost 19,404,000 19,404,000
v3.22.4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Dec. 31, 2022
Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 176,226 $ 178,408
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 71,035 65,268
Amortization of deferred financing costs 1,126 1,147
Loss on extinguishment of debt   891
Non-cash lease expense 34,909 33,943
Stock-based compensation expense 20,196 14,698
Deferred income taxes (48,320) (1,962)
Changes in operating assets and liabilities, net of effect of business acquisitions:    
Accounts receivable, net 55,518 72,650
Prepaid expenses and other assets (30,322) (24,701)
Accounts payable and other accrued expenses 28,157 39,535
Accrued compensation and benefits (59,917) (89,752)
Income taxes payable and receivable (5,110) 46,402
Operating lease liabilities (40,050) (34,169)
Long-term liabilities 3,642 6,407
Net cash provided by operating activities 207,090 308,765
CASH FLOWS FROM INVESTING ACTIVITIES    
Capital expenditures (25,670) (21,632)
Acquisition of businesses, net of cash acquired   (609,356)
Other   923
Net cash used in investing activities (25,670) (630,065)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from borrowings under bank credit facilities 1,101,500 1,735,095
Principal payments made under bank credit facilities (1,269,813) (1,356,230)
Payment of financing costs under bank credit facilities   (6,286)
Proceeds from employee stock purchase plans 5,288 5,221
Repurchases of common stock (5,286) (4,995)
Payment of taxes for equity transactions (13,269) (13,956)
Net cash (used in) provided by financing activities (181,580) 358,849
Effect of exchange rate changes on cash and cash equivalents 94 (1,477)
Net change in cash and cash equivalents (66) 36,072
Cash and cash equivalents at beginning of period 114,804 88,031
Cash and cash equivalents at end of period 114,738 124,103
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION    
Cash paid during the period for income taxes, net of refunds 100,400 4,509
Cash paid during the period for interest 27,654 19,042
Non-cash financing and investing activities:    
Landlord sponsored tenant incentives 1,908 1,178
Accrued capital expenditures $ 736 $ 813
v3.22.4
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($)
shares in Thousands, $ in Thousands
Total
Common Stock
Additional Paid-in Capital
Retained Earnings
Accumulated Other Comprehensive Income (Loss)
Treasury Stock
Total CACI Shareholders' Equity
Noncontrolling Interest
Beginning balance at Jun. 30, 2021 $ 2,665,278 $ 4,268 $ 484,260 $ 3,189,087 $ (36,291) $ (976,181) $ 2,665,143 $ 135
Beginning balance, shares at Jun. 30, 2021   42,676       19,122    
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net income 178,408     178,408     178,408  
Stock-based compensation expense 14,698   14,698       14,698  
Tax withholdings on restricted share vestings (13,799) $ 13 (13,812)       (13,799)  
Tax withholdings on restricted share vestings (in shares)   134            
Other comprehensive income, net of tax 1,451       1,451   1,451  
Repurchases of common stock (4,995)   70,761     $ (75,756) (4,995)  
Repurchases of common stock (in shares)           301    
Treasury stock issued under stock purchase plans 4,669   61     $ 4,608 4,669  
Treasury stock issued under stock purchase plans (in shares)           (19)    
Ending balance at Dec. 31, 2021 2,845,710 $ 4,281 555,968 3,367,495 (34,840) $ (1,047,329) 2,845,575 135
Ending balance, shares at Dec. 31, 2021   42,810       19,404    
Beginning balance at Sep. 30, 2021 2,755,122 $ 4,271 561,688 3,277,196 (40,839) $ (1,047,329) 2,754,987 135
Beginning balance, shares at Sep. 30, 2021   42,710       19,404    
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net income 90,299     90,299     90,299  
Stock-based compensation expense 8,029   8,029       8,029  
Tax withholdings on restricted share vestings (13,526) $ 10 (13,536)       (13,526)  
Tax withholdings on restricted share vestings (in shares)   100            
Other comprehensive income, net of tax 5,999       5,999   5,999  
Repurchases of common stock (2,523)   (213)     $ (2,310) (2,523)  
Repurchases of common stock (in shares)           9    
Treasury stock issued under stock purchase plans 2,310         $ 2,310 2,310  
Treasury stock issued under stock purchase plans (in shares)           (9)    
Ending balance at Dec. 31, 2021 2,845,710 $ 4,281 555,968 3,367,495 (34,840) $ (1,047,329) 2,845,575 135
Ending balance, shares at Dec. 31, 2021   42,810       19,404    
Beginning balance at Jun. 30, 2022 3,053,543 $ 4,282 571,650 3,555,881 (31,076) $ (1,047,329) 3,053,408 135
Beginning balance, shares at Jun. 30, 2022   42,820       19,404    
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net income 176,226     176,226     176,226  
Stock-based compensation expense 20,196   20,196       20,196  
Tax withholdings on restricted share vestings (13,106) $ 9 (13,115)       (13,106)  
Tax withholdings on restricted share vestings (in shares)   91            
Other comprehensive income, net of tax 13,647       13,647   13,647  
Repurchases of common stock (5,286)   (325)     $ (4,961) (5,286)  
Repurchases of common stock (in shares)           19    
Treasury stock issued under stock purchase plans 5,026   64     $ 4,962 5,026  
Treasury stock issued under stock purchase plans (in shares)           (19)    
Ending balance at Dec. 31, 2022 3,250,246 $ 4,291 578,470 3,732,107 (17,429) $ (1,047,328) 3,250,111 135
Ending balance, shares at Dec. 31, 2022   42,911       19,404    
Beginning balance at Sep. 30, 2022 3,148,570 $ 4,283 579,511 3,645,006 (33,036) $ (1,047,329) 3,148,435 135
Beginning balance, shares at Sep. 30, 2022   42,826       19,404    
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net income 87,101     87,101     87,101  
Stock-based compensation expense 11,757   11,757       11,757  
Tax withholdings on restricted share vestings (12,671) $ 8 (12,679)       (12,671)  
Tax withholdings on restricted share vestings (in shares)   85            
Other comprehensive income, net of tax 15,607       15,607   15,607  
Repurchases of common stock (2,639)   (143)     $ (2,496) (2,639)  
Repurchases of common stock (in shares)           10    
Treasury stock issued under stock purchase plans 2,521   24     $ 2,497 2,521  
Treasury stock issued under stock purchase plans (in shares)           (10)    
Ending balance at Dec. 31, 2022 $ 3,250,246 $ 4,291 $ 578,470 $ 3,732,107 $ (17,429) $ (1,047,328) $ 3,250,111 $ 135
Ending balance, shares at Dec. 31, 2022   42,911       19,404    
v3.22.4
Basis of Presentation
 6 Months Ended
Dec. 31, 2022
Organization Consolidation And Presentation Of Financial Statements [Abstract]  
Basis of Presentation

Note 1 – Basis of Presentation

The accompanying unaudited condensed consolidated financial statements of CACI International Inc and subsidiaries (CACI or the Company) have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (SEC) and include the assets, liabilities, results of operations, comprehensive income and cash flows for the Company, including its subsidiaries and ventures that are majority-owned or otherwise controlled by the Company.  Certain information and note disclosures normally included in the annual financial statements prepared in accordance with U.S. generally accepted accounting principles (GAAP) have been condensed or omitted pursuant to those rules and regulations, although the Company believes that the disclosures made are adequate to make the information presented not misleading. All intercompany balances and transactions have been eliminated in consolidation.

The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable and amounts included in other current assets and current liabilities that meet the definition of a financial instrument approximate fair value because of the short-term nature of these amounts.  The fair value of the Company’s debt outstanding as of December 31, 2022 under its bank credit facility approximates its carrying value.  The fair value of the Company’s debt under its bank credit facility was estimated using Level 2 inputs based on market data of companies with a corporate rating similar to CACI’s that have recently priced credit facilities.

In the opinion of management, the accompanying unaudited consolidated financial statements reflect all adjustments and reclassifications (all of which are of a normal, recurring nature) that are necessary for the fair presentation of the periods presented.  It is suggested that these unaudited consolidated financial statements be read in conjunction with the audited consolidated financial statements and the notes thereto included in the Company’s latest annual report to the SEC on Form 10-K for the year ended June 30, 2022.  The results of operations for the three and six months ended December 31, 2022 are not necessarily indicative of the results to be expected for any subsequent interim period or for the full fiscal year.
v3.22.4
Recent Accounting Pronouncements
 6 Months Ended
Dec. 31, 2022
New Accounting Pronouncements And Changes In Accounting Principles [Abstract]  
Recent Accounting Pronouncements

Note 2 – Recent Accounting Pronouncements

In March 2020, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. This ASU provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions that reference the London Interbank Offered Rate (LIBOR) or another reference rate expected to be discontinued because of reference rate reform.  The guidance in this ASU is optional and expedients may be elected over time, as reference rate reform activities occur through December 31, 2022.  However, in December 2022, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, extending the sunset date under Topic 848 from December 31, 2022 to December 31, 2024 to align the temporary accounting relief guidance with the expected LIBOR cessation date of June 30, 2023.  During the year ended June 30, 2020, CACI elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives consistent with past presentation. Application of these expedients assisted in preserving the Company's presentation of derivatives as qualifying cash flow hedges. The Company continues to evaluate this guidance and may apply other elections as relevant contract and hedge accounting relationship modifications are made during the course of the reference rate reform transition period.
v3.22.4
Goodwill and Intangible Assets
 6 Months Ended
Dec. 31, 2022
Goodwill And Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets

Note 3 – Goodwill and Intangible Assets

Goodwill

The changes in the carrying amount of goodwill for the six months ended December 31, 2022 are as follows (in thousands):

 

 

 

Domestic

 

 

International

 

 

Total

 

Balance at June 30, 2022

 

$

3,934,625

 

 

$

123,666

 

 

$

4,058,291

 

Goodwill acquired (1)

 

 

6,072

 

 

 

—

 

 

 

6,072

 

Foreign currency translation

 

 

(188

)

 

 

(341

)

 

 

(529

)

Balance at December 31, 2022

 

$

3,940,509

 

 

$

123,325

 

 

$

4,063,834

 

 

(1)

Includes goodwill initially allocated to new business combinations as well as measurement period adjustments, when applicable. Purchase price allocations for all of the fiscal year 2022 acquisitions were complete as of December 31, 2022.

There were no impairments of goodwill during the periods presented.

Intangible Assets

Intangible assets consisted of the following (in thousands):

 

 

 

December 31, 2022

 

 

June 30, 2022

 

 

 

Gross carrying

 

 

Accumulated

 

 

Net carrying

 

 

Gross carrying

 

 

Accumulated

 

 

Net carrying

 

 

 

value

 

 

amortization

 

 

value

 

 

value

 

 

amortization

 

 

value

 

Customer contracts and related

   customer relationships

 

$

656,249

 

 

$

(296,255

)

 

$

359,994

 

 

$

656,353

 

 

$

(275,538

)

 

$

380,815

 

Acquired technologies

 

 

280,188

 

 

 

(97,124

)

 

 

183,064

 

 

 

280,196

 

 

 

(79,626

)

 

 

200,570

 

Total intangible assets

 

$

936,437

 

 

$

(393,379

)

 

$

543,058

 

 

$

936,549

 

 

$

(355,164

)

 

$

581,385

 

 

Amortization expense related to intangible assets was $19.1 million and $38.2 million for the three and six months ended December 31, 2022, respectively, and $18.1 million and $35.6 million for the three and six months ended December 31, 2021, respectively.
v3.22.4
Revenues and Contract Balances
 6 Months Ended
Dec. 31, 2022
Revenue From Contract With Customer [Abstract]  
Revenues and Contract Balances

Note 4 – Revenues and Contract Balances

Disaggregation of Revenues

The Company disaggregates revenues by contract type, customer type, prime vs. subcontractor, and whether the solution provided is primarily Expertise or Technology.  These categories represent how the nature, amount, timing, and uncertainty of revenues and cash flows are affected.

Disaggregated revenues by contract type were as follows (in thousands):

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

December 31, 2022

 

 

December 31, 2022

 

 

 

Domestic

 

 

International

 

 

Total

 

 

Domestic

 

 

International

 

 

Total

 

Cost-plus-fee

 

$

953,344

 

 

$

—

 

 

$

953,344

 

 

$

1,888,090

 

 

$

—

 

 

$

1,888,090

 

Fixed-price

 

 

478,201

 

 

 

31,155

 

 

 

509,356

 

 

 

926,763

 

 

 

64,366

 

 

 

991,129

 

Time-and-materials

 

 

173,630

 

 

 

13,086

 

 

 

186,716

 

 

 

349,217

 

 

 

26,739

 

 

 

375,956

 

Total

 

$

1,605,175

 

 

$

44,241

 

 

$

1,649,416

 

 

$

3,164,070

 

 

$

91,105

 

 

$

3,255,175

 

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

December 31, 2021

 

 

December 31, 2021

 

 

 

Domestic

 

 

International

 

 

Total

 

 

Domestic

 

 

International

 

 

Total

 

Cost-plus-fee

 

$

889,358

 

 

$

—

 

 

$

889,358

 

 

$

1,783,071

 

 

$

—

 

 

$

1,783,071

 

Fixed-price

 

 

400,011

 

 

 

33,279

 

 

 

433,290

 

 

 

774,485

 

 

 

66,510

 

 

 

840,995

 

Time-and-materials

 

 

148,881

 

 

 

14,249

 

 

 

163,130

 

 

 

324,416

 

 

 

28,194

 

 

 

352,610

 

Total

 

$

1,438,250

 

 

$

47,528

 

 

$

1,485,778

 

 

$

2,881,972

 

 

$

94,704

 

 

$

2,976,676

 

Disaggregated revenues by customer type were as follows (in thousands):

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

December 31, 2022

 

 

December 31, 2022

 

 

 

Domestic

 

 

International

 

 

Total

 

 

Domestic

 

 

International

 

 

Total

 

Department of Defense

 

$

1,160,060

 

 

$

—

 

 

$

1,160,060

 

 

$

2,255,380

 

 

$

—

 

 

$

2,255,380

 

Federal Civilian agencies

 

 

399,768

 

 

 

—

 

 

 

399,768

 

 

 

823,855

 

 

 

—

 

 

 

823,855

 

Commercial and other

 

 

45,347

 

 

 

44,241

 

 

 

89,588

 

 

 

84,835

 

 

 

91,105

 

 

 

175,940

 

Total

 

$

1,605,175

 

 

$

44,241

 

 

$

1,649,416

 

 

$

3,164,070

 

 

$

91,105

 

 

$

3,255,175

 

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

December 31, 2021

 

 

December 31, 2021

 

 

 

Domestic

 

 

International

 

 

Total

 

 

Domestic

 

 

International

 

 

Total

 

Department of Defense

 

$

1,037,014

 

 

$

—

 

 

$

1,037,014

 

 

$

2,037,141

 

 

$

—

 

 

$

2,037,141

 

Federal Civilian agencies

 

 

371,897

 

 

 

—

 

 

 

371,897

 

 

 

785,561

 

 

 

—

 

 

 

785,561

 

Commercial and other

 

 

29,339

 

 

 

47,528

 

 

 

76,867

 

 

 

59,270

 

 

 

94,704

 

 

 

153,974

 

Total

 

$

1,438,250

 

 

$

47,528

 

 

$

1,485,778

 

 

$

2,881,972

 

 

$

94,704

 

 

$

2,976,676

 

 

Disaggregated revenues by prime vs. subcontractor were as follows (in thousands):

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

December 31, 2022

 

 

December 31, 2022

 

 

 

Domestic

 

 

International

 

 

Total

 

 

Domestic

 

 

International

 

 

Total

 

Prime contractor

 

$

1,420,367

 

 

$

40,472

 

 

$

1,460,839

 

 

$

2,827,821

 

 

$

83,328

 

 

$

2,911,149

 

Subcontractor

 

 

184,808

 

 

 

3,769

 

 

 

188,577

 

 

 

336,249

 

 

 

7,777

 

 

 

344,026

 

Total

 

$

1,605,175

 

 

$

44,241

 

 

$

1,649,416

 

 

$

3,164,070

 

 

$

91,105

 

 

$

3,255,175

 

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

December 31, 2021

 

 

December 31, 2021

 

 

 

Domestic

 

 

International

 

 

Total

 

 

Domestic

 

 

International

 

 

Total

 

Prime contractor

 

$

1,292,529

 

 

$

43,317

 

 

$

1,335,846

 

 

$

2,591,182

 

 

$

86,223

 

 

$

2,677,405

 

Subcontractor

 

 

145,721

 

 

 

4,211

 

 

 

149,932

 

 

 

290,790

 

 

 

8,481

 

 

 

299,271

 

Total

 

$

1,438,250

 

 

$

47,528

 

 

$

1,485,778

 

 

$

2,881,972

 

 

$

94,704

 

 

$

2,976,676

 

Disaggregated revenues by expertise or technology were as follows (in thousands):

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

December 31, 2022

 

 

December 31, 2022

 

 

 

Domestic

 

 

International

 

 

Total

 

 

Domestic

 

 

International

 

 

Total

 

Expertise

 

$

725,503

 

 

$

16,117

 

 

$

741,620

 

 

$

1,443,153

 

 

$

32,670

 

 

$

1,475,823

 

Technology

 

 

879,672

 

 

 

28,124

 

 

 

907,796

 

 

 

1,720,917

 

 

 

58,435

 

 

 

1,779,352

 

Total

 

$

1,605,175

 

 

$

44,241

 

 

$

1,649,416

 

 

$

3,164,070

 

 

$

91,105

 

 

$

3,255,175

 

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

December 31, 2021

 

 

December 31, 2021

 

 

 

Domestic

 

 

International

 

 

Total

 

 

Domestic

 

 

International

 

 

Total

 

Expertise

 

$

668,209

 

 

$

18,100

 

 

$

686,309

 

 

$

1,351,833

 

 

$

37,522

 

 

$

1,389,355

 

Technology

 

 

770,041

 

 

 

29,428

 

 

 

799,469

 

 

 

1,530,139

 

 

 

57,182

 

 

 

1,587,321

 

Total

 

$

1,438,250

 

 

$

47,528

 

 

$

1,485,778

 

 

$

2,881,972

 

 

$

94,704

 

 

$

2,976,676

 

 

Changes in Estimates

Aggregate net changes in estimates for the three and six months ended December 31, 2022 reflected an increase to income before income taxes of $5.8 million ($0.18 per diluted share) and $11.5 million ($0.36 per diluted share), respectively, compared with $5.5 million ($0.17 per diluted share) and $8.2 million ($0.26 per diluted share), for the three and six months ended December 31, 2021.  The Company uses its statutory tax rate when calculating the impact to diluted earnings per share.

Revenues recognized from previously satisfied performance obligations were not material for the three and six months ended December 31, 2022 and 2021, respectively.  The change in revenues generally relates to final true-up adjustments for estimated award or incentive fees in the period in which the customer’s final performance score was received or when it can be determined that more objective, contractually-defined criteria have been fully satisfied.  

Remaining Performance Obligations

As of December 31, 2022, the Company had $8.6 billion of remaining performance obligations and expects to recognize approximately 47% and 67% over the next 12 and 24 months, respectively, with the remainder to be recognized thereafter.

Contract Balances

Contract balances consisted of the following (in thousands):

 

 

 

 

 

December 31,

 

 

June 30,

 

Description of Contract Related Balance

 

Financial Statement Classification

 

2022

 

 

2022

 

Billed and billable receivables

 

Accounts receivable, net

 

$

753,254

 

 

$

800,597

 

Contract assets – current unbilled receivables

 

Accounts receivable, net

 

 

115,375

 

 

 

125,547

 

Contract assets – current costs to obtain

 

Prepaid expenses and other current assets

 

 

5,186

 

 

 

5,167

 

Contract assets – noncurrent unbilled receivables

 

Accounts receivable, long-term

 

 

11,843

 

 

 

10,199

 

Contract assets – noncurrent costs to obtain

 

Other long-term assets

 

 

9,197

 

 

 

10,703

 

Contract liabilities – current deferred

   revenue and other contract liabilities

 

Other accrued expenses and current liabilities

 

 

(110,227

)

 

 

(84,810

)

Contract liabilities – noncurrent deferred

   revenue and other contract liabilities

 

Other long-term liabilities

 

 

(6,308

)

 

 

(7,552

)

 

During the three and six months ended December 31, 2022, we recognized $7.6 million and $58.1 million of revenues, respectively, compared with $13.6 million and $68.3 million of revenues for the three and six months ended December 31, 2021, that was included in a previously recorded contract liability as of the beginning of the period.
v3.22.4
Inventories
 6 Months Ended
Dec. 31, 2022
Inventory Disclosure [Abstract]  
Inventories

Note 5 – Inventories

Inventories consisted of the following (in thousands):

 

 

 

December 31,

 

 

June 30,

 

 

 

2022

 

 

2022

 

Materials, purchased parts and supplies

 

$

64,788

 

 

$

57,407

 

Work in process

 

 

20,423

 

 

 

13,207

 

Finished goods

 

 

28,558

 

 

 

28,748

 

Total

 

$

113,769

 

 

$

99,362

 

Inventories are stated at the lower of cost (average cost or first-in, first-out) or net realizable value and are included in prepaid expenses and other current assets on the accompanying consolidated balance sheets.  Prior year amounts for work in process and finished goods have been revised.
v3.22.4
Sales of Receivables
 6 Months Ended
Dec. 31, 2022
Transfers And Servicing Of Financial Assets [Abstract]  
Sales of Receivables

Note 6 – Sales of Receivables

On December 22, 2022, the Company amended its Master Accounts Receivable Purchase Agreement (MARPA) with MUFG Bank, Ltd. (Purchaser), for the sale of certain designated eligible U.S. government receivables.  The amendment extended the term of the MARPA to December 21, 2023.  Under the MARPA, the Company can sell eligible receivables, including certain billed and unbilled receivables up to a maximum amount of $200.0 million.  The Company’s receivables are sold under the MARPA without recourse for any U.S. government credit risk.

The Company accounts for receivable transfers under the MARPA as sales under ASC 860, Transfers and Servicing, and derecognizes the sold receivables from its balance sheets.  The fair value of the sold receivables approximated their book value due to their short-term nature.  

The Company does not retain an ongoing financial interest in the transferred receivables other than cash collection and administrative services.  The Company estimated that its servicing fee was at fair value and therefore no servicing asset or liability related to these receivables was recognized as of December 31, 2022.  Proceeds from the sold receivables are reflected in operating cash flows on the statement of cash flows.

MARPA activity consisted of the following (in thousands):

 

 

 

As of and for the Six Months Ended

 

 

 

December 31,

 

 

 

2022

 

 

2021

 

Beginning balance:

 

$

157,785

 

 

$

182,027

 

Sales of receivables

 

 

1,460,825

 

 

 

1,361,521

 

Cash collections

 

 

(1,418,648

)

 

 

(1,356,070

)

Outstanding balance sold to Purchaser: (1)

 

 

199,962

 

 

 

187,478

 

Cash collected, not remitted to Purchaser (2)

 

 

(59,827

)

 

 

(49,166

)

Remaining sold receivables

 

$

140,135

 

 

$

138,312

 

 

(1)

For the six months ended December 31, 2022 and 2021, the Company recorded net cash inflows of $42.2 million and $5.5 million in its cash flows from operating activities, respectively, from sold receivables.  MARPA cash flows are calculated as the change in the outstanding balance during the fiscal year.

(2)

Includes the cash collected on behalf of but not yet remitted to Purchaser as of December 31, 2022 and 2021.  This balance is included in other accrued expenses and current liabilities as of the balance sheet date.
v3.22.4
Debt
 6 Months Ended
Dec. 31, 2022
Long Term Debt [Abstract]  
Debt

Note 7 – Debt 

Long-term debt consisted of the following (in thousands):

 

 

 

December 31,

 

 

June 30,

 

 

 

2022

 

 

2022

 

Bank credit facility – term loans

 

$

1,194,375

 

 

$

1,209,688

 

Bank credit facility – revolver loans

 

 

380,000

 

 

 

533,000

 

Principal amount of long-term debt

 

 

1,574,375

 

 

 

1,742,688

 

Less unamortized discounts and debt issuance costs

 

 

(8,789

)

 

 

(9,915

)

Total long-term debt

 

 

1,565,586

 

 

 

1,732,773

 

Less current portion

 

 

(30,625

)

 

 

(30,625

)

Long-term debt, net of current portion

 

$

1,534,961

 

 

$

1,702,148

 

 

Bank Credit Facility

On December 13, 2021, the Company amended its credit facility (the Credit Facility) primarily to extend the maturity date, increase borrowing capacity, and improve pricing. As amended, the Company’s $3,200.0 million Credit Facility consists of a $1,975.0 million revolving credit facility (the Revolving Facility) and a $1,225.0 million term loan (the Term Loan). The Revolving Facility has subfacilities of $100.0 million for same-day swing line loan borrowings and $25.0 million for stand-by letters of credit.

The Revolving Facility is a secured facility that permits continuously renewable borrowings of up to $1,975.0 million. As of December 31, 2022, the Company had $380.0 million outstanding under the Revolving Facility and no borrowings on the swing line.  The Company pays a quarterly facility fee for the unused portion of the Revolving Facility.  

The Term Loan is a five-year secured facility under which principal payments are due in quarterly installments of $7.7 million through December 31, 2023 and $15.3 million thereafter until the balance is due in full on December 13, 2026. As of December 31, 2022, the Company had $1,194.4 million outstanding under the Term Loan.

The interest rates applicable to loans under the Credit Facility are floating interest rates that, at the Company’s option, equal a base rate or a Eurodollar rate plus, in each case, an applicable rate based upon the Company’s consolidated total net leverage ratio.  As of December 31, 2022, the effective interest rate, including the impact of the Company’s floating-to-fixed interest rate swap agreements and excluding the effect of amortization of debt financing costs, for the outstanding borrowings under the Credit Facility was 4.50%.

The Credit Facility requires the Company to comply with certain financial covenants, including a maximum total leverage ratio and a minimum interest coverage ratio.  The Credit Facility also includes customary negative covenants restricting or limiting the Company’s ability to guarantee or incur additional indebtedness, grant liens or other security interests to third parties, make loans or investments, transfer assets, declare dividends or redeem or repurchase capital stock or make other distributions, prepay subordinated indebtedness and engage in mergers, acquisitions or other business combinations, in each case except as expressly permitted under the Credit Facility.  As of December 31, 2022, the Company was in compliance with all of the financial covenants.  A majority of the Company’s assets serve as collateral under the Credit Facility.

All debt issuance costs are being amortized from the date incurred to the expiration date of the Credit Facility.

Cash Flow Hedges

The Company periodically uses derivative financial instruments as part of a strategy to manage exposure to market risks associated with interest rate fluctuations.  The Company has entered into several floating-to-fixed interest rate swap agreements for an aggregate notional amount of $800.0 million which hedge a portion of the Company’s floating rate indebtedness.  The swaps mature at various dates through 2028.  The Company has designated the swaps as cash flow hedges. Unrealized gains are recognized as assets while unrealized losses are recognized as liabilities. The interest rate swap agreements are highly correlated to the changes in interest rates to which the Company is exposed. Realized gains and losses in connection with each required interest payment are reclassified from accumulated other comprehensive income or loss to interest expense.  The Company does not hold or issue derivative financial instruments for trading purposes.

The effect of derivative instruments in the consolidated statements of operations and accumulated other comprehensive loss for the three and six months ended December 31, 2022 and 2021 is as follows (in thousands):

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

December 31,

 

 

December 31,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Gain recognized in other comprehensive income

 

$

904

 

 

$

2,194

 

 

$

16,490

 

 

$

1,186

 

Amounts reclassified to earnings from accumulated other

   comprehensive loss

 

 

(2,420

)

 

 

3,230

 

 

 

(2,477

)

 

 

6,452

 

Net current period other comprehensive (loss) income

 

$

(1,516

)

 

$

5,424

 

 

$

14,013

 

 

$

7,638

 

 
v3.22.4
Legal Proceedings and Other Commitments and Contingencies
 6 Months Ended
Dec. 31, 2022
Commitments And Contingencies Disclosure [Abstract]  
Legal Proceedings and Other Commitments and Contingencies

Note 8 – Legal Proceedings and Other Commitments and Contingencies

Legal Proceedings

The Company is involved in various claims, lawsuits, and administrative proceedings arising in the normal course of business, none of which, based on current information, are expected to have a material adverse effect on the Company’s financial position, results of operations or cash flows.

Government Contracting

Payments to the Company on cost-plus-fee and time-and-materials contracts are subject to adjustment upon audit by the Defense Contract Audit Agency (DCAA) and other government agencies that do not utilize DCAA’s services.  The DCAA has completed audits of the Company’s annual incurred cost proposals through fiscal year 2021.  The Company is still negotiating the results of prior years’ audits with the respective cognizant contracting officers and believes its reserves for such are adequate. Adjustments that may result from these audits and the audits not yet started are not expected to have a material effect on the Company’s financial position, results of operations, or cash flows and the Company has accrued its best estimate of potential disallowances. Additionally, the DCAA continually reviews the cost accounting and other practices of government contractors, including the Company. In the course of those reviews, cost accounting and other issues may be identified, discussed and settled.
v3.22.4
Earnings Per Share
 6 Months Ended
Dec. 31, 2022
Earnings Per Share [Abstract]  
Earnings Per Share

Note 9 – Earnings Per Share

Earnings per share and the weighted-average number of diluted shares are computed as follows (in thousands, except per share data):

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

December 31,

 

 

December 31,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Net income

 

$

87,101

 

 

$

90,299

 

 

$

176,226

 

 

$

178,408

 

Weighted-average number of basic shares outstanding

   during the period

 

 

23,506

 

 

 

23,399

 

 

 

23,463

 

 

 

23,480

 

Dilutive effect of RSUs after application of treasury

   stock method

 

 

170

 

 

 

199

 

 

 

214

 

 

 

242

 

Weighted-average number of diluted shares outstanding

   during the period

 

 

23,676

 

 

 

23,598

 

 

 

23,677

 

 

 

23,722

 

Basic earnings per share

 

$

3.71

 

 

$

3.86

 

 

$

7.51

 

 

$

7.60

 

Diluted earnings per share

 

$

3.68

 

 

$

3.83

 

 

$

7.44

 

 

$

7.52

 

 

 
v3.22.4
Income Taxes
 6 Months Ended
Dec. 31, 2022
Income Tax Disclosure [Abstract]  
Income Taxes

Note 10 – Income Taxes

The Company is subject to income taxes in the U.S. and various state and foreign jurisdictions. Tax statutes and regulations within each jurisdiction are subject to interpretation and require the application of significant judgment.  The Company is currently under examination by the Internal Revenue Service for fiscal years 2017 through 2021.  The Company does not expect resolution of the examination to have a material impact on its results of operations, financial condition, or cash flows. 

During fiscal year 2023, a provision of the Tax Cuts and Jobs Act of 2017 (TCJA) went into effect which eliminated the option to deduct domestic research and development costs in the year incurred and instead requires taxpayers to amortize such costs over five years. Although it is possible that Congress amends this provision of the TCJA, potentially with retroactive effect, we have no assurance that Congress will take any action with respect to this provision.  For the three and six months ended December 31, 2022, the Company recognized a liability for unrecognized tax benefits and a corresponding deferred tax asset of $20.0 million and $39.8 million, respectively, related to the capitalization and amortization of research costs related to provisions of the TCJA becoming effective.

The Company’s effective income tax rate was 21.5% and 22.5% for the three and six months ended December 31, 2022, respectively, and 20.2% and 22.3% for the three and six months ended December 31, 2021, respectively. The effective tax rates for the three and six months ended December 31, 2022 and 2021 both benefited from the favorable impact of research and development credits and the amount of excess tax benefits related to stock-based compensation, and are partially offset by the unfavorable impacts of certain executive compensation.
v3.22.4
Business Segments
 6 Months Ended
Dec. 31, 2022
Segment Reporting [Abstract]  
Business Segments

Note 11 – Business Segments

The Company reports operating results and financial data in two segments: domestic operations and international operations. Domestic operations provide Expertise and Technology primarily to U.S. federal government agencies. International operations provide Expertise and Technology primarily to international government and commercial customers.

The Company evaluates the performance of its operating segments based on net income. Summarized financial information for the Company’s reportable segments is as follows (in thousands):

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

December 31,

 

 

December 31,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   Domestic

 

$

1,605,175

 

 

$

1,438,250

 

 

$

3,164,070

 

 

$

2,881,972

 

   International

 

 

44,241

 

 

 

47,528

 

 

 

91,105

 

 

 

94,704

 

Total revenues

 

$

1,649,416

 

 

$

1,485,778

 

 

$

3,255,175

 

 

$

2,976,676

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   Domestic

 

$

80,362

 

 

$

83,407

 

 

$

160,915

 

 

$

165,104

 

   International

 

 

6,739

 

 

 

6,892

 

 

 

15,311

 

 

 

13,304

 

Total net income

 

$

87,101

 

 

$

90,299

 

 

$

176,226

 

 

$

178,408

 

 
v3.22.4
Fair Value Measurements
 6 Months Ended
Dec. 31, 2022
Fair Value Disclosures [Abstract]  
Fair Value Measurements

Note 12 – Fair Value Measurements

ASC 820, Fair Value Measurements and Disclosures, establishes a framework for measuring fair value and categorizes the inputs used in measuring fair value as follows: observable inputs such as quoted prices in active markets (Level 1); inputs other than quoted prices in active markets that are observable, either directly or indirectly, or quoted prices that are not active (Level 2); and unobservable inputs in which there is little or no market data which requires development of assumptions that market participants would use in pricing the asset or liability (Level 3).

The financial instruments measured at fair value on a recurring basis consist of the following (in thousands):

 

 

 

 

 

 

 

December 31,

 

 

June 30,

 

 

 

Financial Statement

 

Fair Value

 

2022

 

 

2022

 

Description of Financial Instrument

 

Classification

 

Hierarchy

 

Fair Value

 

Interest rate swap agreements

 

Prepaid expenses and other

   current assets

 

Level 2

 

$

1,305

 

 

$

337

 

Interest rate swap agreements

 

Other long-term assets

 

Level 2

 

$

37,126

 

 

$

19,184

 

 

 

The Company uses interest rate swap agreements to manage its interest rate risk. The valuation of these instruments is determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves.
v3.22.4
Subsequent Events
 6 Months Ended
Dec. 31, 2022
Subsequent Events [Abstract]  
Subsequent Events

Note 13 – Subsequent Events

On January 24, 2023,  CACI’s Board of Directors authorized the repurchase of up to $750.0 million of CACI’s outstanding common stock.

 
v3.22.4
Goodwill and Intangible Assets (Tables)
 6 Months Ended
Dec. 31, 2022
Goodwill And Intangible Assets Disclosure [Abstract]  
Roll Forward of Goodwill

The changes in the carrying amount of goodwill for the six months ended December 31, 2022 are as follows (in thousands):

 

 

 

Domestic

 

 

International

 

 

Total

 

Balance at June 30, 2022

 

$

3,934,625

 

 

$

123,666

 

 

$

4,058,291

 

Goodwill acquired (1)

 

 

6,072

 

 

 

—

 

 

 

6,072

 

Foreign currency translation

 

 

(188

)

 

 

(341

)

 

 

(529

)

Balance at December 31, 2022

 

$

3,940,509

 

 

$

123,325

 

 

$

4,063,834

 

 

(1)

Includes goodwill initially allocated to new business combinations as well as measurement period adjustments, when applicable. Purchase price allocations for all of the fiscal year 2022 acquisitions were complete as of December 31, 2022.
Schedule of Intangible Assets

Intangible assets consisted of the following (in thousands):

 

 

 

December 31, 2022

 

 

June 30, 2022

 

 

 

Gross carrying

 

 

Accumulated

 

 

Net carrying

 

 

Gross carrying

 

 

Accumulated

 

 

Net carrying

 

 

 

value

 

 

amortization

 

 

value

 

 

value

 

 

amortization

 

 

value

 

Customer contracts and related

   customer relationships

 

$

656,249

 

 

$

(296,255

)

 

$

359,994

 

 

$

656,353

 

 

$

(275,538

)

 

$

380,815

 

Acquired technologies

 

 

280,188

 

 

 

(97,124

)

 

 

183,064

 

 

 

280,196

 

 

 

(79,626

)

 

 

200,570

 

Total intangible assets

 

$

936,437

 

 

$

(393,379

)

 

$

543,058

 

 

$

936,549

 

 

$

(355,164

)

 

$

581,385

 

 
v3.22.4
Revenues and Contract Balances (Tables)
 6 Months Ended
Dec. 31, 2022
Revenue From Contract With Customer [Abstract]  
Schedule of Disaggregated Revenues

Disaggregated revenues by contract type were as follows (in thousands):

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

December 31, 2022

 

 

December 31, 2022

 

 

 

Domestic

 

 

International

 

 

Total

 

 

Domestic

 

 

International

 

 

Total

 

Cost-plus-fee

 

$

953,344

 

 

$

—

 

 

$

953,344

 

 

$

1,888,090

 

 

$

—

 

 

$

1,888,090

 

Fixed-price

 

 

478,201

 

 

 

31,155

 

 

 

509,356

 

 

 

926,763

 

 

 

64,366

 

 

 

991,129

 

Time-and-materials

 

 

173,630

 

 

 

13,086

 

 

 

186,716

 

 

 

349,217

 

 

 

26,739

 

 

 

375,956

 

Total

 

$

1,605,175

 

 

$

44,241

 

 

$

1,649,416

 

 

$

3,164,070

 

 

$

91,105

 

 

$

3,255,175

 

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

December 31, 2021

 

 

December 31, 2021

 

 

 

Domestic

 

 

International

 

 

Total

 

 

Domestic

 

 

International

 

 

Total

 

Cost-plus-fee

 

$

889,358

 

 

$

—

 

 

$

889,358

 

 

$

1,783,071

 

 

$

—

 

 

$

1,783,071

 

Fixed-price

 

 

400,011

 

 

 

33,279

 

 

 

433,290

 

 

 

774,485

 

 

 

66,510

 

 

 

840,995

 

Time-and-materials

 

 

148,881

 

 

 

14,249

 

 

 

163,130

 

 

 

324,416

 

 

 

28,194

 

 

 

352,610

 

Total

 

$

1,438,250

 

 

$

47,528

 

 

$

1,485,778

 

 

$

2,881,972

 

 

$

94,704

 

 

$

2,976,676

 

Disaggregated revenues by customer type were as follows (in thousands):

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

December 31, 2022

 

 

December 31, 2022

 

 

 

Domestic

 

 

International

 

 

Total

 

 

Domestic

 

 

International

 

 

Total

 

Department of Defense

 

$

1,160,060

 

 

$

—

 

 

$

1,160,060

 

 

$

2,255,380

 

 

$

—

 

 

$

2,255,380

 

Federal Civilian agencies

 

 

399,768

 

 

 

—

 

 

 

399,768

 

 

 

823,855

 

 

 

—

 

 

 

823,855

 

Commercial and other

 

 

45,347

 

 

 

44,241

 

 

 

89,588

 

 

 

84,835

 

 

 

91,105

 

 

 

175,940

 

Total

 

$

1,605,175

 

 

$

44,241

 

 

$

1,649,416

 

 

$

3,164,070

 

 

$

91,105

 

 

$

3,255,175

 

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

December 31, 2021

 

 

December 31, 2021

 

 

 

Domestic

 

 

International

 

 

Total

 

 

Domestic

 

 

International

 

 

Total

 

Department of Defense

 

$

1,037,014

 

 

$

—

 

 

$

1,037,014

 

 

$

2,037,141

 

 

$

—

 

 

$

2,037,141

 

Federal Civilian agencies

 

 

371,897

 

 

 

—

 

 

 

371,897

 

 

 

785,561

 

 

 

—

 

 

 

785,561

 

Commercial and other

 

 

29,339

 

 

 

47,528

 

 

 

76,867

 

 

 

59,270

 

 

 

94,704

 

 

 

153,974

 

Total

 

$

1,438,250

 

 

$

47,528

 

 

$

1,485,778

 

 

$

2,881,972

 

 

$

94,704

 

 

$

2,976,676

 

 

Disaggregated revenues by prime vs. subcontractor were as follows (in thousands):

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

December 31, 2022

 

 

December 31, 2022

 

 

 

Domestic

 

 

International

 

 

Total

 

 

Domestic

 

 

International

 

 

Total

 

Prime contractor

 

$

1,420,367

 

 

$

40,472

 

 

$

1,460,839

 

 

$

2,827,821

 

 

$

83,328

 

 

$

2,911,149

 

Subcontractor

 

 

184,808

 

 

 

3,769

 

 

 

188,577

 

 

 

336,249

 

 

 

7,777

 

 

 

344,026

 

Total

 

$

1,605,175

 

 

$

44,241

 

 

$

1,649,416

 

 

$

3,164,070

 

 

$

91,105

 

 

$

3,255,175

 

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

December 31, 2021

 

 

December 31, 2021

 

 

 

Domestic

 

 

International

 

 

Total

 

 

Domestic

 

 

International

 

 

Total

 

Prime contractor

 

$

1,292,529

 

 

$

43,317

 

 

$

1,335,846

 

 

$

2,591,182

 

 

$

86,223

 

 

$

2,677,405

 

Subcontractor

 

 

145,721

 

 

 

4,211

 

 

 

149,932

 

 

 

290,790

 

 

 

8,481

 

 

 

299,271

 

Total

 

$

1,438,250

 

 

$

47,528

 

 

$

1,485,778

 

 

$

2,881,972

 

 

$

94,704

 

 

$

2,976,676

 

Disaggregated revenues by expertise or technology were as follows (in thousands):

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

December 31, 2022

 

 

December 31, 2022

 

 

 

Domestic

 

 

International

 

 

Total

 

 

Domestic

 

 

International

 

 

Total

 

Expertise

 

$

725,503

 

 

$

16,117

 

 

$

741,620

 

 

$

1,443,153

 

 

$

32,670

 

 

$

1,475,823

 

Technology

 

 

879,672

 

 

 

28,124

 

 

 

907,796

 

 

 

1,720,917

 

 

 

58,435

 

 

 

1,779,352

 

Total

 

$

1,605,175

 

 

$

44,241

 

 

$

1,649,416

 

 

$

3,164,070

 

 

$

91,105

 

 

$

3,255,175

 

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

December 31, 2021

 

 

December 31, 2021

 

 

 

Domestic

 

 

International

 

 

Total

 

 

Domestic

 

 

International

 

 

Total

 

Expertise

 

$

668,209

 

 

$

18,100

 

 

$

686,309

 

 

$

1,351,833

 

 

$

37,522

 

 

$

1,389,355

 

Technology

 

 

770,041

 

 

 

29,428

 

 

 

799,469

 

 

 

1,530,139

 

 

 

57,182

 

 

 

1,587,321

 

Total

 

$

1,438,250

 

 

$

47,528

 

 

$

1,485,778

 

 

$

2,881,972

 

 

$

94,704

 

 

$

2,976,676

 

 
Contract Assets and Liabilities

Contract balances consisted of the following (in thousands):

 

 

 

 

 

December 31,

 

 

June 30,

 

Description of Contract Related Balance

 

Financial Statement Classification

 

2022

 

 

2022

 

Billed and billable receivables

 

Accounts receivable, net

 

$

753,254

 

 

$

800,597

 

Contract assets – current unbilled receivables

 

Accounts receivable, net

 

 

115,375

 

 

 

125,547

 

Contract assets – current costs to obtain

 

Prepaid expenses and other current assets

 

 

5,186

 

 

 

5,167

 

Contract assets – noncurrent unbilled receivables

 

Accounts receivable, long-term

 

 

11,843

 

 

 

10,199

 

Contract assets – noncurrent costs to obtain

 

Other long-term assets

 

 

9,197

 

 

 

10,703

 

Contract liabilities – current deferred

   revenue and other contract liabilities

 

Other accrued expenses and current liabilities

 

 

(110,227

)

 

 

(84,810

)

Contract liabilities – noncurrent deferred

   revenue and other contract liabilities

 

Other long-term liabilities

 

 

(6,308

)

 

 

(7,552

)

 
v3.22.4
Inventories (Tables)
 6 Months Ended
Dec. 31, 2022
Inventory Disclosure [Abstract]  
Components of Inventories

Inventories consisted of the following (in thousands):

 

 

 

December 31,

 

 

June 30,

 

 

 

2022

 

 

2022

 

Materials, purchased parts and supplies

 

$

64,788

 

 

$

57,407

 

Work in process

 

 

20,423

 

 

 

13,207

 

Finished goods

 

 

28,558

 

 

 

28,748

 

Total

 

$

113,769

 

 

$

99,362

 

Inventories are stated at the lower of cost (average cost or first-in, first-out) or net realizable value and are included in prepaid expenses and other current assets on the accompanying consolidated balance sheets.  Prior year amounts for work in process and finished goods have been revised.
v3.22.4
Sales of Receivables (Tables)
 6 Months Ended
Dec. 31, 2022
Transfers And Servicing Of Financial Assets [Abstract]  
Summary of MARPA Activity

MARPA activity consisted of the following (in thousands):

 

 

 

As of and for the Six Months Ended

 

 

 

December 31,

 

 

 

2022

 

 

2021

 

Beginning balance:

 

$

157,785

 

 

$

182,027

 

Sales of receivables

 

 

1,460,825

 

 

 

1,361,521

 

Cash collections

 

 

(1,418,648

)

 

 

(1,356,070

)

Outstanding balance sold to Purchaser: (1)

 

 

199,962

 

 

 

187,478

 

Cash collected, not remitted to Purchaser (2)

 

 

(59,827

)

 

 

(49,166

)

Remaining sold receivables

 

$

140,135

 

 

$

138,312

 

 

(1)

For the six months ended December 31, 2022 and 2021, the Company recorded net cash inflows of $42.2 million and $5.5 million in its cash flows from operating activities, respectively, from sold receivables.  MARPA cash flows are calculated as the change in the outstanding balance during the fiscal year.

(2)

Includes the cash collected on behalf of but not yet remitted to Purchaser as of December 31, 2022 and 2021.  This balance is included in other accrued expenses and current liabilities as of the balance sheet date.
v3.22.4
Debt (Tables)
 6 Months Ended
Dec. 31, 2022
Long Term Debt [Abstract]  
Schedule of Long-term Debt

Long-term debt consisted of the following (in thousands):

 

 

 

December 31,

 

 

June 30,

 

 

 

2022

 

 

2022

 

Bank credit facility – term loans

 

$

1,194,375

 

 

$

1,209,688

 

Bank credit facility – revolver loans

 

 

380,000

 

 

 

533,000

 

Principal amount of long-term debt

 

 

1,574,375

 

 

 

1,742,688

 

Less unamortized discounts and debt issuance costs

 

 

(8,789

)

 

 

(9,915

)

Total long-term debt

 

 

1,565,586

 

 

 

1,732,773

 

Less current portion

 

 

(30,625

)

 

 

(30,625

)

Long-term debt, net of current portion

 

$

1,534,961

 

 

$

1,702,148

 

 
Cash Flow Hedges

The effect of derivative instruments in the consolidated statements of operations and accumulated other comprehensive loss for the three and six months ended December 31, 2022 and 2021 is as follows (in thousands):

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

December 31,

 

 

December 31,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Gain recognized in other comprehensive income

 

$

904

 

 

$

2,194

 

 

$

16,490

 

 

$

1,186

 

Amounts reclassified to earnings from accumulated other

   comprehensive loss

 

 

(2,420

)

 

 

3,230

 

 

 

(2,477

)

 

 

6,452

 

Net current period other comprehensive (loss) income

 

$

(1,516

)

 

$

5,424

 

 

$

14,013

 

 

$

7,638

 

 
v3.22.4
Earnings Per Share (Tables)
 6 Months Ended
Dec. 31, 2022
Earnings Per Share [Abstract]  
Calculation of basic and diluted earnings per share

Earnings per share and the weighted-average number of diluted shares are computed as follows (in thousands, except per share data):

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

December 31,

 

 

December 31,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Net income

 

$

87,101

 

 

$

90,299

 

 

$

176,226

 

 

$

178,408

 

Weighted-average number of basic shares outstanding

   during the period

 

 

23,506

 

 

 

23,399

 

 

 

23,463

 

 

 

23,480

 

Dilutive effect of RSUs after application of treasury

   stock method

 

 

170

 

 

 

199

 

 

 

214

 

 

 

242

 

Weighted-average number of diluted shares outstanding

   during the period

 

 

23,676

 

 

 

23,598

 

 

 

23,677

 

 

 

23,722

 

Basic earnings per share

 

$

3.71

 

 

$

3.86

 

 

$

7.51

 

 

$

7.60

 

Diluted earnings per share

 

$

3.68

 

 

$

3.83

 

 

$

7.44

 

 

$

7.52

 

 

 
v3.22.4
Business Segments (Tables)
 6 Months Ended
Dec. 31, 2022
Segment Reporting [Abstract]  
Summarized Financial Information of Reportable Segments Summarized financial information for the Company’s reportable segments is as follows (in thousands):

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

December 31,

 

 

December 31,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   Domestic

 

$

1,605,175

 

 

$

1,438,250

 

 

$

3,164,070

 

 

$

2,881,972

 

   International

 

 

44,241

 

 

 

47,528

 

 

 

91,105

 

 

 

94,704

 

Total revenues

 

$

1,649,416

 

 

$

1,485,778

 

 

$

3,255,175

 

 

$

2,976,676

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   Domestic

 

$

80,362

 

 

$

83,407

 

 

$

160,915

 

 

$

165,104

 

   International

 

 

6,739

 

 

 

6,892

 

 

 

15,311

 

 

 

13,304

 

Total net income

 

$

87,101

 

 

$

90,299

 

 

$

176,226

 

 

$

178,408

 

 
v3.22.4
Fair Value Measurements (Tables)
 6 Months Ended
Dec. 31, 2022
Fair Value Disclosures [Abstract]  
Recurring Fair Value Measurements

The financial instruments measured at fair value on a recurring basis consist of the following (in thousands):

 

 

 

 

 

 

 

December 31,

 

 

June 30,

 

 

 

Financial Statement

 

Fair Value

 

2022

 

 

2022

 

Description of Financial Instrument

 

Classification

 

Hierarchy

 

Fair Value

 

Interest rate swap agreements

 

Prepaid expenses and other

   current assets

 

Level 2

 

$

1,305

 

 

$

337

 

Interest rate swap agreements

 

Other long-term assets

 

Level 2

 

$

37,126

 

 

$

19,184

 

 

 
v3.22.4
Goodwill and Intangible Assets - Roll Forward of Goodwill (Details)
$ in Thousands
 6 Months Ended
Dec. 31, 2022
USD ($)
Goodwill [Roll Forward]  
Balance $ 4,058,291
Goodwill acquired 6,072 [1]
Foreign currency translation (529)
Balance 4,063,834
Domestic  
Goodwill [Roll Forward]  
Balance 3,934,625
Goodwill acquired 6,072 [1]
Foreign currency translation (188)
Balance 3,940,509
International  
Goodwill [Roll Forward]  
Balance 123,666
Foreign currency translation (341)
Balance $ 123,325
[1] Includes goodwill initially allocated to new business combinations as well as measurement period adjustments, when applicable. Purchase price allocations for all of the fiscal year 2022 acquisitions were complete as of December 31, 2022.
v3.22.4
Goodwill and Intangible Assets (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2022
Dec. 31, 2021
Finite Lived Intangible Assets Net [Abstract]        
Amortization expense $ 19.1 $ 18.1 $ 38.2 $ 35.6
v3.22.4
Goodwill and Intangible Assets - Schedule of Intangible Assets Net (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Jun. 30, 2022
Finite Lived Intangible Assets [Line Items]    
Gross carrying value $ 936,437 $ 936,549
Accumulated amortization (393,379) (355,164)
Net carrying value 543,058 581,385
Customer contracts and related customer relationships    
Finite Lived Intangible Assets [Line Items]    
Gross carrying value 656,249 656,353
Accumulated amortization (296,255) (275,538)
Net carrying value 359,994 380,815
Acquired technologies    
Finite Lived Intangible Assets [Line Items]    
Gross carrying value 280,188 280,196
Accumulated amortization (97,124) (79,626)
Net carrying value $ 183,064 $ 200,570
v3.22.4
Revenues and Contract Balances - Disaggregation of Revenue (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2022
Dec. 31, 2021
Disaggregation Of Revenue [Line Items]        
Revenues $ 1,649,416 $ 1,485,778 $ 3,255,175 $ 2,976,676
Expertise        
Disaggregation Of Revenue [Line Items]        
Revenues 741,620 686,309 1,475,823 1,389,355
Technology        
Disaggregation Of Revenue [Line Items]        
Revenues 907,796 799,469 1,779,352 1,587,321
Prime contractor        
Disaggregation Of Revenue [Line Items]        
Revenues 1,460,839 1,335,846 2,911,149 2,677,405
Subcontractor        
Disaggregation Of Revenue [Line Items]        
Revenues 188,577 149,932 344,026 299,271
Department of Defense        
Disaggregation Of Revenue [Line Items]        
Revenues 1,160,060 1,037,014 2,255,380 2,037,141
Federal civilian agencies        
Disaggregation Of Revenue [Line Items]        
Revenues 399,768 371,897 823,855 785,561
Commercial and other        
Disaggregation Of Revenue [Line Items]        
Revenues 89,588 76,867 175,940 153,974
Cost-plus-fee        
Disaggregation Of Revenue [Line Items]        
Revenues 953,344 889,358 1,888,090 1,783,071
Fixed-price        
Disaggregation Of Revenue [Line Items]        
Revenues 509,356 433,290 991,129 840,995
Time and materials        
Disaggregation Of Revenue [Line Items]        
Revenues 186,716 163,130 375,956 352,610
Domestic        
Disaggregation Of Revenue [Line Items]        
Revenues 1,605,175 1,438,250 3,164,070 2,881,972
Domestic | Expertise        
Disaggregation Of Revenue [Line Items]        
Revenues 725,503 668,209 1,443,153 1,351,833
Domestic | Technology        
Disaggregation Of Revenue [Line Items]        
Revenues 879,672 770,041 1,720,917 1,530,139
Domestic | Prime contractor        
Disaggregation Of Revenue [Line Items]        
Revenues 1,420,367 1,292,529 2,827,821 2,591,182
Domestic | Subcontractor        
Disaggregation Of Revenue [Line Items]        
Revenues 184,808 145,721 336,249 290,790
Domestic | Department of Defense        
Disaggregation Of Revenue [Line Items]        
Revenues 1,160,060 1,037,014 2,255,380 2,037,141
Domestic | Federal civilian agencies        
Disaggregation Of Revenue [Line Items]        
Revenues 399,768 371,897 823,855 785,561
Domestic | Commercial and other        
Disaggregation Of Revenue [Line Items]        
Revenues 45,347 29,339 84,835 59,270
Domestic | Cost-plus-fee        
Disaggregation Of Revenue [Line Items]        
Revenues 953,344 889,358 1,888,090 1,783,071
Domestic | Fixed-price        
Disaggregation Of Revenue [Line Items]        
Revenues 478,201 400,011 926,763 774,485
Domestic | Time and materials        
Disaggregation Of Revenue [Line Items]        
Revenues 173,630 148,881 349,217 324,416
International        
Disaggregation Of Revenue [Line Items]        
Revenues 44,241 47,528 91,105 94,704
International | Expertise        
Disaggregation Of Revenue [Line Items]        
Revenues 16,117 18,100 32,670 37,522
International | Technology        
Disaggregation Of Revenue [Line Items]        
Revenues 28,124 29,428 58,435 57,182
International | Prime contractor        
Disaggregation Of Revenue [Line Items]        
Revenues 40,472 43,317 83,328 86,223
International | Subcontractor        
Disaggregation Of Revenue [Line Items]        
Revenues 3,769 4,211 7,777 8,481
International | Commercial and other        
Disaggregation Of Revenue [Line Items]        
Revenues 44,241 47,528 91,105 94,704
International | Fixed-price        
Disaggregation Of Revenue [Line Items]        
Revenues 31,155 33,279 64,366 66,510
International | Time and materials        
Disaggregation Of Revenue [Line Items]        
Revenues $ 13,086 $ 14,249 $ 26,739 $ 28,194
v3.22.4
Revenues and Contract Balances (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 6 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2022
Dec. 31, 2021
Change In Accounting Estimate [Line Items]        
Income before income taxes $ 110,925 $ 113,098 $ 227,535 $ 229,729
Diluted earnings per share $ 3.68 $ 3.83 $ 7.44 $ 7.52
Change in Contract with Customer, Liability [Abstract]        
Liability, revenue recognized $ 7,600 $ 13,600 $ 58,100 $ 68,300
EAC Adjustments        
Change In Accounting Estimate [Line Items]        
Income before income taxes $ 5,800 $ 5,500 $ 11,500 $ 8,200
Diluted earnings per share $ 0.18 $ 0.17 $ 0.36 $ 0.26
v3.22.4
Revenues and Contract Balances - Remaining Performance Obligations (Details)
$ in Billions
Dec. 31, 2022
USD ($)
Revenue From Contract With Customer [Abstract]  
Remaining performance obligations $ 8.6
v3.22.4
Revenues and Contract Balances - Remaining Performance Obligations (Details 1)
Dec. 31, 2022
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-01-01  
Remaining Performance Obligations [Line Items]  
Remaining performance obligations, expected satisfaction, percentage 47.00%
Remaining performance obligations, expected timing of satisfaction 12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-01-01  
Remaining Performance Obligations [Line Items]  
Remaining performance obligations, expected satisfaction, percentage 67.00%
Remaining performance obligations, expected timing of satisfaction 24 months
v3.22.4
Revenues and Contract Balances - Contract Assets and Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Jun. 30, 2022
Contract with Customer, Asset and Liability [Abstract]    
Billed and billable receivables $ 753,254 $ 800,597
Contract assets – current unbilled receivables 115,375 125,547
Contract assets – current costs to obtain 5,186 5,167
Accounts receivable, long-term 11,843 10,199
Contract assets – noncurrent costs to obtain 9,197 10,703
Contract liabilities – current deferred revenue and other contract liabilities (110,227) (84,810)
Contract liabilities – noncurrent deferred revenue and other contract liabilities $ (6,308) $ (7,552)
v3.22.4
Inventories - Components of Inventories (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Jun. 30, 2022
Inventory Disclosure [Abstract]    
Materials, purchased parts and supplies $ 64,788 $ 57,407
Work in process 20,423 13,207
Finished goods 28,558 28,748
Total $ 113,769 $ 99,362
v3.22.4
Sales of Receivables (Details)
$ in Millions
Dec. 22, 2022
USD ($)
MARPA  
MARPA maturity date Dec. 21, 2023
MARPA maximum commitment $ 200.0
v3.22.4
Sales of Receivables - Summary of MARPA Activity (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Jun. 30, 2022
Dec. 31, 2021
Jun. 30, 2021
Transfers And Servicing Of Financial Assets [Abstract]        
Outstanding balance sold to Purchaser $ 199,962 [1] $ 157,785 $ 187,478 [1] $ 182,027
Sales of receivables 1,460,825   1,361,521  
Cash collections (1,418,648)   (1,356,070)  
Cash collected, not remitted to Purchaser [2] (59,827)   (49,166)  
Remaining sold receivables $ 140,135   $ 138,312  
[1] For the six months ended December 31, 2022 and 2021, the Company recorded net cash inflows of $42.2 million and $5.5 million in its cash flows from operating activities, respectively, from sold receivables.  MARPA cash flows are calculated as the change in the outstanding balance during the fiscal year.
[2] Includes the cash collected on behalf of but not yet remitted to Purchaser as of December 31, 2022 and 2021.  This balance is included in other accrued expenses and current liabilities as of the balance sheet date.
v3.22.4
Sales of Receivables - Summary of MARPA Activity (Parentheticals) (Details) - USD ($)
$ in Millions
 6 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Transfers And Servicing Of Financial Assets [Abstract]    
Cash provided (used) by MARPA $ 42.2 $ 5.5
v3.22.4
Debt - Schedule of Long-term Debt (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Jun. 30, 2022
Debt Instrument [Line Items]    
Principal amount of long-term debt $ 1,574,375 $ 1,742,688
Less unamortized discounts and debt issuance costs (8,789) (9,915)
Total long-term debt 1,565,586 1,732,773
Less current portion (30,625) (30,625)
Long-term debt, net of current portion 1,534,961 1,702,148
Total long-term debt 1,565,586 1,732,773
Bank credit facility - term loans    
Debt Instrument [Line Items]    
Principal amount of long-term debt 1,194,375 1,209,688
Bank credit facility - revolver loans    
Debt Instrument [Line Items]    
Principal amount of long-term debt $ 380,000 $ 533,000
v3.22.4
Debt (Details) - USD ($)
 6 Months Ended
Dec. 31, 2022
Jun. 30, 2022
Debt Instrument [Line Items]    
Outstanding amount under Credit Facility $ 1,574,375,000 $ 1,742,688,000
Interest Rate Swap | Cash Flow Hedging    
Debt Instrument [Line Items]    
Aggregate notional amount 800,000,000.0  
Bank Credit Facility    
Debt Instrument [Line Items]    
Credit facility maximum borrowing capacity $ 3,200,000,000.0  
Outstanding borrowings interest rate 4.50%  
Revolving Credit Facility    
Debt Instrument [Line Items]    
Credit facility maximum borrowing capacity $ 1,975,000,000.0  
Outstanding amount under Credit Facility 380,000,000 533,000,000
Term loans    
Debt Instrument [Line Items]    
Credit facility maximum borrowing capacity 1,225,000,000.0  
Outstanding amount under Credit Facility $ 1,194,375,000 $ 1,209,688,000
Term loan period 5 years  
Loan maturity date Dec. 13, 2026  
Term loan frequency of payment quarterly  
Term loan principal payment $ 7,700,000  
Term loans | Principal Payment After December 31, 2023    
Debt Instrument [Line Items]    
Term loan principal payment 15,300,000  
Same-Day Swing Line Loan Revolving Credit Sub-Facility    
Debt Instrument [Line Items]    
Credit facility maximum borrowing capacity 100,000,000.0  
Outstanding amount under Credit Facility 0  
Stand-By Letters Of Credit Revolving Credit Sub-Facility    
Debt Instrument [Line Items]    
Credit facility maximum borrowing capacity $ 25,000,000.0  
v3.22.4
Debt - Cash Flow Hedges (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2022
Dec. 31, 2021
Long Term Debt [Abstract]        
Gain recognized in other comprehensive income $ 904 $ 2,194 $ 16,490 $ 1,186
Amounts reclassified to earnings from accumulated other comprehensive loss (2,420) 3,230 (2,477) 6,452
Net current period other comprehensive (loss) income $ (1,516) $ 5,424 $ 14,013 $ 7,638
v3.22.4
Earnings Per Share - Calculation of Basic and Diluted Earnings per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2022
Dec. 31, 2021
Earnings Per Share [Abstract]        
Net income $ 87,101 $ 90,299 $ 176,226 $ 178,408
Weighted-average basic shares outstanding 23,506 23,399 23,463 23,480
Dilutive effect of RSUs after application of treasury stock method 170 199 214 242
Weighted-average number of diluted shares outstanding during the period 23,676 23,598 23,677 23,722
Basic earnings per share $ 3.71 $ 3.86 $ 7.51 $ 7.60
Diluted earnings per share $ 3.68 $ 3.83 $ 7.44 $ 7.52
v3.22.4
Income Taxes (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2022
Dec. 31, 2021
Income Tax Disclosure [Abstract]        
Deferred tax assets, increase $ 20.0   $ 39.8  
Effective income tax rate 21.50% 20.20% 22.50% 22.30%
v3.22.4
Business Segments (Details)
 6 Months Ended
Dec. 31, 2022
Segment
Segment Reporting [Abstract]  
Number of reportable segments 2
v3.22.4
Business Segments - Summarized Financial Information of Reportable Segments (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2022
Dec. 31, 2021
Segment Reporting Information [Line Items]        
Revenues $ 1,649,416 $ 1,485,778 $ 3,255,175 $ 2,976,676
Net income 87,101 90,299 176,226 178,408
Domestic        
Segment Reporting Information [Line Items]        
Revenues 1,605,175 1,438,250 3,164,070 2,881,972
Net income 80,362 83,407 160,915 165,104
International        
Segment Reporting Information [Line Items]        
Revenues 44,241 47,528 91,105 94,704
Net income $ 6,739 $ 6,892 $ 15,311 $ 13,304
v3.22.4
Fair Value Measurements - Recurring Fair Value Measurements (Details) - Fair Value, Measurements, Recurring - Level 2 - Interest Rate Swap - USD ($)
$ in Thousands
Dec. 31, 2022
Jun. 30, 2022
Prepaid expenses and other current assets    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Interest rate swap agreements $ 1,305 $ 337
Other long-term assets    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Interest rate swap agreements $ 37,126 $ 19,184
v3.22.4
Subsequent Events (Detail Textual)
Jan. 24, 2023
USD ($)
Subsequent Event  
Subsequent Event [Line Items]  
Share repurchases, authorized amount $ 750,000,000.0