CACI INTERNATIONAL INC /DE/, 10-Q filed on 4/27/2023
Quarterly Report
v3.23.1
Cover - shares
 9 Months Ended
Mar. 31, 2023
Apr. 13, 2023
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2023  
Document Transition Report false  
Entity File Number 001-31400  
Entity Registrant Name CACI International Inc  
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  
Title of 12(b) Security Common Stock  
Trading Symbol CACI  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   22,793,060
Entity Central Index Key 0000016058  
Current Fiscal Year End Date --06-30  
Document Fiscal Year Focus 2023  
Document Fiscal Period Focus Q3  
Amendment Flag false  
v3.23.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Mar. 31, 2023
Mar. 31, 2022
Income Statement [Abstract]        
Revenues $ 1,744,270 $ 1,583,980 $ 4,999,445 $ 4,560,656
Costs of revenues:        
Direct costs 1,143,781 1,022,181 3,293,867 2,970,370
Indirect costs and selling expenses 410,235 402,227 1,180,619 1,114,310
Depreciation and amortization 35,220 34,216 106,255 99,484
Total costs of revenues 1,589,236 1,458,624 4,580,741 4,184,164
Income from operations 155,034 125,356 418,704 376,492
Interest expense and other, net 23,570 9,084 59,705 30,491
Income before income taxes 131,464 116,272 358,999 346,001
Income taxes 30,722 20,855 82,031 72,176
Net income $ 100,742 $ 95,417 $ 276,968 $ 273,825
Basic earnings per share (dollars per share) $ 4.37 $ 4.08 $ 11.87 $ 11.67
Diluted earnings per share (dollars per share) $ 4.33 $ 4.04 $ 11.76 $ 11.56
Weighted-average basic shares outstanding (in shares) 23,055 23,409 23,329 23,457
Weighted-average diluted shares outstanding (in shares) 23,277 23,616 23,546 23,687
v3.23.1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Mar. 31, 2023
Mar. 31, 2022
Statement of Comprehensive Income [Abstract]        
Net income $ 100,742 $ 95,417 $ 276,968 $ 273,825
Other comprehensive income (loss):        
Foreign currency translation adjustment 4,025 (5,087) 3,659 (11,274)
Change in fair value of interest rate swap agreements, net of tax (10,001) 17,361 4,012 24,999
Other comprehensive (loss) income, net of tax (5,976) 12,274 7,671 13,725
Comprehensive income $ 94,766 $ 107,691 $ 284,639 $ 287,550
v3.23.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2023
Jun. 30, 2022
Current assets:    
Cash and cash equivalents $ 106,789 $ 114,804
Accounts receivable, net 1,004,733 926,144
Prepaid expenses and other current assets 197,120 168,690
Total current assets 1,308,642 1,209,638
Goodwill 4,066,260 4,058,291
Intangible assets, net 524,445 581,385
Property, plant and equipment, net 197,549 205,622
Operating lease right-of-use assets 285,746 317,359
Supplemental retirement savings plan assets 96,434 96,114
Accounts receivable, long-term 12,653 10,199
Other long-term assets 159,827 150,823
Total assets 6,651,556 6,629,431
Current liabilities:    
Current portion of long-term debt 38,281 30,625
Accounts payable 323,346 303,443
Accrued compensation and benefits 344,039 405,722
Other accrued expenses and current liabilities 358,790 287,571
Total current liabilities 1,064,456 1,027,361
Long-term debt, net of current portion 1,765,210 1,702,148
Supplemental retirement savings plan obligations, net of current portion 103,023 102,127
Deferred income taxes 202,755 356,841
Operating lease liabilities, noncurrent 278,344 315,315
Other long-term liabilities 148,128 72,096
Total liabilities 3,561,916 3,575,888
COMMITMENTS AND CONTINGENCIES (NOTE 8)
Shareholders’ equity:    
Preferred stock $0.10 par value, 10,000 shares authorized, no shares issued or outstanding 0 0
Common stock $0.10 par value, 80,000 shares authorized; 42,919 shares issued and 22,793 outstanding at March 31, 2023 and 42,820 shares issued and 23,416 outstanding at June 30, 2022 4,292 4,282
Additional paid-in capital 537,773 571,650
Retained earnings 3,832,849 3,555,881
Accumulated other comprehensive loss (23,405) (31,076)
Treasury stock, at cost (20,126 and 19,404 shares, respectively) (1,262,004) (1,047,329)
Total CACI shareholders’ equity 3,089,505 3,053,408
Noncontrolling interest 135 135
Total shareholders’ equity 3,089,640 3,053,543
Total liabilities and shareholders’ equity $ 6,651,556 $ 6,629,431
v3.23.1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares
Mar. 31, 2023
Jun. 30, 2022
Statement of Financial Position [Abstract]    
Preferred stock, par value (in dollars per share) $ 0.10 $ 0.10
Preferred stock, shares authorized (in shares) 10,000,000 10,000,000
Preferred stock, shares issued (in shares) 0 0
Preferred stock, shares outstanding (in shares) 0 0
Common stock, par value (in dollars per share) $ 0.10 $ 0.10
Common stock, shares authorized (in shares) 80,000,000 80,000,000
Common stock, shares issued (in shares) 42,919,000 42,820,000
Common stock, shares outstanding (in shares) 22,793,000 23,416,000
Treasury stock, shares at cost (in shares) 20,126,000 19,404,000
v3.23.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Mar. 31, 2023
Mar. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 276,968 $ 273,825
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 106,255 99,484
Amortization of deferred financing costs 1,688 1,712
Loss on extinguishment of debt 0 891
Non-cash lease expense 52,293 51,449
Stock-based compensation expense 30,564 23,085
Deferred income taxes (84,794) 2,813
Changes in operating assets and liabilities, net of effect of business acquisitions:    
Accounts receivable, net (80,116) 66,953
Prepaid expenses and other assets (42,137) (27,227)
Accounts payable and other accrued expenses 62,116 23,056
Accrued compensation and benefits (62,522) (84,466)
Income taxes payable and receivable 28,825 201,112
Operating lease liabilities (58,667) (54,575)
Long-term liabilities 5,481 14,901
Net cash provided by operating activities 235,954 593,013
CASH FLOWS FROM INVESTING ACTIVITIES    
Capital expenditures (40,844) (38,742)
Acquisition of businesses, net of cash acquired 0 (615,769)
Other 1,626 923
Net cash used in investing activities (39,218) (653,588)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from borrowings under bank credit facilities 2,384,000 2,087,095
Principal payments made under bank credit facilities (2,314,969) (1,965,386)
Payment of financing costs under bank credit facilities 0 (6,286)
Proceeds from employee stock purchase plans 7,638 7,398
Repurchases of common stock (270,449) (7,301)
Payment of taxes for equity transactions (14,115) (14,685)
Net cash (used in) provided by financing activities (207,895) 100,835
Effect of exchange rate changes on cash and cash equivalents 3,144 (3,217)
Net change in cash and cash equivalents (8,015) 37,043
Cash and cash equivalents at beginning of period 114,804 88,031
Cash and cash equivalents at end of period 106,789 125,074
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION    
Cash paid during the period for income taxes, net of refunds 131,114 (146,985)
Cash paid during the period for interest 47,941 27,298
Non-cash financing and investing activities:    
Landlord sponsored tenant incentives 3,883 2,256
Accrued capital expenditures $ 4,803 $ 952
v3.23.1
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($)
$ in Thousands
Total
Total CACI Shareholders’ Equity
Common Stock
Additional Paid-in Capital
Retained Earnings
Accumulated Other Comprehensive Income (Loss)
Treasury Stock
Noncontrolling Interest
Beginning balance at Jun. 30, 2021 $ 2,665,278 $ 2,665,143 $ 4,268 $ 484,260 $ 3,189,087 $ (36,291) $ (976,181) $ 135
Beginning balance (in shares) at Jun. 30, 2021     42,676,000          
Beginning balance (in shares) at Jun. 30, 2021             19,122,000  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net income 273,825 273,825     273,825      
Stock-based compensation expense 23,085 23,085   23,085        
Tax withholdings on restricted share vestings (in shares)     141,000          
Tax withholdings on restricted share vestings (14,571) (14,571) $ 14 (14,585)        
Other comprehensive income (loss), net of tax 13,725 13,725       13,725    
Repurchases of common stock (7,301) (7,301)   70,631     $ (77,932)  
Repurchases of common stock (in shares)             310,000  
Treasury stock issued under stock purchase plans (in shares)             (28,000)  
Treasury stock issued under stock purchase plans 6,845 6,845   61     $ 6,784  
Ending balance at Mar. 31, 2022 2,960,886 2,960,751 $ 4,282 563,452 3,462,912 (22,566) $ (1,047,329) 135
Ending balance (in shares) at Mar. 31, 2022     42,817,000          
Ending balance (in shares) at Mar. 31, 2022             19,404,000  
Beginning balance at Dec. 31, 2021 2,845,710 2,845,575 $ 4,281 555,968 3,367,495 (34,840) $ (1,047,329) 135
Beginning balance (in shares) at Dec. 31, 2021     42,810,000          
Beginning balance (in shares) at Dec. 31, 2021             19,404,000  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net income 95,417 95,417     95,417      
Stock-based compensation expense 8,387 8,387   8,387        
Tax withholdings on restricted share vestings (in shares)     7,000          
Tax withholdings on restricted share vestings (772) (772) $ 1 (773)        
Other comprehensive income (loss), net of tax 12,274 12,274       12,274    
Repurchases of common stock (2,306) (2,306)   (130)     $ (2,176)  
Repurchases of common stock (in shares)             9,000  
Treasury stock issued under stock purchase plans (in shares)             (9,000)  
Treasury stock issued under stock purchase plans 2,176 2,176         $ 2,176  
Ending balance at Mar. 31, 2022 2,960,886 2,960,751 $ 4,282 563,452 3,462,912 (22,566) $ (1,047,329) 135
Ending balance (in shares) at Mar. 31, 2022     42,817,000          
Ending balance (in shares) at Mar. 31, 2022             19,404,000  
Beginning balance at Jun. 30, 2022 $ 3,053,543 3,053,408 $ 4,282 571,650 3,555,881 (31,076) $ (1,047,329) 135
Beginning balance (in shares) at Jun. 30, 2022 42,820,000   42,820,000          
Beginning balance (in shares) at Jun. 30, 2022 19,404,000           19,404,000  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net income $ 276,968 276,968     276,968      
Stock-based compensation expense 30,564 30,564   30,564        
Tax withholdings on restricted share vestings (in shares)     99,000          
Tax withholdings on restricted share vestings (14,081) (14,081) $ 10 (14,091)        
Other comprehensive income (loss), net of tax 7,671 7,671       7,671    
Repurchases of common stock (272,401) (272,401)   (50,414)     $ (221,987)  
Repurchases of common stock (in shares)             750,000  
Treasury stock issued under stock purchase plans (in shares)             (28,000)  
Treasury stock issued under stock purchase plans 7,376 7,376   64     $ 7,312  
Ending balance at Mar. 31, 2023 $ 3,089,640 3,089,505 $ 4,292 537,773 3,832,849 (23,405) $ (1,262,004) 135
Ending balance (in shares) at Mar. 31, 2023 42,919,000   42,919,000          
Ending balance (in shares) at Mar. 31, 2023 20,126,000           20,126,000  
Beginning balance at Dec. 31, 2022 $ 3,250,246 3,250,111 $ 4,291 578,470 3,732,107 (17,429) $ (1,047,328) 135
Beginning balance (in shares) at Dec. 31, 2022     42,911,000          
Beginning balance (in shares) at Dec. 31, 2022             19,404,000  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net income 100,742 100,742     100,742      
Stock-based compensation expense 10,368 10,368   10,368        
Tax withholdings on restricted share vestings (in shares)     8,000          
Tax withholdings on restricted share vestings (975) (975) $ 1 (976)        
Other comprehensive income (loss), net of tax (5,976) (5,976)       (5,976)    
Repurchases of common stock (267,115) (267,115)   (50,089)     $ (217,026)  
Repurchases of common stock (in shares)             731,000  
Treasury stock issued under stock purchase plans (in shares)             (9,000)  
Treasury stock issued under stock purchase plans 2,350 2,350         $ 2,350  
Ending balance at Mar. 31, 2023 $ 3,089,640 $ 3,089,505 $ 4,292 $ 537,773 $ 3,832,849 $ (23,405) $ (1,262,004) $ 135
Ending balance (in shares) at Mar. 31, 2023 42,919,000   42,919,000          
Ending balance (in shares) at Mar. 31, 2023 20,126,000           20,126,000  
v3.23.1
Basis of Presentation
 9 Months Ended
Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation 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 March 31, 2023 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 nine months ended March 31, 2023 are not necessarily indicative of the results to be expected for any subsequent interim period or for the full fiscal year.
v3.23.1
Recent Accounting Pronouncements
 9 Months Ended
Mar. 31, 2023
Accounting Standards Update and Change in Accounting Principle [Abstract]  
Recent Accounting Pronouncements Recent Accounting PronouncementsIn 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, that may be elected over time as reference rate reform activities occur, 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 was extended in December 2022 when 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 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. Effective April 3, 2023, CACI completed the transition of its debt and derivative instruments from LIBOR to the Secured Overnight Financing Rate (SOFR) and applied additional expedients under ASC 848 related to contract modifications and changing critical terms of our hedging relationships. Application of these expedients allowed the Company to preserve presentation of derivatives as qualifying cash flow hedges and to account for the debt modification as a continuation of the existing contract. The adoption of this guidance did not have a material impact on the consolidated financial statements.
v3.23.1
Goodwill and Intangible Assets
 9 Months Ended
Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets Goodwill and Intangible Assets
Goodwill
The changes in the carrying amount of goodwill for the nine months ended March 31, 2023 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(485)2,382 1,897 
Balance at March 31, 2023$3,940,212 $126,048 $4,066,260 
__________________________________________________
(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 completed as of the second quarter of fiscal year 2023.
There were no impairments of goodwill during the periods presented.
Intangible Assets
Intangible assets consisted of the following (in thousands):
March 31, 2023June 30, 2022
Gross carrying
value		Accumulated
amortization		Net carrying
value		Gross carrying
value		Accumulated
amortization		Net carrying
value
Customer contracts and related customer relationships$656,285 $(306,224)$350,061 $656,353 $(275,538)$380,815 
Acquired technologies277,132 (102,748)174,384 280,196 (79,626)200,570 
Total intangible assets$933,417 $(408,972)$524,445 $936,549 $(355,164)$581,385 
Amortization expense related to intangible assets was $18.6 million and $56.8 million for the three and nine months ended March 31, 2023, respectively, and $19.3 million and $54.9 million for the three and nine months ended March 31, 2022, respectively.
v3.23.1
Revenues and Contract Balances
 9 Months Ended
Mar. 31, 2023
Revenue from Contract with Customer [Abstract]  
Revenues and Contract Balances 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
March 31, 2023		Nine Months Ended
March 31, 2023
DomesticInternationalTotalDomesticInternationalTotal
Cost-plus-fee$1,008,688 $— $1,008,688 $2,896,778 $— $2,896,778 
Fixed-price494,095 35,691 529,786 1,420,858 100,057 1,520,915 
Time-and-materials191,696 14,100 205,796 540,913 40,839 581,752 
Total$1,694,479 $49,791 $1,744,270 $4,858,549 $140,896 $4,999,445 
Three Months Ended
March 31, 2022		Nine Months Ended
March 31, 2022
DomesticInternationalTotalDomesticInternationalTotal
Cost-plus-fee$889,624 $— $889,624 $2,672,695 $— $2,672,695 
Fixed-price468,116 35,058 503,174 1,242,601 101,568 1,344,169 
Time-and-materials175,140 16,042 191,182 499,556 44,236 543,792 
Total$1,532,880 $51,100 $1,583,980 $4,414,852 $145,804 $4,560,656 
Disaggregated revenues by customer type were as follows (in thousands):
Three Months Ended
March 31, 2023		Nine Months Ended
March 31, 2023
DomesticInternationalTotalDomesticInternationalTotal
Department of Defense$1,298,700 $— $1,298,700 $3,554,080 $— $3,554,080 
Federal Civilian agencies355,612 — 355,612 1,179,467 — 1,179,467 
Commercial and other40,167 49,791 89,958 125,002 140,896 265,898 
Total$1,694,479 $49,791 $1,744,270 $4,858,549 $140,896 $4,999,445 
Three Months Ended
March 31, 2022		Nine Months Ended
March 31, 2022
DomesticInternationalTotalDomesticInternationalTotal
Department of Defense$1,118,665 $— $1,118,665 $3,155,806 $— $3,155,806 
Federal Civilian agencies380,837 — 380,837 1,166,398 — 1,166,398 
Commercial and other33,378 51,100 84,478 92,648 145,804 238,452 
Total$1,532,880 $51,100 $1,583,980 $4,414,852 $145,804 $4,560,656 
Disaggregated revenues by prime vs. subcontractor were as follows (in thousands):
Three Months Ended
March 31, 2023		Nine Months Ended
March 31, 2023
DomesticInternationalTotalDomesticInternationalTotal
Prime contractor$1,511,758 $44,975 $1,556,733 $4,339,579 $128,303 $4,467,882 
Subcontractor182,721 4,816 187,537 518,970 12,593 531,563 
Total$1,694,479 $49,791 $1,744,270 $4,858,549 $140,896 $4,999,445 
Three Months Ended
March 31, 2022		Nine Months Ended
March 31, 2022
DomesticInternationalTotalDomesticInternationalTotal
Prime contractor$1,373,045 $46,760 $1,419,805 $3,964,227 $132,983 $4,097,210 
Subcontractor159,835 4,340 164,175 450,625 12,821 463,446 
Total$1,532,880 $51,100 $1,583,980 $4,414,852 $145,804 $4,560,656 
Disaggregated revenues by expertise or technology were as follows (in thousands):
Three Months Ended
March 31, 2023		Nine Months Ended
March 31, 2023
DomesticInternationalTotalDomesticInternationalTotal
Expertise$793,993 $18,307 $812,300 $2,237,146 $50,977 $2,288,123 
Technology900,486 31,484 931,970 2,621,403 89,919 2,711,322 
Total$1,694,479 $49,791 $1,744,270 $4,858,549 $140,896 $4,999,445 
Three Months Ended
March 31, 2022		Nine Months Ended
March 31, 2022
DomesticInternationalTotalDomesticInternationalTotal
Expertise$697,347 $18,852 $716,199 $2,049,180 $56,374 $2,105,554 
Technology835,533 32,248 867,781 2,365,672 89,430 2,455,102 
Total$1,532,880 $51,100 $1,583,980 $4,414,852 $145,804 $4,560,656 
Changes in Estimates
Aggregate net changes in estimates for the three and nine months ended March 31, 2023 reflected an increase to income before income taxes of $5.3 million ($0.17 per diluted share) and $16.8 million ($0.53 per diluted share), respectively, compared with $13.0 million ($0.40 per diluted share) and $21.2 million ($0.66 per diluted share), for the three and nine months ended March 31, 2022. 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 nine months ended March 31, 2023 and 2022, 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 March 31, 2023, the Company had $8.4 billion of remaining performance obligations and expects to recognize approximately 49% and 71% 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):
Description of Contract Related BalanceFinancial Statement ClassificationMarch 31, 2023June 30, 2022
Billed and billable receivablesAccounts receivable, net$865,828 $800,597 
Contract assets – current unbilled receivablesAccounts receivable, net138,905 125,547 
Contract assets – current costs to obtainPrepaid expenses and other current assets5,174 5,167 
Contract assets – noncurrent unbilled receivablesAccounts receivable, long-term12,653 10,199 
Contract assets – noncurrent costs to obtainOther long-term assets8,853 10,703 
Contract liabilities – current deferred revenue and other contract liabilitiesOther accrued expenses and current liabilities(108,325)(84,810)
Contract liabilities – noncurrent deferred revenue and other contract liabilitiesOther long-term liabilities(5,814)(7,552)
During the three and nine months ended March 31, 2023, we recognized $10.8 million and $81.8 million of revenues, respectively, compared with $4.1 million and $72.4 million of revenues for the three and nine months ended March 31, 2022, that was included in a previously recorded contract liability as of the beginning of the period.
v3.23.1
Inventories
 9 Months Ended
Mar. 31, 2023
Inventory Disclosure [Abstract]  
Inventories Inventories
Inventories consisted of the following (in thousands):
March 31, 2023June 30, 2022
Materials, purchased parts and supplies$74,470 $57,407 
Work in process20,396 13,207 
Finished goods29,515 28,748 
Total$124,381 $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.
v3.23.1
Sales of Receivables
 9 Months Ended
Mar. 31, 2023
Transfers and Servicing of Financial Assets [Abstract]  
Sales of Receivables 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 March 31, 2023. 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 Nine Months Ended
March 31,
20232022
Beginning balance:$157,785 $182,027 
Sales of receivables2,150,891 2,041,215 
Cash collections(2,135,986)(2,065,575)
Outstanding balance sold to Purchaser: (1)172,690 157,667 
Cash collected, not remitted to Purchaser (2)(47,680)(17,491)
Remaining sold receivables$125,010 $140,176 
__________________________________________________
(1)For the nine months ended March 31, 2023 and 2022, the Company recorded a net cash inflow of $14.9 million and a net cash outflow of $24.4 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 March 31, 2023 and 2022. This balance is included in other accrued expenses and current liabilities as of the balance sheet date.
v3.23.1
Debt
 9 Months Ended
Mar. 31, 2023
Debt Disclosure [Abstract]  
Debt Debt
Long-term debt consisted of the following (in thousands):
March 31, 2023June 30, 2022
Bank credit facility – term loans$1,186,719 $1,209,688 
Bank credit facility – revolver loans625,000 533,000 
Principal amount of long-term debt1,811,719 1,742,688 
Less unamortized discounts and debt issuance costs(8,228)(9,915)
Total long-term debt1,803,491 1,732,773 
Less current portion(38,281)(30,625)
Long-term debt, net of current portion$1,765,210 $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 March 31, 2023, the Company had $625.0 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 March 31, 2023, the Company had $1,186.7 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 March 31, 2023, 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 4.77%.
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 March 31, 2023, 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 $1,200.0 million which hedge a portion of the Company’s floating rate indebtedness. The swaps mature at various dates through 2028. The Company has designated the swaps as cash flow hedges. Unrealized gains are recognized as assets while unrealized losses are recognized as liabilities. The interest rate swap agreements are highly correlated to the changes in interest rates to which the Company is exposed. Realized gains and losses in connection with each required interest payment are reclassified from accumulated other comprehensive income or loss to interest expense. The Company does not hold or issue derivative financial instruments for trading purposes.
The effect of derivative instruments in the consolidated statements of operations and accumulated other comprehensive loss for the three and nine months ended March 31, 2023 and 2022 is as follows (in thousands):
Three Months Ended
March 31,		Nine Months Ended
March 31,
2023202220232022
(Loss) gain recognized in other comprehensive income$(5,906)$14,761 $10,584 $15,947 
Amounts reclassified to earnings from accumulated other comprehensive loss(4,095)2,600 (6,572)9,052 
Net current period other comprehensive (loss) income$(10,001)$17,361 $4,012 $24,999 
Reference Rate Reform
As a result of reference rate reform and the expected discontinuation of LIBOR, effective April 3, 2023, CACI completed the transition of its Credit Facility and its interest rate swaps designated as cash flow hedges from LIBOR-indexed interest payments to SOFR-indexed interest payments.
v3.23.1
Legal Proceedings and Other Commitments and Contingencies
 9 Months Ended
Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]  
Legal Proceedings and Other Commitments and Contingencies 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.
v3.23.1
Earnings Per Share
 9 Months Ended
Mar. 31, 2023
Earnings Per Share [Abstract]  
Earnings Per Share 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
March 31,		Nine Months Ended
March 31,
2023202220232022
Net income$100,742 $95,417 $276,968 $273,825 
Weighted-average number of basic shares outstanding during the period23,055 23,409 23,329 23,457 
Dilutive effect of RSUs after application of treasury stock method222 207 217 230 
Weighted-average number of diluted shares outstanding during the period23,277 23,616 23,546 23,687 
Basic earnings per share$4.37 $4.08 $11.87 $11.67 
Diluted earnings per share$4.33 $4.04 $11.76 $11.56 
Share Repurchases
On January 26, 2023, the Company’s Board of Directors authorized a share repurchase program of up to $750.0 million of the Company’s common stock (the "2023 Repurchase Program").
On January 30, 2023, CACI entered into an Accelerated Share Repurchase (ASR) Agreement with Citibank, N.A (Citibank). Under the ASR Agreement, we paid $250.0 million to Citibank and received an initial delivery of approximately 0.7 million shares of our common stock, which shares were recorded as a $200.0 million increase to treasury stock. The final number of shares to be repurchased will be based on the volume-weighted average stock price of our common stock during the term of the agreement, less a discount. This is evaluated as an unsettled forward contract indexed to our own stock, with $50.0 million classified within stockholders’ equity as additional paid-in-capital. The ASR Agreement is scheduled to settle prior to the end of the first quarter of fiscal year 2024. At final settlement, Citibank may be required to deliver additional shares of our common stock to us or, under certain circumstances, we may elect to make a cash payment or deliver shares of our common.
In addition to the ASR, during the three months ended March 31, 2023, CACI repurchased forty-five thousand shares of its outstanding common stock for $12.7 million on the open market at an average share price of $282.98 including commissions paid. The total remaining authorization for future common share repurchases under the 2023 Repurchase Program was $487.3 million as of March 31, 2023.
v3.23.1
Income Taxes
 9 Months Ended
Mar. 31, 2023
Income Tax Disclosure [Abstract]  
Income Taxes 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 and a state jurisdiction for fiscal years 2019 and 2020. The Company does not expect resolution of these examinations 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 nine months ended March 31, 2023, the Company recognized a liability for unrecognized tax benefits and a corresponding deferred tax asset of $30.9 million and $70.7 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 23.4% and 22.8% for the three and nine months ended March 31, 2023, respectively, and 17.9% and 20.9% for the three and nine months ended March 31, 2022, respectively. The effective tax rates for the three and nine months ended March 31, 2023 and 2022 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.
v3.23.1
Business Segments
 9 Months Ended
Mar. 31, 2023
Segment Reporting [Abstract]  
Business Segments 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
March 31,		Nine Months Ended
March 31,
2023202220232022
Revenues:
Domestic$1,694,479 $1,532,880 $4,858,549 $4,414,852 
International49,791 51,100 140,896 145,804 
Total revenues$1,744,270 $1,583,980 $4,999,445 $4,560,656 
Net income:
Domestic$93,383 $87,543 $254,298 $252,647 
International7,359 7,874 22,670 21,178 
Total net income$100,742 $95,417 $276,968 $273,825 
v3.23.1
Fair Value Measurements
 9 Months Ended
Mar. 31, 2023
Fair Value Disclosures [Abstract]  
Fair Value Measurements 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):
Description of Financial InstrumentFinancial Statement ClassificationFair Value
Hierarchy		March 31, 2023June 30, 2022
Fair Value
Interest rate swap agreementsPrepaid expenses and other current assetsLevel 2$703 $337 
Interest rate swap agreementsOther long-term assetsLevel 2$27,390 $19,184 
Interest rate swap agreementsOther long-term liabilitiesLevel 2$(3,158)$— 
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.
v3.23.1
Basis of Presentation (Policies)
 9 Months Ended
Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
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 March 31, 2023 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 nine months ended March 31, 2023 are not necessarily indicative of the results to be expected for any subsequent interim period or for the full fiscal year.
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, that may be elected over time as reference rate reform activities occur, 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 was extended in December 2022 when 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 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. Effective April 3, 2023, CACI completed the transition of its debt and derivative instruments from LIBOR to the Secured Overnight Financing Rate (SOFR) and applied additional expedients under ASC 848 related to contract modifications and changing critical terms of our hedging relationships. Application of these expedients allowed the Company to preserve presentation of derivatives as qualifying cash flow hedges and to account for the debt modification as a continuation of the existing contract. The adoption of this guidance did not have a material impact on the consolidated financial statements.
v3.23.1
Goodwill and Intangible Assets (Tables)
 9 Months Ended
Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill
The changes in the carrying amount of goodwill for the nine months ended March 31, 2023 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(485)2,382 1,897 
Balance at March 31, 2023$3,940,212 $126,048 $4,066,260 
__________________________________________________
(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 completed as of the second quarter of fiscal year 2023.
Schedule of Intangible Assets
Intangible assets consisted of the following (in thousands):
March 31, 2023June 30, 2022
Gross carrying
value		Accumulated
amortization		Net carrying
value		Gross carrying
value		Accumulated
amortization		Net carrying
value
Customer contracts and related customer relationships$656,285 $(306,224)$350,061 $656,353 $(275,538)$380,815 
Acquired technologies277,132 (102,748)174,384 280,196 (79,626)200,570 
Total intangible assets$933,417 $(408,972)$524,445 $936,549 $(355,164)$581,385 
v3.23.1
Revenues and Contract Balances (Tables)
 9 Months Ended
Mar. 31, 2023
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregated Revenues
Disaggregated revenues by contract type were as follows (in thousands):
Three Months Ended
March 31, 2023		Nine Months Ended
March 31, 2023
DomesticInternationalTotalDomesticInternationalTotal
Cost-plus-fee$1,008,688 $— $1,008,688 $2,896,778 $— $2,896,778 
Fixed-price494,095 35,691 529,786 1,420,858 100,057 1,520,915 
Time-and-materials191,696 14,100 205,796 540,913 40,839 581,752 
Total$1,694,479 $49,791 $1,744,270 $4,858,549 $140,896 $4,999,445 
Three Months Ended
March 31, 2022		Nine Months Ended
March 31, 2022
DomesticInternationalTotalDomesticInternationalTotal
Cost-plus-fee$889,624 $— $889,624 $2,672,695 $— $2,672,695 
Fixed-price468,116 35,058 503,174 1,242,601 101,568 1,344,169 
Time-and-materials175,140 16,042 191,182 499,556 44,236 543,792 
Total$1,532,880 $51,100 $1,583,980 $4,414,852 $145,804 $4,560,656 
Disaggregated revenues by customer type were as follows (in thousands):
Three Months Ended
March 31, 2023		Nine Months Ended
March 31, 2023
DomesticInternationalTotalDomesticInternationalTotal
Department of Defense$1,298,700 $— $1,298,700 $3,554,080 $— $3,554,080 
Federal Civilian agencies355,612 — 355,612 1,179,467 — 1,179,467 
Commercial and other40,167 49,791 89,958 125,002 140,896 265,898 
Total$1,694,479 $49,791 $1,744,270 $4,858,549 $140,896 $4,999,445 
Three Months Ended
March 31, 2022		Nine Months Ended
March 31, 2022
DomesticInternationalTotalDomesticInternationalTotal
Department of Defense$1,118,665 $— $1,118,665 $3,155,806 $— $3,155,806 
Federal Civilian agencies380,837 — 380,837 1,166,398 — 1,166,398 
Commercial and other33,378 51,100 84,478 92,648 145,804 238,452 
Total$1,532,880 $51,100 $1,583,980 $4,414,852 $145,804 $4,560,656 
Disaggregated revenues by prime vs. subcontractor were as follows (in thousands):
Three Months Ended
March 31, 2023		Nine Months Ended
March 31, 2023
DomesticInternationalTotalDomesticInternationalTotal
Prime contractor$1,511,758 $44,975 $1,556,733 $4,339,579 $128,303 $4,467,882 
Subcontractor182,721 4,816 187,537 518,970 12,593 531,563 
Total$1,694,479 $49,791 $1,744,270 $4,858,549 $140,896 $4,999,445 
Three Months Ended
March 31, 2022		Nine Months Ended
March 31, 2022
DomesticInternationalTotalDomesticInternationalTotal
Prime contractor$1,373,045 $46,760 $1,419,805 $3,964,227 $132,983 $4,097,210 
Subcontractor159,835 4,340 164,175 450,625 12,821 463,446 
Total$1,532,880 $51,100 $1,583,980 $4,414,852 $145,804 $4,560,656 
Disaggregated revenues by expertise or technology were as follows (in thousands):
Three Months Ended
March 31, 2023		Nine Months Ended
March 31, 2023
DomesticInternationalTotalDomesticInternationalTotal
Expertise$793,993 $18,307 $812,300 $2,237,146 $50,977 $2,288,123 
Technology900,486 31,484 931,970 2,621,403 89,919 2,711,322 
Total$1,694,479 $49,791 $1,744,270 $4,858,549 $140,896 $4,999,445 
Three Months Ended
March 31, 2022		Nine Months Ended
March 31, 2022
DomesticInternationalTotalDomesticInternationalTotal
Expertise$697,347 $18,852 $716,199 $2,049,180 $56,374 $2,105,554 
Technology835,533 32,248 867,781 2,365,672 89,430 2,455,102 
Total$1,532,880 $51,100 $1,583,980 $4,414,852 $145,804 $4,560,656 
Schedule of Contract Assets and Liabilities
Contract balances consisted of the following (in thousands):
Description of Contract Related BalanceFinancial Statement ClassificationMarch 31, 2023June 30, 2022
Billed and billable receivablesAccounts receivable, net$865,828 $800,597 
Contract assets – current unbilled receivablesAccounts receivable, net138,905 125,547 
Contract assets – current costs to obtainPrepaid expenses and other current assets5,174 5,167 
Contract assets – noncurrent unbilled receivablesAccounts receivable, long-term12,653 10,199 
Contract assets – noncurrent costs to obtainOther long-term assets8,853 10,703 
Contract liabilities – current deferred revenue and other contract liabilitiesOther accrued expenses and current liabilities(108,325)(84,810)
Contract liabilities – noncurrent deferred revenue and other contract liabilitiesOther long-term liabilities(5,814)(7,552)
v3.23.1
Inventories (Tables)
 9 Months Ended
Mar. 31, 2023
Inventory Disclosure [Abstract]  
Schedule of Components of Inventories
Inventories consisted of the following (in thousands):
March 31, 2023June 30, 2022
Materials, purchased parts and supplies$74,470 $57,407 
Work in process20,396 13,207 
Finished goods29,515 28,748 
Total$124,381 $99,362 
v3.23.1
Sales of Receivables (Tables)
 9 Months Ended
Mar. 31, 2023
Transfers and Servicing of Financial Assets [Abstract]  
Schedule of MARPA Activity
MARPA activity consisted of the following (in thousands):
As of and for the Nine Months Ended
March 31,
20232022
Beginning balance:$157,785 $182,027 
Sales of receivables2,150,891 2,041,215 
Cash collections(2,135,986)(2,065,575)
Outstanding balance sold to Purchaser: (1)172,690 157,667 
Cash collected, not remitted to Purchaser (2)(47,680)(17,491)
Remaining sold receivables$125,010 $140,176 
__________________________________________________
(1)For the nine months ended March 31, 2023 and 2022, the Company recorded a net cash inflow of $14.9 million and a net cash outflow of $24.4 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 March 31, 2023 and 2022. This balance is included in other accrued expenses and current liabilities as of the balance sheet date.
v3.23.1
Debt (Tables)
 9 Months Ended
Mar. 31, 2023
Debt Disclosure [Abstract]  
Schedule of Long-term Debt
Long-term debt consisted of the following (in thousands):
March 31, 2023June 30, 2022
Bank credit facility – term loans$1,186,719 $1,209,688 
Bank credit facility – revolver loans625,000 533,000 
Principal amount of long-term debt1,811,719 1,742,688 
Less unamortized discounts and debt issuance costs(8,228)(9,915)
Total long-term debt1,803,491 1,732,773 
Less current portion(38,281)(30,625)
Long-term debt, net of current portion$1,765,210 $1,702,148 
Schedule of Cash Flow Hedges
The effect of derivative instruments in the consolidated statements of operations and accumulated other comprehensive loss for the three and nine months ended March 31, 2023 and 2022 is as follows (in thousands):
Three Months Ended
March 31,		Nine Months Ended
March 31,
2023202220232022
(Loss) gain recognized in other comprehensive income$(5,906)$14,761 $10,584 $15,947 
Amounts reclassified to earnings from accumulated other comprehensive loss(4,095)2,600 (6,572)9,052 
Net current period other comprehensive (loss) income$(10,001)$17,361 $4,012 $24,999 
v3.23.1
Earnings Per Share (Tables)
 9 Months Ended
Mar. 31, 2023
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share Basic And Diluted
Earnings per share and the weighted-average number of diluted shares are computed as follows (in thousands, except per share data):
Three Months Ended
March 31,		Nine Months Ended
March 31,
2023202220232022
Net income$100,742 $95,417 $276,968 $273,825 
Weighted-average number of basic shares outstanding during the period23,055 23,409 23,329 23,457 
Dilutive effect of RSUs after application of treasury stock method222 207 217 230 
Weighted-average number of diluted shares outstanding during the period23,277 23,616 23,546 23,687 
Basic earnings per share$4.37 $4.08 $11.87 $11.67 
Diluted earnings per share$4.33 $4.04 $11.76 $11.56 
v3.23.1
Business Segments (Tables)
 9 Months Ended
Mar. 31, 2023
Segment Reporting [Abstract]  
Schedule of Summarized Financial Information of Reportable Segments Summarized financial information for the Company’s reportable segments is as follows (in thousands):
Three Months Ended
March 31,		Nine Months Ended
March 31,
2023202220232022
Revenues:
Domestic$1,694,479 $1,532,880 $4,858,549 $4,414,852 
International49,791 51,100 140,896 145,804 
Total revenues$1,744,270 $1,583,980 $4,999,445 $4,560,656 
Net income:
Domestic$93,383 $87,543 $254,298 $252,647 
International7,359 7,874 22,670 21,178 
Total net income$100,742 $95,417 $276,968 $273,825 
v3.23.1
Fair Value Measurements (Tables)
 9 Months Ended
Mar. 31, 2023
Fair Value Disclosures [Abstract]  
Schedule of Recurring Fair Value Measurements
The financial instruments measured at fair value on a recurring basis consist of the following (in thousands):
Description of Financial InstrumentFinancial Statement ClassificationFair Value
Hierarchy		March 31, 2023June 30, 2022
Fair Value
Interest rate swap agreementsPrepaid expenses and other current assetsLevel 2$703 $337 
Interest rate swap agreementsOther long-term assetsLevel 2$27,390 $19,184 
Interest rate swap agreementsOther long-term liabilitiesLevel 2$(3,158)$— 
v3.23.1
Goodwill and Intangible Assets - Schedule of Changes in Goodwill (Details)
$ in Thousands
 9 Months Ended
Mar. 31, 2023
USD ($)
Goodwill [Roll Forward]  
Beginning balance $ 4,058,291
Goodwill acquired 6,072
Foreign currency translation 1,897
Ending balance 4,066,260
Domestic  
Goodwill [Roll Forward]  
Beginning balance 3,934,625
Goodwill acquired 6,072
Foreign currency translation (485)
Ending balance 3,940,212
International  
Goodwill [Roll Forward]  
Beginning balance 123,666
Goodwill acquired 0
Foreign currency translation 2,382
Ending balance $ 126,048
v3.23.1
Goodwill and Intangible Assets - Schedule of Intangible Assets (Details) - USD ($)
$ in Thousands
Mar. 31, 2023
Jun. 30, 2022
Finite Lived Intangible Assets [Line Items]    
Gross carrying value $ 933,417 $ 936,549
Accumulated amortization (408,972) (355,164)
Net carrying value 524,445 581,385
Customer contracts and related customer relationships    
Finite Lived Intangible Assets [Line Items]    
Gross carrying value 656,285 656,353
Accumulated amortization (306,224) (275,538)
Net carrying value 350,061 380,815
Acquired technologies    
Finite Lived Intangible Assets [Line Items]    
Gross carrying value 277,132 280,196
Accumulated amortization (102,748) (79,626)
Net carrying value $ 174,384 $ 200,570
v3.23.1
Goodwill and Intangible Assets - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Mar. 31, 2023
Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]        
Amortization expense $ 18.6 $ 19.3 $ 56.8 $ 54.9
v3.23.1
Revenues and Contract Balances - Disaggregation of Revenues (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Mar. 31, 2023
Mar. 31, 2022
Disaggregation Of Revenue [Line Items]        
Revenues $ 1,744,270 $ 1,583,980 $ 4,999,445 $ 4,560,656
Expertise        
Disaggregation Of Revenue [Line Items]        
Revenues 812,300 716,199 2,288,123 2,105,554
Technology        
Disaggregation Of Revenue [Line Items]        
Revenues 931,970 867,781 2,711,322 2,455,102
Prime contractor        
Disaggregation Of Revenue [Line Items]        
Revenues 1,556,733 1,419,805 4,467,882 4,097,210
Subcontractor        
Disaggregation Of Revenue [Line Items]        
Revenues 187,537 164,175 531,563 463,446
Department of Defense        
Disaggregation Of Revenue [Line Items]        
Revenues 1,298,700 1,118,665 3,554,080 3,155,806
Federal Civilian agencies        
Disaggregation Of Revenue [Line Items]        
Revenues 355,612 380,837 1,179,467 1,166,398
Commercial and other        
Disaggregation Of Revenue [Line Items]        
Revenues 89,958 84,478 265,898 238,452
Cost-plus-fee        
Disaggregation Of Revenue [Line Items]        
Revenues 1,008,688 889,624 2,896,778 2,672,695
Fixed-price        
Disaggregation Of Revenue [Line Items]        
Revenues 529,786 503,174 1,520,915 1,344,169
Time-and-materials        
Disaggregation Of Revenue [Line Items]        
Revenues 205,796 191,182 581,752 543,792
Domestic        
Disaggregation Of Revenue [Line Items]        
Revenues 1,694,479 1,532,880 4,858,549 4,414,852
Domestic | Expertise        
Disaggregation Of Revenue [Line Items]        
Revenues 793,993 697,347 2,237,146 2,049,180
Domestic | Technology        
Disaggregation Of Revenue [Line Items]        
Revenues 900,486 835,533 2,621,403 2,365,672
Domestic | Prime contractor        
Disaggregation Of Revenue [Line Items]        
Revenues 1,511,758 1,373,045 4,339,579 3,964,227
Domestic | Subcontractor        
Disaggregation Of Revenue [Line Items]        
Revenues 182,721 159,835 518,970 450,625
Domestic | Department of Defense        
Disaggregation Of Revenue [Line Items]        
Revenues 1,298,700 1,118,665 3,554,080 3,155,806
Domestic | Federal Civilian agencies        
Disaggregation Of Revenue [Line Items]        
Revenues 355,612 380,837 1,179,467 1,166,398
Domestic | Commercial and other        
Disaggregation Of Revenue [Line Items]        
Revenues 40,167 33,378 125,002 92,648
Domestic | Cost-plus-fee        
Disaggregation Of Revenue [Line Items]        
Revenues 1,008,688 889,624 2,896,778 2,672,695
Domestic | Fixed-price        
Disaggregation Of Revenue [Line Items]        
Revenues 494,095 468,116 1,420,858 1,242,601
Domestic | Time-and-materials        
Disaggregation Of Revenue [Line Items]        
Revenues 191,696 175,140 540,913 499,556
International        
Disaggregation Of Revenue [Line Items]        
Revenues 49,791 51,100 140,896 145,804
International | Expertise        
Disaggregation Of Revenue [Line Items]        
Revenues 18,307 18,852 50,977 56,374
International | Technology        
Disaggregation Of Revenue [Line Items]        
Revenues 31,484 32,248 89,919 89,430
International | Prime contractor        
Disaggregation Of Revenue [Line Items]        
Revenues 44,975 46,760 128,303 132,983
International | Subcontractor        
Disaggregation Of Revenue [Line Items]        
Revenues 4,816 4,340 12,593 12,821
International | Department of Defense        
Disaggregation Of Revenue [Line Items]        
Revenues 0 0 0 0
International | Federal Civilian agencies        
Disaggregation Of Revenue [Line Items]        
Revenues 0 0 0 0
International | Commercial and other        
Disaggregation Of Revenue [Line Items]        
Revenues 49,791 51,100 140,896 145,804
International | Cost-plus-fee        
Disaggregation Of Revenue [Line Items]        
Revenues 0 0 0 0
International | Fixed-price        
Disaggregation Of Revenue [Line Items]        
Revenues 35,691 35,058 100,057 101,568
International | Time-and-materials        
Disaggregation Of Revenue [Line Items]        
Revenues $ 14,100 $ 16,042 $ 40,839 $ 44,236
v3.23.1
Revenues and Contract Balances - Narrative (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 9 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Mar. 31, 2023
Mar. 31, 2022
Change In Accounting Estimate [Line Items]        
Income before income taxes $ 131,464 $ 116,272 $ 358,999 $ 346,001
Diluted earnings per share (dollars per share) $ 4.33 $ 4.04 $ 11.76 $ 11.56
EAC Adjustments        
Change In Accounting Estimate [Line Items]        
Income before income taxes $ 5,300 $ 13,000 $ 16,800 $ 21,200
Diluted earnings per share (dollars per share) $ 0.17 $ 0.40 $ 0.53 $ 0.66
v3.23.1
Revenues and Contract Balances - Remaining Performance Obligations (Details)
$ in Billions
Mar. 31, 2023
USD ($)
Remaining Performance Obligations [Line Items]  
Remaining performance obligations $ 8.4
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-04-01  
Remaining Performance Obligations [Line Items]  
Remaining performance obligations, expected satisfaction, percentage 49.00%
Remaining performance obligations, expected timing of satisfaction 12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-04-01  
Remaining Performance Obligations [Line Items]  
Remaining performance obligations, expected satisfaction, percentage 71.00%
Remaining performance obligations, expected timing of satisfaction 24 months
v3.23.1
Revenues and Contract Balances - Schedule of Contract Assets and Liabilities (Details) - USD ($)
$ in Thousands
Mar. 31, 2023
Jun. 30, 2022
Contract with Customer, Asset and Liability [Abstract]    
Billed and billable receivables $ 865,828 $ 800,597
Contract assets – current unbilled receivables 138,905 125,547
Contract assets – current costs to obtain 5,174 5,167
Contract assets – noncurrent unbilled receivables 12,653 10,199
Contract assets – noncurrent costs to obtain 8,853 10,703
Contract liabilities – current deferred revenue and other contract liabilities (108,325) (84,810)
Contract liabilities – noncurrent deferred revenue and other contract liabilities $ (5,814) $ (7,552)
v3.23.1
Revenues and Contract Balances - Change in Contract with Customer Liability (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Mar. 31, 2023
Mar. 31, 2022
Revenue from Contract with Customer [Abstract]        
Liability, revenue recognized $ 10.8 $ 4.1 $ 81.8 $ 72.4
v3.23.1
Inventories (Details) - USD ($)
$ in Thousands
Mar. 31, 2023
Jun. 30, 2022
Inventory Disclosure [Abstract]    
Materials, purchased parts and supplies $ 74,470 $ 57,407
Work in process 20,396 13,207
Finished goods 29,515 28,748
Total $ 124,381 $ 99,362
v3.23.1
Sales of Receivables - Narrative (Details)
$ in Millions
Dec. 22, 2022
USD ($)
Transfers and Servicing of Financial Assets [Abstract]  
MARPA maximum commitment $ 200.0
v3.23.1
Sales of Receivables - Schedule of MARPA Activity (Details) - USD ($)
$ in Thousands
 9 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Transfer of Financial Assets Accounted for as Sales, Amount [Roll Forward]    
Beginning balance $ 157,785 $ 182,027
Sales of receivables 2,150,891 2,041,215
Cash collections (2,135,986) (2,065,575)
Outstanding balance sold to Purchaser 172,690 157,667
Cash collected, not remitted to Purchaser (47,680) (17,491)
Remaining sold receivables 125,010 140,176
Cash provided (used) by MARPA $ 14,900 $ (24,400)
v3.23.1
Debt - Schedule of Long-term Debt (Details) - USD ($)
$ in Thousands
Mar. 31, 2023
Jun. 30, 2022
Debt Instrument [Line Items]    
Principal amount of long-term debt $ 1,811,719 $ 1,742,688
Less unamortized discounts and debt issuance costs (8,228) (9,915)
Total long-term debt 1,803,491 1,732,773
Less current portion (38,281) (30,625)
Long-term debt, net of current portion 1,765,210 1,702,148
Bank credit facility – term loans    
Debt Instrument [Line Items]    
Principal amount of long-term debt 1,186,719 1,209,688
Bank credit facility – revolver loans    
Debt Instrument [Line Items]    
Principal amount of long-term debt $ 625,000 $ 533,000
v3.23.1
Debt - Narrative (Details) - USD ($)
 9 Months Ended
Mar. 31, 2023
Jun. 30, 2022
Dec. 13, 2021
Debt Instrument [Line Items]      
Outstanding amount under Credit Facility $ 1,811,719,000 $ 1,742,688,000  
Interest rate swap agreements | Cash Flow Hedging      
Debt Instrument [Line Items]      
Aggregate notional amount $ 1,200,000,000    
Bank Credit Facility      
Debt Instrument [Line Items]      
Credit facility maximum borrowing capacity     $ 3,200,000,000
Outstanding borrowings interest rate 4.77%    
Revolving Credit Facility      
Debt Instrument [Line Items]      
Credit facility maximum borrowing capacity     1,975,000,000
Outstanding amount under Credit Facility $ 625,000,000 533,000,000  
Term loans      
Debt Instrument [Line Items]      
Credit facility maximum borrowing capacity     1,225,000,000
Outstanding amount under Credit Facility $ 1,186,719,000 $ 1,209,688,000  
Term loan period 5 years    
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
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
v3.23.1
Debt - Schedule of Cash Flow Hedges (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Mar. 31, 2023
Mar. 31, 2022
Debt Disclosure [Abstract]        
(Loss) gain recognized in other comprehensive income $ (5,906) $ 14,761 $ 10,584 $ 15,947
Amounts reclassified to earnings from accumulated other comprehensive loss (4,095) 2,600 (6,572) 9,052
Net current period other comprehensive (loss) income $ (10,001) $ 17,361 $ 4,012 $ 24,999
v3.23.1
Earnings Per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Mar. 31, 2023
Mar. 31, 2022
Earnings Per Share [Abstract]        
Net income $ 100,742 $ 95,417 $ 276,968 $ 273,825
Weighted-average number of basic shares outstanding during the period (in shares) 23,055 23,409 23,329 23,457
Dilutive effect of RSUs after application of treasury stock method (in shares) 222 207 217 230
Weighted-average number of diluted shares outstanding during the period (in shares) 23,277 23,616 23,546 23,687
Basic earnings per share (dollars per share) $ 4.37 $ 4.08 $ 11.87 $ 11.67
Diluted earnings per share (dollars per share) $ 4.33 $ 4.04 $ 11.76 $ 11.56
v3.23.1
Earnings Per Share - Narrative (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Jan. 30, 2023
Mar. 31, 2023
Mar. 31, 2022
Mar. 31, 2023
Mar. 31, 2022
Jan. 26, 2023
Equity, Class of Treasury Stock [Line Items]            
Payment for repurchase of common stock       $ 270,449 $ 7,301  
Repurchases of common stock   $ 267,115 $ 2,306 $ 272,401 $ 7,301  
Treasury Stock            
Equity, Class of Treasury Stock [Line Items]            
Shares repurchased (in shares)   731 9 750 310  
Repurchases of common stock   $ 217,026 $ 2,176 $ 221,987 $ 77,932  
Additional Paid-in Capital            
Equity, Class of Treasury Stock [Line Items]            
Repurchases of common stock   $ 50,089 $ 130 50,414 $ (70,631)  
Accelerated Share Repurchase            
Equity, Class of Treasury Stock [Line Items]            
Payment for repurchase of common stock $ 250,000          
Shares repurchased (in shares) 700          
Accelerated Share Repurchase | Treasury Stock            
Equity, Class of Treasury Stock [Line Items]            
Repurchases of common stock $ 200,000          
Accelerated Share Repurchase | Additional Paid-in Capital            
Equity, Class of Treasury Stock [Line Items]            
Repurchases of common stock $ 50,000          
Open Market Repurchases            
Equity, Class of Treasury Stock [Line Items]            
Shares repurchased (in shares)   45        
Payment for repurchase of common stock   $ 12,700        
Shares repurchased, average price per share (dollars per share)   $ 282.98        
2023 Repurchase Program            
Equity, Class of Treasury Stock [Line Items]            
Share repurchase program, authorized amount           $ 750,000
Share repurchase program, remaining authorized amount   $ 487,300   $ 487,300    
v3.23.1
Income Taxes (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Mar. 31, 2023
Mar. 31, 2022
Income Tax Disclosure [Abstract]        
Deferred tax assets, increase $ 30.9   $ 70.7  
Effective income tax rate 23.40% 17.90% 22.80% 20.90%
v3.23.1
Business Segments - Narrative (Details)
 9 Months Ended
Mar. 31, 2023
ssgment
Segment Reporting [Abstract]  
Number of reportable segments 2
v3.23.1
Business Segments - Schedule of Summarized Financial Information of Reportable Segments (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Mar. 31, 2023
Mar. 31, 2022
Segment Reporting Information [Line Items]        
Revenues $ 1,744,270 $ 1,583,980 $ 4,999,445 $ 4,560,656
Net income 100,742 95,417 276,968 273,825
Domestic        
Segment Reporting Information [Line Items]        
Revenues 1,694,479 1,532,880 4,858,549 4,414,852
Net income 93,383 87,543 254,298 252,647
International        
Segment Reporting Information [Line Items]        
Revenues 49,791 51,100 140,896 145,804
Net income $ 7,359 $ 7,874 $ 22,670 $ 21,178
v3.23.1
Fair Value Measurements - Schedule of Recurring Fair Value Measurements (Details) - USD ($)
$ in Thousands
Mar. 31, 2023
Jun. 30, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Other long-term liabilities Other long-term liabilities Other long-term liabilities
Fair Value, Measurements, Recurring | Level 2 | Interest rate swap agreements    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Interest rate swap agreements $ (3,158) $ 0
Fair Value, Measurements, Recurring | Prepaid expenses and other current assets | Level 2 | Interest rate swap agreements    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Interest rate swap agreements 703 337
Fair Value, Measurements, Recurring | Other long-term assets | Level 2 | Interest rate swap agreements    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Interest rate swap agreements $ 27,390 $ 19,184