The Company defines Net cash provided by operating activities excluding MARPA as net cash provided by operating activities calculated in accordance with GAAP, adjusted to exclude cash flows from CACI’s Master Accounts Receivable Purchase Agreement (MARPA) for the sale of certain designated eligible U.S. government receivables up to a maximum amount of $200.0 million. Free cash flow is a non-GAAP liquidity measure and may not be comparable to similarly titled measures used by other companies. The Company defines Free cash flow as Net cash provided by operating activities excluding MARPA, less payments for capital expenditures. The Company uses these non-GAAP measures to assess our ability to generate cash from our business operations and plan for future operating and capital actions. We believe this measure allows investors to more easily compare current period results to prior period results and to results of our peers. Free cash flow does not represent residual cash flows available for discretionary purposes and should not be used as a substitute for cash flow measures prepared in accordance with GAAP.
Three Months Ended | Twelve Months Ended | ||||||||||||
(Amounts in thousands) | 6/30/2021 | 6/30/2020 | 6/30/2021 | 6/30/2020 | |||||||||
Net cash provided by operating activities | $ |
91,699 |
|
$ |
160,880 |
|
$ |
592,215 |
|
$ |
518,705 |
|
|
Cash used (provided) by MARPA |
|
7,833 |
|
|
(6,501 |
) |
|
17,973 |
|
|
(7,473 |
) |
|
Net cash provided by operating activities excluding MARPA |
|
99,532 |
|
|
154,379 |
|
|
610,188 |
|
|
511,232 |
|
|
Capital expenditures |
|
(21,856 |
) |
|
(17,972 |
) |
|
(73,129 |
) |
|
(72,303 |
) |
|
Free cash flow | $ |
77,676 |
|
$ |
136,407 |
|
$ |
537,059 |
|
$ |
438,929 |
|
|
(Amounts in millions) | FY22 Guidance | ||||||||||||
Net cash provided by operating activities (1) | $ |
810 |
|
||||||||||
Cash used (provided) by MARPA |
|
- |
|
||||||||||
Net cash provided by operating activities excluding MARPA |
|
810 |
|
||||||||||
Capital expenditures |
|
(90 |
) |
||||||||||
Free cash flow | $ |
720 |
|
(1) Includes estimated tax refund of $230 million related to certain tax elections, as well as payroll tax deferral repayment of approximately $45 million. |