ARLINGTON, Va.--(BUSINESS WIRE)--CACI International Inc (NYSE: CACI), a leading provider of expertise and technology to government enterprise and mission customers, announced today that its Board of Directors has approved a $500 million accelerated share repurchase (ASR) program. This reflects CACI’s confidence in generating strong future cash flow, allowing the company to create shareholder value under various business dynamics and market conditions through mergers and acquisitions, internal investments, share repurchases, and other capital deployment measures.
John Mengucci, CACI’s President and CEO, said, “CACI is a strong company with a history of significant value creation and bright future prospects. We have strategically aligned with critical national security and modernization priorities, developed and acquired differentiated technology capabilities, and significantly increased revenue, profit, and cash flow. As a result, we are confident we have the financial strength, resiliency, and available liquidity to continue investing in future organic and acquired growth, while also providing additional value to our shareholders through share repurchases, the next step in a more opportunistic and flexible capital deployment strategy.”
CACI intends to execute this ASR promptly and in compliance with the provisions of the Securities Exchange Act of 1934 and the applicable rules and regulations. The final number of shares to be repurchased under the ASR will be based on the average of the daily volume-weighted average prices of CACI common stock during the repurchase period, less a discount and subject to adjustments pursuant to the terms of the ASR agreement. The Company anticipates that all repurchases under the ASR will be completed prior to the end of the fourth quarter of calendar year 2021.
About CACI
CACI’s approximately 23,000 talented employees are vigilant in providing the unique expertise and distinctive technology that address our customers’ greatest enterprise and mission challenges. Our culture of good character, innovation, and excellence drives our success and earns us recognition as a Fortune World’s Most Admired Company. As a member of the Fortune 1000 Largest Companies, the Russell 1000 Index, and the S&P MidCap 400 Index, we consistently deliver strong shareholder value. Visit us at www.caci.com.
