CACI International Inc (CACI)

Cash conversion cycle

		Jun 30, 2025	Mar 31, 2025	Dec 31, 2024	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020
Days of inventory on hand (DOH)	days	5.99	6.94	—	7.41	7.08	7.69	7.71	8.07	7.77	7.44	6.95	6.92	6.36	6.33	6.80	6.64	6.16	5.30	5.30	5.28
Days of sales outstanding (DSO)	days	59.46	53.79	53.89	49.63	49.14	50.51	48.49	52.68	48.74	55.22	48.92	45.92	54.50	51.08	51.19	46.56	53.13	52.57	46.35	51.47
Number of days of payables	days	17.71	15.62	13.70	15.35	17.17	21.08	16.62	20.41	11.79	19.34	16.55	14.40	19.41	14.12	15.35	9.13	11.48	7.40	4.13	5.44
Cash conversion cycle	days	47.74	45.11	40.19	41.70	39.05	37.13	39.59	40.34	44.71	43.32	39.32	38.44	41.44	43.29	42.63	44.06	47.81	50.47	47.52	51.31

June 30, 2025 calculation

Cash conversion cycle = DOH + DSO – Number of days of payables
= 5.99 + 59.46 – 17.71
= 47.74

The cash conversion cycle (CCC) of CACI International Inc, based on data spanning from September 30, 2020, through June 30, 2025, demonstrates notable fluctuations and long-term trends in the company's efficiency concerning working capital management.

Initially, in September 2020, the CCC stood at approximately 51.31 days. Over the subsequent periods, there was a general downward trend, reaching a low of around 38.44 days by September 2022. This decrease suggests improvements in various components of working capital, indicating that the company was able to convert its investments in inventory and receivables into cash more rapidly during this period.

Between late 2022 and early 2023, the CCC experienced some upward fluctuation, rising slightly above 43 days in March 2023 before increasing further to approximately 45.11 days in March 2025. This upward trend indicates a possible elongation in the collection period, inventory turnover, or both, implying a potential slowdown in cash collection or changes in operational efficiency.

Overall, the pattern shows that CACI has maintained a relatively stable CCC, generally averaging around 40-45 days in recent periods. The initial reduction in CCC highlights periods of improved liquidity and operational efficiency, while the subsequent increases could reflect strategic changes, shifts in client payment behaviors, or adjustments in working capital policies.

In summary, CACI's cash conversion cycle has experienced substantial early improvements, reaching its most efficient levels around late 2022, followed by a gradual elongation. This pattern underscores a balancing act between maintaining operational efficiency and adapting to external or strategic factors influencing receivables, payables, and inventory management.