CACI INTERNATIONAL INC /DE/
For the period ended Sep 30, 2025. Filed Oct 23, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Oct 23, 2025
CACI$611.16+1.1%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-31; filed 2025-04-24.
0000016058-25-000053
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-10-23.
0000016058-25-000087
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 77 previous paragraphs and 75 current paragraphs.
32 unchanged; 37 reworded; 6 added; 8 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 3 previous and 3 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (6)
Current report
On May 2, 2025, President Trump submitted the GFY26 Presidential Budget Request (PBR) to Congress, which held defense spending at the GFY25 enacted level (a full-year CR) of $893 billion. On July 4, 2025, President Trump signed the One Big Beautiful Bill Act (OBBBA), which provides additional funding above and beyond the PBR. The OBBBA is a reconciliation bill, which is separate from the usual government funding legislation passed by Congress. The OBBBA provides immediate funding for specified parts of the government, including approximately $156 billion in defense funding (including $25 billion for the Golden Dome initiative). In addition, the OBBBA provides approximately $170 billion for border security and immigration. Since this is direct funding authorized by reconciliation outside the normal budget process, these funds will be available in GFY26 and beyond whether normal appropriations or a CR is passed, or even in the event of a shutdown.
Current report
On October 1, 2025, the U.S. government entered a shutdown. The duration of the shutdown and the enactment of future funding remain uncertain. Federal agencies, including the DoD, have issued guidelines to continue essential operations. The Company is adhering to federal guidelines by continuing work on existing contracts funded by prior fiscal years' appropriations and mission essential programs.
Current report
•Increasing focus on application of technologies to defend the homeland;
Current report
Our results of operations were as follows (dollars in thousands):
Current report
•IC revenues include Expertise and Technology provided to the 18 intelligence customers defined as the IC by the Office of the Director of National Intelligence.
Current report
Net cash (used in) provided by financing activities decreased $421.6 million for the three months ended September 30, 2025, compared to the three months ended September 30, 2024, primarily as a result of a $421.4 million decrease in net borrowings under our debt instruments.
Removed paragraphs (8)
Previous report
The following table provides our results of operations (in thousands):
Previous report
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, 2025, $1,087.2 million was outstanding under the Term Loan.
Previous report
The interest rates applicable to loans under the Credit Facility are floating interest rates that, at our option, equal a base rate or a SOFR rate plus, in each case, an applicable margin based upon our consolidated total net leverage ratio.
Previous report
The Credit Facility requires us 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 our 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. Since the inception of the Credit Facility, we have been in compliance with all of the financial covenants. A majority of our assets serve as collateral under the Credit Facility.
Previous report
To provide additional financial flexibility for the Company, in connection with the Azure Summit acquisition, the Company entered into a commitment letter (the “Commitment Letter”), dated September 10, 2024, with JPMorgan Chase Bank, N.A. (“JPMorgan”), pursuant to which JPMorgan committed to provide the entire principal amount of a senior secured bridge loan facility in an aggregate principal amount of up to $750.0 million. No amounts were funded pursuant to the Commitment Letter.
Previous report
On October 30, 2024 the Company completed a new senior secured Term Loan B facility in an aggregate principal amount of $750.0 million, which effectively terminated the Commitment Letter. The Term Loan B is a seven-year facility under which principal payments are due in quarterly installments of $1.9 million from March 2025 until the balance is due in full at maturity in October 2031. The interest rates applicable to the Term Loan B facility are floating interest rates that, at the Company’s option, equal a base rate or a term SOFR rate plus an applicable margin.
Previous report
During fiscal 2023, a provision of the TCJA went into effect that eliminated the option to deduct domestic research and development costs in the year incurred and instead requires taxpayers to capitalize and amortize such costs over five years. This provision is expected to decrease fiscal 2025 cash flows from operations by $47.7 million. The future impact of this provision will depend on any guidance issued by the Treasury Department regarding the identification of appropriate costs for capitalization, and the amount of future research and development expenses paid or incurred (among other factors).
Previous report
Net cash provided by financing activities increased $1,550.1 million for the nine months ended March 31, 2025, when compared to the nine months ended March 31, 2024, primarily as a result of a $1,581.3 million increase in net borrowings under our Credit Facility and Term Loan B Facility, partially offset by $10 million of payments for financing costs under band credit facilities, $5.6 million higher payments for repurchases of common stock, and a $17.1 million increase in payments of taxes for equity transactions.
Reworded paragraphs (37)
Previous wording
•our reliance on U.S. government contracts, which includes general risk around the government contract procurement process (such as bid protest, small business set asides, loss of work due to organizational conflicts of interest, etc.) and termination risks;
Current wording
•our reliance on United States (U.S.) government contracts, which includes general risk around the government contract procurement process (such as bid protest, small business set asides, loss of work due to organizational conflicts of interest, etc.) and termination risks;
Previous wording
•legislation that amends or changes discretionary spending levels or budget priorities, such as for homeland security or to address global pandemics like COVID-19;
Current wording
•legislation that amends or changes discretionary spending levels or budget priorities, such as for homeland security;
Previous wording
•changes in U.S. federal agencies, current agreements with other nations, foreign events, or any other events which may affect the global economy, including the impact of global pandemics like COVID-19;
Current wording
•changes in U.S. federal agencies, current agreements with other nations, foreign events, or any other events which may affect the global economy;
Previous wording
•regional and national economic conditions in the United States and globally, including but not limited to: terrorist activities or war, changes in interest rates, currency fluctuations, significant fluctuations in the equity markets, and market speculation regarding our continued independence;
Current wording
•regional and national economic conditions in the U.S. and globally, including but not limited to: terrorist activities or war, changes in interest rates, currency fluctuations, significant fluctuations in the equity markets, and market speculation regarding our continued independence;
Previous wording
•limited access to certain facilities required for us to perform our work, including during a global pandemic like COVID-19;
Current wording
•limited access to certain facilities required for us to perform our work;
Previous wording
•Expertise – CACI delivers talent with the specific technical and functional knowledge to support internal agency operations. Examples include functional software development expertise, data and business analysis, IT operations support, naval architecture, engineering, and life cycle support intelligence and special operations support, and network and exploitation analysis.
Current wording
•Expertise – CACI delivers talent with the specific technical and functional knowledge to support agency operations. Examples include individuals with talents such as software development, data and business analysis, operations support, naval architecture, engineering, life cycle support, intelligence and special operations support, and network exploitation analysis.
Previous wording
•Technology – CACI provides technology that addresses our customer's most challenging needs. This includes agile software development using open modern architectures and DevSecOps; advanced data platforms and applications augmented by Artificial Intelligence (AI), Enterprise Resource Planning (ERP) systems, Electromagnetic Spectrum (EMS) capabilities, photonics and network modernization. CACI invests ahead of customer need with research and development to generate unique intellectual property and differentiated technology addressing critical national security needs.
Current wording
•Technology – CACI provides technology that addresses our customers’ most challenging needs. This includes agile software development using open modern architectures and DevSecOps; advanced data platforms and applications augmented by Artificial Intelligence (AI), Enterprise Resource Planning (ERP) systems, Electromagnetic Spectrum (EMS) capabilities, photonics, and network modernization. CACI invests ahead of customer need with research and development to create unique and differentiated technology addressing critical national security needs.
Previous wording
We carefully follow federal budget, legislative and contracting trends and activities and evolve our strategies to take these into consideration. On March 23, 2024, President Biden signed into law an appropriations bill that funded the federal government for GFY24, generally consistent with the terms set forth in the debt limit legislation signed in June 2023. Also in March 2024, President Biden released his GFY25 budget request that was also generally consistent with the terms set forth in the debt limit legislation signed in June 2023 (GFY25 discretionary spending growth, both defense and nondefense, was capped at 1%). While future levels of defense and nondefense spending may vary and are difficult to project, we believe that there continues to be bipartisan support for defense and national security-related spending, particularly given the heightened current global threat environment.
Current wording
We carefully follow federal budget, legislative and contracting trends and activities and evolve our strategies to take these into consideration. While future levels of defense and non-defense spending may vary and are difficult to project, we believe that there continues to be bipartisan support for defense and national security-related spending, particularly given the heightened current global threat environment.
Previous wording
While we view the budget environment as constructive and believe there is bipartisan support for continued investment in the areas of defense and national security, it is uncertain when (and if) in any particular GFY that appropriations bills will be passed. During those periods of time when appropriations bills have not been passed and signed into law, government agencies operate under a continuing resolution (CR), a temporary measure that typically allows the government to continue operations at prior year funding levels. On September 27, 2024, President Biden signed a CR for GFY25 that extended government funding through December 20, 2024, and on December 21, 2024, President Biden signed a CR for GFY25 that extended government funding through March 14, 2025. On March 15, 2025, President Trump signed a CR that extends government funding through September 30, 2025, the remainder of GFY25 (a “full-year” CR). This is the first time that the Department of Defense (DoD) has been funded by a full-year CR, and this latest CR has some anomalies included that make it different than a typical CR, including (1) new appropriation levels were established rather than using the GFY24 levels (e.g., defense spending raised to $892.5 billion, which is just under the $895 billion President Biden requested for GFY25), (2) DoD is allowed to start certain new programs, and (3) DoD was given expanded transfer authority to reallocate funding between different accounts.
Current wording
While we view the budget environment as constructive and believe there is bipartisan support for continued investment in the areas of defense and national security, it is uncertain when (and if) in any particular government fiscal year (GFY) that appropriations bills will be passed. During those periods of time when appropriations bills have not been passed and signed into law, government agencies operate under a continuing resolution (CR), a temporary measure that typically allows the government to continue operations at prior year funding levels. On March 15, 2025, President Trump signed a CR that extended government funding through September 30, 2025, the remainder of GFY25 (a full-year CR). This is the first time that the Department of Defense (DoD) has been funded by a full-year CR, and this latest CR has some anomalies included that make it different than a typical CR, including (i) new appropriation levels were established rather than using the GFY24 levels (e.g., defense spending raised to $893 billion, which is just under the $895 billion President Biden requested for GFY25), (ii) DoD is allowed to start certain new programs, and (iii) DoD was given expanded transfer authority to reallocate funding between different accounts.
Previous wording
Depending on their scope, duration, and other factors, CRs can negatively impact our business due to delays in new program starts, delays in contract award decisions, and other factors. When a CR expires, unless appropriations bills have been passed by Congress and signed by the President, or a new CR is passed and signed into law, the government must cease operations, or shutdown, except in certain emergency situations or when the law authorizes continued activity. We continuously review our operations in an attempt to identify programs potentially at risk from CRs so that we can consider appropriate contingency plans.
Current wording
Depending on their scope, duration, and other factors, CRs can negatively impact our business due to delays in new program starts, delays in contract award decisions, and other factors. When a CR expires, unless appropriations bills have been passed by Congress and signed by the President, or a new CR is passed and signed into law, the government must cease operations, or shutdown, except in certain emergency situations or when the law authorizes continued activity. We continuously review our operations in an attempt to identify programs potentially at risk from CRs or shutdowns so that we can consider appropriate contingency plans.
Previous wording
We provide Expertise and Technology to government customers. We believe that the total addressable market for our offerings is sufficient to support the Company's plans and is expected to continue to grow over the next several years. Approximately 75% of our revenue comes from defense-related customers, including those in the Intelligence Community (IC), with additional revenue coming from non-defense IC, homeland security, and other federal civilian customers.
Current wording
We provide Expertise and Technology to government customers. We believe that the total addressable market for our offerings is sufficient to support the Company’s plans and is expected to continue to grow over the next several years. Approximately 78% of our revenue comes from defense-related customers, including those in the Intelligence Community (IC), with additional revenue coming from non-defense IC, homeland security, and other federal civilian agencies.
Previous wording
We continue to align the Company’s capabilities with well-funded budget priorities and take steps to maintain a competitive cost structure in line with our expectations of future business opportunities. In light of these actions, as well as the budgetary environment discussed above, we believe we are well positioned to continue to win new business in our large addressable market. We believe that the following trends will influence the USG’s spending in our addressable market:
Current wording
We continue to align the Company’s capabilities with well-funded budget priorities and take steps to maintain a competitive cost structure in line with our expectations of future business opportunities. In light of these actions, as well as the budgetary environment discussed above, we believe we are well positioned to continue to win new business in our large addressable market. We believe that the following trends will influence the U.S. government’s spending in our addressable market:
Previous wording
•A stable-to-higher USG budget environment, particularly in national security-related areas (defense, intelligence, and border security);
Current wording
•A stable-to-higher U.S. government budget environment, particularly in national security-related areas (defense, intelligence, and border security);
Previous wording
•Increased investments in advanced technologies (e.g., Artificial Intelligence), particularly software-based technologies;
Current wording
•Increased investments in advanced technologies (e.g., AI), particularly software-based technologies;
Previous wording
We believe that our customers’ use of lowest price/technically acceptable (LPTA) procurements, which contributed to pricing pressures in past years, has moderated, though price still remains an important factor in procurements. We also continue to see protests of major contract awards and delays in USG procurement activities. In addition, many of our federal government contracts require us to employ personnel with security clearances, specific levels of education and specific past work experience. Depending on the level of clearance, security clearances can be difficult and time-consuming to obtain and competition for skilled personnel in the information technology services industry is intense. Additional factors that could affect USG spending in our addressable market include changes in set-asides for small businesses and changes in budgetary priorities, including efficiency initiatives like the Department of Government Efficiency (DOGE), limiting, delaying, or reducing federal government spending in general.
Current wording
We believe that our customers’ use of lowest price/technically acceptable (LPTA) procurements, which contributed to pricing pressures in past years, has moderated, though price still remains an important factor in procurements. We also continue to see protests of major contract awards and delays in U.S. government procurement activities. In addition, many of our federal government contracts require us to employ personnel with security clearances, specific levels of education, and specific past work experience. Depending on the level of clearance, security clearances can be difficult and time-consuming to obtain and competition for skilled personnel in the industry is intense. Additional factors that could affect U.S. government spending in our addressable market include changes in set-asides for small businesses and budgetary priorities, including efficiency initiatives like the Department of Government Efficiency, limiting, delaying, or reducing federal government spending in general.
Previous wording
Results of Operations for the Three and Nine Months Ended March 31, 2025 and 2024
Current wording
Results of Operations for the Three Months Ended September 30, 2025 and 2024
Previous wording
Revenues. The increase in revenues for the three and nine months ended March 31, 2025, as compared to the three and nine months ended March 31, 2024, was primarily attributable to new contract awards and growth on existing programs, and the two acquisitions completed during fiscal 2025.
Current wording
Revenues. The increase in revenues was partially attributable to organic growth of 5.5%, including new contract awards and growth on existing programs.
Previous wording
The following table summarizes revenues by customer type with related percentages of revenues for the three and nine months ended March 31, 2025 and 2024, respectively(in thousands):
Current wording
The following table summarizes revenues by customer type with related percentages of revenues for the three months ended September 30, 2025 and 2024, respectively (dollars in thousands):
Previous wording
•DoD revenues include Expertise and Technology provided to various Department of Defense customers.
Current wording
•DoD revenues include Expertise and Technology provided to various DoD customers, excluding IC.
Previous wording
•Federal civilian agencies’ revenues primarily include Expertise and Technology provided to non-DoD agencies and departments of the U.S. federal government, including intelligence agencies and Departments of Homeland Security, Justice, Agriculture, Health and Human Services, and State.
Current wording
•Federal civilian agencies revenues include Expertise and Technology provided to non-DoD and non-IC agencies and departments of the U.S. federal government, including the Departments of Homeland Security, Justice, Agriculture, Health and Human Services, and State.
Previous wording
•Commercial and other revenues primarily include Expertise and Technology provided to U.S. state and local governments, commercial customers, and certain foreign governments and agencies through our International reportable segment.
Current wording
•Commercial and other revenues primarily include Expertise and Technology provided to U.S. state and local governments, commercial customers, and certain foreign governments and agencies through our International Operations.
Previous wording
Direct Costs. The increase in direct costs for the three and nine months ended March 31, 2025, as compared to the prior year period, was primarily attributable to direct labor and materials costs from organic growth on existing programs and costs related to the acquisitions completed during fiscal 2025. As a percentage of revenue, direct costs were 66.2% and 67.2% for the three and nine months ended March 31, 2025, respectively, and 66.6% and 67.9% for the three and nine months ended March 31, 2024, respectively. Direct costs include direct labor, subcontractor costs, materials, and other direct costs.
Current wording
Direct Costs. Direct costs include direct labor, subcontractor costs, materials, and other direct costs. The increase in direct costs for the three months ended September 30, 2025, compared to the prior year period, was primarily attributable to the increase in revenues. As a percentage of revenue, direct costs were 67.6% and 68.8% for the three months ended September 30, 2025 and 2024, respectively.
Previous wording
Indirect Costs and Selling Expenses. As a percentage of revenue, indirect costs and selling expenses were 22.2% and 21.8% for the three and nine months ended March 31, 2025, respectively, and 22.2% and 22.1% for the three and nine months ended March 31, 2024, respectively. Indirect costs and selling expenses as a percentage of revenues was consistent for the three and nine months ended March 31, 2025, compared to the prior year period, due to cost efficiencies across the Company partially offset by acquisition-related costs. The increase in indirect costs and selling expenses for the three and nine months ended March 31, 2025, as compared to the prior year periods, was primarily attributable to increased expenses due to a larger workforce, resulting in increased fringe benefits and costs related to the acquisitions completed during fiscal 2025.
Current wording
Indirect Costs and Selling Expenses. The increase in indirect costs and selling expenses for the three months ended September 30, 2025, compared to the prior year period, was primarily attributable to an increase in fringe benefit expenses on a higher labor base. As a percentage of revenue, indirect costs and selling expenses were 20.7% and 20.8% for the three months ended September 30, 2025 and 2024, respectively driven by cost efficiencies across the Company.
Previous wording
Depreciation and Amortization. The increase in depreciation and amortization for the three and nine months ended March 31, 2025 was primarily attributable to intangible amortization from the two acquisitions completed during fiscal 2025.
Current wording
Depreciation and Amortization. The increase in depreciation and amortization for the three months ended September 30, 2025, compared to the prior year period, was due to the amortization of intangible assets acquired in fiscal 2025.
Previous wording
Interest Expense and Other, Net. The increase in interest expense and other, net for the three and nine months ended March 31, 2025, as compared to the prior year period, was primarily attributable to higher outstanding debt balances related to acquisitions completed during fiscal 2025.
Current wording
Interest Expense and Other, Net. The increase in interest expense and other, net for the three months ended September 30, 2025, compared to the prior year period, was primarily attributable to higher outstanding debt balances.
Previous wording
Income Tax Expense. The Company’s effective income tax rate was 26.0% and 23.0% for the three and nine months ended March 31, 2025, respectively, and 24.9% and 23.2% for the three and nine months ended March 31, 2024, respectively. The effective tax rates for the three and nine months ended March 31, 2025, and 2024 differ from the statutory rate of 21.0% primarily due to research and development tax credits and state income taxes.
Current wording
Income Tax Expense. The Company’s effective income tax rate was 24.9% and 22.9% for the three months ended September 30, 2025 and 2024, respectively. The effective tax rates for the three months ended September 30, 2025 and 2024 differ from the statutory rate of 21.0% primarily due to state income taxes and research and development tax credits.
Previous wording
The Company’s backlog represents value on existing contracts that has the potential to be recognized into revenues as work is performed. The Company includes unexercised option years in its backlog and excludes the value of task orders that may be awarded under multiple award indefinite delivery/indefinite quantity (“IDIQ”) vehicles until such task orders are issued.
Current wording
The Company’s backlog represents the value on existing contracts that has the potential to be recognized as revenues as work is performed. The Company includes unexercised option years in its backlog and excludes the value of task orders that may be awarded under multiple award indefinite delivery/indefinite quantity vehicles until such task orders are issued.
Previous wording
The Company’s backlog as of period end is either funded or unfunded:
Current wording
The Company’s backlog as of the period end is either funded or unfunded:
Previous wording
•Unfunded backlog represents estimated values that have the potential to be recognized into revenue from executed contracts for which funding has not been appropriated and unexercised priced contract options.
Current wording
•Unfunded backlog represents estimated values that have the potential to be recognized as revenue from executed contracts for which funding has not been appropriated and unexercised priced contract options.
Previous wording
As of March 31, 2025, the Company had total backlog of $31.4 billion, compared with $28.6 billion a year ago, an increase of 9.8%. Funded backlog as of March 31, 2025 was $4.2 billion. The total backlog consists of remaining performance obligations (see Note 5) plus unexercised options.
Current wording
As of September 30, 2025, the Company had a total backlog of $33.9 billion, compared to $32.4 billion a year ago, an increase of 4.6%. Funded backlog as of September 30, 2025 was $5.4 billion. The total backlog consists of remaining performance obligations (see Note 5) plus unexercised options.
Previous wording
There is no assurance that all funded or potential contract value will result in revenues being recognized. The Company continues to monitor backlog as it is subject to change from execution of new contracts, contract modifications or extensions, government deobligations, early terminations, or other factors. Based on this analysis, an adjustment to the period end balance may be required.
Current wording
There is no assurance that all funded or potential contract value will be recognized as revenue in the future. The Company continues to monitor its backlog, which is subject to changes due to execution of new contracts, contract modifications or extensions, government deobligations, early terminations, or other factors. Based on this analysis, an adjustment to the period end balance may be required.
Previous wording
Existing cash and cash equivalents and cash generated by operations are our primary sources of liquidity, as well as sales of receivables under our MARPA (as defined and discussed in Note 7) and available borrowings under our Credit Facility (as defined in Note 8).
Current wording
Existing cash and cash equivalents and cash generated by operations are our primary sources of liquidity, as well as sales of receivables under our Master Accounts Receivable Purchase Agreement (MARPA) and available borrowings under our revolving credit facility (the Revolving Facility), which permits renewable borrowings of up to $1,975.0 million. The Revolving Facility also has sub-facilities of $100.0 million for same-day swing line borrowings and $25.0 million for stand-by letters of credit.
Previous wording
The Company has a $3,200.0 million Credit Facility, which consists of a $1,975.0 million Revolving Facility and a $1,225.0 million Term Loan. The Revolving Facility is a secured facility that permits continuously renewable borrowings and has subfacilities of $100.0 million for same-day swing line borrowings and $25.0 million for stand-by letters of credit. As of March 31, 2025, we had $1,290.0 million outstanding under the Revolving Facility and no borrowings on the swing line.
Current wording
The Company has a $3,200.0 million senior secured credit facility (the Credit Facility), which consists of the Revolving Facility and a $1,225.0 million term loan facility (the Term Loan). As of September 30, 2025, there were no outstanding borrowings under the Revolving Facility, including the swing line and stand-by letters of credit. The Company also has the secured term loan (the Term Loan B Facility) and the senior unsecured notes (the 2033 Notes), with principal amounts of $750.0 million and $1,000.0 million, respectively.
Previous wording
Net cash provided by operating activities increased $50.9 million for the nine months ended March 31, 2025, when compared to the nine months ended March 31, 2024, primarily due to $127.6 million of higher earnings after adding back non-cash adjustments, partially offset by $76.7 million of net unfavorable changes in working capital driven by increased vendor disbursements.
Current wording
Net cash provided by operating activities increased $136.4 million for the three months ended September 30, 2025, compared to the three months ended September 30, 2024, primarily due to $53.6 million of higher earnings after adding back non-cash adjustments and $82.8 million of net favorable changes in working capital driven by decreased vendor disbursements.
Previous wording
Net cash used in investing activities increased by $1,556.6 million for the nine months ended March 31, 2025, when compared to the nine months ended March 31, 2024, primarily due to cash used in acquisitions.
Current wording
Net cash used in investing activities decreased by $10.5 million for the three months ended September 30, 2025, compared to the three months ended September 30, 2024, primarily due to refunds of purchase consideration from acquisitions.
Previous wording
We believe that the combination of internally generated funds, available bank borrowings, and cash and cash equivalents on hand will provide the required liquidity and capital resources necessary to fund on-going operations, customary capital expenditures, debt service obligations, share repurchases, and other working capital requirements over the next twelve months. In the future we may seek to borrow additional amounts under a long-term debt security. Over the longer term, our ability to generate sufficient cash flows from operations necessary to fulfill the obligations under the Credit Facility and any other indebtedness we may incur will depend on our future financial performance which will be affected by many factors outside of our control, including worldwide economic and financial market conditions.
Current wording
We believe that the combination of internally generated funds, available bank borrowings, and cash and cash equivalents on hand will provide the required liquidity and capital resources necessary to fund on-going operations, customary capital expenditures, debt service obligations, and other working capital requirements over the next twelve months. We may in the future seek to borrow additional amounts under existing debt instruments or new debt instruments. Over the longer term, our ability to generate sufficient cash flows from operations necessary to fulfill the obligations under the Credit Facility, Term Loan B Facility, 2033 Notes, and any other indebtedness we may incur will depend on our future financial performance which will be affected by many factors outside of our control, including current worldwide economic conditions and financial market conditions.
Previous wording
We have no material off-balance sheet financing arrangements.
Current wording
The Company has no material off-balance sheet financing arrangements.