CACI International Inc (NYSE: CACI), a leading professional
services and information technology solutions provider to the
federal government, announced results today for its third fiscal
quarter ended March 31, 2012.
Third Quarter Results
The following table summarizes results computed in accordance
with Generally Accepted Accounting Principles (GAAP).
(in millions
except per share data) Q3, FY12 Q3, FY11 %
Change Revenue $928.0 $913.4 1.6% Operating
income $72.8 $61.8 17.8% Net income
attributable to CACI $40.9 $36.4 12.2% Diluted
earnings per share $1.45 $1.16 25.0%
For the third quarter of Fiscal Year 2012 (FY12), we reported
record third quarter revenue of $928.0 million, an increase of 1.6
percent from the third quarter of Fiscal Year 2011 (FY11). Revenue
growth slowed during the quarter primarily due to lower pass
through other direct costs and slower-than-anticipated procurement
actions.
Pro Forma Third Quarter Results
During the year ended June 30, 2010, we completed two domestic
acquisitions with acquisition-related contingent consideration, or
earn-outs, which represented potential additional purchase
consideration based on the acquired company’s performance
post-acquisition. The fair values of the expected earn-outs were
recorded as liabilities on the balance sheet as of each acquisition
date, and were re-measured each quarter, with any change in the
fair values of the liabilities reflected in the income statement.
There were no earn-out adjustments in the third quarter of FY12.
The performance period for both acquisitions is complete and no
further payments will be due. In the third quarter of FY11, the
liabilities decreased, and operating income increased by $2.8
million. To provide a comparison of our results excluding the FY11
earn-out adjustment, pro forma results for the third quarter of
FY11 are shown below.
(in millions
except per share data) Q3, FY12 Q3, FY11 %
Change Revenue $928.0 $913.4 1.6% Pro forma
operating income, a non-GAAP measure $72.8 $59.0
23.3% Pro forma net income attributable to CACI, a non-GAAP
measure $40.9 $34.7 17.6% Pro forma diluted
earnings per share, a non-GAAP measure $1.45 $1.11
31.0%
Pro forma operating income grew 23.3 percent over the prior year
period to $72.8 million, driven primarily by solid growth of 8.1
percent in direct labor. Pro forma net income attributable to CACI
for the third quarter of FY12 was a record $40.9 million, or $1.45
pro forma diluted earnings per share, an increase of 17.6 percent
over pro forma net income attributable to CACI of $34.7 million, or
$1.11 pro forma diluted earnings per share, for the same period in
FY11. Net cash provided by operations in the quarter was $59.5
million. (See Reconciliation of Operating Income, Net Income and
Diluted Earnings Per Share to Pro Forma Amounts on page 13.)
CEO Commentary and Outlook
Paul Cofoni, CACI’s President and CEO, said, “We are pleased to
have achieved record third quarter results, given the challenging
environment. We continue to grow direct labor, the most important
driver of our bottom line performance, which has contributed to our
improved operating margin. Awards and funding orders remained
strong, and funded backlog improved relative to a year ago, a
positive indicator of our future financial performance. We are,
however, experiencing the effects of budget uncertainty on our
customers, leading to slower-than-anticipated procurement actions
that are affecting our revenue growth.
“We remain focused on our core strategy and continued solid
execution for our customers, which will help us navigate through
this period of uncertainty. We continue to focus on the key areas
of defense, intel, homeland security, and government transformation
in our large addressable market with an emphasis on continuing to
grow CACI direct labor. Our agility allows us to respond quickly to
our customers’ evolving priorities as they respond to spending
restraints. We are confident in our strategy and believe we are
well-positioned in this challenging environment.”
Additional Financial Metrics
Q3,
FY12 Q3, FY11 % Change Pro forma earnings before
interest, taxes, depreciation and amortization (EBITDA), a non-GAAP
measure (in millions) $86.7 $73.9 17.3% Pro
forma diluted adjusted earnings per share, a non-GAAP measure
$1.91 $1.55 23.1% Days sales outstanding
63 54
Third Quarter Contract Funding Orders and Awards
- Contract funding orders in the third
quarter were $800 million, an increase of 6.8 percent, compared
with $749 million in the year earlier quarter. Contract funding
orders for the first nine months of FY12 were $3.0 billion, an
increase of 10.6 percent over the first nine months of FY11.
- Funded backlog at March 31, 2012 was
$2.04 billion, a 4.7 percent increase over the third quarter of
FY11. Total backlog at March 31, 2012 was $7.65 billion, a 10.3
percent increase over the year earlier backlog.
- During the third quarter, we received
contract awards with an estimated value of $547 million, an
increase of 16.1 percent compared with $471 million in the year
earlier quarter. For the first nine months of FY12, the estimated
value of awards received was $3.55 billion, an increase of 34.8
percent over the first nine months of FY11. Third quarter awards
included:
- A $41 million, four-year task order to
continue as lead developer of the Defense Logistics Agency’s
Defense Agencies Initiative (DAI). The DAI program provides a
single accounting system and standard business processes for DoD’s
budget, finance, and accounting operations. CACI is providing
development, enhancement, and maintenance support for current and
future system releases. This recompete award expands our
capabilities in business system solutions and government
transformation.
- A $22.9 million, four-year task order
to augment planning support to Special Operations Forces. This
effort includes strategic integration, studies, and analysis
support. This award expands our capabilities in integrated security
and intelligence solutions.
- A $15 million, five-year contract for a
Department of Homeland Security component to provide operations,
maintenance, and optimization support for its Oracle Federal
Financial system. This award leverages our October 2011 acquisition
of Advanced Programs Group, and continues to validate CACI as a
market-leading provider of Oracle eBusiness Suite software
solutions to the federal government.
- Not included in the above estimated
value of awards in the quarter is:
- A prime position on the $3 billion,
five-year Department of Homeland Security Tactical Communications
indefinite delivery, indefinite quantity (IDIQ) contract. This
represents new systems development and network services business
for CACI and positions us to expand our DHS presence.
- A prime position on the $985 million,
five-year Consultant, Advisory, and Technical Services IDIQ
contract to support the Air Force Medical Service (AFMS). This new
systems integration work positions us to leverage existing AFMS
support to expand our growing healthcare IT business.
- A prime position on the $476 million,
five-year U.S. Government Omnibus Network Enterprise IDIQ contract
to provide telecommunications and IT solutions for the Executive
Branch, Defense Department, and other federal agencies. This new
business for CACI positions us to advance our enterprise IT
capabilities.
- A $78 million, five-year contract to
support the U.S. Air Force Office of the Civil Engineer’s NexGen IT
program replacing legacy systems with current technologies. CACI is
providing software integration, deployment, training, and help desk
operations for systems that help the Air Force manage real estate,
supply, housing, energy, and related functions. This new work
increases our government transformation business.
Other Third Quarter Highlights
- The appointment of John Mengucci as
Chief Operating Officer for U.S. Operations. Mr. Mengucci will
leverage his strong track record of implementing growth strategies
across large operations to grow our core business and expand our
capabilities into new markets. Mr. Mengucci’s experience includes
managing a 13,000-person, $4 billion business area in CACI’s market
space.
- The appointment of Mary Good as
Executive Vice President and Chief Human Resources Officer. Ms.
Good will work closely with CACI’s executive team, business groups,
and staff organizations to continue the company’s long-standing
corporate culture of employee development and align human resources
initiatives with the company’s strategic goals and objectives.
Third Quarter Recognitions
- CACI was named one of the World’s Most
Admired Companies for 2012 by Fortune Magazine. The company placed
5th among Information Technology Services companies and in the Top
10 companies in its headquarters state of Virginia.
- CACI received the ERE Recruiting
Excellence Award for “Recruiting Department of the Year” for the
second consecutive year. The Electronic Recruiting Exchange (ERE)
is the world’s largest online community and forum for recruiting
professionals, and CACI is the only company to win this top award
in back-to-back years.
- CACI was featured on WhiteHouse.gov,
the official website of President Barack Obama, for our support of
Joining Forces, a comprehensive national initiative to mobilize all
sectors of society to support service members and their
families.
- Executive Vice President Dan Porter,
head of the company’s Enterprise Technologies and Services business
group, was named to Federal Computer Week’s Federal 100 list of
government and industry leaders in the federal government
information technology community. He joins a select group of
professionals who have received this honor as both a government
employee and an industry executive.
Nine Month Results
The following table summarizes GAAP results, including the
effects of earn-out adjustments.
(in millions
except per share data) 9 Months, FY12 9 Months, FY11
% Change Revenue $2,825.6 $2,614.6 8.1%
Operating income $223.1 $173.3 28.7% Net
income attributable to CACI $124.1 $98.3 26.2%
Diluted earnings per share $4.37 $3.16 38.2%
Revenue grew 8.1 percent in the first nine months of FY12, with
the strongest increases in our intelligence, surveillance and
reconnaissance (ISR) and other intelligence related solutions and
in enterprise information technology services. Operating income and
net income increased in the first nine months of FY12 as a result
of solid growth of 10.6 percent in direct labor, a large, one-time
commercial product sale, and strong performance on a fixed price
contract. Revenue, operating income and net income attributable to
CACI all reached record levels in the first nine months of
FY12.
Pro Forma Nine Months Results
As a result of the earn-out adjustment described on page one of
this release, during the first nine months of FY12, liabilities
decreased $0.6 million with a corresponding increase to operating
income, due to reductions in the fair value of the earn-out
liabilities, and during the first nine months of FY11, liabilities
decreased, and operating income increased, by $1.9 million. To
provide a comparison of our results excluding these earn-out
adjustments, pro forma results for the first nine months of FY12
and FY11 are shown below.
(in millions
except per share data) 9 Months, FY12 9 Months, FY11
% Change Revenue $2,825.6 $2,614.6 8.1%
Pro forma operating income, a non-GAAP measure $222.5
$171.4 29.8% Pro forma net income attributable to CACI, a
non-GAAP measure $123.7 $97.2 27.3% Pro forma
diluted earnings per share, a non-GAAP measure $4.36
$3.12 39.4%
Pro forma operating income increased 29.8 percent in the first
nine months of FY12 to $222.5 million for the reasons cited above.
Pro forma net income attributable to CACI for the first nine months
of FY12 was $123.7 million, or $4.36 diluted earnings per share, an
increase of 27.3 percent over pro forma net income attributable to
CACI of $97.2 million, or $3.12 pro forma diluted earnings per
share, in FY11. Net cash provided by operations in the first nine
months of FY12 was $144.8 million, compared to $145.7 million in
the first nine months of FY11. Revenue, pro forma operating income,
and pro forma net income attributable to CACI all reached record
levels in the first nine months of FY12 (See Reconciliation of
Operating Income, Net Income and Diluted Earnings Per Share to Pro
Forma Amounts on page 13.)
Additional Financial Metrics
9 Months,FY12
9 Months,FY11
% Change Pro forma earnings before interest, taxes,
depreciation and amortization (EBITDA), a non-GAAP measure (in
millions) $265.1 $213.8 24.0% Pro forma
diluted adjusted earnings per share, a non-GAAP measure
$5.72 $4.41 29.7%
CACI Updates FY12 Guidance
For FY12, we are revising our revenue guidance
primarily due to lower pass through other direct costs and slower
than anticipated procurement actions and are increasing our
earnings guidance.
(In millions except for earnings
per share)
NewFY 2012 Guidance
PreviousFY
2012Guidance
Revenue $3,730 - $3,830 $3,850 - $4,050 Net income
attributable to CACI $163 - $169 $162 - $168
Effective corporate tax rate 39.3% 39.8% Diluted
earnings per share $5.74 - $5.95 $5.72 - $5.94
Diluted weighted average shares 28.4 28.3
This guidance represents our views as of May 2, 2012. Investors
are reminded that actual results may differ for the reasons
described herein and in our filings with the Securities and
Exchange Commission.
Fiscal Year 2013 Annual Guidance To Be Released on June 27,
2012
We have begun our annual planning process and are actively
developing our FY13 plans. In our planning and in comparing our
FY13 with our FY12, we are not including two material events that
positively impacted our current fiscal year’s results because we
believe they are one-time events that will not occur again. The
first one-time event is the commercial product sale that generated
$6 million of net income in the first quarter of FY12. The second
one-time event is the greater-than-expected profitability on the
large fixed price contract which generated an additional $7 million
in net income during the first three quarters of FY12.
We are in the early stages of developing our FY13 plan. Our
preliminary view is that we do not expect to realize the growth
rates we have experienced in recent years due to continued
challenges related to uncertainty in the government budget process,
delays in government procurement activities, and the drawdown in
Southwest Asia.
We remain optimistic in our agility and competitiveness in the
high-priority markets of defense, intelligence, homeland security,
and government transformation, with the expectation of higher
growth opportunities in transformation, cyberspace, healthcare IT,
and Special Operations in this fiscal year and beyond.
Conference Call Information
We have scheduled a conference call for 8:30 AM Eastern Time
Thursday, May 3, 2012 during which members of our senior management
team will be making a brief presentation focusing on third quarter
results and operating trends followed by a question-and-answer
session. You can listen to the conference call and view the
accompanying exhibits over the Internet by logging on to our
homepage, www.caci.com, at the scheduled time, or you may
dial 877-303-9143 and enter the confirmation code 57228925. A
replay of the call will also be available over the Internet
beginning at 1:00 PM Eastern Time Thursday, May 3, 2012, and can be
accessed through our homepage (www.caci.com) by clicking on
the CACI Investor Info button.
About CACI
Celebrating our 50th year in business, CACI sustains an
exceptional record of success by providing professional services
and IT solutions needed to prevail in the areas of defense,
intelligence, homeland security, and IT modernization and
government transformation. We deliver enterprise IT and network
services; data, information, and knowledge management services;
business system solutions; logistics and material readiness; C4ISR
solutions and services; cyber solutions; integrated security and
intelligence solutions; and program management and SETA support
services. CACI solutions help federal clients provide for national
security, improve communications and collaboration, secure
information systems and networks, enhance data collection and
analysis, and increase efficiency and mission effectiveness. A
member of the Fortune 1000 Largest Companies and the Russell 2000
index, CACI provides dynamic careers for approximately 14,600
employees working in over 120 offices in the U.S. and Europe. Visit
CACI on the web at www.caci.com and www.asymmetricthreat.net.
There are statements made herein which do not address historical
facts, and therefore could be interpreted to be forward-looking
statements as that term is defined in the Private Securities
Litigation Reform Act of 1995. Such statements are subject to
factors that could cause actual results to differ materially from
anticipated results. The factors that could cause actual results to
differ materially from those anticipated include, but are not
limited to, the following: regional and national economic
conditions in the United States and globally (including the impact
of uncertainty regarding U.S. debt limits and actions taken related
thereto); terrorist activities or war; changes in interest rates;
currency fluctuations; significant fluctuations in the equity
markets; changes in our effective tax rate; valuation of contingent
consideration in connection with business combinations; failure to
achieve contract awards in connection with recompetes for present
business and/or competition for new business; the risks and
uncertainties associated with client interest in and purchases of
new products and/or services; continued funding of U.S. government
or other public sector projects, based on a change in spending
patterns, or in the event of a priority need for funds, such as
homeland security, the war on terrorism, or an economic stimulus
package; government contract procurement (such as bid protest,
small business set asides, loss of work due to organizational
conflicts of interest, etc.) and termination risks; the results of
government investigations into allegations of improper actions
related to the provision of services in support of U.S. military
operations in Iraq; the results of government audits and reviews
conducted by the Defense Contract Audit Agency, the Defense
Contract Management Agency, or other government entities with
cognizant oversight; individual business decisions of our clients;
paradigm shifts in technology; competitive factors such as pricing
pressures and/or competition to hire and retain employees
(particularly those with security clearances); market speculation
regarding our continued independence; material changes in laws or
regulations applicable to our businesses, particularly in
connection with (i) government contracts for services, (ii)
outsourcing of activities that have been performed by the
government, and (iii) competition for task orders under Government
Wide Acquisition Contracts (“GWACs”) and/or schedule contracts with
the General Services Administration; the ability to successfully
integrate the operations of our recent and any future acquisitions;
our own ability to achieve the objectives of near term or long
range business plans; and other risks described in the company’s
Securities and Exchange Commission filings.
(Financial Tables follow)
CACI-Financial
Selected Financial
Data CACI International Inc Condensed
Consolidated Statements of Operations (Unaudited) (Amounts in
thousands, except per share amounts)
Quarter Ended
Nine Months Ended 3/31/2012
3/31/2011 % Change
3/31/2012
3/31/2011 % Change Revenue $ 927,962
$ 913,369 1.6 % $ 2,825,600 $ 2,614,618
8.1 % Costs of revenue Direct costs 632,570 645,404 -2.0 %
1,946,899 1,843,410 5.6 % Indirect costs and selling expenses
208,843 191,403 9.1 % 613,666 555,972 10.4 % Depreciation and
amortization 13,768 14,777 -6.8 %
41,894 41,919 -0.1 % Total costs of
revenue 855,181 851,584 0.4 %
2,602,459 2,441,301 6.6 % Operating income
72,781 61,785 17.8 % 223,141 173,317 28.7 % Interest expense and
other, net 6,175 5,674 8.8 %
18,313 17,498 4.7 % Income before income taxes
66,606 56,111 18.7 % 204,828 155,819 31.5 % Income taxes
25,475 19,397 31.3 % 80,304
56,781 41.4 %
Net income including portion attributable
to noncontrolling interest in earnings of joint venture
41,131 36,714 12.0 % 124,524 99,038 25.7 %
Noncontrolling interest in earnings of
joint venture
(275 ) (287 ) -4.2 % (467 ) (721 )
-35.2 % Net income attributable to CACI $ 40,856 $
36,427 12.2 % $ 124,057 $ 98,317 26.2 %
Basic earnings per share $ 1.54 $ 1.20 28.4 % $ 4.54 $ 3.24 40.1 %
Diluted earnings per share $ 1.45 $ 1.16 25.0 % $ 4.37 $ 3.16 38.2
% Weighted average shares used in per share computations:
Basic 26,537 30,373 27,303 30,321 Diluted 28,086 31,300 28,402
31,102
Statement of Operations Data (Unaudited)
Quarter Ended Nine Months Ended
3/31/2012 3/31/2011 % Change
3/31/2012 3/31/2011 %
Change Operating income margin 7.8 % 6.8 % 7.9 % 6.6 % Tax
rate 38.4 % 34.7 % 39.3 % 36.6 % Net income margin 4.4 % 4.0 % 4.4
% 3.8 % Pro forma EBITDA* $ 86,746 $ 73,944 17.3 % $ 265,109
$ 213,814 24.0 % Pro forma EBITDA margin 9.3 % 8.1 % 9.4 % 8.2 %
Pro forma adjusted net income* $ 53,701 $ 48,608 10.5 % $
162,369 $ 137,046 18.5 % Pro forma diluted adjusted earnings per
share $ 1.91 $ 1.55 23.1 % $ 5.72 $ 4.41 29.7 %
*See Reconciliation of Net Income to Pro
Forma Earnings before Interest, Taxes, Depreciation and
Amortization and to Pro Forma Adjusted Net Income on page 12.
Selected Financial Data (Continued)
CACI International Inc Condensed Consolidated
Balance Sheets (Unaudited) (Amounts in thousands)
3/31/2012 6/30/2011 ASSETS: Current
assets Cash and cash equivalents $ 48,929 $ 164,817 Accounts
receivable, net 669,275 573,042 Prepaid expenses and other current
assets 43,861 44,219 Total current assets 762,065
782,078 Goodwill and intangible assets, net 1,526,809
1,374,387 Property and equipment, net 66,373 62,755 Other long-term
assets 113,845 100,911 Total assets $ 2,469,092 $
2,320,131
LIABILITIES AND SHAREHOLDERS' EQUITY:
Current liabilities Current portion of long-term debt $ 7,500 $
7,500 Accounts payable 128,004 98,893 Accrued compensation and
benefits 173,494 173,586 Other accrued expenses and current
liabilities 152,101 157,242 Total current liabilities
461,099 437,221 Long-term debt, net of current portion
565,757 402,437 Other long-term liabilities 203,574
170,857 Total liabilities 1,230,430 1,010,515
Shareholders' equity 1,238,662 1,309,616 Total
liabilities and shareholders' equity $ 2,469,092 $ 2,320,131
Selected Financial Data (Continued)
CACI International Inc Condensed Consolidated Statements
of Cash Flows (Unaudited) (Amounts in thousands)
Nine
Months Ended 3/31/2012
3/31/2011 CASH FLOWS FROM OPERATING
ACTIVITIES:
Net income including portion attributable
to noncontrolling interest in earnings of joint venture
$ 124,524 $ 99,038 Reconciliation of net income to net cash
provided by operating activities: Depreciation and amortization
41,894 41,919 Non-cash interest expense 8,946 8,359 Amortization of
deferred financing costs 1,743 2,274 Stock-based compensation
expense 11,095 13,109 Provision for deferred income taxes 18,109
7,805 Other 1,274 - Undistributed earnings of unconsolidated joint
ventures (1,133 ) (1,187 ) Changes in operating assets and
liabilities Accounts receivable, net (73,120 ) (24,787 ) Prepaid
expenses and other assets (9,397 ) (15,314 ) Accounts payable and
accrued expenses 35,571 5,615 Accrued compensation and benefits
(12,037 ) 6,392 Income taxes receivable and payable (9,787 ) (9,079
) Other liabilities 7,116 11,508 Net
cash provided by operating activities 144,798
145,652
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures (12,794 ) (9,170 ) Purchases of businesses,
net of cash acquired (179,746 ) (129,621 ) Investment in
unconsolidated joint venture, net - (4,264 ) Other (1,128 )
749 Net cash used in investing activities
(193,668 ) (142,306 )
CASH FLOWS FROM FINANCING
ACTIVITIES: Net proceeds (payments) under credit facilities
153,126 (136,550 ) Payment of contingent consideration (20,255 ) -
Proceeds from employee stock purchase
plans
3,118 3,264 Proceeds from exercise of stock options 7,410 18,136
Repurchases of common stock (209,680 ) (47,040 ) Other (589
) 1,291 Net cash used in financing activities
(66,870 ) (160,899 ) Effect of exchange rate changes on cash
and cash equivalents (148 ) 1,358 Net decrease
in cash and cash equivalents (115,888 ) (156,195 ) Cash and cash
equivalents, beginning of period 164,817
254,543 Cash and cash equivalents, end of period $ 48,929
$ 98,348
Selected Financial Data
(Continued)
Revenue by Customer Type (Unaudited) Quarter Ended
(dollars in thousands)
3/31/2012 3/31/2011
$ Change % Change
Department of Defense $ 718,982 77.5 % $ 735,639 80.5 % $
(16,657 ) -2.3 % Federal Civilian Agencies 159,201 17.2 % 129,349
14.2 % 29,852 23.1 % Commercial 46,667 5.0 % 44,917 4.9 % 1,750 3.9
% State and Local Governments 3,112 0.3 %
3,464 0.4 % (352 ) -10.2 % Total
$ 927,962 100.0 % $ 913,369 100.0 % $
14,593 1.6 %
Nine Months Ended
(dollars in thousands)
3/31/2012
3/31/2011
$ Change % Change Department of
Defense $ 2,220,916 78.6 % $ 2,078,870 79.5 % $ 142,046 6.8 %
Federal Civilian Agencies 452,342 16.0 % 399,251 15.3 % 53,091 13.3
% Commercial 141,372 5.0 % 126,179 4.8 % 15,193 12.0 % State and
Local Governments 10,970 0.4 % 10,318
0.4 % 652 6.3 % Total $
2,825,600 100.0 % $ 2,614,618 100.0 % $
210,982 8.1 %
Revenue by Contract Type
(Unaudited) Quarter Ended
(dollars in thousands)
3/31/2012
3/31/2011 $ Change
% Change Time and materials $ 263,317 28.4 % $
346,142 37.9 % $ (82,825 ) -23.9 % Cost reimbursable 416,369 44.9 %
338,383 37.0 % 77,986 23.0 % Fixed price 248,276 26.7
% 228,844 25.1 % 19,432
8.5 % Total $ 927,962 100.0 % $ 913,369
100.0 % $ 14,593 1.6 %
Nine Months
Ended (dollars in thousands)
3/31/2012 3/31/2011
$ Change % Change
Time and materials $ 839,811 29.7 % $ 1,082,635 41.4 % $
(242,824 ) -22.4 % Cost reimbursable 1,224,323 43.3 % 889,386 34.0
% 334,937 37.7 % Fixed price 761,466 27.0 %
642,597 24.6 % 118,869
18.5 % Total $ 2,825,600 100.0 % $ 2,614,618
100.0 % $ 210,982 8.1 %
Revenue
Received as a Prime versus Subcontractor (Unaudited) Quarter
Ended (dollars in thousands)
3/31/2012 3/31/2011
$ Change % Change
Prime $ 821,776 88.6 % $ 798,428 87.4 % $ 23,348 2.9 %
Subcontractor 106,186 11.4 % 114,941
12.6 % (8,755 ) -7.6 % Total $ 927,962
100.0 % $ 913,369 100.0 % $ 14,593
1.6 %
Nine Months Ended
(dollars in thousands)
3/31/2012
3/31/2011 $
Change % Change Prime $ 2,498,341 88.4
% $ 2,262,517 86.5 % $ 235,824 10.4 % Subcontractor 327,259
11.6 % 352,101 13.5 %
(24,842 ) -7.1 % Total $ 2,825,600 100.0 % $
2,614,618 100.0 % $ 210,982 8.1 %
Selected Financial Data (Continued)
Contract Funding Orders Received
(Unaudited) Quarter Ended
(dollars in thousands)
3/31/2012
3/31/2011 $ Change %
Change Contract Funding Orders $ 800,327 $
749,103 $ 51,224 6.8 %
Nine Months Ended
(dollars in thousands)
3/31/2012 3/31/2011 $
Change % Change Contract Funding Orders
$ 3,008,927 $ 2,721,388 $ 287,539 10.6 %
Direct Costs by
Category (Unaudited) Quarter Ended
(dollars in thousands)
3/31/2012
3/31/2011 $ Change %
Change Direct labor $ 252,229 39.9 % $ 233,257 36.1 % $
18,972 8.1 % Other direct costs 380,341 60.1 %
412,147 63.9 % (31,806 ) -7.7 %
Total direct costs $ 632,570 100.0 % $ 645,404
100.0 % $ (12,834 ) -2.0 %
Nine Months
Ended (dollars in thousands)
3/31/2012 3/31/2011
$ Change % Change Direct labor $
725,845 37.3 % $ 656,149 35.6 % $ 69,696 10.6 % Other direct costs
1,221,054 62.7 % 1,187,261 64.4
% 33,793 2.8 % Total direct costs $
1,946,899 100.0 % $ 1,843,410 100.0 % $
103,489 5.6 %
Reconciliation of Total Revenue Growth and
Organic Revenue Growth(Unaudited)
We are presenting organic revenue growth to reflect the effect
of acquisitions on total revenue growth. Revenue generated from the
date a business is acquired through the first anniversary of that
date is considered acquired revenue growth. All remaining revenue
growth is considered organic. We believe that this non-GAAP
financial measure provides investors with useful information to
evaluate the growth rate of our core business. This non-GAAP
measure should not be considered in isolation or as a substitute
for performance measures prepared in accordance with GAAP.
Quarter Ended
Twelve Months Ended (dollars in
thousands)
3/31/2012 3/31/2011 %
Change 3/31/2012 3/31/2011
% Change Revenue, as reported $ 927,962 $ 913,369
1.6% $ 3,788,761 $ 3,463,335 9.4% Less: Acquired revenue
28,118 95,495
Organic revenue $ 899,844 $ 913,369
-1.5% $ 3,693,266 $ 3,463,335 6.6%
Selected Financial Data
(Continued)Reconciliation of Net Income to Pro Forma
Earnings Before Interest, Taxes, Depreciation and Amortization
(EBITDA) and to Pro Forma Adjusted Net
Income(Unaudited)
The Company views EBITDA, EBITDA margin, Adjusted Net Income
Attributable to CACI and Diluted Adjusted Earnings Per Share as
important indicators of performance, consistent with the manner in
which management measures and forecasts the Company’s performance.
EBITDA is a commonly used non-GAAP measure when comparing our
results with those of other companies. We believe Adjusted Net
Income Attributable to CACI is a significant driver of long-term
value and is used by investors to measure our performance. This
measure in particular assists readers in further understanding our
results and trends from period-to-period by removing certain
non-cash items that do not impact the cash flow performance of our
business. We are presenting EBITDA, EBITDA margin, Adjusted Net
Income Attributable to CACI and Diluted Adjusted Earnings Per Share
on a pro forma basis, to remove the impact of the earn-out
adjustments described on page 1 of this release as we believe these
pro forma measures are a better indicator of our ongoing, recurring
operations. Pro forma EBITDA is defined by us as GAAP net income
attributable to CACI plus net interest expense, income taxes, and
depreciation and amortization, and less the earn-out adjustment
described on page 1. Pro forma EBITDA margin is pro forma EBITDA
divided by revenue. Pro forma Adjusted Net Income Attributable to
CACI is defined by us as GAAP net income attributable to CACI plus
stock-based compensation expense, depreciation and amortization,
and amortization of financing costs, and less the earn-out
adjustment described on page 1; net of related tax effects computed
using an assumed marginal tax rate of 39.3 percent. Pro forma
Diluted Adjusted Earnings Per Share is Pro forma Adjusted Net
Income Attributable to CACI divided by diluted weighted-average
shares, as reported. Pro forma EBITDA and Pro forma Adjusted Net
Income Attributable to CACI as defined by us may not be computed in
the same manner as similarly titled measures used by other
companies. These non-GAAP measures should not be considered in
isolation or as a substitute for performance measures prepared in
accordance with GAAP.
Quarter Ended Nine Months Ended
(dollars in thousands)
3/31/2012 3/31/2011
% Change 3/31/2012
3/31/2011 % Change
Net income attributable to CACI, as
reported
$ 40,856 $ 36,427 12.2 % $ 124,057 $ 98,317
26.2 % Plus: Income taxes 25,475 19,397 31.3 % 80,304 56,781
41.4 % Interest income and expense, net 6,647 6,108 8.8 % 19,446
18,685 4.1 % Depreciation and amortization 13,768 14,777 -6.8 %
41,894 41,919 -0.1 % Less: Earn-out adjustment -
(2,765 ) -100.0 % (592 )
(1,888 ) -68.6 % Pro forma EBITDA $ 86,746
$ 73,944 17.3 % $ 265,109
$ 213,814 24.0 %
Quarter Ended
Nine Months Ended (dollars in thousands)
3/31/2012
3/31/2011 % Change
3/31/2012 3/31/2011 % Change
Revenue, as reported $ 927,962 $ 913,369 1.6 % $ 2,825,600 $
2,614,618 8.1 % Pro forma EBITDA $ 86,746 $ 73,944
17.3 % $ 265,109 $ 213,814
24.0 % Pro forma EBITDA margin 9.3 %
8.1 % 9.4 % 8.2 %
Quarter Ended Nine Months
Ended (dollars in thousands)
3/31/2012
3/31/2011 % Change 3/31/2012
3/31/2011 % Change
Net income attributable to CACI, as
reported
$ 40,856 $ 36,427 12.2 % $ 124,057 $ 98,317 26.2 % Plus:
Stock-based compensation 3,852 4,696 -18.0 % 11,095 13,109 -15.4 %
Depreciation and amortization 13,768 14,777 -6.8 % 41,894 41,919
-0.1 % Amortization of financing costs 495 512 -3.3 % 1,743 2,274
-23.4 % Non-cash interest expense 3,036 2,837 7.0 % 8,946 8,359 7.0
% Less: Earn-out adjustment - (2,765 ) -100.0 % (592 ) (1,888 )
-68.6 % Related tax effect (8,306 ) (7,876 )
5.5 % (24,774 ) (25,044 )
-1.1 %
Pro forma adjusted net
income attributable to CACI
$ 53,701 $ 48,608 10.5 % $
162,369 $ 137,046 18.5 %
Quarter Ended Nine Months Ended (shares in
thousands)
3/31/2012 3/31/2011 %
Change 3/31/2012 3/31/2011
% Change
Diluted weighted average shares, as
reported
28,086 31,300 28,402 31,102 Diluted earnings per share, as reported
$ 1.45 $ 1.16 25.0 % $ 4.37
$ 3.16 38.2 % Pro forma diluted
adjusted earnings per share $ 1.91 $ 1.55
23.1 % $ 5.72 $ 4.41 29.7
%
Selected Financial Data (continued)
Reconciliation of Operating Income, Net
Income and Diluted Earnings Per Share to Pro Forma
Amounts(Unaudited)
As described on page 1, the Company is presenting pro forma
Operating Income, Net Income attributable to CACI, and Diluted
Earnings per Share to present results excluding the impact of
earn-out adjustments. For periods in which the earn-out adjustment
resulted in income statement recognition, the adjustment was
recorded within indirect costs and selling expenses. The Company
believes that presenting the key measures of Operating Income, Net
Income attributable to CACI, and Diluted Earnings per Share without
the impact of these adjustments to indirect costs and selling
expenses provides readers a better indicator of our ongoing,
recurring operations. These non-GAAP measures should not be
considered in isolation or as a substitute for performance measures
prepared in accordance with GAAP.
Quarter Ended
Nine Months Ended (dollars in thousands)
3/31/2012 3/31/2011 % Change
3/31/2012 3/31/2011 %
Change Operating income, as reported $ 72,781 $ 61,785 17.8 % $
223,141 $ 173,317 28.7 % Less: Earn-out adjustment -
(2,765 ) -100.0 % (592 )
(1,888 ) -68.6 % Pro forma operating income $ 72,781
$ 59,020 23.3 % $ 222,549 $
171,429 29.8 %
Quarter Ended
Nine Months Ended (dollars in thousands)
3/31/2012 3/31/2011 % Change
3/31/2012 3/31/2011 %
Change
Net income attributable to CACI, as
reported
$ 40,856 $ 36,427 12.2 % $ 124,057 $ 98,317 26.2 % Less: Earn-out
adjustment - (2,765 ) -100.0 % (592 ) (1,888 ) -68.6 % Plus:
Related tax effect* - 1,086
-100.0 % 234 741
-68.5 %
Pro forma net income attributable to
CACI
$ 40,856 $ 34,748 17.6 % $ 123,699
$ 97,170 27.3 %
Quarter Ended Nine Months Ended (shares in
thousands)
3/31/2012 3/31/2011 %
Change 3/31/2012 3/31/2011
% Change
Diluted weighted average shares,as
reported
28,086 31,300 28,402 31,102 Diluted earnings per share, as reported
$ 1.45 $ 1.16 25.0 % $ 4.37
$ 3.16 38.2 % Pro forma diluted earnings per
share $ 1.45 $ 1.11 31.0 % $ 4.36
$ 3.12 39.4 % * Computed using
an assumed marginal tax rate of 39.3 percent.
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