Revenue of $894.2 million
Net income of $35.0 million
Diluted earnings per share of $1.38
Contract awards of $717 million
Net income increases excluding the impact of
the acquisition
CACI International Inc (NYSE: CACI), a leading information
solutions and services provider to the federal government,
announced results today for its second fiscal quarter ended
December 31, 2013.
CEO Commentary and Outlook
Ken Asbury, CACI’s President and CEO, said, “Our results reflect
solid execution of our strategy during a difficult period for our
customers and our industry. During the quarter, we secured
significant contract awards, received solid contract funding, and
grew CACI net income by 8 percent, excluding Six3 Systems. We
completed the acquisition of Six3 Systems, Inc., which positions
CACI as a leader in advanced intelligence and cyber security
offerings to our national security customers. Six3 brings a unique
set of signals intelligence and cyber capabilities that are
increasingly essential to protecting our country against growing
international threats.
“We remain focused on those factors that we control, which
contribute to profitability and build and deliver future
shareholder value: winning new business, delivering consistent
value to our customers, and using our capital to make investments
that improve our future performance.”
Second Quarter Results
(in millions except per-share data) Q2, FY14
Q2, FY13 % Change Revenue
$894.2 $931.6 -4.0% Operating income
$66.5 $69.6 -4.5% Net
income attributable to CACI $35.0 $39.7
-11.9% Diluted earnings per share $1.38
$1.69 -18.0%
Revenue for the second quarter of Fiscal Year 2014 (FY14)
decreased 4.0 percent compared to the second fiscal quarter of
Fiscal Year 2013 (FY13). The decrease in revenue in the second
quarter was driven primarily by federal government budget-related
activities and the 16-day government shutdown in October. The
decrease in operating income in the quarter was due primarily to
$9.7 million of one-time acquisition-related expenses for Six3
Systems (Six3). Interest expense increased in the quarter as a
result of $2.6 million of interest incurred on the additional debt
associated with the acquisition of Six3. Net income attributable to
CACI in the second quarter was $35.0 million, or $1.38 diluted
earnings per share. The greater decrease in diluted earnings per
share as compared to the decrease in net income is due to the
dilutive effect of our convertible notes which mature in May 2014.
Net cash provided by operations in the quarter was $17.3
million.
From the date of acquisition through December 31, 2013, Six3
generated $48.9 million of revenue and $0.1 million of net income.
Six3’s net income includes $2.8 million of acquisition-related
intangible amortization and $0.8 million of retention bonus related
expenses.
Additional Financial Metrics
Q2, FY14 Q2, FY13
% Change Earnings before interest, taxes, depreciation and
amortization (EBITDA), a non-GAAP measure (in millions)
$83.2 $83.5 -0.3% Diluted
adjusted earnings per share, a non-GAAP measure $2.05
$2.22 -7.6% Days sales outstanding
67 59
Days sales outstanding increased primarily as a result of the
move by the government to pay at terms.
Second Quarter Awards and Contract Funding
Our contract awards were $717 million in the quarter, 39.8
percent higher than the $512 million of the year earlier period,
and we received awards in all ten of our markets. Approximately 25
percent of our awards in the quarter were new business while over
60 percent were recompete wins. Some of our new business and
recompete contract awards during the quarter included:
- Approximately $300 million in new and
recompete task order awards under the Department of Justice Mega 4
contract. This work reinforces our continued strong presence in our
Investigation and Litigation Support market area.
- A $28 million, five-year award to
provide software and systems engineering support for the U.S.
Transportation Command’s Defense Personal Property System. This new
work expands our presence in the Business Systems Solutions market
area.
Contract funding orders in the second quarter were $599 million.
Our total backlog at December 31, 2013 was $7.6 billion. Funded
backlog at December 31, 2013 was $1.8 billion. Backlog does not
incorporate any contribution from Six3 as we have yet to complete
our analysis as part of the integration of their operations into
CACI.
We added to our inventory of indefinite delivery, indefinite
quantity (IDIQ) contract vehicles during the quarter. IDIQ contract
vehicles support our growth plans across our ten markets and
provide us the flexibility to deliver on our customers’
mission-critical requirements. During the quarter we received the
following IDIQ award:
- An $899 million, five-year multiple
award to support Transport and Computing Infrastructure (TCI) for
the Space and Naval Warfare (SPAWAR) Atlantic Business Portfolio.
This new work is the fifth “Pillar” contract that we have been
awarded, and provides full system lifecycle support for mission
areas within the TCI portfolio for SPAWAR Systems Center Atlantic.
It expands our business in the Enterprise IT market area.
Second Quarter Highlights
- On November 15, 2013, we closed on our
acquisition of Six3 Systems. The largest acquisition in CACI’s
history, Six3 brings approximately 1,600 new employees. Six3 adds
distinctive cyberspace, C4ISR, and intelligence capabilities to our
solutions and services, deepens our current customer base, and
brings us new customers. Six3 positions us as a leader in
mission-critical national and tactical intelligence, as well as
operations and intelligence fusion.
- Dr. J.P. (Jack) London, CACI Executive
Chairman and Chairman of the Board, was honored with the Admiral of
the Navy George Dewey Award from the Naval Order of the United
States. The award recognizes Dr. London’s unique achievements in
continually advancing the interests of the U.S. and the U.S. Navy.
This includes both his personal accomplishments as well as leading
CACI’s support for Navy missions ranging from developing better
logistics processes in the 1970s to delivering innovative solutions
for some of the Navy’s most complex information technology and
intelligence, surveillance and reconnaissance challenges
today.
- CACI placed 20th in The Washington
Post’s annual ranking of the top 200 public companies in the
Washington, D.C. metropolitan area. This ranking reflects our
continuing status as an industry leader and formidable competitor
among federal government contractors.
- Our recruiting team continued to be
recognized for our technical innovation and support for military
hiring.
- CACI received the Optimas Award from
Workforce Magazine, a multimedia publication dedicated to human
resources, for mobile recruiting technology that has improved our
recruiting intelligence and analytics and introduced
cost-savings.
- We ranked 22nd among the top 100
military-friendly employees in GI Jobs magazine, the premier
publication for military transitioning to civilian employment, in
honor of our outstanding support for hiring military veterans and
Guard/Reserve members.
- We received the Veteran Hiring
“Continue the Commitment” Award from the Coalition for Government
Procurement, a national trade association focused on federal
acquisition, for our leadership in providing military-friendly
recruitment opportunities and support programs.
Six Months Results
(in millions except per-share data)
Six Months,
FY14
Six Months,
FY13
% Change Revenue $1,758.5
$1,862.9 -5.6% Operating income $127.6
$134.3 -5.0% Net income attributable to
CACI $68.0 $75.4 -9.9%
Diluted earnings per share $2.71 $3.17
-14.6%
Revenue decreased 5.6 percent compared to revenue for the first
half of FY13 due to the expected reduction in material purchases
and subcontract labor resulting from the drawdown in Southwest
Asia, federal government budget-related activities, and the
government shutdown in October. The decrease in operating income in
the first half of FY14 was due primarily to $11.4 million of
one-time acquisition-related expenses for Six3. Net income
attributable to CACI in the first half of FY14 was $68.0 million,
or $2.71 diluted earnings per share. The greater decrease in
diluted earnings per share as compared to the decrease in net
income was due to the dilutive effect of our convertible notes
which mature in May 2014. Net cash provided by operations in the
first half of FY14 was $44.6 million.
Additional Financial Metrics
Six Months,
FY14
Six Months,
FY13
% Change Earnings before interest, taxes,
depreciation and amortization (EBITDA), a non-GAAP measure (in
millions) $157.4 $161.6
-2.6% Diluted adjusted earnings per share, a non-GAAP measure
$3.85 $4.19 -8.1%
CACI Updates Its FY14 Guidance
We are updating the FY14 guidance we issued on October 29, 2013
to include the effects of the acquisition of Six3 Systems,
including one-time transaction expenses. The table below summarizes
our FY14 guidance ranges and represents our views as of January 29,
2014:
(In millions except for earnings per
share)
Current Fiscal Year
2014 Guidance
Previous Fiscal Year
2014 Guidance
Revenue $3,650 - $3,800 $3,500 - $3,700
Net income attributable to CACI $142 - $152
$142 - $152 Effective corporate tax rate 39%
39% Diluted earnings per share $5.59 -
$5.98 $5.70 - $6.10 Diluted weighted average shares
25.4 24.9
Following are the key factors related to our updated FY14
guidance:
- We expect that the acquisition of Six3
will generate $275 million to $325 million in revenue in FY14.
- We expect that our direct labor costs
will now be 3 percent to 6 percent higher when compared with FY13.
Other direct costs will now be 1 percent to 4 percent lower when
compared with FY13.
- We expect that our indirect costs and
selling expenses will now be 1 percent to 3 percent higher when
compared with FY13.
- Depreciation and intangible
amortization is now expected to be approximately $66 million.
- Net interest expense is now expected to
be approximately $38 million.
- We expect that our diluted share count
will now be 25.4 million shares, based on a $78 share price.
Conference Call Information
We have scheduled a conference call for 8:30 AM Eastern Time
Thursday, January 30, 2014 during which members of our senior
management team will be making a brief presentation focusing on
second 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 24522551. A
replay of the call will also be available over the Internet
beginning at 1:00 PM Eastern Time Thursday, January 30, 2014 and
can be accessed through our homepage (www.caci.com) by clicking on
the CACI Investor Info button.
CACI provides information solutions and services in support of
national security missions and government transformation for
Intelligence, Defense, and Federal Civilian customers. A member of
the Fortune 1000 Largest Companies, the Russell 2000 Index, and the
S&P SmallCap 600 Index, CACI provides dynamic careers for over
15,800 employees in 120 offices worldwide. Visit www.caci.com.
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: the successful integration of our
acquisition of Six3 Systems, actual revenue and earnings realized
by Six3 Systems, and the performance of the Six3 Systems business;
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; failure to achieve contract awards in connection with
re-competes 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, implementation of
spending cuts (sequestration) under the Budget Control Act of 2011
and the Bipartisan Budget Act of 2013; changes in budgetary
priorities or in the event of a priority need for funds, such as
homeland security; 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 audits and reviews conducted by the
Defense Contract Audit Agency, the Defense Contract Management
Agency, or other governmental 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 our Securities and Exchange Commission filings.
CACI-Financial
Selected Financial Data
CACI
International Inc Condensed Consolidated Statements of
Operations (Unaudited) (Amounts in thousands, except per share
amounts)
Quarter Ended Six Months Ended
12/31/2013 12/31/2012 % Change
12/31/2013
12/31/2012 % Change Revenue $ 894,186 $ 931,627
-4.0 % $ 1,758,451 $ 1,862,863 -5.6 % Costs of
revenue Direct costs 606,672 639,649 -5.2 % 1,208,094 1,285,286
-6.0 % Indirect costs and selling expenses 204,830 209,068 -2.0 %
393,540 416,691 -5.6 % Depreciation and amortization 16,230
13,328 21.8 % 29,181
26,567 9.8 % Total costs of revenue 827,732
862,045 -4.0 % 1,630,815
1,728,544 -5.7 % Operating income 66,454 69,582 -4.5 %
127,636 134,319 -5.0 % Interest expense and other, net 9,456
6,231 51.8 % 16,844
13,013 29.4 % Income before income taxes 56,998 63,351 -10.0
% 110,792 121,306 -8.7 % Income taxes 22,088
23,371 -5.5 % 42,490 45,336 -6.3
%
Net income including portion attributable
to noncontrolling interest in earnings of joint venture
34,910 39,980 -12.7 % 68,302 75,970 -10.1 %
Noncontrolling interest in earnings of
joint venture
52 (304 ) (348 ) (586 ) Net
income attributable to CACI $ 34,962 $ 39,676 -11.9 %
$ 67,954 $ 75,384 -9.9 % Basic earnings per
share $ 1.49 $ 1.74 -14.1 % $ 2.91 $ 3.29 -11.5 % Diluted earnings
per share $ 1.38 $ 1.69 -18.0 % $ 2.71 $ 3.17 -14.6 %
Weighted average shares used in per share computations: Basic
23,433 22,852 23,374 22,942 Diluted 25,297 23,537 25,066 23,758
Statement of Operations Data (Unaudited)
Quarter Ended Six Months Ended
12/31/2013 12/31/2012 % Change
12/31/2013
12/31/2012 % Change Operating income margin 7.4 % 7.5 % 7.3
% 7.2 % Tax rate 38.7 % 37.1 % 38.5 % 37.6 % Net income margin 3.9
% 4.3 % 3.9 % 4.0 % EBITDA* $ 83,248 $ 83,499 -0.3 % $
157,401 $ 161,619 -2.6 % EBITDA Margin 9.3 % 9.0 % 9.0 % 8.7 %
Adjusted net income*
$ 51,770 $ 52,145 -0.7 % $ 96,485 $ 99,558 -3.1 % Diluted adjusted
earnings per share $ 2.05 $ 2.22 -7.6 % $ 3.85 $ 4.19 -8.1 %
*See Reconciliation of Net Income to
Earnings before Interest, Taxes, Depreciation and Amortization and
to Adjusted Net Income on page 11.
Selected Financial Data (Continued)
CACI International Inc Condensed
Consolidated Balance Sheets (Unaudited) (Amounts in thousands)
12/31/2013 6/30/2013 ASSETS:
Current assets Cash and cash equivalents $ 98,173 $ 64,337 Accounts
receivable, net 711,012 614,616 Prepaid expenses and other current
assets 62,407 44,828 Total current assets 871,592
723,781 Goodwill and intangible assets, net 2,438,629
1,581,153 Property and equipment, net 70,181 65,510 Other long-term
assets 138,957 126,627 Total assets $ 3,519,359 $
2,497,071
LIABILITIES AND SHAREHOLDERS' EQUITY:
Current liabilities Current portion of long-term debt $ 41,562 $
295,517 Accounts payable 112,485 133,073 Accrued compensation and
benefits 181,603 166,538 Other accrued expenses and current
liabilities 158,998 147,366 Total current liabilities
494,648 742,494 Long-term debt, net of current portion
1,409,006 300,790 Other long-term liabilities 329,539
246,215 Total liabilities 2,233,193 1,289,499
Shareholders' equity 1,286,166 1,207,572 Total
liabilities and shareholders' equity $ 3,519,359 $ 2,497,071
Selected Financial Data (Continued)
CACI International Inc Condensed
Consolidated Statements of Cash Flows (Unaudited) (Amounts in
thousands)
Six Months Ended 12/31/2013
12/31/2012 CASH FLOWS FROM OPERATING ACTIVITIES:
Net income including portion attributable
to noncontrolling interest in earnings of joint venture
$ 68,302 $ 75,970
Reconciliation of net income to net cash
provided by operating activities:
Depreciation and amortization 29,181 26,567 Non-cash interest
expense 6,769 6,325 Amortization of deferred financing costs 5,245
1,012 Stock-based compensation expense 5,785 5,901 Provision for
deferred income taxes 14,957 9,866 Distribution of earnings from
unconsolidated joint venture - 3,545 Equity in earnings of
unconsolidated joint ventures (947 ) (1,319 ) Changes in operating
assets and liabilities, net of effect of business acquisitions
Accounts receivable, net (6,178 ) 39,114 Prepaid expenses and other
assets (6,504 ) (14,749 ) Accounts payable and accrued expenses
(49,913 ) (26,794 ) Accrued compensation and benefits (21,816 )
(27,730 ) Income taxes receivable and payable (4,545 ) (13,940 )
Other liabilities 4,241 12,267 Net cash
provided by operating activities 44,577 96,035
CASH FLOWS FROM INVESTING ACTIVITIES: Capital
expenditures (7,143 ) (10,032 ) Purchases of businesses, net of
cash acquired (835,684 ) (100,062 ) Investment in unconsolidated
joint venture - (1,421 ) Other (893 ) (1,012 ) Net
cash used in investing activities (843,720 ) (112,527
)
CASH FLOWS FROM FINANCING ACTIVITIES: Net proceeds
under credit facilities 836,778 160,638 Proceeds from employee
stock purchase plans 1,849 2,495 Proceeds from exercise of stock
options - 4,742 Repurchases of common stock (1,884 ) (125,411 )
Payment of taxes for equity transactions (7,936 ) (4,489 ) Other
3,026 (120 ) Net cash provided by financing
activities 831,833 37,855 Effect of
exchange rate changes on cash and cash equivalents 1,146
406 Net increase in cash and cash equivalents
33,836 21,769 Cash and cash equivalents, beginning of period
64,337 15,740 Cash and cash equivalents, end
of period $ 98,173 $ 37,509
Selected
Financial Data (Continued)
Revenue by
Customer Type (Unaudited) Quarter Ended
(dollars in
thousands)
12/31/2013 12/31/2012
$ Change
% Change Department of Defense $ 650,303 72.7
% $ 703,479 75.5 % $ (53,176 ) -7.6 % Federal Civilian Agencies
186,875 20.9 % 175,773 18.9 % 11,102 6.3 % Commercial and other
57,008 6.4 % 52,375
5.6 % 4,633
8.8 % Total $ 894,186 100.0 % $ 931,627
100.0 % $ (37,441 ) -4.0
%
Six Months Ended
(dollars in thousands)
12/31/2013 12/31/2012
$ Change
% Change Department of Defense $ 1,267,952
72.1 % $ 1,408,540 75.6 % $ (140,588 ) -10.0 % Federal Civilian
Agencies 383,028 21.8 % 350,427 18.8 % 32,601 9.3 % Commercial and
other 107,471 6.1 %
103,896 5.6 % 3,575
3.4 % Total $ 1,758,451 100.0 %
$ 1,862,863 100.0 % $ (104,412 )
-5.6 %
Revenue by Contract Type
(Unaudited) Quarter Ended
(dollars in thousands)
12/31/2013 12/31/2012
$ Change
% Change Cost reimbursable $ 443,125 49.5 % $
454,564 48.8 % $ (11,439 ) -2.5 % Fixed price 274,273 30.7 %
259,505 27.9 % 14,768 5.7 % Time and materials 176,788
19.8 % 217,558
23.3 % (40,770 ) -18.7 % Total $
894,186 100.0 % $ 931,627
100.0 % $ (37,441 ) -4.0 %
Six Months Ended
(dollars in thousands)
12/31/2013
12/31/2012
$ Change
% Change Cost reimbursable $ 864,135 49.1 % $
891,371 47.8 % $ (27,236 ) -3.1 % Fixed price 536,728 30.5 %
523,442 28.1 % 13,286 2.5 % Time and materials 357,588
20.4 % 448,050
24.1 % (90,462 ) -20.2 % Total $
1,758,451 100.0 % $ 1,862,863
100.0 % $ (104,412 ) -5.6 %
Revenue Received as a Prime versus Subcontractor
(Unaudited) Quarter Ended
(dollars in thousands)
12/31/2013 12/31/2012
$ Change
% Change Prime $ 805,235 90.1 % $ 815,668 87.6
% $ (10,433 ) -1.3 % Subcontractor 88,951 9.9
% 115,959 12.4 %
(27,008 ) -23.3 % Total $ 894,186
100.0 % $ 931,627 100.0 %
$ (37,441 ) -4.0 %
Six Months
Ended
(dollars in thousands)
12/31/2013
12/31/2012
$ Change
% Change Prime $ 1,577,994 89.7 % $ 1,639,399
88.0 % $ (61,405 ) -3.7 % Subcontractor 180,457
10.3 % 223,464 12.0 %
(43,007 ) -19.2 % Total $
1,758,451 100.0 % $ 1,862,863
100.0 % $ (104,412 ) -5.6 %
Selected Financial Data (Continued)
Contract
Funding Orders Received (Unaudited) Quarter Ended
(dollars in thousands)
12/31/2013 12/31/2012
$ Change
% Change Contract Funding Orders $ 598,748
$ 625,481 $ (26,733 )
-4.3 %
Six Months Ended
(dollars in thousands)
12/31/2013
12/31/2012
$ Change
% Change Contract Funding Orders $ 1,909,320
$ 2,038,727 $ (129,407 )
-6.3 %
Direct Costs by Category (Unaudited)
Quarter Ended
(dollars in thousands)
12/31/2013
12/31/2012
$ Change
% Change Direct labor $ 244,907
40.4 % $ 249,012 38.9 % $
(4,105 ) -1.6 % Other direct costs 361,765
59.6 % 390,637
61.1 % (28,872 ) -7.4 % Total
direct costs $ 606,672 100.0 % $
639,649 100.0 % $ (32,977 )
-5.2 %
Six Months Ended
(dollars in thousands)
12/31/2013
12/31/2012
$ Change
% Change Direct labor $ 493,681 40.9 % $
501,054 39.0 % $ (7,373 ) -1.5 % Other direct costs 714,413
59.1 % 784,232
61.0 % (69,819 ) -8.9 % Total
direct costs $ 1,208,094 100.0 % $
1,285,286 100.0 % $ (77,192 )
-6.0 %
Selected Financial Data
(Continued) Reconciliation of Net Income to Earnings
Before Interest, Taxes, Depreciation and Amortization
(EBITDA) and to Adjusted Net Income (Unaudited)
The Company views EBITDA, EBITDA margin,
Adjusted Net Income 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 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. EBITDA is defined by us as GAAP net income
attributable to CACI plus net interest expense, income taxes, and
depreciation and amortization. EBITDA margin is EBITDA
divided by revenue. Adjusted Net Income is defined by us
as GAAP net income attributable to CACI plus stock-based
compensation expense, depreciation and amortization, amortization
of financing costs, and non-cash interest expense, net of related
tax effects. Diluted Adjusted Earnings Per Share is
Adjusted Net Income divided by diluted weighted-average shares, as
reported. EBITDA and Adjusted Net Income 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
Six Months Ended (dollars in thousands)
12/31/2013
12/31/2012 % Change
12/31/2013 12/31/2012
% Change Net income attributable to CACI $
34,962 $ 39,676 -11.9 % $ 67,954 $ 75,384 -9.9 % Plus: Income taxes
22,088 23,371 -5.5 % 42,490 45,336 -6.3 % Interest income and
expense, net 9,968 7,124 39.9 % 17,776 14,332 24.0 % Depreciation
and amortization 16,230 13,328
21.8 % 29,181
26,567 9.8 % EBITDA $
83,248 $ 83,499 -0.3 %
$ 157,401 $ 161,619
-2.6 %
Quarter Ended
Six Months Ended (dollars in thousands)
12/31/2013
12/31/2012 % Change
12/31/2013 12/31/2012
% Change Revenue, as reported $ 894,186 $
931,627 -4.0 % $ 1,758,451 $ 1,862,863 -5.6 % EBITDA $ 83,248
$ 83,499 -0.3 %
$ 157,401 $ 161,619
-2.6 % EBITDA margin 9.3 % 9.0 %
9.0 %
8.7 %
Quarter
Ended Six Months Ended (dollars in
thousands)
12/31/2013 12/31/2012
% Change 12/31/2013
12/31/2012 % Change Net income
attributable to CACI $ 34,962 $ 39,676 -11.9 % $ 67,954 $ 75,384
-9.9 % Plus: Stock-based compensation 3,301 3,501 -5.7 % 5,785
5,901 -2.0 % Depreciation and amortization 16,230 13,328 21.8 %
29,181 26,567 9.8 % Amortization of financing costs 4,736 518 814.3
% 5,245 1,012 418.3 % Non-cash interest expense 3,409 3,185 7.0 %
6,769 6,325 7.0 % Less: Related tax effect (10,868 )
(8,063 ) 34.8 %
(18,449 ) (15,631 ) 18.0 %
Adjusted net income $ 51,770 $ 52,145
-0.7 % $ 96,485 $
99,558 -3.1 %
Quarter Ended
Six Months Ended (shares in thousands)
12/31/2013 12/31/2012
% Change 12/31/2013
12/31/2012 % Change
Diluted weighted average shares, as
reported
25,297 23,537 25,066 23,758 Diluted earnings per share $ 1.38
$ 1.69 -18.0 %
$ 2.71 $ 3.17
-14.6 % Diluted adjusted earnings per share $ 2.05
$ 2.22 -7.6 % $ 3.85
$ 4.19 -8.1 %
Selected Financial Data (Continued)
Reconciliation of Net Income Growth to Adjusted Net Income
Growth (Unaudited)
On November 15, 2013, the Company
completed its acquisition of Six3 Systems. In connection with the
acquisition, the Company began including Six3 Systems' results as
of November 15, 2013 and incurred certain associated expenses that
negatively impacted its net income for the quarter ended December
31, 2013. The Company believes that it is valuable to provide
information on CACI's results excluding the results of Six3 Systems
as well as the incremental expenses incurred in connection with the
acquisition. This measure will assist readers in further
understanding our results and trends from period-to-period. This
non-GAAP measure should not be considered in isolation or as a
substitute for performance measures prepared in accordance with
GAAP.
Quarter Ended (dollars in thousands)
12/31/2013 12/31/2012
% Change Net income attributable to CACI $ 34,962
$ 39,676 -11.9 % Six3 Systems net
income before tax (127 ) CACI transaction costs 9,734 Incremental
interest expense 2,591 Related tax effect (4,233 )
Net income
attributable to CACI, excluding Six3 Systems $ 42,927
$ 39,676 8.2 %
CACI International IncCorporate Communications and Media:Jody
Brown, Executive Vice President, Public Relations(703)
841-7801jbrown@caci.comorInvestor Relations:David Dragics, Senior
Vice President, Investor Relations(866)
606-3471ddragics@caci.com
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