U.S. SECURITIES AND EXCHANGE COMMISSION
Washington,
D.C. 20549
Form 8-K
CURRENT
REPORT
Pursuant to
Section 13 or 15(d) of
the
Securities Exchange Act of 1934
October
29, 2014
(Date
of Report)
CACI
International Inc
(Exact name of registrant as
specified in its Charter)
Delaware
|
001-31400
|
54-1345888
|
(State or other jurisdiction
of incorporation)
|
(Commission File Number)
|
(IRS Employer Identification Number)
|
1100 N. Glebe Road
Arlington,
Virginia 22201
(Address of Principal executive
offices)(ZIP code)
(703)
841-7800
(Registrant’s telephone number, including area
code)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any
of the following provisions:
[ ] Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
[ ] Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[ ] Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
[ ] Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
ITEMS 2.02
|
RESULTS OF OPERATIONS AND FINANCIAL CONDITION;
|
and 7.01:
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REGULATION FD DISCLOSURE
|
On October 29, 2014, the Registrant released its financial results for
the first quarter of fiscal year 2015.
A copy of the Registrant’s press release announcing the financial
results as well as the schedule for a conference call and “web cast” on
October 30, 2014 is attached as Exhibit 99 to this current report on
Form 8-K.
ITEM 9.01:
|
FINANCIAL STATEMENTS AND EXHIBITS
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(d) Exhibits
Exhibit 99
|
Press Release dated October 29, 2014 announcing CACI’s financial
results for the first quarter of fiscal year 2015.
|
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
CACI International Inc
|
|
|
|
Registrant
|
|
By:
|
/s/ J. William Koegel, Jr.
|
|
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J. William Koegel, Jr.
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|
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Executive Vice President,
|
|
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General Counsel and Secretary
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Exhibit 99
CACI
Reports Results for Its Fiscal 2015 First Quarter
Record
contract awards of $2.4 billion, up 33 percent
Contract
funding orders of $1.3 billion
Cash
from operations of $111.7 million
Reiterates
FY15 annual guidance
ARLINGTON, Va.--(BUSINESS WIRE)--October 29, 2014--CACI International
Inc (NYSE: CACI), a leading information solutions and services provider
to the federal government, announced results today for its first fiscal
quarter ended September 30, 2014.
CEO Commentary and Outlook
Ken Asbury, CACI’s President and CEO, said, “We generated another
quarter of strong cash flow, won a record amount of contract awards, and
received solid contract funding orders, even as an uncertain procurement
environment continued. We have also expanded our workforce to support
the expected increase in volume of background investigations we are
undertaking for the Office of Personnel Management (OPM). We look
forward to continuing to deliver our services with the quality,
integrity, and security the agency has relied on from us. As global
threats become more complex, the innovative C4ISR, intelligence, cyber
and security solutions and services we provide will continue to be
essential to our customers in performing their critical missions. These
factors combined give us the confidence to reiterate our guidance for
FY15.”
First Quarter Results
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|
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|
|
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(in millions except per-share data)
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Q1, FY15
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|
Q1, FY14
|
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% Change
|
Revenue
|
|
$814.7
|
|
$864.3
|
|
-5.7%
|
Operating income
|
|
$60.1
|
|
$61.2
|
|
-1.8%
|
Net income attributable to CACI
|
|
$31.1
|
|
$33.0
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-5.6%
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Diluted earnings per share
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$1.29
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$1.33
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-2.8%
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|
|
|
|
|
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Revenue for the first quarter of Fiscal Year 2015 (FY15) decreased 5.7
percent compared to the first fiscal quarter of Fiscal Year 2014 (FY14).
The decline in revenue was primarily attributable to a reduction of
material purchases and subcontract labor resulting from the drawdown in
Southwest Asia and federal government budget-related reduction
activities partially offset by increased direct labor. The decrease in
operating income in the quarter was due to higher indirect costs and
selling expenses and higher depreciation and amortization offsetting
increased gross profit. Interest expense increased in the quarter
primarily as a result of interest incurred on the additional debt
associated with the acquisition of Six3 offset by decreased interest
expense from our convertible notes which matured on May 1, 2014. Diluted
earnings per share was favorably impacted by fewer diluted shares as a
result of paying off our convertible notes. Net cash provided by
operations in the quarter was $111.7 million.
During our first quarter Six3 generated $90 million of revenue,
reflecting continued reduction of direct labor work in Southwest Asia,
lower subcontractor and material purchases, and delays in contract and
award activity. We continue to expect the Six3 acquisition to be at
least 5 percent accretive to our GAAP earnings per share and at least 10
percent accretive to diluted adjusted earnings per share, excluding
transaction expenses, in calendar year 2014, consistent with our goals.
Additional Financial Metrics
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|
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Q1, FY15
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|
Q1, FY14
|
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% Change
|
Earnings before interest, taxes, depreciation and amortization
(EBITDA), a non-GAAP measure (in millions)
|
|
$77.2
|
|
$74.2
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4.2%
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Diluted adjusted earnings per share, a non-GAAP measure
|
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$1.81
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$1.80
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0.5%
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Days sales outstanding
|
|
61
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65
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|
|
|
|
|
|
|
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First Quarter Awards and Contract Funding Orders
Our contract awards were $2.43 billion in the first quarter of FY15,
32.8 percent higher than $1.83 billion of contract awards in the first
quarter of FY14. Almost 40 percent of our awards in the quarter were new
business. Some of our awards during the quarter included:
-
A five-year, $212 million blanket purchase agreement to provide
desktop support services to the U.S. Department of Homeland Security
(DHS). CACI will provide agency-wide help-desk support, end user
support, field support, engineering, and call center services for DHS
Headquarters and headquarter components. This new award is in CACI’s
Enterprise IT market area.
-
A four and one-half year, $53 million contract to provide systems
integration, development, and sustainment for the Theater
Enterprise-Wide Logistics System at the Department of Defense Joint
Medical Logistics Functional Development Center. This contract is
continuing work in CACI’s Business Systems and Healthcare market areas.
-
A 14-month, $44 million prime contract to provide logistics and
acquisition management support to the U.S. Navy’s Naval Sea Systems
Command’s Program Executive Office Littoral Combat Ship. This contract
is continuing work for CACI and reinforces the company’s presence in
its Logistics and Material Readiness market area.
-
Approximately $2.1 billion in awards across our ten markets,
concentrated in the Business Systems, C4ISR, Enterprise IT, and
Intelligence market areas.
IDIQ awards during the quarter included:
-
A five-year, $37 million award to provide logistics support to the
U.S. Navy’s Military Sealift Command on the Worldwide Logistics
Services contract. This contract represents continuing work in our
Logistics and Material Readiness market area.
-
Approximately $6.2 billion of ceiling value in IDIQ awards.
Contract funding orders in the first quarter were $1.35 billion compared
with $1.31 billion in the year earlier quarter. Our total backlog at
September 30, 2014 was $8.7 billion. Funded backlog at September 30,
2014 was $2.1 billion.
CACI Reiterates Its FY15 Guidance
We are reiterating the FY15 guidance we issued on August 20, 2014. The
table below summarizes our FY15 guidance ranges and represents our views
as of October 29, 2014:
|
|
|
|
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FY 2015
|
(In millions except for tax rate and earnings per share)
|
|
Guidance
|
Revenue
|
|
$3,300 - $3,600
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Net income attributable to CACI
|
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$125 - $135
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Effective corporate tax rate
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38.5%
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Diluted earnings per share
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$5.10 - $5.51
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Diluted weighted average shares
|
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24.5
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Conference Call Information
We have scheduled a conference call for 8:30 AM Eastern Time Thursday,
October 30, 2014 during which members of our senior management team will
be making a brief presentation focusing on first 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 6697739. A replay of the call will also be available over the
Internet beginning at 1:00 PM Eastern Time Thursday, October 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 Fortune magazine
World’s Most Admired Company in the IT Services industry, CACI is 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
16,200 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: 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; 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
|
|
|
|
|
9/30/2014
|
|
9/30/2013
|
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% Change
|
Revenue
|
|
$
|
814,726
|
|
|
$
|
864,265
|
|
|
-5.7
|
%
|
Costs of revenue
|
|
|
|
|
|
|
Direct costs
|
|
|
536,604
|
|
|
|
601,422
|
|
|
-10.8
|
%
|
Indirect costs and selling expenses
|
|
|
200,827
|
|
|
|
188,710
|
|
|
6.4
|
%
|
Depreciation and amortization
|
|
|
17,236
|
|
|
|
12,951
|
|
|
33.1
|
%
|
Total costs of revenue
|
|
|
754,667
|
|
|
|
803,083
|
|
|
-6.0
|
%
|
Operating income
|
|
|
60,059
|
|
|
|
61,182
|
|
|
-1.8
|
%
|
Interest expense, net
|
|
|
9,080
|
|
|
|
7,388
|
|
|
22.9
|
%
|
Income before income taxes
|
|
|
50,979
|
|
|
|
53,794
|
|
|
-5.2
|
%
|
Income taxes
|
|
|
19,722
|
|
|
|
20,402
|
|
|
-3.3
|
%
|
Net income before noncontrolling interest
|
|
|
31,257
|
|
|
|
33,392
|
|
|
-6.4
|
%
|
Noncontrolling interest
|
|
|
(127
|
)
|
|
|
(400
|
)
|
|
|
Net income attributable to CACI
|
|
$
|
31,130
|
|
|
$
|
32,992
|
|
|
-5.6
|
%
|
|
|
|
|
|
|
|
Basic earnings per share
|
|
$
|
1.32
|
|
|
$
|
1.42
|
|
|
-6.6
|
%
|
Diluted earnings per share
|
|
$
|
1.29
|
|
|
$
|
1.33
|
|
|
-2.8
|
%
|
|
|
|
|
|
|
|
Weighted average shares used in per share computations:
|
Basic
|
|
|
23,565
|
|
|
|
23,314
|
|
|
|
Diluted
|
|
|
24,104
|
|
|
|
24,835
|
|
|
|
|
|
|
|
|
|
|
Statement of Operations Data (Unaudited)
|
|
|
Quarter Ended
|
|
|
|
|
9/30/2014
|
|
9/30/2013
|
|
% Change
|
Operating income margin
|
|
|
7.4
|
%
|
|
|
7.1
|
%
|
|
|
Tax rate
|
|
|
38.8
|
%
|
|
|
38.2
|
%
|
|
|
Net income margin
|
|
|
3.8
|
%
|
|
|
3.8
|
%
|
|
|
|
|
|
|
|
|
|
EBITDA*
|
|
$
|
77,247
|
|
|
$
|
74,153
|
|
|
4.2
|
%
|
EBITDA margin
|
|
|
9.5
|
%
|
|
|
8.6
|
%
|
|
|
|
|
|
|
|
|
|
Adjusted net income*
|
|
$
|
43,608
|
|
|
$
|
44,715
|
|
|
-2.5
|
%
|
Diluted adjusted earnings per share
|
|
$
|
1.81
|
|
|
$
|
1.80
|
|
|
0.5
|
%
|
|
|
|
|
|
|
|
*See Reconciliation of Net Income to Earnings before Interest,
Taxes, Depreciation and Amortization and to Adjusted Net Income on
page 8.
|
|
|
Selected Financial Data (Continued)
|
|
|
|
|
|
CACI International Inc
|
Condensed Consolidated Balance Sheets (Unaudited)
|
(Amounts in thousands)
|
|
|
9/30/2014
|
|
6/30/2014
|
ASSETS:
|
|
|
|
|
Current assets
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
99,992
|
|
$
|
64,461
|
Accounts receivable, net
|
|
|
567,350
|
|
|
615,580
|
Prepaid expenses and other current assets
|
|
|
50,917
|
|
|
55,808
|
Total current assets
|
|
|
718,259
|
|
|
735,849
|
|
|
|
|
|
Goodwill and intangible assets, net
|
|
|
2,404,009
|
|
|
2,418,979
|
Property and equipment, net
|
|
|
65,513
|
|
|
68,485
|
Other long-term assets
|
|
|
132,504
|
|
|
135,825
|
Total assets
|
|
$
|
3,320,285
|
|
$
|
3,359,138
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY:
|
|
|
|
|
Current liabilities
|
|
|
|
|
Current portion of long-term debt
|
|
$
|
41,563
|
|
$
|
41,563
|
Accounts payable
|
|
|
75,353
|
|
|
55,811
|
Accrued compensation and benefits
|
|
|
181,536
|
|
|
183,361
|
Other accrued expenses and current liabilities
|
|
|
127,342
|
|
|
141,852
|
Total current liabilities
|
|
|
425,794
|
|
|
422,587
|
|
|
|
|
|
Long-term debt, net of current portion
|
|
|
1,168,649
|
|
|
1,238,728
|
Other long-term liabilities
|
|
|
340,377
|
|
|
338,657
|
Total liabilities
|
|
|
1,934,820
|
|
|
1,999,972
|
|
|
|
|
|
Shareholders' equity
|
|
|
1,385,465
|
|
|
1,359,166
|
Total liabilities and shareholders' equity
|
|
$
|
3,320,285
|
|
$
|
3,359,138
|
|
|
|
|
|
|
|
|
|
|
Selected Financial Data (Continued)
|
|
|
|
|
|
CACI International Inc
|
Condensed Consolidated Statements of Cash Flows (Unaudited)
|
(Amounts in thousands)
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
9/30/2014
|
|
9/30/2013
|
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
|
Net income including portion attributable to noncontrolling
interest
|
|
$
|
31,257
|
|
|
$
|
33,392
|
|
Reconciliation of net income to net cash provided by operating
activities:
|
|
|
|
|
Depreciation and amortization
|
|
|
17,236
|
|
|
|
12,951
|
|
Non-cash interest expense
|
|
|
-
|
|
|
|
3,360
|
|
Amortization of deferred financing costs
|
|
|
691
|
|
|
|
509
|
|
Stock-based compensation expense
|
|
|
2,620
|
|
|
|
2,484
|
|
Provision for deferred income taxes
|
|
|
9,139
|
|
|
|
16,243
|
|
Undistributed earnings of unconsolidated ventures
|
|
|
(79
|
)
|
|
|
(444
|
)
|
Changes in operating assets and liabilities:
|
|
|
|
|
Accounts receivable, net
|
|
|
47,117
|
|
|
|
(13,578
|
)
|
Prepaid expenses and other assets
|
|
|
977
|
|
|
|
(8,807
|
)
|
Accounts payable and accrued expenses
|
|
|
1,986
|
|
|
|
(7,118
|
)
|
Accrued compensation and benefits
|
|
|
(1,068
|
)
|
|
|
(13,523
|
)
|
Income taxes receivable and payable
|
|
|
3,666
|
|
|
|
310
|
|
Other liabilities
|
|
|
(1,810
|
)
|
|
|
1,524
|
|
Net cash provided by operating activities
|
|
|
111,732
|
|
|
|
27,303
|
|
|
|
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
|
Capital expenditures
|
|
|
(3,361
|
)
|
|
|
(3,020
|
)
|
Other
|
|
|
1,125
|
|
|
|
(945
|
)
|
Net cash used in investing activities
|
|
|
(2,236
|
)
|
|
|
(3,965
|
)
|
|
|
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
|
Net payments/borrowings under credit facilities
|
|
|
(70,391
|
)
|
|
|
18,593
|
|
Proceeds from employee stock purchase plans
|
|
|
932
|
|
|
|
962
|
|
Repurchases of common stock
|
|
|
(925
|
)
|
|
|
(972
|
)
|
Payment of taxes for equity transactions
|
|
|
(5,883
|
)
|
|
|
(7,170
|
)
|
Other
|
|
|
2,991
|
|
|
|
2,759
|
|
Net cash (used in) provided by financing activities
|
|
|
(73,276
|
)
|
|
|
14,172
|
|
Effect of exchange rate changes on cash and cash equivalents
|
|
|
(689
|
)
|
|
|
878
|
|
Net increase in cash and cash equivalents
|
|
|
35,531
|
|
|
|
38,388
|
|
Cash and cash equivalents, beginning of period
|
|
|
64,461
|
|
|
|
64,337
|
|
Cash and cash equivalents, end of period
|
|
$
|
99,992
|
|
|
$
|
102,725
|
|
|
|
|
|
|
|
|
|
Selected Financial Data (Continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue by Customer Type (Unaudited)
|
|
|
Quarter Ended
|
|
|
|
|
(dollars in thousands)
|
|
9/30/2014
|
|
9/30/2013
|
|
$ Change
|
|
% Change
|
Department of Defense
|
|
$
|
554,298
|
|
68.0
|
%
|
|
$
|
617,649
|
|
71.5
|
%
|
|
$
|
(63,351
|
)
|
|
-10.3
|
%
|
Federal Civilian Agencies
|
|
|
208,245
|
|
25.6
|
%
|
|
|
196,153
|
|
22.7
|
%
|
|
|
12,092
|
|
|
6.2
|
%
|
Commercial and other
|
|
|
52,183
|
|
6.4
|
%
|
|
|
50,463
|
|
5.8
|
%
|
|
|
1,720
|
|
|
3.4
|
%
|
Total
|
|
$
|
814,726
|
|
100.0
|
%
|
|
$
|
864,265
|
|
100.0
|
%
|
|
$
|
(49,539
|
)
|
|
-5.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue by Contract Type (Unaudited)
|
|
|
Quarter Ended
|
|
|
|
|
(dollars in thousands)
|
|
9/30/2014
|
|
9/30/2013
|
|
$ Change
|
|
% Change
|
Cost reimbursable
|
|
$
|
374,143
|
|
45.9
|
%
|
|
$
|
421,010
|
|
48.7
|
%
|
|
|
(46,867
|
)
|
|
-11.1
|
%
|
Fixed price
|
|
|
292,110
|
|
35.9
|
%
|
|
|
262,455
|
|
30.4
|
%
|
|
|
29,655
|
|
|
11.3
|
%
|
Time and materials
|
|
|
148,473
|
|
18.2
|
%
|
|
|
180,800
|
|
20.9
|
%
|
|
$
|
(32,327
|
)
|
|
-17.9
|
%
|
Total
|
|
$
|
814,726
|
|
100.0
|
%
|
|
$
|
864,265
|
|
100.0
|
%
|
|
$
|
(49,539
|
)
|
|
-5.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue Received as a Prime versus Subcontractor (Unaudited)
|
|
|
Quarter Ended
|
|
|
|
|
(dollars in thousands)
|
|
9/30/2014
|
|
9/30/2013
|
|
$ Change
|
|
% Change
|
Prime
|
|
$
|
725,979
|
|
89.1
|
%
|
|
$
|
772,758
|
|
89.4
|
%
|
|
$
|
(46,779
|
)
|
|
-6.1
|
%
|
Subcontractor
|
|
|
88,747
|
|
10.9
|
%
|
|
|
91,507
|
|
10.6
|
%
|
|
|
(2,760
|
)
|
|
-3.0
|
%
|
Total
|
|
$
|
814,726
|
|
100.0
|
%
|
|
$
|
864,265
|
|
100.0
|
%
|
|
$
|
(49,539
|
)
|
|
-5.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract Funding Orders Received (Unaudited)
|
|
|
Quarter Ended
|
|
|
|
|
(dollars in thousands)
|
|
9/30/2014
|
|
9/30/2013
|
|
$ Change
|
|
% Change
|
Contract Funding Orders
|
|
$
|
1,349,896
|
|
|
$
|
1,310,572
|
|
|
$
|
39,324
|
|
|
3.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Direct Costs by Category (Unaudited)
|
|
|
Quarter Ended
|
|
|
|
|
(dollars in thousands)
|
|
9/30/2014
|
|
9/30/2013
|
|
$ Change
|
|
% Change
|
Direct labor
|
|
$
|
258,119
|
|
123.9
|
%
|
|
$
|
248,774
|
|
126.8
|
%
|
|
$
|
9,345
|
|
|
3.8
|
%
|
Other direct costs
|
|
|
278,485
|
|
133.7
|
%
|
|
|
352,648
|
|
179.8
|
%
|
|
|
(74,163
|
)
|
|
-21.0
|
%
|
Total direct costs
|
|
$
|
536,604
|
|
257.7
|
%
|
|
$
|
601,422
|
|
306.6
|
%
|
|
$
|
(64,818
|
)
|
|
-10.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
(dollars in thousands)
|
|
9/30/2014
|
|
9/30/2013
|
|
% Change
|
Net income attributable to CACI
|
|
$
|
31,130
|
|
$
|
32,992
|
|
-5.6%
|
Plus:
|
|
|
|
|
|
|
Income taxes
|
|
|
19,722
|
|
|
20,402
|
|
-3.3%
|
Interest expense, net
|
|
|
9,159
|
|
|
7,808
|
|
17.3%
|
Depreciation and amortization
|
|
|
17,236
|
|
|
12,951
|
|
33.1%
|
EBITDA
|
|
$
|
77,247
|
|
$
|
74,153
|
|
4.2%
|
|
|
|
|
|
|
|
|
|
Quarter Ended
|
(dollars in thousands)
|
|
9/30/2014
|
|
9/30/2013
|
|
% Change
|
Revenue, as reported
|
|
$
|
814,726
|
|
$
|
864,265
|
|
-5.7%
|
EBITDA
|
|
$
|
77,247
|
|
$
|
74,153
|
|
4.2%
|
EBITDA margin
|
|
|
9.5%
|
|
|
8.6%
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
|
(dollars in thousands)
|
|
9/30/2014
|
|
9/30/2013
|
|
% Change
|
Net income attributable to CACI
|
|
$
|
31,130
|
|
$
|
32,992
|
|
-5.6%
|
Plus:
|
|
|
|
|
|
|
Stock-based compensation
|
|
|
2,620
|
|
|
2,484
|
|
5.5%
|
Depreciation and amortization
|
|
|
17,236
|
|
|
12,951
|
|
33.1%
|
Amortization of financing costs
|
|
|
691
|
|
|
509
|
|
35.8%
|
Non-cash interest expense
|
|
|
-
|
|
|
3,360
|
|
-100.0%
|
Less:
|
|
|
|
|
|
|
Related tax effect
|
|
|
(8,069)
|
|
|
(7,581)
|
|
6.4%
|
Adjusted net income
|
|
$
|
43,608
|
|
$
|
44,715
|
|
-2.5%
|
|
|
|
|
|
|
|
|
|
Quarter Ended
|
(shares in thousands)
|
|
9/30/2014
|
|
9/30/2013
|
|
% Change
|
Diluted weighted average shares, as reported
|
|
|
24,104
|
|
|
24,835
|
|
|
Diluted earnings per share
|
|
$
|
1.29
|
|
$
|
1.33
|
|
-2.8%
|
Diluted adjusted earnings per share
|
|
$
|
1.81
|
|
$
|
1.80
|
|
0.5%
|
|
|
|
|
|
|
|
CONTACT:
CACI International Inc
Corporate Communications and Media:
Jody
Brown
Executive Vice President, Public Relations
703-841-7801
jbrown@caci.com
or
Investor
Relations:
David Dragics, Senior Vice President, Investor Relations
866-606-3471
ddragics@caci.com
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