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
January
28, 2015
(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
and 7.01:
|
RESULTS OF OPERATIONS AND FINANCIAL CONDITION; REGULATION FD
DISCLOSURE
|
On January 28, 2015, the Registrant released its financial results for
the second 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
January 29, 2015 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 January 28, 2015 announcing CACI’s financial
results for the second 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
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|
|
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Registrant
|
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By:
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/s/ J. William Koegel, Jr.
|
|
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J. William Koegel, Jr.
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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 Second Quarter
Record
second quarter contract awards of $1.88 billion, up 162 percent
Record
backlog of $9.8 billion, up 29 percent
Reiterates
FY15 annual guidance
ARLINGTON, Va.--(BUSINESS WIRE)--January 28, 2015--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, 2014.
CEO Commentary and Outlook
Ken Asbury, CACI’s President and CEO, said, “Our results for the second
quarter were in line with our expectations. We received record contract
awards for the quarter, solid contract funding, and our backlog grew
significantly as we continued to execute our strategy of winning
business and delivering operational excellence. We also completed the
substantial ramp-up associated with the significant growth of our
background investigation work for the Office of Personnel Management
(OPM). While the associated costs materially impacted our operating and
net income for the quarter, we are reiterating our FY15 guidance as we
will see the benefit of these investments in the second half of the
year, in particular our fourth quarter.
“We are confident in our competitive position and our ability to
continue to meet the needs of our customers through the delivery of our
innovative, affordable solutions and services. The first half of our
fiscal year has provided us with a solid foundation for a strong finish
in FY15 which gives us confidence in reiterating our guidance.”
Second Quarter Results
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(in millions except per-share data)
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Q2, FY15
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Q2, FY14
|
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% Change
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Revenue
|
|
$815.4
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|
$894.2
|
|
-8.8%
|
Operating income
|
|
$47.5
|
|
$66.5
|
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-28.5%
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Net income attributable to CACI
|
|
$24.6
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$35.0
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-29.5%
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Diluted earnings per share
|
|
$1.01
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$1.38
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-26.7%
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|
|
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|
|
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Revenue for the second quarter of Fiscal Year 2015 (FY15) decreased 8.8
percent compared to the second quarter of Fiscal Year 2014 (FY14). The
decline in revenue was primarily due to a reduction of other direct
costs resulting from in-theater reductions and federal government
budget-related activities that were partially offset by increased direct
labor. The decrease in operating and net income in the quarter was
driven by start-up costs associated with the growth of background
investigation work for the Office of Personnel Management (OPM). The
lesser decrease in diluted earnings per share as compared to the
decrease in net income was due to fewer diluted shares as a result of
paying off our convertible notes in May 2014.
For the second quarter Six3 generated $91 million of revenue. For
calendar year 2014 the Six3 acquisition generated 5 percent accretion in
GAAP earnings per share and 13 percent in diluted adjusted earnings per
share, excluding transaction expenses.
Additional Financial Metrics
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Q2, FY15
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Q2, FY14
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% Change
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Earnings before interest, taxes, depreciation and amortization
(EBITDA), a non-GAAP measure (in millions)
|
|
$64.7
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$83.2
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-22.3%
|
Diluted adjusted earnings per share, a non-GAAP measure
|
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$1.54
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$2.05
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-24.8%
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Days sales outstanding
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67
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67
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Second Quarter Awards and Contract Funding Orders
Our contract awards were $1.88 billion in the second quarter of FY15,
162 percent higher than the $717 million of contract awards in the
second quarter of FY14. Approximately 50 percent of our awards in the
quarter were new business.
Contract funding orders in the second quarter were $571 million compared
with $599 million in the year earlier quarter. Our total backlog at
December 31, 2014 was $9.8 billion. Funded backlog at December 31, 2014
was $1.9 billion.
Second Quarter Highlights and Recognition
-
CACI entered into a cooperative partnership with Appcelerator® that
will enable customers, particularly in the Department of Defense and
the Intelligence Community, to rapidly develop and deploy secure
smartphone and tablet apps at lower development cost. The partnership
of CACI and Appcelerator will provide an end-to-end solution set to
deliver secure, reliable, and cost-effective mobile apps to support
federal agencies’ critical missions.
-
In December CACI appointed Jerry Briggs, former Chief Operating
Officer, Health & Public Service North America of Accenture, the
world’s largest consulting firm, as Executive Vice President and
Business Group Manager of Healthcare, Litigation & Enterprise IT. Mr.
Briggs is an experienced industry veteran who for 30 years led a $3
billion dollar healthcare and public service business and brings a
strong track record of profitable growth in federal services. He will
continue CACI’s aggressive expansion in the healthcare sector.
-
Executive Chairman and Chairman of the Board Dr. J.P. (Jack) London
was named one of the “100 Most Influential People in Business Ethics”
for 2014 by the Ethisphere Institute. The annual list recognizes
people who have made a positive material impact on the world of
business ethics. Dr. London’s inclusion in this list underscores
CACI’s commitment to ethics and integrity in delivering our services
and solutions to our customers.
Six Months Results
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Six Months,
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Six Months,
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(in millions except per-share data)
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FY15
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FY14
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% Change
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Revenue
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$1,630.1
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$1,758.5
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-7.3%
|
Operating income
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|
$107.6
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$127.6
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-15.7%
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Net income attributable to CACI
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$55.8
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$68.0
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-17.9%
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Diluted earnings per share
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$2.30
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$2.71
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-15.0%
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Revenue decreased 7.3 percent compared to revenue for the first half of
FY14 due to reductions in subcontract labor and other direct costs
resulting from in-theater reductions and federal government
budget-related activities. The decrease in operating and net income in
the first half of FY15 was due primarily to start-up costs associated
with the significant growth of background investigation work for OPM.
The lesser decrease in diluted earnings per share as compared to the
decrease in net income was due to fewer diluted shares as a result of
paying off our convertible notes in May 2014. Net cash provided by
operations in the first half of FY15 was $93.3 million.
Additional Financial Metrics
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Six Months,
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Six Months,
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FY15
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FY14
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% Change
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Earnings before interest, taxes, depreciation and amortization
(EBITDA), a non-GAAP measure (in millions)
|
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$141.9
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$157.4
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-9.8%
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Diluted adjusted earnings per share, a non-GAAP measure
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$3.35
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$3.85
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-13.1%
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CACI Reiterates Its FY15 Guidance
We are reiterating the FY15 guidance we issued on October 29, 2014. The
table below summarizes our FY15 guidance ranges and represents our views
as of January 28, 2015:
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FY 2015
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(In millions except for tax rate and earnings per share)
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Guidance
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Revenue
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$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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38.1%
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Diluted earnings per share
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$5.14 - $5.56
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Diluted weighted average shares
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24.3
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Conference Call Information
We have scheduled a conference call for 8:30 AM Eastern Time Thursday,
January 29, 2015 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 45343421. A replay of the call will also be available over the
Internet 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
16,300 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)
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(Amounts in thousands, except per share amounts)
|
|
|
|
Quarter Ended
|
|
|
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Six Months Ended
|
|
|
|
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12/31/2014
|
|
12/31/2013
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% Change
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12/31/2014
|
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12/31/2013
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% Change
|
Revenue
|
|
$
|
815,423
|
|
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$
|
894,186
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|
|
-8.8
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%
|
|
$
|
1,630,149
|
|
|
$
|
1,758,451
|
|
|
-7.3
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%
|
Costs of revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
Direct costs
|
|
|
546,694
|
|
|
|
606,672
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|
|
-9.9
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%
|
|
|
1,083,298
|
|
|
|
1,208,094
|
|
|
-10.3
|
%
|
Indirect costs and selling expenses
|
|
|
204,406
|
|
|
|
204,830
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|
|
-0.2
|
%
|
|
|
405,233
|
|
|
|
393,540
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|
|
3.0
|
%
|
Depreciation and amortization
|
|
|
16,795
|
|
|
|
16,230
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|
|
3.5
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%
|
|
|
34,031
|
|
|
|
29,181
|
|
|
16.6
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%
|
Total costs of revenue
|
|
|
767,895
|
|
|
|
827,732
|
|
|
-7.2
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%
|
|
|
1,522,562
|
|
|
|
1,630,815
|
|
|
-6.6
|
%
|
Operating income
|
|
|
47,528
|
|
|
|
66,454
|
|
|
-28.5
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%
|
|
|
107,587
|
|
|
|
127,636
|
|
|
-15.7
|
%
|
Interest expense and other, net
|
|
|
8,600
|
|
|
|
9,456
|
|
|
-9.1
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%
|
|
|
17,680
|
|
|
|
16,844
|
|
|
5.0
|
%
|
Income before income taxes
|
|
|
38,928
|
|
|
|
56,998
|
|
|
-31.7
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%
|
|
|
89,907
|
|
|
|
110,792
|
|
|
-18.9
|
%
|
Income taxes
|
|
|
14,292
|
|
|
|
22,088
|
|
|
-35.3
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%
|
|
|
34,014
|
|
|
|
42,490
|
|
|
-19.9
|
%
|
Net income
|
|
|
24,636
|
|
|
|
34,910
|
|
|
-29.4
|
%
|
|
|
55,893
|
|
|
|
68,302
|
|
|
-18.2
|
%
|
Noncontrolling interest
|
|
|
6
|
|
|
|
52
|
|
|
|
|
|
(121
|
)
|
|
|
(348
|
)
|
|
|
Net income attributable to CACI
|
|
$
|
24,642
|
|
|
$
|
34,962
|
|
|
-29.5
|
%
|
|
$
|
55,772
|
|
|
$
|
67,954
|
|
|
-17.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share
|
|
$
|
1.03
|
|
|
$
|
1.49
|
|
|
-30.9
|
%
|
|
$
|
2.35
|
|
|
$
|
2.91
|
|
|
-19.2
|
%
|
Diluted earnings per share
|
|
$
|
1.01
|
|
|
$
|
1.38
|
|
|
-26.7
|
%
|
|
$
|
2.30
|
|
|
$
|
2.71
|
|
|
-15.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares used in per share computations:
|
Basic
|
|
|
23,890
|
|
|
|
23,433
|
|
|
|
|
|
23,728
|
|
|
|
23,374
|
|
|
|
Diluted
|
|
|
24,314
|
|
|
|
25,297
|
|
|
|
|
|
24,210
|
|
|
|
25,066
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Statement of Operations Data (Unaudited)
|
|
|
Quarter Ended
|
|
|
|
Six Months Ended
|
|
|
|
|
12/31/2014
|
|
12/31/2013
|
|
% Change
|
|
12/31/2014
|
|
12/31/2013
|
|
% Change
|
Operating income margin
|
|
|
5.8
|
%
|
|
|
7.4
|
%
|
|
|
|
|
6.6
|
%
|
|
|
7.3
|
%
|
|
|
Tax rate
|
|
|
36.7
|
%
|
|
|
38.7
|
%
|
|
|
|
|
37.9
|
%
|
|
|
38.5
|
%
|
|
|
Net income margin
|
|
|
3.0
|
%
|
|
|
3.9
|
%
|
|
|
|
|
3.4
|
%
|
|
|
3.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA*
|
|
$
|
64,657
|
|
|
$
|
83,248
|
|
|
-22.3
|
%
|
|
$
|
141,904
|
|
|
$
|
157,401
|
|
|
-9.8
|
%
|
EBITDA Margin
|
|
|
7.9
|
%
|
|
|
9.3
|
%
|
|
|
|
|
8.7
|
%
|
|
|
9.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net income*
|
|
$
|
37,411
|
|
|
$
|
51,770
|
|
|
-27.7
|
%
|
|
$
|
81,002
|
|
|
$
|
96,485
|
|
|
-16.0
|
%
|
Diluted adjusted earnings per share
|
|
$
|
1.54
|
|
|
$
|
2.05
|
|
|
-24.8
|
%
|
|
$
|
3.35
|
|
|
$
|
3.85
|
|
|
-13.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*See Reconciliation of Net Income to Earnings before Interest,
Taxes, Depreciation and Amortization and to Adjusted Net Income on
page 10.
|
|
|
Selected Financial Data (Continued)
|
|
CACI International Inc
|
Condensed Consolidated Balance Sheets (Unaudited)
|
(Amounts in thousands)
|
|
|
|
12/31/2014
|
|
6/30/2014
|
ASSETS:
|
|
|
|
|
Current assets
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
30,874
|
|
$
|
64,461
|
Accounts receivable, net
|
|
|
619,332
|
|
|
615,580
|
Prepaid expenses and other current assets
|
|
|
63,838
|
|
|
55,808
|
Total current assets
|
|
|
714,044
|
|
|
735,849
|
|
|
|
|
|
Goodwill and intangible assets, net
|
|
|
2,389,849
|
|
|
2,418,979
|
Property and equipment, net
|
|
|
63,611
|
|
|
68,485
|
Other long-term assets
|
|
|
132,871
|
|
|
135,825
|
Total assets
|
|
$
|
3,300,375
|
|
$
|
3,359,138
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY:
|
|
|
|
|
Current liabilities
|
|
|
|
|
Current portion of long-term debt
|
|
$
|
41,563
|
|
$
|
41,563
|
Accounts payable
|
|
|
90,628
|
|
|
55,811
|
Accrued compensation and benefits
|
|
|
172,247
|
|
|
183,361
|
Other accrued expenses and current liabilities
|
|
|
121,394
|
|
|
141,852
|
Total current liabilities
|
|
|
425,832
|
|
|
422,587
|
|
|
|
|
|
Long-term debt, net of current portion
|
|
|
1,123,822
|
|
|
1,238,728
|
Other long-term liabilities
|
|
|
346,444
|
|
|
338,657
|
Total liabilities
|
|
|
1,896,098
|
|
|
1,999,972
|
|
|
|
|
|
Shareholders' equity
|
|
|
1,404,277
|
|
|
1,359,166
|
Total liabilities and shareholders' equity
|
|
$
|
3,300,375
|
|
$
|
3,359,138
|
|
|
|
|
|
|
Selected Financial Data (Continued)
|
|
CACI International Inc
|
Condensed Consolidated Statements of Cash Flows (Unaudited)
|
(Amounts in thousands)
|
|
|
|
Six Months Ended
|
|
|
12/31/2014
|
|
12/31/2013
|
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
|
Net income
|
|
$
|
55,893
|
|
|
$
|
68,302
|
|
Reconciliation of net income to net cash provided by operating
activities:
|
|
|
|
|
Depreciation and amortization
|
|
|
34,031
|
|
|
|
29,181
|
|
Non-cash interest expense
|
|
|
-
|
|
|
|
6,769
|
|
Amortization of deferred financing costs
|
|
|
1,378
|
|
|
|
5,245
|
|
Stock-based compensation expense
|
|
|
6,194
|
|
|
|
5,785
|
|
Provision for deferred income taxes
|
|
|
15,355
|
|
|
|
14,957
|
|
Undistributed earnings of unconsolidated joint ventures
|
|
|
(407
|
)
|
|
|
(947
|
)
|
Changes in operating assets and liabilities
|
|
|
|
|
Accounts receivable, net
|
|
|
(7,443
|
)
|
|
|
(6,178
|
)
|
Prepaid expenses and other assets
|
|
|
630
|
|
|
|
(6,504
|
)
|
Accounts payable and accrued expenses
|
|
|
16,543
|
|
|
|
(49,913
|
)
|
Accrued compensation and benefits
|
|
|
(9,945
|
)
|
|
|
(21,816
|
)
|
Income taxes receivable and payable
|
|
|
(18,318
|
)
|
|
|
(4,545
|
)
|
Other liabilities
|
|
|
(635
|
)
|
|
|
4,241
|
|
Net cash provided by operating activities
|
|
|
93,276
|
|
|
|
44,577
|
|
|
|
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
|
Capital expenditures
|
|
|
(7,330
|
)
|
|
|
(7,143
|
)
|
Purchases of businesses, net of cash acquired
|
|
|
-
|
|
|
|
(835,684
|
)
|
Investment in unconsolidated joint venture
|
|
|
460
|
|
|
|
-
|
|
Other
|
|
|
636
|
|
|
|
(893
|
)
|
Net cash used in investing activities
|
|
|
(6,234
|
)
|
|
|
(843,720
|
)
|
|
|
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
|
Net (payments) borrowings under credit facilities
|
|
|
(115,528
|
)
|
|
|
836,778
|
|
Proceeds from employee stock purchase plans
|
|
|
1,745
|
|
|
|
1,849
|
|
Repurchases of common stock
|
|
|
(1,776
|
)
|
|
|
(1,884
|
)
|
Payment of taxes for equity transactions
|
|
|
(6,401
|
)
|
|
|
(7,936
|
)
|
Other
|
|
|
2,600
|
|
|
|
3,026
|
|
Net cash (used in) provided by financing activities
|
|
|
(119,360
|
)
|
|
|
831,833
|
|
Effect of exchange rate changes on cash and cash equivalents
|
|
|
(1,269
|
)
|
|
|
1,146
|
|
Net (decrease) increase in cash and cash equivalents
|
|
|
(33,587
|
)
|
|
|
33,836
|
|
Cash and cash equivalents, beginning of period
|
|
|
64,461
|
|
|
|
64,337
|
|
Cash and cash equivalents, end of period
|
|
$
|
30,874
|
|
|
$
|
98,173
|
|
|
|
|
|
|
|
|
|
|
|
Selected Financial Data (Continued)
|
|
Revenue by Customer Type (Unaudited)
|
|
|
Quarter Ended
|
|
|
|
|
(dollars in thousands)
|
|
12/31/2014
|
|
12/31/2013
|
|
$ Change
|
|
% Change
|
Department of Defense
|
|
$
|
548,160
|
|
67.2
|
%
|
|
$
|
650,303
|
|
72.7
|
%
|
|
$
|
(102,143
|
)
|
|
-15.7
|
%
|
Federal Civilian Agencies
|
|
|
213,378
|
|
26.2
|
%
|
|
|
186,875
|
|
20.9
|
%
|
|
|
26,503
|
|
|
14.2
|
%
|
Commercial and other
|
|
|
53,885
|
|
6.6
|
%
|
|
|
57,008
|
|
6.4
|
%
|
|
|
(3,123
|
)
|
|
-5.5
|
%
|
Total
|
|
$
|
815,423
|
|
100.0
|
%
|
|
$
|
894,186
|
|
100.0
|
%
|
|
$
|
(78,763
|
)
|
|
-8.8
|
%
|
|
|
|
Six Months Ended
|
|
|
|
|
(dollars in thousands)
|
|
12/31/2014
|
|
12/31/2013
|
|
$ Change
|
|
% Change
|
Department of Defense
|
|
$
|
1,102,458
|
|
67.6
|
%
|
|
$
|
1,267,952
|
|
72.1
|
%
|
|
$
|
(165,494
|
)
|
|
-13.1
|
%
|
Federal Civilian Agencies
|
|
|
421,623
|
|
25.9
|
%
|
|
|
383,028
|
|
21.8
|
%
|
|
|
38,595
|
|
|
10.1
|
%
|
Commercial and other
|
|
|
106,068
|
|
6.5
|
%
|
|
|
107,471
|
|
6.1
|
%
|
|
|
(1,403
|
)
|
|
-1.3
|
%
|
Total
|
|
$
|
1,630,149
|
|
100.0
|
%
|
|
$
|
1,758,451
|
|
100.0
|
%
|
|
$
|
(128,302
|
)
|
|
-7.3
|
%
|
|
Revenue by Contract Type (Unaudited)
|
|
|
Quarter Ended
|
|
|
|
|
(dollars in thousands)
|
|
12/31/2014
|
|
12/31/2013
|
|
$ Change
|
|
% Change
|
Cost reimbursable
|
|
$
|
376,197
|
|
46.1
|
%
|
|
$
|
443,125
|
|
49.5
|
%
|
|
$
|
(66,928
|
)
|
|
-15.1
|
%
|
Fixed price
|
|
|
294,239
|
|
36.1
|
%
|
|
|
274,273
|
|
30.7
|
%
|
|
|
19,966
|
|
|
7.3
|
%
|
Time and materials
|
|
|
144,987
|
|
17.8
|
%
|
|
|
176,788
|
|
19.8
|
%
|
|
|
(31,801
|
)
|
|
-18.0
|
%
|
Total
|
|
$
|
815,423
|
|
100.0
|
%
|
|
$
|
894,186
|
|
100.0
|
%
|
|
$
|
(78,763
|
)
|
|
-8.8
|
%
|
|
|
|
Six Months Ended
|
|
|
|
|
(dollars in thousands)
|
|
12/31/2014
|
|
12/31/2013
|
|
$ Change
|
|
% Change
|
Cost reimbursable
|
|
$
|
750,339
|
|
46.0
|
%
|
|
$
|
864,135
|
|
49.1
|
%
|
|
$
|
(113,796
|
)
|
|
-13.2
|
%
|
Fixed price
|
|
|
586,349
|
|
36.0
|
%
|
|
|
536,728
|
|
30.5
|
%
|
|
|
49,621
|
|
|
9.2
|
%
|
Time and materials
|
|
|
293,461
|
|
18.0
|
%
|
|
|
357,588
|
|
20.4
|
%
|
|
|
(64,127
|
)
|
|
-17.9
|
%
|
Total
|
|
$
|
1,630,149
|
|
100.0
|
%
|
|
$
|
1,758,451
|
|
100.0
|
%
|
|
$
|
(128,302
|
)
|
|
-7.3
|
%
|
|
Revenue Received as a Prime versus Subcontractor (Unaudited)
|
|
|
Quarter Ended
|
|
|
|
|
(dollars in thousands)
|
|
12/31/2014
|
|
12/31/2013
|
|
$ Change
|
|
% Change
|
Prime
|
|
$
|
726,310
|
|
89.1
|
%
|
|
$
|
805,235
|
|
90.1
|
%
|
|
$
|
(78,925
|
)
|
|
-9.8
|
%
|
Subcontractor
|
|
|
89,113
|
|
10.9
|
%
|
|
|
88,951
|
|
9.9
|
%
|
|
|
162
|
|
|
0.2
|
%
|
Total
|
|
$
|
815,423
|
|
100.0
|
%
|
|
$
|
894,186
|
|
100.0
|
%
|
|
$
|
(78,763
|
)
|
|
-8.8
|
%
|
|
|
|
Six Months Ended
|
|
|
|
|
(dollars in thousands)
|
|
12/31/2014
|
|
12/31/2013
|
|
$ Change
|
|
% Change
|
Prime
|
|
$
|
1,452,289
|
|
89.1
|
%
|
|
$
|
1,577,994
|
|
89.7
|
%
|
|
$
|
(125,705
|
)
|
|
-8.0
|
%
|
Subcontractor
|
|
|
177,860
|
|
10.9
|
%
|
|
|
180,457
|
|
10.3
|
%
|
|
|
(2,597
|
)
|
|
-1.4
|
%
|
Total
|
|
$
|
1,630,149
|
|
100.0
|
%
|
|
$
|
1,758,451
|
|
100.0
|
%
|
|
$
|
(128,302
|
)
|
|
-7.3
|
%
|
|
|
Selected Financial Data (Continued)
|
|
Contract Funding Orders Received (Unaudited)
|
|
|
Quarter Ended
|
|
|
|
|
(dollars in thousands)
|
|
12/31/2014
|
|
12/31/2013
|
|
$ Change
|
|
% Change
|
Contract Funding Orders
|
|
$
|
570,753
|
|
$
|
598,748
|
|
$
|
(27,995
|
)
|
|
-4.7
|
%
|
|
|
Six Months Ended
|
|
|
|
|
(dollars in thousands)
|
|
12/31/2014
|
|
12/31/2013
|
|
$ Change
|
|
% Change
|
Contract Funding Orders
|
|
$
|
1,920,649
|
|
$
|
1,909,320
|
|
$
|
11,329
|
|
|
0.6
|
%
|
|
Direct Costs by Category (Unaudited)
|
|
|
Quarter Ended
|
(dollars in thousands)
|
|
12/31/2014
|
|
12/31/2013
|
|
$ Change
|
|
% Change
|
Direct labor
|
|
$
|
257,275
|
|
47.1
|
%
|
|
$
|
244,907
|
|
40.4
|
%
|
|
$
|
12,368
|
|
|
5.1
|
%
|
Other direct costs
|
|
|
289,419
|
|
52.9
|
%
|
|
|
361,765
|
|
59.6
|
%
|
|
|
(72,346
|
)
|
|
-20.0
|
%
|
Total direct costs
|
|
$
|
546,694
|
|
100.0
|
%
|
|
$
|
606,672
|
|
100.0
|
%
|
|
$
|
(59,978
|
)
|
|
-9.9
|
%
|
|
|
|
Six Months Ended
|
(dollars in thousands)
|
|
12/31/2014
|
|
12/31/2013
|
|
$ Change
|
|
% Change
|
Direct labor
|
|
$
|
515,394
|
|
47.6
|
%
|
|
$
|
493,681
|
|
40.9
|
%
|
|
$
|
21,713
|
|
|
4.4
|
%
|
Other direct costs
|
|
|
567,904
|
|
52.4
|
%
|
|
|
714,413
|
|
59.1
|
%
|
|
|
(146,509
|
)
|
|
-20.5
|
%
|
Total direct costs
|
|
$
|
1,083,298
|
|
100.0
|
%
|
|
$
|
1,208,094
|
|
100.0
|
%
|
|
$
|
(124,796
|
)
|
|
-10.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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)
|
|
12/31/2014
|
|
12/31/2013
|
|
% Change
|
|
12/31/2014
|
|
12/31/2013
|
|
% Change
|
Net income attributable to CACI
|
|
$
|
24,642
|
|
|
$
|
34,962
|
|
|
-29.5
|
%
|
|
$
|
55,772
|
|
|
$
|
67,954
|
|
|
-17.9
|
%
|
Plus:
|
|
|
|
|
|
|
|
|
|
|
|
|
Income taxes
|
|
|
14,292
|
|
|
|
22,088
|
|
|
-35.3
|
%
|
|
|
34,014
|
|
|
|
42,490
|
|
|
-19.9
|
%
|
Interest income and expense, net
|
|
|
8,928
|
|
|
|
9,968
|
|
|
-10.4
|
%
|
|
|
18,087
|
|
|
|
17,776
|
|
|
1.7
|
%
|
Depreciation and amortization
|
|
|
16,795
|
|
|
|
16,230
|
|
|
3.5
|
%
|
|
|
34,031
|
|
|
|
29,181
|
|
|
16.6
|
%
|
EBITDA
|
|
$
|
64,657
|
|
|
$
|
83,248
|
|
|
-22.3
|
%
|
|
$
|
141,904
|
|
|
$
|
157,401
|
|
|
-9.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
|
|
Six Months Ended
|
(dollars in thousands)
|
|
12/31/2014
|
|
12/31/2013
|
|
% Change
|
|
12/31/2014
|
|
12/31/2013
|
|
% Change
|
Revenue, as reported
|
|
$
|
815,423
|
|
|
$
|
894,186
|
|
|
-8.8
|
%
|
|
$
|
1,630,149
|
|
|
$
|
1,758,451
|
|
|
-7.3
|
%
|
EBITDA
|
|
$
|
64,657
|
|
|
$
|
83,248
|
|
|
-22.3
|
%
|
|
$
|
141,904
|
|
|
$
|
157,401
|
|
|
-9.8
|
%
|
EBITDA margin
|
|
|
7.9
|
%
|
|
|
9.3
|
%
|
|
|
|
|
8.7
|
%
|
|
|
9.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
|
|
Six Months Ended
|
(dollars in thousands)
|
|
12/31/2014
|
|
12/31/2013
|
|
% Change
|
|
12/31/2014
|
|
12/31/2013
|
|
% Change
|
Net income attributable to CACI
|
|
$
|
24,642
|
|
|
$
|
34,962
|
|
|
-29.5
|
%
|
|
$
|
55,772
|
|
|
$
|
67,954
|
|
|
-17.9
|
%
|
Plus:
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation
|
|
|
3,574
|
|
|
|
3,301
|
|
|
8.3
|
%
|
|
|
6,194
|
|
|
|
5,785
|
|
|
7.1
|
%
|
Depreciation and amortization
|
|
|
16,795
|
|
|
|
16,230
|
|
|
3.5
|
%
|
|
|
34,031
|
|
|
|
29,181
|
|
|
16.6
|
%
|
Amortization of financing costs
|
|
|
687
|
|
|
|
4,736
|
|
|
-85.5
|
%
|
|
|
1,378
|
|
|
|
5,245
|
|
|
-73.7
|
%
|
Non-cash interest expense
|
|
|
-
|
|
|
|
3,409
|
|
|
-100.0
|
%
|
|
|
-
|
|
|
|
6,769
|
|
|
-100.0
|
%
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
|
Related tax effect
|
|
|
(8,287
|
)
|
|
|
(10,868
|
)
|
|
-23.8
|
%
|
|
|
(16,373
|
)
|
|
|
(18,449
|
)
|
|
-11.3
|
%
|
Adjusted net income
|
|
$
|
37,411
|
|
|
$
|
51,770
|
|
|
-27.7
|
%
|
|
$
|
81,002
|
|
|
$
|
96,485
|
|
|
-16.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
|
|
Six Months Ended
|
(shares in thousands)
|
|
12/31/2014
|
|
12/31/2013
|
|
% Change
|
|
12/31/2014
|
|
12/31/2013
|
|
% Change
|
Diluted weighted average shares, as reported
|
|
|
24,314
|
|
|
|
25,297
|
|
|
|
|
|
24,210
|
|
|
|
25,066
|
|
|
|
Diluted earnings per share
|
|
$
|
1.01
|
|
|
$
|
1.38
|
|
|
-26.7
|
%
|
|
$
|
2.30
|
|
|
$
|
2.71
|
|
|
-15.0
|
%
|
Diluted adjusted earnings per share
|
|
$
|
1.54
|
|
|
$
|
2.05
|
|
|
-24.8
|
%
|
|
$
|
3.35
|
|
|
$
|
3.85
|
|
|
-13.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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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