- Contract awards of $777 million for
the quarter; record $5.8 billion for the year, up 46
percent
- Net income of $41.4 million for the
quarter, up 13 percent; $126.2 million for the year
- Operating cash flow of $32.8 million
for the quarter; $223.2 million for the year, up 12
percent
- Total backlog of $9.6 billion, up 35
percent year-over-year
- Reiterates FY16 guidance; forecasts
organic revenue and net income growth
CACI International Inc (NYSE MKT: CACI), a leading information
solutions and services provider to the federal government,
announced results today for its full year and fourth fiscal quarter
ended June 30, 2015.
CEO Commentary and Outlook
Ken Asbury, CACI’s President and CEO, said, “Our results for the
quarter were in line with our expectations. We continued to win a
significant amount of contract awards and generated good cash flow.
Overall, in our fiscal year 2015, we achieved a record level of
contract awards, a record level of backlog, and increased our cash
flow to $223 million.
“By transforming our business development approach and more
closely aligning our organization to key market areas, we have put
in place a solid foundation to deliver organic revenue and net
income growth in FY16. We will continue executing our strategy to
meet our customers’ requirements and build long-term shareholder
value.”
Fourth Quarter Results
(in millions except per-share data) Q4, FY15
Q4, FY14 % Change Revenue
$865.5 $905.7 -4.4% Operating income
$75.1 $69.2 8.4% Net
income attributable to CACI $41.4 $36.5
13.3% Diluted earnings per share $1.68
$1.49 12.8%
Revenue for the fourth quarter of Fiscal Year 2015 (FY15)
decreased 4.4 percent compared to the fourth quarter of Fiscal Year
2014 (FY14). We grew our direct labor base during the quarter,
while other direct costs declined due primarily to a reduction of
subcontract labor resulting from general federal government
budget-related activities. The increase in operating income was a
result of increased work on a number of existing contracts, new
business, stronger award fees, an extra billing day, and lower
depreciation and amortization expense. Cash provided by operations
in the quarter was $32.8 million.
Additional Financial Metrics
Q4, FY15 Q4, FY14
% Change Earnings before interest, taxes, depreciation and
amortization (EBITDA), a non-GAAP measure (in millions)
$91.4 $87.5 4.4% Diluted
adjusted earnings per share, a non-GAAP measure $2.19
$2.05 6.6% Days sales outstanding
60 59
Fourth Quarter Awards and Contract Funding Orders
Our contract awards were $777 million in the fourth quarter of
FY15, 11.3 percent higher than the $698 million of contract awards
in the fourth quarter of FY14. Approximately 20 percent of our
awards in the quarter were new business. Contract awards for all of
FY15 were $5.8 billion, 46.3 percent higher than the $3.9 billion
of contract awards in all of FY14. Some of the awards in the
quarter included:
- A $61 million contract to continue
support for the Defense Medical Logistics Standard Support (DMLSS)
system at the Joint Medical Logistics Functional Development
Center. This contract further expands CACI’s work in our Health
Solutions market area.
- A $59.8 million four-year task order to
provide modeling and analysis support services for the U.S. Space
and Naval Warfare Systems Command and Naval Warfare Systems Center
Atlantic Business Portfolios. This work sustains our business in
the Logistics and Material Readiness market area.
- A $48 million four-year, eight-month
contract to provide operational support services for the Office of
the Under Secretary of Defense (Comptroller) (OUSD(C)). CACI will
continue providing a full spectrum of on-site operational support
in modernizing the critical information systems of OUSD(C). The
contract represents continuing work in our Business Systems market
area.
- A $46 million contract to provide
software engineering support for the U.S. Army’s Program Executive
Office Enterprise Information Systems. This work maintains our
business for this customer in our Business Systems market
area.
- Two five-year task orders with a
combined value of $29.8 million to provide legal support services
for the U.S. Securities and Exchange Commission. This new work
expands our business in the Investigation and Litigation Support
market area.
- A multi-million dollar contract to
provide systems engineering support to the U.S. Army
Communications-Electronics Research, Development, and Engineering
Center’s (CERDEC) Flight Activity. This contract increases the size
and scope of CACI's work for this customer and expands the
company's business in our Intelligence Systems and Support market
area.
- A multi-million dollar task order
contract to continue providing rapid response technical forensics
and exploitation support for the U.S. Army CERDEC Intelligence and
Information Warfare Directorate. This contract expands the size and
scope of work we provide for this customer in our Intelligence
Systems and Support Services market area.
- A prime position on a multiple-award
indefinite delivery, indefinite quantity contract with a nearly $1
billion dollar ceiling value to continue our support for the U.S.
Army’s CERDEC Intelligence and Information Warfare Directorate. The
multiple-year Technical Information Engineering Services contract
positions CACI for continued growth in its Intelligence Services
and Intelligence Systems and Support market areas.
Contract funding orders in the quarter were $871 million
compared with $907 million in the year earlier quarter. For all of
FY15, contract funding orders were $3.8 billion, 4.0 percent higher
than the $3.6 billion received in FY 14. Our total backlog at June
30, 2015 was $9.6 billion, 35 percent higher than our total backlog
of $7.1 billion at June 30, 2014. Funded backlog at June 30, 2015
was $2.0 billion, 29.6 percent higher than funded backlog of $1.6
billion at the end of FY14.
Fourth Quarter Recognition
- The Washington Post named CACI to its
ranking of 2015 Top Workplaces in the greater Washington, DC area.
The rankings are based on surveys in which employees were asked to
evaluate their companies on such factors as the quality of
leadership, pay and benefit practices, and work-life balance
issues.
Twelve Months Results
(in millions except per-share data)
Twelve Months,
FY15
Twelve Months,
FY14
% Change Revenue $3,313.5
$3,564.6 -7.0% Operating income $236.4
$257.4 -8.2% Net income attributable to
CACI $126.2 $135.3 -6.7%
Diluted earnings per share $5.17 $5.38
-3.8%
Revenue decreased 7.0 percent compared to revenue for the twelve
months of FY14. This decrease in revenue was primarily attributable
to lower subcontractor costs and other direct costs resulting from
the drawdown in Southwest Asia and federal government
budget-related activities. The decrease in operating income in FY15
was primarily a result of budget-related activities, and ramp-up
costs associated with the significant growth of background
investigation work for the Office of Personnel Management. Cash
provided by operations in FY15 was $223.2 million, 12.4 percent
higher than the $198.6 million of cash provided by operations in
FY14.
Additional Financial Metrics
Twelve Months,
FY15
Twelve Months,
FY14
% Change Earnings before interest, taxes,
depreciation and amortization (EBITDA), a non-GAAP measure (in
millions) $303.2 $323.6
-6.3% Diluted adjusted earnings per share, a non-GAAP measure
$7.23 $7.58 -4.6%
CACI Reiterates Its FY16 Guidance
We are reiterating the FY16 guidance we issued on June 24, 2015.
The table below summarizes our FY16 guidance ranges and represents
our views as of August 12, 2015:
(In millions except for tax rate and
earnings per share)
Fiscal Year 2016
Guidance
Revenue $3,300 - $3,500 Net income
attributable to CACI $130 - $140 Effective
corporate tax rate 38.5% Diluted earnings per
share $5.24 - $5.65 Diluted weighted average
shares 24.8
Conference Call Information
We have scheduled a conference call for 8:30 AM Eastern Time
Thursday, August 13, 2015 during which members of our senior
management team will be making a brief presentation focusing on
fourth 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 82120077. 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 16,700 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: 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
Twelve Months Ended 6/30/2015 6/30/2014 %
Change
6/30/2015 6/30/2014 % Change Revenue $ 865,506
$ 905,718 -4.4 % $ 3,313,452 $ 3,564,562
-7.0 % Costs of revenue Direct costs 567,446 612,646 -7.4 %
2,193,585 2,426,520 -9.6 % Indirect costs and selling expenses
206,996 205,754 0.6 % 817,403 815,458 0.2 % Depreciation and
amortization 15,985 18,083 -11.6 %
66,083 65,181 1.4 % Total costs of
revenue 790,427 836,483 -5.5 %
3,077,071 3,307,159 -7.0 % Operating income
75,079 69,235 8.4 % 236,381 257,403 -8.2 % Interest expense and
other, net 8,605 9,834 -12.5 %
34,758 38,158 -8.9 % Income before income
taxes 66,474 59,401 11.9 % 201,623 219,245 -8.0 % Income taxes
25,128 22,793 10.2 % 75,327
83,326 -9.6 % Net income 41,346 36,608 12.9 %
126,296 135,919 -7.1 % Noncontrolling interest 38
(74 ) (101 ) (603 ) Net income attributable to
CACI $ 41,384 $ 36,534 13.3 % $ 126,195 $
135,316 -6.7 % Basic earnings per share $ 1.71 $ 1.55
10.1 % $ 5.27 $ 5.78 -8.8 % Diluted earnings per share $ 1.68 $
1.49 12.8 % $ 5.17 $ 5.38 -3.8 % Weighted average shares
used in per share computations: Basic 24,180 23,498 23,948 23,429
Diluted 24,613 24,517 24,388 25,155
Statement of
Operations Data (Unaudited) Quarter Ended
Twelve Months Ended 6/30/2015 6/30/2014 %
Change
6/30/2015 6/30/2014 % Change Operating income
margin 8.7 % 7.6 % 7.1 % 7.2 % Tax rate 37.8 % 38.4 % 37.4 % 38.1 %
Net income margin 4.8 % 4.0 % 3.8 % 3.8 % EBITDA** $ 91,366
$ 87,482 4.4 % $ 303,237 $ 323,622 -6.3 % EBITDA Margin 10.6 % 9.7
% 9.2 % 9.1 % Adjusted net income** $ 53,867 $ 50,312 7.1 %
$ 176,405 $ 190,640 -7.5 % Diluted adjusted earnings per share $
2.19 $ 2.05 6.6 % $ 7.23 $ 7.58 -4.6 %
** 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)
6/30/2015 6/30/2014 ASSETS: Current
assets Cash and cash equivalents $ 35,364 $ 64,461 Accounts
receivable, net 596,155 615,580 Prepaid expenses and other current
assets 44,941 55,808 Total current assets 676,460
735,849 Goodwill and intangible assets, net 2,384,998
2,418,979 Property and equipment, net 63,689 68,485 Other long-term
assets 131,969 135,825 Total assets $ 3,257,116 $
3,359,138
LIABILITIES AND SHAREHOLDERS' EQUITY:
Current liabilities Current portion of long-term debt $ 38,965 $
41,563 Accounts payable 56,840 55,811 Accrued compensation and
benefits 185,830 183,361 Other accrued expenses and current
liabilities 118,046 141,852 Total current liabilities
399,681 422,587 Long-term debt, net of current portion
1,029,335 1,238,728 Other long-term liabilities 347,828
338,657 Total liabilities 1,776,844 1,999,972
Shareholders' equity 1,480,272 1,359,166 Total
liabilities and shareholders' equity $ 3,257,116 $ 3,359,138
Selected Financial Data (Continued)
CACI International Inc Condensed
Consolidated Statements of Cash Flows (Unaudited) (Amounts in
thousands)
Twelve Months Ended 6/30/2015
6/30/2014 CASH FLOWS FROM OPERATING ACTIVITIES: Net
income $ 126,296 $ 135,919
Reconciliation of net income to net cash
provided by operating activities:
Depreciation and amortization 66,083 65,181 Non-cash interest
expense - 11,421 Amortization of deferred financing costs 2,639
2,940 Loss on extinguishment of debt 272 4,116 Stock-based
compensation expense 14,072 11,557 Provision for deferred income
taxes 27,022 15,559 Undistributed earnings of unconsolidated joint
ventures (874 ) (1,656 )
Changes in operating assets and
liabilities, net of effect of business acquisitions:
Accounts receivable, net 18,889 91,010 Prepaid expenses and other
assets (2,057 ) (4,666 ) Accounts payable and accrued expenses
(25,807 ) (121,148 ) Accrued compensation and benefits 2,776
(20,416 ) Income taxes receivable and payable (3,630 ) 6,710 Other
liabilities (2,466 ) 2,116 Net cash provided
by operating activities 223,215 198,643
CASH FLOWS FROM INVESTING ACTIVITIES: Capital
expenditures (17,444 ) (15,279 ) Purchases of businesses, net of
cash acquired (14,972 ) (839,050 ) Investment in unconsolidated
joint venture 391 3,550 Other 629 (876 ) Net
cash used in investing activities (31,396 ) (851,655
)
CASH FLOWS FROM FINANCING ACTIVITIES: Net
(payments) borrowings under credit facilities (213,451 ) 660,850
Payment of contingent consideration - (3,294 ) Proceeds from
employee stock purchase plans 3,287 3,527 Proceeds from exercise of
stock options 691 - Repurchase of common stock (3,400 ) (3,653 )
Payment of taxes for equity transactions (7,378 ) (9,764 ) Other
1,390 3,836 Net cash (used in) provided
by financing activities (218,861 ) 651,502
Effect of exchange rate changes on cash and cash equivalents
(2,055 ) 1,634 Net (decrease) increase in cash and
cash equivalents (29,097 ) 124 Cash and cash equivalents, beginning
of period 64,461 64,337 Cash and cash
equivalents, end of period $ 35,364 $ 64,461
Selected Financial Data (Continued) Revenue
by Customer Type (Unaudited) Quarter Ended
(dollars in thousands)
6/30/2015
6/30/2014
$ Change
% Change Department of Defense $ 576,284 66.6
% $ 653,665 72.2 % $ (77,381 ) -11.8 %
Federal Civilian Agencies 236,979 27.4 % 199,777 22.1 % 37,202 18.6
% Commercial and other 52,243 6.0 %
52,276 5.7 % (33 ) -0.1 % Total $
865,506 100.0 % $ 905,718 100.0 % $
(40,212 ) -4.4 %
Twelve Months Ended
(dollars in thousands)
6/30/2015
6/30/2014
$ Change
% Change Department of Defense $ 2,217,031 66.9 % $
2,578,024 72.4 % $ (360,993 ) -14.0 % Federal Civilian Agencies
888,191 26.8 % 771,662 21.6 % 116,529 15.1 % Commercial and other
208,230 6.3 % 214,876 6.0 %
(6,646 ) -3.1 % Total $ 3,313,452 100.0
% $ 3,564,562 100.0 % $ (251,110 ) -7.0
%
Revenue by Contract Type
(Unaudited)
Quarter Ended (dollars in
thousands)
6/30/2015 6/30/2014
$ Change
% Change Cost reimbursable $ 407,407 47.1 % $ 440,867
48.7 % $ (33,460 ) -7.6 % Fixed price 296,935 34.3 % 275,570 30.4 %
21,365 7.8 % Time and materials 161,164 18.6 %
189,281 20.9 % (28,117 ) -14.9 %
Total $ 865,506 100.0 % $ 905,718 100.0 %
$ (40,212 ) -4.4 %
Twelve Months Ended
(dollars in thousands)
6/30/2015
6/30/2014
$ Change
% Change Cost reimbursable $ 1,534,864 46.3 % $
1,744,959 49.0 % $ (210,095 ) -12.0 % Fixed price 1,179,139 35.6 %
1,095,449 30.7 % 83,690 7.6 % Time and materials 599,449
18.1 % 724,154 20.3 %
(124,705 ) -17.2 % Total $ 3,313,452 100.0 % $
3,564,562 100.0 % $ (251,110 ) -7.0 %
Revenue Received as a Prime versus
Subcontractor (Unaudited)
Quarter Ended (dollars in
thousands)
6/30/2015 6/30/2014
$ Change
% Change Prime $ 780,187 90.1 % $ 809,376 89.4 % $
(29,189 ) -3.6 % Subcontractor 85,319 9.9 %
96,342 10.6 % (11,023 ) -11.4 %
Total $ 865,506 100.0 % $ 905,718 100.0 %
$ (40,212 ) -4.4 %
Twelve Months Ended
(dollars in thousands)
6/30/2015
6/30/2014
$ Change
% Change Prime $ 2,965,683 89.5 % $ 3,191,939 89.5 %
$ (226,256 ) -7.1 % Subcontractor 347,769 10.5 %
372,623 10.5 % (24,854 ) -6.7 %
Total $ 3,313,452 100.0 % $ 3,564,562 100.0 %
$ (251,110 ) -7.0 %
Selected
Financial Data (Continued)
Contract Funding Orders Received (Unaudited) Quarter
Ended (dollars in thousands)
6/30/2015 6/30/2014
$ Change
% Change Contract Funding Orders $ 871,345 $
906,836 $ (35,491 ) -3.9 %
Twelve Months Ended
(dollars in thousands)
6/30/2015
6/30/2014
$ Change
% Change Contract Funding Orders $ 3,756,631 $
3,610,314 $ 146,317 4.1 %
Direct Costs by Category (Unaudited) Quarter
Ended (dollars in thousands)
6/30/2015
6/30/2014
$ Change
% Change Direct labor $ 276,326 48.7 %
$ 263,959 43.1 % $ 12,367 4.7 % Other direct
costs 291,120 51.3 % 348,687
56.9 % (57,567 ) -16.5 % Total direct costs $
567,446 100.0 % $ 612,646 100.0 % $
(45,200 ) -7.4 %
Twelve Months Ended (dollars
in thousands)
6/30/2015 6/30/2014
$ Change
% Change Direct labor $ 1,062,882 48.5 % $ 1,028,045
42.4 % $ 34,837 3.4 % Other direct costs 1,130,703
51.5 % 1,398,475 57.6 % (267,772
) -19.1 % Total direct costs $ 2,193,585 100.0 %
$ 2,426,520 100.0 % $ (232,935 ) -9.6 %
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 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 plus stock-based compensation expense, depreciation and
amortization, and amortization of financing costs, 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
Twelve Months Ended (dollars in thousands)
6/30/2015 6/30/2014 % Change
6/30/2015 6/30/2014 %
Change Net income, as reported $ 41,384 $ 36,534
13.3 % $ 126,195 $ 135,316 -6.7 % Plus: Income
taxes 25,128 22,793 10.2 % 75,327 83,326 -9.6 % Interest income and
expense, net 8,869 10,072 -11.9 % 35,632 39,799 -10.5 %
Depreciation and amortization
15,985
18,083 -11.6 %
66,083 65,181 1.4 % EBITDA $
91,366 $ 87,482 4.4 % $ 303,237
$ 323,622 -6.3 %
Quarter
Ended Twelve Months Ended
(dollars in thousands)
6/30/2015
6/30/2014 % Change 6/30/2015
6/30/2014 % Change Revenue, as reported
$ 865,506 $ 905,718 -4.4 % $ 3,313,452 $ 3,564,562 -7.0 % EBITDA $
91,366 $ 87,482 4.4 % $ 303,237
$ 323,622 -6.3 % EBITDA margin
10.6 % 9.7 % 9.2 %
9.1 %
Quarter Ended
Twelve Months Ended (dollars in
thousands)
6/30/2015 6/30/2014 %
Change 6/30/2015 6/30/2014
% Change Net income, as reported $ 41,384 $ 36,534 13.3 % $
126,195 $ 135,316 -6.7 % Plus: Stock-based compensation 4,021 2,667
50.8 % 14,072 11,557 21.8 % Depreciation and amortization 15,985
18,083 -11.6 % 66,083 65,181 1.4 % Amortization of financing costs
577 762 -24.3 % 2,639 2,940 -10.2 % Non-cash interest expense -
1,176 -100.0 % - 11,421 -100.0 % Less: Related tax effect
(8,100 ) (8,910 ) -9.1 % (32,584
) (35,775 ) -8.9 % Adjusted net income $
53,867 $ 50,312 7.1 % $ 176,405
$ 190,640 -7.5 %
Quarter
Ended Twelve Months Ended
(shares in thousands)
6/30/2015
6/30/2014 % Change 6/30/2015
6/30/2014 % Change
Diluted weighted average shares, as
reported
24,613 24,517 24,388 25,155 Diluted earnings per share, as reported
$ 1.68 $ 1.49 12.8 % $ 5.17
$ 5.38 -3.8 % Diluted adjusted earnings
per share $ 2.19 $ 2.05 6.6 % $
7.23 $ 7.58 -4.6 %
View source
version on businesswire.com: http://www.businesswire.com/news/home/20150812006090/en/
CACI International IncCorporate Communications and Media:Jody
Brown, 703-841-7801Executive Vice President, Public
Relationsjbrown@caci.comorInvestor Relations:David Dragics,
866-606-3471Senior Vice President, Investor
Relationsddragics@caci.com
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