Net income of $33.8 million, up 8.6
percent
Revenue of $822.4 million
Cash from operations of $78.5
million
Record backlog of $10.6 billion, up 21.7
percent
Reiterates FY16 annual guidance
CACI International Inc (NYSE MKT: CACI), a leading information
solutions and services provider to the federal government,
announced results today for its first fiscal quarter ended
September 30, 2015.
CEO Commentary and Outlook
Ken Asbury, CACI’s President and CEO, said, “Our performance
this quarter was strong, with positive revenue and net income
growth and solid cash flow. This is a good start to our FY16 and
keeps us on track to achieve organic revenue and net income growth
for the full fiscal year. We won key new business and a significant
number of recompetes that reflects our continued excellence in
program delivery. Our backlog increased almost 22 percent to a
record level of $10.6 billion. These results give us confidence to
reiterate our guidance for the full fiscal year. We remain focused
on our three-part strategy of winning new business, delivering
operational excellence, and deploying our capital for growth to
generate long-term value for our shareholders.”
First Quarter Results
(in millions except per-share data) Q1, FY16
Q1, FY15 % Change Revenue
$822.4 $814.7 0.9% Operating income
$64.5 $60.1 7.4% Net
income attributable to CACI $33.8 $31.1
8.6% Diluted earnings per share $1.37
$1.29 6.3%
Revenue for the first quarter of Fiscal Year 2016 (FY16)
increased slightly compared to the first quarter of Fiscal Year
2015 (FY15), driven by growth on existing contracts, new business,
and acquired revenue. The increase in operating income was due
primarily to the factors for the increase in revenue and from lower
depreciation and amortization expense. Cash provided by operations
in the quarter was $78.5 million.
Additional Financial Metrics
Q1, FY16 Q1, FY15
% Change Earnings before interest, taxes, depreciation and
amortization (EBITDA), a non-GAAP measure (in millions)
$79.3 $77.2 2.6% Diluted
adjusted earnings per share, a non-GAAP measure $1.84
$1.81 1.8% Days sales outstanding
58 61
First Quarter Awards and Contract Funding Orders
Our contract awards were $1.9 billion in the first quarter of
FY16. Over half of our awards in the quarter were recompeted
business. Some of our awards during the quarter included:
- A $102 million ceiling, five-year,
single award to provide litigation support services and electronic
discovery for the Securities and Exchange Commission. This award
represents continuing work in our Investigation and Litigation
Support market area.
- A $90 million ceiling, five-year,
single award to enhance and sustain the National Public Warning
System for the Federal Emergency Management Agency. This award
represents new and continuing work in our Enterprise IT market
area.
- A $63.5 million, 20-month contract
by the Naval Air Warfare Center Aircraft Division (NAWCAD) to
continue our support for NAWCAD's Special
Communications Mission Solutions Division. This award
represents continuing work in our Communications
and Command and Control market areas.
- A $50 million, two-year task order to
support the U.S. Army Intelligence and Information Warfare
Directorate's (I2WD) Innovative Intelligence Solutions program.
This award represents continuing business in our Intelligence
Systems and Support market area.
Contract funding orders in the first quarter were $1.1 billion.
Our total backlog at September 30, 2015 was $10.6 billion, an
increase of 21.7 percent, compared with $8.7 billion at the end of
the first quarter of FY15. Funded backlog at September 30, 2015 was
$2.3 billion, an increase of 10.1 percent, compared with $2.1
billion at September 30, 2014.
First Quarter Highlight
CACI entered into a cooperative research and development
agreement with a federal government agency to address the
escalating unmanned aircraft systems (UAS) safety challenges that
airports are facing nationwide. CACI’s proprietary technology
detects, identifies, and tracks both UAS and UAS operators who are
inadvertently or unlawfully flying in restricted airspace. Our
solution will be tested in the airport environment to address the
UAS threat and ensure compatibility with existing complex airport
communications systems.
CACI Reiterates Its FY16 Guidance
We are reiterating the FY16 guidance we issued on August 12,
2015. The favorable variance in the first quarter compared to our
initial expectations was due primarily to timing related to award
fees, performance on various programs, and some product sales. This
resulted in recognition of income earlier than planned for this
fiscal year. The table below summarizes our FY16 guidance ranges
and represents our views as of October 28, 2015:
(In millions except for tax rate and
earnings per share)
FY 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, October 29, 2015 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 30813819. A
replay of the call will also be available over the Internet
beginning at 1:00 PM Eastern Time Thursday, October 29, 2015 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: 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;
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
9/30/2015 9/30/2014 % Change Revenue $ 822,442
$ 814,726 0.9 % Costs of revenue Direct costs 537,424
536,604 0.2 % Indirect costs and selling expenses 205,700 200,827
2.4 % Depreciation and amortization 14,811
17,236 -14.1 % Total costs of revenue 757,935
754,667 0.4 % Operating income 64,507 60,059 7.4 %
Interest expense and other, net 9,182 9,080
1.1 % Income before income taxes 55,325 50,979 8.5 % Income
taxes 21,523 19,722 9.1 % Net income
33,802 31,257 8.1 % Noncontrolling interest -
(127 ) Net income attributable to CACI $ 33,802 $ 31,130
8.6 % Basic earnings per share $ 1.40 $ 1.32 5.7 %
Diluted earnings per share $ 1.37 $ 1.29 6.3 % Weighted
average shares used in per share computations: Basic 24,208 23,565
Diluted 24,629 24,104
Statement of Operations Data
(Unaudited) Quarter Ended 9/30/2015
9/30/2014 % Change Operating income margin 7.8 % 7.4 % Tax
rate 38.9 % 38.8 % Net income margin 4.1 % 3.8 % EBITDA* $
79,269 $ 77,247 2.6 % EBITDA margin 9.6 % 9.5 % Adjusted net
income attributable to CACI* $ 45,340 $ 43,608 4.0 % Diluted
adjusted earnings per share $ 1.84 $ 1.81 1.8 %
*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)
9/30/2015 6/30/2015 ASSETS: Current assets
Cash and cash equivalents $ 28,999 $ 35,364 Accounts receivable,
net 546,964 596,155 Prepaid expenses and other current assets
53,707 44,941 Total current assets 629,670 676,460
Goodwill and intangible assets, net 2,383,250 2,384,998
Property and equipment, net 61,290 63,689 Other long-term assets
130,852 131,969 Total assets $ 3,205,062 $ 3,257,116
LIABILITIES AND SHAREHOLDERS' EQUITY: Current
liabilities Current portion of long-term debt $ 38,965 $ 38,965
Accounts payable 48,392 56,840 Accrued compensation and benefits
178,469 185,830 Other accrued expenses and current liabilities
116,182 118,046 Total current liabilities 382,008
399,681 Long-term debt, net of current portion 954,913
1,029,335 Other long-term liabilities 359,189 347,828
Total liabilities 1,696,110 1,776,844
Shareholders' equity 1,508,952 1,480,272 Total
liabilities and shareholders' equity $ 3,205,062 $ 3,257,116
Selected Financial Data (Continued)
CACI International Inc Condensed
Consolidated Statements of Cash Flows (Unaudited) (Amounts in
thousands)
Three Months Ended 9/30/2015
9/30/2014 CASH FLOWS FROM OPERATING ACTIVITIES: Net
income $ 33,802 $ 31,257
Reconciliation of net income to net cash
provided by operating activities:
Depreciation and amortization 14,811 17,236 Amortization of
deferred financing costs 577 691 Stock-based compensation expense
3,638 2,620 Provision for deferred income taxes 7,885 9,139
Undistributed loss (earnings) of unconsolidated ventures 49 (79 )
Changes in operating assets and
liabilities, net of effect of business acquisitions:
Accounts receivable, net 48,190 47,117 Prepaid expenses and other
assets (10,869 ) 977 Accounts payable and accrued expenses (9,945 )
1,986 Accrued compensation and benefits (6,949 ) (1,068 ) Income
taxes receivable and payable (785 ) 3,666 Other liabilities
(1,931 ) (1,810 ) Net cash provided by operating activities
78,473 111,732
CASH FLOWS
FROM INVESTING ACTIVITIES: Capital expenditures (4,479 ) (3,361
) Purchase of business, net of cash acquired (2,767 ) - Other
(765 ) 1,125 Net cash used in investing
activities (8,011 ) (2,236 )
CASH FLOWS
FROM FINANCING ACTIVITIES: Net payments under credit facilities
(74,741 ) (70,391 ) Proceeds from employee stock purchase plans 801
932 Repurchases of common stock (794 ) (925 ) Payment of taxes for
equity transactions (2,340 ) (5,883 ) Other 834
2,991 Net cash used in financing activities
(76,240 ) (73,276 ) Effect of exchange rate changes on cash
and cash equivalents (587 ) (689 ) Net (decrease)
increase in cash and cash equivalents (6,365 ) 35,531 Cash and cash
equivalents, beginning of period 35,364 64,461
Cash and cash equivalents, end of period $ 28,999 $
99,992
Selected Financial Data
(Continued)
Revenue by Customer Type
(Unaudited) Quarter Ended
(dollars in thousands)
9/30/2015 9/30/2014
$ Change
% Change Department of Defense $ 543,519 66.1
% $ 554,298 68.0 % $ (10,779 ) -1.9 % Federal Civilian Agencies
225,423 27.4 % 208,245 25.6 % 17,178 8.2 % Commercial and other
53,500 6.5 % 52,183
6.4 % 1,317
2.5 % Total $ 822,442 100.0 % $ 814,726
100.0 % $ 7,716
0.9 %
Revenue by Contract Type (Unaudited) Quarter
Ended
(dollars in thousands)
9/30/2015
9/30/2014
$ Change
% Change Cost reimbursable $ 387,998 47.2 % $
374,143 45.9 % 13,855 3.7 % Fixed price 289,301 35.2 % 292,110 35.9
% (2,809 ) -1.0 % Time and materials 145,143
17.6 % 148,473 18.2 %
$ (3,330 ) -2.2 % Total $ 822,442
100.0 % $ 814,726 100.0 %
$ 7,716 0.9 %
Revenue
Received as a Prime versus Subcontractor (Unaudited) Quarter
Ended
(dollars in thousands)
9/30/2015
9/30/2014
$ Change
% Change Prime $ 742,578 90.3 % $ 725,979 89.1
% $ 16,599 2.3 % Subcontractor 79,864 9.7 %
88,747 10.9 %
(8,883 ) -10.0 % Total $ 822,442
100.0 % $ 814,726 100.0 %
$ 7,716 0.9 %
Contract Funding Orders
Received (Unaudited) Quarter Ended
(dollars in thousands)
9/30/2015
9/30/2014
$ Change
% Change
Contract Funding Orders $ 1,128,476 $ 1,349,896
$ (221,420 ) -16.4 %
Direct Costs by Category (Unaudited)
Quarter Ended (dollars in thousands)
9/30/2015
9/30/2014
$ Change
% Change Direct labor $ 270,464 50.3 % $
258,119 48.1 % $ 12,345 4.8 % Other direct costs 266,960
49.7 % 278,485
51.9 % (11,525 ) -4.1 % Total
direct costs $ 537,424 100.0 % $
536,604 100.0 % $ 820
0.2 %
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 (dollars in thousands)
9/30/2015
9/30/2014 % Change Net income
attributable to CACI $ 33,802 $ 31,130 8.6 % Plus: Income taxes
21,523 19,722 9.1 % Interest expense, net 9,133 9,159 -0.3 %
Depreciation and amortization 14,811
17,236 -14.1 % EBITDA $ 79,269
$ 77,247 2.6 %
Quarter
Ended (dollars in thousands)
9/30/2015
9/30/2014 % Change Revenue, as reported
$ 822,442 $ 814,726 0.9 % EBITDA $ 79,269 $
77,247 2.6 % EBITDA margin 9.6 %
9.5 %
Quarter
Ended (dollars in thousands)
9/30/2015
9/30/2014 % Change Net income
attributable to CACI $ 33,802 $ 31,130 8.6 % Plus: Stock-based
compensation 3,638 2,620 38.9 % Depreciation and amortization
14,811 17,236 -14.1 % Amortization of financing costs 577 691 -16.5
% Less: Related tax effect (7,488 )
(8,069 ) -7.2 % Adjusted net income attributable to
CACI $ 45,340 $ 43,608
4.0 %
Quarter Ended (shares in thousands)
9/30/2015 9/30/2014 %
Change
Diluted weighted average shares, as
reported
24,629 24,104 Diluted earnings per share $ 1.37
$ 1.29 6.3 % Diluted adjusted earnings
per share $ 1.84 $ 1.81
1.8 %
View source
version on businesswire.com: http://www.businesswire.com/news/home/20151028006366/en/
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
Grafico Azioni CACI (NYSE:CACI)
Storico
Da Giu 2024 a Lug 2024
Grafico Azioni CACI (NYSE:CACI)
Storico
Da Lug 2023 a Lug 2024