Record fourth quarter revenue and net
income
Record annual revenue, operating income, net
income, and cash from operations
Strong contract awards and funding in the
quarter
Fiscal Year 2019 guidance reiterated
CACI International Inc (NYSE: CACI), a leading information
solutions and service provider to the federal government, announced
results today for its fourth fiscal quarter and full year ended
June 30, 2018.
CEO Commentary and Outlook
Ken Asbury, CACI’s President and CEO, said, “We delivered strong
performance across the company in Fiscal Year 2018 (FY18), setting
records for revenue, profitability, operating cash flow, contract
funding, and year-end backlog. We also met our stated goal of one
to four percent organic revenue growth above our addressable market
and exceeded our annual goal of 10 to 30 basis points of margin
expansion. Our record performance in FY18 and confidence in our
market-aligned strategy positions us for continued growth and
increased shareholder value.”
Fourth Quarter Results as
Reported
(in millions except per-share data) Q4, FY18
Q4, FY17 % Change Revenue
$1,170.1 $1,137.4 2.9% Operating income
$80.3 $80.1 0.3% Net
income $51.8 $44.2 17.2%
Diluted earnings per share $2.05 $1.76
16.4%
Fourth Quarter Results Excluding the
Impact of Tax Reform(1)
(in millions except per-share data) Q4,
FY18 Q4, FY17 % Change Revenue
$1,170.1 $1,137.4 2.9% Operating
income $80.3 $80.1 0.3%
Net income, excluding the impact of tax reform(1)
$46.5 $44.2 5.2% Diluted earnings per
share excluding the impact of tax reform(1) $1.84
$1.76 4.6%
(1) See Reconciliation of Net Income to
Non-GAAP Net Income excluding the impact of tax reform page 11.
Revenue for the fourth quarter of Fiscal Year 2018 increased
compared to the fourth quarter of Fiscal Year 2017 (FY17), driven
primarily by on-contract growth of existing work and new business
wins. The higher operating income was due primarily to improved
program execution offset by investments in the Shared Services
Center and higher incentive compensation. The increase in net
income was due to the impact of the passage of tax reform
legislation and the factors noted above. Cash provided by
operations in the quarter was $70.6 million.
Additional Financial Metrics
Q4, FY18 Q4, FY17
% Change Adjusted earnings before interest, taxes,
depreciation and amortization (EBITDA), a non-GAAP measure (in
millions)(1) $100.6 $97.4
3.3% Days sales outstanding 60 59
(1) See Reconciliation of Net Income to Earnings
before Interest, Taxes, Depreciation and Amortization on page 10.
Fourth Quarter Awards and Contract Funding Orders
Our contract awards in the quarter were $1.5 billion, with 70
percent for new business, and $5.2 billion for the year, with 50
percent for new business, which excludes ceiling values of
multi-award, indefinite delivery, indefinite quantity (IDIQ)
contracts.
- A task order with a ceiling value of
$407 million to architect, engineer, and integrate advanced cyber
security tools and processes for the Department of Homeland
Security. The six-year contract was awarded under the General
Services Administration (GSA) Alliant contract vehicle.
- A task order with a ceiling value of
$122 million to develop advanced electronic communications systems
for the Naval Air Warfare Center. The five-year contract was
awarded under the GSA One Acquisition Solution for Integrated
Services contract vehicle.
- An $86 million award to provide
database support for an Intelligence Community customer.
- A one-year, $48.5 million, single-award
contract to support the deployment of new and existing counter
unmanned aerial systems capabilities and hardware for the Naval Air
Systems Command.
- A $48 million task order to provide
engineering and technical-related services to the Naval Surface
Warfare Center. The five-year contract was awarded under the U.S.
Navy’s SeaPort II contract vehicle.
- A prime position on the 10-year,
multiple-award, GSA Alliant 2 IDIQ contract vehicle, with a ceiling
value of $50 billion, to provide government-wide integrated IT
solutions.
- A prime position on the 10-year,
multiple-award, Janus Geography IDIQ contract vehicle, with a
ceiling value of $920 million, to support the creation, validation,
enrichment, and integration of foundational geospatial intelligence
data for the National Geospatial-Intelligence Agency.
Contract funding orders in the fourth quarter were approximately
$1.4 billion, 35 percent higher than the year earlier quarter, and
approximately $4.8 billion for FY18, a 16 percent increase over
FY17. Total backlog at June 30, 2018 was $11.3 billion compared
with $11.2 billion at the end of FY17. Funded backlog at June 30,
2018 was $2.1 billion compared with $1.9 billion at the end of
FY17.
Fourth Quarter and Subsequent Highlights
- CACI employees Michael Dunne and
Brandon Seabolt have been awarded the Office of the Secretary of
the Defense Medal for Valor for their heroic actions in support of
U.S. military operations. The medal is the highest civilian award
presented by the Department of Defense. While there have been just
17 recipients since the medal was first awarded in 2002, Mr. Dunne
and Mr. Seabolt are the second and third CACI employees to have
earned the honor.
- Former National Security Agency senior
leader Debora A. Plunkett was appointed to CACI’s Board of
Directors. A recognized national security expert, Ms. Plunkett
brings the Board more than 30 years of experience in such critical
mission areas as cyber security and information assurance.
- President of U.S. Operations DeEtte
Gray was named Chair of AFCEA International’s Board of Directors.
Her appointment continues our history of partnership with AFCEA and
support for the organization’s goals to advance relationships among
government, industry, and academia.
- Executive Vice President Mike Hale was
appointed to lead the CACI business group responsible for our
Intelligence Systems and Support, Cyber Security, and Space
Operations and Resiliency market areas.
- Our new Dr. J.P. (Jack) London Shared
Services Center (SSC) opened in Oklahoma City, Oklahoma. The SSC
enhances our competitiveness and delivery of long-term shareholder
value and will provide cost advantages to be invested into employee
growth and the further development of CACI capabilities.
- CACI achieved Premier Consulting
Partner status in the Amazon Web Services Partner Network,
reflecting our experience and expertise in successfully delivering
cost-effective, cloud-based solutions for our customers’ critical
missions.
- CACI was named to The Washington Post’s
2018 Top Workplaces, marking our fourth consecutive year on the
list. The ranking is based on feedback from CACI employees, who
rated us highly in such areas as management, career growth,
mission, and learning/training opportunities.
- Dr. Warren R. Phillips, Lead Director
on CACI’s Board, was named to the National Association of Corporate
Directors Directorship 100, its recognition of leading corporate
directors, governance experts, policymakers, and influencers who
promote exemplary board leadership.
- CACI earned ISO/IEC 20000-1:2011
certification that our U.S. Operations and IT service management
systems and processes used on customer programs adhere to
international best practices, giving us another marketplace
discriminator, especially in our Enterprise IT market area.
Twelve Months Results as
Reported
(in millions except per-share data)
Twelve Months,FY18
Twelve Months,FY17
% Change Revenue $4,467.9
$4,354.6 2.6% Operating income $340.7
$297.3 14.6% Net income
$301.2 $163.7 84.0% Diluted earnings
per share $11.93 $6.53
82.7%
Twelve Months Results Excluding the
Impact of Tax Reform(1)
(in millions except per-share data)
Twelve Months,FY18
Twelve Months,FY17
% Change Revenue $4,467.9
$4,354.6 2.6% Operating income $340.7
$297.3 14.6% Net income excluding the
impact of tax reform(1) $197.9 $163.7
20.9% Diluted earnings per share excluding the impact
of tax reform(1) $7.84 $6.53
20.0% (1) See Reconciliation of Net
Income to non-GAAP Net Income excluding the impact of tax reform on
page 11.
Revenue in FY18 increased compared to FY17 due primarily to
on-contract growth of existing work and new business wins.
Operating income increased primarily due to higher profitability in
existing work and new business, particularly improved program
execution on fixed price work, and one-time incentive fees offset
by investments in the Shared Services Center and growth and
efficiency initiatives previously noted. The increase in net income
was due to the impact of the passage of tax reform legislation and
the factors noted above. Net cash provided by operations in FY18
was $325.1 million, 15.6 percent higher than net cash provided by
operations in FY17. Adjusted EBITDA, a non-GAAP measure, for FY18
was $412.9 million, 11.6 percent higher than adjusted EBITDA of
$369.9 million for FY17.
CACI Reiterates Its FY19 Guidance
We are reiterating the FY19 guidance we issued on June 20, 2018.
The table below summarizes our FY19 guidance and represents our
views as of August 15, 2018.
(In millions except for tax rate and
earnings per share)
Current Fiscal Year2019
Guidance
Revenue $4,550- $4,750 Net income $230
- $240 Effective corporate tax rate 24.9% Diluted
earnings per share $8.98 - $9.38 Diluted weighted
average shares 25.6
Conference Call Information
We have scheduled a conference call for 8:30 AM Eastern Time
Thursday, August 16, 2018 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 http://investor.caci.com/news/#upcomingevent, at the scheduled
time. 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 Relations tab.
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 SmallCap600 Index. CACI’s sustained
commitment to ethics and integrity defines its corporate culture
and drives its success. With approximately 18,900 employees
worldwide, CACI provides dynamic career opportunities for military
veterans and industry professionals to support the nation’s most
critical missions. Join us! 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: legal, regulatory, and political change
as a result of transitioning to a new presidential administration
that could result in economic uncertainty; changes in U.S. federal
agencies, current agreements with other nations, foreign events, or
any other events which may affect the global economy; 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, or any legislation that amends or changes
discretionary spending levels under that act; 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
potential impact of the announcement or consummation of a proposed
transaction and our 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-Earnings Release
Selected Financial
Data CACI International Inc Condensed
Consolidated Statements of Operations (Unaudited) (Amounts in
thousands, except per share amounts)
Quarter Ended
Twelve Months Ended 6/30/2018 6/30/2017 %
Change
6/30/2018 6/30/2017 % Change Revenue $
1,170,086 $ 1,137,389 2.9 % $ 4,467,860 $
4,354,617 2.6 % Costs of revenue Direct costs 783,326
769,038 1.9 % 2,978,608 2,934,804 1.5 % Indirect costs and selling
expenses 287,787 270,395 6.4 % 1,076,356 1,050,792 2.4 %
Depreciation and amortization 18,633 17,862
4.3 % 72,196 71,760 0.6 % Total
costs of revenue 1,089,746 1,057,295
3.1 % 4,127,160 4,057,356 1.7 %
Operating income 80,340 80,094 0.3 % 340,700 297,261 14.6 %
Interest expense and other, net 9,267 11,721
-20.9 % 42,036 48,642 -13.6 %
Income before income taxes 71,073 68,373 3.9 % 298,664 248,619 20.1
% Income tax expense (benefit) 19,242 24,142
-20.3 % (2,507 ) 84,948 -103.0 % Net
income $ 51,831 $ 44,231 17.2 % $ 301,171 $
163,671 84.0 % Basic earnings per share $ 2.10 $ 1.81
16.0 % $ 12.23 $ 6.71 82.4 % Diluted earnings per share $ 2.05 $
1.76 16.4 % $ 11.93 $ 6.53 82.7 % Weighted average shares
used in per share computations: Basic 24,700 24,459 24,616 24,401
Diluted 25,331 25,172 25,255 25,069
Statement of
Operations Data (Unaudited) Quarter Ended Twelve
Months Ended 6/30/2018 6/30/2017 % Change
6/30/2018 6/30/2017 % Change Operating income margin
6.9 % 7.0 % 7.6 % 6.8 % Tax rate 27.1 % 35.3 % -0.8 % 34.2 % Net
income margin 4.4 % 3.9 % 6.7 % 3.8 % Adjusted EBITDA* $
100,580 $ 97,357 3.3 % $ 412,906 $ 369,904 11.6 % Adjusted EBITDA
Margin 8.6 % 8.6 % 9.2 % 8.5 % * See Reconciliation
of Net Income to Earnings before Interest, Taxes, Depreciation and
Amortization on page 10
Selected Financial
Data (Continued) CACI International Inc
Condensed Consolidated Balance Sheets (Unaudited) (Amounts
in thousands)
6/30/2018 6/30/2017
ASSETS: Current assets Cash and cash equivalents $ 66,194 $
65,539 Accounts receivable, net 806,871 757,341 Prepaid expenses
and other current assets 58,126 57,022 Total current
assets 931,191 879,902 Goodwill and intangible assets, net
2,862,590 2,812,806 Property and equipment, net 101,140 91,749
Other long-term assets 139,285 126,625 Total assets $
4,034,206 $ 3,911,082
LIABILITIES AND SHAREHOLDERS'
EQUITY: Current liabilities Current portion of long-term debt $
46,920 $ 53,965 Accounts payable 82,017 62,874 Accrued compensation
and benefits 259,442 239,741 Other accrued expenses and current
liabilities 150,602 170,164 Total current liabilities
538,981 526,744 Long-term debt, net of current portion
1,015,420 1,177,598 Other long-term liabilities 372,918
413,019 Total liabilities 1,927,319 2,117,361
Shareholders' equity 2,106,887 1,793,721 Total
liabilities and shareholders' equity $ 4,034,206 $ 3,911,082
Selected Financial Data (Continued)
CACI International Inc Condensed Consolidated Statements
of Cash Flows (Unaudited) (Amounts in thousands)
Twelve Months Ended 6/30/2018 6/30/2017
CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 301,171 $
163,671
Reconciliation of net income to net cash
provided by operating activities:
Depreciation and amortization 72,196 71,760 Amortization of
deferred financing costs 4,061 4,484 Loss on extinguishment of debt
104 - Loss on disposal of assets 989 1,025 Stock-based compensation
expense 23,628 21,945 Deferred income taxes (77,324 ) 15,148 Equity
in earnings from unconsolidated ventures - (167 ) Gain on sale of
assets - (1,545 )
Changes in operating assets and
liabilities, net of effect of acquisitions:
Accounts receivable, net (42,575 ) 46,158 Prepaid expenses and
other assets (5,479 ) (5,221 ) Accounts payable and accrued
expenses 914 (47,777 ) Accrued compensation and benefits 13,544
12,048 Income taxes payable and receivable 6,090 (9,954 ) Long-term
liabilities 27,808 9,675 Net cash
provided by operating activities 325,127
281,250
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures (41,594 ) (43,268 ) Purchases of businesses,
net of cash acquired (76,910 ) (7,276 )
Proceeds from net working capital and
other refunds of acquired business
- 19,287 Proceeds from equity method investments - 4,681
Other
231 1,772 Net cash used in investing
activities (118,273 ) (24,804 )
CASH FLOWS
FROM FINANCING ACTIVITIES: Net payments under credit facilities
(173,389 ) (228,965 ) Payment of contingent consideration (11,553 )
- Proceeds from employee stock purchase plans 4,929 4,316
Repurchases of common stock (5,138 ) (4,386 ) Payment of taxes for
equity transactions (21,365 ) (10,951 ) Net cash used
in financing activities (206,516 ) (239,986 ) Effect
of exchange rate changes on cash and cash equivalents 317
(3 ) Net increase in cash and cash equivalents 655
16,457 Cash and cash equivalents, beginning of period 65,539
49,082 Cash and cash equivalents, end of
period $ 66,194 $ 65,539
Selected
Financial Data (Continued)
Revenue by Customer Type (Unaudited) Quarter
Ended (dollars in thousands)
6/30/2018 6/30/2017
$ Change
% Change Department of Defense $ 793,084 67.8 % $
752,217 66.1 % $ 40,867 5.4 % Federal Civilian Agencies 299,799
25.6 % 317,097 27.9 % (17,298 ) -5.5 % Commercial and other
77,203 6.6 % 68,075 6.0 %
9,128 13.4 % Total $ 1,170,086 100.0 %
$ 1,137,389 100.0 % $ 32,697 2.9 %
Twelve Months Ended
(dollars in thousands)
6/30/2018 6/30/2017
$ Change
% Change Department of Defense $ 2,974,578 66.6 % $
2,829,305 65.0 % $ 145,273 5.1 % Federal Civilian Agencies
1,201,874 26.9 % 1,259,212 28.9 % (57,338 ) -4.6 % Commercial and
other 291,408 6.5 % 266,100 6.1
% 25,308 9.5 % Total $ 4,467,860
100.0 % $ 4,354,617 100.0 % $ 113,243
2.6 %
Revenue by Contract Type (Unaudited)
Quarter Ended (dollars in
thousands)
6/30/2018 6/30/2017
$ Change
% Change Cost reimbursable $ 614,524 52.5 % $ 572,051
50.3 % $ 42,473 7.4 % Fixed price 364,623 31.2 % 353,233 31.1 %
11,390 3.2 % Time and materials 190,939 16.3 %
212,105 18.6 % (21,166 ) -10.0 %
Total $ 1,170,086 100.0 % $ 1,137,389 100.0 %
$ 32,697 2.9 %
Twelve Months
Ended (dollars in thousands)
6/30/2018 6/30/2017 $Change
% Change Cost reimbursable $ 2,276,589 51.0 % $
2,128,063 48.9 % $ 148,526 7.0 % Fixed price 1,457,494 32.6 %
1,407,409 32.3 % 50,085 3.6 % Time and materials 733,777
16.4 % 819,145 18.8 %
(85,368 ) -10.4 % Total $ 4,467,860 100.0 % $
4,354,617 100.0 % $ 113,243 2.6 %
Revenue Received as a Prime versus Subcontractor
(Unaudited) Quarter Ended
(dollars in thousands)
6/30/2018 6/30/2017
$ Change
% Change Prime $ 1,092,046 93.3 % $ 1,056,907 92.9 %
$ 35,139 3.3 % Subcontractor 78,040 6.7 %
80,482 7.1 % (2,442 ) -3.0 %
Total $ 1,170,086 100.0 % $ 1,137,389 100.0 %
$ 32,697 2.9 %
Twelve Months
Ended (dollars in thousands)
6/30/2018 6/30/2017
$ Change
% Change Prime $ 4,178,038 93.5 % $ 4,045,958 92.9 %
$ 132,080 3.3 % Subcontractor 289,822 6.5 %
308,659 7.1 % (18,837 ) -6.1 %
Total $ 4,467,860 100.0 % $ 4,354,617 100.0 %
$ 113,243 2.6 %
Selected
Financial Data (Continued)
Contract Funding Orders Received (Unaudited) Quarter
Ended (dollars in thousands)
6/30/2018 6/30/2017
$ Change
% Change Contract Funding Orders $ 1,436,990 $
1,067,786 $ 369,204 34.6 %
Twelve Months Ended
(dollars in thousands)
6/30/2018
6/30/2017
$ Change
% Change Contract Funding Orders $ 4,759,087 $
4,120,643 $ 638,444 15.5 %
Reconciliation of Net Income to
Adjusted Earnings Before Interest, Taxes, Depreciation and
Amortization (EBITDA)
(Unaudited)
The Company views Adjusted EBITDA and Adjusted EBITDA
margin, both of which are defined as non-GAAP measures, as
important indicators of performance, consistent with the manner in
which management measures and forecasts the Company’s performance.
Adjusted EBITDA is a commonly used non-GAAP measure when comparing
our results with those of other companies. We define Adjusted
EBITDA as GAAP net income plus net interest expense, income taxes,
depreciation and amortization, and earnout adjustments. We consider
Adjusted EBITDA to be a useful metric for management and investors
to evaluate and compare the ongoing operating performance of our
business on a consistent basis across reporting periods, as it
eliminates the effect of non-cash items such as depreciation of
tangible assets, amortization of intangible assets primarily
recognized in business combinations, as well as the effect of
earnout gains and losses, which we do not believe are indicative of
our core operating performance. Adjusted EBITDA margin is adjusted
EBITDA divided by revenue. 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)
6/30/2018 6/30/2017 % Change
6/30/2018 6/30/2017 %
Change Net income $ 51,831 $ 44,231 17.2 %
$ 301,171 $ 163,671 84.0 % Plus: Income taxes 19,242
24,142 -20.3 % (2,507 ) 84,948 -103.0 % Interest income and
expense, net 9,267 11,721 -20.9 % 42,036 48,809 -13.9 %
Depreciation and amortization 18,633 17,862 4.3 % 72,196 71,760 0.6
% Earnout adjustments 1,607 (599 )
-368.3 % 10 716
-98.6 % Adjusted EBITDA $ 100,580 $ 97,357
3.3 % $ 412,906 $ 369,904
11.6 %
Quarter Ended Twelve Months
Ended (dollars in thousands)
6/30/2018
6/30/2017 % Change 6/30/2018
6/30/2017 % Change Revenue, as reported
$ 1,170,086 $ 1,137,389 2.9 % $ 4,467,860 $ 4,354,617 2.6 %
Adjusted EBITDA 100,580 97,357
3.3 % 412,906 369,904
11.6 % Adjusted EBITDA margin 8.6 %
8.6 % 9.2 % 8.5 %
Selected Financial Data
(Continued)
Reconciliation of Net Income Excluding
the Impact of Tax Reform
(Unaudited)
The Company views Net Income excluding the impact of Tax
Reform, a non-GAAP measure, as an important indicator of
performance, consistent with the manner in which management
measures and forecasts the Company’s performance. Net Income
excluding the impact of Tax Reform is defined as GAAP Net Income
adjusted to exclude the impact of Tax Reform. We believe this is an
important calculation to show company performance without the
benefits of Tax Reform. Management is incented to perform via
metrics without the impact of Tax Reform. This non-GAAP measure
should not be considered in isolation or as a substitute for
performance measures prepared in accordance with GAAP.
Three Months
Twelve Months (Amounts in thousands, except per share
amounts)
6/30/2018 6/30/2018 Net
Diluted Net Diluted Income
EPS Income EPS Net Income, as reported
$ 51,831 $ 2.05 $ 301,171 $ 11.93 Tax reform benefit from lower tax
rate and other items (3,851 ) (0.15 )
(16,680 ) (0.66 )
Net Income before remeasurement and
transition tax reform adjustments
$ 47,980 $ 1.90 $ 284,491 $ 11.27 Remeasurement of deferred tax
liabilities (1,438 ) (0.06 ) (96,269 ) (3.81 ) Transition tax on
foreign earnings - -
9,676 0.38 Net income, excluding impact
of tax reform $ 46,542 $ 1.84 $ 197,898
$ 7.84
Selected Financial Data
(Continued)
Reconciliation of FY18 Adjusted Net
Income Assuming a
Full Year of Tax Reform
(Unaudited)
The Company views FY18 Adjusted Net Income Assuming a Full
Year of Tax Reform, a non-GAAP measure, as an important indicator
of performance, consistent with the manner in which management
measures and forecasts the Company’s performance. FY18 Adjusted Net
Income Assuming a Full Year of Tax Reform is defined as GAAP net
income excluding (1) the one-time net benefit from Tax Reform
consisting of the remeasurement of deferred taxes, partially offset
by transition tax on cumulative foreign earnings, and including (2)
the application of the new lower federal tax rate of 21% to all of
FY18 as if the rate was in effect at that time. We believe that
FY18 Adjusted Net Income Assuming a Full Year of Tax Reform is
useful to investors as it allows investors to more easily compare
FY19 guidance and results to FY18 results with a normalized tax
rate. This non-GAAP measure should not be considered in isolation
or as a substitute for performance measures prepared in accordance
with GAAP.
Q1 Q2 Q3 Q4
YTD 9/30/2017 12/31/2017 3/31/2018
6/30/2018 6/30/2018
Net Diluted Net
Diluted
Net Diluted Net
Diluted
Net Diluted
(Amounts in thousands, except per share
amounts)
Income EPS Income
EPS
Income EPS Income
EPS
Income EPS Net income, as reported $ 42,046 $ 1.67 $
142,795 $ 5.66 $ 64,499 $ 2.56 $ 51,831 $ 2.05 $ 301,171 $ 11.93
Remeasurement of deferred taxes - - (94,831 ) (3.76 ) - - (1,438 )
(0.06 ) (96,269 ) (3.81 ) Transition tax on foreign earnings - -
9,676 0.38 - - - - 9,676 0.38 Impact of tax rate change for full
year 4,853 0.19 2,347 0.10
6,737 0.26 3,716 0.15 17,653
0.70
FY18 Adjusted Net Income Assuming a Full
Year of Tax Reform
$ 46,899 $ 1.86 $ 59,987 $ 2.38 $ 71,236 $ 2.82 $ 54,109 $
2.14 $ 232,231 $ 9.20
View source
version on businesswire.com: https://www.businesswire.com/news/home/20180815005712/en/
CACI International IncCorporate Communications and Media:Jody
BrownExecutive Vice President, Public
Relations703-841-7801jbrown@caci.comorInvestor Relations:David
DragicsSenior Vice President, Investor
Relations866-606-3471ddragics@caci.com
Grafico Azioni CACI (NYSE:CACI)
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Da Giu 2024 a Lug 2024
Grafico Azioni CACI (NYSE:CACI)
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Da Lug 2023 a Lug 2024