Record third quarter revenue of $1.26
billion, up 12.5 percent
Net income of $68.1 million, up 5.7
percent
Record contract awards of $2.7 billion, up
95.3 percent
Record backlog of $14.9 billion, up 35.3
percent
CACI International Inc (NYSE: CACI), a leading information
solutions and service provider to the federal government, announced
results today for its third fiscal quarter ended March 31,
2019.
CEO Commentary and Outlook
Ken Asbury, CACI’s President and CEO, said, “We delivered record
revenue, solid net income growth, and strong cash flow in our third
quarter. Contract awards were nearly double from a year ago, a
reflection of the investments we’ve made in the enterprise and the
success of our market-aligned strategy. The integration of LGS
Innovations and Mastodon Design is largely complete, and the
synergies with CACI’s existing capabilities are differentiating us
in the mission-essential areas of signals intelligence, cyber, and
electronic warfare. We are raising our full-year net income
guidance to reflect continued outstanding performance across our
business. And we are confident that our long-term growth strategy
will continue to deliver value for our customers and
shareholders.”
Third Quarter Results as Reported
(in millions except per-share data)
Q3,
FY19 Q3, FY18 %
Change Revenue $1,265.0 $1,124.1
12.5% Operating income $94.9
$104.8 -9.4% Net income $68.1
$64.5 5.7% Diluted earnings per share
$2.69 $2.56 5.2%
Third Quarter Results Assuming Tax Reform was in Place for
Fiscal 2018
(in millions except per-share data)
Q3,
FY19 Q3, FY18 %
Change Revenue $1,265.0 $1,124.1
12.5% Operating income $94.9
$104.8 -9.4% Net income, including the impact
of Tax Reform (1) $68.1 $71.2
-4.3% Diluted earnings per share including the impact of Tax
Reform (1) $2.69 $2.82
-4.6% (1) See
Reconciliation of FY18 Net Income to Non-GAAP Net Income Assuming a
Full Year of Tax Reform on page 12.
Revenue for the third quarter of Fiscal Year 2019 (FY19)
increased 12.5 percent compared with the third quarter of Fiscal
Year 2018 (FY18) driven by acquired revenue, new business wins, and
on-contract growth. Operating income includes approximately $14
million of transaction-related expenses in the third quarter of
FY19 and, as previously indicated, approximately $22 million of
non-recurring benefits in the third quarter of FY18. Excluding the
impact of these items, operating income performance was driven by
strong program performance and recent acquisitions. Net income and
diluted earnings per share performance reflect these non-recurring
items as well as lower 2019 tax rates due to Tax Reform and $4
million of previously unanticipated tax benefits realized in the
third quarter of FY19.
Third quarter FY19 net cash provided by operations excluding
CACI’s Master Accounts Receivable Purchase Agreement (MARPA
facility) was $113.3 million. For more details, see the
reconciliation on page 10 of this release.
Additional Financial Metrics
Q3, FY19 Q3,
FY18 % Change Adjusted earnings before
interest, taxes, depreciation and amortization (EBITDA), a non-GAAP
measure (in millions) (1) $117.2 $122.9
-4.7% Days sales outstanding (2) 66
62
(1) See Reconciliation of Net Income to
Earnings before Interest, Taxes, Depreciation and Amortization on
page 11. (2) DSO calculation for Q3 FY19 includes a full quarter of
LGS revenue and excludes the impact of the Company’s accounts
receivable purchase facility. Including the impact of the accounts
receivable purchase facility, DSO was 57 days in Q3 FY19.
Closing of Mastodon Design and LGS Innovations
Acquisitions
On January 29, 2019, CACI completed the acquisition of Mastodon
Design LLC (Mastodon). Mastodon specializes in the rapid design of
rugged tactical communications signals intelligence (SIGINT) and
electronic warfare (EW) equipment. On March 1, 2019, CACI completed
the acquisition of LGS Innovations (LGS). LGS is a leading provider
of SIGINT and cyber products and solutions to the Intelligence
Community and Department of Defense. In combination with CACI’s
existing capabilities, these acquisitions allow CACI to provide
highly relevant and differentiated products and solutions that
address current and future requirements in the areas of signals
intelligence and spectrum management, electronic warfare,
communications, C4ISR, and cyber.
Third Quarter Awards and Contract Funding Orders
Contract awards in the third quarter were $2.7 billion, 95.3
percent higher than the year earlier quarter. This excludes ceiling
values of multi-award, indefinite delivery, indefinite quantity
(IDIQ) contracts. Approximately 85 percent of contract awards were
for new business to CACI. Some notable awards during the quarter
were:
- An $810 million contract to develop,
modernize, deliver, and sustain mobile and transportable command
and control systems.
- A five-year, $415 million contract to
design and deploy new technologies to enhance quick-reaction
capabilities in signals intelligence, electronic warfare, and cyber
security.
- A five-year, $71 million task order to
assist the U.S. Army in developing, testing, and fielding the next
generation of soldier sensor and laser products and systems.
- A five-year, $61 million prime contract
to continue providing systems integration, development, and
sustainment for the Defense Health Agency’s Theater Enterprise-Wide
Logistics System.
- A prime position on a 10-year,
multiple-award IDIQ contract, with a ceiling value of $982 million,
to provide electronic warfare and cyber capability research and
development.
- A prime position on the seven-year,
multiple-award Cyber Mission Engineering IDIQ contract, with a
shared ceiling value of $898 million ($962 million total if all
options are exercised), to provide cyber engineering and electronic
warfare solutions to the U.S. Navy.
- $664 million in previously unannounced
classified and unclassified awards on contracts with customers in
the federal government.
Contract funding orders in the quarter were $1.7 billion, 50.8
percent higher than the year earlier quarter. Total backlog at
March 31, 2019 was $14.9 billion, a 35.3 percent increase over the
year earlier. Funded backlog at March 31, 2019 was $2.9 billion,
51.6 percent higher than the year earlier.
Other Highlights:
- Dr. J.P. (Jack) London, CACI Executive
Chairman and Chairman of the Board, received the U.S. Naval
Academy’s Distinguished Graduate Award, honoring his lifetime
commitment to service, personal character, and distinguished
contributions to our nation.
- CACI’s U.S. Operations became the first
U.S. organization to complete an appraisal under the CMMI®
Institute’s new model for measuring systems and software
engineering expertise, confirming CACI’s systems and software
engineering solutions meet rigorous industry standards.
- CACI won two Department of Defense
Nunn-Perry Awards for excellence in the DoD Mentor-Protégé Program,
recognizing the company’s support for small business protégés
Athena Technology Group and Crystal Clear Technologies.
- CACI was named a 2019 Top Workplace in
both Tampa Bay and South Carolina. This follows Top Workplace
recognition for CACI locations in Baltimore, Colorado, Memphis,
Oklahoma City, San Diego, and Washington, DC.
Nine Months Results as Reported
(in millions except per-share data)
Nine Months,FY19
Nine Months,FY18
% Change Revenue $3,612.5
$3,297.8 9.5% Operating income
$296.8 $260.4 14.0% Net income
$215.6 $249.3 -13.5% Diluted
earnings per share $8.50 $9.88
-14.0%
Nine Months Results Assuming Tax Reform was in Place for
Fiscal 2018
(in millions except per-share data)
Nine Months,FY19
Nine Months,FY18
% Change Revenue $3,612.5
$3,297.8 9.5% Operating income
$296.8 $260.4 14.0% Net income
including the impact of Tax Reform (1) $215.6
$178.1 21.0% Diluted earnings per share
including the impact of Tax Reform (1) $8.50
$7.06 20.4%
(1) See Reconciliation of FY18 Net Income to Non-GAAP
Net Income Assuming a Full Year of Tax Reform on page 12.
Revenue in the first nine months of FY19 increased 9.5 percent
compared with the same period a year ago primarily due to acquired
revenue, new business wins, and on-contract growth. Operating
income increased due to the same factors noted above for the third
quarter. Net income and diluted earnings per share decreased due to
the impact of Tax Reform in FY18. For a more detailed comparison of
our first nine months FY19 net income, see page 12 of this release
for a reconciliation of FY18 results assuming a full year of Tax
Reform. Net cash provided by operations in the first nine months of
FY19 was $252.8 million, which excludes $200 million from the
Company’s MARPA facility. For more details, see the reconciliation
on page 10 of this release.
CACI Raises its FY19 Annual Net Income Guidance
CACI is increasing its net income guidance range for FY19 to
reflect strong performance in the Company’s core business, as well
as the third quarter FY19 tax benefits. The table below summarizes
these changes and represents the Company’s views as of May 1,
2019:
(In millions except for tax rate and
earnings per share)
Current Fiscal Year2019
Guidance
Previous Fiscal Year2019
Guidance
Revenue $4,900 - $5,025 $4,875 - $5,025
Net income $262 - $270 $255 - $265
Effective corporate tax rate 19.9%
21.2% Diluted earnings per share $10.31 - $10.63
$9.96 - $10.35 Diluted weighted average shares
25.4 25.6
Conference Call Information
CACI has scheduled a conference call for 8:30 AM Eastern Time
Thursday, May 2, 2019 during which members of the Company’s senior
management team will be making a brief presentation focusing on
third quarter results and operating trends followed by a
question-and-answer session. You can listen to the conference call
and view the accompanying exhibits 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 the CACI homepage (http://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
World’s Most Admired Company, CACI is a member of the Fortune 1000
Largest Companies, the Russell 2000 Index, and the S&P MidCap
400 Index. CACI’s sustained commitment to ethics and integrity
defines its corporate culture and drives its success. With
approximately 22,000 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
successive presidential administrations 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 Nine Months
Ended 3/31/2019 3/31/2018 % Change
3/31/2019 3/31/2018 % Change Revenue $
1,264,958 $ 1,124,100 12.5% $ 3,612,463 $
3,297,774 9.5% Costs of revenue Direct costs 824,024 728,444
13.1% 2,397,633 2,195,282 9.2% Indirect costs and selling expenses
324,828 273,145 18.9% 859,262 788,569 9.0% Depreciation and
amortization 21,198 17,717 19.6%
58,797 53,563 9.8% Total costs of revenue
1,170,050 1,019,306 14.8%
3,315,692 3,037,414 9.2% Operating income
94,908 104,794 -9.4% 296,771 260,360 14.0% Interest expense and
other, net 13,466 10,566 27.4%
31,773 32,769 -3.0% Income before income taxes
81,442 94,228 -13.6% 264,998 227,591 16.4% Income taxes
13,297 29,729 -55.3% 49,424
(21,749 ) -327.2% Net income $ 68,145 $ 64,499
5.7% $ 215,574 $ 249,340 -13.5% Basic earnings
per share $ 2.74 $ 2.62 4.8% $ 8.69 $ 10.14 -14.3% Diluted earnings
per share $ 2.69 $ 2.56 5.2% $ 8.50 $ 9.88 -14.0% Weighted
average shares used in per share computations: Basic 24,866 24,656
24,819 24,588 Diluted 25,348 25,234 25,369 25,229
Statement of Operations Data (Unaudited) Quarter
Ended Nine Months Ended 3/31/2019
3/31/2018
% Change
3/31/2019 3/31/2018
% Change
Operating income margin 7.5 % 9.3 % 8.2 % 7.9 % Tax rate 16.3 %
31.6 % 18.7 % -9.6 % Net income margin 5.4 % 5.7 % 6.0 % 7.6 %
Adjusted EBITDA* $ 117,206 $ 122,927 -4.7% $ 355,868 $
312,326 13.9% Adjusted EBITDA Margin 9.3 % 10.9 % 9.9 % 9.5 %
*See Reconciliation of Net Income to Adjusted Earnings
before Interest, Taxes, Depreciation and Amortization on page 11
Selected Financial Data (Continued)
CACI International Inc Condensed Consolidated Balance
Sheets (Unaudited) (Amounts in thousands)
3/31/2019 6/30/2018 ASSETS:
Current assets Cash and cash equivalents $ 93,806 $ 66,194 Accounts
receivable, net 889,662 806,871 Prepaid expenses and other current
assets 99,586 58,126 Total current assets 1,083,054
931,191 Goodwill and intangible assets, net 3,773,820
2,862,590 Property and equipment, net 136,212 101,140 Other
long-term assets 139,933 139,285 Total assets $
5,133,019 $ 4,034,206
LIABILITIES AND SHAREHOLDERS'
EQUITY: Current liabilities Current portion of long-term debt $
46,920 $ 46,920 Accounts payable 136,933 82,017 Accrued
compensation and benefits 263,586 259,442 Other accrued expenses
and current liabilities 255,035 150,602 Total current
liabilities 702,474 538,981 Long-term debt, net of current
portion 1,710,640 1,015,420 Other long-term liabilities
388,422 372,918 Total liabilities 2,801,536
1,927,319 Shareholders' equity 2,331,483
2,106,887 Total liabilities and shareholders' equity $ 5,133,019 $
4,034,206
Selected Financial Data (Continued)
CACI International Inc Condensed Consolidated
Statements of Cash Flows (Unaudited) (Amounts in thousands)
Nine Months Ended 3/31/2019
3/31/2018 CASH FLOWS FROM OPERATING
ACTIVITIES: Net income $ 215,574 $ 249,340
Reconciliation of net income to net cash
provided by operating activities:
Depreciation and amortization 58,797 53,563 Amortization of
deferred financing costs 1,796 3,311 Stock-based compensation
expense 18,351 18,183 Deferred income taxes (1,193 ) (69,405 )
Changes in operating assets and liabilities, net of effect of
business acquisitions: Accounts receivable, net 85,995 (53,410 )
Prepaid expenses and other assets (13,284 ) (15,583 ) Accounts
payable and accrued expenses 101,473 68,505 Accrued compensation
and benefits (18,536 ) (12,047 ) Income taxes receivable and
payable (1,945 ) (572 ) Long-term liabilities 5,813
8,945 Net cash provided by operating activities
452,841 250,830
CASH FLOWS
FROM INVESTING ACTIVITIES: Capital expenditures (29,545 )
(31,810 ) Cash paid for business acquisitions, net of cash acquired
(1,071,023 ) (50,368 ) Other 1,875 3,629
Net cash used in investing activities (1,098,693 )
(78,549 )
CASH FLOWS FROM FINANCING
ACTIVITIES: Net borrowings (payments) under credit facilities
693,424 (150,974 ) Payment of contingent consideration (616 )
(11,553 ) Proceeds from employee stock purchase plans 4,265 3,673
Repurchase of common stock (4,310 ) (3,802 ) Payment of taxes for
equity transactions (18,837 ) (20,692 ) Net cash
provided by (used in) financing activities 673,926
(183,348 ) Effect of exchange rate changes on cash and cash
equivalents (462 ) 1,498 Net increase
(decrease) in cash and cash equivalents 27,612 (9,569 ) Cash and
cash equivalents, beginning of period 66,194
65,539 Cash and cash equivalents, end of period $ 93,806
$ 55,970
Selected Financial Data
(Continued)
Revenue by Customer Type
(Unaudited) Quarter Ended
(dollars in thousands)
3/31/2019
3/31/2018
$ Change
% Change Department of Defense $ 887,030 70.1
% $ 762,752 67.9 % $ 124,278 16.3 % Federal civilian agencies
318,374 25.2 % 299,349 26.6 % 19,025 6.4 % Commercial and other
59,554 4.7 % 61,999
5.5 % (2,445 )
-3.9 % Total $ 1,264,958 100.0 % $
1,124,100 100.0 % $ 140,858
12.5 %
Nine Months Ended
(dollars in thousands)
3/31/2019
3/31/2018
$ Change
% Change
Department of Defense $ 2,540,093 70.3 % $ 2,224,469 67.4 % $
315,624 14.2 % Federal civilian agencies 898,491 24.9 % 902,185
27.4 % (3,694 ) -0.4 % Commercial and other 173,879
4.8 % 171,120 5.2 %
2,759 1.6 % Total $
3,612,463 100.0 % $ 3,297,774
100.0 % $ 314,689 9.5 %
Revenue by Contract Type (Unaudited) Quarter
Ended (dollars in
thousands)
3/31/2019 3/31/2018
$ Change
% Change Cost-plus-fee $ 704,627 55.7 % $
558,937 49.7 % $ 145,690 26.1 % Firm fixed price 374,006 29.6 %
367,869 32.7 % 6,137 1.7 % Time and materials 186,325
14.7 % 197,294 17.6 %
(10,969 ) -5.6 % Total $
1,264,958 100.0 % $ 1,124,100
100.0 % $ 140,858 12.5 %
Nine Months Ended
(dollars in thousands)
3/31/2019
3/31/2018
$ Change
% Change Cost-plus-fee $ 2,003,204 55.5 % $
1,662,066 50.4 % $ 341,138 20.5 % Firm fixed price 1,055,384 29.2 %
1,091,152 33.1 % (35,768 ) -3.3 % Time and materials 553,875
15.3 % 544,556
16.5 % 9,319 1.7 % Total
$ 3,612,463 100.0 % $ 3,297,774
100.0 % $ 314,689 9.5 %
Revenue Generated as a Prime versus Subcontractor
(Unaudited) Quarter Ended
(dollars in thousands)
3/31/2019
3/31/2018
$ Change
% Change Prime contractor $ 1,153,599 91.2 % $
1,049,584 93.4 % $ 104,015 9.9 % Subcontractor 111,359
8.8 % 74,516 6.6 %
36,843 49.4 % Total $
1,264,958 100.0 % $ 1,124,100
100.0 % $ 140,858 12.5 %
Nine Months Ended
(dollars in thousands)
3/31/2019
3/31/2018
$ Change
% Change Prime contractor $ 3,335,427 92.3 % $
3,076,503 93.3 % $ 258,924 8.4 % Subcontractor 277,036
7.7 % 221,271 6.7
% 55,765 25.2 % Total $
3,612,463 100.0 % $ 3,297,774
100.0 % $ 314,689 9.5 %
Selected Financial Data (Continued)
Contract Awards Received (Unaudited)
Quarter Ended
(dollars in thousands)
3/31/2019
3/31/2018
$ Change
% Change Contract Awards $ 2,665,317
$ 1,364,660 $ 1,300,657 95.3 %
Nine Months Ended
(dollars in thousands)
3/31/2019
3/31/2018
$ Change
% Change
Contract Awards $ 6,512,352 $ 3,690,132
$ 2,822,220 76.5 %
Contract Funding Orders Received (Unaudited)
Quarter Ended
(dollars in thousands)
3/31/2019
3/31/2018
$ Change
% Change
Contract Funding Orders $ 1,658,024 $ 1,099,394
$ 558,629 50.8 %
Nine Months
Ended (dollars in
thousands)
3/31/2019 3/31/2018
$ Change
% Change
Contract Funding Orders $ 4,342,517 $ 3,322,097
$ 1,020,420 30.7 %
Reconciliation of Net Cash Provided by
Operating Activities to
Net Cash Provided by Operating
Activities Excluding MARPA Facility
(Unaudited)
The Company defines net cash provided by operating
activities excluding CACI’s Master Accounts Receivable Purchase
Agreement (MARPA facility) as net cash provided by operating
activities calculated in accordance with GAAP, adjusted to exclude
net cash received from CACI’s MARPA facility for the sale of
certain designated eligible U.S. government receivables. Under the
MARPA facility, the Company can sell eligible receivables,
including certain billed and unbilled receivables up to a maximum
amount of $200.0 million. The Company uses net cash provided by
operating activities excluding MARPA facility to allow investors to
more easily compare current period results to prior period results
and to results of our peers. This non-GAAP measure should not be
considered in isolation or as a substitute for performance measures
prepared in accordance with GAAP.
(dollars in thousands)
QuarterEnded3/31/2019
NineMonthsEnded3/31/2019
Net cash provided by operating activities $ 313,301 $
452,841 Less: Cash from MARPA facility (200,000 )
(200,000 ) Net cash provided by operating activities
excluding MARPA facility $ 113,301 $ 252,841
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 Nine Months Ended (dollars in
thousands)
3/31/2019 3/31/2018
% Change 3/31/2019
3/31/2018 % Change Net income $ 68,145
$ 64,499 5.7 % $ 215,574
$ 249,340 -13.5 % Plus: Income taxes
13,297 29,729 -55.3 % 49,424 (21,749 ) -327.2 % Interest income and
expense, net 13,466 10,566 27.4 % 31,773 32,769 -3.0 % Depreciation
and amortization 21,198 17,717 19.6 % 58,797 53,563 9.8 % Earnout
adjustments 1,100 416
164.4 % 300
(1,597 ) -118.8 % Adjusted EBITDA $ 117,206
$ 122,927 -4.7 %
$ 355,868 $ 312,326
13.9 %
Quarter Ended Nine
Months Ended (dollars in thousands)
3/31/2019
3/31/2018 % Change
3/31/2019 3/31/2018 %
Change Revenue, as reported $ 1,264,958 $ 1,124,100 12.5 % $
3,612,463 $ 3,297,774 9.5 % Adjusted EBITDA 117,206
122,927 -4.7 %
355,868 312,326
13.9 % Adjusted EBITDA margin 9.3 %
10.9 % 9.9
% 9.5 %
Selected Financial Data
(Continued)
Reconciliation of FY18 Net Income to
Non-GAAP Net Income Assuming a
Full Year of Tax Reform
(Unaudited)
The Company views FY18 Non-GAAP 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 Non-GAAP 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 Non-GAAP Net Income Assuming a Full Year of Tax Reform is
useful to investors as it allows investors to more easily compare
FY19 results and guidance 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 9/30/2017
12/31/2017 3/31/2018 6/30/2018 (Amounts in
thousands, except per share amounts)
NetIncome
DilutedEPS
NetIncome
DilutedEPS
NetIncome
DilutedEPS
NetIncome
DilutedEPS
Net income, as reported $ 42,046 $ 1.67 $ 142,795 $ 5.66 $ 64,499 $
2.56 $ 51,831 $ 2.05 Remeasurement of deferred taxes - - (94,831 )
(3.76 ) - - (1,438 ) (0.06 ) Transition tax on foreign earnings - -
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
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
Three Months
Ended
Six Months Ended
Nine Months Ended
Twelve Months Ended 9/30/2017 12/31/2017
3/31/2018 6/30/2018 (Amounts in thousands, except per
share amounts)
NetIncome
DilutedEPS
NetIncome
DilutedEPS
NetIncome
DilutedEPS
NetIncome
DilutedEPS
Net income, as reported $ 42,046 $ 1.67 $ 184,841 $ 7.33 $ 249,340
$ 9.88 $ 301,171 $ 11.93 Remeasurement of deferred taxes - -
(94,831 ) (3.76 ) $ (94,831 ) (3.76 ) (96,269 ) (3.81 ) Transition
tax on foreign earnings - - 9,676 0.38 9,676 0.38 9,676 0.38 Impact
of tax rate change for full year 4,853 0.19 7,200 0.29 13,937 0.55
17,653 0.70
FY18 Adjusted Net Income Assuming a Full
Year of Tax Reform
$ 46,899 $ 1.86 $ 106,886 $ 4.24 $ 178,122 $
7.06 $ 232,231 $ 9.20 Note: Amounts may
not add due to rounding
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190501005933/en/
Corporate Communications and Media:Jody Brown, Executive Vice
President, Public Relations(703) 841-7801, jbrown@caci.com
Investor Relations:Dan Leckburg, Senior Vice President, Investor
Relations(703) 841-7666, dleckburg@caci.com
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