CACI International Inc (NYSE: CACI), a leading information solutions and
services provider to the federal government, announced results today for
its fourth fiscal quarter and full fiscal year ended June 30, 2013:
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Revenue of $912.9 million for the fourth quarter and $3.68 billion for
the year
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Operating income of $67.9 million for the fourth quarter and $270.8
million for the year
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Net income attributable to CACI of $37.9 million for the fourth
quarter and $151.7 million for the year
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Diluted earnings per share of $1.56 for the fourth quarter and $6.35
for the year
CEO Commentary and Outlook
Ken Asbury, CACI’s President and CEO, said, “Our fourth quarter results
were in line with our guidance expectations and reflect our ability to
adapt to an uncertain market. We grew revenue in our high-growth market
areas of Business Systems, Cyberspace, Healthcare, and Integrated
Security Solutions, and received half of our awards in the quarter from
those same areas. In addition, we reduced our cost structure, which will
drive efficiencies and preserve our margins. These actions position us
to continue to be successful in meeting our customers’ high-priority
mission requirements in an ongoing, sequestered environment.
“Since the beginning of our new fiscal year, we are encouraged that we
have won a number of significant new business and recompete awards. In
addition, we have strengthened our business development organization
with the addition of two key executives. We will continue to execute our
strategy that is focused on winning business in support of the
government’s high-priority missions, delivering operational excellence
to our customers, and making acquisitions that bring us new customers
and new capabilities. All of this gives us the confidence to reiterate
our FY14 guidance.”
Fourth Quarter Comparisons
When analyzing our performance, we believe better insight and a more
meaningful comparison of our Fiscal Year 2013 (FY13) results with those
of Fiscal Year 2012 (FY12) can be made by adjusting for three material
one-time items that positively impacted our results last year. The
one-time item that impacted our fourth quarter FY12 results, which we
discussed when we released both our fourth quarter FY12 results and our
FY13 annual guidance, is greater-than-expected profitability on a large
fixed-price contract that generated $0.1 million in additional net
income in the fourth quarter of FY12 and $7.1 million during the full
year of FY12.
Results for the fourth quarter of FY13 compared with results for the
fourth quarter of FY12, excluding the item described above, are shown
below:
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Q4, FY12
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As Adjusted
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(in millions except per share data)
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Q4, FY13
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(see page 13)
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% Change
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Revenue
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$912.9
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$948.9
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-3.8%
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Operating income
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$67.9
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$76.5
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-11.2%
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Net income attributable to CACI
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$37.9
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$43.3
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-12.3%
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Diluted earnings per share
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$1.56
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$1.59
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-1.8%
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Revenue decreased 3.8 percent from revenue for the fourth quarter of
FY12. Our 4.3 percent increase in direct labor was offset by a reduction
of material purchases and subcontract labor. Operating income in the
fourth quarter of FY13 was negatively impacted by $7 million in one-time
severance and facilities-related expenses. Net income attributable to
CACI in the fourth quarter of FY13 was $37.9 million, or $1.56 diluted
earnings per share, a decrease of 12.3 percent over adjusted net income
attributable to CACI of $43.3 million, or $1.59 adjusted diluted
earnings per share, for the same period in FY12. Net cash provided by
operations in the quarter was $106.9 million. (See Reconciliation of
Revenue, Operating Income, Net Income, and Diluted Earnings Per Share to
Adjusted Amounts on page 13.)
For a comparison of our FY13 results to FY12 results reported in
accordance with generally accepted accounting principles (GAAP), see the
income statement on page 7 of this release.
Additional Financial Metrics
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Q4 , FY12
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Q4, FY13
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As Adjusted
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% Change
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Earnings before interest, taxes, depreciation and amortization
(EBITDA), a non-GAAP measure (in millions)
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$81.9
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$90.9
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-9.9%
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Diluted adjusted earnings per share, a non-GAAP measure
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$2.06
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$2.08
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-1.0%
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Days sales outstanding
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58
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58
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Fourth Quarter Awards and Contract Funding Orders
During the fourth quarter, we received awards in all ten of our markets
with approximately one-half of those in our high-growth markets of
Business Systems, Cyberspace, Healthcare and Integrated Security
Solutions. Our contract awards were $561 million in the quarter.
Approximately two-thirds of our awards in the quarter were either
contract modifications or recompete wins, which assures us that we
continue to serve critical missions of our customers. FY13 awards
totaled $3.4 billion, led by Business Systems, C4ISR, and Intelligence.
This amount also includes more than $425 million in contracts with
federal government clients in the Intelligence Community.
Contract funding orders in the fourth quarter were $722 million and
$3.42 billion for FY13. Our total backlog at June 30, 2013 was $6.9
billion. Funded backlog at June 30, 2013 was $1.7 billion.
We continued to expand our inventory of indefinite delivery, indefinite
quantity (IDIQ) contract vehicles during the quarter by being awarded
prime positions on new multiple and single award contracts, resulting in
a combined total of over 160 of these vehicles. IDIQ contract vehicles
support our growth plans across our ten markets and provide us the
flexibility to deliver on our customers’ mission-critical requirements.
Awards during the quarter included:
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A $45 million, two-year award to provide a wide range of business IT
and command and control solutions to support the U.S. Navy’s SPAWAR
Space and Warfare Systems Center Atlantic (SSC Atlantic). This ongoing
work expands our presence in the Business System Solutions and
Logistics and Material Readiness market areas.
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A $26.7 million, five-year award to provide a wide array of training
and logistics support for a customer in our Integrated Security
Solutions market area. This new work grows our business in that area.
IDIQ awards during the quarter included:
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An $899 million, five-year multiple award to provide Business and
Force support services to the SSC Atlantic Business Portfolio. This
new work is one of three “Pillar” contracts that we have been awarded,
and supports the entire spectrum of non-inherently governmental
solutions and services associated with the SSC Atlantic Business
Portfolios. It further expands our presence in the C4ISR, Business
Systems, Cyber, and Enterprise IT market areas.
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An $899 million, five-year multiple award to provide Decision Support
services for the SSC Atlantic Business Portfolio. This new work,
another of the three “Pillar” contracts from SSC Atlantic that we have
been awarded, further expands our command and control presence, a part
of our C4ISR market, as well as our presence in the Business Systems,
Cyber, and Enterprise IT market areas.
Fourth Quarter Highlights
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Michael A. Daniels and William L. Jews and were appointed to CACI’s
Board of Directors. Mr. Daniels brings more than 25 years of
experience in global information solutions and services, with a strong
track record in building and growing profitable organizations. Mr.
Jews is a senior business and healthcare executive whose over 25 years
of experience includes leading organizational growth and completing
successful mergers and acquisitions.
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Larry Clifton was named Executive Vice President and Chief Human
Resources Officer. A company veteran and human capital innovator, Mr.
Clifton provides strategic direction for our human capital functions,
with an emphasis on employee and leadership development and talent
management.
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CACI was identified by the General Services Administration as one of
five recommended vendors to provide enterprise-wide Mobile Device
Management and Mobile Application Management services to federal
government agencies. This identification positions CACI to help
agencies develop and securely manage mobile devices and applications,
and positions us to expand our business in our C4ISR market area.
Fourth Quarter Recognition
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CACI was ranked 12th on Washington Technology’s list of Top 100
Federal Prime Contractors (up from 14th last year). Our continued
placement among the industry’s leaders reflects CACI’s sustained
ability to compete at the highest levels despite challenging economic
conditions in our sector.
Comparison of Twelve Months Results
As noted on page 1 of this release, we believe better insight and a more
meaningful comparison of our FY13 results with those of FY12 can be made
by adjusting for three material one-time items that positively impacted
our results last year. These items, which we discussed when we released
both our full year FY12 results and our FY13 annual guidance, are:
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A large commercial product sale that generated $12.0 million of
revenue and $6.1 million of net income in the first quarter of FY12
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Greater-than-expected profitability on a large fixed-price contract
that generated $7.1 million of net income during the full year of FY12
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A $0.4 million increase in net income in the first quarter of FY12
associated with a reduction in the fair value of contingent
consideration related to a prior year acquisition
Results for FY13 compared with results for FY12, excluding the items
described above, are shown below:
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Twelve Months,
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Twelve
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FY12
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Months,
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As Adjusted
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(in millions except per share data)
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FY13
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(see page 13)
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% Change
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Revenue
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$3,682.0
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$3,762.4
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-2.1%
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Operating income
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$270.8
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$277.5
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-2.4%
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Net income attributable to CACI
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$151.7
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$153.9
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-1.4%
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Diluted earnings per share
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$6.35
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$5.47
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16.0%
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Revenue decreased 2.1 percent from adjusted revenue for FY12 primarily
due to increases in direct labor being offset by a reduction of material
purchases tied to the draw down in Afghanistan as well as
sequestration-related reductions in other material purchases. Operating
income in the second half of FY13 was negatively impacted by $10 million
in one-time severance and facilities-related expenses. Net income
attributable to CACI for FY13 was $151.7 million, or $6.35 diluted
earnings per share, a decrease of 1.4 percent from adjusted net income
attributable to CACI of $153.9 million, or $5.47 adjusted diluted
earnings per share, for FY12. Net cash provided by operations in FY13
was $249.3 million. (See Reconciliation of Revenue, Operating Income,
Net Income, and Diluted Earnings Per Share to Adjusted Amounts on page
13.)
For a comparison of our FY13 results to FY12 results reported in
accordance with GAAP, see the income statement on page 7 of this release.
Additional Financial Metrics
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Twelve
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Twelve
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Months,
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Months,
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FY12 As
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FY13
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Adjusted
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% Change
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Earnings before interest, taxes, depreciation and amortization
(EBITDA), a non-GAAP measure (in millions)
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$326.6
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$334.4
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-2.3%
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Diluted adjusted earnings per share, a non-GAAP measure
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$8.33
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$7.33
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13.7%
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Subsequent Events since July 1, 2013
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Donald Fulop was appointed Executive Vice President for Business
Development, reporting directly to President and CEO Ken Asbury. This
strategic new hire supports our aggressive business development
strategy and brings an experienced industry veteran to our leadership
team.
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Suzan Zimmerman was appointed Senior Vice President, Strategic
Campaigns, reporting directly to President and CEO Ken Asbury. Ms.
Zimmerman will lead CACI’s focus on evaluating, bidding, and capturing
large market opportunities and brings a proven track record of
significant success in this area.
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Dr. Anthony Hess was appointed Senior Vice President of our Healthcare
Solutions Group. The strategic new hire of this health solutions
innovator reflects our continued focus on our high-growth market of
Healthcare and the expansion of our capabilities in that market area.
CACI Reiterates Its FY14 Guidance
We are reiterating the FY14 guidance we issued on June 26, 2013. We
expect that operating cash flow for the year will be approximately $225
million. The guidance does not include the impact of future
acquisitions. The table below summarizes our FY14 guidance ranges and
represents our views as of August 14, 2013:
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(In millions except for tax rate and earnings per share)
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FY 2014 Guidance
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Revenue
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$3,500 - $3,700
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Net income attributable to CACI
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$142 - $152
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Effective corporate tax rate
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39%
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Diluted earnings per share
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$5.70 - $6.10
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Diluted weighted average shares
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24.9
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Conference Call Information
We have scheduled a conference call for 8:30 AM Eastern Time Thursday,
August 15, 2013 during which members of our senior management team will
be making a brief presentation focusing on fourth quarter and full year
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 18383571. A replay of the call will also be available
over the Internet beginning at 1:00 PM Eastern Time Thursday, August 15,
2013 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 clients. A member of the Fortune 1000
Largest Companies and the Russell 2000 Index, CACI provides dynamic
careers for approximately 14,900 employees working in over 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 (including the impact of uncertainty regarding U.S.
debt limits and actions taken related thereto); 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 or the war on
terrorism; 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
investigations into allegations of improper actions related to the
provision of services in support of U.S. military operations in Iraq;
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
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Selected Financial Data
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CACI International Inc
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Condensed Consolidated Statements of Operations (Unaudited)
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(Amounts in thousands, except per share amounts)
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Quarter Ended
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Twelve Months Ended
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6/30/2013
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6/30/2012
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% Change
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6/30/2013
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6/30/2012
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% Change
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Revenue
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$
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912,931
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$
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948,873
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-3.8
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%
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$
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3,681,990
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$
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3,774,473
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-2.5
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%
|
Costs of revenue
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|
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|
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Direct costs
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627,195
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651,991
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-3.8
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%
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2,535,606
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2,598,890
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-2.4
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%
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Indirect costs and selling expenses
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204,090
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206,106
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-1.0
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%
|
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|
821,465
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|
|
819,772
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0.2
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%
|
Depreciation and amortization
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13,744
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14,068
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-2.3
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%
|
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54,078
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55,962
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-3.4
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%
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Total costs of revenue
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845,029
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872,165
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-3.1
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%
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3,411,149
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3,474,624
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-1.8
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%
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Operating income
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67,902
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76,708
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-11.5
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%
|
|
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270,841
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299,849
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-9.7
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%
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Interest expense and other, net
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6,510
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|
|
|
5,788
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12.5
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%
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25,818
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|
|
|
24,101
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7.1
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%
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Income before income taxes
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61,392
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|
|
70,920
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-13.4
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%
|
|
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245,023
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|
|
|
275,748
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-11.1
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%
|
Income taxes
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|
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23,173
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|
|
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27,233
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-14.9
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%
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|
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92,347
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|
|
107,537
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-14.1
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%
|
Net income before noncontrolling interest in earnings of joint
venture
|
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38,219
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43,687
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-12.5
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%
|
|
|
152,676
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|
|
168,211
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-9.2
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%
|
Noncontrolling interest in earnings of joint venture
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|
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(281
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)
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(290
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)
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-3.1
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%
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(987
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)
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(757
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)
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30.4
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%
|
Net income attributable to CACI
|
|
$
|
37,938
|
|
|
$
|
43,397
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-12.6
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%
|
|
$
|
151,689
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|
|
$
|
167,454
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-9.4
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%
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|
|
|
|
|
|
|
|
|
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|
|
Basic earnings per share
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$
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1.64
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|
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$
|
1.64
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|
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-0.2
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%
|
|
$
|
6.59
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|
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$
|
6.18
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|
|
6.6
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%
|
Diluted earnings per share
|
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$
|
1.56
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|
|
$
|
1.59
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|
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-2.0
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%
|
|
$
|
6.35
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|
|
$
|
5.96
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6.6
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%
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|
|
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|
|
Weighted average shares used in per share computations:
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Basic
|
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23,136
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26,407
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23,010
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|
|
|
27,077
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|
|
|
Diluted
|
|
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24,318
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|
|
|
27,247
|
|
|
|
|
|
23,885
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|
|
|
28,111
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|
|
|
|
|
|
|
|
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Statement of Operations Data (Unaudited)
|
|
|
Quarter Ended
|
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|
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Twelve Months Ended
|
|
|
|
|
6/30/2013
|
|
6/30/2012
|
|
% Change
|
|
6/30/2013
|
|
6/30/2012
|
|
% Change
|
Operating income margin
|
|
|
7.4
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%
|
|
|
8.1
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%
|
|
|
|
|
7.4
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%
|
|
|
7.9
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%
|
|
|
Tax rate
|
|
|
37.9
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%
|
|
|
38.6
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%
|
|
|
|
|
37.8
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%
|
|
|
39.1
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%
|
|
|
Net income margin
|
|
|
4.2
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%
|
|
|
4.6
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%
|
|
|
|
|
4.1
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%
|
|
|
4.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA*
|
|
$
|
81,856
|
|
|
$
|
90,881
|
|
|
-9.9
|
%
|
|
$
|
326,567
|
|
|
$
|
334,397
|
|
|
-2.3
|
%
|
Adjusted EBITDA Margin
|
|
|
9.0
|
%
|
|
|
9.6
|
%
|
|
|
|
|
8.9
|
%
|
|
|
8.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net income*
|
|
$
|
50,088
|
|
|
$
|
56,663
|
|
|
-11.6
|
%
|
|
$
|
198,968
|
|
|
$
|
205,919
|
|
|
-3.4
|
%
|
Diluted adjusted earnings per share
|
|
$
|
2.06
|
|
|
$
|
2.08
|
|
|
-1.0
|
%
|
|
$
|
8.33
|
|
|
$
|
7.33
|
|
|
13.7
|
%
|
|
|
|
* See Reconciliation of Net Income to Adjusted Earnings before
Interest, Taxes, Depreciation and Amortization and to Adjusted Net
Income on page 12.
|
|
|
|
|
|
Selected Financial Data (Continued)
|
|
|
|
|
|
CACI International Inc
|
|
|
|
|
Condensed Consolidated Balance Sheets (Unaudited)
|
(Amounts in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
6/30/2013
|
|
6/30/2012
|
ASSETS:
|
|
|
|
|
Current assets
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
64,337
|
|
$
|
15,740
|
Accounts receivable, net
|
|
|
614,616
|
|
|
628,842
|
Prepaid expenses and other current assets
|
|
|
49,022
|
|
|
41,210
|
Total current assets
|
|
|
727,975
|
|
|
685,792
|
|
|
|
|
|
Goodwill and intangible assets, net
|
|
|
1,581,153
|
|
|
1,521,769
|
Property and equipment, net
|
|
|
65,510
|
|
|
67,449
|
Other long-term assets
|
|
|
126,627
|
|
|
113,212
|
Total assets
|
|
$
|
2,501,265
|
|
$
|
2,388,222
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY:
|
|
|
Current liabilities
|
|
|
|
|
Current portion of long-term debt
|
|
$
|
295,517
|
|
$
|
7,500
|
Accounts payable
|
|
|
133,073
|
|
|
149,549
|
Accrued compensation and benefits
|
|
|
166,538
|
|
|
180,871
|
Other accrued expenses and current liabilities
|
|
|
147,366
|
|
|
147,009
|
Total current liabilities
|
|
|
742,494
|
|
|
484,929
|
|
|
|
|
|
Long-term debt, net of current portion
|
|
|
300,790
|
|
|
527,307
|
Other long-term liabilities
|
|
|
250,409
|
|
|
211,541
|
Total liabilities
|
|
|
1,293,693
|
|
|
1,223,777
|
|
|
|
|
|
Shareholders' equity
|
|
|
1,207,572
|
|
|
1,164,445
|
Total liabilities and shareholders' equity
|
|
$
|
2,501,265
|
|
$
|
2,388,222
|
|
Selected Financial Data (Continued)
|
|
CACI International Inc
|
Condensed Consolidated Statements of Cash Flows (Unaudited)
|
(Amounts in thousands)
|
|
|
|
Twelve Months Ended
|
|
|
6/30/2013
|
|
6/30/2012
|
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
|
Net income including portion attributable to noncontrolling
interest in earnings of joint venture
|
|
$
|
152,676
|
|
|
$
|
168,211
|
|
Reconciliation of net income to net cash provided by operating
activities:
|
|
|
|
|
Depreciation and amortization
|
|
|
54,078
|
|
|
|
55,962
|
|
Non-cash interest expense
|
|
|
12,868
|
|
|
|
12,024
|
|
Amortization of deferred financing costs
|
|
|
2,073
|
|
|
|
2,237
|
|
Stock-based compensation expense
|
|
|
8,832
|
|
|
|
15,499
|
|
Provision for deferred income taxes
|
|
|
31,102
|
|
|
|
10,653
|
|
Distribution of earnings from unconsolidated joint ventures
|
|
|
5,627
|
|
|
|
-
|
|
Undistributed earnings of unconsolidated joint ventures
|
|
|
(2,620
|
)
|
|
|
(1,728
|
)
|
Other
|
|
|
-
|
|
|
|
1,322
|
|
Changes in operating assets and liabilities, net of effect of
business acquisitions:
|
|
|
|
|
Accounts receivable, net
|
|
|
32,265
|
|
|
|
(33,919
|
)
|
Prepaid expenses and other current assets
|
|
|
(11,739
|
)
|
|
|
(11,064
|
)
|
Accounts payable and accrued expenses
|
|
|
(8,611
|
)
|
|
|
39,001
|
|
Accrued compensation and benefits
|
|
|
(23,744
|
)
|
|
|
3
|
|
Income taxes receivable and payable
|
|
|
(17,188
|
)
|
|
|
930
|
|
Other liabilities
|
|
|
13,712
|
|
|
|
12,092
|
|
Net cash provided by operating activities
|
|
|
249,331
|
|
|
|
271,223
|
|
|
|
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
|
Capital expenditures
|
|
|
(15,439
|
)
|
|
|
(18,284
|
)
|
Purchases of businesses, net of cash acquired
|
|
|
(107,021
|
)
|
|
|
(185,926
|
)
|
Investment in unconsolidated joint ventures
|
|
|
(838
|
)
|
|
|
-
|
|
Other
|
|
|
(4,119
|
)
|
|
|
(158
|
)
|
Net cash used in investing activities
|
|
|
(127,417
|
)
|
|
|
(204,368
|
)
|
|
|
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
|
Net proceeds under credit facilities
|
|
|
46,888
|
|
|
|
116,251
|
|
Payment of contingent consideration
|
|
|
(3,187
|
)
|
|
|
(21,611
|
)
|
Proceeds from employee stock purchase plans
|
|
|
4,505
|
|
|
|
4,095
|
|
Proceeds from exercise of stock options
|
|
|
13,050
|
|
|
|
7,466
|
|
Repurchases of common stock
|
|
|
(127,529
|
)
|
|
|
(316,563
|
)
|
Payment of taxes for equity transactions
|
|
|
(7,605
|
)
|
|
|
(4,535
|
)
|
Other
|
|
|
853
|
|
|
|
(584
|
)
|
Net cash used in financing activities
|
|
|
(73,025
|
)
|
|
|
(215,481
|
)
|
Effect of exchange rate changes on cash and cash equivalents
|
|
|
(292
|
)
|
|
|
(451
|
)
|
Net increase (decrease) in cash and cash equivalents
|
|
|
48,597
|
|
|
|
(149,077
|
)
|
Cash and cash equivalents, beginning of period
|
|
|
15,740
|
|
|
|
164,817
|
|
Cash and cash equivalents, end of period
|
|
$
|
64,337
|
|
|
$
|
15,740
|
|
|
|
|
|
|
|
Selected Financial Data (Continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue by Customer Type (Unaudited)
|
|
|
Quarter Ended
|
|
|
|
|
(dollars in thousands)
|
|
6/30/2013
|
|
6/30/2012
|
|
$ Change
|
|
% Change
|
Department of Defense
|
|
$
|
658,443
|
|
72.1
|
%
|
|
$
|
724,008
|
|
76.3
|
%
|
|
$
|
(65,565
|
)
|
|
-9.1
|
%
|
Federal Civilian Agencies
|
|
|
204,436
|
|
22.4
|
%
|
|
|
168,528
|
|
17.8
|
%
|
|
|
35,908
|
|
|
21.3
|
%
|
Commercial
|
|
|
45,834
|
|
5.0
|
%
|
|
|
52,468
|
|
5.5
|
%
|
|
|
(6,634
|
)
|
|
-12.6
|
%
|
State and Local Governments
|
|
|
4,218
|
|
0.5
|
%
|
|
|
3,869
|
|
0.4
|
%
|
|
|
349
|
|
|
9.0
|
%
|
Total
|
|
$
|
912,931
|
|
100.0
|
%
|
|
$
|
948,873
|
|
100.0
|
%
|
|
$
|
(35,942
|
)
|
|
-3.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve Months Ended
|
|
|
|
|
(dollars in thousands)
|
|
6/30/2013
|
|
6/30/2012
|
|
$ Change
|
|
% Change
|
Department of Defense
|
|
$
|
2,735,102
|
|
74.3
|
%
|
|
$
|
2,944,924
|
|
78.0
|
%
|
|
$
|
(209,822
|
)
|
|
-7.1
|
%
|
Federal Civilian Agencies
|
|
|
741,053
|
|
20.1
|
%
|
|
|
620,870
|
|
16.5
|
%
|
|
|
120,183
|
|
|
19.4
|
%
|
Commercial
|
|
|
190,142
|
|
5.2
|
%
|
|
|
193,840
|
|
5.1
|
%
|
|
|
(3,698
|
)
|
|
-1.9
|
%
|
State and Local Governments
|
|
|
15,693
|
|
0.4
|
%
|
|
|
14,839
|
|
0.4
|
%
|
|
|
854
|
|
|
5.8
|
%
|
Total
|
|
$
|
3,681,990
|
|
100.0
|
%
|
|
$
|
3,774,473
|
|
100.0
|
%
|
|
$
|
(92,483
|
)
|
|
-2.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue by Contract Type (Unaudited)
|
|
|
Quarter Ended
|
|
|
|
|
(dollars in thousands)
|
|
6/30/2013
|
|
6/30/2012
|
|
$ Change
|
|
% Change
|
Cost reimbursable
|
|
$
|
456,398
|
|
50.0
|
%
|
|
$
|
435,441
|
|
45.9
|
%
|
|
$
|
20,957
|
|
|
4.8
|
%
|
Fixed price
|
|
|
260,055
|
|
28.5
|
%
|
|
|
274,179
|
|
28.9
|
%
|
|
|
(14,124
|
)
|
|
-5.2
|
%
|
Time and materials
|
|
|
196,478
|
|
21.5
|
%
|
|
|
239,253
|
|
25.2
|
%
|
|
|
(42,775
|
)
|
|
-17.9
|
%
|
Total
|
|
$
|
912,931
|
|
100.0
|
%
|
|
$
|
948,873
|
|
100.0
|
%
|
|
$
|
(35,942
|
)
|
|
-3.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve Months Ended
|
|
|
|
|
(dollars in thousands)
|
|
6/30/2013
|
|
6/30/2012
|
|
$ Change
|
|
% Change
|
Cost reimbursable
|
|
$
|
1,783,430
|
|
48.4
|
%
|
|
$
|
1,659,764
|
|
44.0
|
%
|
|
$
|
123,666
|
|
|
7.5
|
%
|
Fixed price
|
|
|
1,034,016
|
|
28.1
|
%
|
|
|
1,057,663
|
|
28.0
|
%
|
|
|
(23,647
|
)
|
|
-2.2
|
%
|
Time and materials
|
|
|
864,544
|
|
23.5
|
%
|
|
|
1,057,046
|
|
28.0
|
%
|
|
|
(192,502
|
)
|
|
-18.2
|
%
|
Total
|
|
$
|
3,681,990
|
|
100.0
|
%
|
|
$
|
3,774,473
|
|
100.0
|
%
|
|
$
|
(92,483
|
)
|
|
-2.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue Received as a Prime versus Subcontractor (Unaudited)
|
|
|
Quarter Ended
|
|
|
|
|
(dollars in thousands)
|
|
6/30/2013
|
|
6/30/2012
|
|
$ Change
|
|
% Change
|
Prime
|
|
$
|
811,009
|
|
88.8
|
%
|
|
$
|
839,411
|
|
88.5
|
%
|
|
$
|
(28,402
|
)
|
|
-3.4
|
%
|
Subcontractor
|
|
|
101,922
|
|
11.2
|
%
|
|
|
109,462
|
|
11.5
|
%
|
|
|
(7,540
|
)
|
|
-6.9
|
%
|
Total
|
|
$
|
912,931
|
|
100.0
|
%
|
|
$
|
948,873
|
|
100.0
|
%
|
|
$
|
(35,942
|
)
|
|
-3.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve Months Ended
|
|
|
|
|
(dollars in thousands)
|
|
6/30/2013
|
|
6/30/2012
|
|
$ Change
|
|
% Change
|
Prime
|
|
$
|
3,237,091
|
|
87.9
|
%
|
|
$
|
3,337,752
|
|
88.4
|
%
|
|
$
|
(100,661
|
)
|
|
-3.0
|
%
|
Subcontractor
|
|
|
444,899
|
|
12.1
|
%
|
|
|
436,721
|
|
11.6
|
%
|
|
|
8,178
|
|
|
1.9
|
%
|
Total
|
|
$
|
3,681,990
|
|
100.0
|
%
|
|
$
|
3,774,473
|
|
100.0
|
%
|
|
$
|
(92,483
|
)
|
|
-2.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Financial Data (Continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract Funding Orders Received (Unaudited)
|
|
|
|
Quarter Ended
|
|
|
|
|
|
|
(dollars in thousands)
|
|
|
6/30/2013
|
|
|
6/30/2012
|
|
|
$ Change
|
|
|
% Change
|
Contract Funding Orders
|
|
|
$
|
721,580
|
|
|
$
|
901,130
|
|
|
$
|
(179,550
|
)
|
|
|
-19.9
|
%
|
|
|
|
Twelve Months Ended
|
|
|
|
|
|
|
(dollars in thousands)
|
|
|
6/30/2013
|
|
|
6/30/2012
|
|
|
$ Change
|
|
|
% Change
|
Contract Funding Orders
|
|
|
$
|
3,415,626
|
|
|
$
|
3,910,057
|
|
|
$
|
(494,431
|
)
|
|
|
-12.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Direct Costs by Category (Unaudited)
|
|
|
|
Quarter Ended
|
(dollars in thousands)
|
|
|
6/30/2013
|
|
|
6/30/2012
|
|
|
$ Change
|
|
|
% Change
|
Direct labor
|
|
|
$
|
262,648
|
|
|
41.9
|
%
|
|
|
$
|
251,898
|
|
|
38.6
|
%
|
|
|
$
|
10,750
|
|
|
|
4.3
|
%
|
Other direct costs
|
|
|
|
364,547
|
|
|
58.1
|
%
|
|
|
|
400,093
|
|
|
61.4
|
%
|
|
|
|
(35,546
|
)
|
|
|
-8.9
|
%
|
Total direct costs
|
|
|
$
|
627,195
|
|
|
100.0
|
%
|
|
|
$
|
651,991
|
|
|
100.0
|
%
|
|
|
$
|
(24,796
|
)
|
|
|
-3.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve Months Ended
|
(dollars in thousands)
|
|
|
6/30/2013
|
|
|
6/30/2012
|
|
|
$ Change
|
|
|
% Change
|
Direct labor
|
|
|
$
|
1,029,010
|
|
|
40.6
|
%
|
|
|
$
|
977,743
|
|
|
37.6
|
%
|
|
|
$
|
51,267
|
|
|
|
5.2
|
%
|
Other direct costs
|
|
|
|
1,506,596
|
|
|
59.4
|
%
|
|
|
|
1,621,147
|
|
|
62.4
|
%
|
|
|
|
(114,551
|
)
|
|
|
-7.1
|
%
|
Total direct costs
|
|
|
$
|
2,535,606
|
|
|
100.0
|
%
|
|
|
$
|
2,598,890
|
|
|
100.0
|
%
|
|
|
$
|
(63,284
|
)
|
|
|
-2.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Total Revenue Growth and Organic Revenue Growth
|
(Unaudited)
|
|
We are presenting organic revenue growth, on both an as reported
and as adjusted basis, to reflect the effect of acquisitions on
total revenue growth. Revenue generated from the date a business
is acquired through the first anniversary of that date is
considered acquired revenue growth. All remaining revenue growth
is considered organic. We believe that this non-GAAP financial
measure provides investors with useful information to evaluate the
growth rate of our core business. This non-GAAP measure 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)
|
|
|
6/30/2013
|
|
|
6/30/2012
|
|
|
% Change
|
|
|
6/30/2013
|
|
|
6/30/2012
|
|
|
% Change
|
Revenue, as reported
|
|
|
$
|
912,931
|
|
|
$
|
948,873
|
|
|
-3.8
|
%
|
|
|
$
|
3,681,990
|
|
|
$
|
3,774,473
|
|
|
-2.5
|
%
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquired revenue
|
|
|
|
31,381
|
|
|
|
|
|
|
|
|
|
|
|
124,345
|
|
|
|
|
|
|
|
|
Organic revenue
|
|
|
$
|
881,550
|
|
|
$
|
948,873
|
|
|
-7.1
|
%
|
|
|
$
|
3,557,645
|
|
|
$
|
3,774,473
|
|
|
-5.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
|
|
|
Twelve Months Ended
|
(dollars in thousands)
|
|
|
6/30/2013
|
|
|
6/30/2012
|
|
|
% Change
|
|
|
6/30/2013
|
|
|
6/30/2012
|
|
|
% Change
|
Revenue, as adjusted
|
|
|
$
|
912,931
|
|
|
$
|
948,873
|
|
|
-3.8
|
%
|
|
|
$
|
3,681,990
|
|
|
$
|
3,762,438
|
|
|
-2.1
|
%
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquired revenue
|
|
|
|
31,381
|
|
|
|
|
|
|
|
|
|
|
|
124,345
|
|
|
|
|
|
|
|
|
Organic revenue
|
|
|
$
|
881,550
|
|
|
$
|
948,873
|
|
|
-7.1
|
%
|
|
|
$
|
3,557,645
|
|
|
$
|
3,762,438
|
|
|
-5.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Financial Data (Continued)
|
Reconciliation of Net Income to Adjusted 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. We are
presenting FY12 EBITDA, EBITDA margin, Adjusted Net Income and
Diluted Adjusted Earnings Per Share on an adjusted basis, to
remove the impact of three material items that positively impacted
our FY12 results as we believe these adjusted measures provide a
better comparison to our ongoing, recurring operations. Adjusted
EBITDA is defined by us as GAAP net income plus net interest
expense, income taxes, and depreciation and amortization, and less
the three material items described earlier in this
release. Adjusted EBITDA margin is adjusted EBITDA divided by
adjusted 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, and less the
three material items described earlier in this release; net of
related tax effects computed using an assumed marginal tax rate of
39.3 percent. Diluted Adjusted Earnings Per Share is Adjusted Net
Income divided by diluted weighted-average shares, as
reported. Adjusted 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)
|
|
|
6/30/2013
|
|
|
6/30/2012
|
|
|
% Change
|
|
|
6/30/2013
|
|
|
6/30/2012
|
|
|
% Change
|
Net income attributable to CACI, as reported
|
|
|
$
|
37,938
|
|
|
|
$
|
43,397
|
|
|
|
-12.6
|
%
|
|
|
$
|
151,689
|
|
|
|
$
|
167,454
|
|
|
|
-9.4
|
%
|
Plus:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income taxes
|
|
|
|
23,173
|
|
|
|
|
27,233
|
|
|
|
-14.9
|
%
|
|
|
|
92,347
|
|
|
|
|
107,537
|
|
|
|
-14.1
|
%
|
Interest income and expense, net
|
|
|
|
7,001
|
|
|
|
|
6,383
|
|
|
|
9.7
|
%
|
|
|
|
28,453
|
|
|
|
|
25,829
|
|
|
|
10.2
|
%
|
Depreciation and amortization
|
|
|
|
13,744
|
|
|
|
|
14,068
|
|
|
|
-2.3
|
%
|
|
|
|
54,078
|
|
|
|
|
55,962
|
|
|
|
-3.4
|
%
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Product sale adjustment
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
-
|
|
|
|
|
(10,093
|
)
|
|
|
|
|
Fixed price contract adjustment
|
|
|
|
-
|
|
|
|
|
(200
|
)
|
|
|
|
|
|
|
|
-
|
|
|
|
|
(11,700
|
)
|
|
|
|
|
Earn-out adjustment
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
-
|
|
|
|
|
(592
|
)
|
|
|
|
|
Adjusted EBITDA
|
|
|
$
|
81,856
|
|
|
|
$
|
90,881
|
|
|
|
-9.9
|
%
|
|
|
$
|
326,567
|
|
|
|
$
|
334,397
|
|
|
|
-2.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
|
|
|
Twelve Months Ended
|
(dollars in thousands)
|
|
|
6/30/2013
|
|
|
6/30/2012
|
|
|
% Change
|
|
|
6/30/2013
|
|
|
6/30/2012
|
|
|
% Change
|
Revenue, as adjusted
|
|
|
$
|
912,931
|
|
|
|
$
|
948,873
|
|
|
|
-3.8
|
%
|
|
|
$
|
3,681,990
|
|
|
|
$
|
3,762,438
|
|
|
|
-2.1
|
%
|
Adjusted EBITDA
|
|
|
$
|
81,856
|
|
|
|
$
|
90,881
|
|
|
|
-9.9
|
%
|
|
|
$
|
326,567
|
|
|
|
$
|
334,397
|
|
|
|
-2.3
|
%
|
Adjusted EBITDA margin
|
|
|
|
9.0
|
%
|
|
|
|
9.6
|
%
|
|
|
|
|
|
|
|
8.9
|
%
|
|
|
|
8.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
|
|
|
Twelve Months Ended
|
(dollars in thousands)
|
|
|
6/30/2013
|
|
|
6/30/2012
|
|
|
% Change
|
|
|
6/30/2013
|
|
|
6/30/2012
|
|
|
% Change
|
Net income attributable to CACI, as reported
|
|
|
$
|
37,938
|
|
|
|
$
|
43,397
|
|
|
|
-12.6
|
%
|
|
|
$
|
151,689
|
|
|
|
$
|
167,454
|
|
|
|
-9.4
|
%
|
Plus:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation
|
|
|
|
2,438
|
|
|
|
|
4,404
|
|
|
|
-44.6
|
%
|
|
|
|
8,832
|
|
|
|
|
15,499
|
|
|
|
-43.0
|
%
|
Depreciation and amortization
|
|
|
|
13,744
|
|
|
|
|
14,068
|
|
|
|
-2.3
|
%
|
|
|
|
54,078
|
|
|
|
|
55,962
|
|
|
|
-3.4
|
%
|
Amortization of financing costs
|
|
|
|
530
|
|
|
|
|
494
|
|
|
|
7.3
|
%
|
|
|
|
2,073
|
|
|
|
|
2,237
|
|
|
|
-7.3
|
%
|
Non-cash interest expense
|
|
|
|
3,295
|
|
|
|
|
3,078
|
|
|
|
7.1
|
%
|
|
|
|
12,868
|
|
|
|
|
12,024
|
|
|
|
7.0
|
%
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Product sale adjustment
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
-
|
|
|
|
|
(10,093
|
)
|
|
|
|
|
Fixed price contract adjustment
|
|
|
|
-
|
|
|
|
|
(200
|
)
|
|
|
|
|
|
|
|
-
|
|
|
|
|
(11,700
|
)
|
|
|
|
|
Earn-out adjustment
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
-
|
|
|
|
|
(592
|
)
|
|
|
|
|
Related tax effect
|
|
|
|
(7,857
|
)
|
|
|
|
(8,578
|
)
|
|
|
-8.4
|
%
|
|
|
|
(30,572
|
)
|
|
|
|
(24,872
|
)
|
|
|
22.9
|
%
|
Adjusted net income
|
|
|
$
|
50,088
|
|
|
|
$
|
56,663
|
|
|
|
-11.6
|
%
|
|
|
$
|
198,968
|
|
|
|
$
|
205,919
|
|
|
|
-3.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
|
|
|
Twelve Months Ended
|
(shares in thousands)
|
|
|
6/30/2013
|
|
|
6/30/2012
|
|
|
% Change
|
|
|
6/30/2013
|
|
|
6/30/2012
|
|
|
% Change
|
Diluted weighted average shares, as reported
|
|
|
|
24,318
|
|
|
|
|
27,247
|
|
|
|
|
|
|
|
|
23,885
|
|
|
|
|
28,111
|
|
|
|
|
|
Diluted earnings per share, as reported
|
|
|
$
|
1.56
|
|
|
|
$
|
1.59
|
|
|
|
-2.0
|
%
|
|
|
$
|
6.35
|
|
|
|
$
|
5.96
|
|
|
|
6.6
|
%
|
Diluted adjusted earnings per share
|
|
|
$
|
2.06
|
|
|
|
$
|
2.08
|
|
|
|
-1.0
|
%
|
|
|
$
|
8.33
|
|
|
|
$
|
7.33
|
|
|
|
13.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Financial Data (continued)
|
|
Reconciliation of Revenue, Operating Income, Net Income and
Diluted Earnings Per Share
|
to Adjusted Amounts
|
(Unaudited)
|
|
As described earlier in this release, the Company is presenting
adjusted Revenue, Operating Income, Net Income and Diluted
Earnings per Share to present results excluding the impact of
three material items recorded during the fiscal year ended June
30, 2012. During the fourth quarter of FY12, only the fixed price
contract adjustment impacted the income statement as follows: $0.2
million reduction of direct costs. These items were recorded in
the income statement for the twelve months ended June 30, 2012, as
follows: product sale -- $12.0 million of revenue and $1.9 million
of indirect costs and selling expenses; fixed price contract
adjustment -- $11.7 million reduction of direct costs; and
earn-out adjustment -- $0.6 million reduction in indirect costs
and selling expenses. The Company believes that presenting the key
measures of Revenue, Operating Income, Net Income, and Diluted
Earnings per Share without the impact of these material items
recorded in FY12 provides readers a better comparison to our
ongoing, recurring operations. 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)
|
|
|
6/30/2013
|
|
|
6/30/2012
|
|
|
% Change
|
|
|
6/30/2013
|
|
|
6/30/2012
|
|
|
% Change
|
Revenue, as reported
|
|
|
$
|
912,931
|
|
|
$
|
948,873
|
|
|
|
-3.8
|
%
|
|
|
$
|
3,681,990
|
|
|
$
|
3,774,473
|
|
|
|
-2.5
|
%
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Product sale adjustment
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
|
|
|
-
|
|
|
|
(12,035
|
)
|
|
|
|
|
Revenue, as adjusted
|
|
|
$
|
912,931
|
|
|
$
|
948,873
|
|
|
|
-3.8
|
%
|
|
|
$
|
3,681,990
|
|
|
$
|
3,762,438
|
|
|
|
-2.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
|
|
|
Twelve Months Ended
|
(dollars in thousands)
|
|
|
6/30/2013
|
|
|
6/30/2012
|
|
|
% Change
|
|
|
6/30/2013
|
|
|
6/30/2012
|
|
|
% Change
|
Operating income, as reported
|
|
|
$
|
67,902
|
|
|
$
|
76,708
|
|
|
|
-11.5
|
%
|
|
|
$
|
270,841
|
|
|
$
|
299,849
|
|
|
|
-9.7
|
%
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Product sale adjustment
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
|
|
|
-
|
|
|
|
(10,093
|
)
|
|
|
|
|
Fixed price contract adjustment
|
|
|
|
-
|
|
|
|
(200
|
)
|
|
|
|
|
|
|
|
-
|
|
|
|
(11,700
|
)
|
|
|
|
|
Earn-out adjustment
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
|
|
|
-
|
|
|
|
(592
|
)
|
|
|
|
|
Operating income, as adjusted
|
|
|
$
|
67,902
|
|
|
$
|
76,508
|
|
|
|
-11.2
|
%
|
|
|
$
|
270,841
|
|
|
$
|
277,464
|
|
|
|
-2.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
|
|
|
Twelve Months Ended
|
(dollars in thousands)
|
|
|
6/30/2013
|
|
|
6/30/2012
|
|
|
% Change
|
|
|
6/30/2013
|
|
|
6/30/2012
|
|
|
% Change
|
Net income attributable to CACI, as reported
|
|
|
$
|
37,938
|
|
|
$
|
43,397
|
|
|
|
-12.6
|
%
|
|
|
$
|
151,689
|
|
|
$
|
167,454
|
|
|
|
-9.4
|
%
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Product sale adjustment
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
|
|
|
-
|
|
|
|
(10,093
|
)
|
|
|
|
|
Fixed price contract adjustment
|
|
|
|
-
|
|
|
|
(200
|
)
|
|
|
|
|
|
|
|
-
|
|
|
|
(11,700
|
)
|
|
|
|
|
Earn-out adjustment
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
|
|
|
-
|
|
|
|
(592
|
)
|
|
|
|
|
Plus: Related tax effect*
|
|
|
|
-
|
|
|
|
79
|
|
|
|
|
|
|
|
|
-
|
|
|
|
8,797
|
|
|
|
|
|
Pro forma net income
|
|
|
$
|
37,938
|
|
|
$
|
43,276
|
|
|
|
-12.3
|
%
|
|
|
$
|
151,689
|
|
|
$
|
153,865
|
|
|
|
-1.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
|
|
|
Twelve Months Ended
|
(shares in thousands)
|
|
|
6/30/2013
|
|
|
6/30/2012
|
|
|
% Change
|
|
|
6/30/2013
|
|
|
6/30/2012
|
|
|
% Change
|
Diluted weighted average shares, as reported
|
|
|
|
24,318
|
|
|
|
27,247
|
|
|
|
|
|
|
|
|
23,885
|
|
|
|
28,111
|
|
|
|
|
|
Diluted earnings per share, as reported
|
|
|
$
|
1.56
|
|
|
$
|
1.59
|
|
|
|
-2.0
|
%
|
|
|
$
|
6.35
|
|
|
$
|
5.96
|
|
|
|
6.6
|
%
|
Diluted earnings per share, as adjusted
|
|
|
$
|
1.56
|
|
|
$
|
1.59
|
|
|
|
-1.8
|
%
|
|
|
$
|
6.35
|
|
|
$
|
5.47
|
|
|
|
16.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Computed using an assumed marginal tax rate of 39.3 percent.
|
|
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