Net income of $33.8 million, up 8.6 percent
Revenue of $822.4 million
Cash from operations of $78.5 million
Record backlog of $10.6 billion, up 21.7 percent
Reiterates FY16 annual guidance
CACI International Inc (NYSE
MKT: CACI), a leading information solutions and services provider to
the federal government, announced results today for its first fiscal
quarter ended September 30, 2015.
CEO Commentary and Outlook
Ken Asbury, CACI’s President and CEO, said, “Our performance this
quarter was strong, with positive revenue and net income growth and
solid cash flow. This is a good start to our FY16 and keeps us on track
to achieve organic revenue and net income growth for the full fiscal
year. We won key new business and a significant number of recompetes
that reflects our continued excellence in program delivery. Our backlog
increased almost 22 percent to a record level of $10.6 billion. These
results give us confidence to reiterate our guidance for the full fiscal
year. We remain focused on our three-part strategy of winning new
business, delivering operational excellence, and deploying our capital
for growth to generate long-term value for our shareholders.”
First Quarter Results
|
|
|
|
|
|
|
|
|
|
|
|
(in millions except per-share data)
|
|
|
Q1, FY16
|
|
|
Q1, FY15
|
|
|
% Change
|
|
Revenue
|
|
|
$822.4
|
|
|
$814.7
|
|
|
0.9%
|
|
Operating income
|
|
|
$64.5
|
|
|
$60.1
|
|
|
7.4%
|
|
Net income attributable to CACI
|
|
|
$33.8
|
|
|
$31.1
|
|
|
8.6%
|
|
Diluted earnings per share
|
|
|
$1.37
|
|
|
$1.29
|
|
|
6.3%
|
|
|
|
|
|
|
|
|
|
|
|
Revenue for the first quarter of Fiscal Year 2016 (FY16) increased
slightly compared to the first quarter of Fiscal Year 2015 (FY15),
driven by growth on existing contracts, new business, and acquired
revenue. The increase in operating income was due primarily to the
factors for the increase in revenue and from lower depreciation and
amortization expense. Cash provided by operations in the quarter was
$78.5 million.
Additional Financial Metrics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q1, FY16
|
|
|
Q1, FY15
|
|
|
% Change
|
|
Earnings before interest, taxes, depreciation and amortization
(EBITDA), a non-GAAP measure (in millions)
|
|
|
$79.3
|
|
|
$77.2
|
|
|
2.6%
|
|
Diluted adjusted earnings per share, a non-GAAP measure
|
|
|
$1.84
|
|
|
$1.81
|
|
|
1.8%
|
|
Days sales outstanding
|
|
|
58
|
|
|
61
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Quarter Awards and Contract Funding Orders
Our contract awards were $1.9 billion in the first quarter of FY16. Over
half of our awards in the quarter were recompeted business. Some of our
awards during the quarter included:
-
A $102 million ceiling, five-year, single award to provide litigation
support services and electronic discovery for the Securities and
Exchange Commission. This award represents continuing work in our Investigation
and Litigation Support market area.
-
A $90 million ceiling, five-year, single award to enhance and sustain
the National Public Warning System for the Federal Emergency
Management Agency. This award represents new and continuing work in
our Enterprise
IT market area.
-
A $63.5 million, 20-month contract by the Naval Air Warfare Center
Aircraft Division (NAWCAD) to continue our support for
NAWCAD's Special Communications Mission Solutions Division. This award
represents continuing work in our Communications
and Command
and Control market areas.
-
A $50 million, two-year task order to support the U.S. Army
Intelligence and Information Warfare Directorate's (I2WD) Innovative
Intelligence Solutions program. This award represents continuing
business in our Intelligence
Systems and Support market area.
Contract funding orders in the first quarter were $1.1 billion. Our
total backlog at September 30, 2015 was $10.6 billion, an increase of
21.7 percent, compared with $8.7 billion at the end of the first quarter
of FY15. Funded backlog at September 30, 2015 was $2.3 billion, an
increase of 10.1 percent, compared with $2.1 billion at September 30,
2014.
First Quarter Highlight
CACI entered into a cooperative research and development agreement with
a federal government agency to address the escalating unmanned aircraft
systems (UAS) safety challenges that airports are facing nationwide.
CACI’s proprietary technology detects, identifies, and tracks both UAS
and UAS operators who are inadvertently or unlawfully flying in
restricted airspace. Our solution will be tested in the airport
environment to address the UAS threat and ensure compatibility with
existing complex airport communications systems.
CACI Reiterates Its FY16 Guidance
We are reiterating the FY16 guidance we issued on August 12, 2015. The
favorable variance in the first quarter compared to our initial
expectations was due primarily to timing related to award fees,
performance on various programs, and some product sales. This resulted
in recognition of income earlier than planned for this fiscal year. The
table below summarizes our FY16 guidance ranges and represents our views
as of October 28, 2015:
|
|
|
|
|
|
(In millions except for tax rate and earnings per share)
|
|
|
FY 2016
Guidance
|
|
Revenue
|
|
|
$3,300 - $3,500
|
|
Net income attributable to CACI
|
|
|
$130 - $140
|
|
Effective corporate tax rate
|
|
|
38.5%
|
|
Diluted earnings per share
|
|
|
$5.24 - $5.65
|
|
Diluted weighted average shares
|
|
|
24.8
|
|
|
|
|
|
Conference Call Information
We have scheduled a conference call for 8:30 AM Eastern Time Thursday,
October 29, 2015 during which members of our senior management team will
be making a brief presentation focusing on first quarter results and
operating trends followed by a question-and-answer session. You can
listen to the conference call and view the accompanying exhibits over
the Internet by logging on to our homepage, www.caci.com,
at the scheduled time, or you may dial 877-303-9143 and enter the
confirmation code 30813819. A replay of the call will also be available
over the Internet beginning at 1:00 PM Eastern Time Thursday, October
29, 2015 and can be accessed through our homepage (www.caci.com)
by clicking on the CACI Investor Info button.
CACI provides information solutions and services in support of national
security missions and government transformation for Intelligence,
Defense, and Federal Civilian customers. A Fortune magazine
World’s Most Admired Company in the IT Services industry, CACI is a
member of the Fortune 1000 Largest Companies, the Russell 2000 Index,
and the S&P SmallCap 600 Index. CACI provides dynamic careers for over
16,300 employees in 120 offices worldwide. Visit www.caci.com.
There are statements made herein which do not address historical
facts and, therefore, could be interpreted to be forward-looking
statements as that term is defined in the Private Securities Litigation
Reform Act of 1995. Such statements are subject to factors that
could cause actual results to differ materially from anticipated
results. The factors that could cause actual results to differ
materially from those anticipated include, but are not limited to, the
following: regional and national economic conditions in the
United States and globally; terrorist activities or war; changes in
interest rates; currency fluctuations; significant fluctuations in the
equity markets; changes in our effective tax rate; failure to achieve
contract awards in connection with re-competes for present business
and/or competition for new business; the risks and uncertainties
associated with client interest in and purchases of new products and/or
services; continued funding of U.S. government or other public sector
projects, based on a change in spending patterns, implementation of
spending cuts (sequestration) under the Budget Control Act of 2011; changes
in budgetary priorities or in the event of a priority need for funds,
such as homeland security; government contract procurement (such as bid
protest, small business set asides, loss of work due to organizational
conflicts of interest, etc.) and termination risks; the results
of government audits and reviews conducted by the Defense Contract Audit
Agency, the Defense Contract Management Agency, or other governmental
entities with cognizant oversight; individual business decisions of our
clients; paradigm shifts in technology; competitive factors such as
pricing pressures and/or competition to hire and retain employees
(particularly those with security clearances); market speculation
regarding our continued independence; material changes in laws or
regulations applicable to our businesses, particularly in connection
with (i) government contracts for services, (ii) outsourcing of
activities that have been performed by the government, and (iii)
competition for task orders under Government Wide Acquisition Contracts
(GWACs) and/or schedule contracts with the General Services
Administration; the ability to successfully integrate the operations of
our recent and any future acquisitions; our own ability to achieve the
objectives of near term or long range business plans; and other risks
described in our Securities and Exchange Commission filings.
CACI-Financial
|
|
|
Selected Financial Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CACI International Inc
|
|
Condensed Consolidated Statements of Operations (Unaudited)
|
|
(Amounts in thousands, except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
|
|
|
|
|
|
|
|
|
9/30/2015
|
|
|
9/30/2014
|
|
|
% Change
|
|
Revenue
|
|
|
$
|
822,442
|
|
|
|
$
|
814,726
|
|
|
|
0.9
|
%
|
|
Costs of revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Direct costs
|
|
|
|
537,424
|
|
|
|
|
536,604
|
|
|
|
0.2
|
%
|
|
Indirect costs and selling expenses
|
|
|
|
205,700
|
|
|
|
|
200,827
|
|
|
|
2.4
|
%
|
|
Depreciation and amortization
|
|
|
|
14,811
|
|
|
|
|
17,236
|
|
|
|
-14.1
|
%
|
|
Total costs of revenue
|
|
|
|
757,935
|
|
|
|
|
754,667
|
|
|
|
0.4
|
%
|
|
Operating income
|
|
|
|
64,507
|
|
|
|
|
60,059
|
|
|
|
7.4
|
%
|
|
Interest expense and other, net
|
|
|
|
9,182
|
|
|
|
|
9,080
|
|
|
|
1.1
|
%
|
|
Income before income taxes
|
|
|
|
55,325
|
|
|
|
|
50,979
|
|
|
|
8.5
|
%
|
|
Income taxes
|
|
|
|
21,523
|
|
|
|
|
19,722
|
|
|
|
9.1
|
%
|
|
Net income
|
|
|
|
33,802
|
|
|
|
|
31,257
|
|
|
|
8.1
|
%
|
|
Noncontrolling interest
|
|
|
|
-
|
|
|
|
|
(127
|
)
|
|
|
|
|
|
Net income attributable to CACI
|
|
|
$
|
33,802
|
|
|
|
$
|
31,130
|
|
|
|
8.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share
|
|
|
$
|
1.40
|
|
|
|
$
|
1.32
|
|
|
|
5.7
|
%
|
|
Diluted earnings per share
|
|
|
$
|
1.37
|
|
|
|
$
|
1.29
|
|
|
|
6.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares used in per share computations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
24,208
|
|
|
|
|
23,565
|
|
|
|
|
|
|
Diluted
|
|
|
|
24,629
|
|
|
|
|
24,104
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Statement of Operations Data (Unaudited)
|
|
|
|
|
|
|
Quarter Ended
|
|
|
|
|
|
|
|
|
9/30/2015
|
|
|
9/30/2014
|
|
|
% Change
|
|
Operating income margin
|
|
|
|
7.8
|
%
|
|
|
|
7.4
|
%
|
|
|
|
|
|
Tax rate
|
|
|
|
38.9
|
%
|
|
|
|
38.8
|
%
|
|
|
|
|
|
Net income margin
|
|
|
|
4.1
|
%
|
|
|
|
3.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA*
|
|
|
$
|
79,269
|
|
|
|
$
|
77,247
|
|
|
|
2.6
|
%
|
|
EBITDA margin
|
|
|
|
9.6
|
%
|
|
|
|
9.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net income attributable to CACI*
|
|
|
$
|
45,340
|
|
|
|
$
|
43,608
|
|
|
|
4.0
|
%
|
|
Diluted adjusted earnings per share
|
|
|
$
|
1.84
|
|
|
|
$
|
1.81
|
|
|
|
1.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*See Reconciliation of Net Income to Earnings before Interest, Taxes,
Depreciation and Amortization and to Adjusted Net Income on page 8.
|
|
|
Selected Financial Data (Continued)
|
|
|
|
|
|
|
|
|
|
|
|
CACI International Inc
|
|
Condensed Consolidated Balance Sheets (Unaudited)
|
|
(Amounts in thousands)
|
|
|
|
|
9/30/2015
|
|
|
6/30/2015
|
|
ASSETS:
|
|
|
|
|
|
|
|
|
|
Current assets
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
$
|
28,999
|
|
|
$
|
35,364
|
|
Accounts receivable, net
|
|
|
|
546,964
|
|
|
|
596,155
|
|
Prepaid expenses and other current assets
|
|
|
|
53,707
|
|
|
|
44,941
|
|
Total current assets
|
|
|
|
629,670
|
|
|
|
676,460
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill and intangible assets, net
|
|
|
|
2,383,250
|
|
|
|
2,384,998
|
|
Property and equipment, net
|
|
|
|
61,290
|
|
|
|
63,689
|
|
Other long-term assets
|
|
|
|
130,852
|
|
|
|
131,969
|
|
Total assets
|
|
|
$
|
3,205,062
|
|
|
$
|
3,257,116
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY:
|
|
|
|
|
|
|
|
|
|
Current liabilities
|
|
|
|
|
|
|
|
|
|
Current portion of long-term debt
|
|
|
$
|
38,965
|
|
|
$
|
38,965
|
|
Accounts payable
|
|
|
|
48,392
|
|
|
|
56,840
|
|
Accrued compensation and benefits
|
|
|
|
178,469
|
|
|
|
185,830
|
|
Other accrued expenses and current liabilities
|
|
|
|
116,182
|
|
|
|
118,046
|
|
Total current liabilities
|
|
|
|
382,008
|
|
|
|
399,681
|
|
|
|
|
|
|
|
|
|
|
|
Long-term debt, net of current portion
|
|
|
|
954,913
|
|
|
|
1,029,335
|
|
Other long-term liabilities
|
|
|
|
359,189
|
|
|
|
347,828
|
|
Total liabilities
|
|
|
|
1,696,110
|
|
|
|
1,776,844
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity
|
|
|
|
1,508,952
|
|
|
|
1,480,272
|
|
Total liabilities and shareholders' equity
|
|
|
$
|
3,205,062
|
|
|
$
|
3,257,116
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Financial Data (Continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CACI International Inc
|
|
Condensed Consolidated Statements of Cash Flows (Unaudited)
|
|
(Amounts in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
9/30/2015
|
|
|
9/30/2014
|
|
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
$
|
33,802
|
|
|
|
$
|
31,257
|
|
|
Reconciliation of net income to net cash provided by operating
activities:
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
|
14,811
|
|
|
|
|
17,236
|
|
|
Amortization of deferred financing costs
|
|
|
|
577
|
|
|
|
|
691
|
|
|
Stock-based compensation expense
|
|
|
|
3,638
|
|
|
|
|
2,620
|
|
|
Provision for deferred income taxes
|
|
|
|
7,885
|
|
|
|
|
9,139
|
|
|
Undistributed loss (earnings) of unconsolidated ventures
|
|
|
|
49
|
|
|
|
|
(79
|
)
|
|
Changes in operating assets and liabilities, net of effect of
business acquisitions:
|
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable, net
|
|
|
|
48,190
|
|
|
|
|
47,117
|
|
|
Prepaid expenses and other assets
|
|
|
|
(10,869
|
)
|
|
|
|
977
|
|
|
Accounts payable and accrued expenses
|
|
|
|
(9,945
|
)
|
|
|
|
1,986
|
|
|
Accrued compensation and benefits
|
|
|
|
(6,949
|
)
|
|
|
|
(1,068
|
)
|
|
Income taxes receivable and payable
|
|
|
|
(785
|
)
|
|
|
|
3,666
|
|
|
Other liabilities
|
|
|
|
(1,931
|
)
|
|
|
|
(1,810
|
)
|
|
Net cash provided by operating activities
|
|
|
|
78,473
|
|
|
|
|
111,732
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
|
Capital expenditures
|
|
|
|
(4,479
|
)
|
|
|
|
(3,361
|
)
|
|
Purchase of business, net of cash acquired
|
|
|
|
(2,767
|
)
|
|
|
|
-
|
|
|
Other
|
|
|
|
(765
|
)
|
|
|
|
1,125
|
|
|
Net cash used in investing activities
|
|
|
|
(8,011
|
)
|
|
|
|
(2,236
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
|
Net payments under credit facilities
|
|
|
|
(74,741
|
)
|
|
|
|
(70,391
|
)
|
|
Proceeds from employee stock purchase plans
|
|
|
|
801
|
|
|
|
|
932
|
|
|
Repurchases of common stock
|
|
|
|
(794
|
)
|
|
|
|
(925
|
)
|
|
Payment of taxes for equity transactions
|
|
|
|
(2,340
|
)
|
|
|
|
(5,883
|
)
|
|
Other
|
|
|
|
834
|
|
|
|
|
2,991
|
|
|
Net cash used in financing activities
|
|
|
|
(76,240
|
)
|
|
|
|
(73,276
|
)
|
|
Effect of exchange rate changes on cash and cash equivalents
|
|
|
|
(587
|
)
|
|
|
|
(689
|
)
|
|
Net (decrease) increase in cash and cash equivalents
|
|
|
|
(6,365
|
)
|
|
|
|
35,531
|
|
|
Cash and cash equivalents, beginning of period
|
|
|
|
35,364
|
|
|
|
|
64,461
|
|
|
Cash and cash equivalents, end of period
|
|
|
$
|
28,999
|
|
|
|
$
|
99,992
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Financial Data (Continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue by Customer Type (Unaudited)
|
|
|
|
|
Quarter Ended
|
|
|
|
|
|
|
|
|
|
|
(dollars in thousands)
|
|
|
9/30/2015
|
|
|
9/30/2014
|
|
|
$ Change
|
|
|
% Change
|
|
Department of Defense
|
|
|
$
|
543,519
|
|
|
66.1
|
%
|
|
|
$
|
554,298
|
|
|
68.0
|
%
|
|
|
$
|
(10,779
|
)
|
|
|
-1.9
|
%
|
|
Federal Civilian Agencies
|
|
|
|
225,423
|
|
|
27.4
|
%
|
|
|
|
208,245
|
|
|
25.6
|
%
|
|
|
|
17,178
|
|
|
|
8.2
|
%
|
|
Commercial and other
|
|
|
|
53,500
|
|
|
6.5
|
%
|
|
|
|
52,183
|
|
|
6.4
|
%
|
|
|
|
1,317
|
|
|
|
2.5
|
%
|
|
Total
|
|
|
$
|
822,442
|
|
|
100.0
|
%
|
|
|
$
|
814,726
|
|
|
100.0
|
%
|
|
|
$
|
7,716
|
|
|
|
0.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue by Contract Type (Unaudited)
|
|
|
|
|
Quarter Ended
|
|
|
|
|
|
|
|
|
|
|
(dollars in thousands)
|
|
|
9/30/2015
|
|
|
9/30/2014
|
|
|
$ Change
|
|
|
% Change
|
|
Cost reimbursable
|
|
|
$
|
387,998
|
|
|
47.2
|
%
|
|
|
$
|
374,143
|
|
|
45.9
|
%
|
|
|
|
13,855
|
|
|
|
3.7
|
%
|
|
Fixed price
|
|
|
|
289,301
|
|
|
35.2
|
%
|
|
|
|
292,110
|
|
|
35.9
|
%
|
|
|
|
(2,809
|
)
|
|
|
-1.0
|
%
|
|
Time and materials
|
|
|
|
145,143
|
|
|
17.6
|
%
|
|
|
|
148,473
|
|
|
18.2
|
%
|
|
|
$
|
(3,330
|
)
|
|
|
-2.2
|
%
|
|
Total
|
|
|
$
|
822,442
|
|
|
100.0
|
%
|
|
|
$
|
814,726
|
|
|
100.0
|
%
|
|
|
$
|
7,716
|
|
|
|
0.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue Received as a Prime versus Subcontractor (Unaudited)
|
|
|
|
|
Quarter Ended
|
|
|
|
|
|
|
|
|
|
|
(dollars in thousands)
|
|
|
9/30/2015
|
|
|
9/30/2014
|
|
|
$ Change
|
|
|
% Change
|
|
Prime
|
|
|
$
|
742,578
|
|
|
90.3
|
%
|
|
|
$
|
725,979
|
|
|
89.1
|
%
|
|
|
$
|
16,599
|
|
|
|
2.3
|
%
|
|
Subcontractor
|
|
|
|
79,864
|
|
|
9.7
|
%
|
|
|
|
88,747
|
|
|
10.9
|
%
|
|
|
|
(8,883
|
)
|
|
|
-10.0
|
%
|
|
Total
|
|
|
$
|
822,442
|
|
|
100.0
|
%
|
|
|
$
|
814,726
|
|
|
100.0
|
%
|
|
|
$
|
7,716
|
|
|
|
0.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract Funding Orders Received (Unaudited)
|
|
|
|
|
Quarter Ended
|
|
|
|
|
|
|
|
(dollars in thousands)
|
|
|
9/30/2015
|
|
|
9/30/2014
|
|
|
$ Change
|
|
|
% Change
|
|
Contract Funding Orders
|
|
|
$
|
1,128,476
|
|
|
$
|
1,349,896
|
|
|
$
|
(221,420
|
)
|
|
|
-16.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Direct Costs by Category (Unaudited)
|
|
|
|
|
Quarter Ended
|
|
(dollars in thousands)
|
|
|
9/30/2015
|
|
|
9/30/2014
|
|
|
$ Change
|
|
|
% Change
|
|
Direct labor
|
|
|
$
|
270,464
|
|
|
50.3
|
%
|
|
|
$
|
258,119
|
|
|
48.1
|
%
|
|
|
$
|
12,345
|
|
|
|
4.8
|
%
|
|
Other direct costs
|
|
|
|
266,960
|
|
|
49.7
|
%
|
|
|
|
278,485
|
|
|
51.9
|
%
|
|
|
|
(11,525
|
)
|
|
|
-4.1
|
%
|
|
Total direct costs
|
|
|
$
|
537,424
|
|
|
100.0
|
%
|
|
|
$
|
536,604
|
|
|
100.0
|
%
|
|
|
$
|
820
|
|
|
|
0.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Financial Data (Continued)
|
|
|
|
Reconciliation of Net Income to Earnings Before Interest, Taxes,
Depreciation
|
|
and Amortization (EBITDA) and to Adjusted Net Income
|
|
(Unaudited)
|
|
|
|
The Company views EBITDA, EBITDA margin, Adjusted Net Income and
Diluted Adjusted Earnings Per Share as important indicators of
performance, consistent with the manner in which management
measures and forecasts the Company’s performance. EBITDA is a
commonly used non-GAAP measure when comparing our results with
those of other companies. We believe Adjusted Net Income is a
significant driver of long-term value and is used by investors to
measure our performance. This measure in particular assists
readers in further understanding our results and trends from
period-to-period by removing certain non-cash items that do not
impact the cash flow performance of our business. EBITDA is
defined by us as GAAP net income attributable to CACI plus net
interest expense, income taxes, and depreciation and
amortization. EBITDA margin is EBITDA divided by revenue. Adjusted
Net Income is defined by us as GAAP net income attributable to
CACI plus stock-based compensation expense, depreciation and
amortization, amortization of financing costs, and non-cash
interest expense, net of related tax effects. Diluted Adjusted
Earnings Per Share is Adjusted Net Income divided by diluted
weighted-average shares, as reported. EBITDA and Adjusted Net
Income as defined by us may not be computed in the same manner as
similarly titled measures used by other companies. These non-GAAP
measures should not be considered in isolation or as a substitute
for performance measures prepared in accordance with GAAP.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
|
|
(dollars in thousands)
|
|
|
9/30/2015
|
|
|
9/30/2014
|
|
|
% Change
|
|
Net income attributable to CACI
|
|
|
$
|
33,802
|
|
|
|
$
|
31,130
|
|
|
|
8.6
|
%
|
|
Plus:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income taxes
|
|
|
|
21,523
|
|
|
|
|
19,722
|
|
|
|
9.1
|
%
|
|
Interest expense, net
|
|
|
|
9,133
|
|
|
|
|
9,159
|
|
|
|
-0.3
|
%
|
|
Depreciation and amortization
|
|
|
|
14,811
|
|
|
|
|
17,236
|
|
|
|
-14.1
|
%
|
|
EBITDA
|
|
|
$
|
79,269
|
|
|
|
$
|
77,247
|
|
|
|
2.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
|
|
(dollars in thousands)
|
|
|
9/30/2015
|
|
|
9/30/2014
|
|
|
% Change
|
|
Revenue, as reported
|
|
|
$
|
822,442
|
|
|
|
$
|
814,726
|
|
|
|
0.9
|
%
|
|
EBITDA
|
|
|
$
|
79,269
|
|
|
|
$
|
77,247
|
|
|
|
2.6
|
%
|
|
EBITDA margin
|
|
|
|
9.6
|
%
|
|
|
|
9.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
|
|
(dollars in thousands)
|
|
|
9/30/2015
|
|
|
9/30/2014
|
|
|
% Change
|
|
Net income attributable to CACI
|
|
|
$
|
33,802
|
|
|
|
$
|
31,130
|
|
|
|
8.6
|
%
|
|
Plus:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation
|
|
|
|
3,638
|
|
|
|
|
2,620
|
|
|
|
38.9
|
%
|
|
Depreciation and amortization
|
|
|
|
14,811
|
|
|
|
|
17,236
|
|
|
|
-14.1
|
%
|
|
Amortization of financing costs
|
|
|
|
577
|
|
|
|
|
691
|
|
|
|
-16.5
|
%
|
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related tax effect
|
|
|
|
(7,488
|
)
|
|
|
|
(8,069
|
)
|
|
|
-7.2
|
%
|
|
Adjusted net income attributable to CACI
|
|
|
$
|
45,340
|
|
|
|
$
|
43,608
|
|
|
|
4.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
|
|
(shares in thousands)
|
|
|
9/30/2015
|
|
|
9/30/2014
|
|
|
% Change
|
|
Diluted weighted average shares, as reported
|
|
|
|
24,629
|
|
|
|
|
24,104
|
|
|
|
|
|
|
Diluted earnings per share
|
|
|
$
|
1.37
|
|
|
|
$
|
1.29
|
|
|
|
6.3
|
%
|
|
Diluted adjusted earnings per share
|
|
|
$
|
1.84
|
|
|
|
$
|
1.81
|
|
|
|
1.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20151028006366/en/
Copyright Business Wire 2015