U.S. SECURITIES AND EXCHANGE COMMISSION
Washington,
D.C. 20549
Form 8-K
CURRENT
REPORT
Pursuant to
Section 13 or 15(d) of
the
Securities Exchange Act of 1934
April
29, 2015
(Date
of Report)
CACI
International Inc
(Exact name of registrant as
specified in its Charter)
Delaware
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001-31400
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54-1345888
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(State or other jurisdiction
of incorporation)
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(Commission File Number)
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(IRS Employer Identification Number)
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1100 N. Glebe Road
Arlington,
Virginia 22201
(Address of Principal executive
offices)(ZIP code)
(703)
841-7800
(Registrant’s telephone number, including area
code)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any
of the following provisions:
⃞
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
⃞
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
⃞
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
⃞
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
ITEMS 2.02
and 7.01:
|
RESULTS OF OPERATIONS AND FINANCIAL CONDITION; REGULATION FD
DISCLOSURE
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On April 29, 2015, the Registrant released its financial results for the
third quarter of fiscal year 2015.
A copy of the Registrant’s press release announcing the financial
results as well as the schedule for a conference call and “web cast” on
April 30, 2015 is attached as Exhibit 99 to this current report on Form
8-K.
ITEM 9.01:
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FINANCIAL STATEMENTS AND EXHIBITS
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(d) Exhibits
Exhibit 99
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Press Release dated April 29, 2015 announcing CACI’s financial
results for the third quarter of fiscal year 2015.
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Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
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CACI International Inc
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Registrant
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By:
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/s/ J. William Koegel, Jr.
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J. William Koegel, Jr.
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Executive Vice President,
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General Counsel and Secretary
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Exhibit 99
CACI
Reports Results for Its Fiscal 2015 Third Quarter
-
Operating
cash flow of $97 million
-
Contract
funding orders of $965 million, 22 percent higher year over year
-
Contract
awards of $687 million, nearly $5 billion year-to-date
-
Funded
backlog of $2.1 billion, 29 percent higher year over year
ARLINGTON, Va.--(BUSINESS WIRE)--April 29, 2015--CACI International Inc
(NYSE MKT: CACI), a leading information solutions and services provider
to the federal government, announced results today for its third fiscal
quarter ended March 31, 2015.
CEO Commentary and Outlook
Ken Asbury, CACI’s President and CEO, said, “During the third quarter of
Fiscal Year 2015, we continued to win new business, deliver operational
excellence, and deploy capital for growth opportunities. We had strong
contract awards and funding orders despite continued delays in award
decisions and protests which impacted the start of new work and our
financial performance. Our work for the Office of Personnel Management
(OPM) continues to grow and is on track with our expectations. We also
acquired LTC Engineering Associates which deepens our bench of highly
skilled professionals, expanding our offerings in the C4ISR and Cyber
market areas. We are confident in our competitive posture and in our
solutions that support our customers enduring critical missions to
counter threats at home and around the world. We are confident in our
strategy and believe we are well positioned for a solid fourth quarter
and the start of FY16.”
Third Quarter Results
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(in millions except per-share data)
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Q3, FY15
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Q3, FY14
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% Change
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Revenue
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$817.8
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$900.4
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-9.2%
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Operating income
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$53.7
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$60.5
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-11.3%
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Net income attributable to CACI
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$29.0
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$30.8
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-5.8%
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Diluted earnings per share
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$1.18
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$1.19
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-0.2%
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Revenue for the third quarter of Fiscal Year 2015 (FY15) decreased 9.2
percent compared to the third quarter of Fiscal Year 2014 (FY14). We
maintained our direct labor base during the quarter, and direct costs
declined due to a reduction of subcontract labor and other direct costs
resulting from general federal government budget-related activities. The
decrease in operating income was a result of the aforementioned
budget-related activities offset by lower indirect costs and selling
expenses occurring from ongoing cost control actions. The lesser
decrease in diluted earnings per share as compared to the decrease in
net income was due to fewer diluted shares as a result of paying off our
convertible notes in May 2014. Cash provided by operations in the
quarter was $97.1 million.
Additional Financial Metrics
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Q3, FY15
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Q3, FY14
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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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$70.0
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$78.7
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-11.1%
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Diluted adjusted earnings per share, a non-GAAP measure
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$1.69
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$1.78
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-5.1%
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Days sales outstanding
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61
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62
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Third Quarter Awards and Contract Funding Orders
Our contract awards were $687 million in the third quarter of FY15,
compared with $700 million of contract awards in the third quarter of
FY14. Approximately 40 percent of our awards in the quarter were new
business. Contract awards through the first nine months of FY15 were
nearly $5.0 billion. Some of the awards in the quarter included:
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An $86 million, three-year task order to provide engineering and
technical support to the U.S. Army’s Software Engineering Center. This
is new work for us and expands our presence in the C4ISR and Logistics
and Material Readiness market areas.
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A $43 million, one-year task order to continue to provide engineering
support, including modeling and simulation and sensor development, for
the U.S. Army’s Night Vision and Electronic Sensors Directorate. This
work sustains our business in the C4ISR market area.
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A $38.5 million, five-year contract to provide rapid prototyping and
technology insertion support to the U.S. Army’s
Communications-Electronics Research Development and Engineering
Center. This is a continuation of work, reinforcing our business in
the C4ISR market area.
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A $38 million, five-year contract to provide weapons systems support,
including test, evaluation, and information assurance services, to the
Naval Surface Warfare Center Dahlgren Division. This is new work for
us, further growing our presence in the C4ISR market area.
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A $32 million, five-year contract to support the Electronic Claims
Case Adjudication and Processing Environment for the Office of
Medicare Hearing and Appeals within the Department of Health and Human
Services. This is new work in our Healthcare market area.
Contract funding orders in the third quarter were $965 million compared
with $794 million in the year earlier quarter. Our total backlog at
March 31, 2015 was $9.7 billion. Funded backlog at March 31, 2015 was
$2.1 billion.
Third Quarter Highlights and Recognition
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Fortune magazine ranked CACI among the most admired companies
in the world in the IT services industry and in the Commonwealth of
Virginia for the second consecutive year. The list, described as the
“definitive report card on corporate reputations,” affirms CACI’s
position as a top IT innovator supporting our customers’ most
challenging missions with character and integrity.
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We announced a cooperative partnership with Appcelerator®, provider of
a leading mobile engagement platform, to offer a unique solution set
to the federal market, particularly the Department of Defense and
Intelligence Community. The partnership will enable customers to
quickly deploy mobile apps at a decreased cost and for a higher return
on investment.
Nine Months Results
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Nine Months,
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Nine Months,
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(in millions except per-share data)
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FY15
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FY14
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% Change
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Revenue
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$2,447.9
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$2,658.8
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-7.9%
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Operating income
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$161.3
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$188.2
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-14.3%
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Net income attributable to CACI
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$84.8
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$98.8
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-14.1%
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Diluted earnings per share
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$3.49
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$3.89
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-10.4%
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Revenue decreased 7.9 percent compared to revenue for the nine months of
FY14. We increased our direct labor base during the first nine months of
FY15, and direct costs declined due to reductions in subcontract labor
and other direct costs resulting from in-theater reductions and federal
government budget-related activities. The decrease in operating income
in the first nine months of FY15 was primarily a result of the
aforementioned reductions, budget-related activities, and ramp-up costs
associated with the significant growth of background investigation work
for the OPM. The lesser decrease in diluted earnings per share as
compared to the decrease in net income was due to fewer diluted shares
as a result of paying off our convertible notes in May 2014. Cash
provided by operations in the first nine months of FY15 was $190.4
million.
Additional Financial Metrics
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Nine Months,
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Nine Months,
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%
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FY15
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FY14
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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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$211.9
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$236.1
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-10.3%
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Diluted adjusted earnings per share, a non-GAAP measure
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$5.04
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$5.53
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-8.9%
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Subsequent Event
On April 1, 2015, we announced that we had acquired LTC Engineering
Associates, Inc., a highly specialized provider of technical engineering
solutions and services to the Intelligence and Department of Defense
communities in the areas of software engineering, cybersecurity, signals
intelligence (SIGINT), communications intelligence (COMINT), and digital
signal processing. The acquisition expands our capabilities in the
C4ISR, Intelligence, and Cyber market areas.
CACI Narrows FY15 Guidance Ranges
We are narrowing the FY15 guidance ranges for revenue, net income, and
diluted earnings per share. The table below summarizes the changes and
represents our views as of April 29, 2015:
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Current FY 2015
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Previous FY 2015
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(In millions except for tax rate and earnings per share)
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Guidance
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Guidance
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Revenue
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$3,300 - $3,350
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$3,300 - $3,600
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Net income attributable to CACI
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$125 - $130
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$125 - $135
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Effective corporate tax rate
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37.6%
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38.1%
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Diluted earnings per share
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$5.12 - $5.33
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$5.14 - $5.56
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Diluted weighted average shares
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24.4
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24.3
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Conference Call Information
We have scheduled a conference call for 8:30 AM Eastern Time Thursday,
April 30, 2015 during which members of our 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 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 94732795. A replay of the call will also be available over the
Internet and can be accessed through our homepage (www.caci.com)
by clicking on the CACI Investor 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
16,700 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 and
the Bipartisan Budget Act of 2013; 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
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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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Nine Months Ended
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3/31/2015
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3/31/2014
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% Change
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3/31/2015
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3/31/2014
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% Change
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Revenue
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$
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817,797
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$
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900,393
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-9.2
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%
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$
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2,447,946
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$
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2,658,844
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-7.9
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%
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Costs of revenue
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Direct costs
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542,841
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605,780
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-10.4
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%
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1,626,139
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1,813,874
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-10.3
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%
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Indirect costs and selling expenses
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205,174
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216,164
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-5.1
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%
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610,407
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609,704
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0.1
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%
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Depreciation and amortization
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16,067
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17,917
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-10.3
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%
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50,098
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47,098
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6.4
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%
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Total costs of revenue
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764,082
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839,861
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-9.0
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%
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2,286,644
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2,470,676
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-7.4
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%
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Operating income
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53,715
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60,532
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-11.3
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%
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161,302
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188,168
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-14.3
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%
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Interest expense and other, net
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8,473
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11,480
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-26.2
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%
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26,153
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28,324
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-7.7
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%
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Income before income taxes
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45,242
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49,052
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-7.8
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%
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135,149
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159,844
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-15.4
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%
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Income taxes
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16,185
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18,043
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-10.3
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%
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50,199
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60,533
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-17.1
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%
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Net income
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29,057
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31,009
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-6.3
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%
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84,950
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99,311
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-14.5
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%
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Noncontrolling interest
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(18
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)
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(181
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)
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(139
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)
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(529
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)
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Net income attributable to CACI
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$
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29,039
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$
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30,828
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-5.8
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%
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$
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84,811
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$
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98,782
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-14.1
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%
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Basic earnings per share
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$
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1.20
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$
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1.31
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-8.5
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%
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$
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3.55
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$
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4.22
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-15.8
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%
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Diluted earnings per share
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$
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1.18
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$
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1.19
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-0.2
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%
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$
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3.49
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$
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3.89
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-10.4
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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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24,165
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23,473
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23,871
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23,406
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Diluted
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24,527
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25,973
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24,313
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25,368
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Statement of Operations Data (Unaudited)
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Quarter Ended
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Nine Months Ended
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3/31/2015
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3/31/2014
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% Change
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3/31/2015
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3/31/2014
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% Change
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Operating income margin
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6.6
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%
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6.7
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%
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6.6
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%
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7.1
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%
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Tax rate
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35.8
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%
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36.9
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%
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37.2
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%
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38.0
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%
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Net income margin
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3.6
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%
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3.4
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%
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3.5
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%
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3.7
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%
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|
|
|
|
|
|
|
|
|
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|
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EBITDA**
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$
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69,967
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$
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78,739
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-11.1
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%
|
|
$
|
211,871
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$
|
236,140
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-10.3
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%
|
EBITDA Margin
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8.6
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%
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|
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8.7
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%
|
|
|
|
|
8.7
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%
|
|
|
8.9
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%
|
|
|
|
|
|
|
|
|
|
|
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Adjusted net income**
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$
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41,537
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$
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46,343
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-10.4
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%
|
|
$
|
122,539
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|
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$
|
140,328
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-12.7
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%
|
Diluted adjusted earnings per share
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|
$
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1.69
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|
|
$
|
1.78
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|
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-5.1
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%
|
|
$
|
5.04
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|
|
$
|
5.53
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|
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-8.9
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%
|
|
**See Reconciliation of Net Income to Earnings before Interest,
Taxes, Depreciation and Amortization and to Adjusted Net Income on
page 10.
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|
|
Selected Financial Data (Continued)
|
|
|
|
|
|
CACI International Inc
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|
|
|
|
Condensed Consolidated Balance Sheets (Unaudited)
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(Amounts in thousands)
|
|
|
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3/31/2015
|
|
6/30/2014
|
ASSETS:
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Current assets
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|
|
|
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Cash and cash equivalents
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|
$
|
33,552
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$
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64,461
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Accounts receivable, net
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594,148
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615,580
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Prepaid expenses and other current assets
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69,032
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|
55,808
|
Total current assets
|
|
|
696,732
|
|
|
735,849
|
|
|
|
|
|
Goodwill and intangible assets, net
|
|
|
2,376,200
|
|
|
2,418,979
|
Property and equipment, net
|
|
|
63,477
|
|
|
68,485
|
Other long-term assets
|
|
|
131,916
|
|
|
135,825
|
Total assets
|
|
$
|
3,268,325
|
|
$
|
3,359,138
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY:
|
|
|
|
|
Current liabilities
|
|
|
|
|
Current portion of long-term debt
|
|
$
|
41,563
|
|
$
|
41,563
|
Accounts payable
|
|
|
114,780
|
|
|
55,811
|
Accrued compensation and benefits
|
|
|
175,019
|
|
|
183,361
|
Other accrued expenses and current liabilities
|
|
|
122,045
|
|
|
141,852
|
Total current liabilities
|
|
|
453,407
|
|
|
422,587
|
|
|
|
|
|
Long-term debt, net of current portion
|
|
|
1,036,152
|
|
|
1,238,728
|
Other long-term liabilities
|
|
|
350,693
|
|
|
338,657
|
Total liabilities
|
|
|
1,840,252
|
|
|
1,999,972
|
|
|
|
|
|
Shareholders' equity
|
|
|
1,428,073
|
|
|
1,359,166
|
Total liabilities and shareholders' equity
|
|
$
|
3,268,325
|
|
$
|
3,359,138
|
|
|
|
|
|
|
Selected Financial Data (Continued)
|
|
|
|
|
|
CACI International Inc
|
Condensed Consolidated Statements of Cash Flows (Unaudited)
|
(Amounts in thousands)
|
|
|
|
|
|
|
|
Nine Months Ended
|
|
|
3/31/2015
|
|
3/31/2014
|
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
|
Net income
|
|
$
|
84,950
|
|
|
$
|
99,311
|
|
Reconciliation of net income to net cash provided by operating
activities:
|
|
|
|
|
Depreciation and amortization
|
|
|
50,098
|
|
|
|
47,098
|
|
Non-cash interest expense
|
|
|
-
|
|
|
|
10,245
|
|
Amortization of deferred financing costs
|
|
|
2,062
|
|
|
|
2,178
|
|
Loss on extinguishment of debt
|
|
|
-
|
|
|
|
4,116
|
|
Stock-based compensation expense
|
|
|
10,051
|
|
|
|
8,890
|
|
Provision for deferred income taxes
|
|
|
25,682
|
|
|
|
17,420
|
|
Undistributed earnings of unconsolidated joint ventures
|
|
|
(610
|
)
|
|
|
(1,420
|
)
|
Changes in operating assets and liabilities
|
|
|
|
|
Accounts receivable, net
|
|
|
15,774
|
|
|
|
61,700
|
|
Prepaid expenses and other assets
|
|
|
(5,605
|
)
|
|
|
(10,641
|
)
|
Accounts payable and accrued expenses
|
|
|
40,486
|
|
|
|
(71,638
|
)
|
Accrued compensation and benefits
|
|
|
(6,644
|
)
|
|
|
(23,261
|
)
|
Income taxes receivable and payable
|
|
|
(25,538
|
)
|
|
|
(489
|
)
|
Other liabilities
|
|
|
(298
|
)
|
|
|
2,793
|
|
Net cash provided by operating activities
|
|
|
190,408
|
|
|
|
146,302
|
|
|
|
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
|
Capital expenditures
|
|
|
(13,128
|
)
|
|
|
(11,636
|
)
|
Purchases of businesses, net of cash acquired
|
|
|
-
|
|
|
|
(838,427
|
)
|
Investment in unconsolidated joint venture
|
|
|
542
|
|
|
|
-
|
|
Other
|
|
|
793
|
|
|
|
(1,020
|
)
|
Net cash used in investing activities
|
|
|
(11,793
|
)
|
|
|
(851,083
|
)
|
|
|
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
|
Net (payments) borrowings under credit facilities
|
|
|
(203,507
|
)
|
|
|
696,632
|
|
Payment of contingent consideration
|
|
|
-
|
|
|
|
(3,294
|
)
|
Proceeds from employee stock purchase plans
|
|
|
2,499
|
|
|
|
2,681
|
|
Proceeds from exercise of stock options
|
|
|
691
|
|
|
|
-
|
|
Repurchases of common stock
|
|
|
(2,587
|
)
|
|
|
(2,804
|
)
|
Payment of taxes for equity transactions
|
|
|
(7,168
|
)
|
|
|
(9,493
|
)
|
Other
|
|
|
2,899
|
|
|
|
3,752
|
|
Net cash( used in) provided by financing activities
|
|
|
(207,173
|
)
|
|
|
687,474
|
|
Effect of exchange rate changes on cash and cash equivalents
|
|
|
(2,351
|
)
|
|
|
1,339
|
|
Net decrease in cash and cash equivalents
|
|
|
(30,909
|
)
|
|
|
(15,968
|
)
|
Cash and cash equivalents, beginning of period
|
|
|
64,461
|
|
|
|
64,337
|
|
Cash and cash equivalents, end of period
|
|
$
|
33,552
|
|
|
$
|
48,369
|
|
|
|
|
|
|
|
Selected Financial Data (Continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue by Customer Type (Unaudited)
|
|
|
Quarter Ended
|
|
|
|
|
(dollars in thousands)
|
|
3/31/2015
|
|
3/31/2014
|
|
$ Change
|
|
% Change
|
Department of Defense
|
|
$
|
538,289
|
|
65.8
|
%
|
|
$
|
656,407
|
|
72.9
|
%
|
|
$
|
(118,118
|
)
|
|
-18.0
|
%
|
Federal Civilian Agencies
|
|
|
229,589
|
|
28.1
|
%
|
|
|
188,857
|
|
21.0
|
%
|
|
|
40,732
|
|
|
21.6
|
%
|
Commercial and other
|
|
|
49,919
|
|
6.1
|
%
|
|
|
55,129
|
|
6.1
|
%
|
|
|
(5,210
|
)
|
|
-9.5
|
%
|
Total
|
|
$
|
817,797
|
|
100.0
|
%
|
|
$
|
900,393
|
|
100.0
|
%
|
|
$
|
(82,596
|
)
|
|
-9.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
|
|
|
|
|
(dollars in thousands)
|
|
3/31/2015
|
|
3/31/2014
|
|
$ Change
|
|
% Change
|
Department of Defense
|
|
$
|
1,640,747
|
|
67.0
|
%
|
|
$
|
1,924,359
|
|
72.4
|
%
|
|
$
|
(283,612
|
)
|
|
-14.7
|
%
|
Federal Civilian Agencies
|
|
|
651,212
|
|
26.6
|
%
|
|
|
571,885
|
|
21.5
|
%
|
|
|
79,327
|
|
|
13.9
|
%
|
Commercial and other
|
|
|
155,987
|
|
6.4
|
%
|
|
|
162,600
|
|
6.1
|
%
|
|
|
(6,613
|
)
|
|
-4.1
|
%
|
Total
|
|
$
|
2,447,946
|
|
100.0
|
%
|
|
$
|
2,658,844
|
|
100.0
|
%
|
|
$
|
(210,898
|
)
|
|
-7.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue by Contract Type (Unaudited)
|
|
|
Quarter Ended
|
|
|
|
|
(dollars in thousands)
|
|
3/31/2015
|
|
3/31/2014
|
|
$ Change
|
|
% Change
|
Cost reimbursable
|
|
$
|
377,119
|
|
46.1
|
%
|
|
$
|
439,957
|
|
48.9
|
%
|
|
$
|
(62,838
|
)
|
|
-14.3
|
%
|
Fixed price
|
|
|
295,855
|
|
36.2
|
%
|
|
|
283,151
|
|
31.4
|
%
|
|
|
12,704
|
|
|
4.5
|
%
|
Time and materials
|
|
|
144,823
|
|
17.7
|
%
|
|
|
177,285
|
|
19.7
|
%
|
|
|
(32,462
|
)
|
|
-18.3
|
%
|
Total
|
|
$
|
817,797
|
|
100.0
|
%
|
|
$
|
900,393
|
|
100.0
|
%
|
|
$
|
(82,596
|
)
|
|
-9.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
|
|
|
|
|
(dollars in thousands)
|
|
3/31/2015
|
|
3/31/2014
|
|
$ Change
|
|
% Change
|
Cost reimbursable
|
|
$
|
1,127,458
|
|
46.1
|
%
|
|
$
|
1,304,092
|
|
49.1
|
%
|
|
$
|
(176,634
|
)
|
|
-13.5
|
%
|
Fixed price
|
|
|
882,204
|
|
36.0
|
%
|
|
|
819,879
|
|
30.8
|
%
|
|
|
62,325
|
|
|
7.6
|
%
|
Time and materials
|
|
|
438,284
|
|
17.9
|
%
|
|
|
534,873
|
|
20.1
|
%
|
|
|
(96,589
|
)
|
|
-18.1
|
%
|
Total
|
|
$
|
2,447,946
|
|
100.0
|
%
|
|
$
|
2,658,844
|
|
100.0
|
%
|
|
$
|
(210,898
|
)
|
|
-7.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue Received as a Prime versus Subcontractor (Unaudited)
|
|
|
Quarter Ended
|
|
|
|
|
(dollars in thousands)
|
|
3/31/2015
|
|
3/31/2014
|
|
$ Change
|
|
% Change
|
Prime
|
|
$
|
733,207
|
|
89.7
|
%
|
|
$
|
804,570
|
|
89.4
|
%
|
|
$
|
(71,363
|
)
|
|
-8.9
|
%
|
Subcontractor
|
|
|
84,590
|
|
10.3
|
%
|
|
|
95,823
|
|
10.6
|
%
|
|
|
(11,233
|
)
|
|
-11.7
|
%
|
Total
|
|
$
|
817,797
|
|
100.0
|
%
|
|
$
|
900,393
|
|
100.0
|
%
|
|
$
|
(82,596
|
)
|
|
-9.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
|
|
|
|
|
(dollars in thousands)
|
|
3/31/2015
|
|
3/31/2014
|
|
$ Change
|
|
% Change
|
Prime
|
|
$
|
2,185,496
|
|
89.3
|
%
|
|
$
|
2,382,563
|
|
89.6
|
%
|
|
$
|
(197,067
|
)
|
|
-8.3
|
%
|
Subcontractor
|
|
|
262,450
|
|
10.7
|
%
|
|
|
276,281
|
|
10.4
|
%
|
|
|
(13,831
|
)
|
|
-5.0
|
%
|
Total
|
|
$
|
2,447,946
|
|
100.0
|
%
|
|
$
|
2,658,844
|
|
100.0
|
%
|
|
$
|
(210,898
|
)
|
|
-7.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Financial Data (Continued)
|
|
|
|
|
|
|
|
|
|
Contract Funding Orders Received (Unaudited)
|
|
|
Quarter Ended
|
|
|
|
|
(dollars in thousands)
|
|
3/31/2015
|
|
3/31/2014
|
|
$ Change
|
|
% Change
|
Contract Funding Orders
|
|
$
|
964,637
|
|
$
|
794,158
|
|
$
|
170,479
|
|
21.5
|
%
|
|
|
Nine Months Ended
|
|
|
|
|
(dollars in thousands)
|
|
|
3/31/2015
|
|
|
3/31/2014
|
|
$
|
Change
|
|
% Change
|
|
Contract Funding Orders
|
|
$
|
2,885,286
|
|
$
|
2,703,478
|
|
$
|
181,808
|
|
6.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Direct Costs by Category (Unaudited)
|
|
|
Quarter Ended
|
(dollars in thousands)
|
|
3/31/2015
|
|
3/31/2014
|
|
$ Change
|
|
% Change
|
Direct labor
|
|
$
|
271,162
|
|
50.0
|
%
|
|
$
|
270,405
|
|
44.6
|
%
|
|
$
|
757
|
|
|
0.3
|
%
|
Other direct costs
|
|
|
271,679
|
|
50.0
|
%
|
|
|
335,375
|
|
55.4
|
%
|
|
|
(63,696
|
)
|
|
-19.0
|
%
|
Total direct costs
|
|
$
|
542,841
|
|
100.0
|
%
|
|
$
|
605,780
|
|
100.0
|
%
|
|
$
|
(62,939
|
)
|
|
-10.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
|
(dollars in thousands)
|
|
3/31/2015
|
|
3/31/2014
|
|
$ Change
|
|
% Change
|
Direct labor
|
|
$
|
786,556
|
|
48.4
|
%
|
|
$
|
764,086
|
|
42.1
|
%
|
|
$
|
22,470
|
|
|
2.9
|
%
|
Other direct costs
|
|
|
839,583
|
|
51.6
|
%
|
|
|
1,049,788
|
|
57.9
|
%
|
|
|
(210,205
|
)
|
|
-20.0
|
%
|
Total direct costs
|
|
$
|
1,626,139
|
|
100.0
|
%
|
|
$
|
1,813,874
|
|
100.0
|
%
|
|
$
|
(187,735
|
)
|
|
-10.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
Nine Months Ended
|
(dollars in thousands)
|
|
3/31/2015
|
|
3/31/2014
|
|
% Change
|
|
3/31/2015
|
|
3/31/2014
|
|
% Change
|
Net income attributable to CACI
|
|
$
|
29,039
|
|
|
$
|
30,828
|
|
|
-5.8
|
%
|
|
$
|
84,811
|
|
|
$
|
98,782
|
|
|
-14.1
|
%
|
Plus:
|
|
|
|
|
|
|
|
|
|
|
|
|
Income taxes
|
|
|
16,185
|
|
|
|
18,043
|
|
|
-10.3
|
%
|
|
|
50,199
|
|
|
|
60,533
|
|
|
-17.1
|
%
|
Interest income and expense, net
|
|
|
8,676
|
|
|
|
11,951
|
|
|
-27.4
|
%
|
|
|
26,763
|
|
|
|
29,727
|
|
|
-10.0
|
%
|
Depreciation and amortization
|
|
|
16,067
|
|
|
|
17,917
|
|
|
-10.3
|
%
|
|
|
50,098
|
|
|
|
47,098
|
|
|
6.4
|
%
|
EBITDA
|
|
$
|
69,967
|
|
|
$
|
78,739
|
|
|
-11.1
|
%
|
|
$
|
211,871
|
|
|
$
|
236,140
|
|
|
-10.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
|
|
Nine Months Ended
|
(dollars in thousands)
|
|
3/31/2015
|
|
3/31/2014
|
|
% Change
|
|
3/31/2015
|
|
3/31/2014
|
|
% Change
|
Revenue, as reported
|
|
$
|
817,797
|
|
|
$
|
900,393
|
|
|
-9.2
|
%
|
|
$
|
2,447,946
|
|
|
$
|
2,658,844
|
|
|
-7.9
|
%
|
EBITDA
|
|
|
69,967
|
|
|
|
78,739
|
|
|
-11.1
|
%
|
|
|
211,871
|
|
|
|
236,140
|
|
|
-10.3
|
%
|
EBITDA margin
|
|
|
8.6
|
%
|
|
|
8.7
|
%
|
|
|
|
|
8.7
|
%
|
|
|
8.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
|
|
Nine Months Ended
|
(dollars in thousands)
|
|
3/31/2015
|
|
3/31/2014
|
|
% Change
|
|
3/31/2015
|
|
3/31/2014
|
|
% Change
|
Net income attributable to CACI
|
|
$
|
29,039
|
|
|
$
|
30,828
|
|
|
-5.8
|
%
|
|
$
|
84,811
|
|
|
$
|
98,782
|
|
|
-14.1
|
%
|
Plus:
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation
|
|
|
3,857
|
|
|
|
3,105
|
|
|
24.2
|
%
|
|
|
10,051
|
|
|
|
8,890
|
|
|
13.1
|
%
|
Depreciation and amortization
|
|
|
16,067
|
|
|
|
17,917
|
|
|
-10.3
|
%
|
|
|
50,098
|
|
|
|
47,098
|
|
|
6.4
|
%
|
Amortization of financing costs
|
|
|
684
|
|
|
|
1,049
|
|
|
-34.8
|
%
|
|
|
2,062
|
|
|
|
2,178
|
|
|
-5.3
|
%
|
Non-cash interest expense
|
|
|
-
|
|
|
|
3,476
|
|
|
-100.0
|
%
|
|
|
-
|
|
|
|
10,245
|
|
|
-100.0
|
%
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
|
Related tax effect
|
|
|
(8,110
|
)
|
|
|
(10,032
|
)
|
|
-19.2
|
%
|
|
|
(24,483
|
)
|
|
|
(26,865
|
)
|
|
-8.9
|
%
|
Adjusted net income
|
|
$
|
41,537
|
|
|
$
|
46,343
|
|
|
-10.4
|
%
|
|
$
|
122,539
|
|
|
$
|
140,328
|
|
|
-12.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
|
|
Nine Months Ended
|
(shares in thousands)
|
|
3/31/2015
|
|
3/31/2014
|
|
% Change
|
|
3/31/2015
|
|
3/31/2014
|
|
% Change
|
Diluted weighted average shares, as reported
|
|
|
24,527
|
|
|
|
25,973
|
|
|
|
|
|
24,313
|
|
|
|
25,368
|
|
|
|
Diluted earnings per share
|
|
$
|
1.18
|
|
|
$
|
1.19
|
|
|
-0.2
|
%
|
|
$
|
3.49
|
|
|
$
|
3.89
|
|
|
-10.4
|
%
|
Diluted adjusted earnings per share
|
|
$
|
1.69
|
|
|
$
|
1.78
|
|
|
-5.1
|
%
|
|
$
|
5.04
|
|
|
$
|
5.53
|
|
|
-8.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONTACT:
CACI International Inc
Corporate Communications and Media:
Jody
Brown, 703-841-7801
Executive Vice President, Public Relations
jbrown@caci.com
or
Investor
Relations:
David Dragics, 866-606-3471
Senior Vice President,
Investor Relations
ddragics@caci.com
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