Net income of $43.6 million in the quarter,
up 5.4%; $142.8 million for the year, up 13.2%
Revenue of $1.1 billion in the quarter, up
28.7%; $3.7 billion for the year, up 13.0%
Cash from operations of $53.2 million in the
quarter, up 61.7%; $242.6 million for the year, up 6.9%
Contract awards of $1.6 billion in the
quarter, up 104%; $5.3 billion for the year
Contract funding of $1.1 billion in the
quarter, up 30.0%; $4.1 billion for the year
Fiscal Year 2017 guidance reiterated
CACI International Inc (NYSE MKT: CACI), a leading information
solutions and services provider to the federal government,
announced results today for its full year and fourth fiscal quarter
ended June 30, 2016.
CEO Commentary and Outlook
Ken Asbury, CACI’s President and CEO, said, “We have completed
an excellent year for CACI, delivering positive top and bottom line
growth. Revenue, net income, and cash flow increased as a result of
strong contract performance and the acquisition of the National
Security Solutions business. Our awards this quarter reflect our
customers’ demand for higher-end solutions and services, and more
closely align us with their most critical missions. Our Fiscal Year
2016 (FY16) finish positions us well as we start Fiscal Year
2017.”
Fourth Quarter Results
(in millions
except per-share data) Q4, FY16 Q4, FY15 %
Change Revenue $1,113.9 $865.5 28.7% Operating
income $81.1 $75.1 8.0% Net income
attributable to CACI $43.6 $41.4 5.4% Diluted
earnings per share $1.75 $1.68 4.1%
Revenue for the fourth quarter of FY16 increased compared to the
fourth quarter of Fiscal Year 2015 (FY15) driven by acquired
revenue from the National Security Solutions (NSS) acquisition. The
higher operating income was also due to the contribution of the NSS
acquisition. The increase in net income was due to the factors
noted above as well as a lower effective tax rate in the quarter.
Cash provided by operations in the quarter was $53.2 million.
In our fourth quarter, we adopted a new accounting standard
issued by the Financial Accounting Standards Board that modifies
several aspects of the accounting for share-based payments,
including income tax consequences and classification on the
statement of cash flows. The guidance is effective for our current
fiscal year and interim periods within it. As a result, we
recognized certain excess tax benefits as an increase to net income
attributable to CACI and cash flows from operating activities of
$0.2 million ($0.01 per share) during the quarter. (See Adoption of
ASU 2016-09, Improvements to Employee Share-based Payment
Accounting on page 12 of this release.) Previous to the adoption of
the new standard, the tax benefit was recognized in additional
paid-in capital on the balance sheet and cash flows from financing
activities on the statement of cash flows.
During our fourth quarter, NSS generated $255.3 million of
revenue and $13.1 million of net income. NSS’s net income includes
$1.6 million of after-tax acquisition-related intangible
amortization, and does not include any interest expense on the debt
incurred to finance the acquisition.
Additional Financial Metrics
Q4,
FY16 Q4, FY15 % Change Adjusted earnings before
interest, taxes, depreciation and amortization (EBITDA), a non-GAAP
measure (in millions) $100.1 $91.4 9.5%
Diluted adjusted earnings per share, a non-GAAP measure
$2.35 2.19 7.5% Days sales outstanding 62
60
Fourth Quarter Awards, Contract Funding Orders, Other
Highlights, and Subsequent Events
Our contract awards in the quarter were $1.6 billion, more than
double the awards received in the same quarter a year ago, and $5.3
billion for the full year. Over half of our awards in the quarter
were for new business, and approximately one-third of our awards in
the year were for new business. These award values exclude ceiling
values of multi-award IDIQ contracts.
Key awards during the quarter included:
- A prime position on a $460 million,
five-year, multiple award IDIQ contract to provide mission support
to the U.S. Cyber Command. This contract represents new work in our
Cyber Security market area.
- A $164 million, five-year award to
provide cyber mission operations support, network engineering and
analysis, computer forensics, and wireless communications for a
customer in the Intelligence Community. This represents new and
continued work in our Intelligence Services and Cyber Security
market areas.
- A $60.7 million, three-year task order
to continue support for modernizing the Naval Tactical Command
Support System for the Space and Naval Warfare Systems Command.
This task order, awarded under the Navy’s Business and Force
Support Pillar, represents continued work in our Business Systems
market area.
- A $50 million, five-year task order to
continue providing program management and financial support
services to the Naval Surface Warfare Center’s Warfare Systems
Program Office. Awarded under the SeaPort-e contract vehicle, the
task order increases both the size and scope of our business with
this customer and expands our presence in our Business Systems and
Surveillance and Reconnaissance market areas.
- Three other awards received in the
quarter, totaling approximately $600 million, are currently under
protest. We are confident that these awards will be adjudicated in
our favor.
Contract funding orders in the fourth quarter were a record $1.1
billion, an increase of 30.0 percent over the fourth quarter of
FY15. Contract funding orders for FY16 were a record $4.1 billion,
a 9.8 percent increase over FY15. Total backlog at June 30, 2016
increased a net of 14.7 percent to $11.0 billion compared with $9.6
billion at the end of FY15. As we prepare for the required adoption
of the new ASC 606 revenue recognition standard in our Fiscal Year
2019 (FY19), which includes mandatory backlog reporting, we have
reviewed our backlog reporting processes and definitions. As a
result, we have made some modifications and reduced our backlog on
a number of programs for which we deemed it unlikely that we will
realize further revenue. This has resulted in a $2.5 billion
reduction in total backlog, of which $0.4 billion was in funded
backlog. Funded backlog at June 30, 2016 increased a net of 14.4
percent to $2.3 billion compared with $2.0 billion at June 30,
2015.
CACI was ranked ninth on Washington Technology’s annual Top 100
Federal Prime Contractors list. Our rising placement reflects
CACI’s success as an employer of choice for the industry’s top
professionals and our strategy to acquire companies that align with
our growth goals and ethical culture.
CACI was again named to The Washington Post’s 2016 Top
Workplaces based on the survey results of thousands of local-area
CACI employees, with employees from hundreds of other area
companies also submitting surveys on their organizations. This
feedback from our employees reflects the pride they take in CACI’s
cultural emphasis on integrity and ethics, high expectations, and
employee well-being while delivering valuable support for our
customers’ most critical missions.
CACI’s Logistics and Material Readiness (LMR) business was
reappraised at maturity level (ML) 5 of the CMMI Institute's
Capability Maturity Model Integration (CMMI)®. This is the third
CMMI ML5 the LMR team has received, attesting to its strong
commitment to the highest levels of process quality.
Recognizing CACI’s commitment to hiring veterans, Forbes named
the company a Top Employer for Veterans and CivilianJobs.com ranked
CACI among the Most Valuable Employers for the Military.
CACI was named a Tier 1 “Superior Supplier” by the U.S. Army and
U.S. Air Force. Superior Supplier assessments are made on a
contract-by-contract basis using the Contractor Performance
Assessment Reporting System (CPARS), which government customers use
to rate the quality of their contractors’ support. Only companies
that consistently earn the highest CPARS ratings achieve Tier 1
status.
Twelve Months Results
(in millions
except per-share data)
TwelveMonths,
FY16
TwelveMonths,
FY15
% Change Revenue $3,744.1 $3,313.5
13.0% Operating income $264.8 $236.4 12.0% Net
income attributable to CACI $142.8 $126.2
13.2% Diluted earnings per share $5.76 $5.17
11.3%
The higher revenue, operating, and net income in FY16 was due
primarily to the contribution of the NSS acquisition, offset by
one-time pre-tax acquisition-related expenses of $14.0 million. Net
cash provided by operations in the 12 months of FY16 was $242.6
million.
As a result of adopting the new accounting standard for
share-based payments described above, we recognized excess tax
benefits as an increase to net income attributable to CACI and
operating cash flows of $1.2 million ($0.05 per share) in the year.
(See Adoption of ASU 2016-09, Improvements to Employee Share-based
Payment Accounting on page 12 of this release.)
In FY16, NSS generated $427.2 million of revenue and $18.8
million of net income. NSS’s net income includes $2.7 million of
after-tax acquisition-related intangible amortization, and does not
include any interest expense on the debt incurred to finance the
acquisition.
Additional Financial Metrics
TwelveMonths,
FY16
TwelveMonths,FY15
%Change
Adjusted earnings before interest, taxes, depreciation and
amortization (EBITDA), a non-GAAP measure (in millions)
$330.4 $303.2 8.9% Diluted adjusted earnings per
share, a non-GAAP measure $7.87 $7.23 8.9%
CACI Reiterates Its FY17 Guidance
We are reiterating the FY17 guidance we issued on June 22, 2016.
The table below summarizes our FY17 guidance ranges and represents
our views as of August 17, 2016:
(In millions except for tax rate and
earnings per share)
Fiscal Year 2017
Guidance
Revenue $4,050 - $4,250 Net income attributable to CACI
$150 - $160 Effective corporate tax rate 38.0%
Diluted earnings per share $6.02 - $6.43 Diluted weighted
average shares 24.9
Conference Call Information
We have scheduled a conference call for 8:30 AM Eastern Time
Thursday, August 18, 2016 during which members of our senior
management team will be making a brief presentation focusing on
fourth quarter results and operating trends followed by a
question-and-answer session. You can listen to the conference call
and view the accompanying exhibits over the Internet by logging on
to our homepage, www.caci.com, at the scheduled time, or you may
dial 1-888-771-4371 and enter the confirmation code 42972057. 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 20,000 employees 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,
or any legislation that amends or changes discretionary spending
levels under that act; changes in budgetary priorities or in the
event of a priority need for funds, such as homeland security;
government contract procurement (such as bid protest, small
business set asides, loss of work due to organizational conflicts
of interest, etc.) and termination risks; the results of government
audits and reviews conducted by the Defense Contract Audit Agency,
the Defense Contract Management Agency, or other governmental
entities with cognizant oversight; individual business decisions of
our clients; paradigm shifts in technology; competitive factors
such as pricing pressures and/or competition to hire and retain
employees (particularly those with security clearances); market
speculation regarding our continued independence; material changes
in laws or regulations applicable to our businesses, particularly
in connection with (i) government contracts for services, (ii)
outsourcing of activities that have been performed by the
government, and (iii) competition for task orders under Government
Wide Acquisition Contracts (GWACs) and/or schedule contracts with
the General Services Administration; the 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.
Capability Maturity Model Integration and CMMI are registered
marks of Carnegie Mellon University.
CACI-Financial
Selected Financial
Data CACI International Inc Condensed
Consolidated Statements of Operations (Unaudited) (Amounts in
thousands, except per share amounts)
Quarter Ended
Twelve Months Ended 6/30/2016 6/30/2015 %
Change
6/30/2016 6/30/2015 % Change Revenue $
1,113,900 $ 865,506 28.7 % $ 3,744,053 $
3,313,452 13.0 % Costs of revenue Direct costs 755,580
567,446 33.2 % 2,487,633 2,193,585 13.4 % Indirect costs and
selling expenses 258,597 206,996 24.9 % 926,918 817,403 13.4 %
Depreciation and amortization 18,639 15,985
16.6 % 64,752 66,083 -2.0 %
Total costs of revenue 1,032,816 790,427
30.7 % 3,479,303 3,077,071 13.1
% Operating income 81,084 75,079 8.0 % 264,750 236,381 12.0 %
Interest expense and other, net 12,661 8,605
47.1 % 41,138 34,758 18.4 %
Income before income taxes 68,423 66,474 2.9 % 223,612 201,623 10.9
% Income taxes1 24,824 25,128 -1.2 %
80,813 75,327 7.3 % Net income1 43,599
41,346 5.4 % 142,799 126,296 13.1 % Noncontrolling interest
- 38 - (101 ) Net income
attributable to CACI1 $ 43,599 $ 41,384 5.4 % $
142,799 $ 126,195 13.2 % Basic earnings per
share $ 1.79 $ 1.71 4.8 % $ 5.89 $ 5.27 11.7 % Diluted earnings per
share $ 1.75 $ 1.68 4.1 % $ 5.76 $ 5.17 11.3 % Weighted
average shares used in per share computations: Basic 24,319 24,180
24,262 23,948 Diluted 24,900 24,613 24,802 24,388
Statement of Operations Data (Unaudited) Quarter
Ended Twelve Months Ended 6/30/2016
6/30/2015 % Change
6/30/2016 6/30/2015 %
Change Operating income margin 7.3 % 8.7 % 7.1 % 7.1 % Tax rate
36.3 % 37.8 % 36.1 % 37.4 % Net income margin 3.9 % 4.8 % 3.8 % 3.8
% Adjusted EBITDA2 $ 100,057 $ 91,366 9.5 % $ 330,365 $
303,237 8.9 % Adjusted EBITDA Margin 9.0 % 10.6 % 8.8 % 9.2 %
Adjusted net income attributable to CACI2 $ 58,591 $ 53,867
8.8 % $ 195,296 $ 176,405 10.7 % Diluted adjusted earnings per
share $ 2.35 $ 2.19 7.5 % $ 7.87 $ 7.23 8.9 % 1 See
Adoption of Improvements to Employee Share-based Payment Accounting
on page 12.
2 See Reconciliation of Net Income to
Earnings before Interest, Taxes, Depreciation and Amortization and
to Adjusted Net Income on page 11.
Selected Financial Data (Continued)
CACI International Inc Condensed Consolidated
Balance Sheets (Unaudited) (Amounts in thousands)
6/30/2016 6/30/2015 ASSETS: Current assets
Cash and cash equivalents $ 49,082 $ 35,364 Accounts receivable,
net 803,817 596,155 Prepaid expenses and other current assets
68,939 34,591 Total current assets 921,838 666,110
Goodwill and intangible assets, net 2,860,715 2,384,998
Property and equipment, net 81,362 63,689 Other long-term assets
123,426 127,233 Total assets $ 3,987,341 $ 3,242,030
LIABILITIES AND SHAREHOLDERS' EQUITY: Current
liabilities Current portion of long-term debt $ 53,965 $ 38,965
Accounts payable 95,270 56,840 Accrued compensation and benefits
228,362 185,830 Other accrued expenses and current liabilities
192,125 118,046 Total current liabilities 569,722
399,681 Long-term debt, net of current portion 1,402,079
1,024,599 Other long-term liabilities 408,227 337,478
Total liabilities 2,380,028 1,761,758
Shareholders' equity 1,607,313 1,480,272 Total
liabilities and shareholders' equity $ 3,987,341 $ 3,242,030
Selected Financial Data (Continued)
CACI International Inc Condensed Consolidated Statements
of Cash Flows (Unaudited) (Amounts in thousands)
Twelve Months Ended 6/30/2016 6/30/2015
CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 142,799 $
126,296
Reconciliation of net income to net cash
provided by operating activities:
Depreciation and amortization 64,752 66,083 Amortization of
deferred financing costs 3,234 2,639 Stock-based compensation
expense 17,919 14,072 Provision for deferred income taxes 9,022
27,022 Undistributed earnings of unconsolidated joint ventures (204
) (874 )
Changes in operating assets and
liabilities, net of effect of acquisitions:
Accounts receivable, net (105 ) 18,889 Prepaid expenses and other
assets (8,408 ) (2,057 ) Accounts payable and accrued expenses
(7,204 ) (25,807 ) Accrued compensation and benefits 4,320 2,776
Income taxes receivable and payable1 19,414 17 Other liabilities
(2,962 ) (2,194 ) Net cash provided by operating
activities 242,577 226,862
CASH FLOWS FROM INVESTING ACTIVITIES: Capital expenditures
(20,835 ) (17,444 ) Purchases of businesses, net of cash acquired
(587,821 ) (14,972 ) Investment in unconsolidated joint venture -
391 Other 1,069 629 Net cash used in
investing activities (607,587 ) (31,396 )
CASH FLOWS FROM FINANCING ACTIVITIES: Net borrowings
(payments) under credit facilities 389,245 (213,451 ) Proceeds from
employee stock purchase plans 3,086 3,287 Proceeds from exercise of
stock options - 691 Repurchases of common stock (3,230 ) (3,400 )
Payment of taxes for equity transactions (8,045 ) (7,378 ) Other1
451 (2,257 ) Net cash provided by (used in)
financing activities 381,507 (222,508 ) Effect
of exchange rate changes on cash and cash equivalents (2,779
) (2,055 ) Net increase (decrease) in cash and cash
equivalents 13,718 (29,097 ) Cash and cash equivalents, beginning
of year 35,364 64,461 Cash and cash
equivalents, end of year $ 49,082 $ 35,364 1
See Adoption of Improvements to Employee Share-based Payment
Accounting on page 12.
Selected Financial Data (Continued) Revenue by
Customer Type (Unaudited) Quarter Ended
(dollars in thousands)
6/30/2016
6/30/2015 $ Change %
Change Department of Defense $ 714,698 64.1 % $ 576,284 66.6 %
$ 138,414 24.0 % Federal Civilian Agencies 324,787 29.2 % 236,979
27.4 % 87,808 37.1 % Commercial and other 74,415 6.7
% 52,243 6.0 % 22,172
42.4 % Total $ 1,113,900 100.0 % $ 865,506
100.0 % $ 248,394 28.7 %
Twelve Months Ended (dollars in
thousands)
6/30/2016 6/30/2015 $
Change % Change Department of Defense $
2,439,329 65.1 % $ 2,217,031 66.9 % $ 222,298 10.0 % Federal
Civilian Agencies 1,062,508 28.4 % 888,191 26.8 % 174,317 19.6 %
Commercial and other 242,216 6.5 %
208,230 6.3 % 33,986 16.3 %
Total $ 3,744,053 100.0 % $ 3,313,452 100.0 %
$ 430,601 13.0 %
Revenue by Contract
Type (Unaudited) Quarter Ended
(dollars in thousands)
6/30/2016
6/30/2015 $ Change %
Change Cost reimbursable $ 551,704 49.5 % $ 407,407 47.1 % $
144,297 35.4 % Fixed price 349,026 31.3 % 296,935 34.3 % 52,091
17.5 % Time and materials 213,170 19.2 %
161,164 18.6 % 52,006
32.3 % Total $ 1,113,900 100.0 % $ 865,506
100.0 % $ 248,394 28.7 %
Twelve
Months Ended (dollars in thousands)
6/30/2016 6/30/2015 $
Change % Change Cost reimbursable $ 1,817,923
48.5 % $ 1,534,864 46.3 % $ 283,059 18.4 % Fixed price 1,245,269
33.3 % 1,179,139 35.6 % 66,130 5.6 % Time and materials
680,861 18.2 % 599,449 18.1 %
81,412 13.6 % Total $ 3,744,053 100.0 %
$ 3,313,452 100.0 % $ 430,601
13.0 %
Revenue Received as a Prime versus Subcontractor
(Unaudited) Quarter Ended
(dollars in thousands)
6/30/2016 6/30/2015
$ Change % Change Prime $
1,027,582 92.3 % $ 780,187 90.1 % $ 247,395 31.7 % Subcontractor
86,318 7.7 % 85,319 9.9 %
999 1.2 % Total $ 1,113,900 100.0 %
$ 865,506 100.0 % $ 248,394 28.7
%
Twelve Months Ended
(dollars in thousands)
6/30/2016
6/30/2015 $ Change %
Change Prime $ 3,421,817 91.4 % $ 2,965,683 89.5 % $ 456,134
15.4 % Subcontractor 322,236 8.6 %
347,769 10.5 % (25,533 ) -7.3 % Total $
3,744,053 100.0 % $ 3,313,452 100.0 % $
430,601 13.0 %
Selected Financial Data (Continued) Contract
Funding Orders Received (Unaudited) Quarter Ended
(dollars in thousands)
6/30/2016
6/30/2015 $ Change %
Change Contract Funding Orders $ 1,133,098 $ 871,345
$ 261,753 30.0 %
Twelve Months Ended
(dollars in thousands)
6/30/2016
6/30/2015 $ Change %
Change Contract Funding Orders $ 4,125,910 $ 3,756,631
$ 369,279 9.8 %
Direct Costs by Category (Unaudited)
Quarter Ended (dollars in thousands)
6/30/2016
6/30/2015 $ Change %
Change Direct labor $ 344,927 45.7 % $ 276,326 48.7 % $ 68,601
24.8 % Other direct costs 410,653 54.3 %
291,120 51.3 % 119,533 41.1 %
Total direct costs $ 755,580 100.0 % $ 567,446
100.0 % $ 188,134 33.2 %
Twelve Months
Ended (dollars in thousands)
6/30/2016
6/30/2015 $ Change %
Change Direct labor $ 1,197,838 48.2 % $ 1,062,882 48.5 % $
134,956 12.7 % Other direct costs 1,289,795 51.8 %
1,130,703 51.5 % 159,092
14.1 % Total direct costs $ 2,487,633 100.0 % $
2,193,585 100.0 % $ 294,048 13.4 %
Selected Financial Data
(Continued)
Reconciliation of Net Income
Attributable to CACI to Adjusted Earnings Before Interest, Taxes,
Depreciationand Amortization (EBITDA) and to Adjusted Net
Income Attributable to CACI
(Unaudited)
The Company views Adjusted EBITDA,
Adjusted EBITDA margin, Adjusted Net Income attributable to CACI
and Diluted Adjusted Earnings Per Share, all of which are defined
as non-GAAP measures, as important indicators of performance,
consistent with the manner in which management measures and
forecasts the Company’s performance. Adjusted
EBITDA is a commonly used non-GAAP measure when comparing our
results with those of other companies. We define
Adjusted EBITDA as GAAP net income attributable to CACI plus net
interest expense, income taxes, depreciation and amortization, and
earnout adjustments. We consider Adjusted EBITDA to be a
useful metric for management and investors to evaluate and compare
the ongoing operating performance of our business on a consistent
basis across reporting periods, as it eliminates the effect of
non-cash items such as depreciation of tangible assets,
amortization of intangible assets primarily recognized in business
combinations, as well as the effect of earnout gains and losses,
which we do not believe are indicative of our core operating
performance. Adjusted EBITDA margin is adjusted EBITDA
divided by revenue. We define Adjusted Net Income
attributable to CACI as GAAP net income attributable to CACI plus
stock-based compensation expense, depreciation and amortization,
amortization of financing costs, and earnout adjustments, net of
related tax effects. We believe Adjusted Net Income
attributable to CACI is an important measure 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. Diluted Adjusted Earnings Per Share is
Adjusted Net Income attributable to CACI divided by
diluted weighted-average shares, as reported. Adjusted
EBITDA and Adjusted Net Income attributable to CACI 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)
6/30/2016 6/30/2015 % Change
6/30/2016 6/30/2015 %
Change Net income attributable to CACI, as reported $ 43,599 $
41,384 5.4 % $ 142,799 $ 126,195 13.2 % Plus: Income taxes 24,824
25,128 -1.2 % 80,813 75,327 7.3 % Interest income and expense, net
12,636 8,869 42.5 % 41,342 35,632 16.0 % Depreciation and
amortization 18,639 15,985 16.6 % 64,752 66,083 -2.0 % Earnout
adjustments 359 -
659 -
Adjusted EBITDA $ 100,057 $ 91,366 9.5
% $ 330,365 $ 303,237 8.9 %
Quarter Ended Twelve Months Ended
(dollars in thousands)
6/30/2016 6/30/2015
% Change 6/30/2016
6/30/2015 % Change Revenue, as reported $
1,113,900 $ 865,506 28.7 % $ 3,744,053 $ 3,313,452 13.0 % Adjusted
EBITDA $ 100,057 $ 91,366 9.5 %
$ 330,365 $ 303,237 8.9 % Adjusted
EBITDA margin 9.0 % 10.6 %
8.8 % 9.2 %
Quarter Ended Twelve Months Ended (dollars in
thousands)
6/30/2016 6/30/2015 %
Change 6/30/2016 6/30/2015
% Change Net income attributable to CACI, as reported $
43,599 $ 41,384 5.4 % $ 142,799 $ 126,195 13.2 % Plus: Stock-based
compensation 4,590 4,021 14.2 % 17,919 14,072 27.3 % Depreciation
and amortization 18,639 15,985 16.6 % 64,752 66,083 -2.0 %
Amortization of financing costs 1,133 577 96.4 % 3,234 2,639 22.5 %
Earn-out adjustments 359 - 659 - Less: Related tax effect
(9,729 ) (8,100 ) 20.1 % (34,067
) (32,584 ) 4.6 %
Adjusted net income attributable to
CACI
$ 58,591 $ 53,867 8.8 % $
195,296 $ 176,405 10.7 %
Quarter Ended Twelve Months Ended (shares in
thousands)
6/30/2016 6/30/2015 %
Change 6/30/2016 6/30/2015
% Change
Diluted weighted average shares, as
reported
24,900 24,613 24,802 24,388 Diluted earnings per share, as reported
$ 1.75 $ 1.68 4.1 % $ 5.76
$ 5.17 11.3 % Diluted adjusted earnings
per share $ 2.35 $ 2.19 7.5 % $
7.87 $ 7.23 8.9 %
Selected Financial Data (Continued) Adoption of ASU
2016-09, Improvements to Employee Share-based Payment
Accounting
In our fourth quarter, we adopted a new
accounting standard issued by the Financial Accounting Standards
Board that modifies several aspects of the accounting for
share-based payments, including income tax consequences and
classification on the statement of cash flows. The
guidance is effective for our current fiscal year and interim
periods within it. As a result, we recognized excess tax
benefits as an increase to net income attributable to CACI and
operating cash flows of $1.2 million ($0.05 per share) for the
year. Previous to adoption of the new standard, the tax
benefit was recognized in additional paid-in capital on the balance
sheet and cash flows from financing activities in the statement of
cash flows.
Quarter ended (Amounts in
thousands, except per share amounts)
9/30/2015
12/31/2015
3/31/2016
6/30/2016
Revenue $ 822,442 $ 830,437 $ 977,274 $ 1,113,900 Income from
operations $ 64,508 $ 55,482 $ 63,676 $ 81,084 Income taxes1 $
20,693 $ 16,851 $ 18,445 $ 24,824 Net income attributable to CACI1
$ 34,632 $ 30,452 $ 34,116 $ 43,599 Basic earnings per share1 $
1.43 $ 1.26 $ 1.41 $ 1.79 Diluted earnings per share1 $ 1.40 $ 1.23
$ 1.38 $ 1.75 Weighted-average shares used in per share
computations: Basic 24,208 24,246 24,277 24,319
Diluted1
24,721 24,786 24,801 24,900 1 Quarterly FY16 balances have
been adjusted to reflect the adoption of ASU 2016-09 as of the
beginning of the fiscal year.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160817006141/en/
CACI International IncCorporate Communications and Media:Jody
Brown, Executive Vice President,Public
Relations703-841-7801jbrown@caci.comorInvestor Relations:David
Dragics, Senior Vice President,Investor
Relations866-606-3471ddragics@caci.com
CACI (NYSE:CACI)
Historical Stock Chart
From Mar 2024 to Apr 2024
CACI (NYSE:CACI)
Historical Stock Chart
From Apr 2023 to Apr 2024