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Share Name | Share Symbol | Market | Type |
---|---|---|---|
CACI International Inc | NYSE:CACI | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
3.32 | 0.75% | 443.15 | 446.75 | 438.20 | 442.85 | 148,726 | 00:22:35 |
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, 2015.
CEO Commentary and Outlook
Ken Asbury, CACI’s President and CEO, said, “Our results for the quarter were in line with our expectations. We continued to win a significant amount of contract awards and generated good cash flow. Overall, in our fiscal year 2015, we achieved a record level of contract awards, a record level of backlog, and increased our cash flow to $223 million.
“By transforming our business development approach and more closely aligning our organization to key market areas, we have put in place a solid foundation to deliver organic revenue and net income growth in FY16. We will continue executing our strategy to meet our customers’ requirements and build long-term shareholder value.”
Fourth Quarter Results
(in millions except per-share data) Q4, FY15 Q4, FY14 % Change Revenue $865.5 $905.7 -4.4% Operating income $75.1 $69.2 8.4% Net income attributable to CACI $41.4 $36.5 13.3% Diluted earnings per share $1.68 $1.49 12.8%Revenue for the fourth quarter of Fiscal Year 2015 (FY15) decreased 4.4 percent compared to the fourth quarter of Fiscal Year 2014 (FY14). We grew our direct labor base during the quarter, while other direct costs declined due primarily to a reduction of subcontract labor resulting from general federal government budget-related activities. The increase in operating income was a result of increased work on a number of existing contracts, new business, stronger award fees, an extra billing day, and lower depreciation and amortization expense. Cash provided by operations in the quarter was $32.8 million.
Additional Financial Metrics
Q4, FY15 Q4, FY14 % Change Earnings before interest, taxes, depreciation and amortization (EBITDA), a non-GAAP measure (in millions) $91.4 $87.5 4.4% Diluted adjusted earnings per share, a non-GAAP measure $2.19 $2.05 6.6% Days sales outstanding 60 59Fourth Quarter Awards and Contract Funding Orders
Our contract awards were $777 million in the fourth quarter of FY15, 11.3 percent higher than the $698 million of contract awards in the fourth quarter of FY14. Approximately 20 percent of our awards in the quarter were new business. Contract awards for all of FY15 were $5.8 billion, 46.3 percent higher than the $3.9 billion of contract awards in all of FY14. Some of the awards in the quarter included:
Contract funding orders in the quarter were $871 million compared with $907 million in the year earlier quarter. For all of FY15, contract funding orders were $3.8 billion, 4.0 percent higher than the $3.6 billion received in FY 14. Our total backlog at June 30, 2015 was $9.6 billion, 35 percent higher than our total backlog of $7.1 billion at June 30, 2014. Funded backlog at June 30, 2015 was $2.0 billion, 29.6 percent higher than funded backlog of $1.6 billion at the end of FY14.
Fourth Quarter Recognition
Twelve Months Results
(in millions except per-share data)Twelve Months,
FY15
Twelve Months,
FY14
% Change Revenue $3,313.5 $3,564.6 -7.0% Operating income $236.4 $257.4 -8.2% Net income attributable to CACI $126.2 $135.3 -6.7% Diluted earnings per share $5.17 $5.38 -3.8%Revenue decreased 7.0 percent compared to revenue for the twelve months of FY14. This decrease in revenue was primarily attributable to lower subcontractor costs and other direct costs resulting from the drawdown in Southwest Asia and federal government budget-related activities. The decrease in operating income in FY15 was primarily a result of budget-related activities, and ramp-up costs associated with the significant growth of background investigation work for the Office of Personnel Management. Cash provided by operations in FY15 was $223.2 million, 12.4 percent higher than the $198.6 million of cash provided by operations in FY14.
Additional Financial Metrics
Twelve Months,
FY15
Twelve Months,
FY14
% Change Earnings before interest, taxes, depreciation and amortization (EBITDA), a non-GAAP measure (in millions) $303.2 $323.6 -6.3% Diluted adjusted earnings per share, a non-GAAP measure $7.23 $7.58 -4.6%CACI Reiterates Its FY16 Guidance
We are reiterating the FY16 guidance we issued on June 24, 2015. The table below summarizes our FY16 guidance ranges and represents our views as of August 12, 2015:
(In millions except for tax rate and earnings per share)
Fiscal Year 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 24.8Conference Call Information
We have scheduled a conference call for 8:30 AM Eastern Time Thursday, August 13, 2015 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 877-303-9143 and enter the confirmation code 82120077. 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
Selected Financial Data
CACI International Inc Condensed Consolidated Statements of Operations (Unaudited) (Amounts in thousands, except per share amounts) Quarter Ended Twelve Months Ended 6/30/2015 6/30/2014 % Change 6/30/2015 6/30/2014 % Change Revenue $ 865,506 $ 905,718 -4.4 % $ 3,313,452 $ 3,564,562 -7.0 % Costs of revenue Direct costs 567,446 612,646 -7.4 % 2,193,585 2,426,520 -9.6 % Indirect costs and selling expenses 206,996 205,754 0.6 % 817,403 815,458 0.2 % Depreciation and amortization 15,985 18,083 -11.6 % 66,083 65,181 1.4 % Total costs of revenue 790,427 836,483 -5.5 % 3,077,071 3,307,159 -7.0 % Operating income 75,079 69,235 8.4 % 236,381 257,403 -8.2 % Interest expense and other, net 8,605 9,834 -12.5 % 34,758 38,158 -8.9 % Income before income taxes 66,474 59,401 11.9 % 201,623 219,245 -8.0 % Income taxes 25,128 22,793 10.2 % 75,327 83,326 -9.6 % Net income 41,346 36,608 12.9 % 126,296 135,919 -7.1 % Noncontrolling interest 38 (74 ) (101 ) (603 ) Net income attributable to CACI $ 41,384 $ 36,534 13.3 % $ 126,195 $ 135,316 -6.7 % Basic earnings per share $ 1.71 $ 1.55 10.1 % $ 5.27 $ 5.78 -8.8 % Diluted earnings per share $ 1.68 $ 1.49 12.8 % $ 5.17 $ 5.38 -3.8 % Weighted average shares used in per share computations: Basic 24,180 23,498 23,948 23,429 Diluted 24,613 24,517 24,388 25,155 Statement of Operations Data (Unaudited) Quarter Ended Twelve Months Ended 6/30/2015 6/30/2014 % Change 6/30/2015 6/30/2014 % Change Operating income margin 8.7 % 7.6 % 7.1 % 7.2 % Tax rate 37.8 % 38.4 % 37.4 % 38.1 % Net income margin 4.8 % 4.0 % 3.8 % 3.8 % EBITDA** $ 91,366 $ 87,482 4.4 % $ 303,237 $ 323,622 -6.3 % EBITDA Margin 10.6 % 9.7 % 9.2 % 9.1 % Adjusted net income** $ 53,867 $ 50,312 7.1 % $ 176,405 $ 190,640 -7.5 % Diluted adjusted earnings per share $ 2.19 $ 2.05 6.6 % $ 7.23 $ 7.58 -4.6 %** See Reconciliation of Net Income to Earnings before Interest, Taxes, Depreciation and Amortization and to Adjusted Net Income on page 10.
Selected Financial Data (Continued) CACI International Inc Condensed Consolidated Balance Sheets (Unaudited) (Amounts in thousands) 6/30/2015 6/30/2014 ASSETS: Current assets Cash and cash equivalents $ 35,364 $ 64,461 Accounts receivable, net 596,155 615,580 Prepaid expenses and other current assets 44,941 55,808 Total current assets 676,460 735,849 Goodwill and intangible assets, net 2,384,998 2,418,979 Property and equipment, net 63,689 68,485 Other long-term assets 131,969 135,825 Total assets $ 3,257,116 $ 3,359,138 LIABILITIES AND SHAREHOLDERS' EQUITY: Current liabilities Current portion of long-term debt $ 38,965 $ 41,563 Accounts payable 56,840 55,811 Accrued compensation and benefits 185,830 183,361 Other accrued expenses and current liabilities 118,046 141,852 Total current liabilities 399,681 422,587 Long-term debt, net of current portion 1,029,335 1,238,728 Other long-term liabilities 347,828 338,657 Total liabilities 1,776,844 1,999,972 Shareholders' equity 1,480,272 1,359,166 Total liabilities and shareholders' equity $ 3,257,116 $ 3,359,138
Selected Financial Data (Continued) CACI International Inc Condensed Consolidated Statements of Cash Flows (Unaudited) (Amounts in thousands) Twelve Months Ended 6/30/2015 6/30/2014 CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 126,296 $ 135,919
Reconciliation of net income to net cash provided by operating activities:
Depreciation and amortization 66,083 65,181 Non-cash interest expense - 11,421 Amortization of deferred financing costs 2,639 2,940 Loss on extinguishment of debt 272 4,116 Stock-based compensation expense 14,072 11,557 Provision for deferred income taxes 27,022 15,559 Undistributed earnings of unconsolidated joint ventures (874 ) (1,656 )Changes in operating assets and liabilities, net of effect of business acquisitions:
Accounts receivable, net 18,889 91,010 Prepaid expenses and other assets (2,057 ) (4,666 ) Accounts payable and accrued expenses (25,807 ) (121,148 ) Accrued compensation and benefits 2,776 (20,416 ) Income taxes receivable and payable (3,630 ) 6,710 Other liabilities (2,466 ) 2,116 Net cash provided by operating activities 223,215 198,643 CASH FLOWS FROM INVESTING ACTIVITIES: Capital expenditures (17,444 ) (15,279 ) Purchases of businesses, net of cash acquired (14,972 ) (839,050 ) Investment in unconsolidated joint venture 391 3,550 Other 629 (876 ) Net cash used in investing activities (31,396 ) (851,655 ) CASH FLOWS FROM FINANCING ACTIVITIES: Net (payments) borrowings under credit facilities (213,451 ) 660,850 Payment of contingent consideration - (3,294 ) Proceeds from employee stock purchase plans 3,287 3,527 Proceeds from exercise of stock options 691 - Repurchase of common stock (3,400 ) (3,653 ) Payment of taxes for equity transactions (7,378 ) (9,764 ) Other 1,390 3,836 Net cash (used in) provided by financing activities (218,861 ) 651,502 Effect of exchange rate changes on cash and cash equivalents (2,055 ) 1,634 Net (decrease) increase in cash and cash equivalents (29,097 ) 124 Cash and cash equivalents, beginning of period 64,461 64,337 Cash and cash equivalents, end of period $ 35,364 $ 64,461Selected Financial Data (Continued) Revenue by Customer Type (Unaudited) Quarter Ended (dollars in thousands) 6/30/2015 6/30/2014
$ Change
% Change Department of Defense $ 576,284 66.6 % $ 653,665 72.2 % $ (77,381 ) -11.8 % Federal Civilian Agencies 236,979 27.4 % 199,777 22.1 % 37,202 18.6 % Commercial and other 52,243 6.0 % 52,276 5.7 % (33 ) -0.1 % Total $ 865,506 100.0 % $ 905,718 100.0 % $ (40,212 ) -4.4 % Twelve Months Ended (dollars in thousands) 6/30/2015 6/30/2014$ Change
% Change Department of Defense $ 2,217,031 66.9 % $ 2,578,024 72.4 % $ (360,993 ) -14.0 % Federal Civilian Agencies 888,191 26.8 % 771,662 21.6 % 116,529 15.1 % Commercial and other 208,230 6.3 % 214,876 6.0 % (6,646 ) -3.1 % Total $ 3,313,452 100.0 % $ 3,564,562 100.0 % $ (251,110 ) -7.0 %Revenue by Contract Type (Unaudited)
Quarter Ended (dollars in thousands) 6/30/2015 6/30/2014$ Change
% Change Cost reimbursable $ 407,407 47.1 % $ 440,867 48.7 % $ (33,460 ) -7.6 % Fixed price 296,935 34.3 % 275,570 30.4 % 21,365 7.8 % Time and materials 161,164 18.6 % 189,281 20.9 % (28,117 ) -14.9 % Total $ 865,506 100.0 % $ 905,718 100.0 % $ (40,212 ) -4.4 % Twelve Months Ended (dollars in thousands) 6/30/2015 6/30/2014$ Change
% Change Cost reimbursable $ 1,534,864 46.3 % $ 1,744,959 49.0 % $ (210,095 ) -12.0 % Fixed price 1,179,139 35.6 % 1,095,449 30.7 % 83,690 7.6 % Time and materials 599,449 18.1 % 724,154 20.3 % (124,705 ) -17.2 % Total $ 3,313,452 100.0 % $ 3,564,562 100.0 % $ (251,110 ) -7.0 %Revenue Received as a Prime versus Subcontractor (Unaudited)
Quarter Ended (dollars in thousands) 6/30/2015 6/30/2014$ Change
% Change Prime $ 780,187 90.1 % $ 809,376 89.4 % $ (29,189 ) -3.6 % Subcontractor 85,319 9.9 % 96,342 10.6 % (11,023 ) -11.4 % Total $ 865,506 100.0 % $ 905,718 100.0 % $ (40,212 ) -4.4 % Twelve Months Ended (dollars in thousands) 6/30/2015 6/30/2014$ Change
% Change Prime $ 2,965,683 89.5 % $ 3,191,939 89.5 % $ (226,256 ) -7.1 % Subcontractor 347,769 10.5 % 372,623 10.5 % (24,854 ) -6.7 % Total $ 3,313,452 100.0 % $ 3,564,562 100.0 % $ (251,110 ) -7.0 %Selected Financial Data (Continued) Contract Funding Orders Received (Unaudited) Quarter Ended (dollars in thousands) 6/30/2015 6/30/2014
$ Change
% Change Contract Funding Orders $ 871,345 $ 906,836 $ (35,491 ) -3.9 % Twelve Months Ended (dollars in thousands) 6/30/2015 6/30/2014$ Change
% Change Contract Funding Orders $ 3,756,631 $ 3,610,314 $ 146,317 4.1 % Direct Costs by Category (Unaudited) Quarter Ended (dollars in thousands) 6/30/2015 6/30/2014$ Change
% Change Direct labor $ 276,326 48.7 % $ 263,959 43.1 % $ 12,367 4.7 % Other direct costs 291,120 51.3 % 348,687 56.9 % (57,567 ) -16.5 % Total direct costs $ 567,446 100.0 % $ 612,646 100.0 % $ (45,200 ) -7.4 % Twelve Months Ended (dollars in thousands) 6/30/2015 6/30/2014$ Change
% Change Direct labor $ 1,062,882 48.5 % $ 1,028,045 42.4 % $ 34,837 3.4 % Other direct costs 1,130,703 51.5 % 1,398,475 57.6 % (267,772 ) -19.1 % Total direct costs $ 2,193,585 100.0 % $ 2,426,520 100.0 % $ (232,935 ) -9.6 %
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 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 plus stock-based compensation expense, depreciation and amortization, and amortization of financing costs, 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 Twelve Months Ended (dollars in thousands) 6/30/2015 6/30/2014 % Change 6/30/2015 6/30/2014 % Change Net income, as reported $ 41,384 $ 36,534 13.3 % $ 126,195 $ 135,316 -6.7 % Plus: Income taxes 25,128 22,793 10.2 % 75,327 83,326 -9.6 % Interest income and expense, net 8,869 10,072 -11.9 % 35,632 39,799 -10.5 % Depreciation and amortization15,985
18,083 -11.6 % 66,083 65,181 1.4 % EBITDA $ 91,366 $ 87,482 4.4 % $ 303,237 $ 323,622 -6.3 % Quarter Ended Twelve Months Ended (dollars in thousands) 6/30/2015 6/30/2014 % Change 6/30/2015 6/30/2014 % Change Revenue, as reported $ 865,506 $ 905,718 -4.4 % $ 3,313,452 $ 3,564,562 -7.0 % EBITDA $ 91,366 $ 87,482 4.4 % $ 303,237 $ 323,622 -6.3 % EBITDA margin 10.6 % 9.7 % 9.2 % 9.1 % Quarter Ended Twelve Months Ended (dollars in thousands) 6/30/2015 6/30/2014 % Change 6/30/2015 6/30/2014 % Change Net income, as reported $ 41,384 $ 36,534 13.3 % $ 126,195 $ 135,316 -6.7 % Plus: Stock-based compensation 4,021 2,667 50.8 % 14,072 11,557 21.8 % Depreciation and amortization 15,985 18,083 -11.6 % 66,083 65,181 1.4 % Amortization of financing costs 577 762 -24.3 % 2,639 2,940 -10.2 % Non-cash interest expense - 1,176 -100.0 % - 11,421 -100.0 % Less: Related tax effect (8,100 ) (8,910 ) -9.1 % (32,584 ) (35,775 ) -8.9 % Adjusted net income $ 53,867 $ 50,312 7.1 % $ 176,405 $ 190,640 -7.5 % Quarter Ended Twelve Months Ended (shares in thousands) 6/30/2015 6/30/2014 % Change 6/30/2015 6/30/2014 % ChangeDiluted weighted average shares, as reported
24,613 24,517 24,388 25,155 Diluted earnings per share, as reported $ 1.68 $ 1.49 12.8 % $ 5.17 $ 5.38 -3.8 % Diluted adjusted earnings per share $ 2.19 $ 2.05 6.6 % $ 7.23 $ 7.58 -4.6 %
View source version on businesswire.com: http://www.businesswire.com/news/home/20150812006090/en/
CACI International IncCorporate Communications and Media:Jody Brown, 703-841-7801Executive Vice President, Public Relationsjbrown@caci.comorInvestor Relations:David Dragics, 866-606-3471Senior Vice President, Investor Relationsddragics@caci.com
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