Record first quarter revenue of $1.09 billion, up 1.2 percent
Net income of $42.0 million, up 14.7 percent
Contract awards of $1.2 billion
Contract funding orders of $1.5 billion, up 26.6 percent
Fiscal Year 2018 guidance raised
ARLINGTON, Va.--(BUSINESS WIRE)--
CACI International Inc (NYSE:CACI),
a leading information solutions and service provider to the federal
government, announced results today for its first fiscal quarter ended
September 30, 2017.
CEO Commentary and Outlook
Ken Asbury, CACI’s President and CEO, said, “I am very pleased with our
first quarter operating performance. We delivered our third consecutive
quarter of organic revenue growth and generated strong cash flow. And we
are increasing our net income and EPS guidance as a result of a tax
benefit in the quarter. Our performance keeps us on pace to achieve our
fiscal year guidance and deliver long-term organic revenue and margin
expansion goals.”
First Quarter Results
|
|
|
|
|
|
|
|
|
(in millions except per-share data)
|
|
Q1, FY18
|
|
Q1, FY17
|
|
% Change
|
|
Revenue
|
| $1,085.8 |
| $1,073.3 |
|
1.2%
|
|
Operating income
|
| $67.3 |
| $69.7 |
|
(3.4%)
|
|
Net income
|
| $42.0 |
| $36.7 |
|
14.7%
|
|
Diluted earnings per share
|
| $1.67 |
| $1.47 |
|
13.3%
|
|
Cash provided by operating activities
|
| $79.7 |
| $57.8 |
|
37.9%
|
|
| |
| |
| |
Revenue for the first quarter of Fiscal Year 2018 (FY18) increased
compared to the first quarter of Fiscal Year 2017 (FY17) driven
primarily by new business wins. Operating income declined with higher
gross profit being offset by increased indirect expenses related to
investments in growth and efficiency initiatives. The net income
increase was driven by a lower-than-planned tax rate as a result of
excess tax benefits under ASU 2016-09 (Improvements to Employee
Share-Based Payment Accounting). Cash provided by operations in the
quarter was $79.7 million.
Additional Financial Metrics
|
|
|
|
|
|
|
|
|
|
|
Q1, FY18
|
|
Q1, FY17
|
|
% Change
|
|
Adjusted earnings before interest, taxes, depreciation and
amortization (EBITDA), a non-GAAP measure (in millions)*
|
| $84.0 |
| $88.2 |
|
(4.8%)
|
|
Diluted adjusted earnings per share, a non-GAAP measure
|
| $2.25 |
| $2.07 |
|
8.7%
|
|
Days sales outstanding
|
|
64
|
|
59
|
|
|
|
*See Reconciliation of Net Income to Earnings before Interest,
Taxes, Depreciation and Amortization and to Adjusted New Income on
page 9.
|
|
|
First Quarter Awards, Contract Funding Orders, and Other Highlights
Our contract awards in the quarter were $1.2 billion, which excludes
ceiling values of multi-award, indefinite delivery, indefinite quantity
(IDIQ) contracts. Approximately 60 percent of our awards were for new
business.
Key awards in the quarter included:
-
Two awards with the U.S. Army’s Night Vision and Electronic Sensors
Directorate (NVESD) representing both new and continuing business in
CACI’s Surveillance
and Reconnaissance market area:
-
A prime position on an IDIQ contract, with a ceiling value of $480
million, to assist NVESD in developing and integrating
technologies for military and national responders. The five-year
award represents new work for CACI.
-
A task order, with a ceiling value of $173 million, to perform
modeling and simulation systems development of sensor and imaging
systems. This three-year award under the Rapid Response – Third
Generation contract vehicle represents continuing business for
CACI.
-
A $91 million task order with the U.S. Army Communications-Electronics
Research, Development, and Engineering Center Flight Activity to
provide systems integration, maintenance, and training and operations
support for surveillance and reconnaissance missions. This four-year
task order, awarded under the Rapid Response-Third Generation contract
vehicle, represents continuing business in CACI’s Surveillance
and Reconnaissance market area.
-
A task order, with a ceiling value of $54.5 million, to provide
research and development and systems engineering support to the U.S.
Army’s Space and Terrestrial Communications Directorate. This
two-year, seven-month task order, awarded under the Information
Technology Enterprise Solutions - 2 Services contract vehicle,
represents continued and expanded business in CACI’s Communications
market area.
-
A $51 million task order to provide software development support to
the 90thCyberspace Operations Squadron, a subordinate unit
of the 24thAir Force, the Air Force’s component to U.S.
Cyber Command. The three-year task order, awarded under the
Network-Centric Solutions-2 contract vehicle, represents continuing
business for CACI.
-
A $34.5 million task order with the U.S. Customs and Border Protection
Air and Marine Operations Surveillance System to provide technology
updates and operations and maintenance. This four-year task order,
awarded under the Department of Homeland Security’s Enterprise
Acquisition Gateway for Leading-Edge Solutions II contract vehicle,
represents continuing work in CACI’s Intelligence
Services market area.
-
A task order, with a ceiling value of $28.7 million, to provide
integration, sustainment, and deployment services for the U.S. Air
Force Civil Engineer Center’s NexGen IT modernization program. This
19-month task order, awarded under the GSA Alliant contract vehicle,
represents continuing business in CACI’s Business
Systems market area.
Contract funding orders in the first quarter were $1.5 billion, up
almost 27% compared to the first quarter of FY17. Our total backlog at
September 30, 2017 was $11.1 billion compared to $11.5 billion a year
ago. Funded backlog at September 30, 2017 was $2.3 billion compared with
$2.4 billion in the first quarter last year.
Other Highlights
-
CACI appointed Executive Vice President Nick Farah to lead its Mission
Solutions and Services group responsible for the company’s Command
and Control; Communications;
Logistics
and Material Readiness; and Surveillance
and Reconnaissance market areas. Mr. Farah is a highly
credentialed industry leader with a proven record of more than 26
years of achievement in winning and executing large, complex programs
in the defense industry.
-
On October 26, 2017, CACI held the 10th symposium in the
critical Asymmetric
Threat symposia series on national security challenges: “What Does
It Take to Protect America? Combatting Global Asymmetric Threats.”
CACI established the symposium series in 2008 and co-sponsored this
year’s event with the Center
for Security Policy, the Institute
for the Study of War, and the Mitchell
Institute for Aerospace Studies.
-
CACI’s ranking on Bloomberg Government’s annual BGOV200
listing rose seven spots from last year, up to #21 in 2017. The
BGOV200 study ranks the top 200 federal government contractors by
value of prime, unclassified contracts awarded by U.S. government
agencies in fiscal 2016.
-
CACI was recognized as a visionary company at the inaugural GovCon
Summit RecognizeDC Awards. CACI’s strategy to win new business,
deliver operational excellence, and grow through M&A and organically
has positioned the company as a leader in the IT industry.
-
CACI was named a Washington Technology Industry Innovator winning the
Strategic Hire category for the leadership and quality of our senior
management team.
CACI Updates Its FY18 Guidance
We are reiterating the FY18 revenue guidance we issued on August 17,
2017 and raising our guidance for net income and diluted earnings per
share as a result of the lower tax rate reported in our first fiscal
quarter. We are also updating our effective tax rate for the year. The
table below summarizes our FY18 expectations and represents our views as
of November 1, 2017:
|
|
|
|
|
|
|
| Current Fiscal Year |
| Previous Fiscal Year |
(In millions except for tax rate and earnings per share)
|
| 2018 Guidance |
| 2018 Guidance |
|
Revenue
|
| $4,350 - $4,500 |
| $4,350 - $4,500 |
|
Net income
|
| $171 - $179 |
| $165 - $173 |
|
Effective corporate tax rate
|
|
34.5%
|
|
36.5%
|
|
Diluted earnings per share
|
| $6.76 - $7.08 |
| $6.52 - $6.84 |
|
Diluted weighted average shares
|
|
25.3
|
|
25.3
|
| | | |
|
Conference Call Information
We have scheduled a conference call for 8:30 AM Eastern Time Thursday,
November 2, 2017 during which members of our senior management team will
be making a brief presentation focusing on first quarter results and
operating trends followed by a question-and-answer session. You can
listen to the conference call and view the accompanying exhibits over
the Internet by logging on to our homepage, www.caci.com,
at the scheduled time. 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 SmallCap600 Index. CACI’s sustained commitment to ethics and
integrity defines its corporate culture and drives its success. With
approximately 18,600 employees worldwide, CACI provides dynamic career
opportunities for military veterans and industry professionals to
support the nation’s most critical missions. Join us! 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: legal, regulatory, and political change as a result of
transitioning to a new presidential administration that could result in
economic uncertainty; changes in U.S. federal agencies, current
agreements with other nations, foreign events, or any other events which
may affect the global economy; 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.
CACI-Earnings Release
|
|
| Selected Financial Data |
|
|
| CACI International Inc |
| Condensed Consolidated Statements of Operations (Unaudited) |
|
(Amounts in thousands, except per share amounts)
|
|
| |
| |
| |
| | Quarter Ended | | |
| |
| 9/30/2017 |
| |
| 9/30/2016 |
| |
% Change
|
|
|
Revenue
| |
$
|
1,085,814
|
| |
$
|
1,073,280
|
| |
1.2
|
%
|
|
Costs of revenue
| | | | | | |
|
Direct costs
| | |
739,678
| | | |
728,221
| | |
1.6
|
%
|
|
Indirect costs and selling expenses
| | |
261,244
| | | |
257,338
| | |
1.5
|
%
|
|
Depreciation and amortization
| |
|
17,588
|
| |
|
18,063
|
| |
-2.6
|
%
|
|
Total costs of revenue
| |
|
1,018,510
|
| |
|
1,003,622
|
| |
1.5
|
%
|
|
Operating income
| | |
67,304
| | | |
69,658
| | |
-3.4
|
%
|
|
Interest expense and other, net
| |
|
11,247
|
| |
|
12,489
|
| |
-9.9
|
%
|
|
Income before income taxes
| | |
56,057
| | | |
57,169
| | |
-1.9
|
%
|
|
Income taxes
| |
|
14,011
|
| |
|
20,506
|
| |
-31.7
|
%
|
|
Net income
| |
$
|
42,046
|
| |
$
|
36,663
|
| |
14.7
|
%
|
| | | | | |
|
|
Basic earnings per share
| |
$
|
1.72
| | |
$
|
1.51
| | |
14.0
|
%
|
|
Diluted earnings per share
| |
$
|
1.67
| | |
$
|
1.47
| | |
13.3
|
%
|
| | | | | |
|
|
Weighted average shares used in per share computations:
| | |
|
Basic
| | |
24,487
| | | |
24,340
| | | |
|
Diluted
| | |
25,243
| | | |
24,928
| | | |
| | | | | |
|
| Statement of Operations Data (Unaudited) |
| | Quarter Ended | | |
| |
| 9/30/2017 |
| |
| 9/30/2016 |
| |
% Change
|
|
|
Operating income margin
| | |
6.2
|
%
| | |
6.5
|
%
| | |
|
Tax rate
| | |
25.0
|
%
| | |
35.9
|
%
| | |
|
Net income margin
| | |
3.9
|
%
| | |
3.4
|
%
| | |
| | | | | |
|
|
Adjusted EBITDA*
| |
$
|
84,010
| | |
$
|
88,239
| | |
-4.8
|
%
|
|
Adjusted EBITDA margin
| | |
7.7
|
%
| | |
8.2
|
%
| | |
| | | | | |
|
Adjusted net income attributable to CACI
| |
$
|
56,701
| | |
$
|
51,522
| | |
10.1
|
%
|
|
Diluted adjusted earnings per share
| |
$
|
2.25
| | |
$
|
2.07
| | |
8.7
|
%
|
|
*See Reconciliation of Net Income to Earnings before Interest,
Taxes, Depreciation and Amortization and to Adjusted Net Income on
page 9.
|
|
|
|
|
| Selected Financial Data (Continued) |
|
|
| CACI International Inc |
| Condensed Consolidated Balance Sheets (Unaudited) |
|
(Amounts in thousands)
|
|
|
| 9/30/2017 |
|
| 6/30/2017 |
| ASSETS: | | | | |
|
Current assets
| | | | |
|
Cash and cash equivalents
| |
$
|
67,043
| |
$
|
65,539
|
|
Accounts receivable, net
| | |
788,788
| | |
757,341
|
|
Prepaid expenses and other current assets
| |
|
77,398
| |
|
57,022
|
|
Total current assets
| | |
933,229
| | |
879,902
|
| | | |
|
| Goodwill and intangible assets, net
| | |
2,806,538
| | |
2,812,806
|
|
Property and equipment, net
| | |
94,920
| | |
91,749
|
|
Other long-term assets
| |
|
131,326
| |
|
126,625
|
|
Total assets
| |
$
|
3,966,013
| |
$
|
3,911,082
|
| | | |
|
| LIABILITIES AND SHAREHOLDERS' EQUITY: | | | | |
|
Current liabilities
| | | | |
|
Current portion of long-term debt
| |
$
|
67,456
| |
$
|
53,965
|
|
Accounts payable
| | |
125,111
| | |
62,874
|
|
Accrued compensation and benefits
| | |
241,162
| | |
239,741
|
|
Other accrued expenses and current liabilities
| |
|
175,495
| |
|
170,164
|
|
Total current liabilities
| | |
609,224
| | |
526,744
|
| | | |
|
|
Long-term debt, net of current portion
| | |
1,101,724
| | |
1,177,598
|
|
Other long-term liabilities
| |
|
420,579
| |
|
413,019
|
|
Total liabilities
| |
|
2,131,527
| |
|
2,117,361
|
| | | |
|
|
Shareholders' equity
| |
|
1,834,486
| |
|
1,793,721
|
|
Total liabilities and shareholders' equity
| |
$
|
3,966,013
| |
$
|
3,911,082
|
| | | |
|
|
|
| Selected Financial Data (Continued) |
|
|
| CACI International Inc |
| Condensed Consolidated Statements of Cash Flows (Unaudited) |
|
(Amounts in thousands)
|
|
|
|
| Three Months Ended |
| |
| 9/30/2017 |
|
| 9/30/2016 |
| CASH FLOWS FROM OPERATING ACTIVITIES: | | | | |
|
Net income
| |
$
|
42,046
| |
$
|
36,663
|
Reconciliation of net income to net cash provided by operating
activities:
| | | | |
|
Depreciation and amortization
| | |
17,588
| | |
18,063
|
|
Amortization of deferred financing costs
| | |
1,108
| | |
1,128
|
|
Loss on disposal of fixed assets
| | |
-
| | |
727
|
|
Stock-based compensation expense
| | |
6,351
| | |
4,897
|
|
Provision for deferred income taxes
| | |
10,738
| | |
11,846
|
|
Equity in earnings of unconsolidated ventures
| | |
-
| | |
(103)
|
Changes in operating assets and liabilities, net of effect of
business acquisitions:
| | | | |
|
Accounts receivable, net
| | |
(30,027)
| | |
63,292
|
|
Prepaid expenses and other assets
| | |
(14,302)
| | |
(13,012)
|
|
Accounts payable and accrued expenses
| | |
67,689
| | |
(41,642)
|
|
Accrued compensation and benefits
| | |
(12,696)
| | |
(11,418)
|
|
Income taxes receivable and payable
| | |
(12,237)
| | |
(14,421)
|
|
Other liabilities
| |
|
3,435
| |
|
1,757
|
|
Net cash provided by operating activities
| |
|
79,693
| |
|
57,777
|
| | | |
|
| CASH FLOWS FROM INVESTING ACTIVITIES: | | | | |
|
Capital expenditures
| | |
(7,512)
| | |
(11,235)
|
|
Purchase of business, net of cash acquired
| | |
(406)
| | |
(2,921)
|
|
Proceeds from net working capital refund
| | |
-
| | |
13,619
|
|
Proceeds from equity method investments
| | |
-
| | |
4,681
|
|
Other
| |
|
217
| |
|
481
|
|
Net cash (used in) provided by investing activities
| |
|
(7,701)
| |
|
4,625
|
| | | |
|
| CASH FLOWS FROM FINANCING ACTIVITIES: | | | | |
|
Net payments under credit facilities
| | |
(63,491)
| | |
(58,491)
|
|
Payment of contingent consideration
| | |
(3,581)
| | |
-
|
|
Proceeds from employee stock purchase plans
| | |
1,300
| | |
1,182
|
|
Repurchases of common stock
| | |
(1,210)
| | |
(1,085)
|
|
Payment of taxes for equity transactions
| |
|
(4,384)
| |
|
(2,848)
|
|
Net cash used in financing activities
| |
|
(71,366)
| |
|
(61,242)
|
|
Effect of exchange rate changes on cash and cash equivalents
| |
|
878
| |
|
(574)
|
|
Net increase in cash and cash equivalents
| | |
1,504
| | |
586
|
|
Cash and cash equivalents, beginning of period
| |
|
65,539
| |
|
49,082
|
|
Cash and cash equivalents, end of period
| |
$
|
67,043
| |
$
|
49,668
|
| | | |
|
|
|
| |
| |
| |
| |
| |
| |
| Selected Financial Data (Continued) |
| | | | | | | | | | | | |
|
| Revenue by Customer Type (Unaudited) |
| | | Quarter Ended |
|
|
|
|
|
(dollars in thousands)
| | | 9/30/2017 |
| 9/30/2016 |
| $ Change |
| % Change |
| Department of Defense | | |
$
|
714,053
| |
65.8
|
%
| |
$
|
692,203
| |
64.5
|
%
| |
$
|
21,850
| | |
3.2
|
%
|
|
Federal Civilian Agencies
| | | |
306,536
| |
28.2
|
%
| | |
313,793
| |
29.2
|
%
| | |
(7,257
|
)
| |
-2.3
|
%
|
|
Commercial and other
| | |
|
65,225
|
|
6.0
|
%
|
|
|
67,284
|
|
6.3
|
%
|
|
|
(2,059
|
)
|
|
-3.1
|
%
|
|
Total
| | |
$
|
1,085,814
|
|
100.0
|
%
|
|
$
|
1,073,280
|
|
100.0
|
%
|
|
$
|
12,534
|
|
|
1.2
|
%
|
| | | | | | | | | | | | |
|
| Revenue by Contract Type (Unaudited) |
| | | Quarter Ended |
|
|
|
|
|
(dollars in thousands)
| | | 9/30/2017 |
| 9/30/2016 |
| $ Change |
| % Change |
|
Cost reimbursable
| | |
$
|
553,729
| |
51.0
|
%
| |
$
|
534,582
| |
49.8
|
%
| |
$
|
19,147
| | |
3.6
|
%
|
|
Fixed price
| | | |
358,746
| |
33.0
|
%
| | |
343,313
| |
32.0
|
%
| | |
15,433
| | |
4.5
|
%
|
|
Time and materials
| | |
|
173,339
|
|
16.0
|
%
|
|
|
195,385
|
|
18.2
|
%
|
|
|
(22,046
|
)
|
|
-11.3
|
%
|
|
Total
| | |
$
|
1,085,814
|
|
100.0
|
%
|
|
$
|
1,073,280
|
|
100.0
|
%
|
|
$
|
12,534
|
|
|
1.2
|
%
|
| | | | | | | | | | | | |
|
| Revenue Received as a Prime versus Subcontractor (Unaudited) |
| | | Quarter Ended |
|
|
|
|
|
(dollars in thousands)
| | | 9/30/2017 |
| 9/30/2016 |
| $ Change |
| % Change |
|
Prime
| | |
$
|
1,013,203
| |
93.3
|
%
| |
$
|
996,457
| |
92.8
|
%
| |
$
|
16,746
| | |
1.7
|
%
|
|
Subcontractor
| | |
|
72,611
|
|
6.7
|
%
|
|
|
76,823
|
|
7.2
|
%
|
|
|
(4,212
|
)
|
|
-5.5
|
%
|
|
Total
| | |
$
|
1,085,814
|
|
100.0
|
%
|
|
$
|
1,073,280
|
|
100.0
|
%
|
|
$
|
12,534
|
|
|
1.2
|
%
|
| | | | | | | | | | | | |
|
|
|
| Selected Financial Data (Continued) |
|
|
| |
| |
| |
| |
| Contract Funding Orders Received (Unaudited) |
| | | Quarter Ended |
|
|
|
|
|
(dollars in thousands)
| | | 9/30/2017 |
| 9/30/2016 |
| $Change |
| % Change |
|
Contract Funding Orders
| | |
$
|
1,472,373
|
|
$
|
1,162,891
|
|
$
|
309,482
|
|
26.6
|
%
|
| | | | | | | | |
|
|
|
| Direct Costs by Category (Unaudited) |
|
|
|
|
| Quarter Ended |
|
(dollars in thousands)
| | | | | 9/30/2017 |
| 9/30/2016 |
| $Change |
| % Change |
|
Direct labor
| | | | |
$
|
321,555
|
|
43.5
|
%
|
|
$
|
334,928
|
|
46.0
|
%
|
|
$
|
(13,373
|
)
|
|
-4.0
|
%
|
|
Other direct costs
| | | | |
|
418,123
|
|
56.5
|
%
|
|
|
393,293
|
|
54.0
|
%
|
|
|
24,830
|
|
|
6.3
|
%
|
|
Total direct costs
| | | | |
$
|
739,678
|
|
100.0
|
%
|
|
$
|
728,221
|
|
100.0
|
%
|
|
$
|
11,457
|
|
|
1.6
|
%
|
| | | | | | | | | | | | | | |
|
|
|
| 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 Adjusted EBITDA, Adjusted EBITDA margin,
Adjusted Net Income 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 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 as GAAP net income 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 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 divided by diluted weighted-average shares, as
reported. Adjusted EBITDA and Adjusted Net Income as defined by
us may not be computed in the same manner as similarly titled
measures used by other companies. These non-GAAP measures should
not be considered in isolation or as a substitute for performance
measures prepared in accordance with GAAP.
|
|
|
|
| Quarter Ended |
|
(dollars in thousands)
| | 9/30/2017 |
| 9/30/2016 |
| % Change |
|
Net income
| |
$
|
42,046
| |
|
$
|
36,663
| |
|
14.7
|
%
|
|
Plus:
| | | | | | |
|
Income taxes
| | |
14,011
| | | |
20,506
| | |
-31.7
|
%
|
|
Interest expense, net
| | |
11,247
| | | |
12,593
| | |
-10.7
|
%
|
|
Depreciation and amortization
| | |
17,588
| | | |
18,063
| | |
-2.6
|
%
|
|
Earnout adjustments
| |
|
(882
|
)
|
|
|
414
|
|
|
|
|
Adjusted EBITDA
| |
$
|
84,010
|
|
|
$
|
88,239
|
|
|
-4.8
|
%
|
| | | | | |
|
| | Quarter Ended |
|
(dollars in thousands)
| | 9/30/2017 |
| 9/30/2016 |
| % Change |
|
Revenue, as reported
| |
$
|
1,085,814
| | |
$
|
1,073,280
| | |
1.2
|
%
|
|
Adjusted EBITDA
| |
$
|
84,010
|
|
|
$
|
88,239
|
|
|
-4.8
|
%
|
|
Adjusted EBITDA margin
| |
|
7.7
|
%
|
|
|
8.2
|
%
|
|
|
| | | | | |
|
| | Quarter Ended |
|
(dollars in thousands)
| | 9/30/2017 |
| 9/30/2016 |
| % Change |
|
Net income
| |
$
|
42,046
| | |
$
|
36,663
| | |
14.7
|
%
|
|
Plus:
| | | | | | |
|
Stock-based compensation
| | |
6,351
| | | |
4,897
| | |
29.7
|
%
|
|
Depreciation and amortization
| | |
17,588
| | | |
18,063
| | |
-2.6
|
%
|
|
Amortization of financing costs
| | |
1,108
| | | |
1,128
| | |
-1.8
|
%
|
|
Earnout adjustments
| | |
(882
|
)
| | |
414
| | | |
|
Less:
| | | | | | |
|
Related tax effect
| |
|
(9,510
|
)
|
|
|
(9,643
|
)
|
|
-1.4
|
%
|
|
Adjusted net income
| |
$
|
56,701
|
|
|
$
|
51,522
|
|
|
10.1
|
%
|
| | | | | | | | | | |
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20171101006687/en/
CACI International Inc
Corporate Communications and Media:
Jody
Brown, Executive Vice President, Public Relations
703-841-7801
jbrown@caci.com
or
Investor
Relations:
David Dragics, Senior Vice President, Investor Relations
866-606-3471
ddragics@caci.com
Source: CACI International Inc