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
August
14, 2013
(Date
of Report)
CACI
International Inc
(Exact name of registrant as
specified in its Charter)
|
Delaware |
001-31400 |
54-1345899 |
|
(State or other jurisdiction
of incorporation) |
(Commission File Number) | (IRS Employer Identification Number) |
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
On August 14, 2013, the Registrant released its financial results for the fourth quarter and full fiscal year 2013.
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 August 15, 2013 are attached as Exhibit 99 to this current report on Form 8-K.
ITEM 9.01: FINANCIAL STATEMENTS AND EXHIBITS
(d) Exhibits.
| Exhibit 99 | Press Release dated August 14, 2013, announcing CACI’s fourth quarter and fiscal year 2013 financial results. |
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.
| CACI International Inc | |
| Registrant |
| By: |
/s/ Arnold D. Morse |
|
|
Arnold D. Morse |
||
|
Senior Vice President, |
||
|
Chief Legal Officer and Secretary |
Exhibit 99
CACI Reports Results for Its Fiscal 2013 Fourth Quarter and Full Year
Revenue and net income meet expectations
Operating cash flow of $106.9 million in the quarter and $249.3 million for the year
Reiterates Fiscal Year 2014 guidance
ARLINGTON, Va.--(BUSINESS WIRE)--August 14, 2013--CACI International Inc (NYSE: CACI), a leading information solutions and services provider to the federal government, announced results today for its fourth fiscal quarter and full fiscal year ended June 30, 2013:
CEO Commentary and Outlook
Ken Asbury, CACI’s President and CEO, said, “Our fourth quarter results were in line with our guidance expectations and reflect our ability to adapt to an uncertain market. We grew revenue in our high-growth market areas of Business Systems, Cyberspace, Healthcare, and Integrated Security Solutions, and received half of our awards in the quarter from those same areas. In addition, we reduced our cost structure, which will drive efficiencies and preserve our margins. These actions position us to continue to be successful in meeting our customers’ high-priority mission requirements in an ongoing, sequestered environment.
“Since the beginning of our new fiscal year, we are encouraged that we have won a number of significant new business and recompete awards. In addition, we have strengthened our business development organization with the addition of two key executives. We will continue to execute our strategy that is focused on winning business in support of the government’s high-priority missions, delivering operational excellence to our customers, and making acquisitions that bring us new customers and new capabilities. All of this gives us the confidence to reiterate our FY14 guidance.”
Fourth Quarter Comparisons
When analyzing our performance, we believe better insight and a more meaningful comparison of our Fiscal Year 2013 (FY13) results with those of Fiscal Year 2012 (FY12) can be made by adjusting for three material one-time items that positively impacted our results last year. The one-time item that impacted our fourth quarter FY12 results, which we discussed when we released both our fourth quarter FY12 results and our FY13 annual guidance, is greater-than-expected profitability on a large fixed-price contract that generated $0.1 million in additional net income in the fourth quarter of FY12 and $7.1 million during the full year of FY12.
Results for the fourth quarter of FY13 compared with results for the fourth quarter of FY12, excluding the item described above, are shown below:
| Q4, FY12 | ||||||
| As Adjusted | ||||||
| (in millions except per share data) | Q4, FY13 | (see page 13) | % Change | |||
| Revenue | $912.9 | $948.9 | -3.8% | |||
| Operating income | $67.9 | $76.5 | -11.2% | |||
| Net income attributable to CACI | $37.9 | $43.3 | -12.3% | |||
| Diluted earnings per share | $1.56 | $1.59 | -1.8% | |||
Revenue decreased 3.8 percent from revenue for the fourth quarter of FY12. Our 4.3 percent increase in direct labor was offset by a reduction of material purchases and subcontract labor. Operating income in the fourth quarter of FY13 was negatively impacted by $7 million in one-time severance and facilities-related expenses. Net income attributable to CACI in the fourth quarter of FY13 was $37.9 million, or $1.56 diluted earnings per share, a decrease of 12.3 percent over adjusted net income attributable to CACI of $43.3 million, or $1.59 adjusted diluted earnings per share, for the same period in FY12. Net cash provided by operations in the quarter was $106.9 million. (See Reconciliation of Revenue, Operating Income, Net Income, and Diluted Earnings Per Share to Adjusted Amounts on page 13.)
For a comparison of our FY13 results to FY12 results reported in accordance with generally accepted accounting principles (GAAP), see the income statement on page 7 of this release.
Additional Financial Metrics
| Q4 , FY12 | ||||||
| Q4, FY13 | As Adjusted | % Change | ||||
| Earnings before interest, taxes, depreciation and amortization (EBITDA), a non-GAAP measure (in millions) | $81.9 | $90.9 | -9.9% | |||
| Diluted adjusted earnings per share, a non-GAAP measure | $2.06 | $2.08 | -1.0% | |||
| Days sales outstanding | 58 | 58 | ||||
Fourth Quarter Awards and Contract Funding Orders
During the fourth quarter, we received awards in all ten of our markets with approximately one-half of those in our high-growth markets of Business Systems, Cyberspace, Healthcare and Integrated Security Solutions. Our contract awards were $561 million in the quarter. Approximately two-thirds of our awards in the quarter were either contract modifications or recompete wins, which assures us that we continue to serve critical missions of our customers. FY13 awards totaled $3.4 billion, led by Business Systems, C4ISR, and Intelligence. This amount also includes more than $425 million in contracts with federal government clients in the Intelligence Community.
Contract funding orders in the fourth quarter were $722 million and $3.42 billion for FY13. Our total backlog at June 30, 2013 was $6.9 billion. Funded backlog at June 30, 2013 was $1.7 billion.
We continued to expand our inventory of indefinite delivery, indefinite quantity (IDIQ) contract vehicles during the quarter by being awarded prime positions on new multiple and single award contracts, resulting in a combined total of over 160 of these vehicles. IDIQ contract vehicles support our growth plans across our ten markets and provide us the flexibility to deliver on our customers’ mission-critical requirements. Awards during the quarter included:
IDIQ awards during the quarter included:
Fourth Quarter Highlights
Fourth Quarter Recognition
Comparison of Twelve Months Results
As noted on page 1 of this release, we believe better insight and a more meaningful comparison of our FY13 results with those of FY12 can be made by adjusting for three material one-time items that positively impacted our results last year. These items, which we discussed when we released both our full year FY12 results and our FY13 annual guidance, are:
Results for FY13 compared with results for FY12, excluding the items described above, are shown below:
| Twelve Months, | ||||||
| Twelve | FY12 | |||||
| Months, | As Adjusted | |||||
| (in millions except per share data) | FY13 | (see page 13) | % Change | |||
| Revenue | $3,682.0 | $3,762.4 | -2.1% | |||
| Operating income | $270.8 | $277.5 | -2.4% | |||
| Net income attributable to CACI | $151.7 | $153.9 | -1.4% | |||
| Diluted earnings per share | $6.35 | $5.47 | 16.0% | |||
Revenue decreased 2.1 percent from adjusted revenue for FY12 primarily due to increases in direct labor being offset by a reduction of material purchases tied to the draw down in Afghanistan as well as sequestration-related reductions in other material purchases. Operating income in the second half of FY13 was negatively impacted by $10 million in one-time severance and facilities-related expenses. Net income attributable to CACI for FY13 was $151.7 million, or $6.35 diluted earnings per share, a decrease of 1.4 percent from adjusted net income attributable to CACI of $153.9 million, or $5.47 adjusted diluted earnings per share, for FY12. Net cash provided by operations in FY13 was $249.3 million. (See Reconciliation of Revenue, Operating Income, Net Income, and Diluted Earnings Per Share to Adjusted Amounts on page 13.)
For a comparison of our FY13 results to FY12 results reported in accordance with GAAP, see the income statement on page 7 of this release.
Additional Financial Metrics
| Twelve | ||||||
| Twelve | Months, | |||||
| Months, | FY12 As | |||||
| FY13 | Adjusted | % Change | ||||
| Earnings before interest, taxes, depreciation and amortization (EBITDA), a non-GAAP measure (in millions) | $326.6 | $334.4 | -2.3% | |||
| Diluted adjusted earnings per share, a non-GAAP measure | $8.33 | $7.33 | 13.7% | |||
Subsequent Events since July 1, 2013
CACI Reiterates Its FY14 Guidance
We are reiterating the FY14 guidance we issued on June 26, 2013. We expect that operating cash flow for the year will be approximately $225 million. The guidance does not include the impact of future acquisitions. The table below summarizes our FY14 guidance ranges and represents our views as of August 14, 2013:
| (In millions except for tax rate and earnings per share) |
FY 2014
|
|
| Revenue | $3,500 - $3,700 | |
| Net income attributable to CACI | $142 - $152 | |
| Effective corporate tax rate | 39% | |
| Diluted earnings per share | $5.70 - $6.10 | |
| Diluted weighted average shares | 24.9 | |
Conference Call Information
We have scheduled a conference call for 8:30 AM Eastern Time Thursday, August 15, 2013 during which members of our senior management team will be making a brief presentation focusing on fourth quarter and full year 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 18383571. A replay of the call will also be available over the Internet beginning at 1:00 PM Eastern Time Thursday, August 15, 2013 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 clients. A member of the Fortune 1000 Largest Companies and the Russell 2000 Index, CACI provides dynamic careers for approximately 14,900 employees working in over 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 (including the impact of uncertainty regarding U.S. debt limits and actions taken related thereto); terrorist activities or war; changes in interest rates; currency fluctuations; significant fluctuations in the equity markets; changes in our effective tax rate; failure to achieve contract awards in connection with re-competes for present business and/or competition for new business; the risks and uncertainties associated with client interest in and purchases of new products and/or services; continued funding of U.S. government or other public sector projects, based on a change in spending patterns, implementation of spending cuts (sequestration) under the Budget Control Act of 2011, changes in budgetary priorities or in the event of a priority need for funds, such as homeland security or the war on terrorism; 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 investigations into allegations of improper actions related to the provision of services in support of U.S. military operations in Iraq; 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
|
* See Reconciliation of Net Income to Adjusted Earnings before Interest, Taxes, Depreciation and Amortization and to Adjusted Net Income on page 12. |
| Selected Financial Data (Continued) | ||||||
| CACI International Inc | ||||||
| Condensed Consolidated Balance Sheets (Unaudited) | ||||||
| (Amounts in thousands) | ||||||
| 6/30/2013 | 6/30/2012 | |||||
| ASSETS: | ||||||
| Current assets | ||||||
| Cash and cash equivalents | $ | 64,337 | $ | 15,740 | ||
| Accounts receivable, net | 614,616 | 628,842 | ||||
| Prepaid expenses and other current assets | 49,022 | 41,210 | ||||
| Total current assets | 727,975 | 685,792 | ||||
| Goodwill and intangible assets, net | 1,581,153 | 1,521,769 | ||||
| Property and equipment, net | 65,510 | 67,449 | ||||
| Other long-term assets | 126,627 | 113,212 | ||||
| Total assets | $ | 2,501,265 | $ | 2,388,222 | ||
| LIABILITIES AND SHAREHOLDERS' EQUITY: | ||||||
| Current liabilities | ||||||
| Current portion of long-term debt | $ | 295,517 | $ | 7,500 | ||
| Accounts payable | 133,073 | 149,549 | ||||
| Accrued compensation and benefits | 166,538 | 180,871 | ||||
| Other accrued expenses and current liabilities | 147,366 | 147,009 | ||||
| Total current liabilities | 742,494 | 484,929 | ||||
| Long-term debt, net of current portion | 300,790 | 527,307 | ||||
| Other long-term liabilities | 250,409 | 211,541 | ||||
| Total liabilities | 1,293,693 | 1,223,777 | ||||
| Shareholders' equity | 1,207,572 | 1,164,445 | ||||
| Total liabilities and shareholders' equity | $ | 2,501,265 | $ | 2,388,222 | ||
| Selected Financial Data (Continued) | ||||||||
| CACI International Inc | ||||||||
| Condensed Consolidated Statements of Cash Flows (Unaudited) | ||||||||
| (Amounts in thousands) | ||||||||
| Twelve Months Ended | ||||||||
| 6/30/2013 | 6/30/2012 | |||||||
| CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||
|
Net income including portion attributable to noncontrolling interest in earnings of joint venture |
$ | 152,676 | $ | 168,211 | ||||
|
Reconciliation of net income to net cash provided by operating activities: |
||||||||
| Depreciation and amortization | 54,078 | 55,962 | ||||||
| Non-cash interest expense | 12,868 | 12,024 | ||||||
| Amortization of deferred financing costs | 2,073 | 2,237 | ||||||
| Stock-based compensation expense | 8,832 | 15,499 | ||||||
| Provision for deferred income taxes | 31,102 | 10,653 | ||||||
| Distribution of earnings from unconsolidated joint ventures | 5,627 | - | ||||||
| Undistributed earnings of unconsolidated joint ventures | (2,620 | ) | (1,728 | ) | ||||
| Other | - | 1,322 | ||||||
|
Changes in operating assets and liabilities, net of effect of business acquisitions: |
||||||||
| Accounts receivable, net | 32,265 | (33,919 | ) | |||||
| Prepaid expenses and other current assets | (11,739 | ) | (11,064 | ) | ||||
| Accounts payable and accrued expenses | (8,611 | ) | 39,001 | |||||
| Accrued compensation and benefits | (23,744 | ) | 3 | |||||
| Income taxes receivable and payable | (17,188 | ) | 930 | |||||
| Other liabilities | 13,712 | 12,092 | ||||||
| Net cash provided by operating activities | 249,331 | 271,223 | ||||||
| CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||
| Capital expenditures | (15,439 | ) | (18,284 | ) | ||||
| Purchases of businesses, net of cash acquired | (107,021 | ) | (185,926 | ) | ||||
| Investment in unconsolidated joint ventures | (838 | ) | - | |||||
| Other | (4,119 | ) | (158 | ) | ||||
| Net cash used in investing activities | (127,417 | ) | (204,368 | ) | ||||
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||
| Net proceeds under credit facilities | 46,888 | 116,251 | ||||||
| Payment of contingent consideration | (3,187 | ) | (21,611 | ) | ||||
|
Proceeds from employee stock purchase plans |
4,505 | 4,095 | ||||||
| Proceeds from exercise of stock options | 13,050 | 7,466 | ||||||
| Repurchases of common stock | (127,529 | ) | (316,563 | ) | ||||
| Payment of taxes for equity transactions | (7,605 | ) | (4,535 | ) | ||||
| Other | 853 | (584 | ) | |||||
| Net cash used in financing activities | (73,025 | ) | (215,481 | ) | ||||
| Effect of exchange rate changes on cash and cash equivalents | (292 | ) | (451 | ) | ||||
| Net increase (decrease) in cash and cash equivalents | 48,597 | (149,077 | ) | |||||
| Cash and cash equivalents, beginning of period | 15,740 | 164,817 | ||||||
| Cash and cash equivalents, end of period | $ | 64,337 | $ | 15,740 | ||||
| Selected Financial Data (Continued) | |||||||||||||||||
| Contract Funding Orders Received (Unaudited) | |||||||||||||||||
| Quarter Ended | |||||||||||||||||
| (dollars in thousands) | 6/30/2013 | 6/30/2012 |
$ Change |
% Change | |||||||||||||
| Contract Funding Orders | $ | 721,580 | $ | 901,130 | $ | (179,550 | ) | -19.9 | % | ||||||||
| Twelve Months Ended | |||||||||||||||||
| (dollars in thousands) | 6/30/2013 | 6/30/2012 |
$ Change |
% Change | |||||||||||||
| Contract Funding Orders | $ | 3,415,626 | $ | 3,910,057 | $ | (494,431 | ) | -12.6 | % | ||||||||
| Direct Costs by Category (Unaudited) | |||||||||||||||||||||||||
| Quarter Ended | |||||||||||||||||||||||||
| (dollars in thousands) | 6/30/2013 | 6/30/2012 |
$ Change |
% Change | |||||||||||||||||||||
| Direct labor | $ | 262,648 | 41.9 | % | $ | 251,898 | 38.6 | % | $ | 10,750 | 4.3 | % | |||||||||||||
| Other direct costs | 364,547 | 58.1 | % | 400,093 | 61.4 | % | (35,546 | ) | -8.9 | % | |||||||||||||||
| Total direct costs | $ | 627,195 | 100.0 | % | $ | 651,991 | 100.0 | % | $ | (24,796 | ) | -3.8 | % | ||||||||||||
| Twelve Months Ended | |||||||||||||||||||||||||
| (dollars in thousands) | 6/30/2013 | 6/30/2012 |
$ Change |
% Change | |||||||||||||||||||||
| Direct labor | $ | 1,029,010 | 40.6 | % | $ | 977,743 | 37.6 | % | $ | 51,267 | 5.2 | % | |||||||||||||
| Other direct costs | 1,506,596 | 59.4 | % | 1,621,147 | 62.4 | % | (114,551 | ) | -7.1 | % | |||||||||||||||
| Total direct costs | $ | 2,535,606 | 100.0 | % | $ | 2,598,890 | 100.0 | % | $ | (63,284 | ) | -2.4 | % | ||||||||||||
| Reconciliation of Total Revenue Growth and Organic Revenue Growth |
| (Unaudited) |
|
We are presenting organic revenue growth, on both an as reported and as adjusted basis, to reflect the effect of acquisitions on total revenue growth. Revenue generated from the date a business is acquired through the first anniversary of that date is considered acquired revenue growth. All remaining revenue growth is considered organic. We believe that this non-GAAP financial measure provides investors with useful information to evaluate the growth rate of our core business. This non-GAAP measure 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) | 6/30/2013 | 6/30/2012 | % Change | 6/30/2013 | 6/30/2012 | % Change | ||||||||||||||||||
| Revenue, as reported | $ | 912,931 | $ | 948,873 | -3.8 | % | $ | 3,681,990 | $ | 3,774,473 | -2.5 | % | ||||||||||||
| Less: | ||||||||||||||||||||||||
| Acquired revenue | 31,381 | 124,345 | ||||||||||||||||||||||
| Organic revenue | $ | 881,550 | $ | 948,873 | -7.1 | % | $ | 3,557,645 | $ | 3,774,473 | -5.7 | % | ||||||||||||
| Quarter Ended | Twelve Months Ended | |||||||||||||||||||||||
| (dollars in thousands) | 6/30/2013 | 6/30/2012 | % Change | 6/30/2013 | 6/30/2012 | % Change | ||||||||||||||||||
| Revenue, as adjusted | $ | 912,931 | $ | 948,873 | -3.8 | % | $ | 3,681,990 | $ | 3,762,438 | -2.1 | % | ||||||||||||
| Less: | ||||||||||||||||||||||||
| Acquired revenue | 31,381 | 124,345 | ||||||||||||||||||||||
| Organic revenue | $ | 881,550 | $ | 948,873 | -7.1 | % | $ | 3,557,645 | $ | 3,762,438 | -5.4 | % | ||||||||||||
| Selected Financial Data (Continued) | |
| Reconciliation of Net Income to Adjusted 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. We are presenting FY12 EBITDA, EBITDA margin, Adjusted Net Income and Diluted Adjusted Earnings Per Share on an adjusted basis, to remove the impact of three material items that positively impacted our FY12 results as we believe these adjusted measures provide a better comparison to our ongoing, recurring operations. Adjusted EBITDA is defined by us as GAAP net income plus net interest expense, income taxes, and depreciation and amortization, and less the three material items described earlier in this release. Adjusted EBITDA margin is adjusted EBITDA divided by adjusted 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, and less the three material items described earlier in this release; net of related tax effects computed using an assumed marginal tax rate of 39.3 percent. 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 | Twelve Months Ended | |||||||||||||||||||||||||||
| (dollars in thousands) | 6/30/2013 | 6/30/2012 | % Change | 6/30/2013 | 6/30/2012 | % Change | ||||||||||||||||||||||
|
Net income attributable to CACI, as reported |
$ | 37,938 | $ | 43,397 | -12.6 | % | $ | 151,689 | $ | 167,454 | -9.4 | % | ||||||||||||||||
| Plus: | ||||||||||||||||||||||||||||
| Income taxes | 23,173 | 27,233 | -14.9 | % | 92,347 | 107,537 | -14.1 | % | ||||||||||||||||||||
| Interest income and expense, net | 7,001 | 6,383 | 9.7 | % | 28,453 | 25,829 | 10.2 | % | ||||||||||||||||||||
| Depreciation and amortization | 13,744 | 14,068 | -2.3 | % | 54,078 | 55,962 | -3.4 | % | ||||||||||||||||||||
| Less: | ||||||||||||||||||||||||||||
| Product sale adjustment | - | - | - | (10,093 | ) | |||||||||||||||||||||||
| Fixed price contract adjustment | - | (200 | ) | - | (11,700 | ) | ||||||||||||||||||||||
| Earn-out adjustment | - | - | - | (592 | ) | |||||||||||||||||||||||
| Adjusted EBITDA | $ | 81,856 | $ | 90,881 | -9.9 | % | $ | 326,567 | $ | 334,397 | -2.3 | % | ||||||||||||||||
| Quarter Ended | Twelve Months Ended | |||||||||||||||||||||||||||
| (dollars in thousands) | 6/30/2013 | 6/30/2012 | % Change | 6/30/2013 | 6/30/2012 | % Change | ||||||||||||||||||||||
| Revenue, as adjusted | $ | 912,931 | $ | 948,873 | -3.8 | % | $ | 3,681,990 | $ | 3,762,438 | -2.1 | % | ||||||||||||||||
| Adjusted EBITDA | $ | 81,856 | $ | 90,881 | -9.9 | % | $ | 326,567 | $ | 334,397 | -2.3 | % | ||||||||||||||||
| Adjusted EBITDA margin | 9.0 | % | 9.6 | % | 8.9 | % | 8.9 | % | ||||||||||||||||||||
| Quarter Ended | Twelve Months Ended | |||||||||||||||||||||||||||
| (dollars in thousands) | 6/30/2013 | 6/30/2012 | % Change | 6/30/2013 | 6/30/2012 | % Change | ||||||||||||||||||||||
|
Net income attributable to CACI, as reported |
$ | 37,938 | $ | 43,397 | -12.6 | % | $ | 151,689 | $ | 167,454 | -9.4 | % | ||||||||||||||||
| Plus: | ||||||||||||||||||||||||||||
| Stock-based compensation | 2,438 | 4,404 | -44.6 | % | 8,832 | 15,499 | -43.0 | % | ||||||||||||||||||||
| Depreciation and amortization | 13,744 | 14,068 | -2.3 | % | 54,078 | 55,962 | -3.4 | % | ||||||||||||||||||||
| Amortization of financing costs | 530 | 494 | 7.3 | % | 2,073 | 2,237 | -7.3 | % | ||||||||||||||||||||
| Non-cash interest expense | 3,295 | 3,078 | 7.1 | % | 12,868 | 12,024 | 7.0 | % | ||||||||||||||||||||
| Less: | ||||||||||||||||||||||||||||
| Product sale adjustment | - | - | - | (10,093 | ) | |||||||||||||||||||||||
| Fixed price contract adjustment | - | (200 | ) | - | (11,700 | ) | ||||||||||||||||||||||
| Earn-out adjustment | - | - | - | (592 | ) | |||||||||||||||||||||||
| Related tax effect | (7,857 | ) | (8,578 | ) | -8.4 | % | (30,572 | ) | (24,872 | ) | 22.9 | % | ||||||||||||||||
| Adjusted net income | $ | 50,088 | $ | 56,663 | -11.6 | % | $ | 198,968 | $ | 205,919 | -3.4 | % | ||||||||||||||||
| Quarter Ended | Twelve Months Ended | |||||||||||||||||||||||||||
| (shares in thousands) | 6/30/2013 | 6/30/2012 | % Change | 6/30/2013 | 6/30/2012 | % Change | ||||||||||||||||||||||
|
Diluted weighted average shares, as reported |
24,318 | 27,247 | 23,885 | 28,111 | ||||||||||||||||||||||||
| Diluted earnings per share, as reported | $ | 1.56 | $ | 1.59 | -2.0 | % | $ | 6.35 | $ | 5.96 | 6.6 | % | ||||||||||||||||
| Diluted adjusted earnings per share | $ | 2.06 | $ | 2.08 | -1.0 | % | $ | 8.33 | $ | 7.33 | 13.7 | % | ||||||||||||||||
| Selected Financial Data (continued) |
| Reconciliation of Revenue, Operating Income, Net Income and Diluted Earnings Per Share |
| to Adjusted Amounts |
| (Unaudited) |
|
As described earlier in this release, the Company is presenting adjusted Revenue, Operating Income, Net Income and Diluted Earnings per Share to present results excluding the impact of three material items recorded during the fiscal year ended June 30, 2012. During the fourth quarter of FY12, only the fixed price contract adjustment impacted the income statement as follows: $0.2 million reduction of direct costs. These items were recorded in the income statement for the twelve months ended June 30, 2012, as follows: product sale -- $12.0 million of revenue and $1.9 million of indirect costs and selling expenses; fixed price contract adjustment -- $11.7 million reduction of direct costs; and earn-out adjustment -- $0.6 million reduction in indirect costs and selling expenses. The Company believes that presenting the key measures of Revenue, Operating Income, Net Income, and Diluted Earnings per Share without the impact of these material items recorded in FY12 provides readers a better comparison to our ongoing, recurring operations. These non-GAAP measures should not be considered in isolation or as a substitute for performance measures prepared in accordance with GAAP. |
CONTACT:
CACI International Inc
Corporate Communications and Media:
Jody
Brown, Executive Vice President,
Corporate Communications
703-841-7801
jbrown@caci.com
or
Investor
Relations:
David Dragics, Senior Vice President,
Investor Relations
866-606-3471
ddragics@caci.com