CACI International Inc. (NYSE:CACI) Q1 2018 Earnings Conference Call Transcript
Nov 02, 2017 • 08:30 am ET
Ladies and gentlemen, thank you for standing by. Welcome to the CACI International Q1 FY '18 Earnings Conference Call. Today's call is being recorded. (Operator Instructions) A special reminder to our media guests who are listening, please remember that during the question-and-answer portion of the call, we are only taking questions from the analysts.
At this time, I would like to turn the conference call over to Dave Dragics, SVP of IR for CACI International. Please go ahead, sir
David L. Dragics
Thanks, Allison, and good morning, ladies and gentlemen. I'm Dave Dragics, SVP of IR of CACI International, and we're very pleased that you're able to participate with us today. And as is our practice, we are providing presentation slides. So let's move to Slide 2.
(Forward-Looking Cautionary Statements)
So let's turn to Slide 3, and to open up our discussion this morning, here's Ken Asbury, President and CEO of CACI International. Ken?Well, thank you, Dave, and good morning, everyone. Thanks for joining us to discuss fiscal year 2018 first quarter results. With me this morning are John Mengucci, our Chief Operating Officer; Tom Mutryn, our Chief Financial Officer; DeEtte Gray, our President of U.S. operations; and Mr. Greg Bradford, President of CACI Limited, who is joining us from the United Kingdom.
Well, thank you, Dave, and good morning, everyone. Thanks for joining us to discuss fiscal year 2018 first quarter results. With me this morning are John Mengucci, our COO; Tom Mutryn, our CFO; DeEtte Gray, our President of U.S. operations; and Mr. Greg Bradford, President of CACI Limited, who is joining us from the United Kingdom.
Last night, we released our first quarter results for fiscal year 2018. We also raised net income and earnings per share guidance. This morning, I'll provide you an update on the quarter results and some strategic positioning. Tom is going to give you details on the financials and John will cover the operational aspects of the first quarter.
Let's turn to Slide 4 in the deck please. I'll start with a quick overview. Operations delivered right in line with our revenue and profit plan for first quarter, generating positive organic revenue growth for the third consecutive quarter and getting our FY '18 plans started in excellent shape. Our net income and earnings per share benefited from a tax reduction associated with share-based compensation accounting, which Tom is going to elaborate on in just a moment. As a result, we raised our net income and EPS guidance accounting for this benefit. We also continue to track record strong flow cash flow, generating $80 million of operating cash in the quarter.
Turning to contract awards. We won $1.2 billion in the quarter, which at first appears significantly lower than what we have done in previous years. A key factor to this quarter was that there were a significant number of short-term recompete bridges, which contributed fractional value to our total awards in the quarter, despite being incredibly positive for us in terms of our outlook for the