Caci International Inc 8-K, filed Mar 11, 2021
Caci International Inc (CACI)
About this 8-K
Caci International Inc filed this 8-K on March 11, 2021.
Items reported
- Item 8.01: Other events
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
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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 (see General Instructions A.2. below):
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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Emerging growth company |
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act ☐
Item 8.01 Other Events
On March 11, 2021, CACI International Inc announced that the Company’s Board of Directors had approved a $500 million accelerated share repurchase program. A copy of the press release is filed as Exhibit 99.1 and incorporated by reference in this Current Report on Form 8-K.
Item 9.01 Financial Statement and Exhibits.
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Description |
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99.1 |
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Press Release dated March 11, 2021.
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104 |
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Cover Page Interactive Data File (embedded within the Inline XBRL document). |
SIGNATURES
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 thereunto duly authorized.
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CACI International Inc |
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Date: March 11, 2021 |
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By: |
/s/ J. William Koegel, Jr. |
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J. William Koegel, Jr. |
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Executive Vice President, General Counsel and Secretary
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Exhibit 99.1
CACI Announces Share Repurchase Program
$500 million accelerated share repurchase (ASR) authorization
Strong cash flow supports both M&A and capital returns to shareholders
Arlington, Va., March 11, 2021 – CACI International Inc (NYSE: CACI), a leading provider of expertise and technology to government enterprise and mission customers, announced today that its Board of Directors has approved a $500 million accelerated share repurchase (ASR) program. This reflects CACI’s confidence in generating strong future cash flow, allowing the company to create shareholder value under various business dynamics and market conditions through mergers and acquisitions, internal investments, share repurchases, and other capital deployment measures.
John Mengucci, CACI’s President and CEO, said, “CACI is a strong company with a history of significant value creation and bright future prospects. We have strategically aligned with critical national security and modernization priorities, developed and acquired differentiated technology capabilities, and significantly increased revenue, profit, and cash flow. As a result, we are confident we have the financial strength, resiliency, and available liquidity to continue investing in future organic and acquired growth, while also providing additional value to our shareholders through share repurchases, the next step in a more opportunistic and flexible capital deployment strategy.”
CACI intends to execute this ASR promptly and in compliance with the provisions of the Securities Exchange Act of 1934 and the applicable rules and regulations. The final number of shares to be repurchased under the ASR will be based on the average of the daily volume-weighted average prices of CACI common stock during the repurchase period, less a discount and subject to adjustments pursuant to the terms of the ASR agreement. The Company anticipates that all repurchases under the ASR will be completed prior to the end of the fourth quarter of calendar year 2021.
About CACI
CACI’s approximately 23,000 talented employees are vigilant in providing the unique expertise and distinctive technology that address our customers’ greatest enterprise and mission challenges. Our culture of good character, innovation, and excellence drives our success and earns us recognition as a Fortune World’s Most Admired Company. As a member of the Fortune 1000 Largest Companies, the Russell 1000 Index, and the S&P MidCap 400 Index, we consistently deliver strong shareholder value. Visit us at www.caci.com.
There are statements made herein that 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 risk factors that could cause actual results to be materially different from anticipated results. These risk factors include, but are not limited to, the following: our reliance on U.S. government contracts, which includes general risk around the government contract procurement process (such as bid protest, small business set asides, loss of work due to organizational conflicts of interest, etc.) and termination risks; significant delays or reductions in appropriations for our programs and broader changes in U.S. government funding and spending patterns; legislation that amends or changes discretionary spending levels or budget priorities, such as for homeland security or to address global pandemics like COVID-19; legal, regulatory, and political change from successive presidential administrations 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, including the impact of global pandemics like COVID-19; 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; competitive factors such as pricing pressures and/or
Exhibit 99.1
competition to hire and retain employees (particularly those with security clearances); failure to achieve contract awards in connection with re-competes for present business and/or competition for new business; regional and national economic conditions in the United States and globally, including but not limited to: terrorist activities or war, changes in interest rates, currency fluctuations, significant fluctuations in the equity markets, and market speculation regarding our continued independence; our ability to meet contractual performance obligations, including technologically complex obligations dependent on factors not wholly within our control; limited access to certain facilities required for us to perform our work, including during a global pandemic like COVID-19; changes in tax law, the interpretation of associated rules and regulations, or any other events impacting our effective tax rate; changes in technology; the potential impact of the announcement or consummation of a proposed transaction and our ability to successfully integrate the operations of our recent and any future acquisitions; our ability to achieve the objectives of near term or long-term business plans; the effects of health epidemics, pandemics and similar outbreaks may have material adverse effects on our business, financial position, results of operations and/or cash flows; and other risks described in our Securities and Exchange Commission filings.
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Corporate Communications and Media:Investor Relations:
Jody Brown, Executive Vice President, Public RelationsDan Leckburg, Senior Vice President, Investor Relations
(703) 841-7801, jbrown@caci.com(703) 841-7666, dleckburg@caci.com