CACI Announces Share Repurchase Program
March 11 2021 - 8:00AM
Business Wire
$500 million accelerated share repurchase
(ASR) authorization
Strong cash flow supports both M&A and
capital returns to shareholders
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 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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version on businesswire.com: https://www.businesswire.com/news/home/20210311005322/en/
Corporate Communications and Media: Jody Brown, Executive Vice
President, Public Relations (703) 841-7801, jbrown@caci.com
Investor Relations: Dan Leckburg, Senior Vice President, Investor
Relations (703) 841-7666, dleckburg@caci.com
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