David L. Dragics - Senior Vice President of Investor Relations Daniel D. Allen - Chief Executive Officer, President, Director and Member of Executive Committee Thomas A. Mutryn - Chief Financial Officer, Executive Vice President and Treasurer John S. Mengucci - Chief Operating Officer and President of U.S. Operations

Brian Gesuale - Raymond James & Associates, Inc., Research Division William R. Loomis - Stifel, Nicolaus & Co., Inc., Research Division Michael S. Lewis - Lazard Capital Markets LLC, Research Division Tobey Sommer - SunTrust Robinson Humphrey, Inc., Research Division Mark C. Jordan - Noble Financial Group, Inc., Research Division Edward S. Caso - Wells Fargo Securities, LLC, Research Division George A. Price - BB&T Capital Markets, Research Division Brian Kinstlinger - Sidoti & Company, LLC Timothy J. Quillin - Stephens Inc., Research Division Joseph B. Nadol - JP Morgan Chase & Co, Research Division Jason Kupferberg - Jefferies & Company, Inc., Research Division

Ladies and gentlemen, thank you for standing by. Welcome to the CACI International First Quarter Fiscal Year 2013 Conference. Today's call is being recorded. [Operator Instructions] At this time, I would like to turn the conference call over to Dave Dragics, Senior Vice President of Investor Relations for CACI International. Please go ahead, sir. David L. Dragics: Thanks, Pablo, and good morning, ladies and gentlemen. I'm Dave Dragics, Senior Vice President of Investor Relations 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 our presentation slides, so let's move to Slide #2. And it's about our written and oral disclosures and commentary. There will be statements in this call that do not address historical fact and as such, constitute forward-looking statements under current law. These statements reflect our views as of today and are subject to important factors that could cause our actual results to differ materially from anticipated results. Now factors that could cause our actual results to differ materially from those we anticipate are listed at the bottom of last evening's earnings release and are described in the company's Securities and Exchange Commission filings. And our safe harbor statement is included on this exhibit and should be incorporated as part of any transcript of this call. I'd also like to point out that our presentation today will include discussion of non-GAAP financial measures, and these non-GAAP financial measures should not be considered in isolation or as a substitute for performance measures prepared in accordance with GAAP. To open up our discussion this morning, here is Dan Allen, President and Chief Executive Officer of CACI International. Dan? Daniel D. Allen: Thanks, Dave, and good morning to everyone. Joining me on the call this morning are Tom Mutryn, our Chief Financial Officer; John Mengucci, our Chief Operating Officer and President of U.S. Operations; and Greg Bradford, Chief Executive of CACI Limited in the U.K. Let's go to Slide 3. Yesterday, CACI announced solid performance in the first quarter of our fiscal year '13, including record revenue, earnings per share and cash flow from operations. In addition, funding in the quarter was strong, increasing funded backlog by 24% over our year-end fiscal year '12 level. We also saw strong awards in the quarter and our new business pipeline remains healthy, indicating there continue to be opportunities to grow our business. Because these forward indicators remain positive, we are confident, even in this challenging environment that we will continue to grow and build shareholder value. For these reasons, we are reiterating our fiscal year '13 guidance. Slide 4. Before Tom and John expand on the quarter's performance, I would like to highlight the progress we are making with our market-driven strategy. We execute this strategy along a strategic framework that comprises 4 major components: markets, capabilities, people and financials. The first component is markets. We have developed our growth strategy around 10 markets with an addressable market size of approximately $235 billion. The U.S. government is our primary customer, and these 10 markets are focused on high-priority, well-funded missions. We view each of these markets as either high-growth, that is, an addressable market that is growing materially, or high volume, that is, addressable markets that are already of significant size. While both are valuable to our business, our strategies for growth in each differ. Slide 5. During the first quarter, in our high-growth markets of Business Systems and Healthcare, we achieved double-digit revenue growth over the same quarter in fiscal year '12. And in the Cyber and Integrated Security Solutions markets, we achieved single-digit growth. Slide 6. In our high-volume markets of Logistics and Material Readiness, Enterprise IT, Geospatial and Investigative and Litigation Support, we also achieved single-digit revenue growth. And in our C4ISR and Intelligence market, we experienced an expected decrease in revenue as a result of the drawdown in Afghanistan. Across all of our markets, we continue to win new profitable awards from key customers. John will provide some further details in just a few minutes. Slide 7. The second and third parts of our strategic framework are our people and our capabilities. The synergy between the 2 creates an important differentiator for CACI, our operational excellence. Our commitment to operational excellence has led to a history of strong program performance, building long-term trusted client relationships with a consistently high recompete win rate that protects our base of existing business. We execute on our contracts with a lean cost structure and a commitment to quality. Even in this environment, we continue to invest in our people, our processes and our capabilities, ensuring we are performing well today and are positioned to capitalize on the opportunities in front of us. People are critical to our success, and we continue our investments in acquiring the right talent and developing our skills to ensure we can execute on our market strategy. In the first quarter, we added over 200 new employees and have over 300 firm job openings. Slide 8. The last component of our strategic framework is financial, which includes our balanced capital deployment strategy. Our strategic M&A program remains a key part of our growth, and it is a core competency of CACI. We identify acquisition opportunities that are aligned with our market strategy and companies that are appropriately valued, adding desired new technologies and broader customer relationships that create sustainable long-term growth. This quarter, we completed the acquisition of Delta Solutions, a premier provider of financial management and business analytics services to the federal government with the extensive experience with SAP and Momentum. This acquisition expands our presence in our Business Systems market and complements our acquisition of Oracle-based, the Advance Programs Group. During the quarter, we also completed our second 4 million share repurchase. The balanced use of capital for M&A and share repurchase demonstrates our commitment to creating long-term shareholder value. Let's go to Slide 9. We believe that our strategic framework will serve us well in the current environment. We are well aware of the potential headwinds that our industry faces. We are operating under a CR, and a threat of sequestration is a risk that we assess operationally every day. We hope that the budget issues will be resolved to avoid sequestration and preserve critical funding for national security, as well as other key government services to citizens. No one can say for sure whether sequestration will occur and what its impact might be. However, with more than 2,100 contracts, a large diverse client base and our solid position in markets aligned with the government's top priorities, we believe we have limited exposure. We may experience reduced funding on some programs, but we do not expect the cancellation of any major program. We believe that our proven strategy, our agility and our ability to rapidly maneuver in our addressable market enables us to meet our commitments. Our Board and management team are committed to creating shareholder value throughout the economic cycle, and we believe our market-driven strategy enables us to do that. With that, I'd like to turn the call over to Tom for some discussions of our financial results. Tom? Thomas A. Mutryn: Yes, thank you, Dan, and good morning, everyone. We are pleased with our revenue earnings and cash flow performance in our first quarter. Slide 10, please. As outlined in the earnings press release and discussed in prior earnings calls, 3 material onetime items positively impacted last year's results. To provide better insight into our fiscal '13 performance in more meaningful comparison, we will be comparing this year's results to adjusted fiscal year '12 results. Next slide, please. For the quarter, revenue increased 2.1% from last year. Net earnings increased 1.7% and earnings per share increased by 26.6%. This greater increase in EPS was driven by a $5.9 million decrease in our diluted share count, primarily as a result of our August 2011 and June 2012 share repurchase programs. First quarter earnings growth was driven by a 6.5% increase in direct labor, which is consistent with our stated growth goal. Directly, were represented 39% of direct costs, up from 37.3% in the first quarter of last year. Slide 12, please. We achieved record first quarter operating cash of $68 million, and our free cash flow was $62 million. On a trailing 12-month basis, free cash flow was $257 million or $9.65 per diluted share. This translates to a free cash flow yield of 19.3% per share at a $50 share price. Our net debt at the end of the quarter was $630 million, and our net debt to trailing 12-month adjusted EBITDA leverage ratio was at 1.9x. Our leverage ratio increased from last quarter due to the completion of the June share repurchase program and the Delta Solutions acquisition, and remains at comfortable level. Last week, we increased the size of our revolving credit facility from $600 million to $750 million using the accordion feature of the facility and taking advantage of a very favorable borrowing environment. This additional committed borrowing capacity gives us increased flexibility as we pursue acquisition opportunity and analyze various capital deployment options. Slide 13, please. We are reiterating the fiscal year '13 guidance we provided in August. Our first quarter results were in line with our expectations, and after undertaking various sensitivity analysis and testing our models, we are confident our results will be within our guidance ranges. We are executing according to plan and believe that our funding, award and backlog level support our projections. We expect to see sequential increases to direct labor, other direct costs and operating income each quarter as we progress through the year along with the usual seasonality driven by award key [ph] timings, indication and holiday patterns. With that, let me turn the call over to John. John? John S. Mengucci: Thanks, Tom. Let's turn to Slide 14. I'm pleased to say that our first quarter performance was in line with our expectations. These solid results were driven by our ability to tailor our go-to-market strategy to the unique characteristics of our high-growth and high-volume markets, as well as our ability to capitalize on our strong pipeline of opportunities. Our positive forward indicators confirm our confidence in CACI's continued growth. We achieved $1.8 billion of awards in the first quarter, which consisted of healthy bookings in all 10 of our markets. Specifically, we generated $600 million of awards in our high-growth markets and $1.2 billion of awards in our high-volume markets. Selected awards in our high-growth markets are a $176 million award in our Healthcare market. We performed optical and intelligent character recognition in support of medical claims. In our Cyber market, we received a $36 million award in support of the DoD Cyber Crime Center. And a $56 million task order in our Business Systems Solutions market to provide e-medical IT support services. The notable awards in our high-volume markets include a $63 million contract for developing advanced prototype, electronic warfare hardware; and a $47 million contract to provide testing, processing and analytical support through development of various infrared sensors, both in our C4ISR market. A $21.5 million 3-year contract in our Logistics and Material Readiness market have enabled C systems command to continue to support of a comprehensive naval shipyard training and education program. Over the Enterprise IT market, a $70 million contract to continue providing IT and software development support to the US Department of Housing and Urban Development's Office of Community Planning and Development. Slide 15, please. During the quarter, we also expanded our inventory of IDIQ contract vehicles. We were awarded prime positions on 5 additional multiple award IDIQs, bringing our total to 70. And we added prime positions on several single award IDIQs, bringing that number to over 75. We believe our large inventory of over 145 IDIQ vehicles supports our continued growth in the markets we serve. As for funding orders, we closed the quarter at $1.4 billion. This level reflects an expected reduction in funding attributable to the scheduled drawdown in Afghanistan; receipt of funding in fourth quarter fiscal year '12 fiducially received in Q1; and smaller, yet more frequent funding allocations from some current clients. These funding orders contribute to our more than 8 months of funded backlog. Our unfunded backlog stands at $6.6 billion, driving a record total backlog of $8 billion, or over 24 months, at current burn rates. As Tom mentioned, we grew revenue by 2.1% in the first quarter, with 8 of our 10 markets contributing to this growth. Exceptions were in C4ISR and Intelligence, where we experienced an expected reduction from first quarter FY '12 levels. Our operating margin was consistent with the first quarter FY '12 adjusted margin and in line with our expectations. We leveraged increased higher-margin direct labor by investing an additional bit of proposal activity, building out our technical capabilities in growth markets, as well as making investments to improve our operational efficiencies going forward. We believe these investments will improve our ability to continue to win new business and provide superior service to our clients. As we look forward to the full year, we are confident in our leading indicators. Our growing direct labor, our strong opportunity pipeline, our record backlog and our success in securing awards will support our ability to generate growth. Now let's please turn to Slide 16. Lastly, I'd like to share with you another key reason for our confidence in the remainder of fiscal year '13. At the beginning of the quarter, 70% of our forecasted FY '13 revenue was from contracts we already held, 15% was from new business and 15% was from recompetes. At the end of our first quarter, we improved that to 85% from contracts we already hold, 11% from new business and 4% from recompetes. This means that 85% of our planned revenue for the full fiscal year has already been awarded to us, 11% will come from new business and 4% will be driven by additional recompete wins. The fact that we have already identified and secured 85% of planned revenue for this year enhances our confidence and our ability to deliver results within guidance ranges. While market conditions remain challenging, we believe that our strategic focus on high-growth, high-priority opportunities; our agility within the market; our diverse portfolio of mission-critical business; our positive forward indicators; our commitment to operational excellence, all position us to deliver another year of growth. And I'll turn the call back over to Dan. Daniel D. Allen: Thanks, John, and thank you, Tom, for your comments. Before we end the call, I would like to thank the CACI team for another solid quarter of performance. CACI's dedicated employees work hard to anticipate our client's needs and exceed expectations on an ongoing basis. I'm proud to be a member of this team and appreciate all their contributions to CACI's success. We previously announced that Paul Cofoni would retire this year, and his last day is coming in just a few short weeks. As President of U.S. Operations and then CEO, Paul led the company's significant growth, more than doubling revenue to $3.8 billion in fiscal year '12 and overseeing more than 20 acquisitions that help drive that growth. He's been a wonderful mentor to me, and he is very well respected among his peers in the industry. I want to thank him for his leadership and wish him well as he heads into the next phase of his life. As we wrap up the call, I would like to reiterate our confidence in our market-driven strategy and ability to continue our track record of strong performance. Although we are facing a challenging environment, our focus on aligning with our client's highest priorities, winning new business in our large addressable market and delivering operational excellence will ensure that we grow the business, perform within our guidance and deliver long-term value to our shareholders. With that, let's open it up for calls.

[Operator Instructions] And our first question is from Brian Gesuale of Raymond James. Brian Gesuale - Raymond James & Associates, Inc., Research Division: I'm wondering if you could talk a little bit about margins. You guys have had a good run of expansion, seemed to decelerate a little bit this quarter. We've been hearing a lot about elevated B&P and lower renewal margins. Can you maybe add some color to that? And then also put some thoughts around what the margins might look in your recent bookings and backlog. Thomas A. Mutryn: Yes, Brian, this is Tom. I'll take the first part of this. In terms of kind of operating margin, our RFP margin, as John mentioned, is flat with last year. We are seeing some increased gross margin because our direct labor percentage is greater than it had been due to the falloff in the ODCs, and so that has provided some good news associated with margin. We had some slightly higher SG&A expenses in the quarter, only around 4%, so a reasonable level. Some of that was attributable to growth in fringe on directly, which is directly tied to the pace of operations. We continue to make some investments in B&P, some technological capabilities. And what we're trying to do is ensure that the organization is run efficiently. And as we drive efficiencies in other parts of the organization, we want to repurpose those funds in growth-related investments. Often, we have the right capabilities to allow us to invest. And so, in terms of running the organization, we're pretty pleased with that pace of activity. For the full year, we guided previously to margins at/or greater than 7.4%. So I think we're doing fine as far as that is concerned. I think the other part of your question was what is the margins implicit in our backlog and the like. And what we do know is that our backlog has a greater proportion of direct labor than other direct costs in our base business. I think it's approximately 50%. And our bid strategy is to go after bids where there is greater profit potential. So we're cognizant of that as we execute our plan. Brian Gesuale - Raymond James & Associates, Inc., Research Division: Great. And then maybe just one follow-up for Dan. Dan, Paul had always mentioned 60% direct labor mandate for new wins, or at least that was his target. Can you maybe speak to whether that's the right goal, and then maybe how the current quarter bookings stack up and what your pipeline might look like relative to that? Daniel D. Allen: I think the guidance that Paul gave the team at the time was appropriate for the mix of the business that we had. A big part of the growth that we were seeing was tied to some task orders and passed due revenue and we were trying to maintain a focus on that balance. As we go forward, as Tom had just mentioned, our view of the type of work that we're doing and the opportunities we see in the marketplace, growing our mix of direct labor and approaching -- a target at some point of a 50-50 mix, and not only 50% direct labor, but of the ODCs that we're passing through, that more of them are value-added ODCs tied to work we are doing, we think that a combination of those things results in a margin improvement or growth strategy going forward.

And our next question in queue is from Bill Loomis of Stifel, Nicolaus. William R. Loomis - Stifel, Nicolaus & Co., Inc., Research Division: Just looking at the civil agencies. So civil organic growth, I think you said was about 12.5% organic growth. And that's the highest it's been in many years organically at CACI. What is driving this? Is it just moves you've made into Healthcare and some other areas that are paying off now? Or are you actually seeing different customer behavior in the civil agencies, both in terms of moving forward on programs, pricing, competition, et cetera. Can you talk a little more about that? Daniel D. Allen: Yes, Bill, this is Dan. If you look at our federal civilian business, we're seeing some really good growth in that, and as you recognized, both organically. And we're seeing some growth tied to the acquisitions. The Delta and APG are supporting more of the acquisition base growth than our Business Systems area. The main organic growth or the dominant organic growth that we're gaining is coming from our Healthcare business. And today, our Healthcare business has grown all through organic captures, identifying key areas that we want to expand in and going out and competing and winning, and we see that continuing. And in our Healthcare, part of our strategy is one of those high-growth market segments or markets for us, and we'll continue to look at that as an opportunity to grow in the future. William R. Loomis - Stifel, Nicolaus & Co., Inc., Research Division: Okay. Any changed behavior? And are the customers just behaving differently in civil versus your defense clients? Or is it just the Healthcare segment? Daniel D. Allen: I think the Healthcare segment is a big growth for us. There are some behavioral changes in how they are buying some systems. Large enterprise type of activities, multibillion dollar activities we see as being segmented into smaller pieces. And in those smaller pieces, the $100 million, $50 million opportunities, those are areas that our company compete in -- can compete in very well. And we're seeing effective win rates and capture rates there.

Our next question in queue is from Michael Lewis of Lazard Capital Markets. Michael S. Lewis - Lazard Capital Markets LLC, Research Division: Dan, I was wondering if we can get an update on the Mega recompete? Daniel D. Allen: That acquisition is progressing. The RFP has come out. I believe our proposal has been submitted. Thomas A. Mutryn: Yes, we have submitted our bid on that one, Michael. Michael S. Lewis - Lazard Capital Markets LLC, Research Division: And do you expect that you'll see more competition this time around? John S. Mengucci: There has traditionally, Michael, been 3 competitors in that market. I don't want to talk too much about what our competitive plans are. But I -- that market has been fixed for quite a long time, and we don't see any new competitors in the near-term future on that one.

Our next question in queue is from Tobey Sommer of SunTrust. Tobey Sommer - SunTrust Robinson Humphrey, Inc., Research Division: 11% that, I guess, now your guidance contemplates of new work. I was wondering if you could comment about the distribution of that as you expect it to come in the door through kind of different areas of your focus. Daniel D. Allen: Tobey, this is Dan. I missed -- it was hard to hear the very beginning of your question. Could you state that again for us? Tobey Sommer - SunTrust Robinson Humphrey, Inc., Research Division: Sure. Of the 11% revenue that you -- new business that you expect to win to kind of hit your guidance. I was wondering if you could comment on the composition of that, and kind of in which areas of your business you're focused on to win new work to kind of meet that or exceed that 11% number? Daniel D. Allen: I would say, if you look across the 10 markets that we've discussed, we see growth in all 10 areas. In the high-growth markets, there's opportunities for us to see some significant wins there. We're targeting some significant wins. So proportionally, I think you'll see some good awards in those areas. But even in our high-volume markets, there are some meaningful programs out there that we are targeting and dealing that we'll be successful at capturing and growing the business. Tobey Sommer - SunTrust Robinson Humphrey, Inc., Research Division: And then, in this period of time, headed in the election and with sequestrations still out there, has the M&A market -- it kind of taken a pause here? Or are you looking at opportunities to the same degree you were 6 and 9 months ago? Thomas A. Mutryn: Yes, Tobey, this is Tom. We continue to kind of vigorously look at activities. Our appetite to continue to execute on our strategy to acquire companies and integrate them into CACI has not been diminished. The pace of activity is a function, sometimes, of what's happening in the market. It appeared at the beginning of this year, a good number of smaller company came to market, presumable because the owners had some concerns about change in tax law as we get into calendar year '13. That has abated as we get through the latter part of this particular year. And we're also seeing a disconnect, I would say, between kind of valuations. Public companies are valued kind of on a relatively low basis as kind of you, folks, know because investors are skeptical of future cash flow. So when we look at acquisition opportunity, we also have a skepticism of the future cash flows of those particular targets. And oftentimes, the sellers are looking to multiples that they could have received 1 or 2 or 3 years ago. So it appears to me that the pace of activity in the market large is lower than it has been or could be expected to be because of those. Kind of long winded answer to your question, our appetite is not diminishing. We're committed to continue along our stated strategy.

Our next question in queue is from Mark Jordan of Noble Financial. Mark C. Jordan - Noble Financial Group, Inc., Research Division: Gentlemen, if you're looking at Slide 14, where you break out your 10 markets, specifically, could you quantify the relative level of business at each of those 10 markets that you would expect for the current year? Daniel D. Allen: Mark, let me try to take a shot at that. If you look at the overall growth of the business, we're anticipating -- our guidance is roughly 4% growth, and we see that spread across 8 of those 10 areas. The 2 that we are being impacted by the activities, the drawdown of the surge support that was put in place to support Iraq and Afghanistan in C4ISR and Intelligence, those are our 2 largest markets. And so, if you extract that -- those are normalized for Afghanistan, in both areas, we would have seen some growth. So in those areas, there is growth -- we'll see some growth as we normalize this later in the year. And across Business Systems, we see that's a big opportunity for us. Healthcare is, as we spoke just a bit earlier, is a big opportunity for us this year. Our Investigative and Litigation Support line is growing, and the document work that we do there is being seen as a value-added capability across a broader set of clients. So we see some really good growth opportunities there. But as we mentioned earlier, we see growth across 8 of those 10 areas. The only downside is in the 2, C4ISR and Intelligence, and that will be normalized as the drawdown ends. Mark C. Jordan - Noble Financial Group, Inc., Research Division: Okay. What I was trying to get at is if you're saying the Business Systems that would represent roughly X percent of total revenue, just a sense of the relative weightings of each of the 10 groups. John S. Mengucci: Mark, I guess -- this is John. If I looked at our first quarter '13 awards to the extent that the value of those is converted to revenue in FY '13, we're going to be focused on the Business Systems area, in the Healthcare area and the Investigative and Litigation Support and the Logistics and Material Readiness areas. Those are the areas that we expect to see additional double-digit awards from. And we would expect that, that would play out in the same revenue breakout that we saw in the first quarter throughout the entire year. Hopefully, that gives you a little better focus on what we're looking at.

Our next question is from Edward Caso of Wells Fargo. Edward S. Caso - Wells Fargo Securities, LLC, Research Division: On the -- one of your slides it indicated that growth target of sort of low to mid-single digits revenue growth. Is that an organic number or is that a total number? And if it's total, what's the split? Daniel D. Allen: As we look at our macro level goals that we're providing the organization, Ed, those are organic numbers. So it's our intent to grow in the low to mid single-digit at the top line, mid to high single digits at the earnings line. Edward S. Caso - Wells Fargo Securities, LLC, Research Division: Tom mentioned that you had grabbed the accordion feature and expanded the line by $150 million. And then he mentioned potential acquisitions or other items. And I guess the question is, what's the potential that the increased access to capital here would be used for something other than acquisitions? And would special dividends or regular dividend be considered? Daniel D. Allen: We are -- our focus today is continuing to be on M&As, as Tom had mentioned, and we see some good opportunities there. Didn't want to have any limitations placed on us without having the access to the funds if we needed them. We think we've shown at the right times, the Board has approved actions to go buy repurchase shares, and I think that will be something on the table that the Board continues to look at and when it is the appropriate time. And the Board is always looking at the capital deployment strategies that are available to us to help improve shareholder value. So I think in that order would be the priority, and we're continuing to execute along that strategy, which has been our strategy for some time.

And our next question in queue is from George Price of BB&T Capital Markets. George A. Price - BB&T Capital Markets, Research Division: Just to kind of follow on Ed's question there. Just from a dividend perspective, and it looks to me like a 2% yield at around the current stock price have cost you, what, about $25 million or more or less 10% of your free cash flow. And you, as one of the -- really, the only major public player out there still without a dividend. Can you comment on that a little bit? Daniel D. Allen: George, this is Dan. This is -- your observation is something that is recognized by the Board. And as we look at the financial structure, our capital deployment, we are assessing -- continually assessing long-term what we think is the appropriate priority in capital deployment. And at the moment, with the situation that the industry is in and the opportunities that are out there, we are prioritizing that on M&A. And the other share repurchases and other activities like dividend is something the Board is looking at regularly. Thomas A. Mutryn: And I will add that some of the other factors that the Board is considering is the potential sequestration, kind of economic risk and the change in interest rates, change in tax law. And so, there is a number of other factors, as you know, that go into those deliberations. But they were all -- we're all cognizant of those issues. George A. Price - BB&T Capital Markets, Research Division: Okay, all right. Fair enough on that. Just digging into cash flow a little bit. Cash flow, a little bit below what we were expecting. Nothing really seems out of line, so some of that may just be timing. But one of your competitors posted a significantly stronger cash flow this quarter and cited a trend of the government pushing funds out before GFY end. And now I'm looking at the Treasury statements, that to me didn't really support that, but they did call it out as a trend. Doesn't seem like you saw that same trend. And wondered if you would, perhaps, comment on that, on what you're seeing, if -- what you think about that? Thomas A. Mutryn: Yes. Well, in terms of our kind of DSO. The DSO, it could have trended downwards. So we're happy with our DSO and our collecting performance. Cash flow continues to be, to our minds, strong with a record first quarter for us and we're on track to get to the full year guidance, 2.25 in terms of operating cash flow. And I think it should be north of that. We have not seen any kind of shift in government patterns in terms of payments. Kind of we submit our bills, the government typically kind of uses the full 30-day payment cycle to pay kind of your particular bill. And as you know, the Prompt Payment Act gives them incentive to pay on time. And that cycle or that rhythm, to our knowledge, has not been impacted by the current situation in Washington in associated with budgets and the like. John S. Mengucci: George, this is John. And I guess, another element of that. If I look at the funding levels that we've received, the way that we read some of those statements, we saw a play-out in the fourth quarter of '12 where we did see some of our traditional Q1 funding come in earlier during the fourth quarter, about $40 million to $50 million worth. In our discussions with our clients, a lot of that was driven by our clients look at the budget uncertainties moving forward. So many of them took the end of FY '12 funds that they had and they obligated those sooner rather than holding them to the first quarter. So that's -- we didn't see it in how quickly they pay their invoices, but we have seen some shifts at the end of the fourth quarter of them bringing funding left.

Our next question we have is from Brian Kinstlinger of Sidoti & Company. Brian Kinstlinger - Sidoti & Company, LLC: Great. My first question is -- this is the first time we've seen funding orders drop in your seasonally strong fourth quarter since, I think, fiscal 2006. I guess, I'm wondering -- you're talking about strong funding environment or relatively strong. I'm wondering, is this not concerning at all to you? And I guess, how should we think about the fact that, that stat went down so significantly, 12%, I think it was? John S. Mengucci: Yes, Brian, this is John. So when we look at the funding orders, around $1 billion, $1.4 billion -- the funding, just like awards, are somewhat lumpy, although our Q1 is traditionally the largest quarter. And I think we'll see that same thing play out for fiscal year '13. We actually came out of the budget flush pretty much as expected. We have planned some reduction in our funding orders due to the reduction of the Afghanistan surge work. We also had some level of recompete work that was instead extended to us, as well as some measurable quality -- quantity of funding we just talked about. It actually came in earlier. So when I look at playing FY '13 out from a revenue side, if I looked at our book-to-bill from before the Afghan surge to where we are now, we're actually below what we would have been in '10, '11, but we're above some of those pre-surge book-to-bill levels. So we've got another 8 months' worth of funded backlog, and that was as of the end of the first quarter. So I don't see the $1 billion, the $1.4 billion different from the $1.6 billion playing heavily into our FY '13 plan. Brian Kinstlinger - Sidoti & Company, LLC: All right. I have one follow-up. The -- curious about the bookings from new business. And then, I guess, just doing the math, you have about $418 million, you have to generate new business to achieve the low end of your guidance. I guess, what sort of new bookings, whether it's some contract awards or funding, do you have to achieve for the rest of the year? Or to get to that number, do I multiply that by 3 or 4? And you need $1.2 billion of new bookings for the rest the year to achieve that? Or how do we think about that? Thomas A. Mutryn: Yes, let me take a stab at some of those numbers, Brian. So in the first quarter, about 1/3 of our awards were in the recompete area and about 1/3 of the new business area. So I'll try to tie us back to the 85%, 4% and 11%. So when the quarter started off -- when the year started off, we looked at about 70% of our planned revenue needing to come from current firm work that we hold today, about 15% of it coming from new awards and 15% from the recompete side. So if I focused on the new business section -- piece first, we moved the 15% down to 11%. So if you wanted to convert it to revenue, we would have expected about $550 million of revenue being driven by new business awards. So we were able to take about 25% of that risk out of our plan. So that would say 25% of $550 million, somewhere around $400 million of revenue. FY '13 is still dependent on new awards. If we did the same math on the recompete side, you'd say that we've taken about 75% of the recompete awards necessary to drive revenue out of our risk model. So take another $550 million, you've got about $130 million or $140 million worth of revenue that is still dependent on recompete wins. So if I look at this moving forward, we've taken the 30% of planned revenue from recompetes in new business awards, and we've taken that down to 15%. So if I annualize that, we're already a quarter away through the year, but we moved the 30% to about 20%. So clearly, going in the right direction and actually playing out a little bit better than what we had expected as of close of the first quarter. Brian, I hope I got what the gist of your question was there. Thanks.

Our next question is from Tim Quillin of Stephens Inc. Timothy J. Quillin - Stephens Inc., Research Division: I was wondering if you could talk about the visibility on the ODC part of your revenue guidance in the back half of your fiscal year, just given the potential for lighter bookings over the next couple quarters because of the threat of sequestration, not the sequestration itself. And maybe if you could just generally talk about your bookings outlook in the December and March quarters. Thomas A. Mutryn: Yes. I'll start off, Tim, and talk about the visibility of ODC. So in the past, we spoke about the nature of other direct costs, and they come in different flavors. Some of the ODCs are pure pass-throughs, whereby CCI is used as a purchasing convenience to secure various products or goods on various contracts. Those are challenging to forecast, very short-term in nature, oftentimes, the customer will say, "Within the next 2 weeks, we would like to purchase these equipments." So harder to forecast. And that piece of our ODC has diminished over time since a good portion was related to Southwest Asia-related activity. The rest of the ODCs are focused on either subcontractor labor, kind of which is very forecastable and stable, and also some other materials that we are using as part of our solutioning. Our Enterprise IT business, oftentimes, requires us to integrate into software or licenses into some of the solutions that we have, and those are more predictable as well. What we've seen is a reduction in the past to related ODCs beginning in the third quarter of last year, and we expect that trend to continue third quarter, fourth quarter of last year, first and second quarter of this year. Once that is behind us, it's annualized, we expect to see some ODC growth in the third and fourth quarter, not the pass-through type of ODC growth, but the other forms of ODC growth, subcontractor labor or ODCs associated with solutioning that we're providing. And so there is some kind of visibility there. So I think that answers a good portion of your question. Timothy J. Quillin - Stephens Inc., Research Division: Yes, the second part of it is just generally, the bookings outlook with the threat of sequestration over the next couple quarters. John S. Mengucci: Yes, Tim, this is John. If you look at our revenue plan, you look at our awards, awards plan, we still expect similar year-over-year awards volume as we have over the last 2 years. What we have taken out of our expectation, however, is any of the follow-on surge efforts awards that we had in FY '12, we have taken those out of our plan. But we don't -- we, today, don't see any difference in the way the quarterly awards plan plays out in FY '13 from what it did in FY '12.

Our next question is from George Price of BB&T Capital Markets. George A. Price - BB&T Capital Markets, Research Division: So first thing, I was wondering -- you talked about the Healthcare outlook being strong. I was wondering if maybe you could get a little bit more specific in terms of areas in Healthcare, maybe particularly agencies or programs where you're seeing that strength. Daniel D. Allen: Sure. George, I'll take a shot at that first, and John can add anything that's appropriate. But our Healthcare strength, the core of that today is the work that we're doing with the VA, our VLER program, in helping them establish the electronic health record and all the infrastructure that goes with that. It's beginning -- our business is expanding as the military health system is aligning closer with the VA area, and we're expanding there as well. And so, it's really around the IT, the information systems around how do we deliver and manage health care. And this is an area that our clients are looking for new technology, more efficient ways of doing things. As well as how do you to integrate information to provide a higher quality service at lower costs. And so that's what we're focusing on, and we've been pretty successful at competing in that environment today. John, anything else? John S. Mengucci: Yes, I think, building upon Dan's answer there. If you take a look at where agencies, like the VA, are headed, they are processing thousands, tens of thousands of claims. And what we've been able to do is take some of our Department of Justice scanning and meta-tagging technology to help bring some of those claims into various health care agencies in a more efficient manner so they could process those claims. It also allows those health care groups to be able to more quickly process some of the health care data analytics from that information also. So if you look at moving from a paradigm of -- taking a look at a claim form and paper and then scanning that, tagging all of the information in that so that it becomes more informational to the health care claims folks, that's where our focus is. That's where we've seen the most recent greatest growth. And we would expect to see that to continue to grow in the coming years. George A. Price - BB&T Capital Markets, Research Division: Okay. And just a second follow-up on -- from the outlook perspective. I know you don't give a specific quarterly guidance. But Tom and everyone, just wondering maybe if you could comment, do you see anything unusual versus a typical seasonality? I guess, anything you'd call out as we look at how the rest of fiscal '13 should flow, particularly in the second quarter? Thomas A. Mutryn: Yes, I think, all in all, it's going to be a somewhat normalized year. As I mentioned, we expect to see sequential increases to a few statistics throughout the year. In terms of kind of bottom line for the second, third and fourth quarter, we expect to see year-over-year bottom line growth in each of those 3 quarters. We'll point out that we do have a lumpiness in our award fees, and the 2 largest quarters are the second and fourth quarter. By far, the third quarter is relatively light. This is consistent with historic patterns. Going from the third to the fourth quarter, we typically see anywhere between $6 million and $7 million more of award fees. And so that creates a somewhat weaker third quarter and a somewhat stronger fourth quarter on an absolute basis. Those are trends that we've seen in prior years as well. So that's a summary of how we see the year progressing.

Next question we have is from Tim Quillin of Stephens Inc. Timothy J. Quillin - Stephens Inc., Research Division: A quick question regarding the interest expense assumption in your guidance. I think last quarter, you'd said $29 million. Is that going to be lower now? Thomas A. Mutryn: We still think it's about $29 million. I think that's still a good estimate of interest expense. First quarter was a little bit lighter. It's always a challenge for us to forecast interest expense. And so, we have a good handle on our outstanding borrowing and our cash balances. But we do assume an increase in LIBOR during the year based on the forward curves, kind of the best information we have. And as a result of that exercise, we're forecasting it or expecting it or planning it to be around $29 million.

Our next question in queue is from Joe Nadol of JPMorgan. Joseph B. Nadol - JP Morgan Chase & Co, Research Division: A quick question. You mentioned that about 50% on the backlog at this point was direct labor content. If you're currently running at about 60% ODCs on a cost basis, is 50-50 the ultimate goal? And when do we get there? And what does that trajectory look like? Daniel D. Allen: Sure. Joe, that would -- as we look at the future and our strategy within our business, particularly the markets and the kind of things that we're pursuing, the opportunities we're pursuing, we see that 50-50 as the appropriate target. As we move our way through bidding opportunities and then execution, we see that is -- that point in it we're moving to. What does influence that potentially is, we do have clients who still come to us with some ODC requirements. And as that happens, we will look at past due things to help continue to invest in that relationship, so that has some impact to that on an annual basis. Our view is, particularly with the activities in Southwest Asia evolving and changing, that the large volume of past due business will be small. Joseph B. Nadol - JP Morgan Chase & Co, Research Division: Okay, that's fair. It was 61% of the costs, were kind of flat on a sequential basis. But if the backlog is kind of 50-50 right now, do you expect it to -- the direct labor content to increase sequentially as a percentage of direct costs for the rest of the year? Thomas A. Mutryn: Yes, so one of the challenges is that in terms of what's in our backlog -- sure, the pieces come in at that different rates. Kind of direct labor comes in, subcontractor labor comes in it's very predictable. I mentioned some of our ODCs are kind of less predicted in terms of coming to the backlog, very short cycle. And so, we're doing 2 things: we're forecasting based on kind of bottoms of build that we spoke about in the past; and we're also looking at our backlog content. And our backlog content, due to the different buying cycles of some of the ODCs, is not a good predictor. So there is that disconnect between kind of the backlog and what our forecast could be.

Our next question is from Brian Kinstlinger of Sidoti & Company. Brian Kinstlinger - Sidoti & Company, LLC: Just one follow-up. You mentioned you took out 25% of the risk of new revenue for the year. But considering this is the strongest quarter for funding orders and contract awards, should it not -- is it not generally more than 25% in the first quarter? Is it not heavily weighted just like the other new business metrics generally are? Thomas A. Mutryn: I -- let me think -- it seems to me that we had 30% of risk. Now we have 15% of risk. So we've taken out 50%. Brian Kinstlinger - Sidoti & Company, LLC: Right. But only 25% of new business is my -- I'm only focusing on the new business piece? Thomas A. Mutryn: Okay. So the risk is less [indiscernible] new business [indiscernible] -- we're looking at the pipeline. We're looking at the winds of -- I think we have the plan to support our forecast. John S. Mengucci: Yes, Brian, I think the other area that we probably didn't touch on enough is, during the quarter, we picked up 5 new multiple award IDIQs and another 7 single award ones. So we've opened the aperture even larger than when we came into the fiscal year to allowing us to bid on vehicles that combined at almost $10 billion worth of ceiling items. So as we play our hand through the year, we have a lot of puts and takes, which is why we're so focused on winning more and more IDIQs. So if you look at our pipeline moving forward, there's nothing in our pipeline that would tell us that we have any different risk model than we've had in past years. We've also, the last 2 quarters, won quite a number of IDIQs that have already thrown our task orders. What happened at the end of fiscal year '12 is that there was a lot of pent-up awards of IDIQs that frankly, have task orders that have to be awarded. I mean, I'm a firm believer, regardless of what happens in the January timeframe, there is a large amount of work that the government needs to have performed. And we're in -- we are located in a lot of those key markets. So as the second quarter plays out in the third and the fourth, as we bring out additional IDIQs that opens up our pipeline to be able to win new business from areas that we may not have seen back in the April, May timeframe. So I don't really see this year playing out any differently.

Our next question in queue is from Jason Kupferberg of Jefferies. Jason Kupferberg - Jefferies & Company, Inc., Research Division: For Jason Kupferberg. Just a quick question on the budget flush. If you could just provide more color on the strength of budget flush that you witnessed this quarter? And especially, if you could compare it to what you saw last year? John S. Mengucci: Yes, Jason, this is John. So if I looked at the funding side. This -- the funding flush, to us, played out very, very similar to the way that we would have expected. We watched about -- just a second. Yes, we watched about -- I'm sorry, give me just a second here. I've got my notes a little bit out of order here. Yes, so if I looked at funding, so funding was around $1.4 billion. If we took our previous year's flush, which was, I believe, $1.6 billion, we had a substantial amount of funding come in, in the first quarter of FY '12 related to the Afghan surge, also related to the last single year task. And on top of that, we had about $50 million of funding move from Q1 '13 to Q4 of FY '12. So if I take a look at just those factors alone, we actually see the flush that came out of '11 into '12 very similar to what came out of '12 into '13. So -- and if we look at our expected growth, growth rates top line-wise, we look at our funded backlog, we're pretty confident that the $1.6 billion of funding is the right size first quarter to support the full year guidance. Jason Kupferberg - Jefferies & Company, Inc., Research Division: Okay. And just one quick follow-up on the organic revenue growth. The organic revenue growth the past 3 quarters has been negative year-over-year. And just looking at your guidance for low to mid single-digit average growth going forward. What specific areas give you confidence of this sort of turnaround? Thomas A. Mutryn: Yes, this is Tom. One of the primary drivers of the decline in organic revenue growth was the falloff of the ODC pass-through related activity, primarily related to Southwest Asia. We saw a step function in the third quarter, so we had reductions in ODCs third quarter, fourth quarter, a bit in the second quarter -- or excuse me, the first quarter of this year. And we're expecting to see a reduction in the second quarter of this year as well. And then we're going to see a kind of rebound. Direct labor continues to grow, organic direct labor continues to grow. So a combination of increasing direct labor. And once we anniversary out that step-function in ODCs, we expect our ODC, the solution, the subcontractor labor ODC to pick up as well. And so that gives us confidence that we'll be able to achieve those stated goals which regards revenue growth.

Our next question in queue is from George Price of BB&T Capital Markets. George A. Price - BB&T Capital Markets, Research Division: First, I was wondering, the $36.5 million in the quarter -- revenue in the quarter, would you guys break that down by the acquisitions? Thomas A. Mutryn: Yes. Give me a second here. So we had several acquisitions in the quarter. Kind of Delta contributed around $13 million, APG is contributing about $10 million. And then there was a couple of U.K. acquisitions and Paradigm comprised the rest. George A. Price - BB&T Capital Markets, Research Division: Okay. And just last follow-up is, you're kind of off of that question and then also related to a comment that you had earlier regarding skepticism of some of the acquisitions that you're looking at, right. The market, is obviously, have some skepticism around the future expectations for the public companies. And you said you share that sentiment to some extent when you're speaking with some of these private sellers. Some of the acquisitions, I guess, don't seem to be performing consistently with what your outlook was when you initially made the acquisition. And then again, you noted the skepticism in terms of the companies you're talking to. I guess, how does that -- where does that lead you to in terms of how you're looking at M&A going forward? And again, how does that make you think about your own business as you look out maybe even beyond the rest of fiscal '13? Thomas A. Mutryn: Yes, I'll start, and other people may comment. As we look at acquisition candidates, we do a very kind of thorough volumes of pipeline analysis. Typically, the companies are relatively small. They don't have 2,000-plus contracts that we need to look at. There's anywhere between 10 and 30 different contracts. In each of those contracts, we do our best to understand kind of what the business is, when the contracts end, what is the probability of kind of recompete, winning a recompete space and everything we know. We look at activity, which is in their pipeline, and apply that similar type of thought process to it. Typically, the acquisitions that we focus on are in areas where we have some expertise, and so we bring in the subject matter experts inside the company to help us with that pipeline analysis. So we do what we believe is a very kind of thorough kind of in-depth line by line kind of buildup of those analyses. Very similar to what we do when we develop our own plans. And what we've been seeing as we develop our plan for this year, based on past years' performance, is that things are slipping to the right. Some programs get canceled. There's a greater probability of protests. So further slippages and the like. And that is built into both our forecast, and when we look at acquisition candidates, built into those forecasts as well. So we're learning from recent history in the past, trying to build those into our -- in the thought processes. And as a result of that, when we look at acquisition candidates, we will ultimately present the acquisition case to our Board of Directors. It's a commitment that we're making to the Board of Directors to invest into this company because we believe we're committed to generate this revenue and profitability. We're committed to exceed those particular numbers. And we measure our performance on an ongoing basis to ensure that we try to hit those goals. And that's the process that we've had. Daniel D. Allen: Yes, and George, I might just add. One of the key aspects of our recent M&A -- approach to M&A is really focused on these 10 market strategies that we've talked about. We see in those strategies opportunities for us to grow, and in some cases, we expand our client relationships through M&A or our capabilities through M&A. And those are our targets. And very often, as we're looking at those targets, we have a fairly significant disconnect between the company's view of their value and our value. And we are being very disciplined in what we are paying for these assets as we go forward. We want to make sure we're making prudent use of our capital. And as we look to the future, the areas that we are getting more aggressive on is tied to areas, strong capability, good leadership, but also people that can come in, and as we alignment CACI's capability, John mentioned the IDIQ vehicles, very powerful tool for us, we can create longer-term shareholder value. And that typically is a longer-term cycle. It's not a year, but it's 1.5, 2 and 3 years. So it's harder to see that value if you're just looking at it on a very short timeline. So very strategy-driven. Very focused use of our capital. And we think, in the end, that helps us create sustainable long-term growth.

And with that, I'm showing no further questions. I'd like to turn it back to Dan Allen for any further comments. Daniel D. Allen: Thanks, Pablo, and thanks for your help on the call today. We'd like to thank everyone who dialed in or logged on to the webcast for their participation as well. We know that many of you will have follow-up questions, and Tom and Dave Dragics are available for calls later today. So this concludes our call. And thank you, and have a good day.

Thank you. And again, thank you, ladies and gentlemen, for joining today's conference. You may now disconnect. Have a great day.