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Share Name | Share Symbol | Market | Type |
---|---|---|---|
CACI International Inc | NYSE:CACI | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 410.96 | 0 | 13:29:50 |
Annual revenue of $5.7 billion, +15% year-over-year
Annual net income of $321.5 million and Diluted EPS of $12.61, both +21% year-over-year
Annual cash from operations of $518.7 million
Record annual contract awards of $11.6 billion, +13% year-over-year
Company expects continued organic growth, margin expansion, and strong cash flow in Fiscal Year 2021
CACI International Inc (NYSE: CACI), a leading provider of expertise and technology to government enterprise and mission customers, announced results today for its fiscal fourth quarter and full year ended June 30, 2020.
CEO Commentary and Outlook
John Mengucci, CACI’s President and CEO, said, “Our fourth quarter performance was a strong finish to a great Fiscal Year 2020. Amid the headwinds from COVID-19, we achieved our financial commitments, delivering accelerating organic revenue growth, margin expansion, robust cash flow, and double-digit growth in contract awards and backlog. This strong performance is a testament to the resiliency of our company and the commitment of our employees. We are confident that we will continue to bring value to our customers and shareholders. Our winning strategy and record performance in Fiscal Year 2020 positions CACI for continued success in Fiscal Year 2021 and beyond.”
Fourth Quarter Results
(in millions except per-share data)
Q4, FY20
Q4, FY19
% Change
Revenue
$1,495.6
$1,373.9
8.9%
Operating income
$133.7
$81.1
64.8%
Net income
$93.7
$50.0
87.3%
Diluted earnings per share
$3.68
$1.96
87.2%
Net cash provided by operating activities excluding MARPA1
$154.4
$109.9
40.4%
Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA), a non-GAAP measure2
$162.9
$109.5
48.8%
Days sales outstanding (DSO)3
57
64
(1)
Fourth quarter FY20 and fourth quarter FY19 net cash provided by operating activities exclude CACI’s Master Accounts Receivable Purchase Agreement (MARPA). For more details, see the Reconciliation of Net Cash Provided by Operating Activities to Net Cash Provided by Operating Activities Excluding MARPA on page 10 of this release.
(2)
See the Reconciliation of Net Income to Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) on page 10 of this release.
(3)The DSO calculations for fourth quarter FY20 and fourth quarter FY19 exclude the impact of the Company’s MARPA, which was 9 days and 10 days, respectively.
Revenue in Q4 FY20 increased 9% year-over-year as reported and 8% organically. The year-over-year increase in operating income was driven by higher revenue, especially in our technology business. The year-over-year increase in net income was due to higher operating income and lower interest expense, partially offset by a higher effective tax rate. The increase in cash from operations, excluding MARPA, was driven by higher net income and lower DSO as a result of enhanced billing and collections processes.
Fourth Quarter Awards
Contract awards in Q4 FY20 totaled $3.4 billion, with over 55% for new business to CACI. For the full year, contract awards totaled $11.6 billion, with over 55% for new business to CACI. These awards exclude ceiling values of multi-award, indefinite delivery, indefinite quantity (IDIQ) contracts. Some notable awards during the quarter were:
Total backlog as of June 30, 2020 was $21.6 billion compared with $16.9 billion a year ago, an increase of 28 percent. Funded backlog as of June 30, 2020 was $2.8 billion compared with $2.9 billion a year ago.
Fourth Quarter Highlights
Twelve Months Results
(in millions except per-share data)
Twelve Months, FY20
Twelve Months, FY19
% Change
Revenue
$5,720.0
$4,986.3
14.7%
Operating income
$457.7
$377.9
21.1%
Net income
$321.5
$265.6
21.0%
Diluted earnings per share
$12.61
$10.46
20.6%
Net cash provided by operating activities excluding MARPA1
$511.2
$362.8
40.9%
Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA), a non-GAAP measure2
$573.6
$467.5
22.7%
(1)FY20 and FY19 net cash provided by operating activities exclude CACI’s Master Accounts Receivable Purchase Agreement (MARPA). For more details, see the Reconciliation of Net Cash Provided by Operating Activities to Net Cash Provided by Operating Activities Excluding MARPA on page 10 of this release.
(2)
See the Reconciliation of Net Income to Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) on page 10 of this release.
Revenue in FY20 increased 15% year-over-year as reported and 8% organically. The year-over-year increase in operating income was driven by the contribution from higher margin acquisitions and organic margin expansion. The year-over-year increase in net income was due to higher operating income, partially offset by higher interest expense and a higher effective tax rate. The increase in cash from operations, excluding MARPA, was driven by higher net income and lower DSO as a result of enhanced billing and collections processes.
FY21 Guidance
The table below summarizes our FY21 guidance and represents our views as of August 12, 2020. Our FY21 guidance includes the acquisition of Ascent Vision Technologies, LLC (AVT) announced today. In addition, our FY21 guidance assumes continued impact from COVID-19 through December 31, 2020 and that support currently provided under Section 3610 of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) is extended through that period.
(In millions except for earnings per share)
Fiscal Year 2021 Guidance
Revenue
$6,000 - $6,200
Net income
$347 - $367
Diluted earnings per share
$13.50 - $14.28
Diluted weighted average shares
25.7
Net cash provided by operating activities
at least $580
Conference Call Information
We have scheduled a conference call for 8:30 AM Eastern Time Thursday, August 13, 2020 during which members of our senior management 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 webcast and view the accompanying exhibits on CACI’s investor relations website at http://investor.caci.com/events/default.aspx at the scheduled time. A replay of the call will also be available on CACI’s investor relations website at http://investor.caci.com/.
About CACI
CACI’s 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.
CACI-Earnings Release
Selected Financial Data CACI International Inc Condensed Consolidated Statements of Operations (Unaudited) (Amounts in thousands, except per share amounts) Quarter Ended Twelve Months Ended 6/30/2020 6/30/2019 % Change 6/30/2020 6/30/2019 % Change Revenue$
1,495,581
$
1,373,878
8.9
%
$
5,720,042
$
4,986,341
14.7
%
Costs of revenue Direct costs
981,678
906,420
8.3
%
3,719,056
3,304,053
12.6
%
Indirect costs and selling expenses
351,427
359,282
-2.2
%
1,432,602
1,218,544
17.6
%
Depreciation and amortization
28,800
27,080
6.4
%
110,688
85,877
28.9
%
Total costs of revenue
1,361,905
1,292,782
5.3
%
5,262,346
4,608,474
14.2
%
Operating income
133,676
81,096
64.8
%
457,696
377,867
21.1
%
Interest expense and other, net
10,447
18,185
-42.6
%
56,059
49,958
12.2
%
Income before income taxes
123,229
62,911
95.9
%
401,637
327,909
22.5
%
Income taxes
29,498
12,881
129.0
%
80,157
62,305
28.7
%
Net income$
93,731
$
50,030
87.3
%
$
321,480
$
265,604
21.0
%
Basic earnings per share$
3.74
$
2.01
85.8
%
$
12.84
$
10.70
20.1
%
Diluted earnings per share$
3.68
$
1.96
87.2
%
$
12.61
$
10.46
20.6
%
Weighted average shares used in per share computations: Basic
25,089
24,875
25,031
24,833
Diluted
25,496
25,472
25,485
25,395
Statement of Operations Data (Unaudited) Quarter Ended Twelve Months Ended 6/30/2020 6/30/2019 6/30/2020 6/30/2019 % Change % Change Operating income margin
8.9
%
5.9
%
8.0
%
7.6
%
Tax rate
23.9
%
20.5
%
20.0
%
19.0
%
Net income margin
6.3
%
3.6
%
5.6
%
5.3
%
Adjusted EBITDA*$
162,940
$
109,487
48.8
%
$
573,585
$
467,470
22.7
%
Adjusted EBITDA Margin
10.9
%
8.0
%
10.0
%
9.4
%
* See Reconciliation of Net Income to Adjusted Earnings before Interest, Taxes, Depreciation and Amortization on page 10 Selected Financial Data (Continued) CACI International Inc Condensed Consolidated Balance Sheets (Unaudited) (Amounts in thousands) 6/30/2020 6/30/2019 ASSETS: Current assets Cash and cash equivalents$
107,236
$
72,028
Accounts receivable, net
841,227
869,840
Prepaid expenses and other current assets
137,423
89,652
Total current assets
1,085,886
1,031,520
Goodwill and intangible assets, net
3,813,995
3,772,194
Property and equipment, net
170,521
149,676
Operating lease right-of-use assets
330,767
0
Other long-term assets
141,303
133,453
Total assets$
5,542,472
$
5,086,843
LIABILITIES AND SHAREHOLDERS' EQUITY: Current liabilities Current portion of long-term debt$
46,920
$
46,920
Accounts payable
89,961
118,917
Accrued compensation and benefits
338,760
290,274
Other accrued expenses and current liabilities
293,518
235,611
Total current liabilities
769,159
691,722
Long-term debt, net of current portion
1,357,519
1,618,093
Other long-term liabilities
754,484
405,562
Total liabilities
2,881,162
2,715,377
Shareholders' equity
2,661,310
2,371,466
Total liabilities and shareholders' equity$
5,542,472
$
5,086,843
Selected Financial Data (Continued) CACI International Inc Condensed Consolidated Statements of Cash Flows (Unaudited) (Amounts in thousands) Twelve Months Ended6/30/2020
6/30/2019
CASH FLOWS FROM OPERATING ACTIVITIES: Net income$
321,480
$
265,604
Reconciliation of net income to net cash provided by operatingactivities: Depreciation and amortization
110,688
85,877
Non-cash lease expense
73,248
-
Amortization of deferred financing costs
2,346
2,406
Loss on extinguishment of debt
-
363
Loss on disposal of assets
190
70
Stock-based compensation expense
29,302
25,272
Deferred income taxes
17,874
(1,009
)
Changes in operating assets and liabilities, net of effect of businessacquisitions: Accounts receivable, net
34,550
96,754
Prepaid expenses and other assets
(38,432
)
(5,372
)
Accounts payable and other accrued expenses
(24,406
)
70,692
Accrued compensation and benefits
46,769
8,387
Income taxes payable and receivable
(25,118
)
1,119
Operating lease liabilities
(74,928
)
-
Deferred rent
-
(538
)
Long-term liabilities
45,142
5,672
Net cash provided by operating activities
518,705
555,297
CASH FLOWS FROM INVESTING ACTIVITIES: Capital expenditures
(72,303
)
(47,902
)
Cash paid for business acquisitions, net of cash acquired
(106,226
)
(1,082,809
)
Other
-
2,729
Net cash used in investing activities
(178,529
)
(1,127,982
)
CASH FLOWS FROM FINANCING ACTIVITIES: Net borrowings (payments) under credit facilities
(262,920
)
599,903
Payment of contingent consideration
(8,700
)
(616
)
Proceeds from employee stock purchase plans
7,432
5,702
Repurchases of common stock
(7,806
)
(5,838
)
Payment of taxes for equity transactions
(31,400
)
(19,595
)
Net cash provided by (used in) financing activities
(303,394
)
579,556
Effect of exchange rate changes on cash and cash equivalents
(1,574
)
(1,037
)
Net increase in cash and cash equivalents
35,208
5,834
Cash and cash equivalents, beginning of period
72,028
66,194
Cash and cash equivalents, end of period
$
107,236
$
72,028
Selected Financial Data (Continued) Revenue by Customer Type (Unaudited) Quarter Ended (dollars in thousands) 6/30/2020 6/30/2019 $ Change % Change Department of Defense
$
1,033,998
69.1
%
$
949,760
69.1
%
$
84,238
8.9
%
Federal Civilian Agencies
400,459
26.8
%
365,190
26.6
%
35,269
9.7
%
Commercial and other
61,124
4.1
%
58,928
4.3
%
2,196
3.7
%
Total$
1,495,581
100.0
%
$
1,373,878
100.0
%
$
121,703
8.9
%
Twelve Months Ended (dollars in thousands) 6/30/2020 6/30/2019 $ Change % Change Department of Defense$
3,999,261
69.9
%
$
3,489,854
70.0
%
$
509,407
14.6
%
Federal Civilian Agencies
1,467,801
25.7
%
1,263,681
25.3
%
204,120
16.2
%
Commercial and other
252,980
4.4
%
232,806
4.7
%
20,174
8.7
%
Total$
5,720,042
100.0
%
$
4,986,341
100.0
%
$
733,701
14.7
%
Revenue by Contract Type (Unaudited) Quarter Ended (dollars in thousands) 6/30/2020 6/30/2019 $ Change % Change Cost reimbursable$
855,816
57.2
%
$
761,088
55.4
%
$
94,728
12.4
%
Fixed price
416,896
27.9
%
410,174
29.9
%
6,722
1.6
%
Time and materials
222,869
14.9
%
202,616
14.7
%
20,253
10.0
%
Total$
1,495,581
100.0
%
$
1,373,878
100.0
%
$
121,703
8.9
%
Twelve Months Ended (dollars in thousands) 6/30/2020 6/30/2019 $ Change % Change Cost reimbursable$
3,274,707
57.2
%
$
2,764,291
55.4
%
$
510,416
18.5
%
Fixed price
1,629,475
28.5
%
1,465,559
29.4
%
163,916
11.2
%
Time and materials
815,860
14.3
%
756,491
15.2
%
59,369
7.8
%
Total$
5,720,042
100.0
%
$
4,986,341
100.0
%
$
733,701
14.7
%
Revenue Generated as a Prime versus Subcontractor (Unaudited) Quarter Ended (dollars in thousands) 6/30/2020 6/30/2019 $ Change % Change Prime$
1,371,739
91.7
%
$
1,250,903
91.0
%
$
120,836
9.7
%
Subcontractor
123,842
8.3
%
122,975
9.0
%
867
0.7
%
Total$
1,495,581
100.0
%
$
1,373,878
100.0
%
$
121,703
8.9
%
Twelve Months Ended (dollars in thousands) 6/30/2020 6/30/2019 $ Change % Change Prime$
5,221,300
91.3
%
$
4,586,330
92.0
%
$
634,970
13.9
%
Subcontractor
498,742
8.7
%
400,011
8.0
%
98,731
24.7
%
Total$
5,720,042
100.0
%
$
4,986,341
100.0
%
$
733,701
14.7
%
Contract Awards Received (Unaudited) Quarter Ended (dollars in thousands) 6/30/2020 6/30/2019 $ Change % Change Contract Awards$
3,387,343
$
3,743,062
$
(355,719
)
-9.5
%
Twelve Months Ended (dollars in thousands) 6/30/2020 6/30/2019 $ Change % Change Contract Awards$
11,564,085
$
10,255,414
$
1,308,671
12.8
%
Reconciliation of Net Cash Provided by Operating Activities to Net Cash Provided by Operating Activities Excluding MARPA Facility (Unaudited)
The Company defines net cash provided by operating activities excluding CACI’s Master Accounts Receivable Purchase Agreement (MARPA) as net cash provided by operating activities calculated in accordance with GAAP, adjusted to exclude net cash received from CACI’s MARPA for the sale of certain designated eligible U.S. government receivables. Under the MARPA, the Company can sell eligible receivables, including certain billed and unbilled receivables up to a maximum amount of $200.0 million. The Company provides net cash provided by operating activities excluding MARPA to allow investors to more easily compare current period results to prior period results and to results of our peers. This non-GAAP measure should not be considered in isolation or as a substitute for performance measures prepared in accordance with GAAP.
QuarterEnded QuarterEnded TwelveMonths Ended TwelveMonthsEnded (dollars in thousands) 6/30/2020 6/30/2019 6/30/2020 6/30/2019 Net cash provided by operating activities$
160,880
$
102,456
$
518,705
$
555,297
Cash used (provided) by MARPA
(6,501
)
7,473
(7,473
)
(192,527
)
Net cash provided by operating activities excluding MARPA$
154,379
$
109,929
$
511,232
$
362,770
Reconciliation of Net Income to Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) (Unaudited)
The Company views Adjusted EBITDA and Adjusted EBITDA margin, both of which are defined as non-GAAP measures, as important indicators of performance, consistent with the manner in which management measures and forecasts the Company’s performance. Adjusted EBITDA is a commonly used non-GAAP measure when comparing our results with those of other companies. We define Adjusted EBITDA as GAAP net income plus net interest expense, income taxes, depreciation and amortization expense, including depreciation within direct costs, and earnout adjustments. We consider Adjusted EBITDA to be a useful metric for management and investors to evaluate and compare the ongoing operating performance of our business on a consistent basis across reporting periods, as it eliminates the effect of non-cash items such as depreciation of tangible assets, amortization of intangible assets primarily recognized in business combinations, as well as the effect of earnout gains and losses, which we do not believe are indicative of our core operating performance. Adjusted EBITDA margin is adjusted EBITDA divided by revenue. 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) 6/30/2020 6/30/2019 % Change 6/30/2020 6/30/2019 % Change Net income$
93,731
$
50,030
87.3
%
$
321,480
$
265,604
21.0
%
Plus: Income taxes
29,498
12,881
129.0
%
80,157
62,305
28.7
%
Interest income and expense, net
10,447
18,185
-42.6
%
56,059
49,958
12.2
%
Depreciation and amortization expense, including depreciation within direct costs
29,264
27,691
5.7
%
112,889
88,603
27.4
%
Earnout adjustments
-
700
-100.0
%
3,000
1,000
200.0
%
Adjusted EBITDA$
162,940
$
109,487
48.8
%
$
573,585
$
467,470
22.7
%
Quarter Ended Twelve Months Ended (dollars in thousands) 6/30/2020 6/30/2019 % Change 6/30/2020 6/30/2019 % Change Revenue, as reported$
1,495,581
$
1,373,878
8.9
%
$
5,720,042
$
4,986,341
14.7
%
Adjusted EBITDA
162,940
109,487
48.8
%
573,585
467,470
22.7
%
Adjusted EBITDA margin
10.9
%
8.0
%
10.0
%
9.4
%
View source version on businesswire.com: https://www.businesswire.com/news/home/20200812005688/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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