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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% | 461.86 | 0 | 01:00:00 |
Revenue of $1.5 billion, +7.0% year-over-year
Net income of $93.6 million, +37.8% year-over-year
Robust cash flow from operations
Contract awards of $1.8 billion
Raises Fiscal Year 2021 Guidance
CACI International Inc (NYSE: CACI), a leading provider of expertise and technology to government enterprise and mission customers, announced results today for its first fiscal quarter ended September 30, 2020.
CEO Commentary and Outlook
John Mengucci, CACI’s President and CEO, said, “Our first quarter performance was a strong start to Fiscal Year 2021. We delivered solid organic growth, and our focus on delivery and operational excellence drove strong profitability and robust cash flow, even as we continued to address the challenges of COVID-19. Based on our performance across the business and continued execution against our growing backlog, we’re increasing our guidance for the year. We are confident in our ability to continue to deliver value to our customers and shareholders.”
First Quarter Results
(in millions except earnings per share and DSO) Q1, FY21 Q1, FY20 % Change Revenue$1,459.5
$1,363.4
7.0%
Operating income$134.4
$100.2
34.2%
Net income$93.6
$68.0
37.8%
Diluted earnings per share$3.67
$ 2.66
38.0%
Net cash provided by operating activities excluding MARPA1$192.7
$114.6
68.2%
Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA), a non-GAAP measure2$165.4
$128.3
28.9%
Days sales outstanding (DSO)354
59
(1)
First quarter FY21 and first quarter FY20 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 9 of this release.
(2)
See the Reconciliation of Net Income to Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) on page 9 of this release.
(3)
The DSO calculations for first quarter FY21 and first quarter FY20 exclude the impact of the Company’s MARPA, which was 7 days and 6 days, respectively.
Revenue in Q1 FY21 increased 7.0% year-over-year as reported and 6.1% organically. The year-over-year increase in operating income was driven by higher revenue, strong operating performance, favorable fixed-price contract performance, and lower indirect costs. 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 favorable working capital management.
First Quarter Contract Awards
Contract awards in Q1 FY21 totaled $1.8 billion. 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 September 30, 2020 was $21.9 billion compared with $19.5 billion a year ago, an increase of 13%. Funded backlog as of September 30, 2020 was $3.4 billion compared with $3.3 billion a year ago, an increase of 4%.
Additional Highlights
Raising FY21 Guidance
We are raising our FY21 guidance to account for the Company’s strong operating performance. The table below summarizes our FY21 guidance and represents our views as of October 28, 2020.
(in millions except earnings per share)
Current Fiscal Year 2021 Guidance
Previous Fiscal Year 2021 Guidance
Revenue
$6,050 - $6,250
$6,000 - $6,200
Net income
$372 - $392
$347 - $367
Diluted earnings per share
$14.47 - $15.25
$13.50 - $14.28
Diluted weighted average shares
25.7
25.7
Net cash provided by operating activities
at least $600
at least $580
Conference Call Information
We have scheduled a conference call for 8:30 AM Eastern Time Thursday, October 29, 2020 during which members of our senior management will be making a brief presentation focusing on first quarter 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/news/#upcomingevent 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 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.
CACI-Earnings Release
Selected Financial Data CACI International Inc Condensed Consolidated Statements of Operations (Unaudited) (Amounts in thousands, except per share amounts) Three Months Ended 9/30/2020 9/30/2019 % Change Revenue$
1,459,506
$
1,363,392
7.0%
Operating expenses: Costs of revenue
939,934
878,881
6.9%
Indirect costs and selling expenses
355,004
357,592
-0.7%
Depreciation and amortization
30,144
26,762
12.6%
Total operating expenses
1,325,082
1,263,235
4.9%
Operating income
134,424
100,157
34.2%
Interest expense and other, net
9,980
16,811
-40.6%
Income before income taxes
124,444
83,346
49.3%
Income taxes
30,800
15,369
100.4%
Net income$
93,644
$
67,977
37.8%
Basic earnings per share$
3.73
$
2.73
36.6%
Diluted earnings per share$
3.67
$
2.66
38.0%
Weighted average shares used in per share computations: Basic
25,099
24,894
Diluted
25,486
25,532
Statement of Operations Data (Unaudited) Three Months Ended 9/30/2020 9/30/2019 % Change Operating income margin
9.2
%
7.3
%
Tax rate
24.8
%
18.4
%
Net income margin
6.4
%
5.0
%
Adjusted EBITDA*$
165,436
$
128,311
28.9%
Adjusted EBITDA Margin
11.3
%
9.4
%
*See Reconciliation of Net Income to Adjusted Earnings before Interest, Taxes, Depreciation and Amortization on page 9 Selected Financial Data (Continued) CACI International Inc Condensed Consolidated Balance Sheets (Unaudited) (Amounts in thousands) 9/30/2020 6/30/2020 ASSETS: Current assets Cash and cash equivalents$
124,862
$
107,236
Accounts receivable, net
820,157
841,227
Prepaid expenses and other current assets
155,853
137,423
Total current assets
1,100,872
1,085,886
Goodwill and intangible assets, net
4,148,666
3,813,995
Property and equipment, net
169,115
170,521
Operating lease right-of-use assets
381,484
330,767
Other long-term assets
150,231
141,303
Total assets$
5,950,368
$
5,542,472
LIABILITIES AND SHAREHOLDERS' EQUITY: Current liabilities Current portion of long-term debt$
46,920
$
46,920
Accounts payable
79,343
89,961
Accrued compensation and benefits
316,480
338,760
Other accrued expenses and current liabilities
310,611
293,518
Total current liabilities
753,354
769,159
Long-term debt, net of current portion
1,567,371
1,357,519
Other long-term liabilities
857,874
754,484
Total liabilities
3,178,599
2,881,162
Shareholders' equity
2,771,769
2,661,310
Total liabilities and shareholders' equity$
5,950,368
$
5,542,472
Selected Financial Data (Continued) CACI International Inc Condensed Consolidated Statements of Cash Flows (Unaudited) (Amounts in thousands) Three Months Ended 9/30/2020 9/30/2019 CASH FLOWS FROM OPERATING ACTIVITIES: Net income$
93,644
$
67,977
Reconciliation of net income to net cash provided by operating activities: Depreciation and amortization
30,144
26,762
Non-cash lease expense
19,056
17,825
Amortization of deferred financing costs
583
589
Stock-based compensation expense
7,847
7,038
Deferred income taxes
2,339
5,485
Changes in operating assets and liabilities, net of effect of business acquisitions: Accounts receivable, net
20,987
21,589
Prepaid expenses and other assets
(21,420
)
(25,989
)
Accounts payable and other accrued expenses
21,109
3,477
Accrued compensation and benefits
(23,882
)
(1,267
)
Income taxes payable and receivable
8,384
4,463
Operating lease liabilities
(19,364
)
(17,450
)
Long-term liabilities
37,473
(7,295
)
Net cash provided by operating activities
176,900
103,204
CASH FLOWS FROM INVESTING ACTIVITIES: Capital expenditures
(16,282
)
(22,536
)
Cash paid for business acquisitions, net of cash acquired
(354,095
)
(1,351
)
Net cash used in investing activities
(370,377
)
(23,887
)
CASH FLOWS FROM FINANCING ACTIVITIES: Net borrowings (payments) under credit facilities
209,270
(66,730
)
Proceeds from employee stock purchase plans
2,431
1,852
Repurchases of common stock
(2,074
)
(1,717
)
Payment of taxes for equity transactions
(688
)
(467
)
Net cash provided by (used in) financing activities
208,939
(67,062
)
Effect of exchange rate changes on cash and cash equivalents
2,164
(1,101
)
Net increase (decrease) in cash and cash equivalents
17,626
11,154
Cash and cash equivalents, beginning of period
107,236
72,028
Cash and cash equivalents, end of period
$
124,862
$
83,182
Selected Financial Data (Continued) Revenue by Customer Group (Unaudited) Three Months Ended (dollars in thousands) 9/30/2020 9/30/2019 $ Change % Change Department of Defense
1,004,195
68.8
%
937,640
68.8
%
$
66,555
7.1
%
Federal Civilian Agencies390,179
26.7
%
363,993
26.7
%
26,186
7.2
%
Commercial and other65,132
4.5
%
61,759
4.5
%
3,373
5.5
%
Total1,459,506
100.0
%
1,363,392
100.0
%
$
96,114
7.0
%
Revenue by Contract Type (Unaudited) Three Months Ended (dollars in thousands) 9/30/2020 9/30/2019 $ Change % Change Cost-plus-fee823,609
56.5
%
747,714
54.8
%
$
75,895
10.2
%
Fixed price433,814
29.7
%
417,976
30.7
%
15,838
3.8
%
Time and materials202,083
13.8
%
197,702
14.5
%
4,381
2.2
%
Total1,459,506
100.0
%
1,363,392
100.0
%
$
96,114
7.0
%
Revenue by Prime or Subcontractor (Unaudited) Three Months Ended (dollars in thousands) 9/30/2020 9/30/2019 $ Change % Change Prime1,326,838
90.9
%
1,235,105
90.6
%
$
91,733
7.4
%
Subcontractor132,668
9.1
%
128,287
9.4
%
4,381
3.4
%
Total1,459,506
100.0
%
1,363,392
100.0
%
$
96,114
7.0
%
Revenue by Expertise or Technology (Unaudited) Three Months Ended (dollars in thousands) 9/30/2020 9/30/2019 $ Change % Change Expertise740,683
50.7
%
722,353
53.0
%
$
18,330
2.5
%
Technology718,823
49.3
%
641,039
47.0
%
77,784
12.1
%
Total1,459,506
100.0
%
1,363,392
100.0
%
$
96,114
7.0
%
Selected Financial Data (Continued) Contract Awards Received (Unaudited) Three Months Ended (dollars in thousands)9/30/2020
9/30/2019
$ Change
% Change
Contract Awards$
1,834,758
$
4,017,223
$
(2,182,465
)
-54.3
%
Reconciliation of Net Cash Provided by Operating Activities to Net Cash Provided by Operating Activities Excluding MARPA (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 $200.0 million. The Company provides net cash provided by operating activities excluding MARPA to allow investors to more easily compare current period results to prior period results and to results of our peers. This non-GAAP measure should not be considered in isolation or as a substitute for performance measures prepared in accordance with GAAP.
Three Months Ended Three Months Ended (dollars in thousands) 9/30/2020 9/30/2019 Net cash provided by operating activities$
176,900
$
103,204
Cash used (provided) by MARPA
15,795
11,424
Net cash provided by operating activities excluding MARPA$
192,695
$
114,628
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.
Three Months Ended (dollars in thousands) 9/30/2020 9/30/2019 % Change Net income$
93,644
$
67,977
37.8
%
Plus: Income taxes
30,800
15,369
100.4
%
Interest income and expense, net
9,980
16,811
-40.6
%
Depreciation and amortization expense, including amounts within direct costs
31,012
27,354
13.4
%
Earnout adjustments
-
800
-100.0
%
Adjusted EBITDA$
165,436
$
128,311
28.9
%
Three Months Ended (dollars in thousands) 9/30/2020 9/30/2019 % Change Revenue, as reported$
1,459,506
$
1,363,392
7.0
%
Adjusted EBITDA
165,436
128,311
28.9
%
Adjusted EBITDA margin
11.3
%
9.4
%
View source version on businesswire.com: https://www.businesswire.com/news/home/20201028006135/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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