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Section 1: 10-Q (10-Q)

caci-10q_20191231.htm
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended December 31, 2019

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from          to          

Commission File Number 001-31400

 

CACI International Inc

(Exact name of registrant as specified in its charter)

 

 

Delaware

 

54-1345888

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification No.)

1100 North Glebe Road, Arlington, VA 22201

(Address of principal executive offices)

(703) 841-7800

(Registrant’s telephone number, including area code)

 

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock

CACI

New York Stock Exchange

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes      No  

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files).  Yes      No  

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.  See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

  

Accelerated filer

 

Non-accelerated filer

 

  

Smaller reporting company

 

 

 

 

 

Emerging growth company

 

If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes      No  

As of January 22, 2020, there were 25,071,717 shares outstanding of CACI International Inc’s common stock, par value $0.10 per share.

 

 


 

CACI INTERNATIONAL INC

 

 

 

PAGE

PART I:

FINANCIAL INFORMATION

 

 

 

 

Item 1.

Financial Statements

 

 

 

 

 

Consolidated Statements of Operations (Unaudited) for the Three and Six Months Ended December 31, 2019 and 2018

3

 

 

 

 

Consolidated Statements of Comprehensive Income (Unaudited) for the Three and Six Months Ended December 31, 2019 and 2018

4

 

 

 

 

Consolidated Balance Sheets (Unaudited) as of December 31, 2019 and June 30, 2019

5

 

 

 

 

Consolidated Statements of Cash Flows (Unaudited) for the Six Months Ended December 31, 2019 and 2018

6

 

 

 

 

Consolidated Statements of Shareholder’s Equity (Unaudited) for the Three and Six Months Ended December 31, 2019 and 2018

7

 

 

 

 

Notes to Unaudited Consolidated Financial Statements

8

 

 

 

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

22

 

 

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

28

 

 

 

Item 4.

Controls and Procedures

28

 

 

 

 

 

 

PART II:

OTHER INFORMATION

 

 

 

 

Item 1.

Legal Proceedings

30

 

 

 

Item 1A.

Risk Factors

31

 

 

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

31

 

 

 

Item 3.

Defaults Upon Senior Securities

31

 

 

 

Item 4.

Mine Safety Disclosures

31

 

 

 

Item 5.

Other Information

31

 

 

 

Item 6.

Exhibits

32

 

 

 

 

Signatures

33

 

 

 

2


 

PART I

FINANCIAL INFORMATION

Item 1.  Financial Statements

CACI INTERNATIONAL INC

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

(amounts in thousands, except per share data)

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

December 31,

 

 

December 31,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Revenue

 

$

1,395,469

 

 

$

1,181,641

 

 

$

2,758,861

 

 

$

2,347,505

 

Costs of revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Direct costs

 

 

904,867

 

 

 

790,849

 

 

 

1,783,748

 

 

 

1,573,609

 

Indirect costs and selling expenses

 

 

352,448

 

 

 

269,677

 

 

 

710,040

 

 

 

534,434

 

Depreciation and amortization

 

 

27,967

 

 

 

18,852

 

 

 

54,729

 

 

 

37,599

 

Total costs of revenue

 

 

1,285,282

 

 

 

1,079,378

 

 

 

2,548,517

 

 

 

2,145,642

 

Income from operations

 

 

110,187

 

 

 

102,263

 

 

 

210,344

 

 

 

201,863

 

Interest expense and other, net

 

 

14,714

 

 

 

9,421

 

 

 

31,525

 

 

 

18,307

 

Income before income taxes

 

 

95,473

 

 

 

92,842

 

 

 

178,819

 

 

 

183,556

 

Income tax expense

 

 

16,278

 

 

 

24,246

 

 

 

31,647

 

 

 

36,127

 

Net income

 

$

79,195

 

 

$

68,596

 

 

$

147,172

 

 

$

147,429

 

Basic earnings per share

 

$

3.16

 

 

$

2.76

 

 

$

5.89

 

 

$

5.95

 

Diluted earnings per share

 

$

3.11

 

 

$

2.71

 

 

$

5.78

 

 

$

5.81

 

Weighted-average basic shares outstanding

 

 

25,065

 

 

 

24,856

 

 

 

24,979

 

 

 

24,796

 

Weighted-average diluted shares outstanding

 

 

25,435

 

 

 

25,338

 

 

 

25,483

 

 

 

25,381

 

See Notes to Unaudited Consolidated Financial Statements


3


 

CACI INTERNATIONAL INC

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

(amounts in thousands)

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

December 31,

 

 

December 31,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Net income

 

$

79,195

 

 

$

68,596

 

 

$

147,172

 

 

$

147,429

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustment

 

 

11,215

 

 

 

(3,436

)

 

 

5,907

 

 

 

(5,431

)

Change in fair value of interest rate swap agreements,

   net of tax

 

 

3,735

 

 

 

(3,778

)

 

 

(1,229

)

 

 

(3,561

)

Other comprehensive loss, net of tax

 

 

14,950

 

 

 

(7,214

)

 

 

4,678

 

 

 

(8,992

)

Comprehensive income

 

$

94,145

 

 

$

61,382

 

 

$

151,850

 

 

$

138,437

 

See Notes to Unaudited Consolidated Financial Statements

 


4


 

CACI INTERNATIONAL INC

CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(amounts in thousands, except per share data)

 

 

 

December 31,

 

 

June 30,

 

 

 

2019

 

 

2019

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

68,645

 

 

$

72,028

 

Accounts receivable, net

 

 

828,795

 

 

 

869,840

 

Prepaid expenses and other current assets

 

 

126,629

 

 

 

89,652

 

Total current assets

 

 

1,024,069

 

 

 

1,031,520

 

Goodwill

 

 

3,411,817

 

 

 

3,336,079

 

Intangible assets, net

 

 

436,559

 

 

 

436,115

 

Property and equipment, net

 

 

168,786

 

 

 

149,676

 

Operating lease right-of-use assets

 

 

347,515

 

 

 

 

Supplemental retirement savings plan assets

 

 

95,288

 

 

 

92,736

 

Accounts receivable, long-term

 

 

9,702

 

 

 

7,381

 

Other long-term assets

 

 

32,960

 

 

 

33,336

 

Total assets

 

$

5,526,696

 

 

$

5,086,843

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Current portion of long-term debt

 

$

46,920

 

 

$

46,920

 

Accounts payable

 

 

135,125

 

 

 

118,917

 

Accrued compensation and benefits

 

 

294,444

 

 

 

290,274

 

Other accrued expenses and current liabilities

 

 

292,902

 

 

 

235,611

 

Total current liabilities

 

 

769,391

 

 

 

691,722

 

Long-term debt, net of current portion

 

 

1,550,809

 

 

 

1,618,093

 

Supplemental retirement savings plan obligations, net of current portion

 

 

100,973

 

 

 

92,291

 

Deferred income taxes

 

 

219,953

 

 

 

205,339

 

Operating lease liabilities, noncurrent

 

 

325,883

 

 

 

 

Other long-term liabilities

 

 

51,107

 

 

 

107,932

 

Total liabilities

 

$

3,018,116

 

 

$

2,715,377

 

COMMITMENTS AND CONTINGENCIES

 

 

 

 

 

 

 

 

Shareholders’ equity:

 

 

 

 

 

 

 

 

Preferred stock $0.10 par value, 10,000 shares authorized, no shares issued or

   outstanding

 

 

 

 

 

 

Common stock $0.10 par value, 80,000 shares authorized; 42,505 shares

   issued and 25,071 outstanding at December 31, 2019 and 42,314 shares

   issued and 24,880 outstanding at June 30, 2019

 

 

4,250

 

 

 

4,231

 

Additional paid-in capital

 

 

561,521

 

 

 

576,277

 

Retained earnings

 

 

2,557,336

 

 

 

2,410,164

 

Accumulated other comprehensive loss

 

 

(38,478

)

 

 

(43,156

)

Treasury stock, at cost (17,434 and 17,434 shares, respectively)

 

 

(576,184

)

 

 

(576,185

)

Total CACI shareholders’ equity

 

 

2,508,445

 

 

 

2,371,331

 

Noncontrolling interest

 

 

135

 

 

 

135

 

Total shareholders’ equity

 

 

2,508,580

 

 

 

2,371,466

 

Total liabilities and shareholders’ equity

 

$

5,526,696

 

 

$

5,086,843

 

See Notes to Unaudited Consolidated Financial Statements


5


 

CACI INTERNATIONAL INC

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

(amounts in thousands)

 

 

 

Six Months Ended

 

 

 

December 31,

 

 

 

2019

 

 

2018

 

CASH FLOWS FROM OPERATING ACTIVITIES

 

 

 

 

 

 

 

 

Net income

 

$

147,172

 

 

$

147,429

 

Reconciliation of net income to net cash provided by operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

54,729

 

 

 

37,599

 

Amortization of deferred financing costs

 

 

1,176

 

 

 

1,156

 

Non-cash lease expense

 

 

35,850

 

 

 

 

Stock-based compensation expense

 

 

14,499

 

 

 

12,047

 

Deferred income taxes

 

 

14,104

 

 

 

9,123

 

Changes in operating assets and liabilities, net of effect of business acquisitions:

 

 

 

 

 

 

 

 

Accounts receivable, net

 

 

51,458

 

 

 

(136,177

)

Prepaid expenses and other assets

 

 

(28,921

)

 

 

(2,739

)

Accounts payable and other accrued expenses

 

 

8,121

 

 

 

110,007

 

Accrued compensation and benefits

 

 

1,529

 

 

 

(27,116

)

Income taxes payable and receivable

 

 

(21,384

)

 

 

(10,781

)

Operating lease liabilities

 

 

(37,989

)

 

 

 

Long-term liabilities

 

 

(3,319

)

 

 

(1,008

)

Net cash provided by operating activities

 

 

237,025

 

 

 

139,540

 

CASH FLOWS FROM INVESTING ACTIVITIES

 

 

 

 

 

 

 

 

Capital expenditures

 

 

(41,035

)

 

 

(17,813

)

Cash paid for business acquisitions, net of cash acquired

 

 

(102,056

)

 

 

(91,151

)

Other

 

 

 

 

 

1,876

 

Net cash used in investing activities

 

 

(143,091

)

 

 

(107,088

)

CASH FLOWS FROM FINANCING ACTIVITIES

 

 

 

 

 

 

 

 

Proceeds from borrowings under bank credit facilities

 

 

1,034,000

 

 

 

833,500

 

Principal payments made under bank credit facilities

 

 

(1,102,460

)

 

 

(841,960

)

Payment of contingent consideration

 

 

 

 

 

(616

)

Proceeds from employee stock purchase plans

 

 

3,665

 

 

 

2,827

 

Repurchases of common stock

 

 

(3,596

)

 

 

(2,756

)

Payment of taxes for equity transactions

 

 

(29,083

)

 

 

(18,039

)

Net cash used in financing activities

 

 

(97,474

)

 

 

(27,044

)

Effect of exchange rate changes on cash and cash equivalents

 

 

157

 

 

 

(874

)

Net increase (decrease) in cash and cash equivalents

 

 

(3,383

)

 

 

4,534

 

Cash and cash equivalents at beginning of period

 

 

72,028

 

 

 

66,194

 

Cash and cash equivalents at end of period

 

$

68,645

 

 

$

70,728

 

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION

 

 

 

 

 

 

 

 

Cash paid during the period for income taxes, net of refunds

 

$

38,048

 

 

$

39,975

 

Cash paid during the period for interest

 

$

28,410

 

 

$

18,830

 

Non-cash financing and investing activities:

 

 

 

 

 

 

 

 

Landlord sponsored tenant improvement

 

$

759

 

 

$

3,518

 

Accrued capital expenditures

 

$

4,910

 

 

$

1,377

 

See Notes to Unaudited Consolidated Financial Statements

 

6


 

CACI INTERNATIONAL INC

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (UNAUDITED)

(amounts in thousands)

 

 

 

Common Stock

Shares        Amount

 

 

Additional

Paid-in

Capital

 

 

Retained

Earnings

 

 

Accumulated

Other

Comprehensive

Income (Loss)

 

 

Treasury Stock

Shares        Amount

 

 

Total CACI

Shareholders’

Equity

 

 

Noncontrolling

Interest

 

 

Total

Shareholders’

Equity

 

BALANCE, June 30, 2019

 

 

42,314

 

 

$

4,231

 

 

$

576,277

 

 

$

2,410,164

 

 

$

(43,156

)

 

 

17,434

 

 

$

(576,185

)

 

$

2,371,331

 

 

$

135

 

 

$

2,371,466

 

Net income

 

 

 

 

 

 

 

 

 

 

 

147,172

 

 

 

 

 

 

 

 

 

 

 

 

147,172

 

 

 

 

 

 

147,172

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

14,499

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

14,499

 

 

 

 

 

 

14,499

 

Tax withholdings on restricted share vestings

 

 

191

 

 

 

19

 

 

 

(29,089

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(29,070

)

 

 

 

 

 

(29,070

)

Change in fair value of interest rate swap agreements, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,229

)

 

 

 

 

 

 

 

 

(1,229

)

 

 

 

 

 

(1,229

)

Currency translation adjustment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5,907

 

 

 

 

 

 

 

 

 

5,907

 

 

 

 

 

 

5,907

 

Repurchases of common stock

 

 

 

 

 

 

 

 

(179

)

 

 

 

 

 

 

 

 

17

 

 

 

(3,417

)

 

 

(3,596

)

 

 

 

 

 

(3,596

)

Treasury stock issued under stock purchase plans

 

 

 

 

 

 

 

 

13

 

 

 

 

 

 

 

 

 

(17

)

 

 

3,418

 

 

 

3,431

 

 

 

 

 

 

3,431

 

BALANCE, December 31, 2019

 

 

42,505

 

 

$

4,250

 

 

$

561,521

 

 

$

2,557,336

 

 

$

(38,478

)

 

 

17,434

 

 

$

(576,184

)

 

$

2,508,445

 

 

$

135

 

 

$

2,508,580

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BALANCE, June 30, 2018

 

 

42,139

 

 

$

4,214

 

 

$

570,964

 

 

$

2,126,790

 

 

$

(19,030

)

 

 

17,434

 

 

$

(576,186

)

 

$

2,106,752

 

 

$

135

 

 

$

2,106,887

 

Net income

 

 

 

 

 

 

 

 

 

 

 

147,429

 

 

 

 

 

 

 

 

 

 

 

 

147,429

 

 

 

 

 

 

147,429

 

Cumulative effect adjustment of ASC 606, net of taxes

 

 

 

 

 

 

 

 

 

 

 

17,770

 

 

 

 

 

 

 

 

 

 

 

 

17,770

 

 

 

 

 

 

17,770

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

12,047

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

12,047

 

 

 

 

 

 

12,047

 

Tax withholdings on restricted share vestings

 

 

157

 

 

 

16

 

 

 

(18,245

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(18,229

)

 

 

 

 

 

(18,229

)

Change in fair value of interest rate swap agreements, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3,561

)

 

 

 

 

 

 

 

 

(3,561

)

 

 

 

 

 

(3,561

)

Currency translation adjustment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(5,431

)

 

 

 

 

 

 

 

 

(5,431

)

 

 

 

 

 

(5,431

)

Repurchases of common stock

 

 

 

 

 

 

 

 

(185

)

 

 

 

 

 

 

 

 

15