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Section 1: 10-Q (10-Q)

caci-10q_20200331.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 March 31, 2020

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 April 14, 2020, there were 25,086,341 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 Nine Months Ended March 31, 2020 and 2019

3

 

 

 

 

Consolidated Statements of Comprehensive Income (Unaudited) for the Three and Nine Months Ended March 31, 2020 and 2019

4

 

 

 

 

Consolidated Balance Sheets (Unaudited) as of March 31, 2020 and June 30, 2019

5

 

 

 

 

Consolidated Statements of Cash Flows (Unaudited) for the Nine Months Ended March 31, 2020 and 2019

6

 

 

 

 

Consolidated Statements of Shareholder’s Equity (Unaudited) for the Three and Nine Months Ended March 31, 2020 and 2019

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

 

 

Nine Months Ended

 

 

 

March 31,

 

 

March 31,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Revenue

 

$

1,465,600

 

 

$

1,264,958

 

 

$

4,224,461

 

 

$

3,612,463

 

Costs of revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Direct costs

 

 

953,630

 

 

 

824,024

 

 

 

2,737,378

 

 

 

2,397,633

 

Indirect costs and selling expenses

 

 

371,135

 

 

 

324,828

 

 

 

1,081,175

 

 

 

859,262

 

Depreciation and amortization

 

 

27,159

 

 

 

21,198

 

 

 

81,888

 

 

 

58,797

 

Total costs of revenue

 

 

1,351,924

 

 

 

1,170,050

 

 

 

3,900,441

 

 

 

3,315,692

 

Income from operations

 

 

113,676

 

 

 

94,908

 

 

 

324,020

 

 

 

296,771

 

Interest expense and other, net

 

 

14,087

 

 

 

13,466

 

 

 

45,612

 

 

 

31,773

 

Income before income taxes

 

 

99,589

 

 

 

81,442

 

 

 

278,408

 

 

 

264,998

 

Income tax expense

 

 

19,012

 

 

 

13,297

 

 

 

50,659

 

 

 

49,424

 

Net income

 

$

80,577

 

 

$

68,145

 

 

$

227,749

 

 

$

215,574

 

Basic earnings per share

 

$

3.21

 

 

$

2.74

 

 

$

9.11

 

 

$

8.69

 

Diluted earnings per share

 

$

3.16

 

 

$

2.69

 

 

$

8.94

 

 

$

8.50

 

Weighted-average basic shares outstanding

 

 

25,078

 

 

 

24,866

 

 

 

25,012

 

 

 

24,819

 

Weighted-average diluted shares outstanding

 

 

25,478

 

 

 

25,348

 

 

 

25,481

 

 

 

25,369

 

See Notes to Unaudited Consolidated Financial Statements


3


 

CACI INTERNATIONAL INC

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

(amounts in thousands)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

March 31,

 

 

March 31,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Net income

 

$

80,577

 

 

$

68,145

 

 

$

227,749

 

 

$

215,574

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustment

 

 

(10,570

)

 

 

3,059

 

 

 

(4,663

)

 

 

(2,372

)

Change in fair value of interest rate swap agreements,

   net of tax

 

 

(21,173

)

 

 

(2,075

)

 

 

(22,402

)

 

 

(5,636

)

Other comprehensive income (loss), net of tax

 

 

(31,743

)

 

 

984

 

 

 

(27,065

)

 

 

(8,008

)

Comprehensive income

 

$

48,834

 

 

$

69,129

 

 

$

200,684

 

 

$

207,566

 

See Notes to Unaudited Consolidated Financial Statements

 


4


 

CACI INTERNATIONAL INC

CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(amounts in thousands, except per share data)

 

 

 

March 31,

 

 

June 30,

 

 

 

2020

 

 

2019

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

77,156

 

 

$

72,028

 

Accounts receivable, net

 

 

839,135

 

 

 

869,840

 

Prepaid expenses and other current assets

 

 

158,075

 

 

 

89,652

 

Total current assets

 

 

1,074,366

 

 

 

1,031,520

 

Goodwill

 

 

3,407,551

 

 

 

3,336,079

 

Intangible assets, net

 

 

421,533

 

 

 

436,115

 

Property and equipment, net

 

 

169,378

 

 

 

149,676

 

Operating lease right-of-use assets

 

 

339,292

 

 

 

 

Supplemental retirement savings plan assets

 

 

91,269

 

 

 

92,736

 

Accounts receivable, long-term

 

 

9,471

 

 

 

7,381

 

Other long-term assets

 

 

33,615

 

 

 

33,336

 

Total assets

 

$

5,546,475

 

 

$

5,086,843

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Current portion of long-term debt

 

$

46,920

 

 

$

46,920

 

Accounts payable

 

 

174,641

 

 

 

118,917

 

Accrued compensation and benefits

 

 

287,570

 

 

 

290,274

 

Other accrued expenses and current liabilities

 

 

270,034

 

 

 

235,611

 

Total current liabilities

 

 

779,165

 

 

 

691,722

 

Long-term debt, net of current portion

 

 

1,464,664

 

 

 

1,618,093

 

Supplemental retirement savings plan obligations, net of current portion

 

 

97,956

 

 

 

92,291

 

Deferred income taxes

 

 

235,350

 

 

 

205,339

 

Operating lease liabilities, noncurrent

 

 

315,702

 

 

 

 

Other long-term liabilities

 

 

90,008

 

 

 

107,932

 

Total liabilities

 

$

2,982,845

 

 

$

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; 42,518 shares

   issued and 25,086 outstanding at March 31, 2020 and 42,314 shares

   issued and 24,880 outstanding at June 30, 2019

 

 

4,252

 

 

 

4,231

 

Additional paid-in capital

 

 

567,732

 

 

 

576,277

 

Retained earnings

 

 

2,637,913

 

 

 

2,410,164

 

Accumulated other comprehensive loss

 

 

(70,221

)

 

 

(43,156

)

Treasury stock, at cost (17,432 and 17,434 shares, respectively)

 

 

(576,181

)

 

 

(576,185

)

Total CACI shareholders’ equity

 

 

2,563,495

 

 

 

2,371,331

 

Noncontrolling interest

 

 

135

 

 

 

135

 

Total shareholders’ equity

 

 

2,563,630

 

 

 

2,371,466

 

Total liabilities and shareholders’ equity

 

$

5,546,475

 

 

$

5,086,843

 

See Notes to Unaudited Consolidated Financial Statements


5


 

CACI INTERNATIONAL INC

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

(amounts in thousands)

 

 

 

Nine Months Ended

 

 

 

March 31,

 

 

 

2020

 

 

2019

 

CASH FLOWS FROM OPERATING ACTIVITIES

 

 

 

 

 

 

 

 

Net income

 

$

227,749

 

 

$

215,574

 

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

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

81,888

 

 

 

58,797

 

Amortization of deferred financing costs

 

 

1,762

 

 

 

1,796

 

Non-cash lease expense

 

 

54,493

 

 

 

 

Stock-based compensation expense

 

 

22,204

 

 

 

18,351

 

Deferred income taxes

 

 

39,527

 

 

 

(1,193

)

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

 

 

 

 

 

 

 

 

Accounts receivable, net

 

 

36,433

 

 

 

85,995

 

Prepaid expenses and other assets

 

 

(35,461

)

 

 

(13,284

)

Accounts payable and other accrued expenses

 

 

27,638

 

 

 

101,473

 

Accrued compensation and benefits

 

 

(4,522

)

 

 

(18,536

)

Income taxes payable and receivable

 

 

(42,383

)

 

 

(1,945

)

Operating lease liabilities

 

 

(56,240

)

 

 

 

Long-term liabilities

 

 

4,737

 

 

 

5,813

 

Net cash provided by operating activities

 

 

357,825

 

 

 

452,841

 

CASH FLOWS FROM INVESTING ACTIVITIES

 

 

 

 

 

 

 

 

Capital expenditures

 

 

(54,331

)

 

 

(29,545

)

Cash paid for business acquisitions, net of cash acquired

 

 

(102,437

)

 

 

(1,071,023

)

Other

 

 

 

 

 

1,875

 

Net cash used in investing activities

 

 

(156,768

)

 

 

(1,098,693

)

CASH FLOWS FROM FINANCING ACTIVITIES

 

 

 

 

 

 

 

 

Proceeds from borrowings under bank credit facilities

 

 

1,438,500

 

 

 

2,109,500

 

Principal payments made under bank credit facilities

 

 

(1,593,690

)

 

 

(1,414,690

)

Payment of financing costs under bank credit facilities

 

 

 

 

 

(1,386

)

Payment of contingent consideration

 

 

(8,700

)

 

 

(616

)

Proceeds from employee stock purchase plans

 

 

5,463

 

 

 

4,265

 

Repurchases of common stock

 

 

(5,584

)

 

 

(4,310

)

Payment of taxes for equity transactions

 

 

(30,616

)

 

 

(18,837

)

Net cash provided by (used in) financing activities

 

 

(194,627

)

 

 

673,926

 

Effect of exchange rate changes on cash and cash equivalents

 

 

(1,302

)

 

 

(462

)

Net increase in cash and cash equivalents

 

 

5,128

 

 

 

27,612

 

Cash and cash equivalents at beginning of period

 

 

72,028

 

 

 

66,194

 

Cash and cash equivalents at end of period

 

$

77,156

 

 

$

93,806

 

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION

 

 

 

 

 

 

 

 

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

 

$

46,895

 

 

$

55,967

 

Cash paid during the period for interest

 

$

41,151

 

 

$

31,083

 

Non-cash financing and investing activities:

 

 

 

 

 

 

 

 

Landlord sponsored tenant improvement

 

$

1,630

 

 

$

3,518

 

Accrued capital expenditures

 

$

3,687

 

 

$

3,557

 

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

 

 

 

 

 

 

 

 

 

 

 

227,749

 

 

 

 

 

 

 

 

 

 

 

 

227,749

 

 

 

 

 

 

227,749

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

22,204

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

22,204

 

 

 

 

 

 

22,204

 

Tax withholdings on restricted share vestings

 

 

204

 

 

 

21

 

 

 

(30,460

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(30,439

)

 

 

 

 

 

(30,439

)

Change in fair value of interest rate swap agreements, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(22,402

)

 

 

 

 

 

 

 

 

(22,402

)

 

 

 

 

 

(22,402

)

Currency translation adjustment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(4,663

)

 

 

 

 

 

 

 

 

(4,663

)

 

 

 

 

 

(4,663

)

Repurchases of common stock

 

 

 

 

 

 

 

 

(369

)

 

 

 

 

 

 

 

 

24

 

 

 

(5,215

)

 

 

(5,584

)

 

 

 

 

 

(5,584

)

Treasury stock issued under stock purchase plans

 

 

 

 

 

 

 

 

80

 

 

 

 

 

 

 

 

 

(26

)

 

 

5,219

 

 

 

5,299

 

 

 

 

 

 

5,299

 

BALANCE, March 31, 2020

 

 

42,518

 

 

$

4,252

 

 

$

567,732

 

 

$

2,637,913

 

 

$

(70,221

)

 

 

17,432

 

 

$

(576,181

)

 

$

2,563,495

 

 

$

135

 

 

$

2,563,630

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

215,574

 

 

 

 

 

 

 

 

 

 

 

 

215,574

 

 

 

 

 

 

215,574

 

Cumulative effect adjustment of ASC 606, net of taxes

 

 

 

 

 

 

 

 

 

 

 

17,770

 

 

 

 

 

 

 

 

 

 

 

 

17,770

 

 

 

 

 

 

17,770

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

18,351

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

18,351

 

 

 

 

 

 

18,351

 

Tax withholdings on restricted share vestings

 

 

165

 

 

 

16

 

 

 

(18,812

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(18,796

)

 

 

 

 

 

(18,796

)

Change in fair value of interest rate swap agreements, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(5,636

)

 

 

 

 

 

 

 

 

(5,636

)

 

 

 

 

 

(5,636

)

Currency translation adjustment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2,372

)

 

 

 

 

 

 

 

 

(2,372

)

 

 

 

 

 

(2,372

)

Repurchases of common stock

 

 

 

 

 

 

 

 

(301

)