10-Q 1 caci-10q_20221231.htm 10-Q caci-10q_20221231.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, 2022

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.)

12021 Sunset Hills Road, Reston, VA 20190

(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 12, 2023, there were 23,508,119 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 (Unaudited)

 

 

 

 

 

Condensed Consolidated Statements of Operations

3

 

 

 

 

Condensed Consolidated Statements of Comprehensive Income

4

 

 

 

 

Condensed Consolidated Balance Sheets

5

 

 

 

 

Condensed Consolidated Statements of Cash Flows

6

 

 

 

 

Condensed Consolidated Statements of Shareholders’ Equity

7

 

 

 

 

Notes to Condensed Consolidated Financial Statements

8

 

 

 

Item 2.

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

16

 

 

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

21

 

 

 

Item 4.

Controls and Procedures

22

 

 

 

 

 

 

PART II:

OTHER INFORMATION

 

 

 

 

Item 1.

Legal Proceedings

23

 

 

 

Item 1A.

Risk Factors

25

 

 

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

25

 

 

 

Item 3.

Defaults Upon Senior Securities

25

 

 

 

Item 4.

Mine Safety Disclosures

25

 

 

 

Item 5.

Other Information

25

 

 

 

Item 6.

Exhibits

26

 

 

 

 

Signatures

27

 

 

 

2


 

 

PART I

FINANCIAL INFORMATION

Item 1.  Financial Statements (Unaudited)

CACI INTERNATIONAL INC

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data)

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

December 31,

 

 

December 31,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Revenues

 

$

1,649,416

 

 

$

1,485,778

 

 

$

3,255,175

 

 

$

2,976,676

 

Costs of revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Direct costs

 

 

1,094,314

 

 

 

974,018

 

 

 

2,150,086

 

 

 

1,948,189

 

Indirect costs and selling expenses

 

 

388,303

 

 

 

354,977

 

 

 

770,384

 

 

 

712,083

 

Depreciation and amortization

 

 

35,932

 

 

 

32,676

 

 

 

71,035

 

 

 

65,268

 

Total costs of revenues

 

 

1,518,549

 

 

 

1,361,671

 

 

 

2,991,505

 

 

 

2,725,540

 

Income from operations

 

 

130,867

 

 

 

124,107

 

 

 

263,670

 

 

 

251,136

 

Interest expense and other, net

 

 

19,942

 

 

 

11,009

 

 

 

36,135

 

 

 

21,407

 

Income before income taxes

 

 

110,925

 

 

 

113,098

 

 

 

227,535

 

 

 

229,729

 

Income taxes

 

 

23,824

 

 

 

22,799

 

 

 

51,309

 

 

 

51,321

 

Net income

 

$

87,101

 

 

$

90,299

 

 

$

176,226

 

 

$

178,408

 

Basic earnings per share

 

$

3.71

 

 

$

3.86

 

 

$

7.51

 

 

$

7.60

 

Diluted earnings per share

 

$

3.68

 

 

$

3.83

 

 

$

7.44

 

 

$

7.52

 

Weighted-average basic shares outstanding

 

 

23,506

 

 

 

23,399

 

 

 

23,463

 

 

 

23,480

 

Weighted-average diluted shares outstanding

 

 

23,676

 

 

 

23,598

 

 

 

23,677

 

 

 

23,722

 

See Notes to Unaudited Condensed Consolidated Financial Statements


3


 

 

CACI INTERNATIONAL INC

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(in thousands)

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

December 31,

 

 

December 31,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Net income

 

$

87,101

 

 

$

90,299

 

 

$

176,226

 

 

$

178,408

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustment

 

 

17,123

 

 

 

575

 

 

 

(366

)

 

 

(6,187

)

Change in fair value of interest rate swap agreements,

   net of tax

 

 

(1,516

)

 

 

5,424

 

 

 

14,013

 

 

 

7,638

 

Other comprehensive income, net of tax

 

 

15,607

 

 

 

5,999

 

 

 

13,647

 

 

 

1,451

 

Comprehensive income

 

$

102,708

 

 

$

96,298

 

 

$

189,873

 

 

$

179,859

 

See Notes to Unaudited Condensed Consolidated Financial Statements


4


 

 

CACI INTERNATIONAL INC

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except per share data)

 

 

 

December 31,

 

 

June 30,

 

 

 

2022

 

 

2022

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

114,738

 

 

$

114,804

 

Accounts receivable, net

 

 

868,629

 

 

 

926,144

 

Prepaid expenses and other current assets

 

 

191,811

 

 

 

168,690

 

Total current assets

 

 

1,175,178

 

 

 

1,209,638

 

Goodwill

 

 

4,063,834

 

 

 

4,058,291

 

Intangible assets, net

 

 

543,058

 

 

 

581,385

 

Property, plant and equipment, net

 

 

195,567

 

 

 

205,622

 

Operating lease right-of-use assets

 

 

301,012

 

 

 

317,359

 

Supplemental retirement savings plan assets

 

 

95,752

 

 

 

96,114

 

Accounts receivable, long-term

 

 

11,843

 

 

 

10,199

 

Other long-term assets

 

 

168,305

 

 

 

150,823

 

Total assets

 

$

6,554,549

 

 

$

6,629,431

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Current portion of long-term debt

 

$

30,625

 

 

$

30,625

 

Accounts payable

 

 

270,768

 

 

 

303,443

 

Accrued compensation and benefits

 

 

345,779

 

 

 

405,722

 

Other accrued expenses and current liabilities

 

 

334,476

 

 

 

287,571

 

Total current liabilities

 

 

981,648

 

 

 

1,027,361

 

Long-term debt, net of current portion

 

 

1,534,961

 

 

 

1,702,148

 

Supplemental retirement savings plan obligations, net of current portion

 

 

103,512

 

 

 

102,127

 

Deferred income taxes

 

 

273,626

 

 

 

356,841

 

Operating lease liabilities, noncurrent

 

 

296,637

 

 

 

315,315

 

Other long-term liabilities

 

 

113,919

 

 

 

72,096

 

Total liabilities

 

$

3,304,303

 

 

$

3,575,888

 

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; 42,911 shares

   issued and 23,508 outstanding at December 31, 2022 and 42,820 shares

   issued and 23,416 outstanding at June 30, 2022

 

 

4,291

 

 

 

4,282

 

Additional paid-in capital

 

 

578,470

 

 

 

571,650

 

Retained earnings

 

 

3,732,107

 

 

 

3,555,881

 

Accumulated other comprehensive loss

 

 

(17,429

)

 

 

(31,076

)

Treasury stock, at cost (19,404 and 19,404 shares, respectively)

 

 

(1,047,328

)

 

 

(1,047,329

)

Total CACI shareholders’ equity

 

 

3,250,111

 

 

 

3,053,408

 

Noncontrolling interest

 

 

135

 

 

 

135

 

Total shareholders’ equity

 

 

3,250,246

 

 

 

3,053,543

 

Total liabilities and shareholders’ equity

 

$

6,554,549

 

 

$

6,629,431

 

See Notes to Unaudited Condensed Consolidated Financial Statements


5


 

 

CACI INTERNATIONAL INC

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

 

 

 

Six Months Ended

 

 

 

December 31,

 

 

 

2022

 

 

2021

 

CASH FLOWS FROM OPERATING ACTIVITIES

 

 

 

 

 

 

 

 

Net income

 

$

176,226

 

 

$

178,408

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

71,035

 

 

 

65,268

 

Amortization of deferred financing costs

 

 

1,126

 

 

 

1,147

 

Loss on extinguishment of debt

 

 

 

 

 

891

 

Non-cash lease expense

 

 

34,909

 

 

 

33,943

 

Stock-based compensation expense

 

 

20,196

 

 

 

14,698

 

Deferred income taxes

 

 

(48,320

)

 

 

(1,962

)

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

 

 

 

 

 

 

 

 

Accounts receivable, net

 

 

55,518

 

 

 

72,650

 

Prepaid expenses and other assets

 

 

(30,322

)

 

 

(24,701

)

Accounts payable and other accrued expenses

 

 

28,157

 

 

 

39,535

 

Accrued compensation and benefits

 

 

(59,917

)

 

 

(89,752

)

Income taxes payable and receivable

 

 

(5,110

)

 

 

46,402

 

Operating lease liabilities

 

 

(40,050

)

 

 

(34,169

)

Long-term liabilities

 

 

3,642

 

 

 

6,407

 

Net cash provided by operating activities

 

 

207,090

 

 

 

308,765

 

CASH FLOWS FROM INVESTING ACTIVITIES

 

 

 

 

 

 

 

 

Capital expenditures

 

 

(25,670

)

 

 

(21,632

)

Acquisition of businesses, net of cash acquired

 

 

 

 

 

(609,356

)

Other

 

 

 

 

 

923

 

Net cash used in investing activities

 

 

(25,670

)

 

 

(630,065

)

CASH FLOWS FROM FINANCING ACTIVITIES

 

 

 

 

 

 

 

 

Proceeds from borrowings under bank credit facilities

 

 

1,101,500

 

 

 

1,735,095

 

Principal payments made under bank credit facilities

 

 

(1,269,813

)

 

 

(1,356,230

)

Payment of financing costs under bank credit facilities

 

 

 

 

 

(6,286

)

Proceeds from employee stock purchase plans

 

 

5,288

 

 

 

5,221

 

Repurchases of common stock

 

 

(5,286

)

 

 

(4,995

)

Payment of taxes for equity transactions

 

 

(13,269

)

 

 

(13,956

)

Net cash (used in) provided by financing activities

 

 

(181,580

)

 

 

358,849

 

Effect of exchange rate changes on cash and cash equivalents

 

 

94

 

 

 

(1,477

)

Net change in cash and cash equivalents

 

 

(66

)

 

 

36,072

 

Cash and cash equivalents at beginning of period

 

 

114,804

 

 

 

88,031

 

Cash and cash equivalents at end of period

 

$

114,738

 

 

$

124,103

 

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION

 

 

 

 

 

 

 

 

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

 

$

100,400

 

 

$

4,509

 

Cash paid during the period for interest

 

$

27,654

 

 

$

19,042

 

Non-cash financing and investing activities:

 

 

 

 

 

 

 

 

Landlord sponsored tenant incentives

 

$

1,908

 

 

$

1,178

 

Accrued capital expenditures

 

$

736

 

 

$

813

 

See Notes to Unaudited Condensed Consolidated Financial Statements

6


 

 

CACI INTERNATIONAL INC

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

(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 at September 30, 2022

 

 

42,826

 

 

$

4,283

 

 

$

579,511

 

 

$

3,645,006

 

 

$

(33,036

)

 

 

19,404

 

 

$

(1,047,329

)

 

$

3,148,435

 

 

$

135

 

 

$

3,148,570

 

Net income

 

 

 

 

 

 

 

 

 

 

 

87,101

 

 

 

 

 

 

 

 

 

 

 

 

87,101

 

 

 

 

 

 

87,101

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

11,757

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11,757

 

 

 

 

 

 

11,757

 

Tax withholdings on restricted share

   vestings

 

 

85

 

 

 

8

 

 

 

(12,679

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(12,671

)

 

 

 

 

 

(12,671

)

Other comprehensive income, net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

15,607

 

 

 

 

 

 

 

 

 

15,607

 

 

 

 

 

 

15,607

 

Repurchases of common stock

 

 

 

 

 

 

 

 

(143

)

 

 

 

 

 

 

 

 

10

 

 

 

(2,496

)

 

 

(2,639

)

 

 

 

 

 

(2,639

)

Treasury stock issued under stock purchase

   plans

 

 

 

 

 

 

 

 

24

 

 

 

 

 

 

 

 

 

(10

)

 

 

2,497

 

 

 

2,521

 

 

 

 

 

 

2,521

 

Balance at December 31, 2022

 

 

42,911

 

 

$

4,291

 

 

$

578,470

 

 

$

3,732,107

 

 

$

(17,429

)

 

 

19,404

 

 

$

(1,047,328

)

 

$

3,250,111

 

 

$

135

 

 

$

3,250,246

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at September 30, 2021

 

 

42,710

 

 

$

4,271

 

 

$

561,688

 

 

$

3,277,196

 

 

$

(40,839

)

 

 

19,404

 

 

$

(1,047,329

)

 

$

2,754,987

 

 

$

135

 

 

$

2,755,122

 

Net income

 

 

 

 

 

 

 

 

 

 

 

90,299

 

 

 

 

 

 

 

 

 

 

 

 

90,299

 

 

 

 

 

 

90,299

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

8,029

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8,029

 

 

 

 

 

 

8,029

 

Tax withholdings on restricted share

   vestings

 

 

100

 

 

 

10

 

 

 

(13,536

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(13,526

)

 

 

 

 

 

(13,526

)

Other comprehensive income, net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5,999

 

 

 

 

 

 

 

 

 

5,999

 

 

 

 

 

 

5,999

 

Repurchases of common stock

 

 

 

 

 

 

 

 

(213

)

 

 

 

 

 

 

 

 

9

 

 

 

(2,310

)

 

 

(2,523

)

 

 

 

 

 

(2,523

)

Treasury stock issued under stock purchase

   plans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(9

)