10-Q 1 caci-10q_20210930.htm 10-Q caci-10q_20210930.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 September 30, 2021

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 October 11, 2021, there were 23,327,067 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 Shareholder’s 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

22

 

 

 

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

CACI INTERNATIONAL INC

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

(in thousands, except per share data)

 

 

 

Three Months Ended

 

 

 

September 30,

 

 

 

2021

 

 

2020

 

Revenues

 

$

1,490,898

 

 

$

1,459,506

 

Costs of revenues:

 

 

 

 

 

 

 

 

Direct costs

 

 

974,171

 

 

 

939,934

 

Indirect costs and selling expenses

 

 

357,106

 

 

 

355,004

 

Depreciation and amortization

 

 

32,592

 

 

 

30,144

 

Total costs of revenues

 

 

1,363,869

 

 

 

1,325,082

 

Income from operations

 

 

127,029

 

 

 

134,424

 

Interest expense and other, net

 

 

10,398

 

 

 

9,980

 

Income before income taxes

 

 

116,631

 

 

 

124,444

 

Income taxes

 

 

28,522

 

 

 

30,800

 

Net income

 

$

88,109

 

 

$

93,644

 

Basic earnings per share

 

$

3.74

 

 

$

3.73

 

Diluted earnings per share

 

$

3.70

 

 

$

3.67

 

Weighted-average basic shares outstanding

 

 

23,560

 

 

 

25,099

 

Weighted-average diluted shares outstanding

 

 

23,844

 

 

 

25,486

 

See Notes to Unaudited Condensed Consolidated Financial Statements


3


 

 

CACI INTERNATIONAL INC

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

(in thousands)

 

 

 

Three Months Ended

 

 

 

September 30,

 

 

 

2021

 

 

2020

 

Net income

 

$

88,109

 

 

$

93,644

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

Foreign currency translation adjustment

 

 

(6,762

)

 

 

7,793

 

Change in fair value of interest rate swap agreements, net of tax

 

 

2,214

 

 

 

2,252

 

Other comprehensive (loss) income, net of tax

 

 

(4,548

)

 

 

10,045

 

Comprehensive income

 

$

83,561

 

 

$

103,689

 

See Notes to Unaudited Condensed Consolidated Financial Statements


4


 

 

CACI INTERNATIONAL INC

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(in thousands, except per share data)

 

 

 

September 30,

 

 

June 30,

 

 

 

2021

 

 

2021

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

104,430

 

 

$

88,031

 

Accounts receivable, net

 

 

774,934

 

 

 

879,851

 

Prepaid expenses and other current assets

 

 

362,809

 

 

 

363,294

 

Total current assets

 

 

1,242,173

 

 

 

1,331,176

 

Goodwill

 

 

3,707,719

 

 

 

3,632,578

 

Intangible assets, net

 

 

501,574

 

 

 

476,106

 

Property, plant and equipment, net

 

 

183,864

 

 

 

190,444

 

Operating lease right-of-use assets

 

 

359,603

 

 

 

356,887

 

Supplemental retirement savings plan assets

 

 

103,048

 

 

 

102,984

 

Accounts receivable, long-term

 

 

11,540

 

 

 

12,159

 

Other long-term assets

 

 

69,789

 

 

 

70,038

 

Total assets

 

$

6,179,310

 

 

$

6,172,372

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Current portion of long-term debt

 

$

46,920

 

 

$

46,920

 

Accounts payable

 

 

119,176

 

 

 

148,636

 

Accrued compensation and benefits

 

 

370,905

 

 

 

409,275

 

Other accrued expenses and current liabilities

 

 

299,273

 

 

 

279,970

 

Total current liabilities

 

 

836,274

 

 

 

884,801

 

Long-term debt, net of current portion

 

 

1,647,765

 

 

 

1,688,919

 

Supplemental retirement savings plan obligations, net of current portion

 

 

106,574

 

 

 

104,490

 

Deferred income taxes

 

 

330,658

 

 

 

327,230

 

Operating lease liabilities, noncurrent

 

 

366,492

 

 

 

363,302

 

Other long-term liabilities

 

 

136,425

 

 

 

138,352

 

Total liabilities

 

$

3,424,188

 

 

$

3,507,094

 

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; 42,710 shares

   issued and 23,306 outstanding at September 30, 2021 and 42,676 shares

   issued and 23,554 outstanding at June 30, 2021

 

 

4,271

 

 

 

4,268

 

Additional paid-in capital

 

 

561,688

 

 

 

484,260

 

Retained earnings

 

 

3,277,196

 

 

 

3,189,087

 

Accumulated other comprehensive loss

 

 

(40,839

)

 

 

(36,291

)

Treasury stock, at cost (19,404 and 19,122 shares, respectively)

 

 

(1,047,329

)

 

 

(976,181

)

Total CACI shareholders’ equity

 

 

2,754,987

 

 

 

2,665,143

 

Noncontrolling interest

 

 

135

 

 

 

135

 

Total shareholders’ equity

 

 

2,755,122

 

 

 

2,665,278

 

Total liabilities and shareholders’ equity

 

$

6,179,310

 

 

$

6,172,372

 

See Notes to Unaudited Condensed Consolidated Financial Statements


5


 

 

CACI INTERNATIONAL INC

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

(in thousands)

 

 

 

Three Months Ended

 

 

 

September 30,

 

 

 

2021

 

 

2020

 

CASH FLOWS FROM OPERATING ACTIVITIES

 

 

 

 

 

 

 

 

Net income

 

$

88,109

 

 

$

93,644

 

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

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

32,592

 

 

 

30,144

 

Amortization of deferred financing costs

 

 

576

 

 

 

583

 

Non-cash lease expense

 

 

16,960

 

 

 

19,056

 

Stock-based compensation expense

 

 

6,669

 

 

 

7,847

 

Deferred income taxes

 

 

(4,461

)

 

 

2,339

 

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

 

 

 

 

 

 

 

 

Accounts receivable, net

 

 

108,236

 

 

 

20,987

 

Prepaid expenses and other assets

 

 

(24,085

)

 

 

(21,420

)

Accounts payable and other accrued expenses

 

 

(16,235

)

 

 

21,109

 

Accrued compensation and benefits

 

 

(40,521

)

 

 

(23,882

)

Income taxes payable and receivable

 

 

31,444

 

 

 

8,384

 

Operating lease liabilities

 

 

(16,076

)

 

 

(19,364

)

Long-term liabilities

 

 

2,745

 

 

 

37,473

 

Net cash provided by operating activities

 

 

185,953

 

 

 

176,900

 

CASH FLOWS FROM INVESTING ACTIVITIES

 

 

 

 

 

 

 

 

Capital expenditures

 

 

(10,203

)

 

 

(16,282

)

Acquisition of businesses, net of cash acquired

 

 

(116,273

)

 

 

(354,095

)

Net cash used in investing activities

 

 

(126,476

)

 

 

(370,377

)

CASH FLOWS FROM FINANCING ACTIVITIES

 

 

 

 

 

 

 

 

Proceeds from borrowings under bank credit facilities

 

 

548,000

 

 

 

839,500

 

Principal payments made under bank credit facilities

 

 

(589,730

)

 

 

(630,230

)

Proceeds from employee stock purchase plans

 

 

2,911

 

 

 

2,431

 

Repurchases of common stock

 

 

(2,472

)

 

 

(2,074

)

Payment of taxes for equity transactions

 

 

(426

)

 

 

(688

)

Net cash (used in) provided by financing activities

 

 

(41,717

)

 

 

208,939

 

Effect of exchange rate changes on cash and cash equivalents

 

 

(1,361

)

 

 

2,164

 

Net change in cash and cash equivalents

 

 

16,399

 

 

 

17,626

 

Cash and cash equivalents at beginning of period

 

 

88,031

 

 

 

107,236

 

Cash and cash equivalents at end of period

 

$

104,430

 

 

$

124,862

 

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION

 

 

 

 

 

 

 

 

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

 

$

518

 

 

$

19,725

 

Cash paid during the period for interest

 

$

9,383

 

 

$

8,768

 

Non-cash financing and investing activities:

 

 

 

 

 

 

 

 

Landlord sponsored tenant incentives

 

$

724

 

 

$

1,389

 

Accrued capital expenditures

 

$

227

 

 

$

938

 

See Notes to Unaudited Condensed Consolidated Financial Statements


6


 

 

CACI INTERNATIONAL INC

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (UNAUDITED)

(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 June 30, 2021

 

 

42,676

 

 

$

4,268

 

 

$

484,260

 

 

$

3,189,087

 

 

$

(36,291

)

 

 

19,122

 

 

$

(976,181

)

 

$

2,665,143

 

 

$

135

 

 

$

2,665,278

 

Net income

 

 

 

 

 

 

 

 

 

 

 

88,109

 

 

 

 

 

 

 

 

 

 

 

 

88,109

 

 

 

 

 

 

88,109

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

6,669

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6,669

 

 

 

 

 

 

6,669

 

Tax withholdings on restricted share

   vestings

 

 

34

 

 

 

3

 

 

 

(276

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(273

)

 

 

 

 

 

(273

)

Other comprehensive loss, net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(4,548

)

 

 

 

 

 

 

 

 

(4,548

)

 

 

 

 

 

(4,548

)

Repurchases of common stock

 

 

 

 

 

 

 

 

70,974

 

 

 

 

 

 

 

 

 

292

 

 

 

(73,446

)

 

 

(2,472

)

 

 

 

 

 

(2,472

)

Treasury stock issued under stock purchase

   plans

 

 

 

 

 

 

 

 

61

 

 

 

 

 

 

 

 

 

(10

)

 

 

2,298

 

 

 

2,359

 

 

 

 

 

 

2,359

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at June 30, 2020

 

 

42,525

 

 

$

4,253

 

 

$

573,744

 

 

$

2,731,644

 

 

$

(72,285

)

 

 

17,432

 

 

$

(576,181

)

 

$

2,661,175

 

 

$

135

 

 

$

2,661,310

 

Net income

 

 

 

 

 

 

 

 

 

 

 

93,644

 

 

 

 

 

 

 

 

 

 

 

 

93,644

 

 

 

 

 

 

93,644

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

7,847

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7,847

 

 

 

 

 

 

7,847

 

Tax withholdings on restricted share

   vestings

 

 

12

 

 

 

1

 

 

 

(1,177

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,176

)

 

 

 

 

 

(1,176

)

Other comprehensive income, net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

10,045

 

 

 

 

 

 

 

 

 

10,045

 

 

 

 

 

 

10,045

 

Repurchases of common stock

 

 

 

 

 

 

 

 

80

 

 

 

 

 

 

 

 

 

10

 

 

 

(2,154

)

 

 

(2,074

)

 

 

 

 

 

(2,074

)

Treasury stock issued under stock purchase

   plans

 

 

 

 

 

 

 

 

19

 

 

 

 

 

 

 

 

 

(10

)

 

 

2,154

 

 

 

2,173

 

 

 

 

 

 

2,173

 

Balance at September 30, 2020

 

 

42,537

 

 

$

4,254

 

 

$

580,513

 

 

$

2,825,288

 

 

$

(62,240

)

 

 

17,432

 

 

$

(576,181

)

 

$

2,771,634

 

 

$

135

 

 

$

2,771,769

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7


 

 

CACI INTERNATIONAL INC

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

 

 

Note 1.

Basis of Presentation

The accompanying unaudited consolidated financial statements of CACI International Inc and subsidiaries (CACI or the Company) have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (SEC) and include the assets, liabilities, results of operations, comprehensive income and cash flows for the Company, including its subsidiaries and ventures that are majority-owned or otherwise controlled by the Company.  Certain information and note disclosures normally included in the annual financial statements prepared in accordance with U.S. generally accepted accounting principles (GAAP) have been condensed or omitted pursuant to those rules and regulations, although the Company believes that the disclosures made are adequate to make the information presented not misleading. All intercompany balances and transactions have been eliminated in consolidation.

The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable and amounts included in other current assets and current liabilities that meet the definition of a financial instrument approximate fair value because of the short-term nature of these amounts.  The fair value of the Company’s debt outstanding as of September 30, 2021 under its bank credit facility approximates its carrying value.  The fair value of the Company’s debt under its bank credit facility was estimated using Level 2 inputs based on market data of companies with a corporate rating similar to CACI’s that have recently priced credit facilities.  See Notes 10 and 15.

In the opinion of management, the accompanying unaudited consolidated financial statements reflect all adjustments and reclassifications (all of which are of a normal, recurring nature) that are necessary for the fair presentation of the periods presented.  It is suggested that these unaudited consolidated financial statements be read in conjunction with the audited consolidated financial statements and the notes thereto included in the Company’s latest annual report to the SEC on Form 10-K for the year ended June 30, 2021.  The results of operations for the three months ended September 30, 2021 are not necessarily indicative of the results to be expected for any subsequent interim period or for the full fiscal year.

 

 

Note 2.

Recent Accounting Pronouncements

In March 2020, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. This ASU provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions that reference the London Interbank Offered Rate (LIBOR) or another reference rate expected to be discontinued because of reference rate reform. The guidance in this ASU is optional and expedients may be elected over time through December 31, 2022, as reference rate reform activities occur. During the three months ended June 30, 2020, CACI elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives consistent with past presentation. Application of these expedients assisted in preserving the Company's presentation of derivatives as qualifying cash flow hedges. The Company continues to evaluate this guidance and may apply other elections, as applicable, as additional changes in the market occur.

 

 

Note 3.

Acquisitions

During the three months ended September 30, 2021 CACI completed two acquisitions that provide mission technology to sensitive government customers. Their capabilities include open source intelligence solutions, specialized cyber, and satellite communications. The aggregate purchase consideration was approximately $120.3 million. The Company preliminarily recognized fair values of the assets acquired and liabilities assumed and allocated $79.7 million to goodwill and $43.5 million to intangible assets.  The fair value attributed to the intangible assets acquired was based on assumptions and other information compiled by management, including independent valuations that utilized established valuation techniques. Of the value attributed to goodwill and intangible assets, approximately $44.0 million is deductible for income tax purposes.

 

 

8


 

 

Note 4.

Intangible Assets

Intangible assets, net consisted of the following (in thousands):

 

 

 

September 30,

 

 

June 30,

 

 

 

2021 (1)

 

 

2021

 

Intangible assets:

 

 

 

 

 

 

 

 

Customer contracts and related customer relationships

 

$

598,074

 

 

$

601,516

 

Acquired technologies

 

 

217,711

 

 

 

198,273

 

Intangible assets

 

 

815,785

 

 

 

799,789

 

Less accumulated amortization:

 

 

 

 

 

 

 

 

Customer contracts and related customer relationships

 

 

(259,607

)

 

 

(276,498

)

Acquired technologies

 

 

(54,604

)

 

 

(47,185

)

Less accumulated amortization

 

 

(314,211

)

 

 

(323,683

)

Total intangible assets, net

 

$

501,574

 

 

$

476,106

 

 

 

(1)

During the three months ended September 30, 2021, the Company removed $26.8 million in fully amortized intangible assets.

Intangible assets are primarily amortized on an accelerated basis over periods ranging from one to twenty years.  The weighted-average period of amortization for all customer contracts and related customer relationships as of September 30, 2021 is 17.9 years, and the weighted-average remaining period of amortization is 14.4 years.  The weighted-average period of amortization for acquired technologies as of September 30, 2021 is 10.1 years, and the weighted-average remaining period of amortization is 8.4 years.

Amortization expense for the three months ended September 30, 2021 and 2020 was $17.6 million and $16.1 million, respectively. The estimated annual amortization expense as of September 30, 2021 was as follows (in thousands):

 

Fiscal year ending June 30,

 

Amount

 

2022 (remainder of year)

 

$

53,442

 

2023

 

 

69,062

 

2024

 

 

62,060

 

2025

 

 

54,886

 

2026

 

 

47,083

 

2027 and thereafter

 

 

215,041

 

 

 

$

501,574

 

 

 

Note 5.

Goodwill

The changes in the carrying amount of goodwill for the three months ended September 30, 2021 are as follows (in thousands):

 

 

 

Domestic

 

 

International

 

 

Total

 

Balance at June 30, 2021

 

$

3,491,747

 

 

$

140,831

 

 

$

3,632,578

 

Goodwill acquired (1)

 

 

79,690

 

 

 

 

 

 

79,690

 

Foreign currency translation

 

 

(739

)

 

 

(3,810

)

 

 

(4,549

)

Balance at September 30, 2021

 

$

3,570,698

 

 

$

137,021

 

 

$

3,707,719

 

 

 

(1)

Includes goodwill initially allocated to new business combinations as well as measurement period adjustments, when applicable.

 

 

9


 

 

Note 6.

Revenues from Contracts with Customers

Disaggregation of Revenues

The Company disaggregates revenues by contract type, customer type, prime vs. subcontractor, and whether the solution provided is primarily expertise or technology.  These categories represent how the nature, amount, timing, and uncertainty of revenues and cash flows are affected.

Disaggregated revenues by contract type were as follows (in thousands):

 

 

 

Three Months Ended

 

 

Three Months Ended

 

 

 

September 30, 2021

 

 

September 30, 2020

 

 

 

Domestic

 

 

International

 

 

Total

 

 

Domestic

 

 

International

 

 

Total

 

Cost-plus-fee

 

$

893,713

 

 

$

 

 

$

893,713