10-Q 1 caci-10q_20220331.htm 10-Q caci-10q_20220331.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, 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 April 13, 2022, there were 23,412,651 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

17

 

 

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

22

 

 

 

Item 4.

Controls and Procedures

23

 

 

 

 

 

 

PART II:

OTHER INFORMATION

 

 

 

 

Item 1.

Legal Proceedings

24

 

 

 

Item 1A.

Risk Factors

26

 

 

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

26

 

 

 

Item 3.

Defaults Upon Senior Securities

26

 

 

 

Item 4.

Mine Safety Disclosures

26

 

 

 

Item 5.

Other Information

26

 

 

 

Item 6.

Exhibits

27

 

 

 

 

Signatures

28

 

 

 

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

 

 

Nine Months Ended

 

 

 

March 31,

 

 

March 31,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Revenues

 

$

1,583,980

 

 

$

1,551,918

 

 

$

4,560,656

 

 

$

4,480,135

 

Costs of revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Direct costs

 

 

1,022,181

 

 

 

1,000,235

 

 

 

2,970,370

 

 

 

2,887,300

 

Indirect costs and selling expenses

 

 

402,227

 

 

 

369,015

 

 

 

1,114,310

 

 

 

1,071,826

 

Depreciation and amortization

 

 

34,216

 

 

 

31,230

 

 

 

99,484

 

 

 

93,608

 

Total costs of revenues

 

 

1,458,624

 

 

 

1,400,480

 

 

 

4,184,164

 

 

 

4,052,734

 

Income from operations

 

 

125,356

 

 

 

151,438

 

 

 

376,492

 

 

 

427,401

 

Interest expense and other, net

 

 

9,084

 

 

 

8,954

 

 

 

30,491

 

 

 

28,021

 

Income before income taxes

 

 

116,272

 

 

 

142,484

 

 

 

346,001

 

 

 

399,380

 

Income taxes

 

 

20,855

 

 

 

22,140

 

 

 

72,176

 

 

 

78,914

 

Net income

 

$

95,417

 

 

$

120,344

 

 

$

273,825

 

 

$

320,466

 

Basic earnings per share

 

$

4.08

 

 

$

4.83

 

 

$

11.67

 

 

$

12.81

 

Diluted earnings per share

 

$

4.04

 

 

$

4.78

 

 

$

11.56

 

 

$

12.66

 

Weighted-average basic shares outstanding

 

 

23,409

 

 

 

24,935

 

 

 

23,457

 

 

 

25,026

 

Weighted-average diluted shares outstanding

 

 

23,616

 

 

 

25,166

 

 

 

23,687

 

 

 

25,307

 

See Notes to Unaudited Condensed Consolidated Financial Statements


3


 

 

CACI INTERNATIONAL INC

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

(in thousands)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

March 31,

 

 

March 31,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Net income

 

$

95,417

 

 

$

120,344

 

 

$

273,825

 

 

$

320,466

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustment

 

 

(5,087

)

 

 

440

 

 

 

(11,274

)

 

 

21,946

 

Change in fair value of interest rate swap agreements,

   net of tax

 

 

17,361

 

 

 

6,467

 

 

 

24,999

 

 

 

11,363

 

Other comprehensive income, net of tax

 

 

12,274

 

 

 

6,907

 

 

 

13,725

 

 

 

33,309

 

Comprehensive income

 

$

107,691

 

 

$

127,251

 

 

$

287,550

 

 

$

353,775

 

See Notes to Unaudited Condensed Consolidated Financial Statements


4


 

 

CACI INTERNATIONAL INC

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(in thousands, except per share data)

 

 

 

March 31,

 

 

June 30,

 

 

 

2022

 

 

2021

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

125,074

 

 

$

88,031

 

Accounts receivable, net

 

 

857,181

 

 

 

879,851

 

Prepaid expenses and other current assets

 

 

210,988

 

 

 

363,294

 

Total current assets

 

 

1,193,243

 

 

 

1,331,176

 

Goodwill

 

 

4,069,954

 

 

 

3,632,578

 

Intangible assets, net

 

 

601,464

 

 

 

476,106

 

Property, plant and equipment, net

 

 

187,363

 

 

 

190,444

 

Operating lease right-of-use assets

 

 

332,844

 

 

 

356,887

 

Supplemental retirement savings plan assets

 

 

100,298

 

 

 

102,984

 

Accounts receivable, long-term

 

 

11,134

 

 

 

12,159

 

Other long-term assets

 

 

80,449

 

 

 

70,038

 

Total assets

 

$

6,576,749

 

 

$

6,172,372

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Current portion of long-term debt

 

$

30,625

 

 

$

46,920

 

Accounts payable

 

 

218,026

 

 

 

148,636

 

Accrued compensation and benefits

 

 

377,456

 

 

 

409,275

 

Other accrued expenses and current liabilities

 

 

301,335

 

 

 

279,970

 

Total current liabilities

 

 

927,442

 

 

 

884,801

 

Long-term debt, net of current portion

 

 

1,823,240

 

 

 

1,688,919

 

Supplemental retirement savings plan obligations, net of current portion

 

 

104,644

 

 

 

104,490

 

Deferred income taxes

 

 

350,309

 

 

 

327,230

 

Operating lease liabilities, noncurrent

 

 

332,338

 

 

 

363,302

 

Other long-term liabilities

 

 

77,890

 

 

 

138,352

 

Total liabilities

 

$

3,615,863

 

 

$

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; 42,817 shares

   issued and 23,413 outstanding at March 31, 2022 and 42,676 shares

   issued and 23,554 outstanding at June 30, 2021

 

 

4,282

 

 

 

4,268

 

Additional paid-in capital

 

 

563,452

 

 

 

484,260

 

Retained earnings

 

 

3,462,912

 

 

 

3,189,087

 

Accumulated other comprehensive loss

 

 

(22,566

)

 

 

(36,291

)

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

 

 

(1,047,329

)

 

 

(976,181

)

Total CACI shareholders’ equity

 

 

2,960,751

 

 

 

2,665,143

 

Noncontrolling interest

 

 

135

 

 

 

135

 

Total shareholders’ equity

 

 

2,960,886

 

 

 

2,665,278

 

Total liabilities and shareholders’ equity

 

$

6,576,749

 

 

$

6,172,372

 

See Notes to Unaudited Condensed Consolidated Financial Statements


5


 

 

CACI INTERNATIONAL INC

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

(in thousands)

 

 

 

Nine Months Ended

 

 

 

March 31,

 

 

 

2022

 

 

2021

 

CASH FLOWS FROM OPERATING ACTIVITIES

 

 

 

 

 

 

 

 

Net income

 

$

273,825

 

 

$

320,466

 

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

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

99,484

 

 

 

93,608

 

Amortization of deferred financing costs

 

 

1,712

 

 

 

1,743

 

Loss on extinguishment of debt

 

 

891

 

 

 

 

Non-cash lease expense

 

 

51,449

 

 

 

57,800

 

Stock-based compensation expense

 

 

23,085

 

 

 

23,841

 

Deferred income taxes

 

 

2,813

 

 

 

(585

)

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

 

 

 

 

 

 

 

 

Accounts receivable, net

 

 

66,953

 

 

 

(18,826

)

Prepaid expenses and other assets

 

 

(27,227

)

 

 

(27,068

)

Accounts payable and other accrued expenses

 

 

23,056

 

 

 

27,933

 

Accrued compensation and benefits

 

 

(84,466

)

 

 

41,691

 

Income taxes payable and receivable

 

 

201,112

 

 

 

10,102

 

Operating lease liabilities

 

 

(54,575

)

 

 

(55,274

)

Long-term liabilities

 

 

14,901

 

 

 

25,085

 

Net cash provided by operating activities

 

 

593,013

 

 

 

500,516

 

CASH FLOWS FROM INVESTING ACTIVITIES

 

 

 

 

 

 

 

 

Capital expenditures

 

 

(38,742

)

 

 

(51,273

)

Acquisition of businesses, net of cash acquired

 

 

(615,769

)

 

 

(355,452

)

Other

 

 

923

 

 

 

2,744

 

Net cash used in investing activities

 

 

(653,588

)

 

 

(403,981

)

CASH FLOWS FROM FINANCING ACTIVITIES

 

 

 

 

 

 

 

 

Proceeds from borrowings under bank credit facilities

 

 

2,087,095

 

 

 

2,478,500

 

Principal payments made under bank credit facilities

 

 

(1,965,386

)

 

 

(2,062,690

)

Payment of financing costs under bank credit facilities

 

 

(6,286

)

 

 

 

Proceeds from employee stock purchase plans

 

 

7,398

 

 

 

6,840

 

Repurchases of common stock

 

 

(7,301

)

 

 

(506,629

)

Payment of taxes for equity transactions

 

 

(14,685

)

 

 

(19,567

)

Net cash provided by (used in) financing activities

 

 

100,835

 

 

 

(103,546

)

Effect of exchange rate changes on cash and cash equivalents

 

 

(3,217

)

 

 

5,366

 

Net change in cash and cash equivalents

 

 

37,043

 

 

 

(1,645

)

Cash and cash equivalents at beginning of period

 

 

88,031

 

 

 

107,236

 

Cash and cash equivalents at end of period

 

$

125,074

 

 

$

105,591

 

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION

 

 

 

 

 

 

 

 

Cash paid (refunds received) during the period for income taxes

 

$

(146,985

)

 

$

48,855

 

Cash paid during the period for interest

 

$

27,298

 

 

$

25,405

 

Non-cash financing and investing activities:

 

 

 

 

 

 

 

 

Landlord sponsored tenant incentives

 

$

2,256

 

 

$

15,468

 

Accrued capital expenditures

 

$

952

 

 

$

1,075

 

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 December 31, 2021

 

 

42,810

 

 

$

4,281

 

 

$

555,968

 

 

$

3,367,495

 

 

$

(34,840

)

 

 

19,404

 

 

$

(1,047,329

)

 

$

2,845,575

 

 

$

135

 

 

$

2,845,710

 

Net income

 

 

 

 

 

 

 

 

 

 

 

95,417

 

 

 

 

 

 

 

 

 

 

 

 

95,417

 

 

 

 

 

 

95,417

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

8,387

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8,387

 

 

 

 

 

 

8,387

 

Tax withholdings on restricted share

   vestings

 

 

7

 

 

 

1

 

 

 

(773

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(772

)

 

 

 

 

 

(772

)

Other comprehensive income, net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

12,274

 

 

 

 

 

 

 

 

 

12,274

 

 

 

 

 

 

12,274

 

Repurchases of common stock

 

 

 

 

 

 

 

 

(130

)

 

 

 

 

 

 

 

 

9

 

 

 

(2,176

)

 

 

(2,306

)

 

 

 

 

 

(2,306

)

Treasury stock issued under stock purchase

   plans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(9

)

 

 

2,176

 

 

 

2,176

 

 

 

 

 

 

2,176

 

Balance at March 31, 2022

 

 

42,817

 

 

$

4,282

 

 

$

563,452

 

 

$

3,462,912

 

 

$

(22,566

)

 

 

19,404

 

 

$

(1,047,329

)

 

$

2,960,751

 

 

$

135

 

 

$

2,960,886

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2020

 

 

42,663

 

 

$

4,266

 

 

$

570,176

 

 

$

2,931,766

 

 

$

(45,883

)

 

 

17,432

 

 

$

(576,181

)

 

$

2,884,144

 

 

$

135

 

 

$

2,884,279

 

Net income

 

 

 

 

 

 

 

 

 

 

 

120,344

 

 

 

 

 

 

 

 

 

 

 

 

120,344

 

 

 

 

 

 

120,344

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

8,800

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8,800

 

 

 

 

 

 

8,800

 

Tax withholdings on restricted share

   vestings

 

 

9

 

 

 

1

 

 

 

(905

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(904

)

 

 

 

 

 

(904

)

Other comprehensive income, net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6,907

 

 

 

 

 

 

 

 

 

6,907

 

 

 

 

 

 

6,907

 

Repurchases of common stock

 

 

 

 

 

 

 

 

(100,032

)

 

 

 

 

 

 

 

 

1,699

 

 

 

(402,177

)

 

 

(502,209

)

 

 

 

 

 

(502,209

)

Treasury stock issued under stock purchase

   plans