CACI Reports Results for Its Fiscal 2021 Fourth Quarter and Full

CACI Reports Results for Its Fiscal 2021 Fourth Quarter and Full Year and Issues Fiscal Year 2022 Guidance

Revenue in Q4 FY21 increased 5% year-over-year as reported and 4% organically. The year-over-year decrease in operating income was driven by higher indirect expenses, the impact of tax elections taken under the CARES Act, and normal fluctuations in revenue mix. The year-over-year increases in net income and adjusted net income were due to a lower effective tax rate, partially offset by higher interest expense and the factors influencing operating income. Diluted earnings per share and adjusted diluted earnings per share increased faster than their respective net income metrics due to a lower share count as a result of the $500 million accelerated share repurchase announced in March 2021. The decrease in cash from operations, excluding MARPA, was driven by higher cash tax payments due to the aforementioned tax elections. The decrease in free cash flow was due to the same factors cited above, as well as higher capital expenditures.

Fourth Quarter Awards

Contract awards in Q4 FY21 totaled $3.6 billion, with approximately 40% for new business to CACI. For the full year, contract awards totaled $9.2 billion, with over 40% for new business to CACI. These awards exclude ceiling values of multi-award, indefinite delivery, indefinite quantity (IDIQ) contracts. Some notable awards during the quarter were:

A five-year, single-award contract, with a ceiling value of $447 million, by the National Security Agency (NSA) to provide process and mission technology in support of the signals intelligence and cybersecurity missions that provide our nation’s policymakers and military with actionable intelligence to secure and defend vital networks.
An eight-year, single-award contract, with a ceiling value of $373 million, to provide mission expertise for geospatial intelligence (GEOINT) analysis to U.S. Special Operations Command (SOCOM).
A four-year, single-award task order, with a ceiling value of more than $82 million, by the U.S. Army’s Electronic Warfare Air/Ground Survivability Division (EWAGS) to provide mission expertise and technology for the Army’s cyber and ground electronic warfare (EW) missions.
A five-year, single-award task order, with a ceiling value of $1.4 billion, by the Defense Threat Reduction Agency (DTRA) to continue providing mission expertise in support of countering emerging threats.
A nine-year, $496 million single-award IDIQ by the U.S. Air Force Sustainment Center (AFSC) to provide mission technology for the Air Force Automated Test System Sustainment Initiative II (ATSSI II) contract.
A five-year, $96 million task order by the U.S. Department of State’s (DOS) Bureau of Diplomatic Security (DS) to provide mission technology to develop, modernize, and enhance its diplomatic security systems.
A 10-year, multiple-award Blanket Purchase Agreement (BPA), with a $1 billion total federal program value, to provide enterprise expertise and financial system integration support services.

Total backlog as of June 30, 2021 was $24.2 billion compared with $21.6 billion a year ago, an increase of 12 percent. Funded backlog as of June 30, 2021 was $3.3 billion compared with $2.8 billion a year ago, an increase of 18 percent.

Fourth Quarter Highlights

CACI was named a Fortune 500 company for the first time in company history. The Fortune 500 is an annual list of the largest corporations in the United States, ranked by revenue for the 2020 fiscal year. This honor reflects CACI's continued growth and record revenue of $5.7 billion in fiscal year 2020, resulting from a continued focus on its growth strategy.
CACI Strategic Advisor and Senior Vice President Lt. Gen. Michael Nagata is the 2021 recipient of the DeProspero Lifetime Achievement Award presented by the Special Operations and Low-Intensity Conflict (SO/LIC) division of the National Defense Industrial Association (NDIA). This award is named for retired Army Col. Albert DeProspero, who served in Special Forces and is a founding member of the SO/LIC Division, as well as a supporter and advocate of the Special Operations community. The award recognizes Lt. Gen. Nagata's distinct contribution of lasting impact in Special Operations, low-intensity conflict and irregular warfare. He will be presented with the award at the 32nd annual SO/LIC Symposium and Exhibition on November 4, 2021.
CACI was named a 2021 Top Workplace in Washington, D.C. for the seventh consecutive year and in New Jersey for the second consecutive year. The surveys are administered by Energage and honorees are chosen based solely on employee feedback gathered through an employee engagement survey.
CACI received industry recognition during the quarter including: #20 on Bloomberg Government's Top Contractors list, increasing its position by six spots; #31 on Defense News' Top 100 for 2021, advancing three spots; and was named a Top 25 Largest Employer in the greater Washington D.C. metro area by Washington Business Journal.

Fiscal Year Results

	Twelve Months Ended
(in millions except earnings per share and DSO)	6/30/2021	6/30/2020	% Change
Revenue	$6,044.1	$5,720.0	5.7	%
Operating income	$539.5	$457.7	17.9	%
Net income	$457.4	$321.5	42.3	%
Adjusted net income, a non-GAAP measure¹	$507.2	$365.2	38.9	%
Diluted earnings per share	$18.30	$12.61	45.1	%
Adjusted diluted earnings per share, a non-GAAP measure¹	$20.29	$14.33	41.6	%
Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA), a non-GAAP measure ¹	$668.6	$573.6	16.6	%
Net cash provided by operating activities excluding MARPA ¹	$610.2	$511.2	19.4	%
Free cash flow, a non-GAAP measure ¹	$537.1	$438.9	22.4	%

(1)

This non-GAAP measure should not be considered in isolation or as a substitute for measures prepared in accordance with GAAP. For additional information regarding this non-GAAP measure, see the related explanation and reconciliation to the GAAP measure included below in this release.

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