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CACI International (CACI) Q3 Earnings Top Estimates, Revenues Miss
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CACI International (CACI - Free Report) reported better-than-anticipated bottom-line results for third-quarter fiscal 2021 (ended Mar 31, 2021). Quarterly earnings came in at $5.28 per share, beating the Zacks Consensus Estimate by 43%. The earnings figure also jumped 47.1% year over year.
Revenues came in at $1.55 billion in the fiscal third quarter, up 5.9% from the year-ago quarter’s reported figure. This upside can be primarily attributed to new business wins, acquired contracts and on-contract growth. The company registered organic revenue growth of 5.3% in the fiscal third quarter. However, the top-line figure missed the consensus mark of $1.58 billion.
CACI International, Inc. Price, Consensus and EPS Surprise
Contract awards in the reported quarter were worth $1.6 billion. Revenues from contract awards do not include ceiling values of multi-award, indefinite-delivery, indefinite-quantity contracts.
Total backlog, as of Mar 31, 2021, was $22.3 billion, 12.3% higher than the prior-year quarter’s level. Funded backlog at the end of March 2021 was $3 billion, up 1.3%.
In terms of customer mix, the Department of Defense contributed 69.2% to total revenues in the reported quarter. Federal Civilian Agencies contributed 26.2%, while Commercial and other customers accounted for 4.6% of revenues.
Revenues generated as a prime contractor and a subcontractor accounted for 90.3% and 9.7% of total revenues, respectively.
In terms of contract type, cost-plus-fee type contracts contributed 58.3%, fixed-price contracts contributed 29.5% and time and material type contracts contributed 12.2% to total revenues.
Margins
Operating income for the fiscal third quarter came in at $151.4 million, up 33.2% from the year-earlier quarter’s figure. This upswing resulted from higher revenues, favorable fixed-price contract performance, strong operating performance and lower indirect costs. Operating income margin expanded 200 basis points (bps) to 9.8%.
Adjusted EBITDA for the fiscal third quarter climbed 29.9% year over year to $183.7 million. Adjusted EBITDA margin of 11.8% advanced 210 bps.
Balance Sheet and Cash Flow
At the end of the fiscal third quarter, CACI International had cash and cash equivalents of $105.6 million compared with the previous quarter’s $102.1 million.
Total long-term (net of current portion) debt was $1.78 billion.
During the first nine months of fiscal 2021, the company generated a cash flow of $500.5 million from operational activities.
Guidance
Due to significant impacts of COVID-related disruptions, including travel restrictions, reduction in government processing of deployment orders and delays in task orders, CACI reduced its full-year fiscal 2021 revenue guidance. Revenues are now projected at $6 - $6.08 billion, down from the previous outlook of $6.05-$6.25 billion.
However, guidance for earnings per share was raised to reflect strong operating performance, lower program and indirect expenses, and certain tax benefits. Earnings per share are now estimated between $18 and $18.4, up from the previously guided range of $14.47-$15.25.
The company raised the net income guidance of $372-$392 million to $450-$460 million.
Notably, net cash provided by operating activities is still estimated to be at least $600 million.
The company continues to anticipate solid organic revenue growth and continued margin expansion throughout 2021.
The long-term earnings growth rate for NVIDIA, Micron and Etsy is currently pegged at 15.05%, 15.66% and 19.43%, respectively.
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CACI International (CACI) Q3 Earnings Top Estimates, Revenues Miss
CACI International (CACI - Free Report) reported better-than-anticipated bottom-line results for third-quarter fiscal 2021 (ended Mar 31, 2021). Quarterly earnings came in at $5.28 per share, beating the Zacks Consensus Estimate by 43%. The earnings figure also jumped 47.1% year over year.
Revenues came in at $1.55 billion in the fiscal third quarter, up 5.9% from the year-ago quarter’s reported figure. This upside can be primarily attributed to new business wins, acquired contracts and on-contract growth. The company registered organic revenue growth of 5.3% in the fiscal third quarter. However, the top-line figure missed the consensus mark of $1.58 billion.
CACI International, Inc. Price, Consensus and EPS Surprise
CACI International, Inc. price-consensus-eps-surprise-chart | CACI International, Inc. Quote
Quarter Details
Contract awards in the reported quarter were worth $1.6 billion. Revenues from contract awards do not include ceiling values of multi-award, indefinite-delivery, indefinite-quantity contracts.
Total backlog, as of Mar 31, 2021, was $22.3 billion, 12.3% higher than the prior-year quarter’s level. Funded backlog at the end of March 2021 was $3 billion, up 1.3%.
In terms of customer mix, the Department of Defense contributed 69.2% to total revenues in the reported quarter. Federal Civilian Agencies contributed 26.2%, while Commercial and other customers accounted for 4.6% of revenues.
Revenues generated as a prime contractor and a subcontractor accounted for 90.3% and 9.7% of total revenues, respectively.
In terms of contract type, cost-plus-fee type contracts contributed 58.3%, fixed-price contracts contributed 29.5% and time and material type contracts contributed 12.2% to total revenues.
Margins
Operating income for the fiscal third quarter came in at $151.4 million, up 33.2% from the year-earlier quarter’s figure. This upswing resulted from higher revenues, favorable fixed-price contract performance, strong operating performance and lower indirect costs. Operating income margin expanded 200 basis points (bps) to 9.8%.
Adjusted EBITDA for the fiscal third quarter climbed 29.9% year over year to $183.7 million. Adjusted EBITDA margin of 11.8% advanced 210 bps.
Balance Sheet and Cash Flow
At the end of the fiscal third quarter, CACI International had cash and cash equivalents of $105.6 million compared with the previous quarter’s $102.1 million.
Total long-term (net of current portion) debt was $1.78 billion.
During the first nine months of fiscal 2021, the company generated a cash flow of $500.5 million from operational activities.
Guidance
Due to significant impacts of COVID-related disruptions, including travel restrictions, reduction in government processing of deployment orders and delays in task orders, CACI reduced its full-year fiscal 2021 revenue guidance. Revenues are now projected at $6 - $6.08 billion, down from the previous outlook of $6.05-$6.25 billion.
However, guidance for earnings per share was raised to reflect strong operating performance, lower program and indirect expenses, and certain tax benefits. Earnings per share are now estimated between $18 and $18.4, up from the previously guided range of $14.47-$15.25.
The company raised the net income guidance of $372-$392 million to $450-$460 million.
Notably, net cash provided by operating activities is still estimated to be at least $600 million.
The company continues to anticipate solid organic revenue growth and continued margin expansion throughout 2021.
Zacks Rank & Other Stocks to Consider
CACI currently carries a Zacks Rank #2 (Buy).
A few other top-ranked stocks in the broader technology sector are NVIDIA Corporation (NVDA - Free Report) , Micron Technology, Inc. (MU - Free Report) and Etsy, Inc. (ETSY - Free Report) , each sporting a Zacks Rank #1 (Strong Buy), at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
The long-term earnings growth rate for NVIDIA, Micron and Etsy is currently pegged at 15.05%, 15.66% and 19.43%, respectively.
Bitcoin, Like the Internet Itself, Could Change Everything
Blockchain and cryptocurrency has sparked one of the most exciting discussion topics of a generation. Some call it the “Internet of Money” and predict it could change the way money works forever. If true, it could do to banks what Netflix did to Blockbuster and Amazon did to Sears. Experts agree we’re still in the early stages of this technology, and as it grows, it will create several investing opportunities.
Zacks’ has just revealed 3 companies that can help investors capitalize on the explosive profit potential of Bitcoin and the other cryptocurrencies with significantly less volatility than buying them directly.
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