CACI International has announced results for its fiscal fourth quarter and full year ended June 30, 2020.
“Our fourth quarter performance was a strong finish to a great Fiscal Year 2020. Amid the headwinds from COVID-19, we achieved our financial commitments, delivering accelerating organic revenue growth, margin expansion, robust cash flow, and double-digit growth in contract awards and backlog,“ said John Mengucci, president and CEO of CACI and 2020 Wash100 Award recipient.
CACI has announced that the company's revenue in Q4 FY20 increased by 9 percent year-over-year. The year-over-year increase in operating income was driven by higher revenue, especially in our technology business.
The year-over-year increase in net income was due to higher operating income and lower interest expense. The increase in cash from operations, excluding MARPA, was driven by higher net income and lower DSO as a result of enhanced billing and collections processes.
CACI's contract awards in the fourth quarter 2020 totaled $3.4 billion. 55 percent was noted as new business to CACI. The company's contract awards totaled $11.6 billion, with over 55 percent for new business to CACI. These awards exclude ceiling values of multi-award, indefinite delivery, indefinite quantity (IDIQ) contracts.
The company reported a total backlog of $21.6 billion compared with $16.9 billion a year ago, noting an increase of 28 percent. Funded backlog was $2.8 billion compared with $2.9 billion a year ago.
Revenue in full year 2020 increased by 15 percent year-over-year as reported and 8 percent organically. The year-over-year increase in operating income was driven by the contribution from higher margin acquisitions and organic margin expansion.
The year-over-year increase in net income was due to higher operating income, partially offset by higher interest expense and a higher effective tax rate. The increase in cash from operations, excluding MARPA, was driven by higher net income and lower DSO as a result of enhanced billing and collections processes.
“This strong performance is a testament to the resiliency of our company and the commitment of our employees. We are confident that we will continue to bring value to our customers and shareholders. Our winning strategy and record performance in Fiscal Year 2020 positions CACI for continued success in Fiscal Year 2021 and beyond,“ Mengucci added.
CACI's 23,000 talented employees are vigilant in providing the unique expertise and distinctive technology that address our customers' greatest enterprise and mission challenges. Our culture of good character, innovation, and excellence drives our success and earns us recognition as a Fortune World's Most Admired Company. As a member of the Fortune 1000 Largest Companies, the Russell 1000 Index, and the S&P MidCap 400 Index, we consistently deliver strong shareholder value.