Perspecta Inc. (PRSP) Q1 2020 Earnings Call Transcript
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Perspecta Inc. (NYSE: PRSP)
Q1 2020 Earnings Call
Aug 14, 2019, 5:00 p.m. ET
Prepared Remarks
Call Participants
Prepared Remarks:
Good day, and welcome to the Perspecta Inc. First Quarter Fiscal Year 2020 Earnings Conference Call and Webcast. [Operator Instructions]
I would now like to turn the conference over to Mr. Stuart Davis, Vice President, Investor Relations and Strategy. Please go ahead, sir.
Stuart Davis -- Vice President, Investor Relations
Thank you. Welcome everyone to today's quarterly earnings conference call. Presenting today are Mac Curtis, our CEO; and John Kavanaugh, our CFO. This call is being webcast on the Investor Relations portion of our website, where you'll also find the earnings release and financial presentation slides that we'll use for today's call.
Turning to Slide Two of the presentation. Please note that during this call we will make forward-looking statements that are subject to known and unknown risks and uncertainties that can cause actual results to differ materially from anticipated results. For a full discussion of these risks and uncertainties, please refer to our SEC filings, including our latest Form 10-K.
In addition, the statements represent our views as of today and subsequent events may cause our views to change. Though we may elect to update the forward-looking statements, we specifically disclaim any obligation to do so. Finally, as shown on Slide Three, we will discuss some non-GAAP financial measures that we believe provide useful information for investors. The slide deck for today's call includes reconciliations to the most closely comparable GAAP measures.
At this time, it's my pleasure to turn the call over to Mac, who will begin on Slide Four.
Mac Curtis -- President and Chief Executive Officer
Thank you, Stuart. And thank you all for joining us this afternoon. A lot has happened since our last call. First, we had another strong quarter of operations with robust organic growth, strong margins and excellent free cash flow. Second, the President has signed a two-year budget framework that gives our customers the predictability they need to plan for and execute their critical missions. Third, we had another strong quarter of new business awards, and fourth, we made our first acquisition as a public company.
I'll now address each of these points in more detail. First, again we exceeded consensus estimates on all of our key financial metrics. Quarter-after-quarter, we delivered on our growth, margin, earnings and cash commitments. Revenue was up 1% sequentially and up 7% year-over-year on a pro forma basis, our fastest growth quarter yet. Controlling for last year's divestiture gain adjusted EBITDA was up 19% and adjusted diluted EPS was up 18%. Free cash generation was again stellar at 189% of adjusted net income. It just absolutely great execution by the entire team.
Second, the President signed the Bipartisan Act of 2019, which increases statutory spending limits by $323 billion in fiscals 2020 and 2021, and permanently ends the sequester threat. It will also suspends debt limit through July of 2021, avoiding the risk of a federal default on prepayments until after the next presidential election.
From government fiscal year '20, the defense budget will be $738 billion, which is up 3.1%, and the budget for civilian agencies will be $632 billion, which is up 4.5%. This deal is very positive for Perspecta, and our industry. Budgets were up nicely and our customers can proceed with the new program starts and expansions of existing programs. Now Congress still needs to pass a 12 individual funding bill, so many agencies may begin the fiscal year on a continuing resolution, but all agencies should have full year budgets in the fall, which is a great outcome.
Third, new business bookings were very strong, with 76% and the 1 billion in total bookings representing new work for Perspecta. Book-to-bill ratio in the quarter was 0.9 times, for the trailing 12 months, our book-to-bill ratio was 1.5 times. So, we are well positioned for continued growth.
An area of booking strength in the first quarter was Trusted Workforce, which is one of our strategic priorities. A Wall Street shorthand is back on investigation, but Trusted Workforce is more than background investigations, and our Trusted Workforce business is more than just the OPM contract. This market includes continuous vetting and insider threat and the newly established Defense Counterintelligence and Security Agency or DCSA is taking a broader view of how to attract and retain a trusted national security workforce. The Trusted Workforce market also encompasses industrial and facility security, supply chain security and other trusted indemnity markets both in the US and abroad.
In the quarter, we had $42 million in bookings on our OPM and their contract, reflecting continued workload on that important mission. We also won a $100 million other transaction agreement, or OTA, modernizing the IT systems that support background checks and insider threat programs. Leading a team of several non-traditional partners will enable the deal did achieve bold, transformational change by combining commercial-off-the-shelf solutions with our capabilities and expertise and artificial intelligence, machine learning and natural language processing to automate and operate processes may secure government cloud environment.
Now, anyone who wants to understand the Trusted Workforce market should take a look at the July Bloomberg Government Report. Their key takeaways is the demand for investigation will be steady and ongoing. Background investigations are required for all sensitive government positions. 200,000 ongoing investigations and 50,000 to 55,000 new background investigation requests per week will be the norm. According to the report, reducing the backlog will continue to be major focus in the short term and in the long term, DCSA is seeking a balanced mix of technology and human services to meet the demand and eliminate vulnerabilities. Perspecta is the best company positioned to succeed in this robust market.
Now, we also won a five-year $162 million award from Air Force to develop and operate a modernized enterprise infrastructure for SIPRNet. A SIPRNet is a Secret Internet Protocol Router Network. This is all new award for Perspecta. As part of this effort, we will transform and standardize the networks infrastructure to improve management operations and enhance the cybersecurity posture for over 400,000 SIPRNet users, client devices and servers.
Moving on our intelligence community business remains strong. In Q1, we secured $139 million 10-year sole-source award for one of our core intelligence community programs. And shortly after we closed Q1, we were competitively awarded a five-year $824 million contract by the National Geospatial-Intelligence Agency to perform full lifecycle systems engineering and integration work. This is our largest program in the intelligence community and the new contract significantly expands a ceiling value and the scope.
The pipeline continues to build as we aggressively pursue new opportunities. A three-year qualified pipeline of $77 billion, including $24 billion of proposals already submitted and awaiting decision. And this is up $17 billion from this time last year. The pipeline is a lot more than NGEN. We're taking some big swings on programs that have the opportunity to reshape this Company. Now, while we are on the topic of NGEN, there have been some positive developments since the last call. As part of the procurement process, bidders on the service management, integration and transport or SMIT ever see the valuation notices or ENs. Also, the Navy's indicated that they want to extend our current contract on a sole-source basis.
We view this extension as wholly positive for Perspecta. The Navy now has a schedule they can execute to. We are on track for an award in the first quarter of calendar year 2020. So, they will extend our contract for up to seven months, which could be to December of 2020. This is an acknowledgement of what we have been saying since Investor Day. NGEN is a very complex procurement. The underlying workers complex and it has made even more difficult by splitting the work into the end-user hardware and SMIT components. We believe that complexity strengthens our incumbency advantage.
Fourth, we are excited to complete the acquisition of Knight Point Systems and welcome their employees and customers to the Perspecta team. We paid $250 million for the company, which represents a single-digit multiple on a four 12 months EBITDA. The deal will be immediately accretive to Perspecta. Throughout the process, we were impressed by Knight Point's deep customer intimacy, rich legacy of innovation, patented IP and delivery of managed services programs. The acquisition further enhances already robust and proven offerings in cloud, cyber, digital transformation and enterprise IT that modernize and transform government mission delivery.
Knight Point is a perfect acquisition for us. They are complementary to our culture and offerings, while accelerating our growth strategy, and they look a lot like us, which will ease the integration. They have a heavy mix of fixed price contracts and IP portfolio that differentiates them in the marketplace. And very focused in both terms of customer footprint the franchise positions at the Department of Homeland Security and DISA and a capabilities with a strong emphasis in IP around digital transformation, cloud and cyber. They offer patented in trademark cloud technologies that will differentiate us in the market, including Zeus [Phonetic] and managed services automation tool that allows full visibility into public, private and hybrid cloud instances and cloud C, a FedRAMP authorized cybersecurity as a service offering the 24X7 SOC operations, certification and accreditation, ISSO and vulnerability management.
Now last fall, we laid out a strategy with five strategic priorities and Knight Point significantly enhances our position in three of them. Cloud on IT, cyber security and emerging mission challenges. As a result, we expect significant revenue synergies. Just looking at our current pipeline, we see many large opportunities, where our win probability is much higher as we integrate our solutions.
In conclusion, I hope that it's very clear that we are focused on growth. Our financial results show it and our end markets support it. Our BD NGEN is focused on delivering it. And we are now allocating capital to enhance it. The market appears focused on NGEN, but we have got 400 other contracts in the portfolio, and frankly, we're not waiting around for it. We are competing aggressively in the market. Over the last year, we submitted $28 billion in proposals and it's showing up in our bookings, with a trailing 12 month book-to-bill and a ratio of 1.5 times with 50% of that with new business.
With the two-year budget deal, now is a time take advantage. We are seeing revenue synergies coming sooner than we expected and we're finding that we really go after something, we can be successful, whether it's an Army Cyber Command or the US Senate. The Knight Point acquisition is also exciting to us. It opens up new growth areas. I'm confident that once we won NGEN, the market our valuation will reward us and our shareholders for ability to drive growth.
With that, let me turn the call over to John.
John Kavanaugh -- Senior Vice President, Chief Financial Officer
Thanks, Mac. And good afternoon, everyone. I'm extremely pleased with our performance in the first quarter, making it five quarters in a row of solid execution. Once again, we delivered strong margins and cash generation, which enables us to deploy capital to grow the business and enhance shareholder value. With an accretive acquisition, we are able to raise guidance and accelerate our strategy.
Turning to Slide Five. Revenue for the quarter was $1.11 billion, which was up 7% from the first quarter of fiscal year 2019 on a pro forma basis and up 1% from the fourth quarter of fiscal year 2019. On a year-over-year revenue growth basis, both segments performed at their highest levels as a public company and our 7% growth well exceeded our best performance to date.
The growth driver in the quarter was our Defense and Intelligence segment, which increased 13% year-over-year despite an $11 million rollover challenge from last year's contract divestiture. Civilian and Health Care segment revenue decreased 4% year-over-year. In total, the growth in background investigations support as well as the ramp ups of new Department of Defense and Intelligence community programs, more than offset the decrease in a few civil agency contracts. Contract mix was consistent with recent levels. As a percentage of total revenue, our contracts were 53% fixed price, 20% time of materials and 27% cost-plus.
Q1 adjusted EBITDA was $204 million, which was up 5% compared to year ago pro forma adjusted EBITDA. As margin decreased from 18.8% to 18.4%. Pro forma earnings in the first quarter of fiscal year 2019 benefited from a $24 million gain, our last year's contract divestiture. Excluding the divestiture gain, adjusted EBITDA was up 19% and adjusted EBITDA margin was up 193 basis points year-over-year, driven by strong fixed price program execution and the full run rate benefit from merger costs synergies and operational efficiencies, we achieved last year.
Also, depreciation and amortization totaled $101 million in the quarter, which was higher than its normal level. Continuing the trend from Q4 of last year, depreciation of $53 million ran high from additional asset acquisitions in support of customer requirements. Acquisition-related intangibles amortization, which is net out of adjusted net income and adjusted diluted EPS was $48 million. We expect depreciation and amortization to moderate over the coming quarters and for D&A to be only slightly higher in fiscal year 2020 than in fiscal year 2019.
Net interest expense totaled $35 million in Q1. We also incurred $21 million of transaction, integration and restructuring expense, which was down $7 million sequentially. Q1 adjusted net income was $85 million, resulting in adjusted diluted earnings per share of $0.52 against a diluted share count from 163.3 million. Excluding the year ago divestiture gain, adjusted diluted EPS was up 18% year-over-year on pro forma basis.
Turning to Slide Six. During the first quarter, we generated $185 million of cash flow from operating activities and $161 million of adjusted free cash flow or a 189% of adjusted net income. The difference between the cash metrics is $36 million of capital expenditures, which includes finance lease payments and $12 million of integration and restructuring payments. Note, that we adopted ASC 842 this quarter and now use the term finance lease instead of capital lease, as we used previously.
The strong cash flow in a quarter was reflected in our days sales outstanding metric of 55 days, which is at the low end of our target DSO range of the mid-to-high 50s. Adjusted free cash flow was higher than normal, partly based on timing. With some finance lease payments slipping into Q2, no tax payments in the quarter and one fewer payroll cycle then we will have in Q2.
During the first quarter, we paid down $22 million of debt and returned $23 million to shareholders, $8 million in quarterly dividends and $15 million in share repurchases. We ended the quarter with $179 million of cash and $2.7 billion of debt, including $293 million of finance lease obligations. After the close of the quarter, we amended and extended our credit agreement to provide us greater financial flexibility. We extended the maturities on a revolver, term loan A1 and term loan A2 by 15 months. In addition, we increased our maximum total net leverage financial covenant to be more in line with our industry peers and increased our size of our revolver by $150 million to $750 million.
We also acquired all of the equity interest of Knight Point for $250 million subject to customary purchase price adjustments. Knight Point is roughly $150 million in annual revenues, with an EBIT and EBITDA margin profile similar to ours. The acquisition should contribute roughly $100 million to FY20 revenue and about $0.02 to $0.03 to FY20 adjusted EPS. The EBITDA multiple we paid is very close to our own.
Consistent with our capital allocation model, we have built a modest amount of acquisition revenue and profit into the guidance we gave on the last call. As Knight Point was larger than anticipated, we are able to raise fiscal year 2020 guidance as shown on Slide Seven.
We now expect revenue for the year to be $4.4 billion to $4.5 billion, which is an increase of $50 million to the upper and lower ends of our previous guidance. We expect adjusted diluted earnings per share of $2.08 to $2.18, which is an increase of $0.02 on the upper and an increase of $0.03 on the lower end of prior guidance.
There is no change to Adjusted EBITDA margin, which stays at 17% to 18% and we are now trending to the middle of the range. So, up compared to when we originally gave the guidance. Finally, there is no change to adjusted free cash flow conversion guidance, which remains at 95% plus of adjusted net income.
Operator, we are now ready to take any questions.
We will now begin the question-and-answer session. [Operator Instructions] And our first question today comes from Edward Caso with Wells Fargo. Please go ahead.
Justin Donati -- Wells Fargo -- Analyst
Hi, this is Justin Donati on for Ed. Thanks for taking my question. Good quarter here. It looks like with some of the recent contracts that you've won, you may have been able to fill in the revenue hole of NASA NEST. Can you provide any more color on that?
Sure, Justin. This is John. So again, as we indicated, we are increasing guidance on an annual basis. We're taking it up $50 million on the lower and upper end. Okay. Clearly, NASA NEST is still a headwind that hasn't changed as we laid out in previous calls, right? It's roughly about $100 million headwind for this year.
That said, again, based on the strong business development performance, the ramp ups of some new business wins are happening. We feel overall big picture, tailwinds will outweigh the headwinds, but NASA obviously still remains a headwind for us.
Another way to look at it Justin is, we've talked about revenue visibility and those new wins have allowed us to increase our revenue visibility as we go through, and we're kind of on plan with where we were last year.
Yeah, the guidance to guidance.
Okay, thanks. And then last quarter, you talked about some greenfield opportunities [Indecipherable] could you talk about kind of the potential timeframe for how you see that playing out? Or, how long it could be until it becomes a more meaningful piece of the business?
Yeah, well, I think, also that's a good question. What we also spoke of is, you know, that part of the business was somewhere under invested as it was part of USPS. And you know, we're reinvesting in the business we got new leader on Rocky Thurston, who understands how to grow business in the civilian sector.
And so, you know, we've got some bids, we focus on some larger bids. You know, there's some good opportunities in department transportation. Certainly, tomorrow we'll announce -- after in Q2 the Senate ITO contract, which is about a $170 million. So, we've won that. And so we see some of the pipeline, we see some opportunities in Department of State that are kind of in the proposal phase. We see some additional work in the VA, that's a -- that's pending award. So, we're really focused Department of Labor is another contract that was awarded subject with protest to the public, [Phonetic] we hope to get that cleared up in the next couple of weeks.
So, we don't control when these things were awarded. But we certainly see in Q2 hopefully some of these things will come to fruition, transportation. I think certainly Department of Labor get that cleared up. But further out, you see in proposal the FDIC deals from Department of State. So, I think we really start to see the back-end of Q3, Q4 kind of a consistent flow of deals because of writing a proposals now and really focused on that.
We don't do much in Department of Justice at this point. So, we see that as an opportunity, certainly several parts of Department of Treasury. So, it's a bit spotty, either at Q1, Q2, but we see more steady flow, particularly coming from the Department of State, Department of Justice kind of in the back-end in Q3 and Q4. Is that helpful?
Yeah, very helpful. Then if I could just sneak one last one in here. What are your expectations for pro forma leverage with Knight Point?
Sure, Justin, this is John. So again, we ended the quarter, net leverage was roughly 3.0. With the acquisition of Knight Point, we'd be roughly net leverage per covenant agreement right around 3.4. And, we'll continue to drive that down, as we proceed through the year. Very comfortable where we're at.
Great. Thank you.
And our next question comes from Joseph DeNardi with Stifel. Please go ahead.
Joseph DeNardi -- Stifel -- Analyst
Hey, good evening, guys. Mac, I appreciate your enthusiasm in your prepared remarks. You spoke bullishly about the bookings activity that you've seen, the book-to-bill last 12 months has been strong. You talked about the pipeline and the big swings you've got out there. So, it's safe to say that if you can retain NGEN, and hit her one -- hit on one or two of the bigger opportunities you're pursuing, that there's upside to your revenue CAGR guidance that you guys have provided?
Yeah. Well, first of all, Joe, thanks. And there's a lot to be enthusiastic about. Yeah and, I think when you -- if you look at that, there's a lot to be awarded. We've got $24 billion that's in evaluation. I think we'll see maybe some of those larger ones awarded maybe four NGEN. So, yeah, we see a lot of that we don't have and then the forecast quite frankly.
So, we see a couple of large deals in NGEN absolutely. We see some great growth opportunities on the back-end of our fiscal year '20, certainly in the '21. So, we got to bring these contracts online. We don't get back our SKUs,[Phonetic] some of them army cyber are coming online the way we hoped. We've got to learn to do a better job in some cases of making sure we leverage all of the potential ceiling a contracts, we are getting better with that. But, yes, we see some of these large contracts, Joe. And we see NGEN, absolutely the back-end of our fiscal '20, we could see some really, really strong growth.
Got it. And then, yeah, Mac just on the NGEN process, you sounded more positive about it now than maybe you have. Is there something kind of in the process, where you've heard in terms of feedback from the customer that makes you feel better about your standing there? Maybe help us understand that a little bit more.
Well, Joe, I think, I have always felt positive about it. We have always felt very positive. It's a complex contract. I think where we are in the process now is -- no, so I'm not done any expert type feedback. This is a very tightly controlled process. As you know, you get a lot of the EMs or questions on the technical cause. And, we'll go through the process. We've always been positive about it. We feel very good about, how Knight Point can help, given what they do in the world of agile/DevOps and certainly looking at cloud as a service. We feel good about we've able to augment our solution with that, if given the opportunity.
But we will also positive about it and we'll go through the process. I mean, they've given us an extension. We talked in the late of 2020 could be in December. I'm not sure it's going to go that far. I think the Navy is working really hard. They are doing a really good job from what we've seen of trying to evaluate this contract, which is finally split up after almost two decades. It's a complicated program. It's a complicated technical program. It's a complicated business program with a lot of buyers across the Navy, looking -- buying network services, laptops and the odd.
So, I hope and even feel about very positive all along. I think part of my enthusiasm is certainly that to focus on the other 85% of this business. Right NGEN is what it is, and we're going to feel confident about our success. I'm very enthusiastic about the other forward contracts we've got and the 85% of the business. And that's growing, and we're focused on taking big swings, it will changes the company. So, I've always been enthusiastic and passionate about this business, probably not more so than now.
Very helpful. Thanks, Mac.
[Operator Instructions] And the next question comes from Gautam Khanna with Cowen. Please go ahead.
Gautam Khanna -- Cowen and Company -- Analyst
Yeah. Thank you, guys. Couple of questions. First, I was wondering on the guidance raise of $50 million on sales. I thought you guys say the deals going to add $100 million to current fiscal year revenue. So, is there something in the core business that's eroded or what's the signal there?
No. Hey Gautam, it's John. So, as you know, M&A was always part of our capital allocation plan, right? So, from the get go your original guidance we had built in a modest amount, about $50 million into our guidance. Okay. So, as I mentioned in my prepared remarks, Knight Point is roughly a $150 million on an annual basis, we'll see about $100-ish million. So, we have raised the guidance in line with that $50 million on a lower and upper range. So again, feel real good about the performance. We're now guiding 3 to 5 [Indecipherable] and 4%. We feel really good again about the pipeline, as Mac talked about. That's the answer there.
And likewise for the $0.02 to $0.03, because what was backend loaded?
You are raising about good amount.
Okay. So, the follow up on the NASA NEST comment or question, was there erosions sequentially in the quarter? And if so, how much and how much still can drop off sequentially?
We're still performing on NASA NEST roughly through the August timeframe. Obviously, we're still in discussions with both NASA and the new awardee. So, we will see the start of that a little bit in Q2, but then more pronounced obviously in Q3. And as we've talked about, roughly about $100 million on an annual basis, but very low margin.
Got it. So, it didn't actually sequentially decline in the quarter just reported?
That's correct. Not in Q1.
The earlier prepared remarks on the SMIT evaluation notices, what is the significance of that? What does that mean?
Yeah. It's -- Gautam, this is Mac. It's kind of standard fare in government proposals they used to call them Q&A. Now they call them valuation notices because it's in valuation and they vary. As you know I don't think the number of that you get a significant whether split between technical volume, management volume, at a close one. These are clarifications and the government says, we've got a question about, you know, what did you mean in your transition plan here?
We are -- we want our valuation model as a disconnect between this contract line item and what you said at the bottom. So, they're really kind of clarifications and notices of making sure they can understand what you're saying in your proposal, your technical proposal, to your management proposal, to your cost proposal that it all tied together cleans it [Phonetic] they can do an valuation. So, it's not nothing happen, we shouldn't read anything into it, not I mean it's not -- It's just typical government valuation process.
Got it. It's just moving along I guess?
It is moving along. That's a good way to say. It is moving along, which is right. It is moving along. It is moving along.
Excellent. And then in the quarter, margins were came in pretty good. Could you talk a little bit about was there any -- I think you mentioned in a work fee or something. What was the size of the contract adjustment in the quarter? I keen to catch up [Phonetic] or what have you, if there was one.
Yeah. So, there wasn't. But let me give you a little bit more color. So first off, very, very pleased with the continued strong execution and performance in both the segments. So, as I had mentioned in my prepared remarks, we have seen a little bit of increase in depreciation resulting from some customer required procurements of assets. Okay. So, that was roughly, -- if you think about the quarter, that was roughly about $13 million. So, I would look at the quarter running more like $17.3 million. But as I've indicated, good performance, and as I've stated in my prepared remarks, now trending more toward the middle of the range on adjusted EBITDA. So, we feel good about where we are.
Got it. So, it did not relate to a one-off contract adjustment.
It was just heightened depreciation of the quarter.
Yeah. That's correct.
And just last one. So, you've already started off the third calendar quarter with strong bookings. It looks like any -- I mean, can you speak to anything that -- can you quantify what you anticipate is yet to be adjudicated in the September quarter in terms of size, stuff that, you know, couple billion, or how should we think about the potential?
Yeah, it's just kind of in rough numbers. Again, we've got total of $24 billion in valuation. There's some additional large ones and we think because, you know, we don't control that, probably as you all know. But there's some large, we expect the DISA to be adjudicated. We think GSMO. We think those are contracts, which I'm not going to give you specific number. They have behind them.
And I think as we talked about, we certainly expect to see, hopefully the Department of Labor, which is a contract we were awarded, it was protested and that could clear. We think we'll see the VA contract clear, which is pretty sizable. And Department of Transportation, it was about $700 million, we expect to see that clear. So, again, we don't control that. We're coming to the end of the government fiscal year. But certainly as they're being -- they're in evaluation now. We should see some of those clear, as we get through the back-end of the fourth quarter of the government fiscal year. Hard to project, hard to predict, but that's got what we see.
Got it. [Multiple Speakers] I mentioned, the Labor Department one is one that you were awarded, but it's being protested. The other ones are just out. They haven't yet been adjudicated.
That's correct.
Okay. All right. Thank you very much. I appreciate it.
Thanks Gautam.
Karl, I'm looking at the queue here, it looks like that there are no other questions. So, I think we'll bring this call to a close. Obviously, as is our practice, if you have follow-up questions, please feel free to give me a shout. But Karl, I want to thank you for your assistance on the call today, and thank you everybody for their interest in Perspecta.
[Operator Closing Remarks]
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