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CSRA - Fundamentalanalyse - Jahresbericht / Bilanz / Geschäftsbericht

CSRA (ISIN: US12650T1043, WKN: A143T8) Kursdatum: 21.07.2017 Kurs: 33,660 USD
Beschreibung Daten
Symbol CSRA
Marktkapitalisierung 5.548.379.648,00 USD
Land Vereinigte Staaten von Amerika
Indizes S&P 500
Sektor Technology
Rohdaten nach US GAAP in Millionen USD
Aktiensplits
Internet
Letztes Bilanz Update 25.05.2017

Fundamentaldaten

Fundamental Verhältnisse errechnet am: 21.07.2017
KFCV KCV DIV Rendite GKR EKQ KGV KUV KBV
16,42 11,37 1,19% 6,21 6,75 18,29 1,11 16,81

Firmenbeschreibung

  Fiscal 2016(Dollars in thousands) 1st Quarter 2nd Quarter 3rd Quarter 4th QuarterRevenues$958,932$969,053$1,032,312$1,290,150Costs of services (excludes depreciation and amortization and restructuring costs) 775,058 756,863 816,646 1,227,064Income (loss) from continuing operations before taxes 109,361 88,132 58,525 (106,929)Income (loss) from continuing operations, net of taxes 66,970 52,725 51,432 (68,205)Loss from discontinued operations, net of taxes — — — —Net income (loss) attributable to CSRA common stockholders$62,677$47,889$48,442$(71,863)         Earnings (loss) per common share(a):                 Basic:        Continuing Operations$0.45$0.34$0.30$(0.44)Discontinued Operations — — — —         Diluted:        Continuing Operations$0.45$0.34$0.29$(0.44)Discontinued Operations — — — —  Fiscal 2015(Dollars in thousands) 1st Quarter 2nd Quarter 3rd Quarter 4th QuarterRevenues$1,033,307$1,036,288$999,033$1,001,118Costs of services (excludes depreciation and amortization and restructuring costs) 835,033 819,824 815,595 811,849Income from continuing operations before taxes 112,332 126,044 90,546 99,786Income from continuing operations, net of taxes 71,067 78,513 56,646 61,486Loss from discontinued operations, net of taxes

Firmenstrategie

RevenueRecognitionPolicyTextBlock

Revenue on time-and-materials contracts is recognized as hours are worked based on contractual billing rates as services are provided, plus the cost of any allowable material costs and out-of-pocket expenses.

Revenue on firm-fixed-price contracts is primarily recognized using the percentage-of-completion method based on actual costs incurred relative to total estimated costs for the contract. These estimated costs are updated during the term of the contract and may result in revision by CSRA of recognized revenue and estimated costs in the period in which the changes in estimates are identified.

Significant adjustments on a single contract could have a material effect on the Company's Consolidated and Combined Financial Statements. Where such adjustments occur, we generally disclose the nature, underlying conditions and financial impact of the adjustments. No discrete event or adjustments to an individual contract were material to the accompanying Consolidated and Combined Financial Statements for each of the three years ended April 1, 2016, April 2, 2015, and March 28, 2014.

Revenue Recognition

Substantially all of CSRA’s revenue is derived from contracts with departments and agencies of the U.S. federal government, as well as other state and local government agencies. CSRA generates its revenue from the following types of contractual arrangements: time and materials contracts, firm-fixed-price contracts and cost-reimbursable-plus-fee contracts. CSRA also provides services to CSC, which are included in related party revenue.

Revenue on cost-reimbursable-plus-fee contracts is recognized as services are performed, generally based on the allowable costs incurred during the period plus any recognizable earned fee. CSRA considers fixed fees under cost-reimbursable-plus-fee contracts to be earned in proportion to the allowable costs incurred in performance of the contract. For cost-reimbursable-plus-fee contracts that include performance-based fee incentives, which are principally award fee arrangements, CSRA recognizes income when such fees are probable and estimable. Estimates of the total fee to be earned are made based on contract provisions, prior experience with similar contracts or customers, and management’s evaluation of the performance on such contracts. Contract costs, including indirect expenses, are subject to audit by the Defense Contract Audit Agency (“DCAA”) and, accordingly, are subject to possible cost disallowances. Executive compensation that CSRA determines to be allowable for cost reimbursement based on management’s estimates is recognized as revenue, net of reserves. Management’s estimates in this regard are based on a number of factors that may change over time, including executive compensation survey data, CSRA’s and other government contractors’ experiences with the DCAA audit practices in this industry and relevant decisions of courts and boards of contract appeals.

Contract accounting requires significant judgment relative to assessing risks, estimating contract revenue and costs, and making assumptions for schedule and technical issues. Due to the size and nature of many of CSRA’s contracts, developing total revenue and cost at completion estimates requires the use of significant judgment. Contract costs include direct labor and billable expenses, an allocation of allowable indirect costs, and warranty obligations. Billable expenses are comprised of subcontracting costs and other “out-of-pocket” costs that often include, but are not limited to, travel-related costs and telecommunications charges. CSRA recognizes revenue and billable expenses from these transactions on a gross basis because it is the primary obligor on contracts with customers. The contracts that required estimates-at-completion (“EACs”) using the percentage-of-completion method were approximately 43.4%, 42.3% and 49.3% of CSRA’s revenues for twelve months ended April 1, 2016, April 3, 2015 and March 28, 2014, respectively.

Certain contracts that require EACs using the percentage-of-completion method are regularly reviewed by CSRA regarding project profitability and underlying estimates. CSRA prepares EACs for its contracts that include an estimated contract operating margin based initially on estimated contract sales and cost. Revisions to EACs are reflected in results of operations as a change in accounting estimate in the period in which the facts that give rise to the revision become known by management. Since contract costs are typically incurred over a period of several years, estimation of these costs requires the use of judgment. Factors considered in estimating the cost of the work to be completed include the availability, productivity and cost of labor, the nature and complexity of work to be performed, the effect of change orders, availability and cost of materials, the effect of any delays in performance, and the level of indirect cost allocations.

Provisions for estimated losses at completion, if any, are recognized in the period in which the loss becomes evident. The provision includes estimated costs in excess of estimated revenue and any profit margin previously recognized.

Amounts billed and collected but not yet earned as revenues under certain types of contracts are deferred. Contract costs incurred for U.S. federal government contracts, including indirect costs, are subject to audit and adjustment through negotiations between CSRA and government representatives. Further, as contracts are performed, change orders can be a regular occurrence and may be unpriced until negotiated with the customer. Unpriced change orders are included in estimated contract sales when they are probable of recovery in an amount at least equal to the cost. Amounts representing claims (including change orders unapproved as to both scope and price) and requests for equitable adjustment are included in estimated contract revenues when they are reliably estimable and realization is probable.

CSRA’s U.S. federal government contracts generally contain Federal Acquisition Regulation (“FAR”) provisions that enable the customer to terminate a contract for default, or for the convenience of the government. If a contract is terminated for default, CSRA may not be entitled to recover any of its costs on partially completed work and may be liable to the government for re-procurement costs of acquiring similar products or services from another contractor and for certain other damages. Termination of a contract for the convenience of the government may occur when the government concludes it is in the best interests of the government that the contract be terminated. Under a termination for convenience, the contractor is typically entitled to be paid in accordance with the contract’s terms for costs incurred prior to the effective date of termination, plus a reasonable profit and settlement expenses. As of April 1, 2016, April 3, 2015 and March 28, 2014, CSRA did not have any contract terminations in process that would have a material effect on the consolidated and combined financial position, results of operations or cash flows.

CSRA develops highly-customized software for certain government customers by entering into arrangements that may include post-contract customer support and other software-related services.  These arrangements are accounted for under contract accounting, and vendor-specific objective evidence (“VSOE”) of fair value is required to allocate and recognize revenue for each element.  VSOE of fair value is determined based on the price charged where each deliverable is sold separately. In situations where VSOE of fair value exists for all undelivered elements, but not a delivered element (typically the software), the residual method is used to allocate revenue to the undelivered elements equal to their VSOE value with the remainder allocated to the delivered element.  When VSOE is available for the undelivered elements, software revenue is recognized as the related software customization services are performed in accordance with the percentage-of-completion method described above.  In those arrangements where VSOE of fair value does not exist for the undelivered elements, revenue is deferred until only one undelivered element remains and then is recognized ratably as the final element is delivered, beginning with substantial completion and delivery of the highly-customized software.

All other revenues are recognized when persuasive evidence of an arrangement exists, services or products have been provided to the customer, the sales price is fixed or determinable and collectability is reasonably assured.

SegmentReportingDisclosureTextBlock

Segment and Geographic Information

Following the Mergers, CSRA’s reportable segments are as follows:

Defense and Intelligence—The Defense and Intelligence segment provides services to the DoD, National Security Agency, branches of the Armed Forces and other DoD and Intelligence agencies.
Civil—The Civil segment provides services to various federal agencies within the Department of Homeland Security, Department of Health and Human Services and other federal civil agencies, as well as various state and local government agencies.

The following table summarizes the operating results and total assets by reportable segments.

 
 
Defense and Intelligence
 
Civil
 
Total Segment
 
Corporate
 
Total
April 1, 2016
 
 
 
 
 
 
 
 
 
 
Revenues
$
2,067,009


2,183,438

$
4,250,447

$

$
4,250,447

Operating income (loss)
 
272,864

 
289,943

 
562,807

 
(77
)
 
562,730

Depreciation and amortization expense
 
108,553

 
73,689

 
182,242

 

 
182,242

Total assets
 
1,845,674

 
2,790,611

 
4,636,285

 
210,015

 
4,846,300

 
 
 
 
 
 
 
 
 
 
 
April 3, 2015
 
 
 
 
 
 
 
 
 
 
Revenues
$
2,126,569

$
1,943,177

$
4,069,746

$

$
4,069,746

Operating income (loss)
 
253,741

 
292,509

 
546,250

 
(179
)
 
546,071

Depreciation and amortization expense
 
92,973

 
44,085

 
137,058

 

 
137,058

Total assets
 
1,330,761

 
830,413

 
2,161,174

 
108

 
2,161,282

 
 
 
 
 
 
 
 
 
 
 
March 28, 2014
 
 
 
 
 
 
 
 
 
 
Revenues
$
2,329,244

$
1,773,392

$
4,102,636

$

$
4,102,636

Operating income (loss)
 
300,045

 
199,855

 
499,900

 
(348
)
 
499,552

Depreciation and amortization expense
 
96,629

 
48,113

 
144,742

 

 
144,742

Total assets
 
1,364,302

 
851,596

 
2,215,898

 
469

 
2,216,367


Operating segment income provides useful information to CSRA’s management for assessment of CSRA’s performance and results of operations and is one of the financial measures utilized to determine executive compensation.

A reconciliation of consolidated and combined operating income to income from continuing operations before taxes is as follows:

EarningsPerSharePolicyTextBlock

Earnings Per Share


On the Distribution Date, CSRA had 139,128,158 common shares outstanding. The calculation of both basic and diluted earnings per share for the years ended April 3, 2015 and March 28, 2014 utilizes the Distribution Date common shares because at that time, CSRA did not operate as a separate, stand-alone entity, and no equity-based awards were outstanding prior to the Distribution Date.

The calculation of basic earnings (loss) per share for the year ended April 1, 2016 utilized 162,192,759 shares based on the weighted-average shares outstanding between the Distribution Date and the end of the period. The total period from the distribution date to the end of the fiscal year was used as the basis for the calculation instead of using the whole twelve-month period. The calculation of diluted earnings (loss) per share for the year ended April 1, 2016 utilized 163,584,621, reflecting the dilutive impact of 1,391,862 shares of outstanding stock options, restricted stock units, and performance-based stock units issued or granted since the Distribution Date. The computation of diluted earnings (loss) per share excluded stock options and RSUs, whose effect, if included, would have been anti-dilutive. The number of shares related to such stock options was 1,598 for the year ended April 1, 2016. The total period from the distribution date to the end of the fiscal year was used as the basis for the basic and diluted calculation instead of using the whole twelve-month period.

During fiscal year 2016, the Company entered into a share repurchase agreement (see Note 19 — Stockholders’ Equity and AOCI) through which the Company repurchased 1,768,129 shares. These shares were included in the determination of common shares outstanding in the EPS calculation.

Basic earnings per common share (“EPS”) and diluted EPS are calculated as follows:

 
 
Twelve Months Ended
 
 
April 1, 2016
 
April 3, 2015
 
March 28, 2014
 
 
 
 
 
 
 
Net income:
 
 
 
 
 
 
From continuing operations
$
102,922

$
267,712

$
253,718

Less: discontinued operations
 

 
(1,877
)
 
64,600

Less: Net income attributable to noncontrolling interests
 
15,777

 
14,078

 
21,936

Net income attributable to CSRA common stockholders
$
87,145

$
251,757

$
296,382

 
 
 
 
 
 
 
Common share information:
 
 
 
 
 
 
Common shares outstanding for basic EPS
 
162,192,759

 
139,128,158

 
139,128,158

Dilutive effect of stock options and equity awards
 
1,391,862

 

 

 
 
 
 
 
 
 
Weighted average number of common shares outstanding—diluted (1)
 
163,584,621

 
139,128,158

 
139,128,158

 
 
 
 
 
 
 
Earnings (loss) per share—basic and diluted:
 
 
 
 
 
 
Basic EPS:
 
 
 
 
 
 
Continuing operations
$
0.54

$
1.82

$
1.67

Discontinued operations
 

 
(0.01
)
 
0.46

Total
$
0.54

$
1.81

$
2.13

 
 
 
 
 
 
 
Diluted EPS:
 
 
 
 
 
 
Continuing operations
$
0.53

$
1.82

$
1.67

Discontinued operations
 

 
(0.01
)
 
0.46

Total
$
0.53

$
1.81

$
2.13

(1) Calculated based on number of days the shares were outstanding after the Spin-off and during which CSRA operated as a separate standalone entity for the fiscal year ended April 1, 2016.