13th Annual Government Contractor Industry Highlights Book. Industry Survey Highlights 2007
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1 13th Annual Government Contractor Industry Highlights Book Industry Survey Highlights 2007
2 Contents 01 Introduction 02 Executive summary 03 Company profile information 05 Financial statistics 06 Government contracts 07 Dealing with the government 08 Workforce compensation 09 Business strategies 10 Executive compensation 11 Intellectual property Our goal is to serve the government contracting industry with passion and pride. Kerry B. Hall Partner-in-charge, Government Contractor Industry practice
3 Government Contractor Industry Survey Highlights Introduction Grant Thornton provides this annual survey as part of our continued thought leadership for the government contractor community - a community we serve with passion and pride. We are fortunate to be supported by our generous sponsors, who share our passion for this industry. The Annual Government Contractor Industry Survey was developed by Grant Thornton for companies considering entering the government contracting arena. We hope that existing industry participants will also find the survey results of interest. Survey findings provide a comprehensive look at the industry as a whole, as well as detailed information on the day-to-day business of being a government contractor. Through collection and analysis of responses from a cross-section of companies that consider the federal government to be a significant customer, the survey provides a perspective on how the government contracting industry has evolved over the past year. This feedback identifies key trends leading to future challenges and opportunities. Whether you are an established government contractor or a business considering entering this market, we hope you will find the information contained in Grant Thornton s 13th Annual Government Contractor Industry Survey helpful in planning the future of your business. Grant Thornton prides itself on being a firm of thought leaders who provide personalized attention and the highest quality of service. Our goal is to ensure that this survey continues to evolve and provides those interested in government contracting the most specific and useful information possible. To offer suggestions for next year s survey, please contact me directly at Kerry.Hall@gt.com, or Many thanks to our survey sponsors BB&T Capital Markets I Windsor Group Cassidy & Pinkard Colliers Commerce Bank ExecutiveBiz Holland & Knight Professional Services Council Introduction 1
4 Government Contractor Industry Survey Highlights Executive summary The Grant Thornton Annual Government Contractor Survey presents business information from small, medium and large companies that represent a cross-section of the government contractor industry. We sincerely appreciate the participation of the many companies that took part in our survey. We welcome comments and suggestions from survey participants and endeavor to incorporate those comments and suggestions when updating our questionnaire for future surveys. Revenue by market On average, survey participants report that approximately 90% of total revenue comes from government contracts. This compares to 88% last year. Revenue trends 52% of survey participants experienced revenue increases during the past year while 24% suffered decreases. These findings are very impressive and continue the trend from prior years. Management and support headcount Management and support headcount continues to fall as a percentage of total headcount. The ratio this year is 9.9% compared to 13.8% last year. Profit rate Profits before interest and taxes continue to be modest in the government contracting industry. 42% of surveyed companies had either no profit or profit rates between 1-5% of revenue. Current ratio 54% of surveyed companies report a current ratio of 2 to 1 or less. Labor multipliers Labor multipliers inclusive of fee have increased over last year s survey. The multiplier for company site direct labor grew from 2.0 to 2.3 and for customer site labor from 1.7 to 1.9. Uncompensated overtime 32% of surveyed companies do not account for all hours worked and as a result are at risk for underbilling time and material contracts. Proposal win rates Survey participants report a 33% win rate from proposals for non-sole source business. The win rate jumps to 58% when the company establishes a special business unit, such as a joint venture or a limited liability corporation to bid the work. Identifying out-of-scope work 66% of surveyed companies consider their procedures for identifying out-ofscope work to be either not effective or only somewhat effective. This finding is practically identical to last year s survey. Earned value management systems (EVMS) 27% of surveyed companies have contracts which require EVMS. Of these, 41% report they rarely if ever receive meaningful feedback from the government regarding information in the EVMS reports. Executive compensation Executive compensation remains the cost most frequently challenged by the Defense Contract Audit Agency (DCAA). Intellectual property 49% of surveyed companies own intellectual property. Of these, only 33% charge their customers license fees for the use of the property. New developments The Federal Acquisition Regulatory (FAR) Council is in the process of creating new regulations in the areas of ethics and compliance which add substantial new risks for government contractors. 2 Executive summary
5 Government Contractor Industry Survey Highlights Company profile information Figure 1: Ownership structure Private 82% Not-for-profit 9% Public 9% The Grant Thornton 13th Annual Government Contractor Survey represents findings from well over 100 companies who do business with the federal government. Survey questionnaires were distributed in early 2007 and responses were received by July Financial and business statistics in the survey typically relate to fiscal years ended in We analyze all data provided by respondents to ensure the data in the survey is statistically valid and representative of most respondents. Throughout the survey, data is presented as a whole or by company revenue size when appropriate. We also include a narrative in each section explaining the data and, in most cases, compare the data to the results from prior Grant Thornton Government Contractor Surveys to identify trends. Ownership structure The majority of the participants in the survey are privately held companies. Company management or individual investors own 82% of the surveyed companies while 9% are publicly traded and the remaining 9% are not-for-profit companies. See Figure 1. In last year s survey, 83% of participants were privately held, 12% were publicly traded and 5% were not-for-profit companies. Location of the company Survey responses were received from companies in 22 states and the District of Columbia. 71% of the respondents are located in Maryland, Virginia and Washington, DC and others are located in Alabama, California, Connecticut, Delaware, Florida, Kansas, Kentucky, Massachusetts, Michigan, Minnesota, Missouri, North Carolina, New Jersey, New Mexico, Ohio, Oklahoma, Pennsylvania, Tennessee, Texas and Vermont. Primary products or services Approximately 94% of surveyed companies sell professional services to their clients while 6% sell products. The services companies provide a wide range of skills including consulting (18%), information technology (18%), research (17%), engineering (16%), general business services (11%), science and technology (8%) and other services (6%). Company profile 3
6 Revenue by market 90% of the revenue for surveyed companies was from contracts with the federal government. See Figure 2. This continues an upward trend that has been evident in the previous three surveys. The percentage of revenue from contracts with the federal government was 79% in the 10th annual survey, 84% in the 11th, 88% in the 12th, and 90% this year. There is no doubt that the added government spending in the wake of September 11 has caused this steady increase in the share of revenue derived from government contracts. The entire increase in the revenue percentage from government contracts in this year s survey was from contracts with the Department of Defense (DoD). On average, revenue from DoD accounted for 60% of total revenue compared to 56% in last year s survey. This 4% increase was offset by 2% reductions in the revenue percentages for other federal agencies and commercial work. The 2% reduction in revenue from commercial clients continues a trend noted in the last several years. Revenue from commercial clients was 15% of total revenue in the 10th annual survey, 10% in the 11th, 6% in the 12th and 4% in this year s survey. It is evident from this trend that as the federal budget continues to grow, government contractors are devoting their time and energy to maximizing business from that market rather than applying resources to expand commercial business. Figure 2: Revenue by market Defense 60% Other federal 30% State and local 6% Commercial 4% 4 Company profile
7 Government Contractor Industry Survey Highlights Financial statistics We asked surveyed companies to provide a wide variety of information that illustrates the financial health of their organization. Some of the responses are presented in this section. Profit rate (before interest and taxes) Contrary to recent public and political perception, government contracting is not a business where companies generate abnormally high profits. Indeed, the information provided by surveyed companies demonstrates the reality is far different from the perception. Surveyed companies provided financial information on gross profit before interest and taxes as a percentage of gross revenue, and the results are shown in Figure 3. 42% of surveyed companies had either no profit or profit rates between 1-5% while 76% had either no profit or profit rates between 1-10%. Only 12% of the government contractors participating in this survey had profit rates over 15%. The profit rates in Figure 8 would be further diminished after deducting interest and taxes. Current ratio The current ratio is derived by dividing current assets by current liabilities from the balance sheet. A current ratio of 2 to 1 or higher generally indicates a financially healthy company. Surveyed companies provided their current ratios and the results are shown in Figure 4. 54% of the respondents report a current ratio of 2 to 1 or less, 24% report current ratios between 2.1 to 3, and the remaining 22% report 3.1 or higher. Although the current ratios for most companies are rather modest, the risk of major cash flow problems is lessened considerably by the ability to invoice at least monthly on most government contracts. Figure 3: Profit rate before interest and taxes 1 5% profit rate 6 10% profit rate 11 15% profit rate >15% profit rate No profit Figure 4: Current ratio >4.0 35% 34% 12% 12% 7% 8% 46% 24% 12% 10% Financial statistics 5
8 Government Contract Industry Survey Highlights Government contracts In the mid-1990s, the federal government streamlined its systems to procure goods and services. Prior to that time, government procurement was a lengthy, inefficient process that put a premium on massive proposal submissions, time consuming pre-award audits, and a bureaucratic source selection process that emphasized the content and format of the proposal rather than the past performance of the proposer. The procurement process was no longer able to keep up with the new products and technologies being offered by businesses, leaving the government with little choice other than streamlining. In this year s survey, 40% of the revenue from federal contracts was from cost reimbursable contracts, which is slightly higher than the 39% reported in the 12th annual survey and significantly higher than the 28% and 30% reported in the 11th and 10th annual surveys. It is difficult to reconcile the high use of cost reimbursable contracts with the notion that the government is attempting to use more commercial processes to streamline federal procurement. The commercial environment generally uses fixed price or time and material contracts while the government continues to maximize the use of cost reimbursable contracts. The government seems conflicted between their professed devotion to efficient commercial business practices and their instinctive preference for cost reimbursable contracts, more audits, more reporting and more investigations. Norman E. Duquette Government Contractor Industry Specialist Revenue by contract type The government s recent change in direction from promoting efficient commercial practices to a more micromanaged and audit and investigation intensive environment is evidenced by survey responses on revenue by contract type. See Figure 5. Figure 5: Revenue by contract type Cost reimbursable 40% Fixed price 32% Time and material 28% 6 Government contracts
9 Government Contractor Industry Survey Highlights Dealing with the government Relationship with the government auditor The DCAA is the largest contract audit resource within the federal government. Although DCAA is part of the DoD, it frequently performs contract audits for other government agencies. We asked surveyed companies to describe the quality of their business relationship with the DCAA. 90% reported that their relationship is excellent or good while 10% reported it is fair or poor. See Figure 6. These findings are consistent with last year s survey. We also asked how their relationship with the DCAA has changed in the past year. The results are shown in Figure 7. 81% reported the relationship has stayed the same compared to 89% in last year s survey. 10% of respondents reported the relationship had deteriorated, which is double the 5% reported last year. 9% reported the relationship with the DCAA had improved, compared to 6% in last year s survey. Most frequent cost issues Surveyed companies were asked to identify the categories of costs that were most frequently challenged by the DCAA. The results are shown in Figure 8. Executive compensation continues the trend from the last several surveys as the most frequently challenged cost. Figure 6: Relationship with government auditor Good Excellent 59% 31% Fair Poor % 3% Figure 7: Change in relationship with government auditor Figure 8: Most frequent cost issues Same 81% Worsened 10% Executive compensation Legal 27% 10% Improved 9% Consultants Incentive compensation Employee morale % 8% 6% Dealing with the government 7
10 Government Contractor Industry Survey Highlights Workforce compensation Medical benefits We asked surveyed companies to provide the medical benefits costs as a percentage of labor costs. The results are shown in Figure 9. In most companies, the cost of medical benefits is shared by the company and the employee. We asked surveyed companies to provide the percentage of medical benefits paid by the employee. The results are summarized in Figure 10. Wage increases We asked surveyed companies to provide information on the average wage increase paid to full-time employees during the past year. On average, wage increases were % of labor costs, which is slightly lower than the 4.5% reported in last year s survey. It is possible that companies are increasing their emphasis on other forms of incentive compensation in place of annual wage increases since the amount of incentive compensation paid is discretionary and it can be targeted to those employees who are considered most valuable to the company. Figure 9: Health insurance as a percentage of labor costs <4% 4.1 5% 5.1 6% 6.1 7% 7.1 8% 8.1 9% % >10% Figure 10: Percentage of health insurance paid by the company <50% 51 60% 61 70% 71 80% 81 90% % 8% 22% 10% 9% 10% 5% 19% 17% 9% 5% 22% 41% 12% 11% 8 Workforce compensation
11 Government Contractor Industry Survey Highlights Business strategies Due diligence In our experience, we find far greater business risks in government contracting than are found in commercial contracts. Outstanding performance is never enough to secure the future for government contractors. Government procurement regulations require a rigorous competitive process before contracts are awarded and the source selection often puts a premium on price above experience. Government contract terms and conditions impose unique compliance burdens in practically all aspects of the company s business and those burdens are continually increasing. Ongoing programs are often curtailed with short notice because of changing budget priorities. And then of course there are the audit risks. Costs which have been routinely accepted for years can suddenly be challenged by government auditors with potentially severe consequences for the financial health of the business. It is extremely important that these unique risks be well examined while performing due diligence on a government contractor. We asked surveyed companies to identify who performed due diligence on their mergers and acquisitions. In 54% of the cases, due diligence was performed inhouse, while 42% used a combination of in-house personnel and outside firms. See Figure 11. Price reductions resulted from due diligence in 32% of the cases. The risk areas that caused price reductions included overvalued net worth, collectability of unbilled receivables, quality of funded and unfunded backlog projections, contract renewals, eligibility for small business awards, value of fixed assets and specific terms and conditions in government contracts. Figure 11: Performance of due diligence In-house 54% Outside 4% Both 42% Business strategies 9
12 Government Contractor Industry Survey Highlights Executive compensation DCAA challenges to executive compensation Executive compensation is challenged by the DCAA far more frequently than any other element of cost. The DCAA s analytical technique is simplistic and formula driven and does not apply a great deal of auditor judgment in the initial analysis. First, the DCAA selects three or four commercially available compensation surveys. They then extract compensation data at the median level for executive positions at companies of similar revenue size in similar industries as the company being audited. On occasion, the DCAA will fragment the total revenue of the company being audited to the division level, thereby drawing compensation data from surveys for companies much smaller than the company being audited. Oftentimes, the DCAA will be forced to extrapolate median level compensation by company size using regression analysis techniques since the surveys often do not present data by company size comparable to the size of the company being audited. The auditor will then average the median compensation by position using the data drawn or extrapolated from the three or four surveys used in their analysis. The DCAA typically then adds 10% to the average and disallows the difference between the contractor s actual costs and the amount computed by the DCAA. Surveyed companies that faced DCAA challenges to executive compensation provided information on the ultimate resolution of the issue. The company position was sustained in 28% of the cases with a reasonable compromise reported by 44% of respondents. The DCAA position or an unreasonable compromise resulted in 28% of the cases reported. Executive compensation 10
13 Government Contractor Industry Survey Highlights Intellectual property Ownership of intellectual property 49% of surveyed companies own intellectual property, which is very comparable to the 46% reported in last year s survey. We asked surveyed companies how the intellectual property was acquired and the results are shown in Figure % report that intellectual property was developed entirely at private expense or with a mix of private and government funding. This is comparable to the 90% reported in last year s survey. Government regulations classify development paid for with Independent Research and Development (IR&D) funds as private expense even in situations where the IR&D costs are allocated to government contracts as an indirect cost. Figure 12: Source of intellectual property Private and government Private including IR&D Government contract Acquisition % 36% 4% 4% Intellectual property 11
14 Grant Thornton has been helping government contractors develop their business for more than 20 years. Our team is dedicated to helping your company meet the challenges and complexities of the government contracting industry. Passion for serving our clients, technical expertise, and partner involvement have been the hallmark of Grant Thornton LLP in the U.S. for more than 80 years. Plus, you get the benefit of Grant Thornton International member firms in 112 countries around the world. Give Kerry Hall, Government Contractor Industry Practice Leader, a call at or visit to learn more about our industry services. Find out how it feels to work with people who love what they do! Audit Tax Advisory
15 Government Contractor Industry Survey Highlights Sponsors BB&T Capital Markets I Windsor Group Cassidy & Pinkard Colliers Commerce Bank ExecutiveBiz Holland & Knight Professional Services Council
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17 Real Results in Real Estate Thanks to all our Government Contracting clients who helped make 2007 another fantastic year for our Government Contracting Division. For more information, contact: Dale Powell Michael Hammond Washington, DC Northern Virginia Maryland Worldwide Offices
18 The Government Contractor Banking Experts Our local team of trusted lenders has more than 100 years of combined experience helping Government Contractors succeed. The members of our Government Contractor Lending Group serve as your partners, offering flexibility, responsiveness and strategic advice to meet the changing needs of your business and help you achieve your financial goals. For more information, call Eric Pietras at convenient locations throughout Metro New York, Metro Philadelphia, Metro Washington, DC and Southeast Florida Member FDIC commerceonline.com
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20 Navigating the complexities of government contracts. To deal effectively with complex government contracts challenges, finding creative integrated solutions is key to your success. How do you manage the complexities of your government contracts? Holland & Knight s Government Contracts Group. The breadth of experience to efficiently provide integrated government contracts and commercial capabilities. A one-firm approach drawing upon the extensive capabilities of our industry-based teams. Lawyers with the specific experience and knowledge geared to your needs to help you achieve your goals. Bid Protests Claims Defense of Audits Mergers & Acquisitions False Claims Act Defense Small Business Issues Suspension/Disbarment International Procurement Construction Richard O. Duvall Northern Virginia richard.duvall@hklaw.com Offices: 17U.S.+6International Copyright 2007 Holland & Knight LLP All Rights Reserved.
21 The Voice of the Government Services Industry Founded in 1972, PSC is the principal national trade association of the government professional and technical services industry and is an unmatched resource for policy insight, analysis and information. Widely regarded as the industry s most respected and credible advocate, PSC is indeed the Voice of the Government Services Industry.
22 Further information About Grant Thornton About Grant Thornton LLP Grant Thornton LLP is the U.S. member firm of Grant Thornton International, one of the six global accounting, tax and business advisory organizations. Through member firms in 112 countries, including 50 offices in the United States, the partners and employees of Grant Thornton member firms provide personalized attention and the highest quality service to public and private clients around the globe. Our professionals help government contractors form the strategies and supporting infrastructure that will maximize opportunities, build a successful business base, minimize taxes and improve profitability. Grant Thornton s Government Contracting practice is a thought leader in this industry. The practice holds quarterly roundtables on such topics as mergers and acquisitions and the annual government contractors survey. Please visit the Grant Thornton Government Contractor Industry website to learn more about the services we provide.
23 Table of contents Full survey results The below summarizes the information included in the full survey results. To learn how to obtain a full copy of the survey results, or to participate in next year s survey, please contact: Melissa Ford T E Melissa.Ford@gt.com Introduction 1 Executive Summary 2 Company profile information 3 Ownership structure 3 Age of business 3 Size of the business 4 Location of the company 4 Primary products or services 4 Revenue by market 4 Revenue trend 5 Anticipated growth over the next three years 5 Workforce composition 6 Financial statistics 7 Profit rate (before interest and taxes) 7 Current ratio 7 Fringe benefit rates 8 Overhead rates 8 G&A rates 9 Material and handling and subcontract administration rates 9 Special allocations 10 Labor multipliers 10 Billing practices for rate variances 10 Service centers 12 Uncompensated overtime 12 Government contracts 14 Revenue by contract type 15 Fees 15 Billing practices for fee retention 16 GSA Schedules and other IDIQ contracts 16 Investigations of GSA contract pricing 18 Proposal win rates 18 Special business units 18 Bid and proposal costs 19 Project management and contract administration functions 19 Funding notices 19 Identifying out-of-scope work 20 Filing claims 20 Earned value management systems 21 Dealing with the government 22 Relationship with the government auditor 22 Most frequent cost issues 23 Most frequent CAS issues 23 Resolution of audit issues 23 Workforce compensation 25 Incentive compensation and fringe benefits 25 Medical benefits (k) benefits 26 Wage increases 26 Paid holidays 26 Business strategies 27 Exit strategy 27 Mergers and acquisitions in the past year 28 Due diligence 29 Contract novations 29 Executive compensation 30 Compensation for senior executives 30 DCAA challenges to executive compensation 31 Effective method to respond to DCAA challenges 32 Intellectual property 33 Ownership of intellectual property 33 Data rights provided to the government 33 License fees 33 Other current topics 34 Billing subcontractor hours on time and material contracts 34 Compliance and ethics programs 35
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