CHANTILLY, Va., Aug. 1, 2018 /PRNewswire/ -- Engility Holdings,
Inc. (NYSE: EGL) today announced financial results for the second
quarter ended June 29, 2018.
CEO Commentary
"Our second quarter revenue, profitability and cash flow results
exceeded our expectations," said Lynn
Dugle, Chairman, President and CEO of Engility. "We posted
solid results across our business, and our success is being driven
by our ability to effectively reposition Engility into higher-end
markets, deliver customer-focused solutions, and upgrade our talent
and performance levels. We have had a strong start to the year and
we continue to target organic revenue growth in 2019."
Second Quarter 2018 Results
Total revenue for the second quarter of 2018 was $489 million. GAAP operating income was
$36 million and GAAP operating margin
was 7.3%. GAAP net income attributable to Engility was $12 million, or $0.32 per diluted share, after recording
$12 million of income taxes and
non-core operating costs, which reduced net income by $0.32 per diluted share. Cash taxes paid in the
second quarter of 2018 were $0.2
million. EBITDA was $46
million and EBITDA margin was 9.5%.
Adjusted operating income was $43
million and adjusted operating margin was 8.8%. Adjusted
EBITDA was $47 million and adjusted
EBITDA margin was 9.7%.
Information about the Company's use of non-GAAP financial
information is provided below under "Non-GAAP Measures" and in the
non-GAAP reconciliation tables included herein.
Key Performance Indicators
- Book-to-bill ratio for the second quarter of 2018 was 1.0x on
net bookings of $487 million.
Trailing twelve-month book-to-bill ratio was 0.9x on net bookings
of $1.65 billion.
- Total estimated contract value at the end of the second quarter
of 2018 was $3.4 billion, consistent
with the value at the end of the first quarter of 2018.
- Days sales outstanding, net of advanced payments, were 57 days
at the end of the second quarter of 2018, compared to 58 days at
the end of the second quarter of 2017.
- Cash flow generated from operating activities for the second
quarter of 2018 was $47 million,
compared to $37 million for the
second quarter of 2017.
- During the second quarter of 2018, the company made total debt
payments of $25 million. Total debt
payments for the first half of 2018 were $45
million.
Key Second Quarter 2018 Contract Awards
- Awarded a $90 million
SeaPort-e® task order to provide software engineering
and production support to the U.S. Navy's tactical afloat and
submarine local area networks. The Tactical Network Technical and
Production Support task order was awarded by Space and Naval
Warfare Systems Center Atlantic.
- Awarded a $41 million
SeaPort-e task order to provide on-site command and control
expertise, training and integrated logistics support to the U.S.
Marine Corps' core command and control programs.
- Won a prime position on the Africa Contingency Operations
Training and Assistance program. Under this multi-award Indefinite
Delivery Indefinite Quantity vehicle with a ceiling value of
$600 million, Engility will help
train and equip African partner nations in their internationally
mandated peacekeeping efforts.
Fiscal Year 2018 Guidance
The company is reiterating the fiscal year 2018 guidance it
issued on May 2, 2018, based on
Engility's financial results for the first half of 2018 and its
current outlook for the remainder of 2018. The table below
summarizes the company's fiscal year 2018 guidance.
|
Fiscal Year 2018
Guidance
|
|
Revenue
|
$1.83 billion - $1.91
billion
|
|
GAAP Diluted EPS
(1)
|
$0.81 -
$0.91
|
|
EBITDA
(2)
|
$160 million - $170
million
|
|
Operating Cash
Flow
|
$100 million - $110
million
|
|
|
|
(1)
|
2018 GAAP diluted EPS
guidance includes approximately $4 million of acquisition,
restructuring and legal and settlement expenses, $2 million of debt
refinancing-related expenses, and $25 million of amortization
expense related to intangible assets acquired by the company. It
also assumes diluted weighted-average outstanding shares of
approximately 38 million and a full-year effective tax rate of
approximately 25 percent.
|
|
(2)
|
2018 EBITDA guidance
includes approximately $4 million of acquisition, restructuring and
legal and settlement expenses.
|
Conference Call Information
Engility will host a conference call today, August 1, 2018, at 8:30
a.m. ET to discuss the financial results for its second
quarter 2018.
Listeners may access a webcast of the live conference call from
the Investor Relations section of the company's website at
www.engility.com. Listeners also may access a slide presentation on
the website, which summarizes the company's second quarter 2018
results. Listeners should go to the website at least 15 minutes
before the live event to download and install any necessary audio
software.
Listeners also may participate in the conference call by dialing
(888) 655-5029 (domestic) or (503) 343-6026 (international) and
entering passcode 3989289.
A replay will be available on the company's website
approximately two hours after the conference call and continuing
for one year. A telephonic replay also will be available through
August 8, 2018 by dialing (855)
859-2056 (domestic) or (404) 537-3406 (international) and entering
passcode 3989289.
About Engility
Engility (NYSE: EGL), a $2 billion
technology leader, has thousands of employees around the world
working to make a difference. Our history of delivering results for
the defense, federal civilian, intelligence and space industries
spans more than 60 years. We provide leading-edge solutions and
services on Earth, in space and across cyber by leveraging
expertise in systems engineering & integration, high
performance computing, cybersecurity, readiness & training,
enterprise modernization and mission operations support. To
learn more about us, please visit www.engility.com and connect with
us on Facebook, LinkedIn and Twitter.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995, including statements regarding Engility's future prospects,
projected financial results, estimated integration costs and
acquisition related amortization expenses and business
plans. Words such as "may," "will," "should," "likely,"
"anticipates," "expects," "intends," "plans," "projects,"
"believes," "estimates" and similar expressions are also used to
identify these forward-looking statements. These statements are
based on the current beliefs and expectations of Engility's
management and are subject to significant risks and
uncertainties. Actual results may differ from those set forth
in the forward-looking statements. Factors that could cause
Engility's actual results to differ materially from those described
in the forward-looking statements can be found under the heading
"Risk Factors" included in our Annual Report on Form 10-K for the
year ended December 31, 2017, and
more recent documents that have been filed with the Securities and
Exchange Commission (SEC) and are available on the investor
relations section of Engility's website (www.engility.com) and on
the SEC's website (www.sec.gov). Forward-looking statements are
made only as of the date hereof, and we undertake no obligation to
update or revise the forward-looking statements, whether as a
result of new information, future events or otherwise, except as
required by law. In addition, historical information should not be
considered as an indicator of future performance.
|
Media:
Scott
Fazekas
Engility Holdings,
Inc.
(703)
984-5068
Scott.Fazekas@engility.com
|
Investor
Relations:
Dave
Spille
Engility Holdings,
Inc.
(703)
984-6120
Dave.Spille@engility.com
|
|
ENGILITY HOLDINGS,
INC.
UNAUDITED
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands,
except per share data)
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
Six Months
Ended
|
|
|
|
June 29,
2018
|
|
|
June 30,
2017
|
|
|
June 29,
2018
|
|
|
June 30,
2017
|
|
|
Revenue
|
|
$
|
488,514
|
|
|
$
|
494,671
|
|
|
$
|
965,074
|
|
|
$
|
979,886
|
|
|
Costs and
expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenue
|
|
|
413,166
|
|
|
|
422,999
|
|
|
|
825,188
|
|
|
|
838,022
|
|
|
Selling, general and
administrative expenses
|
|
|
39,811
|
|
|
|
37,711
|
|
|
|
76,886
|
|
|
|
74,217
|
|
|
Total costs and
expenses
|
|
|
452,977
|
|
|
|
460,710
|
|
|
|
902,074
|
|
|
|
912,239
|
|
|
Operating
income
|
|
|
35,537
|
|
|
|
33,961
|
|
|
|
63,000
|
|
|
|
67,647
|
|
|
Interest expense,
net
|
|
|
17,161
|
|
|
|
18,529
|
|
|
|
36,539
|
|
|
|
39,450
|
|
|
Other income,
net
|
|
|
(108)
|
|
|
|
(66)
|
|
|
|
(250)
|
|
|
|
(59)
|
|
|
Income before
provision for income taxes
|
|
|
18,484
|
|
|
|
15,498
|
|
|
|
26,711
|
|
|
|
28,256
|
|
|
Provision for income
taxes
|
|
|
4,728
|
|
|
|
6,050
|
|
|
|
6,367
|
|
|
|
11,060
|
|
|
Net income
|
|
|
13,756
|
|
|
|
9,448
|
|
|
|
20,344
|
|
|
|
17,196
|
|
|
Less: Net income
attributable to non-controlling interest
|
|
|
1,829
|
|
|
|
1,817
|
|
|
|
1,928
|
|
|
|
2,632
|
|
|
Net income
attributable to Engility
|
|
$
|
11,927
|
|
|
$
|
7,631
|
|
|
$
|
18,416
|
|
|
$
|
14,564
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share
attributable to Engility
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.32
|
|
|
$
|
0.21
|
|
|
$
|
0.50
|
|
|
$
|
0.40
|
|
|
Diluted
|
|
$
|
0.32
|
|
|
$
|
0.20
|
|
|
$
|
0.49
|
|
|
$
|
0.39
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of shares outstanding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
36,964
|
|
|
|
36,808
|
|
|
|
36,909
|
|
|
|
36,817
|
|
|
Diluted
|
|
|
37,611
|
|
|
|
37,290
|
|
|
|
37,640
|
|
|
|
37,332
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ENGILITY HOLDINGS,
INC.
UNAUDITED
CONSOLIDATED BALANCE SHEETS
(in
thousands)
|
|
|
|
|
|
|
|
|
|
June
29,
|
|
|
December 31,
|
|
|
|
2018
|
|
|
2017
|
|
|
Assets:
|
|
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
39,523
|
|
|
$
|
41,890
|
|
|
Accounts receivables,
net
|
|
|
83,910
|
|
|
|
108,100
|
|
|
Unbilled
receivables
|
|
|
250,725
|
|
|
|
222,994
|
|
|
Other current
assets
|
|
|
20,265
|
|
|
|
19,681
|
|
|
Total current
assets
|
|
|
394,423
|
|
|
|
392,665
|
|
|
Property, plant and
equipment, net
|
|
|
45,356
|
|
|
|
44,006
|
|
|
Goodwill
|
|
|
1,071,371
|
|
|
|
1,071,371
|
|
|
Identifiable
intangible assets, net
|
|
|
345,167
|
|
|
|
361,410
|
|
|
Deferred tax
assets
|
|
|
142,046
|
|
|
|
150,535
|
|
|
Other
assets
|
|
|
5,521
|
|
|
|
6,021
|
|
|
Total
assets
|
|
$
|
2,003,884
|
|
|
$
|
2,026,008
|
|
|
Liabilities and
Equity:
|
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
|
Current portion of
long-term debt
|
|
$
|
25,260
|
|
|
$
|
26,947
|
|
|
Accounts payable,
trade
|
|
|
46,658
|
|
|
|
52,954
|
|
|
Accrued employment
costs
|
|
|
81,074
|
|
|
|
77,545
|
|
|
Accrued
expenses
|
|
|
80,490
|
|
|
|
74,856
|
|
|
Advance payments and
billings in excess of costs incurred
|
|
|
26,135
|
|
|
|
30,380
|
|
|
Income tax
liabilities
|
|
|
253
|
|
|
|
548
|
|
|
Other current
liabilities
|
|
|
23,006
|
|
|
|
26,688
|
|
|
Total current
liabilities
|
|
|
282,876
|
|
|
|
289,918
|
|
|
Long-term
debt
|
|
|
899,662
|
|
|
|
938,687
|
|
|
Income tax
liabilities
|
|
|
60,934
|
|
|
|
62,219
|
|
|
Other
liabilities
|
|
|
59,738
|
|
|
|
59,079
|
|
|
Total
liabilities
|
|
|
1,303,210
|
|
|
|
1,349,903
|
|
|
Equity:
|
|
|
|
|
|
|
|
|
|
Preferred stock, par
value $0.01 per share, 25,000 shares authorized,
none issued or
outstanding as of June 29, 2018 or December 31, 2017
|
|
|
—
|
|
|
|
—
|
|
|
Common stock, par
value $0.01 per share, 175,000 shares authorized,
36,968 and 36,822
shares issued and outstanding as of
June 29, 2018 and
December 31, 2017, respectively
|
|
|
370
|
|
|
|
368
|
|
|
Additional paid-in
capital
|
|
|
1,249,123
|
|
|
|
1,244,940
|
|
|
Accumulated
deficit
|
|
|
(556,433)
|
|
|
|
(576,019)
|
|
|
Accumulated other
comprehensive loss
|
|
|
(2,254)
|
|
|
|
(3,805)
|
|
|
Total equity
attributable to Engility
|
|
|
690,806
|
|
|
|
665,484
|
|
|
Non-controlling
interest
|
|
|
9,868
|
|
|
|
10,621
|
|
|
Total
equity
|
|
|
700,674
|
|
|
|
676,105
|
|
|
Total liabilities and
equity
|
|
$
|
2,003,884
|
|
|
$
|
2,026,008
|
|
|
|
|
|
|
|
|
|
|
|
ENGILITY HOLDINGS,
INC.
UNAUDITED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in
thousands)
|
|
|
|
|
|
|
Six Months
Ended
|
|
|
|
June 29,
2018
|
|
|
June 30,
2017
|
|
|
Operating
activities:
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
20,344
|
|
|
$
|
17,196
|
|
|
Share-based
compensation
|
|
|
6,210
|
|
|
|
3,736
|
|
|
Depreciation and
amortization
|
|
|
21,740
|
|
|
|
21,971
|
|
|
Loss (gain) on sale
of property, plant and equipment
|
|
|
18
|
|
|
|
(497)
|
|
|
Loss on
extinguishment of debt
|
|
|
253
|
|
|
|
—
|
|
|
Amortization of bank
debt fees
|
|
|
4,155
|
|
|
|
4,294
|
|
|
Deferred income
taxes
|
|
|
7,423
|
|
|
|
11,841
|
|
|
Excess tax deduction
on share-based compensation
|
|
|
108
|
|
|
|
(218)
|
|
|
Changes in operating
assets and liabilities:
|
|
|
|
|
|
|
|
|
|
Receivables
|
|
|
1,942
|
|
|
|
(17,665)
|
|
|
Other
assets
|
|
|
(5,120)
|
|
|
|
5,948
|
|
|
Accounts payable,
trade
|
|
|
(7,143)
|
|
|
|
10,134
|
|
|
Accrued employment
costs
|
|
|
3,529
|
|
|
|
(18,826)
|
|
|
Accrued
expenses
|
|
|
3,868
|
|
|
|
(1,771)
|
|
|
Advance payments and
billings in excess of costs incurred
|
|
|
(4,245)
|
|
|
|
555
|
|
|
Other
liabilities
|
|
|
(443)
|
|
|
|
(12,066)
|
|
|
Net cash provided by
operating activities
|
|
|
52,639
|
|
|
|
24,632
|
|
|
Investing
activities:
|
|
|
|
|
|
|
|
|
|
Proceeds (payments)
from sale of business, net of amount placed in escrow
|
|
|
(1,900)
|
|
|
|
23,005
|
|
|
Proceeds from sale of
property, plant and equipment
|
|
|
—
|
|
|
|
2,902
|
|
|
Capital
expenditures
|
|
|
(3,277)
|
|
|
|
(2,575)
|
|
|
Net cash provided by
(used in) investing activities
|
|
|
(5,177)
|
|
|
|
23,332
|
|
|
Financing
activities:
|
|
|
|
|
|
|
|
|
|
Repayment of
long-term debt
|
|
|
(45,076)
|
|
|
|
(59,373)
|
|
|
Gross borrowings from
revolving credit facility
|
|
|
123,000
|
|
|
|
224,000
|
|
|
Gross repayments of
revolving credit facility
|
|
|
(123,000)
|
|
|
|
(224,000)
|
|
|
Debt issuance
costs
|
|
|
(45)
|
|
|
|
—
|
|
|
Payment of employee
withholding taxes on share-based compensation
|
|
|
(2,027)
|
|
|
|
(1,260)
|
|
|
Dividends
paid
|
|
|
—
|
|
|
|
(407)
|
|
|
Distributions to
non-controlling interest member
|
|
|
(2,681)
|
|
|
|
(4,638)
|
|
|
Net cash used in
financing activities
|
|
|
(49,829)
|
|
|
|
(65,678)
|
|
|
Net change in cash
and cash equivalents
|
|
|
(2,367)
|
|
|
|
(17,714)
|
|
|
Cash and cash
equivalents, beginning of period
|
|
|
41,890
|
|
|
|
48,236
|
|
|
Cash and cash
equivalents, end of period
|
|
$
|
39,523
|
|
|
$
|
30,522
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Measures
The tables under "Engility Holdings, Inc. Reconciliation of
Non-GAAP Measures" present Adjusted Operating Income, Adjusted
Operating Margin, Earnings before Interest, Taxes, Depreciation,
and Amortization ("EBITDA"), Adjusted EBITDA, EBITDA Margin, and
Adjusted EBITDA Margin, reconciled to their most directly
comparable GAAP measure. These financial measures are calculated
and presented on the basis of methodologies other than in
accordance with U.S. generally accepted accounting principles
("Non-GAAP Measures"). Engility has provided these Non-GAAP
Measures to adjust for, among other things, the impact of
amortization expenses related to our acquisitions of TASC, Inc. and
Dynamics Research Corporation, costs associated with a loss or gain
on the disposal or sale of property, plant and equipment,
acquisition, restructuring and related expenses, legal and
settlement costs, and refinancing-related expenses. These items
have been adjusted because they are not considered core to the
company's business or otherwise not considered operational or
because these charges are non-cash or non-recurring. The company
presents these Non-GAAP Measures because management believes that
they are meaningful to understanding Engility's performance during
the periods presented and the company's ongoing business. Non-GAAP
Measures are not prepared in accordance with GAAP and therefore are
not necessarily comparable to similarly titled metrics or the
financial results of other companies. These Non-GAAP Measures
should be considered a supplement to, not a substitute for, or
superior to, the corresponding financial measures calculated in
accordance with GAAP.
With respect to our "Fiscal Year 2018 Guidance" above,
reconciliation of EBITDA guidance to the closest corresponding GAAP
measure on a forward-looking basis is not available without
unreasonable efforts. We are unable to reconcile EBITDA to net
income due to our inability to predict certain non-cash items
included in net income, including taxes and timing of potential
restructuring charges. The disclosure of such reconciliations may
imply to our investors a degree of precision in our calculations
that is not possible. For the same reasons, the company is unable
to address the probable significance of the unavailable
information.
ENGILITY HOLDINGS, INC.
RECONCILIATION OF NON-GAAP MEASURES
The following tables set forth a reconciliation of each of these
Non-GAAP Measures to the most directly comparable GAAP measure for
the periods presented.
|
Adjusted Operating
Income and Adjusted Operating Margin
(dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
Six Months
Ended
|
|
|
|
June 29,
2018
|
|
|
June 30,
2017
|
|
|
June 29,
2018
|
|
|
June 30,
2017
|
|
|
Net income
|
|
$
|
13,756
|
|
|
$
|
9,448
|
|
|
$
|
20,344
|
|
|
$
|
17,196
|
|
|
Provision for income
taxes (1)
|
|
|
4,728
|
|
|
|
6,050
|
|
|
|
6,367
|
|
|
|
11,060
|
|
|
Other expenses
(income), net
|
|
|
(108)
|
|
|
|
(66)
|
|
|
|
(250)
|
|
|
|
(59)
|
|
|
Interest expense, net
(2)
|
|
|
17,161
|
|
|
|
18,529
|
|
|
|
36,539
|
|
|
|
39,450
|
|
|
Operating
income
|
|
|
35,537
|
|
|
|
33,961
|
|
|
|
63,000
|
|
|
|
67,647
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition,
restructuring and legal and
settlement expenses,
excluding amortization
|
|
|
1,021
|
|
|
|
2,342
|
|
|
|
2,453
|
|
|
|
3,745
|
|
|
Acquisition-related
intangible amortization
|
|
|
6,335
|
|
|
|
6,334
|
|
|
|
12,669
|
|
|
|
12,669
|
|
|
Loss (gain) on sale of
business and property,
plant and equipment,
net
|
|
|
15
|
|
|
|
73
|
|
|
|
18
|
|
|
|
(497)
|
|
|
Total
adjustments
|
|
|
7,371
|
|
|
|
8,749
|
|
|
|
15,140
|
|
|
|
15,917
|
|
|
Adjusted operating
income
|
|
$
|
42,908
|
|
|
$
|
42,710
|
|
|
$
|
78,140
|
|
|
$
|
83,564
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
margin
|
|
|
7.3
|
%
|
|
|
6.9
|
%
|
|
|
6.5
|
%
|
|
|
6.9
|
%
|
|
Adjusted operating
margin
|
|
|
8.8
|
%
|
|
|
8.6
|
%
|
|
|
8.1
|
%
|
|
|
8.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Cash paid for income
taxes for the three months ended June 29, 2018 and June 30, 2017
was $231 and $185, respectively, and for the six months ended June
29, 2018 and June 30, 2017 was $482 and $388,
respectively.
|
|
|
|
(2)
|
Interest expense,
net, included refinancing-related expenses of $1,918 and $1,692 for
the six months ended June 29, 2018 and June 30, 2017,
respectively.
|
|
|
|
Supplemental:
|
|
|
|
For the three months
ended June 29, 2018 and June 30, 2017, the impacts to GAAP net
income attributable to Engility from the provision for income taxes
and the adjustments noted in the above table were $12 million and
$15 million, respectively. For the six months ended June 29, 2018
and June 30, 2017, the impacts to GAAP net income attributable to
Engility from the provision for income taxes and the adjustments
noted in the above table were $22 million and $27 million,
respectively. These results have not been adjusted for cash taxes
paid or refinancing-related expenses as noted in footnote 1 and
footnote 2, respectively.
|
|
ENGILITY HOLDINGS,
INC.
Earnings before
interest, taxes, depreciation, and amortization (EBITDA) and
Adjusted EBITDA
(dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
Six Months
Ended
|
|
|
|
June 29,
2018
|
|
|
June 30,
2017
|
|
|
June 29,
2018
|
|
|
June 30,
2017
|
|
|
Net income
|
|
$
|
13,756
|
|
|
$
|
9,448
|
|
|
$
|
20,344
|
|
|
$
|
17,196
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest, taxes,
and depreciation and
amortization
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
|
17,161
|
|
|
|
18,529
|
|
|
|
36,539
|
|
|
|
39,450
|
|
|
Provision for income
taxes
|
|
|
4,728
|
|
|
|
6,050
|
|
|
|
6,367
|
|
|
|
11,060
|
|
|
Depreciation and
amortization
|
|
|
10,603
|
|
|
|
11,110
|
|
|
|
21,740
|
|
|
|
21,971
|
|
|
EBITDA
|
|
|
46,248
|
|
|
|
45,137
|
|
|
|
84,990
|
|
|
|
89,677
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments to
EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition,
restructuring and legal and
settlement expenses, excluding
amortization
|
|
|
1,021
|
|
|
|
2,342
|
|
|
|
2,453
|
|
|
|
3,745
|
|
|
Loss (gain) on sale of
business and property,
plant and equipment, net
|
|
|
15
|
|
|
|
73
|
|
|
|
18
|
|
|
|
(497)
|
|
|
Adjusted
EBITDA
|
|
$
|
47,284
|
|
|
$
|
47,552
|
|
|
$
|
87,461
|
|
|
$
|
92,925
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA
Margin
|
|
|
9.5
|
%
|
|
|
9.1
|
%
|
|
|
8.8
|
%
|
|
|
9.2
|
%
|
|
Adjusted EBITDA
Margin
|
|
|
9.7
|
%
|
|
|
9.6
|
%
|
|
|
9.1
|
%
|
|
|
9.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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SOURCE Engility Holdings, Inc.