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| 8-K - 8-K - Engility Holdings, Inc. | egl8-k15q4.htm |
Exhibit 99.1
___________________________________________________________________
Engility Reports Fourth Quarter and Full Year 2015 Results
• | Fiscal year 2015 revenue of $2.1 billion and adjusted diluted EPS of $2.24 |
• | Fourth quarter 2015 revenue of $537 million and adjusted diluted EPS of $0.66 |
• | Fourth quarter 2015 DSO of 56 days compared to 74 days in the prior year period |
• | Company reiterates fiscal year 2016 guidance |
• | Appointment of Lynn Dugle as CEO effective March 21, 2016; John Hynes promoted to President and Chief Operating Officer, effective February 29, 2016 |
CHANTILLY, VA - March 3, 2016, Engility Holdings, Inc. (NYSE: EGL) today announced financial results for the fourth quarter and full year ended December 31, 2015.
Fourth Quarter 2015 Results
Total revenue for the fourth quarter of 2015 was $537 million. GAAP operating loss was $262 million. GAAP net loss attributable to Engility was $239 million, or $6.53 per diluted share. Both GAAP operating loss and net loss reflect a $292 million non-cash goodwill impairment charge.
Adjusted operating income was $54 million and adjusted operating margin was 10.0%. Adjusted net income attributable to Engility was $25 million, or $0.66 per diluted share. Adjusted EBITDA was $61 million and adjusted EBITDA margin was 11.4%.
Engility's adjusted results for net income, operating margin and EBITDA exclude a non-cash goodwill impairment charge of $292 million, $12 million of acquisition and integration costs, and $2 million in legal and settlement costs. Adjusted operating margin and adjusted net income also exclude $10 million of amortization of intangible asset expenses associated with the TASC and DRC acquisitions. Information about the Company's use of non-GAAP financial information is provided below under “Non-GAAP Measures.”
Fiscal Year 2015 Results
For fiscal year 2015, total revenue was $2.1 billion and GAAP operating loss was $189 million. GAAP net loss attributable to Engility was $235 million, or $7.02 per share. Both GAAP operating income and net income reflect a $292 million goodwill impairment charge.
Adjusted operating income for fiscal year 2015 was $187 million and adjusted operating margin was 9.0%. Adjusted net income attributable to Engility was $76 million, or $2.24 per diluted share. Adjusted EBITDA was $211 million and adjusted EBITDA margin was 10.1%.
Engility's adjusted results for net income, operating margin and EBITDA exclude a non-cash goodwill impairment charge of $292 million, $45 million of acquisition and integration costs, and $3 million in legal and settlement costs. Adjusted operating margin and adjusted net income also exclude $36 million of amortization of intangible asset expenses associated with the TASC and DRC acquisitions. In addition, adjusted net income excludes $5 million of bank fees previously capitalized and included in interest expense. As noted above, information about our use of non-GAAP financial information is provided below under “Non-GAAP Measures”.
President and COO Commentary
“2015 marked a year when we executed against our strategic plan and transformed our business,” said John Hynes, President and Chief Operating Officer of Engility. “Through the acquisition and successful integration of TASC, we have gained significant scale, shifted the mix of our business toward more stable and higher growth sectors and expanded our addressable market to include intelligence and space. We also continued to provide exceptional service to our customers and as a result received strong contract award fee scores.”
“As we look forward, we believe we will benefit from the stabilization in our market due to the Federal Government’s two-year budget agreement, the recent improvements we have made to our internal business development processes, and the additional capture and strategic pricing resources we recently hired,” continued Hynes. “Under the leadership of our incoming Chief
Executive Officer, Lynn Dugle, we believe these factors, combined with our increased investments in growth-related initiatives and the anticipated decline in the runoff of our legacy contracts, will drive organic revenue growth in 2017 and beyond.”
Key Performance Indicators
• | Book-to-bill ratio for the fourth quarter of 2015 was 0.5x on contract awards of $272 million. For fiscal year 2015, the book-to-bill ratio was 0.8x on contract awards of $1.6 billion. |
• | Book-to-bill ratio for the fourth quarter of 2015 was 1.0x on funded orders of $518 million. For fiscal year 2015, the book-to-bill ratio was 0.9x on funded orders of $2.0 billion. |
• | Funded backlog was $784 million in the fourth quarter of 2015 compared with $602 million in the fourth quarter of 2014. |
• | Days sales outstanding (DSO) at the end of 2015, net of advanced payments, was 56 days, compared to 74 days at the end of 2014. |
• | Cash flow from operations was $(12) million for the fourth quarter of 2015 and $48 million for fiscal year 2015. |
• | During the fourth quarter of 2015, the Company made voluntary debt prepayments of approximately $25 million. The total voluntary prepayment amount for fiscal year 2015 was $60 million. |
Fiscal Year 2016 Guidance
The Company is reiterating the fiscal year 2016 guidance it issued on January 21, 2016. The table below summarizes the Company’s fiscal year 2016 guidance.
Fiscal Year 2016 Guidance | ||
Revenue | $2.0 billion - $2.15 billion | |
GAAP Diluted EPS (1) | $0.03 - $0.18 | |
Adjusted Diluted EPS (1) | $1.00 - $1.15 | |
Adjusted EBITDA (1) | $180 million - $190 million | |
GAAP operating cash flow | $105 million - $115 million | |
(1) 2016 GAAP and adjusted diluted EPS guidance assumes weighted-average outstanding shares of approximately 37 million. GAAP diluted EPS assumes a full-year effective tax rate of 25 percent. Adjusted diluted EPS assumes total cash tax payments of approximately $1 million. The adjusted diluted EPS and adjusted EBITDA guidance excludes approximately $33 million of amortization of acquired intangible assets, and deal and integration costs associated with the TASC acquisition.
Management Changes
On March 1, 2016, the Board of Directors of Engility announced the appointment of Lynn Dugle as the company’s Chief Executive Officer, effective March 21, 2016. John Hynes, Engility’s Executive Vice President and Chief Operating Officer, was promoted to President and Chief Operating Officer, effective February 29, 2016.
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, Adjusted EBITDA Margin, Adjusted Net Income, and Adjusted Diluted EPS, 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 transaction and integration costs and amortization expenses related to our acquisitions of TASC and DRC, as well as restructuring and legal and settlement costs. 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.
Conference Call Information
Engility will host a conference call at 8 a.m. Eastern Time on March 3, 2016 (today), to discuss the financial results for its fourth quarter and full year 2015.
Listeners may access a webcast of the live conference call from the Investor Relations section of the company's website at http://www.EngilityCorp.com. Listeners also may access a slide presentation on the website which summarizes the Company’s 2015 fourth quarter and fiscal year 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 (866) 300-6036 (U.S. dial-in) or (412) 455-6216 (international dial-in) and the pass code is 36531392.
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 March 10, 2016 at (855) 859-2056 (domestic) or (404) 537-3406 (international) and entering pass code 36531392.
About Engility
Engility (NYSE: EGL) is engineered to make a difference. Built on five decades of heritage, Engility is a leading provider of integrated solutions and services for the U.S. government, supporting customers throughout defense, intelligence, space, federal civilian and international communities. Engility delivers world-class performance, efficiency and best value in a broad range of services from global security to information security, and international development to research and development. Headquartered in Chantilly, Virginia, and with offices around the world, Engility draws upon its intimate understanding of customer needs, deep domain expertise, and skilled team to develop and deliver on-target solutions for critical missions. To learn more about Engility, please visit www.engilitycorp.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, business plans, as well as the TASC transaction and its expected benefits and the timing of such benefits. 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, 2014, 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 (http://www.engilitycorp.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: Investor Relations:
Eric Ruff Dave Spille
Engility Holdings, Inc. Engility Holdings, Inc.
(703) 375-6463 (703) 375-4221
eric.ruff@engilitycorp.com dave.spille@engilitycorp.com
ENGILITY HOLDINGS, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
Three Months Ended | Twelve Months Ended | ||||||||||||||||||||||
December 31, 2015 | December 31, 2014 | Change | December 31, 2015 | December 31, 2014 | Change | ||||||||||||||||||
Revenue | $ | 537,022 | $ | 319,516 | $ | 217,506 | $ | 2,085,623 | $ | 1,367,091 | $ | 718,532 | |||||||||||
Costs and expenses | |||||||||||||||||||||||
Cost of revenue | 463,227 | 272,167 | 191,060 | 1,779,709 | 1,169,281 | 610,428 | |||||||||||||||||
Selling, general and administrative expenses | 43,769 | 33,993 | 9,776 | 203,262 | 114,890 | 88,372 | |||||||||||||||||
Goodwill impairment charge | 292,100 | — | 292,100 | 292,100 | — | 292,100 | |||||||||||||||||
Total costs and expenses | 799,096 | 306,160 | 492,936 | 2,275,071 | 1,284,171 | 990,900 | |||||||||||||||||
Operating income (loss) | (262,074 | ) | 13,356 | (275,430 | ) | (189,448 | ) | 82,920 | (272,368 | ) | |||||||||||||
Interest expense, net | 29,554 | 3,261 | 26,293 | 110,143 | 12,799 | 97,344 | |||||||||||||||||
Other income, net | 1,241 | 546 | 695 | 1,285 | 526 | 759 | |||||||||||||||||
Income (loss) before income taxes | (290,387 | ) | 10,641 | (301,028 | ) | (298,306 | ) | 70,647 | (368,953 | ) | |||||||||||||
Provision (benefit) for income taxes | (52,405 | ) | 7,183 | (59,588 | ) | (68,067 | ) | 30,637 | (98,704 | ) | |||||||||||||
Net income (loss) | (237,982 | ) | 3,458 | (241,440 | ) | (230,239 | ) | 40,010 | (270,249 | ) | |||||||||||||
Less: Net income attributable to non-controlling interest | 749 | 972 | (223 | ) | 5,113 | 4,587 | 526 | ||||||||||||||||
Net income (loss) attributable to Engility | $ | (238,731 | ) | $ | 2,486 | $ | (241,217 | ) | $ | (235,352 | ) | $ | 35,423 | $ | (270,775 | ) | |||||||
Earnings (loss) per share attributable to Engility | |||||||||||||||||||||||
Basic | $ | (6.53 | ) | $ | 0.14 | $ | (6.67 | ) | $ | (7.02 | ) | $ | 2.07 | $ | (9.09 | ) | |||||||
Diluted | $ | (6.53 | ) | $ | 0.14 | $ | (6.67 | ) | $ | (7.02 | ) | $ | 1.97 | $ | (8.99 | ) | |||||||
Weighted average number of shares outstanding | |||||||||||||||||||||||
Basic | 36,565 | 17,163 | 33,536 | 17,100 | |||||||||||||||||||
Diluted | 36,565 | 18,090 | 33,536 | 18,018 | |||||||||||||||||||
ENGILITY HOLDINGS, INC.
UNAUDITED CONSOLIDATED BALANCE SHEETS
(in thousands)
As of | |||||||
December 31, 2015 | December 31, 2014 | ||||||
Assets: | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 30,022 | $ | 7,123 | |||
Receivables, net | 381,760 | 286,403 | |||||
Prepaid and deferred income taxes, current, net | 5,003 | 296 | |||||
Other current assets | 24,655 | 27,488 | |||||
Total current assets | 441,440 | 321,310 | |||||
Property, plant and equipment, net | 44,120 | 19,839 | |||||
Goodwill | 1,093,178 | 644,554 | |||||
Identifiable intangible assets, net | 436,627 | 123,549 | |||||
Deferred tax assets | 235,397 | 4,793 | |||||
Other assets | 24,207 | 8,591 | |||||
Total assets | $ | 2,274,969 | $ | 1,122,636 | |||
Liabilities and Equity: | |||||||
Current liabilities: | |||||||
Current portion of long-term debt | $ | 8,447 | $ | 13,750 | |||
Accounts payable, trade | 54,345 | 49,121 | |||||
Accrued employment costs | 81,711 | 47,824 | |||||
Accrued expenses | 82,765 | 71,582 | |||||
Advance payments and billings in excess of costs incurred | 49,205 | 22,300 | |||||
Deferred income taxes, current and income taxes liabilities | 695 | 9,810 | |||||
Other current liabilities | 36,293 | 21,098 | |||||
Total current liabilities | 313,461 | 235,485 | |||||
Long-term debt | 1,115,025 | 279,500 | |||||
Income tax liabilities | 68,000 | 79,713 | |||||
Other liabilities | 72,350 | 51,185 | |||||
Total liabilities | 1,568,836 | 645,883 | |||||
Equity: | |||||||
Preferred stock, par value $0.01 per share, 25,000 shares authorized, none issued or outstanding as of December 31, 2015 or 2014 | — | — | |||||
Common stock, par value $0.01 per share, 175,000 shares authorized, 36,735 and 17,592 shares issued and outstanding as of December 31, 2015 and 2014, respectively | 368 | 176 | |||||
Additional paid in capital | 1,231,584 | 770,764 | |||||
Accumulated deficit | (530,895 | ) | (295,543 | ) | |||
Accumulated other comprehensive loss | (7,229 | ) | (9,018 | ) | |||
Non-controlling interest | 12,305 | 10,374 | |||||
Total equity | 706,133 | 476,753 | |||||
Total liabilities and equity | $ | 2,274,969 | $ | 1,122,636 | |||
ENGILITY HOLDINGS, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Twelve Months Ended | |||||||
December 31, 2015 | December 31, 2014 | ||||||
Operating activities: | |||||||
Net income (loss) | $ | (230,239 | ) | $ | 40,010 | ||
Goodwill impairment charge | 292,100 | — | |||||
Share-based compensation | 9,297 | 8,830 | |||||
Depreciation and amortization | 58,435 | 20,953 | |||||
Loss on disposal of property, plant and equipment | 3,413 | — | |||||
Bad debt expense | 7,346 | — | |||||
Amortization of bank debt fees | 13,339 | 1,634 | |||||
Deferred income tax benefit | (37,487 | ) | (1,355 | ) | |||
Changes in operating assets and liabilities, excluding acquired amounts: | |||||||
Receivables | 46,338 | 43,115 | |||||
Other current assets | 26,553 | 4,611 | |||||
Accounts payable, trade | (33,570 | ) | 5,399 | ||||
Accrued employment costs | (58,467 | ) | (18,603 | ) | |||
Accrued expenses | (22,204 | ) | 3,004 | ||||
Advance payments and billings in excess of costs incurred | 8,901 | 2,904 | |||||
Other liabilities | (35,337 | ) | (8,143 | ) | |||
Net cash provided by operating activities | 48,418 | 102,359 | |||||
Investing activities: | |||||||
Purchase of business, net of cash acquired | 25,478 | (207,250 | ) | ||||
Capital expenditures | (19,610 | ) | (5,436 | ) | |||
Net cash provided by (used in) investing activities | 5,868 | (212,686 | ) | ||||
Financing activities: | |||||||
Gross borrowings from issuance of long-term debt | 585,000 | 75,000 | |||||
Repayments of long-term debt | (403,674 | ) | (13,750 | ) | |||
Gross borrowings from revolving credit facility | 157,000 | 482,500 | |||||
Repayments of revolving credit facility | (115,000 | ) | (448,000 | ) | |||
Debt issuance costs | (42,425 | ) | (1,131 | ) | |||
Equity issuance costs | (2,590 | ) | — | ||||
Proceeds from share-based payment arrangements | 279 | 1,479 | |||||
Excess tax deduction on share-based payment arrangements | (8,021 | ) | (2,371 | ) | |||
Payment of employee withholding taxes on share-based compensation | 5,530 | 1,707 | |||||
Dividends paid | (204,304 | ) | — | ||||
Distributions to non-controlling interest member | (3,182 | ) | (6,987 | ) | |||
Net cash (used in) provided by financing activities | (31,387 | ) | 88,447 | ||||
Net increase (decrease) in cash and cash equivalents | 22,899 | (21,880 | ) | ||||
Cash and cash equivalents, beginning of the year | 7,123 | 29,003 | |||||
Cash and cash equivalents, end of the year | $ | 30,022 | $ | 7,123 | |||
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 | Twelve Months Ended | ||||||||||||||
December 31, 2015 | December 31, 2014 | December 31, 2015 | December 31, 2014 | ||||||||||||
Operating income (loss) | $ | (262,074 | ) | $ | 13,356 | $ | (189,448 | ) | $ | 82,920 | |||||
Adjustments | |||||||||||||||
Goodwill impairment charge | 292,100 | — | 292,100 | — | |||||||||||
Acquisition and integration-related expenses excluding amortization | 11,983 | 9,014 | 44,753 | 17,864 | |||||||||||
Acquisition-related intangible amortization | 10,238 | 1,683 | 36,206 | 6,171 | |||||||||||
Legal and settlement costs | 1,605 | — | 3,345 | 230 | |||||||||||
315,926 | 10,697 | 376,404 | 24,265 | ||||||||||||
Adjusted operating income | $ | 53,852 | $ | 24,053 | $ | 186,956 | $ | 107,185 | |||||||
Operating margin | (48.8 | )% | 4.2 | % | (9.1 | )% | 6.1 | % | |||||||
Adjusted operating margin | 10.0 | % | 7.5 | % | 9.0 | % | 7.8 | % | |||||||
ENGILITY HOLDINGS, INC.
Adjusted Earnings Per Share
(in thousands, except per share data)
Three Months Ended | Twelve Months Ended | ||||||||||||||
December 31, 2015 | December 31, 2014 | December 31, 2015 | December 31, 2014 | ||||||||||||
GAAP net income (loss) attributable to Engility | $ | (238,731 | ) | $ | 2,486 | $ | (235,352 | ) | $ | 35,423 | |||||
Net income attributable to non-controlling interest | 749 | 972 | 5,113 | 4,587 | |||||||||||
GAAP net income (loss) | (237,982 | ) | 3,458 | (230,239 | ) | 40,010 | |||||||||
Provision (benefit) for income taxes | (52,405 | ) | 7,183 | (68,067 | ) | 30,637 | |||||||||
Income tax rate | 18.0 | % | 67.5 | % | 22.8 | % | 43.4 | % | |||||||
GAAP income (loss) before taxes | (290,387 | ) | 10,641 | (298,306 | ) | 70,647 | |||||||||
Adjustments | |||||||||||||||
Goodwill impairment charge | 292,100 | — | 292,100 | — | |||||||||||
Acquisition and integration-related expenses excluding amortization | 11,983 | 9,014 | 44,753 | 17,864 | |||||||||||
Acquisition-related intangible amortization | 10,238 | 1,683 | 36,206 | 6,171 | |||||||||||
Legal and settlement costs | 1,605 | — | 3,345 | 230 | |||||||||||
Bank fees previously capitalized and included in interest expense | — | — | 4,602 | — | |||||||||||
Total adjustments | 315,926 | 10,697 | 381,006 | 24,265 | |||||||||||
Adjusted income before income tax | 25,539 | 21,338 | 82,700 | 94,912 | |||||||||||
Adjusted provision for income taxes | — | 8,322 | — | 37,043 | |||||||||||
Cash paid for income taxes | 94 | — | 1,169 | — | |||||||||||
Adjusted income tax rate | 0.4 | % | 39.0 | % | 1.4 | % | 39.0 | % | |||||||
Adjusted net income | 25,445 | 13,016 | 81,531 | 57,869 | |||||||||||
Less: Net income attributable to non-controlling interest | 749 | 972 | 5,113 | 4,587 | |||||||||||
Adjusted net income attributable to Engility | $ | 24,696 | $ | 12,044 | $ | 76,418 | $ | 53,282 | |||||||
Adjusted diluted earnings per share attributable to Engility | $ | 0.66 | $ | 0.67 | $ | 2.24 | $ | 2.96 | |||||||
GAAP diluted earnings (loss) per share attributable to Engility | $ | (6.53 | ) | $ | 0.14 | $ | (7.02 | ) | $ | 1.97 | |||||
Diluted weighted average number of shares outstanding - Adjusted | 37,230 | 18,090 | 34,106 | 18,018 | |||||||||||
Diluted weighted average number of shares outstanding - GAAP | 36,565 | 18,090 | 33,536 | 18,018 | |||||||||||
ENGILITY HOLDINGS, INC.
Earnings before interest, taxes, depreciation, and amortization (EBITDA) and Adjusted EBITDA
(dollars in thousands)
Three Months Ended | Twelve Months Ended | ||||||||||||||
December 31, 2015 | December 31, 2014 | December 31, 2015 | December 31, 2014 | ||||||||||||
Net income (loss) | $ | (237,982 | ) | $ | 3,458 | $ | (230,239 | ) | $ | 40,010 | |||||
Interest, taxes, and depreciation and amortization | |||||||||||||||
Interest expense | 29,554 | 3,261 | 110,143 | 12,799 | |||||||||||
Provision (benefit) for income taxes | (52,405 | ) | 7,183 | (68,067 | ) | 30,637 | |||||||||
Depreciation and amortization | 16,191 | 5,113 | 58,435 | 20,953 | |||||||||||
Loss on disposal of property, plant and equipment | 2,739 | — | 3,413 | — | |||||||||||
EBITDA | (241,903 | ) | 19,015 | (126,315 | ) | 104,399 | |||||||||
Adjustments to EBITDA | |||||||||||||||
Goodwill impairment charge | 292,100 | — | 292,100 | — | |||||||||||
Acquisition and integration-related expenses excluding amortization and loss on disposal from restructuring | 9,593 | 9,014 | 42,363 | 17,864 | |||||||||||
Legal and settlement costs | 1,605 | — | 3,345 | 230 | |||||||||||
303,298 | 9,014 | 337,808 | 18,094 | ||||||||||||
Adjusted EBITDA | $ | 61,395 | $ | 28,029 | $ | 211,493 | $ | 122,493 | |||||||
EBITDA margin | (45.0 | )% | 6.0 | % | (6.1 | )% | 7.6 | % | |||||||
Adjusted EBITDA margin | 11.4 | % | 8.8 | % | 10.1 | % | 9.0 | % | |||||||