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Engility Holdings, Inc. (EGL) SEC Filing 10-K Annual report for the fiscal year ending Thursday, December 31, 2015

Engility Holdings, Inc.

CIK: 1544229 Ticker: EGL
Exhibit 99.1

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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



The following information was filed by Engility Holdings, Inc. (EGL) on Thursday, March 3, 2016 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Document And Entity Information
Consolidated And Combined Statements Of Operations
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Stockholders' Equity
Consolidated Statements Of Comprehensive Income (loss)
Consolidated Statements Of Comprehensive Income (loss) (parenthetical)
Basis Of Presentation
Basis Of Presentation (policies)
Basis Of Presentation (tables)
Basis Of Presentation - Additional Information (detail)
Basis Of Presentation - Earnings Per Share (detail)
Business Acquisitions
Business Acquisitions - Intangible Assets (details)
Business Acquisitions - Pro Forma (details)
Business Acquisitions - Purchase Price Allocation (details)
Business Acquisitions - Textual (details)
Business Acquisitions (tables)
Business Acquisitions - Tasc Acquisition (details)
Commitments And Contingencies
Commitments And Contingencies (tables)
Commitments And Contingencies - Additional Information (detail)
Commitments And Contingencies - Future Minimum Payments Under Non-cancelable Operating Leases (detail)
Commitments And Contingencies - Schedule Of Rent Expense (detail)
Debt
Debt (tables)
Debt - Additional Information (detail)
Debt - Summary Of Debt Minimum Payments On Term Credit Facility (detail)
Employee Benefits
Employee Benefits (tables)
Employee Benefits - Additional Information (detail)
Employee Benefits Amounts Recognized In The Consolidated Balance Sheets (details)
Employee Benefits Assumptions Used In Calculations (details)
Employee Benefits Components Of Other Comprehensive Income (details)
Employee Benefits Net Periodic Pension Cost (details)
Employee Benefits Obligations And Funded Status (details)
Employee Benefits Reconciliation Of Fair Value Level 3 Inputs (details)
Employee Benefits Summary Of Expected Benefit Payments (details)
Employee Benefits Summary Of Fair Value Measurement Of Plan Assets (details)
Fair Value Measurements
Fair Value Measurements (tables)
Fair Value Measurements - Additional Information (details)
Fair Value Measurements - Assets And Liabilities Measured At Fair Value On A Recurring Basis (details)
Goodwill And Identifiable Intangible Assets
Goodwill And Identifiable Intangible Assets (tables)
Goodwill And Identifiable Intangible Assets - Additional Information (detail)
Goodwill And Identifiable Intangible Assets - Amortization Expense Recorded For Identifiable Intangible Assets (detail)
Goodwill And Identifiable Intangible Assets - Estimated Amortization Expense For Identifiable Intangible Assets (detail)
Goodwill And Identifiable Intangible Assets - Information On Identifiable Intangible Assets (detail)
Goodwill And Identifiable Intangible Assets - Summary Of Goodwill (details)
Goodwill And Identifiable Intangible Assets - Summary Of Goodwill By Reporting Segment (details)
Income Taxes
Income Taxes (tables)
Income Taxes - Additional Information (detail)
Income Taxes - Classification Of Net Deferred Tax Liabilities (detail)
Income Taxes - Components Of Current And Deferred Portions Of Provision For Income Taxes From Continuing Operations (detail)
Income Taxes - Reconciliation Of Change In Unrecognized Income Tax Benefits, Excluding Potential Interest And Penalties (detail)
Income Taxes - Schedule Of Effective Income Tax Rate Reconciliation From Continuing Operations (detail)
Income Taxes - Schedule Of Income From Continuing Operations Before Income Taxes (detail)
Income Taxes - Significant Components Of Deferred Tax Assets And Liabilities (detail)
Income Taxes Income Taxes - Summary Of Operating Loss Carryforwards (details)
New Accounting Pronouncements
Property, Plant And Equipment
Property, Plant And Equipment (tables)
Property, Plant And Equipment - Schedule Of Depreciation Expense (detail)
Property, Plant And Equipment - Schedule Of Property, Plant And Equipment (detail)
Receivables
Receivables (tables)
Receivables - Additional Information (detail)
Receivables - Allowance For Doubtful Accounts (detail)
Receivables - Components Of Contract Receivables (detail)
Restructuring, Realignment And Integration Costs
Restructuring, Realignment And Integration Costs (tables)
Restructuring, Realignment And Integration Costs - Accrual Of Restructuring (details)
Restructuring, Realignment And Integration Costs - Additional Information (detail)
Restructuring, Realignment And Integration Costs - Summary Of Realignment Cost (detail)
Share-based Compensation
Share-based Compensation (tables)
Share-based Compensation - Employee Stock Purchase Plan - Narrative (details)
Share-based Compensation - Long Term Performance Plan - Narrative (details)
Share-based Compensation - Narrative (details)
Share-based Compensation - Share-based Compensation Expense (details)
Share-based Compensation - Summary Of Nonvested Performance Based Units (details)
Share-based Compensation - Summary Of Nonvested Restricted Based Units (details)
Share-based Compensation - Summary Of Stock Option Activity Changes (details)
Ticker: EGL
CIK: 1544229
Form Type: 10-K Annual Report
Accession Number: 0001544229-16-000063
Submitted to the SEC: Tue Mar 08 2016 6:08:20 AM EST
Accepted by the SEC: Tue Mar 08 2016
Period: Thursday, December 31, 2015
Industry: Engineering Services

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