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Engility Holdings, Inc. (EGL) SEC Filing 10-K Annual report for the fiscal year ending Saturday, December 31, 2016

Engility Holdings, Inc.

CIK: 1544229 Ticker: EGL

______________________________________________________

 

Engility Reports Fourth Quarter and

Full Year 2016 Results; Establishes 2017 Guidance

 

Revenue of $506 million for the fourth quarter and $2.076 billion for fiscal year 2016

Cash flow from operations of $10 million for the fourth quarter and $94 million for fiscal year 2016

Book-to-bill ratio of 0.9x for the fourth quarter and 1.3x for fiscal year 2016

 

CHANTILLY, VA - March 9, 2017, Engility Holdings, Inc. (NYSE: EGL) today announced financial results for the fourth quarter and full year ended December 31, 2016.

CEO Commentary

“2016 was a successful year for Engility as we significantly increased our book-to-bill ratio, hired key executives, reduced our cost of debt and implemented operational improvements,” said Lynn Dugle, Chief Executive Officer of Engility. “In addition, our strategic investments enabled us to win larger deals in higher-end markets. As we look to 2017, we have taken a prudent approach to guidance given continued protests and slow starts on large take-away contract wins.”

Fourth Quarter 2016 Results

Total revenue for the fourth quarter of 2016 was $506 million. GAAP operating income was $24 million and GAAP operating margin was 4.8%. GAAP net income attributable to Engility was $7 million, or $0.18 per diluted share. Cash flow from operating activities was $10 million. Both GAAP operating income and net income reflect a $10 million non-cash goodwill impairment charge related to the sale of the Company’s international development services business, International Resources Group Ltd. (IRG).

Adjusted operating income was $42 million and adjusted operating margin was 8.2%. Adjusted net income attributable to Engility was $19 million, or $0.51 per diluted share. Adjusted EBITDA was $47 million and adjusted EBITDA margin was 9.2%.

Information about the Company's use of non-GAAP financial information is provided below under “Non-GAAP Measures.”

Fiscal Year 2016 Results

Total revenue for fiscal year 2016 was $2.076 billion. GAAP operating income was $122 million and GAAP operating margin was 5.9%. GAAP net loss attributable to Engility was $11 million, or $0.29 per diluted share. Cash flow from operating activities was $94 million. The sale of IRG resulted in a $10 million non-cash goodwill impairment charge that is reflected in both GAAP operating income and net loss attributable to Engility. GAAP net loss attributable to Engility also includes $28 million of bank refinancing transaction fees and the non-cash write-off of previously capitalized fees associated with the Company’s prior credit facilities, which are included in interest expense.

 


The following information was filed by Engility Holdings, Inc. (EGL) on Thursday, March 9, 2017 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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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
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)
Consolidated Statements Of Operations
Basis Of Presentation
Basis Of Presentation (policies)
Basis Of Presentation (tables)
Basis Of Presentation - Additional Information (details)
Basis Of Presentation - Carrying Amounts Of Assets And Liabilities Classified As Held For Sale (details)
Basis Of Presentation - Earnings Per Share (details)
Business Acquisitions
Business Acquisitions (tables)
Business Acquisitions - Additional Information (details)
Business Acquisitions - Intangible Assets (details)
Business Acquisitions - Pro Forma (details)
Business Acquisitions - Tasc Acquisition (details)
Commitments And Contingencies
Commitments And Contingencies (tables)
Commitments And Contingencies - Additional Information (details)
Commitments And Contingencies - Future Minimum Payments Under Non-cancelable Operating Leases (details)
Commitments And Contingencies - Schedule Of Rent Expense Under Non-cancelable Operating Leases (details)
Debt
Debt (tables)
Debt - Additional Information (details)
Debt - Schedule Of Composition Of Debt (details)
Debt - Schedule Of Redemption Price As Percentage Of Principal Amount (details)
Debt - Summary Of Debt Minimum Payments On Term Credit Facility (details)
Employee Benefits
Employee Benefits (tables)
Employee Benefits - Additional Information (details)
Employee Benefits - Amounts Recognized In The Consolidated Balance Sheets (details)
Employee Benefits - Assumptions Used In Calculations (details)
Employee Benefits - Components Of Accumulated 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 - Fair Value Assets And Liabilities Measured On A Recurring Basis (details)
Fair Value Measurements - Other Terms Of Instruments (details)
Goodwill And Identifiable Intangible Assets
Goodwill And Identifiable Intangible Assets (tables)
Goodwill And Identifiable Intangible Assets - Additional Information (details)
Goodwill And Identifiable Intangible Assets - Amortization Expense Recorded For Identifiable Intangible Assets (details)
Goodwill And Identifiable Intangible Assets - Estimated Amortization Expense For Identifiable Intangible Assets (details)
Goodwill And Identifiable Intangible Assets - Information On Identifiable Intangible Assets (details)
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 (details)
Income Taxes - Components Of Current And Deferred Portions Of Provision For Income Taxes From Continuing Operations (details)
Income Taxes - Reconciliation Of Change In Unrecognized Income Tax Benefits, Excluding Potential Interest And Penalties (details)
Income Taxes - Schedule Of Effective Income Tax Rate Reconciliation From Continuing Operations (details)
Income Taxes - Schedule Of Income From Continuing Operations Before Income Taxes (details)
Income Taxes - Significant Components Of Deferred Tax Assets And Liabilities (details)
Income Taxes Income Taxes - Summary Of Operating Loss Carryforwards (details)
New Accounting Pronouncements
New Accounting Pronouncements - Additional Information (details)
Property, Plant And Equipment
Property, Plant And Equipment (tables)
Property, Plant And Equipment - Schedule Of Depreciation Expense (details)
Property, Plant And Equipment - Schedule Of Property, Plant And Equipment (details)
Receivables
Receivables (tables)
Receivables - Additional Information (details)
Receivables - Allowance For Doubtful Accounts (details)
Receivables - Components Of Contract Receivables (details)
Restructuring And Integration Costs
Restructuring And Integration Costs (tables)
Restructuring And Integration Costs - Additional Information (details)
Restructuring And Integration Costs - Summary Of Restructuring And Integration Costs (details)
Separate Financial Information Of Subsidiary Guarantor Of Indebtedness
Separate Financial Information Of Subsidiary Guarantor Of Indebtedness (tables)
Separate Financial Information Of Subsidiary Guarantor Of Indebtedness - Additional Information (details)
Separate Financial Information Of Subsidiary Guarantor Of Indebtedness - Supplemental Condensed Consolidating Balance Sheet (details)
Separate Financial Information Of Subsidiary Guarantor Of Indebtedness - Supplemental Condensed Consolidating Statement Of Cash Flows (details)
Separate Financial Information Of Subsidiary Guarantor Of Indebtedness - Supplemental Condensed Consolidating Statement Of Operations And Comprehensive Income (loss) (details)
Share-based Compensation
Share-based Compensation (tables)
Share-based Compensation - Additional Information (details)
Share-based Compensation - Employee Stock Purchase Plan - Additional Information (details)
Share-based Compensation - Long Term Performance Plan - Additional Information (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 Performance Retention Based Units (details)
Share-based Compensation - Summary Of Nonvested Restricted Based Units (details)
Share-based Compensation - Summary Of Stock Option Activity Changes (details)
Subsequent Events
Subsequent Events - Additional Information (details)
Ticker: EGL
CIK: 1544229
Form Type: 10-K Annual Report
Accession Number: 0001564590-17-003880
Submitted to the SEC: Thu Mar 09 2017 5:31:16 PM EST
Accepted by the SEC: Thu Mar 09 2017
Period: Saturday, December 31, 2016
Industry: Engineering Services

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