| [November 02, 2017] |
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Engility Reports Third Quarter 2017 Results
Engility Holdings, Inc. (NYSE: EGL) today announced financial results
for the third quarter, which ended September 29, 2017.
CEO Commentary
"We are pleased to report continued strong cash flow and profitability,"
said Lynn Dugle, Chief Executive Officer of Engility. "While I am not
satisfied with our short-term revenue results, I am confident in our
long-term prospects based on our continued improvements in leadership
and business practices. This is reflected in our solid 1.1x book-to-bill
ratio this quarter, which is the fifth consecutive quarter that our
trailing twelve-month book-to-bill ratio exceeded 1.0x, as well as our
7% year-over-year increase in total backlog."
Third Quarter 2017 Results
Total revenue for the third quarter of 2017 was $487 million. GAAP
operating income was $36 million and GAAP operating margin was 7.4%.
GAAP net income attributable to Engility was $10 million, or $0.26 per
diluted share. EBITDA was $47 million and EBITDA margin was 9.7%.
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."
Key Performance Indicators for the Third Quarter of 2017
-
Book-to-bill ratio for the third quarter of 2017 was 1.1x on net
bookings of $541 million. Trailing twelve-month book-to-bill ratio was
1.1x on net bookings of $2.2 billion.
-
Total backlog at the end of the third quarter of 2017 was $3.7
billion, an increase of 7% from the third quarter of 2016 when
excluding IRG's total backlog from Q3 2016. IRG was divested on
January 6, 2017.
-
Days sales outstanding, net of advanced payments, was 57 days at the
end of the third quarter of 2017, compared to 58 days at the end of
the second quarter of 2017 and 56 days at the end of the third quarter
of 2016.
-
Cash flow from operating activities was $54 million for the third
quarter of 2017, compared to $32 million for the third quarter of
2016. Our cash flow continues to be impacted positively by our
significant tax attributes, which result in de minimis cash taxes each
quarter.
-
During the third quarter of 2017, the company made total debt payments
of $27 million. Total debt payments through the first nine months of
2017 were $86 million.
Key Third Quarter 2017 Contract Awards
-
Awarded a $40 million sole source extension by a classified customer,
bringing the total to more than $100 million in the last two quarters.
The company expects to receive additional sole source extensions on
this contract in future quarters.
-
Awarded $63 million in new task orders by the U.S. Air Force Medical
Service. Working with their Medical Coding Program Office, Engility
will deliver healthcare informatics, medical coding, training and
compliance expertise at 14 Air Force bases.
-
Awarded a $49 million recompete contract to support the U.S. Air Force
Research Laboratory in its Kinetic Kill Hardware-in-the-Loop
Simulation Technology for Advanced Research (KSTAR) program. Through
KSTAR, Engility will help the government assess high-end next
generation weapon-system concepts for the next five years.
-
Awarded a $30 million Department of Defense cyber recompete contract
to modernize aircraft launch and recovery equipment capabilities.
-
Awarded a $28 million contract for new work by the Department of
Defense's Damage Assessment Management Office and Joint Acquisition
Protection and Exploitation Cell to enhance the safety of the
warfighter, improve the resilience of our defense systems, and deter,
deny and disrupt all cyberattacks.
Recent Developments
-
In October 2017, Engility released Synthetic
Analyst™, an innovative artificial intelligence solution. Engility
designed Synthetic
Analyst to expedite decision-making across the full spectrum of
military and federal civilian operations, including threat detection
and analysis, course of action planning, training support and
headquarters operations. The platform continuously improves as it
performs, using machine learning to optimize its speed and
effectiveness. Real-time, multi-layered responses are tailored to a
user's specific situational knowledge needs, mission objectives and
operational experience and conditions.
-
In October 2017, Engility, in partnership with the Center for Cyber
Safety and Education, launched the Engility CyberWarrior™ Scholarship,
a program created to help returning military veterans reenter the
civilian workforce by offering cybersecurity certification training
scholarships.
-
In August 2017, Engility's
CEO Lynn Dugle and Vice President of Technical Solutions Group Gay
Porter were recognized as 2017 Women Worth Watching by the Profiles
in Diversity Journal. This annual awards program celebrates high
performing, purpose-driven female leaders who serve as strong mentors
and role models for other women while creating value for the
companies, organizations and agencies they support.
Fiscal Year 2017 Guidance
Based on the company's financial results for the first nine months of
2017 and its outlook for the remainder of the year, the company is
updating its revenue guidance range for 2017. The company's GAAP diluted
EPS, EBITDA and cash flow from operations guidance ranges remain
unchanged. The table below summarizes the company's fiscal year 2017
guidance.
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Current Outlook for FY 2017 (1)
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Prior Outlook FY 2017 (1)
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Revenue
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$1.92 billion - $1.94 billion
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$1.95 billion - $2.05 billion
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GAAP Diluted EPS (2)
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$0.75 - $0.85
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$0.75 - $0.85
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EBITDA (3)
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$173 million - $183 million
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$173 million - $183 million
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Cash Flow from Operations
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$95 million - $105 million
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$95 million - $105 million
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(1)
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This guidance reflects the IRG divestiture on January 6, 2017. In
fiscal year 2016, IRG generated $58 million in revenue and $1
million in EBITDA and operating income. IRG's revenue and
profitability results are included in the company's fiscal year 2016
historical financial results, but are immaterial to Engility's 2017
financial results.
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(2)
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2017 GAAP diluted EPS guidance includes approximately $3 million of
debt refinancing-related expenses, $4 million of restructuring and
integration costs, and $25 million of amortization expense related
to intangible assets acquired by the company. It also assumes
weighted-average outstanding shares of approximately 38 million and
a full-year effective tax rate of 37 percent.
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(3)
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2017 EBITDA guidance includes approximately $4 million of
restructuring and integration costs.
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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 and
restructuring-related expenses, legal and settlement costs,
refinancing-related expenses, and the impact of certain tax related
items. 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 2017 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 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.
Conference Call Information
Engility will host a conference call at 5:00 p.m. Eastern Time on
November 2, 2017 (today), to discuss the financial results for its third
quarter 2017.
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 2017 third quarter 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 pass
code 97823682.
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 November 9, 2017 at
(855) 859-2056 (domestic) or (404) 537-3406 (international) and entering
pass code 97823682.
About Engility
Engility (NYSE: EGL) is engineered to make a difference. Built on six
decades of heritage, Engility is a leading provider of integrated
solutions and services, supporting U.S. government customers in the
defense, federal civilian, intelligence and space communities. Our
innovative, highly technical solutions and engineering capabilities
address diverse client missions. We draw upon our team's intimate
understanding of customer needs, deep domain expertise and technical
skills to help solve our nation's toughest challenges. Headquartered in
Chantilly, Virginia, and with offices around the world, Engility's array
of specialized technical service offerings include high-performance
computing, cybersecurity, enterprise modernization and systems
engineering. 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 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, 2016, 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.
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ENGILITY HOLDINGS, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
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Three Months Ended
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Nine Months Ended
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September 29,
2017
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September 30,
2016
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September 29,
2017
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September 30,
2016
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Revenue
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$
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487,144
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$
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511,800
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$
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1,467,030
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$
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1,570,011
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Costs and expenses
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Cost of revenue
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417,581
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435,594
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1,255,603
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1,341,826
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Selling, general and administrative expenses
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33,308
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39,337
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107,303
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129,780
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Total costs and expenses
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450,889
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474,931
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1,362,906
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1,471,606
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Operating income
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36,255
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36,869
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104,124
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98,405
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Interest expense, net
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19,739
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50,855
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59,189
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109,358
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Other expenses, net
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49
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-
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212
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82
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Income (loss) before provision for income taxes
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16,467
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(13,986
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44,723
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(11,035
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Provision for income taxes
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5,611
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1,348
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16,671
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|
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2,370
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Net income (loss)
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10,856
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(15,334
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)
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28,052
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(13,405
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Less: Net income attributable to non-controlling interest
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1,051
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1,423
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3,683
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4,088
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Net income (loss) attributable to Engility
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$
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9,805
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$
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(16,757
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)
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$
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24,369
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|
$
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(17,493
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)
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Earnings (loss) per share attributable to Engility
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Basic
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$
|
0.27
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$
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(0.46
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)
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$
|
0.66
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$
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(0.48
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)
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Diluted
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$
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0.26
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$
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(0.46
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)
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$
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0.65
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$
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(0.48
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)
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Weighted average number of shares outstanding
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Basic
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36,809
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36,735
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36,831
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36,726
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Diluted
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37,348
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36,735
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37,354
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36,726
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ENGILITY HOLDINGS, INC.
UNAUDITED CONSOLIDATED BALANCE SHEETS
(in thousands)
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September 29,
2017
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December 31,
2016
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Assets:
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Current assets:
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Cash and cash equivalents
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$
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51,978
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$
|
48,236
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Receivables, net
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|
341,713
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|
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|
334,248
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Assets held for sale, current
|
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-
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|
|
20,242
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Other current assets
|
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|
|
22,754
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|
|
|
|
30,404
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Total current assets
|
|
|
|
416,445
|
|
|
|
|
433,130
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Property, plant and equipment, net
|
|
|
|
44,428
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|
|
|
|
46,547
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Goodwill
|
|
|
|
1,078,454
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|
|
|
|
1,078,454
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Identifiable intangible assets, net
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|
|
369,528
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|
|
|
|
393,891
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Deferred tax assets
|
|
|
|
216,234
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|
|
|
|
232,283
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Assets held for sale
|
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|
-
|
|
|
|
|
11,962
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Other assets
|
|
|
|
4,440
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|
|
|
|
2,292
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|
|
Total assets
|
|
|
$
|
2,129,529
|
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|
|
$
|
2,198,559
|
|
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Liabilities and Equity:
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|
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|
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Current liabilities:
|
|
|
|
|
|
|
|
|
|
|
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Current portion of long-term debt
|
|
|
$
|
26,947
|
|
|
|
$
|
26,947
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Accounts payable, trade
|
|
|
|
50,413
|
|
|
|
|
43,943
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|
|
Accrued employment costs
|
|
|
|
96,727
|
|
|
|
|
98,860
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|
|
Accrued expenses
|
|
|
|
81,965
|
|
|
|
|
76,870
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|
|
Advance payments and billings in excess of costs incurred
|
|
|
|
31,905
|
|
|
|
|
33,259
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Deferred income taxes, current and income tax liabilities
|
|
|
|
518
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|
|
|
|
209
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Liabilities held for sale, current
|
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|
-
|
|
|
|
|
4,341
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Other current liabilities
|
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|
|
22,396
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|
|
|
|
36,410
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Total current liabilities
|
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|
|
310,871
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|
|
|
|
320,839
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Long-term debt
|
|
|
|
960,499
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|
|
|
|
1,039,993
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|
|
Income tax liabilities
|
|
|
|
63,167
|
|
|
|
|
64,852
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|
Liabilities held for sale
|
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|
|
-
|
|
|
|
|
1,084
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|
|
Other liabilities
|
|
|
|
62,839
|
|
|
|
|
66,986
|
|
|
Total liabilities
|
|
|
|
1,397,376
|
|
|
|
|
1,493,754
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Equity:
|
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Preferred stock, par value $0.01 per share, 25,000 shares
authorized, none issued or outstanding as of September 29, 2017 or
December 31, 2016
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-
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-
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|
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Common stock, par value $0.01 per share, 175,000 shares
authorized, 36,825 and 36,776 shares issued and outstanding as of
September 29, 2017 and December 31, 2016, respectively
|
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|
|
368
|
|
|
|
|
368
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|
|
Additional paid-in capital
|
|
|
|
1,243,023
|
|
|
|
|
1,237,826
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|
|
Accumulated deficit
|
|
|
|
(516,459
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)
|
|
|
|
(541,702
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)
|
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Accumulated other comprehensive loss
|
|
|
|
(5,504
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)
|
|
|
|
(4,865
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)
|
|
Non-controlling interest
|
|
|
|
10,725
|
|
|
|
|
13,178
|
|
|
Total equity
|
|
|
|
732,153
|
|
|
|
|
704,805
|
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Total liabilities and equity
|
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|
$
|
2,129,529
|
|
|
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$
|
2,198,559
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|
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|
|
|
|
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ENGILITY HOLDINGS, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
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|
|
|
|
|
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Nine Months Ended
|
|
|
|
|
September 29,
2017
|
|
|
September 30,
2016
|
|
Operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
|
|
|
$
|
28,052
|
|
|
|
$
|
(13,405
|
)
|
|
Share-based compensation
|
|
|
|
6,052
|
|
|
|
|
7,073
|
|
|
Depreciation and amortization
|
|
|
|
33,172
|
|
|
|
|
35,951
|
|
|
Loss (gain) on sale of property, plant and equipment
|
|
|
|
(306
|
)
|
|
|
|
52
|
|
|
Loss on extinguishment of debt
|
|
|
|
432
|
|
|
|
|
4,642
|
|
|
Amortization of bank debt fees
|
|
|
|
6,484
|
|
|
|
|
3,428
|
|
|
Deferred income taxes
|
|
|
|
17,096
|
|
|
|
|
4,190
|
|
|
Excess tax deduction on share-based compensation
|
|
|
|
(191
|
)
|
|
|
|
-
|
|
|
Changes in operating assets and liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
Receivables
|
|
|
|
(7,465
|
)
|
|
|
|
26,486
|
|
|
Other assets
|
|
|
|
7,894
|
|
|
|
|
(3,296
|
)
|
|
Accounts payable, trade
|
|
|
|
5,332
|
|
|
|
|
2,777
|
|
|
Accrued employment costs
|
|
|
|
(2,133
|
)
|
|
|
|
30,413
|
|
|
Accrued expenses
|
|
|
|
5,093
|
|
|
|
|
(5,930
|
)
|
|
Advance payments and billings in excess of costs incurred
|
|
|
|
(1,354
|
)
|
|
|
|
(12,372
|
)
|
|
Other liabilities
|
|
|
|
(19,403
|
)
|
|
|
|
4,735
|
|
|
Net cash provided by operating activities
|
|
|
|
78,755
|
|
|
|
|
84,744
|
|
|
Investing activities:
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from sale of business, net of amount placed in escrow
|
|
|
|
22,349
|
|
|
|
|
-
|
|
|
Proceeds from sale of property, plant and equipment
|
|
|
|
2,902
|
|
|
|
|
-
|
|
|
Capital expenditures
|
|
|
|
(5,810
|
)
|
|
|
|
(17,942
|
)
|
|
Net cash provided by (used in) investing activities
|
|
|
|
19,441
|
|
|
|
|
(17,942
|
)
|
|
Financing activities:
|
|
|
|
|
|
|
|
|
|
|
|
Gross borrowings from issuance of long-term debt
|
|
|
|
-
|
|
|
|
|
1,180,000
|
|
|
Repayment of long-term debt
|
|
|
|
(86,410
|
)
|
|
|
|
(1,199,018
|
)
|
|
Gross borrowings from revolving credit facility
|
|
|
|
270,000
|
|
|
|
|
73,000
|
|
|
Gross repayments of revolving credit facility
|
|
|
|
(270,000
|
)
|
|
|
|
(73,000
|
)
|
|
Debt issuance costs
|
|
|
|
-
|
|
|
|
|
(9,988
|
)
|
|
Proceeds from share-based payment arrangements
|
|
|
|
-
|
|
|
|
|
214
|
|
|
Payment of employee withholding taxes on share-based compensation
|
|
|
|
(1,501
|
)
|
|
|
|
(1,777
|
)
|
|
Dividends paid
|
|
|
|
(407
|
)
|
|
|
|
(1,703
|
)
|
|
Distributions to non-controlling interest member
|
|
|
|
(6,136
|
)
|
|
|
|
(3,865
|
)
|
|
Net cash used in financing activities
|
|
|
|
(94,454
|
)
|
|
|
|
(36,137
|
)
|
|
Net change in cash and cash equivalents
|
|
|
|
3,742
|
|
|
|
|
30,665
|
|
|
Cash and cash equivalents, beginning of period
|
|
|
|
48,236
|
|
|
|
|
30,022
|
|
|
Cash and cash equivalents, end of period
|
|
|
$
|
51,978
|
|
|
|
$
|
60,687
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
Nine Months Ended
|
|
|
|
|
September 29,
2017
|
|
|
September 30,
2016
|
|
|
September 29,
2017
|
|
|
September 30,
2016
|
|
Net income (loss)
|
|
|
$
|
10,856
|
|
|
|
$
|
(15,334
|
)
|
|
|
$
|
28,052
|
|
|
|
$
|
(13,405
|
)
|
|
Provision for income taxes (1)
|
|
|
|
5,611
|
|
|
|
|
1,348
|
|
|
|
|
16,671
|
|
|
|
|
2,370
|
|
|
Other expenses, net
|
|
|
|
49
|
|
|
|
|
-
|
|
|
|
|
212
|
|
|
|
|
82
|
|
|
Interest expense, net (2)
|
|
|
|
19,739
|
|
|
|
|
50,855
|
|
|
|
|
59,189
|
|
|
|
|
109,358
|
|
|
Operating income
|
|
|
$
|
36,255
|
|
|
|
$
|
36,869
|
|
|
|
$
|
104,124
|
|
|
|
$
|
98,405
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition and restructuring-related expenses, excluding
amortization
|
|
|
|
(139
|
)
|
|
|
|
926
|
|
|
|
|
3,606
|
|
|
|
|
7,627
|
|
|
Acquisition-related intangible amortization
|
|
|
|
6,334
|
|
|
|
|
6,334
|
|
|
|
|
19,003
|
|
|
|
|
21,953
|
|
|
Loss (gain) on sale of property, plant and equipment
|
|
|
|
191
|
|
|
|
|
-
|
|
|
|
|
(306
|
)
|
|
|
|
-
|
|
|
Total adjustments
|
|
|
|
6,386
|
|
|
|
|
7,260
|
|
|
|
|
22,303
|
|
|
|
|
29,580
|
|
|
Adjusted operating income
|
|
|
$
|
42,641
|
|
|
|
$
|
44,129
|
|
|
|
$
|
126,427
|
|
|
|
$
|
127,985
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating margin
|
|
|
|
7.4
|
%
|
|
|
|
7.2
|
%
|
|
|
|
7.1
|
%
|
|
|
|
6.3
|
%
|
|
Adjusted operating margin
|
|
|
|
8.8
|
%
|
|
|
|
8.6
|
%
|
|
|
|
8.6
|
%
|
|
|
|
8.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
Cash paid for income taxes for the three months ended September 29,
2017 and September 30, 2016 was $151 and $89, respectively, and for
the nine months ended September 29, 2017 and September 30, 2016 was
$539 and $973, respectively.
|
|
|
|
|
|
(2)
|
|
Interest expense, net, included refinancing-related expenses of
$1,448 and $3,140 for the three and nine months ended September 29,
2017, respectively, and $27,656 for the three and nine months ended
September 30, 2016.
|
|
|
|
|
|
|
|
ENGILITY HOLDINGS, INC.
Earnings before interest, taxes, depreciation, and amortization
(EBITDA) and Adjusted EBITDA
(dollars in thousands)
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Nine Months Ended
|
|
|
|
|
September 29,
2017
|
|
|
September 30,
2016
|
|
|
September 29,
2017
|
|
|
September 30,
2016
|
|
Net income (loss)
|
|
|
$
|
10,856
|
|
|
|
$
|
(15,334
|
)
|
|
|
$
|
28,052
|
|
|
|
$
|
(13,405
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest, taxes, and depreciation and amortization
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
|
19,739
|
|
|
|
|
50,855
|
|
|
|
|
59,189
|
|
|
|
|
109,358
|
|
|
Provision for income taxes
|
|
|
|
5,611
|
|
|
|
|
1,348
|
|
|
|
|
16,671
|
|
|
|
|
2,370
|
|
|
Depreciation and amortization
|
|
|
|
11,201
|
|
|
|
|
11,309
|
|
|
|
|
33,172
|
|
|
|
|
35,951
|
|
|
EBITDA
|
|
|
|
47,407
|
|
|
|
|
48,178
|
|
|
|
|
137,084
|
|
|
|
|
134,274
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments to EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition and restructuring-related expenses, excluding
amortization
|
|
|
|
(139
|
)
|
|
|
|
926
|
|
|
|
|
3,606
|
|
|
|
|
7,627
|
|
|
Loss (gain) on sale of property, plant and equipment
|
|
|
|
191
|
|
|
|
|
52
|
|
|
|
|
(306
|
)
|
|
|
|
52
|
|
|
Adjusted EBITDA
|
|
|
$
|
47,459
|
|
|
|
$
|
49,156
|
|
|
|
$
|
140,384
|
|
|
|
$
|
141,953
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA Margin
|
|
|
|
9.7
|
%
|
|
|
|
9.4
|
%
|
|
|
|
9.3
|
%
|
|
|
|
8.6
|
%
|
|
Adjusted EBITDA Margin
|
|
|
|
9.7
|
%
|
|
|
|
9.6
|
%
|
|
|
|
9.6
|
%
|
|
|
|
9.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20171102006169/en/
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