Seeking Alpha
We cover over 5K calls/quarter
Profile| Send Message|
( followers)  

Engility Holdings (NYSE:EGL)

Q1 2014 Earnings Conference Call

May 12, 2014, 05:00 AM ET

Executives

Dave Spille - Director of Investor Relations

Tony Smeraglinolo - President and Chief Executive Officer

Mike Alber - Senior Vice President and Chief Financial Officer

Analysts

Bill Loomis - Stifel Nicolaus

Patrick McCarthy - FBR Capital Markets

Brian Ruttenbur - CRT Capital

Mark Jordan - Noble Financial

Josh Nichols - B. Riley

Edward Caso - Wells Fargo

Operator

Good afternoon, ladies and gentlemen, and welcome to the First Quarter 2014 Engility Holdings Earnings Conference Call. My name is Ryan, I'll be the operator in today's event. And at this time, all participants are in listen-only mode. Later, we will be opening the lines to facilitate questions and answers (Operator Instructions). And as a reminder, we are recording the call for replay.

And now, I'll turn the call over to Mr. Dave Spille, Director of Investor Relations.

Dave Spille

Good afternoon and thank you for joining us to discuss our first quarter 2014 financial results. Please note that we have provided presentation slides on the Investor Relations section of our website. On the call with me today are Tony Smeraglinolo, President and CEO; and Mike Alber, Senior Vice President and Chief Financial Officer.

Today, Tony will provide an overview of our operating performance, and then Mike will discuss our financial results and outlook for 2014. We then will close with a question-and-answer session.

Management may also make forward-looking statements during the call regarding future events, anticipated future trends and anticipated future performance of the company. We caution you that such statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict. Actual results may differ materially from those projected in the forward-looking statements due to a variety of factors. These factors are described in our 2013 Form 10-K and on subsequent periodic filings with the SEC. We do not undertake any obligation to update forward-looking statements.

Management will also make reference to non-GAAP financial measures during this call. We remind you that these non-GAAP financial measures are not a substitute for their comparable GAAP measures. And reconciliations and other associated disclosures required by SEC rules are included in our earnings press release and presentation slides.

I now will turn the call over to Tony.

Tony Smeraglinolo

Good afternoon, everyone, and welcome to our first quarter 2014 earnings conference call. Our first quarter results were in line with our internal top and bottomline targets, as we continue to execute against our plan despite industry headwinds.

For the first quarter of 2014, we reported revenue of $339 million, GAAP diluted EPS of $0.50, adjusted diluted EPS of $0.60 and cash flow from operations of $12 million. While the award activity remains slow from a historical perspective, we continue to win our fair share of business and reported a number of single award in IDIQ contract wins during the quarter, including a $2.5 billion USAID IDIQ contract known as SWIFT IV, to provide specialized technical consulting services to local partners working to advance peace and democracy in priority countries that are in transition. SWIFT IV was a great win for us as it expands our opportunity to win new business and validates the outstanding work we have accomplished under the SWIFT III contract.

We continue to gain momentum in DoD international markets with recent wins at both Department of State and USAID. In Q1, we also won a five-year $40 million single award contract to support modifications of electronic warfare weapon systems for several US Navy and Australian aircraft. This contract includes support of unmanned aero systems flight simulators and training systems as well as advanced electronic attack derivatives and initiatives. This award complements a number of other recent wins in the unmanned aircraft market, including two task orders awarded to DRC in excess of $20 million. These task orders support a broad spectrum of engineering, testing and project management services.

DRC also won a $10 million IDIQ contract to provide system engineering support to array of programs for the US Army RDEC Systems Engineering Directorate. These wins are representative of our diverse customer base and broad portfolio of capabilities, which have been further enhanced by the additional customers and capabilities DRC brings to our business. DRC has been a great strategic fit for us with its established presence in adjourning markets such as high performance computing, healthcare IT, intelligence, financial and regulatory reform. DRC also further diversifies our portfolio away from in-theater efforts to more high-end service markets in the federal civilian space.

We are very pleased with the early progress and the success we're having with the DRC acquisition. Integration activities are proceeding ahead of schedule, accelerating our ability to leverage our joint capabilities to pursue new business opportunities and achieve cost efficiencies across our entire organization. We also have been able to standardize business processes in areas such as human resources and business development to ensure a disciplined go-to-market strategy.

The acceleration of our integration activities is consistent with our successful spin-off experience in 2012, in which five divisions were fully integrated into one Engility within five months. We will continue to work diligently on our DRC integration efforts to ensure we maximize the full potentials of the strategic acquisition.

Although the Bipartisan Budget ACT of 2013 has added some clarity for our customers, it has not yet translated into increased award activity. Customers have been slow to award contracts across the industry. However, our proposal activity has increased significantly over the past couple of months. We expect award activity to increase in the second half of 2014 as we approach the government's fiscal year-end and experience typical fourth quarter funding increases.

As we look forward, we are confident about our business and its long-term potential. We continue to execute against our operating plan and believe we are well positioned to take future market share. We have a talented employee base dedicated to our customers' success, a strong set of contract vehicles, a broad portfolio of capabilities directed at enduring markets and the right business model to succeed in today's budget-constrained government services market. We will continue to efficiently manage where we can't control and we look forward to reporting on our future success.

With that, I now will turn the call over to Mike to discuss our first quarter financial highlights.

Mike Alber

Thanks, Tony. Welcome, everyone. We will be discussing our financial results today on an adjusted basis, which include $2 million of integration cost and $1 million of additional amortization of intangible asset expenses associated with our DRC acquisition. We believe our adjusted numbers provide a meaningful comparison to our GAAP financial results. Please note that we have provided a GAAP reconciliation in our press release and in our slide presentation. I also wanted to remind everyone that our 2014 first quarter results included two months of DRC's financial results as the acquisition closed on January 31, 2014.

For the first quarter, we reported total revenue of $339 million, which was slightly ahead of our internal plan, but down from the first quarter of 2013 primarily as a result of a $44 million decrease on contracts supporting DoD programs. As anticipated, these results included a reduction of $29 million related to the drawdown in Afghanistan. This was offset in part by an increase of $19 million on federal civilian related programs. I also wanted to mention that DRC added $39 million in total revenue for the first quarter.

As expected, first quarter adjusted SG&A increased by approximately $7 million from the fourth quarter of 2013, primarily as a result of additional DRC compensation and bid proposal expenses. Adjusted SG&A cost increased by $7 million from the first quarter of 2013 due to an additional $3 million in bid proposal cost, $1 million of indirect rate reserves and $3 million of additional expenses related to DRC.

Our first quarter adjusted operating income was $23 million, which resulted in an operating margin of 6.8%. This was better than the 6% guidance we gave on our last earnings call as a result of improved contract efficiencies and reductions in indirect expenses and unallowables.

Our tax rate in the first quarter was 41%, which was higher than expected. This was driven primarily by discrete items related to uncertain tax positions. Adjusted net income for the quarter was $11 million or $0.60 per diluted share. This was higher than anticipated due to slightly better than expected operating income, but was down from the prior-year period as a result of lower revenue, increased SG&A expenses and a higher tax rate.

Net income and EPS are down from last quarter as a result of increased SG&A expenses, a higher tax rate and increased interest expense as a result of additional debt we incurred in conjunction with the DRC acquisition.

Now let's turn to the cash flow statement on the balance sheet. We reported cash flow from operations of $12 million, which was slightly better than our plan and similar to our results in the first quarter of 2013. Our DSO for the quarter was 77 days when you adjust for full quarter revenue from DRC. This is up from the 73 days we reported last quarter, but down significantly from our peak of 89 days in the prior-year period. We expect DSOs to trend downward and be in the low-70 day range by the end of this year.

Our first quarter net debt through trailing 12 month adjusted EBITDA leverage ratio was 2.5 times on a pro forma basis when you include DRC's trailing 12 month adjusted EBITDA. Our free cash flow was $146 million on a trailing 12 month basis, which translates to a free cash flow yield at 18.7% at a $44 share price.

Moving to backlog and funded orders, we ended the first quarter with $582 million of funded backlog and $205 million of funded orders. This equates to a book to bill ratio of 0.6 for the first quarter. This compares to last quarter's book to bill ratio of 1.1 times on a trailing 12 month basis. Our book to bill ratio was 0.75.

Now I will discuss our guidance. We are reiterating the fiscal year 2014 guidance we issued last quarter based on our first quarter results and our outlook for the remainder of 2014. For 2014, our revenue is expected to be between $1.45 billion and $1.55 billion. This guidance equates to revenue growth of 3% to 10% and includes 11 months or approximately $230 million of revenue from DRC. This range also includes approximately $110 million of in-theater revenue compared to the approximately $225 million we generated in 2013.

As Tony mentioned, our DRC acquisition was designed to further diversify our portfolio away from in-theater efforts to more high-end services market in the federal civilian space. We anticipate our 2014 quarterly revenue to sequentially increase throughout the year as we expect to benefit from recent wins and increased award activity throughout the second half of this year. In terms of operating margin, we continue to expect our adjusted operating margin to be between 7.3% and 7.8%. Our adjusted operating margins should sequentially increase throughout the remainder of the year from 6.8% we reported in the first quarter of 2014.

2014 GAAP diluted EPS is expected to between $2.24 and $2.70 per share. And our adjusted diluted EPS is expected to be between $2.70 and $3.20. Cash flow from operations is expected to be between $95 million and $105 million. This includes $8 million to $9 million of integration expenses. Key assumptions in our 2014 guidance include an effective tax rate of 39%, a diluted share count of approximately 18.4 million shares, adjusted SG&A expenses of approximately $80 million to $90 million, which excludes integration expenses of $8 million to $9 million, net interest expense of approximately $16 million, capital expenditures of approximately $5 million, and adjusted depreciation and amortization of approximately $15.7 million. This figure excludes $6 million or $0.27 of additional amortization of intangible asset expense associated with the DRC acquisition, which is excluded from our adjusted EPS range.

And with that, I will open up the lines for questions. Operator, would you please explain the Q&A process?

Question-and-Answer Session

Operator

(Operator Instructions) And our first question comes through from Bill Loomis from Stifel.

Bill Loomis - Stifel Nicolaus

Just on the revenue side, I know you gave some numbers on the drop in the first quarter, just excluding DRC, which was about what we expected. But just looking at the Engility numbers, you had a fairly stable from third to fourth quarter sequentially, down a little bit. But now this drop quite a bit more from fourth to first, can you just explain why that is? And then guidance, again excluding DRC, you've got the sequential improvement. I know what that's from. That's from the higher contract awards you expect through the year as you talked about. But why the drop from fourth to first quarter sequentially, more than what we saw, say, from third to fourth?

Tony Smeraglinolo

Bill, most of that was being driven by a decrease in services related to our support and drawdown in Afghanistan that was driving the lion's share of that decrease. And that really is consistent with what we've been saying all along of expecting to see that drawdown in in-theater activity.

Bill Loomis - Stifel Nicolaus

So the $29 million that you gave for a drop in OCO work, was that sequential, that was from fourth to first?

Tony Smeraglinolo

That was on a year-over-year Q1 to Q1 basis.

Bill Loomis - Stifel Nicolaus

And would you happen to have those numbers for sequential from fourth to first quarter?

Tony Smeraglinolo

The in-theater work in the first quarter was approximately $35 million. I don't have the number for the fourth quarter. Actually it was $45 million.

Bill Loomis - Stifel Nicolaus

And then I know you don't give quarterly revenues. But in terms of the sequential increase, would you, excluding DRC, look for second quarter to be up modestly from first quarter, with most of the sequential gains in the third and fourth? Or do you expect to see actual awards in the second quarter, turning that up more meaningfully sequentially versus the first quarter?

Tony Smeraglinolo

Yeah, the expectation would be that we would see a sequential build on a quarter-over-quarter basis as we start gaining some traction with some new awards.

Bill Loomis - Stifel Nicolaus

So more of it in the second half versus first half?

Tony Smeraglinolo

We expect to see some quarter-over-quarter growth in the second quarter and then continued in the third and fourth quarters, but more towards the second half of the year.

Operator

Next question comes through from Patrick McCarthy with FBR Capital Markets.

Patrick McCarthy - FBR Capital Markets

I was wondering if you could just talk about the pipeline a little bit and whether or not or how heavy in the pipeline is low-cost, technically-acceptable type bids, really just any way to characterize what you think of the quality of the pipeline.

Tony Smeraglinolo

Pat, we see the pipeline continue to grow and certainly from the number of opportunities and the size of those opportunities. I don't think we sort by LPTA necessarily, but every one of the awards I was looking at and every one of the pursuits, prices is one of the key variable. So whether we call it the best value or LPTA, I would say the complete pipeline is sensitive to price.

Patrick McCarthy - FBR Capital Markets

So you have the in-theater work. Is that your entire OCO exposure, or is there a stub that's OCO-exposed, but not necessarily in-theater?

Tony Smeraglinolo

I think we have talked about work that we've been classifying as kind of in-theater work that we're doing in Kuwait and some other work that we really have been talking about is more enduring in nature. It's not troop-dependent. Troop-dependent work has been for the most part the LEPP program, Warfighter FOCUS, some other programs like that.

Mike Alber

Yeah, Patrick. We've been consistent with the number. We got $110 million in there for OCO. And to be quite honest, we've been using OCO as a proxy for in-theater. It's difficult for us to see what is really base budget funded versus OCO funded. What we know is that the work in-theater, we haven't had the tendency to label as OCO.

Patrick McCarthy - FBR Capital Markets

And in the contracts that you are receiving, are they starting off right away? So you talked about the electronic warfare contract. Are those just going to kick off immediately, or is there a lag between your receiving the contract and actually getting busy on that type of work?

Tony Smeraglinolo

Typically, there's about 60-day transition period, as the old contracted phase is out and the new contracted phase is in. So really the revenue ramps up in that second to third month.

Patrick McCarthy - FBR Capital Markets

Okay. But nothing different than what we've seen historically?

Tony Smeraglinolo

No, exactly.

Operator

And next we have Brian Ruttenbur with CRT Capital.

Brian Ruttenbur - CRT Capital

A couple of questions. Gross margins, are they sustainable at these levels, or are we going to see expansion on the gross level throughout the year?

Mike Alber

Yeah, the expectation is that we would see some improvement on that towards the back end of the year.

Brian Ruttenbur - CRT Capital

And then the tax rate, the 39% on the year, I assume that will show up in the fourth quarter, or will you take it ratably to bring it on down? Since you had a 41% in the first quarter, will you even that out at 38.5% for the next three quarters, or will you take it all in the fourth quarter?

Tony Smeraglinolo

There'll be a little bit of smoothing that'll occur over the balance of the year.

Brian Ruttenbur - CRT Capital

And then can you remind us for each day that you lower your DSOs, what each day generates for you in terms of cash?

Mike Alber

It's about $4 million to $5 million.

Brian Ruttenbur - CRT Capital

So you're shooting to take out about, at least from first quarter numbers, five, six days, is that right?

Mike Alber

The goal is to end the year in the low-70s. We feel it's achievable with this portfolio.

Brian Ruttenbur - CRT Capital

And we're right now in the mid to high-70s, is that right?

Mike Alber

Correct, yeah.

Brian Ruttenbur - CRT Capital

And then plans for debt repayment on the year?

Mike Alber

Well, we still are carrying a rather sizeable balance on the revolver right now. So the goal will be basically not to sit on any cash. We have basically continued to pay debt down. We've got a really good track record of being able to take our cash flows and delever. So that's the goal for this year as well.

Brian Ruttenbur - CRT Capital

And then in terms of book-to-bill on the year, what's the goal? Is it going to be 0.9? 0.95? Are you shooting for a 1? Where is the goal on book to bill for the year?

Mike Alber

I think obviously in a utopian world, we'd look to get something at 1 or above that. But I think realistically, looking at the market the way it is right now, the goal will be to get to about 0.95 by the end of the year.

Brian Ruttenbur - CRT Capital

And do you see that your strategy is gaining market share against your competitors right now?

Tony Smeraglinolo

Those data points are interesting. What we're seeing, Brian, is that we now have those bids outstanding. In the first quarter, we got a substantial number of bids out. We're looking at several major takeaways I think I was talking about at the last quarterly call. We should hear about those in late second quarter, early third quarter. We're confident it's going to confirm our thesis. Yeah, we bid them aggressively. We've been able to bid those aggressively because of the cost takeout we have because of the lower infrastructure cost. So we are cautiously optimistic with that. But truly, those data points will be out there a little bit in the future.

Operator

Next question comes from Mark Jordan with Noble Financial.

Mark Jordan - Noble Financial

A question a little bit longer term. With the guidance you've given for sequential improvement in revenue as the year evolves, would it imply that 2014 might be the bottom with regard to the last of the multiple years you've had of negative organic growth? Is it the goal of the company into 2015 and '16 and do you believe it's reasonable to assume that you would be able to show organic growth in those years?

Tony Smeraglinolo

Yeah, it is absolutely our intent. From the date that we've spun, we said that we're going to be a growth corporation. Obviously not to go past or recreate history, but 2013 was such an anomaly of the year, there was just paralysis in the marketplace. So therefore, what we saw is programs reached the logical end, but we didn't see anything coming behind them because of the budget uncertainty. So 2013 was a throwaway year. We're seeing that lead over a little bit in terms of 2014, but we're seeing the proposal process pick up in the first quarter, so also moving over into the second quarter. Those should translate into wins in the second half of 2014. And we believe as long as there's certainty in the marketplace that the government that has the certainty, has the budget that we will continue to market share. So we would expect to grow in 2015 and 2016.

Mark Jordan - Noble Financial

Funded backlog at $582 million represents about four-and-a-half months of revenue, given a midpoint of your guidance range. For companies that are facing increasing revenues, usually that number is greater than six months, somewhere between six and seven months. Is there something unusual about your contracts that they fund more frequently, that that six months' worth of funded backlog will be a norm, or do you expect significant incremental funding over the next one to two quarters?

Mike Alber

Yeah, Mark. I think what's kind of driving the backlog number to where we're at right now, first off, Q1 is kind of historically low quarter for funded orders for us. And then when you take a look back at the fourth quarter of last year, we had a book to bill ratio of 1.1 times. We had a number of contracts come through early, which historically we've seen occur in the first quarter. So from a timing perspective, we ended up booking those orders earlier than expected.

The other item is we had some de-bookings as well, which occurred related to our Afghan support as well. So that ended up drawing the number down as well. If you adjust for those de-bookings, our book to bill ratio would have increased to 0.7x and our trailing 12 month ratio would have been up to 0.8 times. So adjusting for those kind of out-of-the-box de-bookings gets us to kind of more where our peer group would be.

Operator

And the next question comes from Josh Nichols with B. Riley.

Josh Nichols - B. Riley

It looks like you've been able to remain as prime contractor for probably about like 80% of the things of your own contracts. And looking at the strategic expansion into some new areas as well as the acquisition, I was wondering if the company was going to be able to maintain the proficiency to keep contracts at that level without subcontracting that out, and if you are looking at increasing the level of subcontracts, the effect that might have on some of the margins down the line?

Tony Smeraglinolo

From a foreign contract standpoint, looking at it on a sequential quarter basis, we closed 2013 with a split between prime and subcontract positions. At the end of the year, 66% of our revenue came from prime positions. 34% came from sub positions. Looking at where we closed the first quarter, our prime position actually increased to 72% and our subcontract position decreased to 28%. So we are maintaining our prime position on work as we go forward.

Josh Nichols - B. Riley

And looking at the acquisition for DRC just real quick, it looks like the company paid about eight times 2013 enterprise value to EBITDA, and I was wondering if that kind of is what you are targeting going forward, is that what the company is seeing for any potential future acquisitions and just general feel for the company's thoughts.

Tony Smeraglinolo

Based on its portfolio, based on the margins that it's generating, DRC clearly was at the higher end marketplace, so better margins on that, which will command a higher multiple. But we will look at one of these on an individual basis.

Josh Nichols - B. Riley

And then lastly was just kind of a little bit if you could provide a little bit more information on how the company would stand now that there's been a little bit of a shift with a bigger focus on environment with low cost and minimum technical acceptance, is what's winning a lot of the bids nowadays?

Tony Smeraglinolo

Yeah, we totally embrace that. We created the company to do just that. We saw this trend coming a couple of years ago. That has been very our investment thesis that this market was still going to be robust, $150 billion marketplace, but it was going to be more price constrained and needed an industry price leader. And we have committed to be that industry price leader and had structured the company, every one the organizations, every policy and procedure to be that. So the reason we're cautiously optimistic about the future is that we have the opportunity to create a company for exactly this environment.

Operator

Next we have Edward Caso with Wells Fargo.

Edward Caso - Wells Fargo

There's been a lot of chatter as we go through the authorization process for government '15 about protecting platforms, A-10, U-2, et cetera. Basically, everything the Defense Department wants to do to cut costs they haven't agreed to. And it seems like the one who loses in that equation is the O&M budget, which is obviously important to Engility and your peers. Are you seeing your clients sort of hedging a little bit as they watch the politics go on here?

Tony Smeraglinolo

We haven't seen it. Matter of fact, somewhat just the opposite. We're seeing the backlog of procurements of that got stacked up in 2013, breaking lose in 2014. So we've never been busier. I mean our proposal shop is full up. We are certainly not opportunity-limited. We're seeing more than enough opportunities. We're picking and choosing the ones that we think have the highest probability of win. So we're seeing just the opposite of that, Ed.

Edward Caso - Wells Fargo

Obviously, takeaways are a key part of your strategy as it is for others. How many of your bids are dependent on reducing the compensation level of the team that's in place? Presumably many would be rebadged. But how many of them would get rebadged at a lower comp level?

Tony Smeraglinolo

We're committed to pay fair market wage. We're not winning jobs by cutting people's salaries. What we do is make sure that we have the correct labor category and that we pay the correct wage for that labor category. What has happened is you see many times with an incumbent, they hired a senior engineer 10 years ago for $76,000. The requirement is still for a senior engineer, but he now makes $165,000. The government still wants a senior engineer at $76,000 or $80,000. So we are not cutting necessarily that $165,000 employee down to $80,000. What we're doing is fulfilling the requirement of the statement of work that calls for a senior engineer and paying the fair market wage for that. So there is a difference. There is a nuance of just slashing salaries as opposed to staffing it at the appropriate levels.

Edward Caso - Wells Fargo

Are you getting much pushback from your clients as far as not removing certain people? I mean are they sort of putting you between a rock and a hard place here?

Tony Smeraglinolo

Well, I was going to say no different than it's been since have had the opportunity to do this for years, Ed, and it's no different today than it was four years ago. You take over a contract, there are certain favorite people. You always lean toward those favorite people to provide those to the customer. We typically are able to bid those within an overall labor salary, a margin profile that we're comfortable with. So there's been no different. There's some key people that the customer wants. We seek those out and give them jobs and staff the remainder at appropriate levels.

Operator

(Operator Instructions) And looks we do have some follow-up coming through from Brian Ruttenbur with CRT Capital.

Brian Ruttenbur - CRT Capital

Just one quick follow-up. Interest expense on the year, what do you have included in there into your GAAP estimates? What interest expense do you have?

Mike Alber

The guidance that we're providing is $16 million for interest expense for the year. I know we're a little bit light in the first quarter and that was based on the fact that we expected to be at a different pricing grid going forward. But we do expect to see some increase in LIBOR going forward. So $16 million is the amount we expect to see for the full year.

Operator

And I have no other questions in queue. So I'll pass it back to Tony for any closing remarks.

Tony Smeraglinolo

Thank you very much for joining us today and for your interest in Engility. In summary, our first quarter of 2014 was a solid quarter. Our results were in line with our internal top and bottomline charges. We won a number of new contracts across a broad customer and capability base. And we drove efficiencies throughout our organization to increase our competitiveness. We also accelerated the integration process of our DRC acquisition. Although the industry remains challenging, we're encouraged by the recent uptick in proposal activity and believe we're well positioned for the future.

And with that, we will end today's call. We look forward to speaking with you again in the near future.

Operator

Thank you, everyone, for your time and your participation. You may disconnect and enjoy the rest of your evening.

Copyright policy: All transcripts on this site are the copyright of Seeking Alpha. However, we view them as an important resource for bloggers and journalists, and are excited to contribute to the democratization of financial information on the Internet. (Until now investors have had to pay thousands of dollars in subscription fees for transcripts.) So our reproduction policy is as follows: You may quote up to 400 words of any transcript on the condition that you attribute the transcript to Seeking Alpha and either link to the original transcript or to www.SeekingAlpha.com. All other use is prohibited.

THE INFORMATION CONTAINED HERE IS A TEXTUAL REPRESENTATION OF THE APPLICABLE COMPANY'S CONFERENCE CALL, CONFERENCE PRESENTATION OR OTHER AUDIO PRESENTATION, AND WHILE EFFORTS ARE MADE TO PROVIDE AN ACCURATE TRANSCRIPTION, THERE MAY BE MATERIAL ERRORS, OMISSIONS, OR INACCURACIES IN THE REPORTING OF THE SUBSTANCE OF THE AUDIO PRESENTATIONS. IN NO WAY DOES SEEKING ALPHA ASSUME ANY RESPONSIBILITY FOR ANY INVESTMENT OR OTHER DECISIONS MADE BASED UPON THE INFORMATION PROVIDED ON THIS WEB SITE OR IN ANY TRANSCRIPT. USERS ARE ADVISED TO REVIEW THE APPLICABLE COMPANY'S AUDIO PRESENTATION ITSELF AND THE APPLICABLE COMPANY'S SEC FILINGS BEFORE MAKING ANY INVESTMENT OR OTHER DECISIONS.

If you have any additional questions about our online transcripts, please contact us at: transcripts@seekingalpha.com. Thank you!

Source: Engility Holdings' (EGL) CEO Tony Smeraglinolo on Q1 2014 Results - Earnings Call Transcript
This Transcript
All Transcripts