DLH Holdings Corp. (NASDAQ: DLHC) (“DLH” or the
“Company”), a leading provider of innovative healthcare
services and solutions to federal agencies, today announced
financial results for its fiscal second quarter ended
March 31, 2022.
Highlights
- Second quarter revenue increased to
$108.7 million in fiscal 2022 from $61.5 million in fiscal 2021,
reflecting the previously-announced award of two FEMA contracts to
support Alaska, which accounted for approximately $39.8 million of
revenue
- Excluding these short-term
contracts, second quarter revenue rose to $68.9 million in fiscal
2022, an increase of 12% over the prior-year period
- Earnings were $7.2 million, or
$0.50 per diluted share, for the fiscal 2022 second quarter versus
$2.6 million, or $0.19 per diluted share, for the second quarter of
fiscal 2021
- Excluding contributions from the
aforementioned short-term FEMA contracts, earnings on a non-GAAP
basis for the fiscal 2022 second quarter were $3.1 million, or
$0.22 per diluted share
- The Company's term loan was reduced
to $37.5 million from $42.9 million during the second quarter;
- Contract backlog was $554.7 million as of March 31, 2022
versus $633.6 million at the end of the first quarter, with
approximately $30.0 million of the latter related to Alaska-based
task orders
Management Discussion“Our
second quarter continued the positive trends of the first, with
strong organic revenue growth and contributions from our Alaska
contracts resulting in solid financial performance,” said DLH
President and Chief Executive Officer Zach Parker. “The overall
business, net of short-term FEMA work, expanded 12% year-over-year,
reflecting increased demand for services even during a
slower-than-anticipated award environment. In addition, we achieved
an operating margin of 9.4% and continued our early repayment of
acquisition debt.
“With passage of the fiscal 2022 omnibus
appropriations bill in March, contract decision-making should
accelerate – at the same time DLH is expected to benefit from
obtaining FedRamp authorization for its Infinibyte® data analytics
solutions. We are pleased with the progress we are making to
strengthen and diversify our capabilities across the key federal
markets we serve. While focused on paying down debt and improving
the balance sheet, we continue to actively look at potential
acquisitions that may enhance and broaden our portfolio of
technology-enabled applications. It’s an exciting time at DLH, with
many opportunities ahead of us – leveraging our leadership position
in innovative, healthcare-related services and solutions to build a
unique, customer-centric enterprise that, at the same time, creates
value for our shareholders.”
Results for the Three Months Ended
March 31, 2022Revenue for the second quarter of
fiscal 2022 was $108.7 million versus $61.5 million in the
prior-year period. The increase was primarily due to the Company’s
work for FEMA in Alaska – which added approximately $39.8 million
in revenue – along with other new business wins and generally
higher volume across a number of legacy programs.
Income from operations was $10.3 million for the
quarter versus $4.6 million in the prior-year period and, as a
percent of revenue, the Company reported an operating margin of
9.4% in fiscal 2022 versus 7.5% in fiscal 2021. Income from
operations increased primarily due to performance on the FEMA task
orders. Income from operations on the remaining contract portfolio
was essentially flat, notwithstanding the increase in revenue,
reflecting planned investment in human capital management and
business development as we continue to build and strengthen our
sustaining business.
Interest expense was $0.6 million in the fiscal
second quarter of 2022 versus $1.0 million in the prior-year
period, reflecting lower debt outstanding. Income before taxes was
$9.7 million this year versus $3.6 million in fiscal 2021,
representing 8.9% and 5.9% of revenue, respectively, for each
period.
For the three months ended March 31, 2022
and 2021, respectively, DLH recorded a $2.5 million and $1.0
million provision for tax expense. The Company reported net income
of approximately $7.2 million, or $0.50 per diluted share, for the
second quarter of fiscal 2022 versus $2.6 million, or $0.19 per
diluted share, for the second quarter of fiscal 2021. As a percent
of revenue, net income was 6.6% for the second quarter of fiscal
2022 versus 4.2% for the prior-year period.
On a non-GAAP basis, EBITDA for the three months
ended March 31, 2022 was approximately $12.1 million versus
$6.6 million in the prior-year period, or 11.2% and 10.8% of
revenue, respectively. A reconciliation of the Company's
performance for the quarter less the contribution of the FEMA task
orders compared to the prior-year period is included at the back of
this document.
Key Financial IndicatorsFiscal
year to date, DLH used $14.8 million in operating cash, reflecting
performance of the $22.2 million deferred revenue on the
aforementioned FEMA contracts, for which there were advance
payments in the fourth quarter of fiscal 2021. Excluding the impact
of the FEMA contracts, DLH would have generated positive operating
cash flow fiscal year to date.
Fiscal year to date, accounts receivable
increased by $28.7 million, including $13.6 million related to the
FEMA contracts, for which the cash flow impact was largely offset
by corresponding subcontractor accruals. Both the receivables and
corresponding payables on the FEMA contracts were largely settled
subsequent to quarter end. The remaining increase in accounts
receivable is related to normal fluctuations in the timing of
customer payments and to growth in the overall business volume.
As of March 31, 2022, the Company had cash
of $0.4 million and debt outstanding under its credit facility of
$37.5 million, versus cash of $24.1 million and debt outstanding of
$46.8 million as of September 30, 2021. The Company has satisfied
mandatory principal amortization on the loan facility until
December 31, 2024. Subsequent to the end of the quarter, the
Company made additional debt payments, reducing the outstanding
balance on the term loan to $33 million. As a result of these
payments, DLH retired the $70 million debt associated with the
Social & Scientific Systems, Inc. acquisition more than two
years early. The Company intends to continue using cash to make
debt prepayments when possible.
At March 31, 2022, total backlog was
approximately $554.7 million, including funded backlog of
approximately $82.4 million and unfunded backlog of $472.3
million.
Conference Call and Webcast
DetailsDLH management will discuss second quarter results
and provide a general business update, including current
competitive conditions and strategies, during a conference call
beginning at 11:00 AM Eastern Time tomorrow, May 5, 2022.
Interested parties may listen to the conference call by dialing
888-347-5290 or 412-317-5256. Presentation materials
will also be posted on the Investor Relations section of the DLH
website prior to the commencement of the conference
call.
A digital recording of the conference call will be available for
replay two hours after the completion of the call and can be
accessed on the DLH Investor Relations website or by dialing
877-344-7529 and entering the conference ID 7532524.
About DLHDLH (NASDAQ:DLHC)
delivers improved health and readiness solutions for federal
programs through research, development, and innovative care
processes. The Company’s experts in public health, performance
evaluation, and health operations solve the complex problems faced
by civilian and military customers alike, leveraging digital
transformation, artificial intelligence, advanced analytics,
cloud-based applications, telehealth systems, and more. With over
2,300 employees dedicated to the idea that “Your Mission is Our
Passion,” DLH brings a unique combination of government sector
experience, proven methodology, and unwavering commitment to public
health to improve the lives of millions. For more information,
visit www.DLHcorp.com.
Safe Harbor Statement under the Private
Securities Litigation Reform Act of 1995:This press
release may contain forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995. These
statements relate to future events or DLH`s future financial
performance. Any statements that refer to expectations, projections
or other characterizations of future events or circumstances or
that are not statements of historical fact (including without
limitation statements to the effect that the Company or its
management “believes”, “expects”, “anticipates”, “plans”, “intends”
and similar expressions) should be considered forward looking
statements that involve risks and uncertainties which could cause
actual events or DLH’s actual results to differ materially from
those indicated by the forward-looking statements. Forward-looking
statements in this release include, among others, statements
regarding estimates of future revenues, operating income, earnings
and cash flow. These statements reflect our belief and assumptions
as to future events that may not prove to be accurate. Our actual
results may differ materially from such forward-looking statements
made in this release due to a variety of factors, including: the
outbreak of the novel coronavirus (“COVID-19”), including the
measures to reduce its spread, and its impact on the economy and
demand for our services, are uncertain, cannot be predicted, and
may precipitate or exacerbate other risks and uncertainties; the
risk that we will not realize the anticipated benefits
of acquisitions; the challenges of managing larger and
more widespread operations; contract awards in connection with
re-competes for present business and/or competition for new
business; compliance with new bank financial and other covenants;
changes in client budgetary priorities; government contract
procurement (such as bid and award protests, small business set
asides, loss of work due to organizational conflicts of interest,
etc.) and termination risks; the ability to successfully integrate
the operations of acquisitions; the impact of inflation and higher
interest rates; and other risks described in our SEC filings. For a
discussion of such risks and uncertainties which could cause actual
results to differ from those contained in the forward-looking
statements, see “Risk Factors” in the Company’s periodic reports
filed with the SEC, including our Annual Report on Form 10-K for
the fiscal year ended September 30, 2021, as well as subsequent
reports filed thereafter. The forward-looking statements contained
herein are not historical facts, but rather are based on current
expectations, estimates, assumptions and projections about our
industry and business.
Such forward-looking statements are made as of
the date hereof and may become outdated over time. The Company does
not assume any responsibility for updating forward-looking
statements, except as may be required by law.
CONTACTS:
INVESTOR RELATIONS |
Contact: Chris Witty |
Phone: 646-438-9385 |
Email: cwitty@darrowir.com |
TABLES TO FOLLOW
DLH HOLDINGS
CORP.CONSOLIDATED STATEMENTS OF
INCOME(Amounts in thousands except per share amounts)
|
|
(unaudited) |
|
(unaudited) |
|
|
Three Months Ended |
|
Six Months Ended |
|
|
March 31, |
|
March 31, |
|
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
Revenue |
|
$ |
108,699 |
|
$ |
61,506 |
|
$ |
261,500 |
|
$ |
119,358 |
Cost
of Operations: |
|
|
|
|
|
|
|
|
Contract costs |
|
|
88,831 |
|
|
48,722 |
|
|
221,517 |
|
|
94,727 |
General and administrative costs |
|
|
7,733 |
|
|
6,135 |
|
|
14,644 |
|
|
12,285 |
Depreciation and amortization |
|
|
1,881 |
|
|
2,029 |
|
|
3,866 |
|
|
4,091 |
Total operating costs |
|
|
98,445 |
|
|
56,886 |
|
|
240,027 |
|
|
111,103 |
Income from operations |
|
|
10,254 |
|
|
4,620 |
|
|
21,473 |
|
|
8,255 |
Interest expense, net |
|
|
554 |
|
|
1,004 |
|
|
1,226 |
|
|
2,084 |
Income before income taxes |
|
|
9,700 |
|
|
3,616 |
|
|
20,247 |
|
|
6,171 |
Income tax expense |
|
|
2,522 |
|
|
1,049 |
|
|
5,265 |
|
|
1,790 |
Net income |
|
$ |
7,178 |
|
$ |
2,567 |
|
$ |
14,982 |
|
$ |
4,381 |
|
|
|
|
|
|
|
|
|
Net
income per share - basic |
|
$ |
0.56 |
|
$ |
0.20 |
|
$ |
1.17 |
|
$ |
0.35 |
Net
income per share - diluted |
|
$ |
0.50 |
|
$ |
0.19 |
|
$ |
1.04 |
|
$ |
0.32 |
Weighted average common shares outstanding |
|
|
|
|
|
|
|
|
Basic |
|
|
12,778 |
|
|
12,544 |
|
|
12,763 |
|
|
12,521 |
Diluted |
|
|
14,442 |
|
|
13,570 |
|
|
14,368 |
|
|
13,568 |
|
|
|
|
|
|
|
|
|
|
|
|
|
DLH HOLDINGS
CORP.CONSOLIDATED BALANCE SHEETS(Amounts
in thousands except par value of shares)
|
|
March 31,2022 |
|
September 30,2021 |
|
|
(unaudited) |
|
|
ASSETS |
|
|
|
|
Current assets: |
|
|
|
|
Cash |
|
$ |
359 |
|
|
$ |
24,051 |
|
Accounts receivable |
|
|
62,152 |
|
|
|
33,447 |
|
Other current assets |
|
|
3,599 |
|
|
|
4,265 |
|
Total current assets |
|
|
66,110 |
|
|
|
61,763 |
|
Equipment and improvements,
net |
|
|
1,427 |
|
|
|
1,912 |
|
Operating lease right-of-use
assets |
|
|
17,999 |
|
|
|
19,919 |
|
Goodwill |
|
|
65,643 |
|
|
|
65,643 |
|
Intangible assets, net |
|
|
44,177 |
|
|
|
47,469 |
|
Other long-term assets |
|
|
398 |
|
|
|
464 |
|
Total
assets |
|
$ |
195,754 |
|
|
$ |
197,170 |
|
LIABILITIES AND
SHAREHOLDERS’ EQUITY |
|
|
|
|
Current liabilities: |
|
|
|
|
Operating lease liabilities - current |
|
$ |
2,216 |
|
|
$ |
2,261 |
|
Accrued payroll |
|
|
12,464 |
|
|
|
9,125 |
|
Deferred revenue |
|
|
— |
|
|
|
22,273 |
|
Accounts payable, accrued expenses, and other current
liabilities |
|
|
44,317 |
|
|
|
32,717 |
|
Total current liabilities |
|
|
58,997 |
|
|
|
66,376 |
|
Long-term liabilities: |
|
|
|
|
Deferred taxes, net |
|
|
1,176 |
|
|
|
1,176 |
|
Operating lease liabilities - long-term |
|
|
17,582 |
|
|
|
19,374 |
|
Debt obligations - long-term, net of deferred financing costs |
|
|
35,638 |
|
|
|
44,636 |
|
Total long-term
liabilities |
|
|
54,396 |
|
|
|
65,186 |
|
Total liabilities |
|
|
113,393 |
|
|
|
131,562 |
|
Shareholders' equity: |
|
|
|
|
Common stock, $0.001 par
value; authorized 40,000 shares; issued and outstanding 12,794 and
12,714 at March 31, 2022 and September 30, 2021,
respectively |
|
|
13 |
|
|
|
13 |
|
Additional paid-in capital |
|
|
89,664 |
|
|
|
87,893 |
|
Accumulated deficit |
|
|
(7,316 |
) |
|
|
(22,298 |
) |
Total shareholders’
equity |
|
|
82,361 |
|
|
|
65,608 |
|
Total liabilities and
shareholders' equity |
|
$ |
195,754 |
|
|
$ |
197,170 |
|
|
|
|
|
|
|
|
|
|
DLH HOLDINGS CORP.
CONSOLIDATED STATEMENTS OF CASH FLOWS(Amounts in
thousands)
|
|
(unaudited) |
|
|
Six Months Ended |
|
|
March 31, |
|
|
|
2022 |
|
|
|
2021 |
|
Operating
activities |
|
|
|
|
Net income |
|
$ |
14,982 |
|
|
$ |
4,381 |
|
Adjustments to reconcile net income to net cash provided by (used
in) operating activities: |
|
|
|
|
Depreciation and amortization |
|
|
3,866 |
|
|
|
4,091 |
|
Amortization of deferred financing costs charged to interest
expense |
|
|
319 |
|
|
|
413 |
|
Stock based compensation expense |
|
|
1,309 |
|
|
|
844 |
|
Deferred taxes, net |
|
|
— |
|
|
|
1,512 |
|
Changes in operating assets and liabilities |
|
|
|
|
Accounts receivable |
|
|
(28,705 |
) |
|
|
(9,134 |
) |
Other current assets |
|
|
666 |
|
|
|
30 |
|
Accrued payroll |
|
|
3,339 |
|
|
|
1,401 |
|
Deferred revenue |
|
|
(22,273 |
) |
|
|
— |
|
Accounts payable, accrued expenses, and other current
liabilities |
|
|
11,600 |
|
|
|
2,245 |
|
Other long-term assets and liabilities |
|
|
82 |
|
|
|
336 |
|
Net cash provided by (used in) operating
activities |
|
|
(14,815 |
) |
|
|
6,119 |
|
Investing
activities |
|
|
|
|
Business acquisition adjustment, net of cash acquired |
|
|
— |
|
|
|
59 |
|
Purchase of equipment and improvements |
|
|
(89 |
) |
|
|
(53 |
) |
Net cash provided by (used in) investing
activities |
|
|
(89 |
) |
|
|
6 |
|
Financing
activities |
|
|
|
|
Proceeds from debt obligations |
|
|
13,500 |
|
|
|
18,950 |
|
Repayment of debt obligations |
|
|
(22,750 |
) |
|
|
(26,200 |
) |
Payment of deferred financing costs |
|
|
— |
|
|
|
(43 |
) |
Proceeds from issuance of common stock upon exercise of options and
warrants |
|
|
462 |
|
|
|
231 |
|
Net cash used in financing activities |
|
|
(8,788 |
) |
|
|
(7,062 |
) |
|
|
|
|
|
Net change in cash |
|
|
(23,692 |
) |
|
|
(937 |
) |
Cash at beginning of
period |
|
|
24,051 |
|
|
|
1,357 |
|
Cash at end of
period |
|
$ |
359 |
|
|
$ |
420 |
|
|
|
|
|
|
Supplemental
disclosure of cash flow information |
|
|
|
|
Cash paid during the period for interest |
|
$ |
896 |
|
|
$ |
1,639 |
|
Cash paid during the period for income taxes |
|
$ |
3,482 |
|
|
$ |
184 |
|
|
|
|
|
|
|
|
|
|
Revenue Metrics
|
|
Six Months Ended |
|
|
March 31, |
|
March 31, |
|
|
2022 |
|
|
2021 |
|
Market
Mix: |
|
|
|
|
Defense/VA |
|
29 |
% |
|
59 |
% |
Human Services and
Solutions |
|
57 |
% |
|
14 |
% |
Public Health/Life
Sciences |
|
14 |
% |
|
27 |
% |
|
|
|
|
|
Contract
Mix: |
|
|
|
|
Time and Materials |
|
84 |
% |
|
76 |
% |
Cost Reimbursable |
|
9 |
% |
|
20 |
% |
Firm Fixed Price |
|
7 |
% |
|
4 |
% |
|
|
|
|
|
Prime vs
Sub: |
|
|
|
|
Prime |
|
94 |
% |
|
89 |
% |
Subcontractor |
|
6 |
% |
|
11 |
% |
|
|
|
|
|
|
|
Non-GAAP Financial MeasuresThe
Company uses EBITDA and EBITDA as a percent of revenue as
supplemental non-GAAP measures of performance. We define EBITDA as
net income excluding (i) interest expense, (ii) provision for or
benefit from income taxes and (iii) depreciation and amortization.
EBITDA as a percent of revenue is EBITDA for the measurement period
divided by revenue for the same period.
The Company is presenting additional non-GAAP
measures to describe the impact from two short-term FEMA task
orders' on its financial performance for the three and six months
periods ended March 31, 2022. The measures presented are
revenue, operating income, net income, diluted earnings per share,
and EBITDA for our enterprise contract portfolio less the
respective performance on the FEMA task orders. These resulting
measures present the remaining contract portfolio's quarterly
financial performance compared to results delivered in the prior
year period. Definitions of these additional non-GAAP measures are
set forth in the footnotes to the reconciliation table below.
These non-GAAP measures of performance are used
by management to conduct and evaluate its business during its
review of operating results for the periods presented. Management
and the Company's Board utilize these non-GAAP measures to make
decisions about the use of the Company's resources, analyze
performance between periods, develop internal projections and
measure management performance. We believe that these non-GAAP
measures are useful to investors in evaluating the Company's
ongoing operating and financial results and understanding how such
results compare with the Company's historical performance.
Reconciliation of GAAP net income to EBITDA, a non-GAAP
measure:
|
|
Three Months Ended |
|
Six Months Ended |
|
|
March 31, |
|
March 31, |
(in thousands) |
|
|
2022 |
|
|
|
2021 |
|
|
Change |
|
|
2022 |
|
|
|
2021 |
|
|
Change |
Net income |
|
$ |
7,178 |
|
|
$ |
2,567 |
|
|
$ |
4,611 |
|
|
$ |
14,982 |
|
|
$ |
4,381 |
|
|
$ |
10,601 |
|
(i) Interest expense, net |
|
|
554 |
|
|
|
1,004 |
|
|
|
(450 |
) |
|
|
1,226 |
|
|
|
2,084 |
|
|
|
(858 |
) |
(ii) Provision for taxes |
|
|
2,522 |
|
|
|
1,049 |
|
|
|
1,473 |
|
|
|
5,265 |
|
|
|
1,790 |
|
|
|
3,475 |
|
(iii) Depreciation and
amortization |
|
|
1,881 |
|
|
|
2,029 |
|
|
|
(148 |
) |
|
|
3,866 |
|
|
|
4,091 |
|
|
|
(225 |
) |
EBITDA |
|
$ |
12,135 |
|
|
$ |
6,649 |
|
|
$ |
5,486 |
|
|
$ |
25,339 |
|
|
$ |
12,346 |
|
|
$ |
12,993 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income as a % of
revenue |
|
|
6.6 |
% |
|
|
4.2 |
% |
|
|
2.4 |
% |
|
|
5.7 |
% |
|
|
3.7 |
% |
|
|
2.0 |
% |
EBITDA as a % of revenue |
|
|
11.2 |
% |
|
|
10.8 |
% |
|
|
0.4 |
% |
|
|
9.7 |
% |
|
|
10.3 |
% |
|
(0.6)% |
Revenue |
|
$ |
108,699 |
|
|
$ |
61,506 |
|
|
$ |
47,193 |
|
|
$ |
261,500 |
|
|
$ |
119,358 |
|
|
$ |
142,142 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP revenue, operating income, net
income, diluted earnings per share, and non-GAAP EBITDA reported
for the three and six months ended to the same metrics for our
contract portfolio less the FEMA task orders:
|
|
|
Three Months Ended |
|
Six Months Ended |
|
|
|
March 31, |
|
March 31, |
( in thousands) |
Ref |
|
|
2022 |
|
|
2021 |
|
Change |
|
|
2022 |
|
|
2021 |
|
Change |
Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total enterprise |
|
|
$ |
108,699 |
|
$ |
61,506 |
|
$ |
47,193 |
|
|
$ |
261,500 |
|
$ |
119,358 |
|
$ |
142,142 |
Less: FEMA task orders to
support Alaska |
(a) |
|
|
39,764 |
|
|
— |
|
|
39,764 |
|
|
|
130,889 |
|
|
— |
|
|
130,889 |
Remaining contract
portfolio |
(a) |
|
$ |
68,935 |
|
|
61,506 |
|
|
7,429 |
|
|
$ |
130,611 |
|
$ |
119,358 |
|
$ |
11,253 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total enterprise |
|
|
$ |
10,254 |
|
$ |
4,620 |
|
$ |
5,634 |
|
|
$ |
21,473 |
|
$ |
8,255 |
|
$ |
13,218 |
Less: FEMA task orders to
support Alaska |
(b) |
|
|
5,525 |
|
$ |
— |
|
$ |
5,525 |
|
|
|
11,871 |
|
|
— |
|
|
11,871 |
Remaining contract
portfolio |
(b) |
|
$ |
4,729 |
|
$ |
4,620 |
|
$ |
109 |
|
|
$ |
9,602 |
|
$ |
8,255 |
|
$ |
1,347 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total enterprise |
|
|
$ |
7,178 |
|
$ |
2,567 |
|
$ |
4,611 |
|
|
$ |
14,982 |
|
$ |
4,381 |
|
$ |
10,601 |
Less: FEMA task orders to
support Alaska |
(c) |
|
|
4,089 |
|
|
— |
|
|
4,089 |
|
|
|
8,785 |
|
|
— |
|
|
8,785 |
Remaining contract
portfolio |
(c) |
|
$ |
3,089 |
|
$ |
2,567 |
|
$ |
522 |
|
|
$ |
6,197 |
|
$ |
4,381 |
|
$ |
1,816 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
share |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total enterprise |
|
|
$ |
0.50 |
|
$ |
0.19 |
|
$ |
0.31 |
|
|
$ |
1.04 |
|
$ |
0.32 |
|
$ |
0.72 |
Less: FEMA task orders to
support Alaska |
(d) |
|
|
0.28 |
|
|
— |
|
|
0.28 |
|
|
|
0.61 |
|
|
— |
|
|
0.61 |
Remaining contract
portfolio |
(d) |
|
$ |
0.22 |
|
$ |
0.19 |
|
$ |
0.03 |
|
|
$ |
0.43 |
|
$ |
0.32 |
|
$ |
0.11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total enterprise |
|
|
$ |
12,135 |
|
$ |
6,649 |
|
$ |
5,486 |
|
|
$ |
25,339 |
|
$ |
12,346 |
|
$ |
12,993 |
Less: FEMA task orders to
support Alaska |
(e) |
|
|
5,525 |
|
|
— |
|
|
5,525 |
|
|
|
11,871 |
|
|
— |
|
|
11,871 |
Remaining contract
portfolio |
(e) |
|
$ |
6,610 |
|
$ |
6,649 |
|
$ |
(39 |
) |
|
$ |
13,468 |
|
$ |
12,346 |
|
$ |
1,122 |
Ref (a): Revenue for
the Company’s remaining contract portfolio less the FEMA task
orders represents our consolidated revenues less the revenues
generated from the FEMA task orders.
Ref (b): Operating
income attributable to the remaining contract portfolio less the
FEMA task orders represents the Company’s consolidated operating
income, determined in accordance with GAAP, less the operating
income derived from the FEMA task orders. Operating income for the
FEMA task orders is derived by subtracting from the revenue
attributable to such task orders during the three months ended
March 31, 2022 of $39.8 million the following amounts attributable
to the task orders: contract costs of $33.7 million and general
& administrative costs of $0.6 million. Similarly, for the six
months ended March 31, 2022 operating income for the FEMA task
orders is derived by subtracting from the revenue attributable to
the tasks orders of $130.9 million the following amounts
attributable to the task orders: contract costs $117.9 million and
general & administrative costs of $1.1 million. Operating
income for the remaining contract portfolio for the three and six
months ended March 31, 2022 represents the Company’s consolidated
operating income for such period less the operating income
attributable to the FEMA task orders for such period.
Ref (c): Net income
attributable to the remaining contract portfolio less the FEMA task
orders represents the Company’s consolidated net income, determined
in accordance with GAAP, less the net income derived from the FEMA
task orders. Net income for the FEMA task orders is derived by
subtracting from the revenue attributable to such task orders
during the three months ended March 31, 2022 of $39.8 million the
following amounts attributable to the task orders: contract costs
of $33.7 million, general & administrative costs of $0.6
million, and income tax expense of $1.4 million. Similarly, for the
six months ended March 31, 2022 net income for the FEMA task orders
is derived by subtracting from the revenue attributable to the
tasks orders of $130.9 million the following amounts attributable
to the task orders: contract costs $117.9 million, general &
administrative costs of $1.1 million, and tax expense of $3.1
million. Net income for the remaining contract portfolio for the
three and six months ended March 31, 2022 represents the Company’s
consolidated net income for such period less the net income
attributable to the FEMA task orders for such period.
Ref (d): Diluted
earnings per share (diluted EPS) for the FEMA task orders is
calculated using the net income attributable to such task orders as
opposed to GAAP net income. Diluted EPS for the remaining contract
portfolio (total contract portfolio excluding the FEMA task orders)
is calculated by subtracting the diluted EPS for the FEMA task
orders from the Company's total diluted EPS.
Ref (e): EBITDA
attributable to the FEMA tasks orders of $5.5 million and $11.9
million for the three and six months ended March 31, 2022,
respectively, is arrived at through the same calculation as
operating income as there are not any depreciation and amortization
costs attributable to the FEMA tasks orders. EBITDA for the
remaining contract portfolio is calculated by subtracting the
EBITDA attributable to the FEMA task orders from the Company’s
total EBITDA.
DLH (NASDAQ:DLHC)
Historical Stock Chart
From Mar 2024 to Apr 2024
DLH (NASDAQ:DLHC)
Historical Stock Chart
From Apr 2023 to Apr 2024