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|
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(State or other jurisdiction
of incorporation) |
(Commission
File Number) |
(IRS Employer
Identification No.) |
|
|
|
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(Address of principal executive offices)
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(Zip Code)
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Title of each class
|
Trading Symbol(s)
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Name of each exchange on which registered
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Exhibit
No. |
Description of Exhibit
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104
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Cover Page Interactive Data File (embedded in the Inline XBRL document).
|
MANTECH INTERNATIONAL CORPORATION
|
|||
By:
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/s/ Michael R. Putnam
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||
Date:
|
April 29, 2020
|
Name:
|
Michael R. Putnam
|
Title:
|
Senior VP - Corporate & Regulatory Affairs
|
•
|
Revenue:
$611 million
,
up
22%
from the
first
quarter of
2019
|
•
|
EBITDA Margin:
9.0%
|
•
|
Diluted EPS:
$0.71
,
up
34%
from the
first
quarter of
2019
|
•
|
Adjusted Diluted EPS:
$0.81
,
up
31%
from the
first
quarter of
2019
|
•
|
Bookings of
$1.1 billion
resulting in a book-to-bill ratio of
1.8
|
•
|
Cash Flow from Operations:
$43 million
|
Three months ended
March 31, |
|||||||
(In Millions Except Per Share Amounts)
|
2020
|
2019
|
|||||
Revenue
|
$610.9
|
$501.9
|
|||||
Operating Income
|
$38.9
|
$28.5
|
|||||
Net Income
|
$28.7
|
$21.1
|
|||||
Diluted EPS
|
$0.71
|
$0.53
|
|||||
Non-GAAP Financial Measures*
|
|||||||
EBITDA
|
$55.0
|
$41.2
|
|||||
EBITDA Margin
|
9.0%
|
8.2%
|
|||||
Adjusted Net Income
|
$32.7
|
$24.6
|
|||||
Adjusted Diluted EPS
|
$0.81
|
$0.62
|
•
|
Modernization of Maritime Patrol and Reconnaissance Aircraft (MPRA) for the Navy.
ManTech was awarded a new, 5-year contract totaling $920 million supporting the Remote Sensing Center - National Capital Region and Naval Surface Warfare Center Crane with ISR sensor and electronic intelligence processing modernization efforts on MPRA platforms.
|
Measure
|
Fiscal 2020 Guidance
|
Revenue (million)
|
$2,350 - $2,450
|
Adjusted Net Income* (million)
|
$120.3 - $125.2
|
Adjusted Diluted EPS*
|
$2.95 - $3.07
|
|
(unaudited)
|
||||||
|
March 31,
2020 |
December 31,
2019 |
|||||
ASSETS
|
|||||||
Cash and cash equivalents
|
$
|
88,604
|
|
$
|
8,854
|
|
|
Receivables—net
|
433,662
|
|
398,976
|
|
|||
Prepaid expenses
|
27,650
|
|
20,030
|
|
|||
Taxes receivable—current
|
16,593
|
|
21,996
|
|
|||
Other current assets
|
5,819
|
|
4,878
|
|
|||
Total Current Assets
|
572,328
|
|
454,734
|
|
|||
Goodwill
|
1,191,270
|
|
1,191,259
|
|
|||
Other intangible assets—net
|
194,455
|
|
196,778
|
|
|||
Operating lease right of use assets
|
111,932
|
|
117,728
|
|
|||
Property and equipment—net
|
103,319
|
|
85,631
|
|
|||
Employee supplemental savings plan assets
|
31,955
|
|
36,777
|
|
|||
Investments
|
11,549
|
|
11,550
|
|
|||
Other assets
|
13,646
|
|
13,457
|
|
|||
TOTAL ASSETS
|
$
|
2,230,454
|
|
$
|
2,107,914
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|||||||
LIABILITIES
|
|||||||
Accounts payable and accrued expenses
|
$
|
169,627
|
|
$
|
146,016
|
|
|
Accrued salaries and related expenses
|
98,266
|
|
97,298
|
|
|||
Contract liabilities
|
36,546
|
|
27,620
|
|
|||
Operating lease obligations—current
|
29,352
|
|
29,047
|
|
|||
Total Current Liabilities
|
333,791
|
|
299,981
|
|
|||
Deferred income taxes
|
135,930
|
|
131,782
|
|
|||
Long term debt
|
115,000
|
|
36,500
|
|
|||
Operating lease obligations—long term
|
97,646
|
|
103,148
|
|
|||
Accrued retirement
|
27,463
|
|
35,552
|
|
|||
Other long-term liabilities
|
10,275
|
|
10,309
|
|
|||
TOTAL LIABILITIES
|
720,105
|
|
617,272
|
|
|||
COMMITMENTS AND CONTINGENCIES
|
|||||||
STOCKHOLDERS' EQUITY
|
|||||||
Common stock, Class A—$0.01 par value; 150,000,000 shares authorized; 27,306,196 and 27,235,860 shares issued at March 31, 2020 and December 31, 2019; 27,062,083 and 26,991,747 shares outstanding at March 31, 2020 and December 31, 2019
|
273
|
|
272
|
|
|||
Common stock, Class B—$0.01 par value; 50,000,000 shares authorized; 13,187,195 and 13,187,195 shares issued and outstanding at March 31, 2020 and December 31, 2019
|
132
|
|
132
|
|
|||
Additional paid-in capital
|
529,763
|
|
525,851
|
|
|||
Treasury stock, 244,113 and 244,113 shares at cost at March 31, 2020 and December 31, 2019
|
(9,158
|
)
|
(9,158
|
)
|
|||
Retained earnings
|
989,578
|
|
973,767
|
|
|||
Accumulated other comprehensive loss
|
(239
|
)
|
(222
|
)
|
|||
TOTAL STOCKHOLDERS' EQUITY
|
1,510,349
|
|
1,490,642
|
|
|||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
|
$
|
2,230,454
|
|
$
|
2,107,914
|
|
(unaudited)
Three months ended March 31, |
|||||||
|
2020
|
2019
|
|||||
REVENUE
|
$
|
610,912
|
|
$
|
501,930
|
|
|
Cost of services
|
520,291
|
|
431,083
|
|
|||
General and administrative expenses
|
51,723
|
|
42,315
|
|
|||
OPERATING INCOME
|
38,898
|
|
28,532
|
|
|||
Interest expense
|
(655
|
)
|
(484
|
)
|
|||
Interest income
|
50
|
|
190
|
|
|||
Other (expense), net
|
(22
|
)
|
(42
|
)
|
|||
INCOME FROM OPERATIONS BEFORE INCOME TAXES AND EQUITY METHOD INVESTMENTS
|
38,271
|
|
28,196
|
|
|||
Provision for income taxes
|
(9,591
|
)
|
(7,066
|
)
|
|||
Equity in (losses) of unconsolidated subsidiaries
|
(1
|
)
|
(12
|
)
|
|||
NET INCOME
|
$
|
28,679
|
|
$
|
21,118
|
|
|
BASIC EARNINGS PER SHARE:
|
|||||||
Class A common stock
|
$
|
0.71
|
|
$
|
0.53
|
|
|
Class B common stock
|
$
|
0.71
|
|
$
|
0.53
|
|
|
DILUTED EARNINGS PER SHARE:
|
|||||||
Class A common stock
|
$
|
0.71
|
|
$
|
0.53
|
|
|
Class B common stock
|
$
|
0.71
|
|
$
|
0.53
|
|
(unaudited)
Three months ended March 31, |
|||||||
|
2020
|
2019
|
|||||
CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES:
|
|||||||
Net income
|
$
|
28,679
|
|
$
|
21,118
|
|
|
Adjustments to reconcile net income to net cash flow from (used in) operating activities:
|
|||||||
Depreciation and amortization
|
16,138
|
|
12,644
|
|
|||
Noncash lease expense
|
5,995
|
|
6,814
|
|
|||
Deferred income taxes
|
4,148
|
|
2,758
|
|
|||
Stock-based compensation expense
|
2,635
|
|
1,311
|
|
|||
Contract loss reserve
|
(372
|
)
|
—
|
|
|||
Loss on sale and retirement of property and equipment
|
22
|
|
—
|
|
|||
Equity in losses of unconsolidated subsidiaries
|
1
|
|
12
|
|
|||
Change in assets and liabilities—net of effects from acquired businesses:
|
|||||||
Receivables—net
|
(34,686
|
)
|
14,527
|
|
|||
Prepaid expenses
|
(7,620
|
)
|
(1,463
|
)
|
|||
Taxes receivable—current
|
5,403
|
|
—
|
|
|||
Other current assets
|
(102
|
)
|
1,139
|
|
|||
Employee supplemental savings plan asset
|
4,822
|
|
(3,105
|
)
|
|||
Accounts payable and accrued expenses
|
23,436
|
|
3,923
|
|
|||
Accrued salaries and related expenses
|
968
|
|
(6,674
|
)
|
|||
Operating lease obligations
|
(6,640
|
)
|
(6,752
|
)
|
|||
Contract liabilities
|
8,926
|
|
621
|
|
|||
Accrued retirement
|
(8,089
|
)
|
239
|
|
|||
Other
|
(1,024
|
)
|
227
|
|
|||
Net cash flow from operating activities
|
42,640
|
|
47,339
|
|
|||
CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES:
|
|||||||
Purchases of property and equipment
|
(25,370
|
)
|
(7,238
|
)
|
|||
Investment in capitalized software
|
(4,402
|
)
|
(1,024
|
)
|
|||
Deferred contract costs
|
—
|
|
(1,892
|
)
|
|||
Net cash used in investing activities
|
(29,772
|
)
|
(10,154
|
)
|
|||
CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES:
|
|||||||
Borrowing under revolving credit facility
|
231,500
|
|
240,000
|
|
|||
Repayments under revolving credit facility
|
(153,000
|
)
|
(151,500
|
)
|
|||
Dividends paid
|
(12,861
|
)
|
(10,744
|
)
|
|||
Proceeds from exercise of stock options
|
2,055
|
|
1,682
|
|
|||
Payment consideration to tax authority on employees' behalf
|
(777
|
)
|
(1,357
|
)
|
|||
Principal paid on financing leases
|
(35
|
)
|
(25
|
)
|
|||
Net cash from financing activities
|
66,882
|
|
78,056
|
|
|||
NET CHANGE IN CASH AND CASH EQUIVALENTS
|
79,750
|
|
115,241
|
|
|||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD
|
8,854
|
|
5,294
|
|
|||
CASH AND CASH EQUIVALENTS, END OF PERIOD
|
$
|
88,604
|
|
$
|
120,535
|
|
|
Three months ended
March 31, |
||||||
(In Thousands)
|
2020
|
2019
|
|||||
NET INCOME
|
$
|
28,679
|
|
$
|
21,118
|
|
|
Equity in losses (earnings) of unconsolidated subsidiaries
|
1
|
|
12
|
|
|||
Provision (benefit) for income taxes
|
9,591
|
|
7,066
|
|
|||
INCOME FROM OPERATIONS BEFORE INCOME TAXES AND EQUITY METHOD INVESTMENTS
|
$
|
38,271
|
|
$
|
28,196
|
|
|
Other expense (income), net
|
22
|
|
42
|
|
|||
Interest income
|
(50
|
)
|
(190
|
)
|
|||
Interest expense
|
655
|
|
484
|
|
|||
Depreciation and amortization
|
16,138
|
|
12,644
|
|
|||
EBITDA
|
$
|
55,036
|
|
$
|
41,176
|
|
|
EBITDA Margin
|
9.0
|
%
|
8.2
|
%
|
Three months ended
March 31, |
|||||||
(In Thousands Except Per Share Amounts)
|
2020
|
2019
|
|||||
NET INCOME
|
$
|
28,679
|
|
$
|
21,118
|
|
|
Amortization of acquired intangibles
|
5,358
|
|
4,679
|
|
|||
Adjustments for tax effect
|
(1,345
|
)
|
(1,174
|
)
|
|||
ADJUSTED NET INCOME
|
$
|
32,692
|
|
$
|
24,623
|
|
|
ADJUSTED DILUTED EPS
|
|||||||
Class A common stock
|
$
|
0.81
|
|
$
|
0.62
|
|
|
Class B common stock
|
$
|
0.81
|
|
$
|
0.62
|
|
Investor Relations
|
Media
|
Stephen Vather
|
Jim Crawford
|
Vice President, M&A and Investor Relations
|
Executive Director, External Communications
|
(703) 218-6093
|
(571) 446-7550
|
Stephen.Vather@ManTech.com
|
James.Crawford2@ManTech.com
|