Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 3, 2021

ManTech International Corporation
(Exact name of registrant as specified in its charter) 
(State or other jurisdiction
of incorporation)
File Number)
(IRS Employer
Identification No.)

2251 Corporate Park DriveHerndonVirginia20171
(Address of principal executive offices)(Zip Code)
Registrant's telephone number, including area code: (703) 218-6000

(Former name or former address, if changed since last report.)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Class A Common StockMANTNasdaq

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§203.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Item 2.02    Results of Operations and Financial Condition;
Item 7.01    Regulation FD Disclosure;
Item 8.01    Other Events
On August 3, 2021, ManTech International Corporation announced its financial results for the fiscal quarter ended June 30, 2021, and provided updated financial guidance for fiscal year 2021 (the "Earnings Release"). ManTech also announced the declaration of a quarterly cash dividend payment to its stockholders. A dividend of $0.38 per share will be paid on September 24, 2021 to stockholders of record as of the close of business on September 10, 2021. Any future declarations of dividend payments are subject to the determination and approval of the Board of Directors.
A copy of the Earnings Release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
Item 9.01    Financial Statements and Exhibits
    (d) Exhibits
Description of Exhibit
104Cover Page Interactive Data File (embedded in the Inline XBRL document).

    Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

By:/s/    Michael R. Putnam
Date:August 3, 2021Name:Michael R. Putnam
Title:Senior VP - Corporate & Regulatory Affairs


Exhibit 99.1
ManTech Announces Financial Results for
Second Quarter of 2021

Revenue: $649 million, up 3% from the second quarter of 2020
EBITDA Margin: 10.4%
Diluted EPS: $0.89, up 20% from the second quarter of 2020
Adjusted Diluted EPS: $0.99, up 18% from the second quarter of 2020
Bookings of $813 million resulting in a book-to-bill ratio of 1.3

HERNDON, Va., August 3, 2021 (GLOBE NEWSWIRE) – ManTech International Corporation (Nasdaq: MANT), a leading provider of innovative technologies and solutions for mission-critical national security programs, today announced financial results for the second quarter of fiscal year 2021, which ended June 30, 2021.

"ManTech's steadfast focus on our customers and their missions continues to enable our financial success. In the second quarter, we generated record profitability, delivered healthy cash flow and secured contract awards that drove solid bookings in the quarter. Demand for our services and solutions remains strong and we are focused on responding to a robust level of procurement activity," said ManTech Chairman, Chief Executive Officer and President Kevin M. Phillips.

Summary Operating Results
Three months ended
June 30,
(In Millions Except Per Share Amounts)20212020
Operating Income$48.7$39.6
Net Income$36.6$29.9
Diluted EPS$0.89$0.74
Non-GAAP Financial Measures*
EBITDA Margin10.4%8.9%
Adjusted Net Income$40.4$33.9
Adjusted Diluted EPS$0.99$0.84
*Information about ManTech's use of non-GAAP financial measures, including a reconciliation of the non-GAAP financial measures to the most comparable financial measures calculated and presented in accordance with GAAP, is provided under "Non-GAAP Financial Measures."

Revenue was $649 million, up 3% from the second quarter of 2020. In the quarter, revenue growth was driven by a combination of recent contract awards and our acquisitions.

Operating income was $48.7 million for the quarter, up 23% from the second quarter of 2020. Net income was $36.6 million and diluted earnings per share ("EPS") was $0.89, up 22% and 20% from the second quarter of 2020, respectively.

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EBITDA was $67.4 million for the quarter, up 19% from the second quarter of 2020, representing an EBITDA margin of 10.4% for the quarter. Adjusted net income was $40.4 million and adjusted diluted EPS was $0.99, up 19% and 18% from the second quarter of 2020, respectively.

Cash Management and Capital Deployment

For the quarter, cash from operations totaled $75 million. Days sales outstanding (DSO) were 64 days, an increase of 1 day compared to the second quarter of 2020.

During the quarter, the Company paid $15.5 million, or $0.38 per share, as part of its regular cash dividend program to its common stockholders of record as of June 11, 2021. As of June 30, 2021, the Company had $64.9 million in cash and cash equivalents and $30.0 million of outstanding borrowings under its revolving-credit facility. On July 20, 2021, the Company announced it had amended and extended its credit facilities in an aggregate principal amount of up to $1,100 million, which includes: i) a $500 million 5-year revolving-credit facility and ii) a $600 million delayed draw term loan facility, which provide the Company with ample financial capacity to continue funding organic investments, pursue growth-oriented acquisitions and issue dividends while maintaining a strong balance sheet.

The Board of Directors has declared a quarterly dividend of $0.38 to be paid September 24, 2021, to all common stockholders of record as of September 10, 2021, as part of the Company's regular quarterly cash dividend program. Future declarations of dividends and their record and payment dates are subject to the final determination of ManTech's Board of Directors.

Contract Awards

Contract awards (bookings) totaled $813 million in the quarter, representing a book-to-bill ratio of 1.3. ManTech's notable single-award contracts in the quarter include:

Range Sustainability Services for Training and Testing Range Complexes for the Navy. ManTech was awarded a 7-year contract totaling $100 million to continue providing architecture-engineering range planning and sustainability services to meet military readiness and environmental requirements.

Cloud Engineering, DevSecOps and Enterprise IT for the Department of Homeland Security (DHS). ManTech was awarded a 5-year contract totaling $86 million to continue providing cloud engineering, DevSecOps, platform and network architecture and engineering to the U.S. Citizenship & Immigration Services (USCIS) global enterprise.

Enterprise IT for the Department of State. ManTech was awarded a new, 5-year contract totaling $85 million to provide enterprise IT, training, technology deployment and communications services in support of the Bureau of Consular Affairs domestic and overseas operations.

The Company also received a number of additional contract awards in the quarter including several extensions to existing contracts and new contracts from various customers, most of which are classified.

The Company’s backlog of business at quarter end was $10.2 billion including $1.4 billion of funded backlog.

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Forward Guidance

The Company has reiterated the range of its 2021 guidance for revenue and increased its guidance for adjusted net income and adjusted diluted earnings per share as specified in the table below.
MeasureFiscal 2021 Guidance
Revenue (billion)$2.65 - $2.75
Adjusted Net Income* (million)$146.5 - $151.1
Adjusted Diluted EPS*$3.57 - $3.68
*Information about ManTech's use of non-GAAP financial measures is provided under "Non-GAAP Financial Measures"

Adjusted net income and adjusted diluted EPS exclude amortization of acquired intangibles and the related tax impact. The Company does not provide a reconciliation of forward-looking adjusted net income and adjusted diluted EPS, due to inherent difficulty in forecasting and quantifying these non-GAAP exclusions that are necessary for such reconciliation without unreasonable efforts. Material changes to any one of these items could have significant effect on future GAAP results.

ManTech Chief Financial Officer Judith L. Bjornaas said, "I am pleased with the strength of our profitability and cash flow in the quarter. We are focused on building on that foundation and utilizing our balance sheet to enhance growth."

Conference Call

ManTech executive management will hold a conference call on August 3, 2021, at 5 p.m. Eastern to discuss the financial results and outlook and answer questions. Analysts may participate on the conference call by dialing (877) 638-9567 (domestic) or (253) 237-1032 (international) and entering passcode 6571368. The conference call will be webcast simultaneously to the public through a link on the Investor Relations section of the ManTech website ( A replay of the conference call will be available on the ManTech website approximately 2 hours after the conclusion of the conference call.

About ManTech International Corporation

ManTech provides mission-focused technology solutions and services for U.S. defense, intelligence community and federal civilian agencies. In business more than 50 years, we excel in full-spectrum cyber, data collection & analytics, enterprise IT, systems and software engineering solutions that support national and homeland security. Additional information about ManTech can be found at

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Forward-Looking Information

Statements and assumptions made in this press release, which do not address historical facts, constitute “forward-looking” statements that ManTech believes to be within the definition in the Private Securities Litigation Reform Act of 1995 and involve risks and uncertainties, many of which are outside of our control. Words such as “may,” “will,” “expect,” “intend,” “anticipate,” “believe,” or “estimate,” or the negative of these terms or words of similar import, are intended to identify forward-looking statements.

These forward-looking statements are inherently subject to risks and uncertainties, and actual results and outcomes may differ materially from the results and outcomes we anticipate. Factors that could cause actual results to differ materially from the results we anticipate include, but are not limited to, the following: failure to maintain our relationship with the U.S. government, or the failure to compete effectively for new contract awards or to retain existing U.S. government contracts; adverse changes in U.S. government spending for programs we support, whether due to changing mission priorities, socio-economic policies or federal budget constraints generally; disruptions to our business or damage to our reputation resulting from cyberattacks and other security threats; disruptions to our business resulting from the COVID-19 pandemic or other similar global health epidemics, pandemics and/or other disease outbreaks; inability to recruit and retain a sufficient number of employees with specialized skill sets or necessary security clearances who are in great demand and limited supply; failure to compete effectively for awards procured through the competitive bidding process, and the adverse impact of delays resulting from our competitors' protest of new contracts that are awarded to us; failure to obtain option awards, task orders or funding under contracts; the government renegotiating, modifying or terminating our contracts; failure to comply with, or adverse change in, complex U.S. government laws and procurement regulations; adverse results in U.S. government audits or other investigations of our government contracts; failure to successfully integrate acquired companies or businesses into our operations or to realize any accretive or synergistic effects from such acquisitions; failure to mitigate risk associated with conducting business internationally; and adverse change in business conditions that may cause our investments in recorded goodwill to become impaired. These and other risk factors are more fully discussed in the section entitled "Risk Factors" in ManTech's Annual Report on Form 10-K previously filed with the Securities and Exchange Commission on Feb. 19, 2021, Item 1A of Part II of our Quarterly Reports on Form 10-Q, and, from time to time, in ManTech's other filings with the Securities and Exchange Commission.

The forward-looking statements included herein are only made as of the date of this press release, and ManTech undertakes no obligation to publicly update any of the forward-looking statements made herein, whether as a result of new information, subsequent events or circumstances, changes in expectations or otherwise.

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(In Thousands Except Share and Per Share Amounts)
 June 30,
December 31,
Cash and cash equivalents$64,874 $41,193 
Receivables—net458,844 400,621 
Prepaid expenses35,432 26,243 
Taxes receivable—current16,721 21,968 
Other current assets7,756 6,354 
Total Current Assets583,627 496,379 
Goodwill1,237,734 1,237,894 
Other intangible assets—net189,082 202,231 
Property and equipment—net128,555 121,296 
Operating lease right of use assets85,224 94,825 
Employee supplemental savings plan assets40,457 37,848 
Investments11,548 11,549 
Other assets12,646 11,642 
TOTAL ASSETS$2,288,873 $2,213,664 
Accounts payable$170,612 $142,360 
Accrued salaries and related expenses125,220 123,953 
Operating lease obligations—current31,087 30,105 
Contract liabilities30,610 37,218 
Accrued expenses and other current liabilities9,780 15,177 
Total Current Liabilities367,309 348,813 
Deferred income taxes144,912 141,638 
Operating lease obligations—long term71,213 80,242 
Accrued retirement34,333 36,310 
Long-term debt30,000 15,000 
Other long-term liabilities12,130 12,249 
TOTAL LIABILITIES659,897 634,252 
Common stock, Class A—$0.01 par value; 150,000,000 shares authorized; 27,754,061 and 27,538,474 shares issued at June 30, 2021 and December 31, 2020; 27,509,948 and 27,294,361 shares outstanding at June 30, 2021 and December 31, 2020278 275 
Common stock, Class B—$0.01 par value; 50,000,000 shares authorized; 13,176,695 and 13,176,695 shares issued and outstanding at June 30, 2021 and December 31, 2020132 132 
Additional paid-in capital557,211 545,717 
Treasury stock, 244,113 and 244,113 shares at cost at June 30, 2021 and December 31, 2020(9,158)(9,158)
Retained earnings1,080,762 1,042,676 
Accumulated other comprehensive loss(249)(230)
TOTAL STOCKHOLDERS' EQUITY1,628,976 1,579,412 
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(In Thousands Except Per Share Amounts)
Three months ended
June 30,
Six months ended
June 30,
REVENUE$648,578 $632,492 $1,281,802 $1,243,404 
Cost of services552,868 539,473 1,095,585 1,059,764 
General and administrative expenses47,048 53,433 95,134 105,156 
OPERATING INCOME48,662 39,586 91,083 78,484 
Interest expense(366)(632)(720)(1,287)
Interest income39 137 79 187 
Other expense, net(12)— (133)(22)
Provision for income taxes(11,714)(9,143)(21,371)(18,734)
Equity in losses of unconsolidated subsidiaries— — (1)(1)
NET INCOME$36,609 $29,948 $68,937 $58,627 
Class A common stock$0.90 $0.74 $1.70 $1.46 
Class B common stock$0.90 $0.74 $1.70 $1.46 
Class A common stock$0.89 $0.74 $1.68 $1.44 
Class B common stock$0.89 $0.74 $1.68 $1.44 

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(In Thousands)
Six months ended
June 30,
Net income$68,937 $58,627 
Adjustments to reconcile net income to net cash flow from (used in) operating activities:
Depreciation and amortization37,887 33,154 
Noncash lease expense15,855 13,357 
Stock-based compensation expense7,556 5,510 
Deferred income taxes3,274 2,570 
Change in allowance for bad debts(999)2,156 
Contract loss reserve— (372)
Change in assets and liabilities—net of effects from acquired businesses:
Prepaid expenses(9,186)(18,142)
Taxes receivable—current5,247 15,410 
Other current assets401 1,026 
Employee supplemental savings plan asset(2,836)(100)
Other long-term assets(2,415)(1,455)
Accounts payable30,392 1,082 
Operating lease obligations(17,573)(14,286)
Contract liabilities(6,159)20,146 
Accrued expenses and other current liabilities(5,896)1,114 
Accrued salaries and related expenses1,330 17,613 
Accrued retirement(1,977)(4,027)
Other long-term liabilities(66)17,687 
Net cash flow from operating activities66,548 104,677 
Purchases of property and equipment(31,077)(45,600)
Proceeds from corporate owned life insurance227 4,137 
Investment in capitalized software— (5,016)
Proceeds from sale of property and equipment— 869 
Net cash used in investing activities(30,850)(45,610)
Borrowing under revolving credit facility164,000 261,500 
Repayments under revolving credit facility(149,000)(278,000)
Dividends paid(30,866)(25,782)
Proceeds from exercise of stock options6,433 4,882 
Payment consideration to tax authority on employees' behalf(2,493)(777)
Principal paid on financing leases(91)(76)
Net cash flow used in financing activities(12,017)(38,253)

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Non-GAAP Financial Measures (Unaudited)

To supplement the review of ManTech's consolidated financial statements presented on a GAAP basis, the Company has provided non-GAAP calculations of certain financial measures. ManTech uses and refers to EBITDA, EBITDA margin, adjusted net income and adjusted EPS, all of which are non-GAAP financial measures. These non-GAAP financial measures have limitations as an analytical tool and should not be considered in isolation or as a substitute for the comparable GAAP measures.

ManTech’s management believes that these non-GAAP financial measures provide additional useful information regarding the Company’s operational and financial results. These non-GAAP financial measures eliminate the effect of non-cash items such as depreciation of tangible assets and amortization of intangible assets primarily recognized in business combinations as well as the effect of discrete tax items which we do not believe are indicative of our core operating performance. These non-GAAP financial measures are considered important and frequently utilized by investors and financial analysts covering ManTech’s industry. The Company’s computation of its non-GAAP financial measures may not be comparable to similarly titled measures reported by other companies, thus limiting their use for comparability.

The following tables present selected financial data, including the reconciliation of the non-GAAP financial measures to the most directly comparable financial measures calculated and presented in accordance with GAAP.

EBITDA is calculated by excluding depreciation and amortization expense, interest expense, interest income, other expense, income taxes and equity in losses of unconsolidated subsidiaries from net income.

EBITDA margin is calculated by dividing EBITDA by revenue.

Three months ended
June 30,
(In Thousands)20212020
NET INCOME$36,609 $29,948 
Equity in losses (earnings) of unconsolidated subsidiaries— — 
Provision for income taxes11,714 9,143 
Other expense (income), net12 — 
Interest income(39)(137)
Interest expense366 632 
Depreciation and amortization18,735 17,016 
EBITDA$67,397 $56,602 
EBITDA Margin10.4 %8.9 %

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Adjusted net income is calculated by excluding the following items and the related tax impacts from net income: (i) amortization of acquired intangible assets and (ii) discrete tax items.

Adjusted diluted EPS is calculated by dividing adjusted net income by the diluted weighted average number of shares outstanding.
Three months ended
June 30,
(In Thousands Except Per Share Amounts)20212020
NET INCOME$36,609 $29,948 
Amortization of acquired intangibles5,003 5,176 
Adjustments for tax effect(1,211)(1,211)
ADJUSTED NET INCOME$40,401 $33,913 
Class A common stock$0.99 $0.84 
Class B common stock$0.99 $0.84 
Note: Figures may not add due to rounding.

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Investor RelationsMedia
Stephen VatherSheila Blackwell
VP, M&A and Investor RelationsVP, Enterprise Marketing & Communications
(703) 218-6093(301) 717-7345

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