We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
ManTech International Corporation | NASDAQ:MANT | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 95.98 | 100.77 | 96.10 | 0 | 01:00:00 |
x
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
o
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Delaware
|
22-1852179
|
State or Other Jurisdiction of
Incorporation or Organization
|
I.R.S. Employer
Identification No.
|
|
|
2251 Corporate Park Drive, Herndon, VA
|
20171
|
Address of Principal Executive Offices
|
Zip Code
|
Title of each class
|
Trading Symbol(s)
|
Name of each exchange on which registered
|
Class A Common Stock
|
MANT
|
Nasdaq
|
Large accelerated filer
|
x
|
Accelerated filer
|
o
|
Non-accelerated filer
|
o
(Do not check if a smaller reporting company)
|
Smaller reporting company
|
o
|
Emerging growth company
|
o
|
|
|
|
|
Page No.
|
|
||
Item 1.
|
|
|
|
Condensed Consolidated Balance Sheets as of March 31, 2019 and December 31, 2018
|
|
|
Condensed Consolidated Statements of Income for the Three Months Ended March 31, 2019 and 2018
|
|
|
Condensed Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 2019 and 2018
|
|
|
Condensed Consolidated Statements of Changes in Stockholders' Equity for the Three Months Ended March 31, 2019 and 2018
|
|
|
Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2019 and 2018
|
|
|
Notes to Condensed Consolidated Financial Statements
|
|
Item 2.
|
Management's Discussion and Analysis of Financial Condition and Results of Operations
|
|
Item 3.
|
||
Item 4.
|
||
|
||
Item 1.
|
||
Item 1A.
|
||
Item 6.
|
Item 1.
|
Financial Statements
|
|
(unaudited)
|
||||||
|
March 31,
2019 |
|
December 31,
2018 |
||||
ASSETS
|
|
|
|
||||
Cash and cash equivalents
|
$
|
120,535
|
|
|
$
|
5,294
|
|
Receivables—net
|
390,851
|
|
|
405,378
|
|
||
Prepaid expenses
|
21,356
|
|
|
23,398
|
|
||
Other current assets
|
4,776
|
|
|
5,915
|
|
||
Total Current Assets
|
537,518
|
|
|
439,985
|
|
||
Goodwill
|
1,085,806
|
|
|
1,085,806
|
|
||
Other intangible assets—net
|
167,092
|
|
|
171,962
|
|
||
Operating lease right of use assets
|
119,807
|
|
|
—
|
|
||
Property and equipment—net
|
54,479
|
|
|
51,427
|
|
||
Employee supplemental savings plan assets
|
33,606
|
|
|
30,501
|
|
||
Investments
|
11,817
|
|
|
11,830
|
|
||
Other assets
|
13,529
|
|
|
12,360
|
|
||
TOTAL ASSETS
|
$
|
2,023,654
|
|
|
$
|
1,803,871
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
||||
LIABILITIES
|
|
|
|
||||
Accounts payable and accrued expenses
|
$
|
128,746
|
|
|
$
|
126,066
|
|
Accrued salaries and related expenses
|
82,384
|
|
|
89,058
|
|
||
Contract liabilities
|
28,830
|
|
|
28,209
|
|
||
Operating lease liabilities—current
|
26,260
|
|
|
—
|
|
||
Total Current Liabilities
|
266,220
|
|
|
243,333
|
|
||
Long term debt
|
96,000
|
|
|
7,500
|
|
||
Deferred income taxes
|
111,714
|
|
|
108,956
|
|
||
Operating lease liabilities—long term
|
104,465
|
|
|
—
|
|
||
Accrued retirement
|
31,238
|
|
|
30,999
|
|
||
Other long-term liabilities
|
830
|
|
|
11,889
|
|
||
TOTAL LIABILITIES
|
610,467
|
|
|
402,677
|
|
||
COMMITMENTS AND CONTINGENCIES
|
|
|
|
|
|
||
STOCKHOLDERS' EQUITY
|
|
|
|
||||
Common stock, Class A—$0.01 par value; 150,000,000 shares authorized; 26,916,995 and 26,817,513 shares issued at March 31, 2019 and December 31, 2018; 26,672,882 and 26,573,400 shares outstanding at March 31, 2019 and December 31, 2018
|
269
|
|
|
268
|
|
||
Common stock, Class B—$0.01 par value; 50,000,000 shares authorized; 13,188,045 and 13,188,045 shares issued and outstanding at March 31, 2019 and December 31, 2018
|
132
|
|
|
132
|
|
||
Additional paid-in capital
|
508,605
|
|
|
506,970
|
|
||
Treasury stock, 244,113 and 244,113 shares at cost at March 31, 2019 and December 31, 2018
|
(9,158
|
)
|
|
(9,158
|
)
|
||
Retained earnings
|
913,429
|
|
|
903,084
|
|
||
Accumulated other comprehensive loss
|
(90
|
)
|
|
(102
|
)
|
||
TOTAL STOCKHOLDERS’ EQUITY
|
1,413,187
|
|
|
1,401,194
|
|
||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
|
$
|
2,023,654
|
|
|
$
|
1,803,871
|
|
|
(unaudited)
Three months ended March 31, |
||||||
|
2019
|
|
2018
|
||||
REVENUE
|
$
|
501,930
|
|
|
$
|
473,236
|
|
Cost of services
|
431,083
|
|
|
403,933
|
|
||
General and administrative expenses
|
42,315
|
|
|
42,882
|
|
||
OPERATING INCOME
|
28,532
|
|
|
26,421
|
|
||
Interest expense
|
(484
|
)
|
|
(734
|
)
|
||
Interest income
|
190
|
|
|
15
|
|
||
Other income (expense), net
|
(42
|
)
|
|
4
|
|
||
INCOME FROM OPERATIONS BEFORE INCOME TAXES AND EQUITY METHOD INVESTMENTS
|
28,196
|
|
|
25,706
|
|
||
Provision for income taxes
|
(7,066
|
)
|
|
(5,679
|
)
|
||
Equity in earnings (losses) of unconsolidated subsidiaries
|
(12
|
)
|
|
40
|
|
||
NET INCOME
|
$
|
21,118
|
|
|
$
|
20,067
|
|
BASIC EARNINGS PER SHARE:
|
|
|
|
||||
Class A common stock
|
$
|
0.53
|
|
|
$
|
0.51
|
|
Class B common stock
|
$
|
0.53
|
|
|
$
|
0.51
|
|
DILUTED EARNINGS PER SHARE:
|
|
|
|
||||
Class A common stock
|
$
|
0.53
|
|
|
$
|
0.51
|
|
Class B common stock
|
$
|
0.53
|
|
|
$
|
0.51
|
|
|
(unaudited)
Three months ended March 31, |
||||||
|
2019
|
|
2018
|
||||
NET INCOME
|
$
|
21,118
|
|
|
$
|
20,067
|
|
OTHER COMPREHENSIVE INCOME (LOSS):
|
|
|
|
||||
Cumulative-effect adjustment for adoption of Accounting Standards Update 2018-02
|
(24
|
)
|
|
—
|
|
||
Translation adjustments, net of tax
|
12
|
|
|
11
|
|
||
Total other comprehensive income (loss)
|
(12
|
)
|
|
11
|
|
||
COMPREHENSIVE INCOME
|
$
|
21,106
|
|
|
$
|
20,078
|
|
|
(unaudited)
Three months ended March 31, |
||||||
|
2019
|
|
2018
|
||||
Common Stock, Class A
|
|
|
|
||||
At beginning of period
|
$
|
268
|
|
|
$
|
263
|
|
Stock option exercises
|
1
|
|
|
2
|
|
||
Stock-based compensation expense
|
—
|
|
|
1
|
|
||
At end of period
|
269
|
|
|
266
|
|
||
Common Stock, Class B
|
|
|
|
||||
At beginning of period
|
132
|
|
|
132
|
|
||
At end of period
|
132
|
|
|
132
|
|
||
Additional Paid-In Capital
|
|
|
|
||||
At beginning of period
|
506,970
|
|
|
492,030
|
|
||
Stock option exercises
|
1,681
|
|
|
5,994
|
|
||
Payment consideration to tax authority on employees' behalf
|
(1,357
|
)
|
|
(2,723
|
)
|
||
Stock-based compensation expense
|
1,311
|
|
|
1,053
|
|
||
At end of period
|
508,605
|
|
|
496,354
|
|
||
Treasury Stock, at cost
|
|
|
|
||||
At beginning of period
|
(9,158
|
)
|
|
(9,158
|
)
|
||
At end of period
|
(9,158
|
)
|
|
(9,158
|
)
|
||
Retained Earnings
|
|
|
|
||||
At beginning of period
|
903,084
|
|
|
860,027
|
|
||
Net income
|
21,118
|
|
|
20,067
|
|
||
Dividends
|
(10,749
|
)
|
|
(9,867
|
)
|
||
Cumulative-effect adjustment for adoption of Accounting Standards Update 2018-02
|
(24
|
)
|
|
—
|
|
||
Cumulative-effect adjustment for adoption of Accounting Standards Update 2014-09
|
—
|
|
|
587
|
|
||
At end of period
|
913,429
|
|
|
870,814
|
|
||
Accumulated Other Comprehensive Loss
|
|
|
|
||||
At beginning of period
|
(102
|
)
|
|
(320
|
)
|
||
Translation adjustments, net of tax
|
12
|
|
|
11
|
|
||
At end of period
|
(90
|
)
|
|
(309
|
)
|
||
Total Stockholders' Equity
|
$
|
1,413,187
|
|
|
$
|
1,358,099
|
|
|
(unaudited)
Three months ended March 31, |
||||||
|
2019
|
|
2018
|
||||
CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES:
|
|
|
|
||||
Net income
|
$
|
21,118
|
|
|
$
|
20,067
|
|
Adjustments to reconcile net income to net cash flow from (used in) operating activities:
|
|
|
|
||||
Depreciation and amortization
|
12,644
|
|
|
13,209
|
|
||
Noncash lease expense
|
6,814
|
|
|
—
|
|
||
Deferred income taxes
|
2,758
|
|
|
3,969
|
|
||
Stock-based compensation expense
|
1,311
|
|
|
1,054
|
|
||
Equity in (earnings) losses of unconsolidated subsidiaries
|
12
|
|
|
(40
|
)
|
||
Change in assets and liabilities—net of effects from acquired businesses:
|
|
|
|
||||
Receivables—net
|
14,527
|
|
|
(45,458
|
)
|
||
Prepaid expenses
|
(1,463
|
)
|
|
(5,616
|
)
|
||
Other current assets
|
1,139
|
|
|
2,361
|
|
||
Employee supplemental savings plan asset
|
(3,105
|
)
|
|
255
|
|
||
Accounts payable and accrued expenses
|
3,923
|
|
|
4,980
|
|
||
Accrued salaries and related expenses
|
(6,674
|
)
|
|
(9,873
|
)
|
||
Contract liabilities
|
621
|
|
|
(397
|
)
|
||
Operating lease liabilities
|
(6,752
|
)
|
|
—
|
|
||
Accrued retirement
|
239
|
|
|
(2,224
|
)
|
||
Other
|
227
|
|
|
(302
|
)
|
||
Net cash flow from (used in) operating activities
|
47,339
|
|
|
(18,015
|
)
|
||
CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES:
|
|
|
|
||||
Purchases of property and equipment
|
(7,238
|
)
|
|
(6,574
|
)
|
||
Deferred contract costs
|
(1,892
|
)
|
|
(295
|
)
|
||
Investment in capitalized software for internal use
|
(1,024
|
)
|
|
(2,097
|
)
|
||
Net cash used in investing activities
|
(10,154
|
)
|
|
(8,966
|
)
|
||
CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES:
|
|
|
|
||||
Borrowing under revolving credit facility
|
240,000
|
|
|
191,000
|
|
||
Repayments under revolving credit facility
|
(151,500
|
)
|
|
(156,500
|
)
|
||
Dividends paid
|
(10,744
|
)
|
|
(9,861
|
)
|
||
Proceeds from exercise of stock options
|
1,682
|
|
|
5,996
|
|
||
Payment consideration to tax authority on employees' behalf
|
(1,357
|
)
|
|
(2,723
|
)
|
||
Principal paid on financing leases
|
(25
|
)
|
|
—
|
|
||
Net cash flow from financing activities
|
78,056
|
|
|
27,912
|
|
||
NET CHANGE IN CASH AND CASH EQUIVALENTS
|
115,241
|
|
|
931
|
|
||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD
|
5,294
|
|
|
9,451
|
|
||
CASH AND CASH EQUIVALENTS, END OF PERIOD
|
$
|
120,535
|
|
|
$
|
10,382
|
|
SUPPLEMENTAL CASH FLOW INFORMATION
|
|
|
|
||||
Cash paid for interest
|
$
|
378
|
|
|
$
|
647
|
|
Cash paid for income taxes, net of refunds
|
$
|
(6
|
)
|
|
$
|
(3
|
)
|
Noncash investing and financing activities:
|
|
|
|
||||
Operating lease liabilities arising from obtaining right of use assets
|
$
|
7,924
|
|
|
$
|
—
|
|
Finance lease liabilities arising from obtaining right of use assets
|
$
|
203
|
|
|
$
|
—
|
|
Capital expenditures incurred but not yet paid
|
$
|
1,358
|
|
|
$
|
3,653
|
|
1.
|
Description of the Business
|
2.
|
Basis of Presentation
|
3.
|
Revenue from Contracts with Customers
|
|
|||||||
2019
|
|
2018
|
|||||
Cost-reimbursable
|
$
|
359,765
|
|
|
$
|
309,047
|
|
Fixed-price
|
47,102
|
|
|
116,171
|
|
||
Time-and-materials
|
95,063
|
|
|
48,018
|
|
||
Revenue
|
$
|
501,930
|
|
|
$
|
473,236
|
|
|
Three months ended
March 31, |
||||||
2019
|
|
2018
|
|||||
Department of Defense and intelligence agencies
|
$
|
389,829
|
|
|
$
|
333,914
|
|
Federal civilian agencies
|
101,188
|
|
|
128,233
|
|
||
State agencies, international agencies and commercial entities
|
10,913
|
|
|
11,089
|
|
||
Revenue
|
$
|
501,930
|
|
|
$
|
473,236
|
|
|
Three months ended
March 31, |
||||||
2019
|
|
2018
|
|||||
Prime contractor
|
$
|
446,519
|
|
|
$
|
422,233
|
|
Subcontractor
|
55,411
|
|
|
51,003
|
|
||
Revenue
|
$
|
501,930
|
|
|
$
|
473,236
|
|
|
Three months ended
March 31, |
||||||
2019
|
|
2018
|
|||||
U.S.
|
$
|
494,660
|
|
|
$
|
466,025
|
|
International
|
7,270
|
|
|
7,211
|
|
||
Revenue
|
$
|
501,930
|
|
|
$
|
473,236
|
|
|
March 31, 2019
|
|
December 31, 2018
|
||||
Billed receivables
|
$
|
304,214
|
|
|
$
|
301,716
|
|
Unbilled receivables
|
92,843
|
|
|
109,895
|
|
||
Allowance for doubtful accounts
|
(6,206
|
)
|
|
(6,233
|
)
|
||
Receivables—net
|
$
|
390,851
|
|
|
$
|
405,378
|
|
|
March 31, 2019
|
|
December 31, 2018
|
||||
Contract liabilities
|
$
|
28,830
|
|
|
$
|
28,209
|
|
For the remaining nine months ending December 31, 2019
|
|
For the year ending
|
|
|
||||||||||
|
December 31, 2020
|
|
December 31, 2021
|
|
Thereafter
|
|||||||||
$
|
1.4
|
|
|
$
|
0.8
|
|
|
$
|
0.4
|
|
|
$
|
0.1
|
|
4.
|
Leases
|
|
March 31, 2019
|
||
Operating Leases
|
|
||
Operating lease right of use assets
|
$
|
119,807
|
|
|
|
||
Operating lease liabilities—current
|
$
|
26,260
|
|
Operating lease liabilities—long term
|
104,465
|
|
|
Total operating lease liabilities
|
$
|
130,725
|
|
Finance Leases
|
|
||
Property and equipment—gross
|
$
|
504
|
|
Accumulated depreciation
|
(109
|
)
|
|
Property and equipment—net
|
$
|
395
|
|
|
|
||
Accounts payable and other accrued expenses
|
$
|
112
|
|
Other long-term liabilities
|
293
|
|
|
Total finance lease liabilities
|
$
|
405
|
|
|
Three months ended,
March 31, 2019 |
||
Operating lease expenses
|
$
|
7,789
|
|
|
|
||
Depreciation of right of use assets
|
$
|
110
|
|
Interest on lease liabilities
|
9
|
|
|
Finance lease expenses
|
$
|
119
|
|
|
March 31, 2019
|
|
Weighted Average Remaining Lease Term
|
|
|
Operating leases
|
5 years
|
|
Finance leases
|
4 years
|
|
Weighted Average Discount Rate
|
|
|
Operating leases
|
4
|
%
|
Finance leases
|
5
|
%
|
|
Operating Leases
|
|
Financing Leases
|
||||
For the nine months ended December 31, 2019
|
$
|
22,331
|
|
|
$
|
118
|
|
2020
|
31,704
|
|
|
135
|
|
||
2021
|
28,610
|
|
|
115
|
|
||
2022
|
24,941
|
|
|
109
|
|
||
2023
|
20,661
|
|
|
12
|
|
||
Thereafter
|
16,404
|
|
|
—
|
|
||
Total future minimum lease payments
|
144,651
|
|
|
489
|
|
||
Less imputed interest
|
(13,926
|
)
|
|
(84
|
)
|
||
Total
|
$
|
130,725
|
|
|
$
|
405
|
|
5.
|
Earnings Per Share
|
|
Three months ended
March 31, |
||||||
|
2019
|
|
2018
|
||||
Distributed earnings
|
$
|
10,749
|
|
|
$
|
9,867
|
|
Undistributed earnings
|
10,369
|
|
|
10,200
|
|
||
Net income
|
$
|
21,118
|
|
|
$
|
20,067
|
|
|
|
|
|
||||
Class A common stock:
|
|
|
|
||||
Basic net income available to common stockholders
|
$
|
14,116
|
|
|
$
|
13,333
|
|
Basic weighted average common shares outstanding
|
26,584
|
|
|
26,115
|
|
||
Basic earnings per share
|
$
|
0.53
|
|
|
$
|
0.51
|
|
|
|
|
|
||||
Diluted net income available to common stockholders
|
$
|
14,157
|
|
|
$
|
13,403
|
|
Effect of potential exercise of stock options
|
235
|
|
|
410
|
|
||
Diluted weighted average common shares outstanding
|
26,819
|
|
|
26,525
|
|
||
Diluted earnings per share
|
$
|
0.53
|
|
|
$
|
0.51
|
|
|
|
|
|
||||
Class B common stock:
|
|
|
|
||||
Basic net income available to common stockholders
|
$
|
7,002
|
|
|
$
|
6,734
|
|
Basic weighted average common shares outstanding
|
13,188
|
|
|
13,189
|
|
||
Basic earnings per share
|
$
|
0.53
|
|
|
$
|
0.51
|
|
|
|
|
|
||||
Diluted net income available to common stockholders
|
$
|
6,961
|
|
|
$
|
6,664
|
|
Diluted weighted average common shares outstanding
|
13,188
|
|
|
13,189
|
|
||
Diluted earnings per share
|
$
|
0.53
|
|
|
$
|
0.51
|
|
6.
|
Property and Equipment
|
|
March 31,
2019 |
|
December 31,
2018 |
||||
Furniture and equipment
|
$
|
105,934
|
|
|
$
|
97,577
|
|
Leasehold improvements
|
43,529
|
|
|
43,065
|
|
||
Finance leases
|
504
|
|
|
—
|
|
||
Property and equipment—gross
|
149,967
|
|
|
140,642
|
|
||
Accumulated depreciation and amortization
|
(95,488
|
)
|
|
(89,215
|
)
|
||
Property and equipment—net
|
$
|
54,479
|
|
|
$
|
51,427
|
|
7.
|
Goodwill and Other Intangible Assets
|
|
Goodwill Balance
|
||
Goodwill at December 31, 2017
|
$
|
1,084,560
|
|
Acquisition fair value adjustment
|
1,246
|
|
|
Goodwill at December 31, 2018
|
$
|
1,085,806
|
|
|
March 31, 2019
|
|
December 31, 2018
|
||||||||||||||||||||
|
Gross Carrying Amount
|
|
Accumulated Amortization
|
|
Net Carrying Amount
|
|
Gross Carrying Amount
|
|
Accumulated Amortization
|
|
Net Carrying Amount
|
||||||||||||
Other intangible assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Contract and program intangible assets
|
$
|
355,932
|
|
|
$
|
205,977
|
|
|
$
|
149,955
|
|
|
$
|
355,932
|
|
|
$
|
201,298
|
|
|
$
|
154,634
|
|
Capitalized software cost for internal use
|
51,836
|
|
|
34,699
|
|
|
17,137
|
|
|
50,925
|
|
|
33,597
|
|
|
17,328
|
|
||||||
Total other intangible assets—net
|
$
|
407,768
|
|
|
$
|
240,676
|
|
|
$
|
167,092
|
|
|
$
|
406,857
|
|
|
$
|
234,895
|
|
|
$
|
171,962
|
|
For the remaining nine months ending December 31, 2019
|
$
|
16,814
|
|
For the year ending:
|
|
||
December 31, 2020
|
$
|
21,758
|
|
December 31, 2021
|
$
|
19,028
|
|
December 31, 2022
|
$
|
16,434
|
|
December 31, 2023
|
$
|
13,464
|
|
December 31, 2024
|
$
|
12,199
|
|
8.
|
Debt
|
9.
|
Commitments and Contingencies
|
10.
|
Stock-Based Compensation
|
•
|
Volatility
—The expected volatility of the options granted was estimated based upon historical volatility of our share price through weekly observations of our trading history.
|
•
|
Expected life of options
—The expected life of options granted to employees was determined from historical exercises of the grantee population. The options had graded vesting over
three years
in equal installments beginning on the first anniversary of the date of grant and a contractual term of
five years
.
|
•
|
Risk-free interest rate
—The yield on zero-coupon U.S. Treasury strips was used to extrapolate a forward-yield curve. This “term structure” of future interest rates was then input into a numeric model to provide the equivalent risk-free rate to be used in the Black-Scholes-Merton model based on the expected term of the underlying grants.
|
•
|
Dividend Yield
—The Black-Scholes-Merton valuation model requires an expected dividend yield as an input. We have calculated our expected dividend yield based on an expected annual cash dividend of
$1.08
per share.
|
|
Three months ended
March 31, |
||||
|
2019
|
|
2018
|
||
Volatility
|
26.99
|
%
|
|
26.34
|
%
|
Expected life of options
|
3 years
|
|
|
3 years
|
|
Risk-free interest rate
|
2.39
|
%
|
|
2.46
|
%
|
Dividend yield
|
2.00
|
%
|
|
2.00
|
%
|
|
Number of Shares
|
|
Weighted Average Exercise Price
|
|
Aggregate Intrinsic Value
(in thousands) |
|
Weighted Average Remaining Contractual Life
|
|||||
Stock options outstanding at December 31, 2017
|
1,169,408
|
|
|
$
|
35.88
|
|
|
$
|
16,731
|
|
|
|
Granted
|
466,828
|
|
|
$
|
54.87
|
|
|
|
|
|
||
Exercised
|
(420,524
|
)
|
|
$
|
30.85
|
|
|
$
|
12,411
|
|
|
|
Cancelled and expired
|
(122,312
|
)
|
|
$
|
43.85
|
|
|
|
|
|
||
Stock options outstanding at December 31, 2018
|
1,093,400
|
|
|
$
|
45.34
|
|
|
$
|
8,776
|
|
|
|
Granted
|
250,231
|
|
|
$
|
53.52
|
|
|
|
|
|
||
Exercised
|
(51,089
|
)
|
|
$
|
32.61
|
|
|
$
|
1,079
|
|
|
|
Cancelled and expired
|
(21,265
|
)
|
|
$
|
49.48
|
|
|
|
|
|
||
Stock options outstanding at March 31, 2019
|
1,271,277
|
|
|
$
|
47.39
|
|
|
$
|
8,846
|
|
|
4 years
|
|
|
|
|
|
|
|
|
|||||
Stock options exercisable at March 31, 2019
|
423,532
|
|
|
$
|
38.93
|
|
|
$
|
6,392
|
|
|
3 years
|
|
Number of Shares
|
|
Weighted Average Fair Value
|
|||
Non-vested stock options at December 31, 2018
|
774,402
|
|
|
$
|
8.77
|
|
Granted
|
250,231
|
|
|
$
|
10.04
|
|
Vested
|
(157,473
|
)
|
|
$
|
7.38
|
|
Cancelled
|
(19,415
|
)
|
|
$
|
8.95
|
|
Non-vested stock options at March 31, 2019
|
847,745
|
|
|
$
|
9.40
|
|
|
Number of Shares
|
|
Weighted Average Fair Value
|
|||
Non-vested restricted stock at December 31, 2017
|
24,000
|
|
|
$
|
37.90
|
|
Granted
|
24,000
|
|
|
$
|
52.83
|
|
Vested
|
(28,000
|
)
|
|
$
|
40.03
|
|
Non-vested restricted stock at December 31, 2018
|
20,000
|
|
|
$
|
52.83
|
|
|
Number of Units
|
|
Weighted Average Fair Value
|
|||
Non-vested RSUs at December 31, 2017
|
161,343
|
|
|
$
|
31.36
|
|
Granted
|
76,713
|
|
|
$
|
53.97
|
|
Vested
|
(87,200
|
)
|
|
$
|
28.40
|
|
Forfeited
|
(13,260
|
)
|
|
$
|
38.98
|
|
Non-vested RSUs at December 31, 2018
|
137,596
|
|
|
$
|
45.11
|
|
Granted
|
88,955
|
|
|
$
|
51.60
|
|
Vested
|
(53,688
|
)
|
|
$
|
40.56
|
|
Forfeited
|
(3,267
|
)
|
|
$
|
52.09
|
|
Non-vested RSUs at March 31, 2019
|
169,596
|
|
|
$
|
49.81
|
|
11.
|
Subsequent Event
|
Item 2.
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
•
|
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;
|
•
|
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;
|
•
|
Adverse changes in U.S. government spending for programs we support, whether due to changing mission priorities, socio-economic policies that reduce contracts that we may bid on, cost reduction and efficiency initiatives by our customers or federal budget constraints generally;
|
•
|
Disruption of our business or damage to our reputation resulting from security breaches in customer systems, internal systems or service failures (including as a result of cyber or other security threats), or employee or subcontractor misconduct;
|
•
|
Failure to realize the full amount of our backlog, or adverse changes in the timing of receipt of revenue under contracts included in backlog;
|
•
|
Issues relating to competing effectively for awards procured through the competitive bidding process, including the adverse impact of delays caused by competitors' protests of contract awards received by us;
|
•
|
Failure to obtain option awards, task orders or funding under contracts;
|
•
|
Renegotiation, modification or termination of our contracts, or failure to perform in conformity with contract terms or our expectations;
|
•
|
Failure to successfully integrate acquired companies or businesses into our operations or to realize any accretive or synergistic effects from such acquisitions;
|
•
|
Increased exposure to risks associated with conducting business internationally;
|
•
|
Non-compliance with, or adverse changes in, complex U.S. government laws, procurement regulations or processes;
|
•
|
Adverse results of U.S. government audits or other investigations of our government contracts; and
|
•
|
Adverse change in business conditions that may cause our investments in recorded goodwill to become impaired.
|
|
Three months ended
March 31, |
|
Period-to-Period Change
|
|||||||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
2018 to 2019
|
|||||||||||
|
Dollars
|
|
Percentage
|
|
Dollars
|
|
Percentage
|
|||||||||||||
|
(dollars in thousands)
|
|||||||||||||||||||
REVENUE
|
$
|
501,930
|
|
|
$
|
473,236
|
|
|
100.0
|
%
|
|
100.0
|
%
|
|
$
|
28,694
|
|
|
6.1
|
%
|
Cost of services
|
431,083
|
|
|
403,933
|
|
|
85.9
|
%
|
|
85.4
|
%
|
|
27,150
|
|
|
6.7
|
%
|
|||
General and administrative expenses
|
42,315
|
|
|
42,882
|
|
|
8.4
|
%
|
|
9.0
|
%
|
|
(567
|
)
|
|
(1.3
|
)%
|
|||
OPERATING INCOME
|
28,532
|
|
|
26,421
|
|
|
5.7
|
%
|
|
5.6
|
%
|
|
2,111
|
|
|
8.0
|
%
|
|||
Interest expense
|
(484
|
)
|
|
(734
|
)
|
|
0.1
|
%
|
|
0.2
|
%
|
|
(250
|
)
|
|
(34.1
|
)%
|
|||
Interest income
|
190
|
|
|
15
|
|
|
—
|
%
|
|
—
|
%
|
|
175
|
|
|
1,166.7
|
%
|
|||
Other income (expense), net
|
(42
|
)
|
|
4
|
|
|
—
|
%
|
|
—
|
%
|
|
(46
|
)
|
|
(1,150.0
|
)%
|
|||
INCOME FROM OPERATIONS BEFORE INCOME TAXES AND EQUITY METHOD INVESTMENTS
|
28,196
|
|
|
25,706
|
|
|
5.6
|
%
|
|
5.4
|
%
|
|
2,490
|
|
|
9.7
|
%
|
|||
Provision for income taxes
|
(7,066
|
)
|
|
(5,679
|
)
|
|
1.4
|
%
|
|
1.2
|
%
|
|
1,387
|
|
|
24.4
|
%
|
|||
Equity in earnings (losses) of unconsolidated subsidiaries
|
(12
|
)
|
|
40
|
|
|
—
|
%
|
|
—
|
%
|
|
(52
|
)
|
|
(130.0
|
)%
|
|||
NET INCOME
|
$
|
21,118
|
|
|
$
|
20,067
|
|
|
4.2
|
%
|
|
4.2
|
%
|
|
$
|
1,051
|
|
|
5.2
|
%
|
|
March 31, 2019
|
||
Backlog
|
$
|
8.4
|
|
Unexercised contract options
|
5.7
|
|
|
Remaining performance obligation
|
$
|
2.7
|
|
Item 3.
|
Quantitative and Qualitative Disclosures about Market Risk
|
Item 4.
|
Controls and Procedures
|
Item 1.
|
Legal Proceedings
|
Item 1A.
|
Risk Factors
|
Item 6.
|
Exhibits
|
|
|
MANTECH INTERNATIONAL CORPORATION
|
|
|
|
|
|
|
|
By:
|
/s/ KEVIN M. PHILLIPS
|
Date:
|
May 3, 2019
|
Name:
|
Kevin M. Phillips
|
|
|
Title:
|
President and Chief Executive Officer
|
|
|
By:
|
/s/ JUDITH L. BJORNAAS
|
Date:
|
May 3, 2019
|
Name:
|
Judith L. Bjornaas
|
|
|
Title:
|
Chief Financial Officer
|
1 Year ManTech Chart |
1 Month ManTech Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions