MANT - Earnings call transcript Q2 2018 | Mantech International Corp

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Operator

Ladies and gentlemen, good afternoon, and welcome to the ManTech Second Quarter Fiscal Year 2018 Earnings Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session, and instructions will follow at that time.

As a reminder, this conference call is being recorded. I would now like to turn the conference over to Stephen Vather, Executive Director, Corporate Development.

Stephen Vather

everyone. Welcome, on call. participating second ManTech's for quarter Thanks two On CEO; and Judy we have Wagner, CFO, President and Kevin Phillips, our Rick Bjornaas, and well Matt today's Presidents. as call, as Tait Group Executive Vice President

could These that to Private During historical actual not the Act Securities cause statements pursuant Litigation facts make Harbor factors Safe XXXX. forward-looking address to are Reform do the differ this forward-looking thus provisions to will subject materially call, results. made anticipated we that statements statements are and of results of the from

factors For would to other CEO, the forward-looking a over to like full Factors XX-K discussion I Phillips. of on entitled filings. made call to section our statements other and these in refer obligation call. risk We please our any latest With no that, Form and to and update uncertainties, of Risk Kevin this the our risks turn the SEC undertake Kevin?

Kevin M. Phillips

pleased ManTech number solid of pace continued that afternoon, and for a of awarded to aggressive Good us in were put report organic an growth. quarter I'm delivered of new performance. maintained that position everyone. growth We exceptional a another contracts

income, defense cash FY the market quarterly financial Congress on generally in to per key draft of we pleased with And standpoint, income, are headway remained All flow line be with President's meaningful budget XXXX and that from appears our revenues, strong. markups operating share exhibited net request. environment growth metrics making The including earnings appropriations year-over-year. being a budget

of towards domains We're continues slight seeing broadly to be focus lead of national Overall, cyber defense resolution, for impact within strategies. and apply customers to capabilities the security both with (XX:XX) national policy execution. more for and efforts the portfolio supporting which a industry. have a and space new budget These and with potential strong well-aligned under priorities. awards XXXX continuing FY is customers there contract However, on the timing ManTech's could begin

Lastly, the of improving focused to the the technology and to as customers mission, as be streamlining speed continue process. on well bringing talent acquisition

few enterprise our bolstering Over Those have years, strategic and improvements secure full-spectrum ManTech's and engineering, IT last solution of the taken have investments the technical consistently analytics. improving cyber and solutions engine, our steadfast capabilities solutions, differentiators software investments in data business form in I systems acquisitions. in our discussed development

scale IT improvements quarter, in to ramp-up Additionally, our pleased performance a recruiting to and systems anticipated our winning say we that to and particularly modernization infrastructure the support growth. area of systems enterprise I in that the contracts of is around made new am result across of of the embracing focused and technology successful strategy. on trend business. operating we ManTech's This team leadership. is awards. the these are is a are that focused differentiated experiencing contract new solutions, our multi-year turn, continuation agility a In performance Customers and

and systems, new capabilities engineering its enhance the the aviation expertise It and on a manned one call, IT This electronic platforms. Navy's mission earnings to with ManTech modernize noted contracts were work quarter, Poseidon In us. early the we second several and on will is million Department agency. ISR PXC in last the unmanned won of we our P-XA efforts supporting the platforms. contract use contract IT all initiatives modernization awarded XX-year ManTech. As aircraft warfare $XXX and the Defense new help across for the represents larger of enterprise the to of quarter, awarded Orion

ManTech. second $X.X in represent times. of awards electro-optics, the SIGINT systems sensors for and quarter, platform. modernize of X.X in book-to-bill contract billion total, a and In awards resulting measures Additionally, unmanned electronic including ManTech the QX help radar, MQ-XC the support had XX% on will communications, Triton new we quarterly work in

recompetes, up of backlog bookings to billion new pace. up level funded this year to X% billion end, track June, $X of billion $X.X are we And We work. year; approximately $XX backlog our drove and lighter $X.X remain much the total to and skew on XX% full quarter the outstanding. at and rapid will goal. Strong our year proposals between of billion at half roughly occurring for our billion. bookings towards full Given had to submissions still adjudications a submitted we $XX through submit of Proposal

$XX over opportunity remains billion. healthy pipeline Our at well

our to Services Matt our of before performance details Judy Lastly, the extremely our specifics joined and Solutions new has Matt over and Tait, financial to discuss We're I and Group. to introduce I it of that Mission outlook, President are turn want team federal a in homeland market. with working I strengthening with throughout driving leading his provider ManTech's and as the and security Matt missions. to forward leadership to changes the focused position look continue impressed on closely and focus national technology pleased

Now, to it Judy? I'll turn over Judy.

Judith L. Bjornaas

million, Over growth up second XX% driven XXXX. to requirements. customer Direct up of procurements Thanks, organic. the to of growth, continued the second was strong Kevin. $XXX was year-over-year. show by also And our we material half the compared increased quarter quarter for labor Revenue XX% revenue in quarter experienced

time-and-materials. was in and $XX.X quarter, item, the prime bid above of $X.XX The tax $X.XX the lower than diluted pipeline. the XX.X% XXXX. Net a compared of result effective rate of in quarter the was spend discrete quarter, the of to was slightly came higher share for the was of cost-plus, proposal up for Operating million indicated new XX%, RFPs in X.X% up spend income fixed-price, driven changes timing proposal XX% our quarter to quarter which one-time of and was within XX% respectively, previously by on by revenue. and For Contract due earnings EPS a per second opportunities from XXXX. reduced quarter. business XX% million our income represented expectations, quarter lower was and operating The contracts items. mix our second and $XX.X bid and for of XX% Quarterly approximately margin XX% XX% some the tax

Now, on flow the sheet and balance cash statements. to

Our $X balance in end and at sheet cash (XX:XX) quarter million of million $XX shows debt.

net from days one-day $X.XX current XXXX. of for authorized board both or quarterly dividend quarter, The income. has our cash share of to we us improvement a times XX year-over-year. X.X During generated operations maintain paid to XX, sequentially quarter, the per and was million $XX September DSO be the

to compared Based Now, are communicated. the on we range we outlook. and previously XXXX to on performance revised our narrowing to date, our revenue raising what

charge for revenues $X.XX $X.XX share $XX.X to We $XX.X this quarter. to $X.XX of net billion, earnings income $X.XX are by impacted and billion calling per now and $X.XX diluted million between with of million booked the

risk procurement, strong recompete revenue guidance. any and and Achieving of will well visibility the in ramp-up the our awards. on of minimal material range of contingent XXXX higher new the contract pace as as timing have be the end We revenue

be around and we contract expect ManTech. related putting to opportunities We in are recent timing We maintaining higher the our depreciation amortization emphasis receiving to of ensure pipeline revenue best XXXX. changes X.X%. to of are our expenditures are previously awards, extra still complexity the to The around our communicated be And X% year X.X% the on guidance given mentioned are for capital execution operating proposal drive anticipated customers and of from the second to earlier half. of for I margin X% investments program and bid

into net rate shares. for income remains XX.X% guidance, and X.X year from the flow count share Built our estimate times X.X effective fully XX.X% of of and operations times between our $XX year. to cash a range full Our full tax diluted million

recent to offer want I remarks conclude, I our respect some to contract with Before awards.

Our contract awards growth proposal volumes XXXX. in and support

and expectations with it However, provide for specific is guidance premature to year. next detailed you

Over higher have contract an contract year-over-year award, of which given level detail. but have award additional offered last on values program our specifics, moving visibility, will increase offer it we less level want program intent program regular note I XX a provide an some forward. our duration provides Please updates this the or average immediate some financial on of the not awards basis strong We to others commentary size the for have but multi-year is and months, that impact. seen to generally in not of recent

On transition a contract $XXX IT expect earlier, multi-year we discussed enterprise the that million Kevin period.

requirements. will expenditure the there the Additionally, capital program, nature given of be

and the We through of will the view of have we capital move transition as period. timing expenditures level a better

an updated expected capital will view provide of when We expenditures guidance. XXXX we detailed discuss

and our will civilian defense speak federal to Matt business. Now,

Matt Tait

edge. at Judy, the I and forward that customer to the at for Thanks, to to our market a been ManTech, my be is of Together bringing the to truly opportunity challenges. covered Solutions driving continue time look on innovation ManTech. am wins our digital success and at thrilled I the opportunity as and mission. to here by solutions culture the tactical and pleasure Mission and George In mission it's toughest unique expanding throughout have able and observe a spectrum the bring we Kevin I their customers' the colleagues, brief Navy. notable Thank mission forward my Kevin, the the Services focused technology with position genuinely our to Group. lead solve to with to you,

with the vehicle ceiling with there in solutions. of were IDIQ services position federal Additionally, policy, with and a this contracts. procure billion ManTech a X of range our XX-year on awarded the to quarter, no a We a award. its GSA booking by associated on continued build strong to agencies Alliant used is portfolio vehicle, IT $XX Consistent

it solutions an over the given continued and is growth Rick, to However, federal IT important ManTech's in enterprise providing you. vehicle government. mission secure to

Richard J. Wagner

Matt. Thanks,

IT This As with to program Kevin discussed to provide longstanding Judy proud and mission programs. am with security aligns our award national I earlier, IT and enterprise secure important recent an enterprise well important customer. of our have contract

few smooth satisfaction. As serve key foundation squarely portfolio, to and others an delivering program, build our volume ensure and upon nicely with our of we the and on to dovetail others in superb opportunities This a focus mission value is is the enterprise our execution at success IT up customer increasing the in program forefront convergence program, providing as stand ManTech coupled this enterprise with ramp-up excellent cyber pipeline. past over of and of IT. this With the win and and years, cyber and

ManTech Now, touch to on how differentiate let itself. continues me briefly

enterprise is technology growth to in As expand we IT, we all Coupled know, commercial continuing the are relationships change with in world. in technology unrelenting. secure thought leaders our our with

development focused automation, analysis, of leading with engaged learning, technologies firms to on are intelligence. machine data big and We artificial innovative

vary these partnering in future technologies mission. these a that taking to are of customers' our solutions support to utilize in maturity, develop While view the and technologies we

programs. and I've and growing we mentioned set execution our recruiting leading continue successful retention, of as improvements see of Lastly, to our in on to previous stand calls, up

business remain from people, our strength. While on results focus operational we they steadfast keep these given a biggest are strong seeing improvements, we our

remarks. to the Now, turn to over like Kevin closing back I'd call for

Kevin M. Phillips

ManTech broader dedication and for our the recognize to strategy. want I team their conclude, executing to I Before focus in continued

agility. focus, maintaining large breadth size customer us knowledge technical operating and to experience contracts, and provides of and strong market intimacy while and Our model the and win depth compete

Our attribute opportunity pipeline. ManTech's resulting on success our our homeland bookings, and important steadfast in most are a strong that, focus and organic healthy important people. national is ready their growth, industry-leading ManTech delivering missions customers to we differentiator, take security questions. and to With We this your

Operator

Tobey of from comes question Sommer first SunTrust. Our

line Your open. is

Kwan Hong Kim

Kwan Hi. on Kim, taking you This for for Tobey. my Thank is questions.

Kevin M. Phillips

Sure.

Kwan Hong Kim

you time somewhat on Thank or would DoD, multi-year seem multi-step, what IT of linear transition have the an the transition the function? And services the of required multi-year contracts enterprise for you. period a appropriate would for the First, more range be mentioned?

Matt Tait

fairly prescriptive there's that period. sequentially all of I it specifics XX-month comment the will On happen about a but and an over on ramp-up, that, can't contract,

Kwan Hong Kim

Okay. clearances environment bottleneck become difficult versus the view you at of the since like was loose of could or today what it security has in hiring more for the year? And beginning talk this employees more about become year? last obtaining Has it your

Kevin M. Phillips

So, two components.

on not continues ability but improvement. meet doing people as been sure contracts. the market material, continue bring is hiring federal our win I'd said, show customers to very very last meet to over we I'd the the this awards contract end it's our lifting very to the the higher to the And to and focus terms talent clearances improvement, that heavy are we say missions. being to three adding we've quarters, some be In tight. able improve make to beginning continue of focused The market, labor for labor also at that to national that successfully security timeline some to That also and on some on note successful

Kwan Hong Kim

it. you much. Got very Thank

Operator

Our next Gautam question of Co. and from comes Khanna Cowen

line Your is open.

Gautam Khanna

Yes. you. Thank

you items comments I if First, specifically some expand was referencing quarter. there one-time were were What could upon besides the wondering in headwind? you your the that tax

Judith L. Bjornaas

higher margin, really X.X% the EAC XXXX little just adjustments, but coming that to, going to was one-time no was and of to nothing items, bit we about It little was said, B&P but came a large to just the we're first like had X.X% half in than It related QX higher. be we bit contract closeouts, guided of expected, kind in due I things specific. a – specific originally nominally one like that, item. in typical and the

Gautam Khanna

outstanding? actual you of Okay. Got have with think, Kevin, on mean, the actually prior I continuing to QX historical could QXs? in it. pipeline, on could just the in on elaborate in pipeline line bookings based better, what the remarks And relative contract years, to the have your wanted a maybe be potential on from you I you what more you be actually guys what for resolution, it what maybe this be might based

Kevin M. Phillips

Sure. Yeah.

I'd what things customers seeing do. a requirements from we're that the continuous say for volume of So, high is we our

proposal our year the higher. overall is and basis, the higher So, and volume level a is for award we anticipated on quarter-to-quarter

or a within to huge, specific our QX So, say harder it's event. government for that, QX me what's

there's expected and board, demand on compared I timelines. surge wouldn't all we're say I the based the they're a high across every just But, a that quarter I'd think seeing that heavy. to higher in other expect QX

a billion out quarter of that we'd fairly is ratably, we'll So, if volume with it be those see it regardless how proposals about you plays to comes high a but which and think in. outstanding, adjudicated quarter-to-quarter, $X expect

Gautam Khanna

have you years? fiscal big time as prior a around And on government will think as lose it it be view in factor do kind a seeing use that's of year-end a on or or Okay. may do the stuff get have function mentality not by whether it you forcing this the been obligated

Kevin M. Phillips

out. availability and No, driving we're I think completed funding quickly. more strategic That just need and are the reporting we that includes both decisions quarter

same quarter, I demands that apply national well. we up. meet QX the heavy there view. move to a So, generally would quarter-to-quarter variability push timing heavy, be volume see of It a more may proposals to need tone it's be but for delays that is things not specific I'd quickly but at It's to will moving say may that the based anticipated time to things and say that more as security or consistent, on fairly and hard

Gautam Khanna

me. And Judy, Perhaps, you growth one could just quarter? the Okay. one organic for the quantify last in

Judith L. Bjornaas

than It's more half of the total growth.

Gautam Khanna

Okay.

Judith L. Bjornaas

So...

Gautam Khanna

much. I guys. it Thank you appreciate very

Judith L. Bjornaas

Yes.

Kevin M. Phillips

Thank you.

Operator

Fargo. Our next Wells question comes Caso from Edward of

line Your open. is

Edward S. Caso

guys it's was numbers CDM has award, has that believe a that's Hi. Good evening. for QX believe I in shown you really possibility in any big your – that QX up won been I the protested. contract, of – a $XXX that million? Did a DEFEND, which

Kevin M. Phillips

the to award we're would is through recorded if maintaining our always are the protest, successful It cleared. likely wait debates that around and Yeah. is is Kevin, until the for protest in in any We in not – have and these to our QX then government protests it's number. not be that as our it QX awards, work bookings

Edward S. Caso

you... Can Great.

Kevin M. Phillips

bids. I'd many there work around, roll note both as these of of within work it's into not are thing has new existing larger that work. bundle combinations so new one work contractors CDM for and A all that, the existing that lot that

Edward S. Caso

win of that more rates last you've can Since is about Right. since year and your year? you had opportunity change new, talk this your any

Kevin M. Phillips

had demand are as And say rates not level. we something but been Timelines This market, every has work adjudicate the be that continuous competitive a that I that improving. make well. capability those at a increasing. win to side we to our day win we anything the best by the that Broadly, has for would rates put have forward sure we volume solution for proposal current bid. expect to improved government been have would and

Edward S. Caso

me Let one sneak more. in

you thinking the in What balance sector. M&A? You've best got sheet are the on

Kevin M. Phillips

say, our me very to to a continue gaps it have sets, narrows need that opportunity looking and and we our in of focused hard a taking strategy of is in the be customer flow, doing areas is activity the field. going course on I'd to than but we're at focused where view heavy market. important comes up again be overall ordinary We it's that, normal and we're There it say when on every for for anything very of opportunity different a strategy positioning and how that the

Edward S. Caso

you. Thanks. Thank Great.

Kevin M. Phillips

Sure.

Operator

comes from of Vafi Capital. Loop question Our next Joseph

Your is line open.

Joseph A. Vafi

fixed-price, disclose type contract guys. Hey, I Defense another contract it, structure or large Good Agency this may new but afternoon. structure cost-plus you missed can have win type? on

Judith L. Bjornaas

typically give don't We on Yeah. contracts. specific details out

Joseph A. Vafi

I this where you is something rebadging if it's you then, large wondering a do this from could existing situation as that disclosing see the difficult, on And was is staffing – Okay. some if incumbent? or contractors

Kevin M. Phillips

line in with period, staffing we're on the over as do one transition continue successful throughout we've said, And a initial well transition. that I this and been is will fairly contract to in staffing. This staffing other our being expect Like and contracts. well we long

Joseph A. Vafi

And maybe last on last – helpful. just just large – wins then of an summer that's Okay, update the year. some

an full if fully any ramped some there are yet of that point to those – have and contracts. Thanks was wondering this much. is think I fully overall in production fully very I update ramp, at and those on just really

Matt Tait

contracts are Group. from that this is year we fully Matt. within So, wins had the our biggest for MSS ramped the last Yeah, two

Kevin M. Phillips

that. we're We've So, been state on pretty Joe, steady successful. very

that work is winning work, that new current of think I kind else and up. ramping So, everything

Joseph A. Vafi

Thanks much. very Good.

Operator

comes next Stifel. DeNardi Joseph question of from Our

Your line is open.

Joseph William DeNardi

you for maybe. Kevin, Nice Yeah. just quarter, questions Thank two you. everybody.

do of bridges if going extensions recompete your or whether can to that I of just and seeing you what for typically would. bookings used. risk smaller heard than think being I'm forward and that rolloff we've wondering more talk gap fill think means about peers a kind need you your we're they from some

Kevin M. Phillips

current and of materially becoming expect extensions on are mission – increased be rate year's the average. based need. expansions the work to has That year, and recompete win recompete mean, for on second which yes, win not next So, this half more market we rate has reduced routine, the rate I it overall

Joseph William DeNardi

about has you've Okay. some but your you kind sustainable. recent why appreciate rates that really Thank just as may maybe it the And Are temper the rate of opportunities the you be I has? then, expectations, to wanting good that not talk you. of win mentioned had been wheelhouse? as can in

Kevin M. Phillips

do time as generally that's the improving say competitive our will, if focused But I during and our and we the an the have I've quality I leadership the thing few retain and have it's would spent Sure, above. and our the and of time solutioners, investments time market commitment getting of to of point to wants has anybody on be as on, add in. when I something that, intentional ability over to But it's else But or last that made game And was very we've down the every mentioned, paying talent, extremely as made to bid. this team we submit the attract market our investing a was it's dividends mentioned, improving lot by all proposal years. we a to and today. design to very team and our a always

Joseph William DeNardi

you. Okay. Thank

Operator

Capital comes Markets]. question Ben next (sic) Market Klieve of Capital Our [Noble from Noble

open. is line Your

Ben Klieve

you. All right. Thank

for hope adjudication. regarding more earlier question you on award Kevin, I me. can a pacing comments of elaborate one Just the your bit

wondering awards. you existing a improving, comment timelines new you are that for that versus these if between said see the Did break down broadly can bit You I'm but adjudication awards evolving second do the same the dynamic And timeline over two? improving the see of at and quarter then, quarter? rate how you during or prioritized kind next here being the that

Kevin M. Phillips

needs. based improvement So mission is focused and they're acquisition on process, the the industry on and

as or needs it's existing recompete, work it matter. new, going, are doesn't mission set So, long as an whether the of

to thinking out the improve customers very split on can't timelines been are get And be responsive timeline plays customers how to it think ago. way. that improvements. don't it I focused our in again, forward, since mission – needs that two way. that improved they So, to that and have, things I going our the that years need to definitely see how hasn't they terms of out But, we'll are it's

Ben Klieve

you. good. Got Very

Okay. That's...

Kevin M. Phillips

what factor. as they in want certainty well, a more certainty bidding big which what There's they're more is and on

Ben Klieve

Got it. I'm sure.

Thanks for in and back good. queue. comments, the Very get Okay. I'll

Operator

question next of from Our comes Drexel Hamilton. Brian Ruttenbur

Your line open. is

Brian Ruttenbur

Okay. much. Thank you very

quick real I So, CR. have just a on macro question the

– this reporting, in of of what's variety you could year, you a and happening a from at I've you about anticipate of you're the the and seeing the of likelihood what the a on your mentioned CR talk bit CR believe heard If your top couple the companies what comments guidance little for and things CR. offline what a you

Kevin M. Phillips

Sure.

the federal budget moving on in last activities they're can see week that of the what Congress. amount is that and they So, generally, decisions quickly fairly and making need government the you this about week the And within requesting.

are order. I support just That trend ready towards through decisions negotiations regular those that. made. final very think can positive And we want everything has mean, tell. to requirement you process run make any and So, to we're on of bets never whenever We to don't sure I make a said, a that's

tell So, no. again, do going about or a government on the what CR you to can't I bank decision-makers or are

Brian Ruttenbur

a as Then, Okay. just follow-up.

you that Given this say won't maybe rate. your or rapid the continue at win high backlogs, rate

internal growth what's XXXX where in see going wins, acceleration you Given on your an now? you in with your right stand do

Brian Ruttenbur

increasing. It's about but us the been XXXX, contract the has of tenor new to a mentioned, little premature for we've talk awards as

giving So, bookings of high these visibility are short-term impact. a really a much growth us more versus lot multi-year having

Brian Ruttenbur

Okay. you. Thank

Operator

Credit Spingarn Robert Suisse. from of Our next question comes

Your there. Robert LLC Hi (USA) Securities Credit - Spingarn M. Suisse line is open.

Kevin M. Phillips

Spingarn Securities LLC Robert (USA) M. Credit - Hello. questions. Suisse Couple

material that the for Kevin, which is growth, on think Judy growth one. we some you. so that's there one I or that. included think ones, how the level, are on questions the the more were So, complex do like But, then then wait organic there? for one for second and do second direct sounds First I acquisition over said to And just second half about one question higher a want it because to labor, you Judy, – is

Judith L. Bjornaas

Yeah, I the say direct revenue line would our and grown growth. subcontractor content no, in labor Okay. has ODC our with that

yeah. coming Credit Securities M. LLC that. it's well, thanks components, - both Spingarn going Suisse Robert – (USA) So, from So (XX:XX:XX) is okay, for

So, we're a think Kevin, the do level look at to high at one level, of much things all of backlog. trying I total this is higher

these tremendous wins. You've had

Some We But X.X of are will be your backlog higher don't duration. billion those. long them understandably about so. know total at what the for the look funding it's I times off at bottom, outlook when or $X.X

Kevin M. Phillips

times Yeah. times. X.X Robert has Funded Credit - sales Securities bottom off (USA) about Spingarn numbers, X.X LLC X.X backlogs the and M. about smaller is times, Suisse or

think a to that? that the construct XXXX me and out Judy, I'm nice to to... about at there's some what point this Is this all you asking annualize of figure number a doing. then trying that. leads that total impute thinking at I'm for opportunity real catch up Kevin But So, here, way some that? you right but is to I from that think not guys to do growth guidance, am is point backlog, translates there sort total the some do So, you this sales what How backlog

Kevin M. Phillips

it's comment actually, important so I'll factor, on that. Well, Yeah. an

O&M that more funded government because level more So, your versus money, major that's backlog to going on we're if drive supporting overall duration what's one-year not it's or – like if that, backlog, current. but things has multi-year and support total any multi-year, award Contract it's the backlog. long-term money year, given the procurement, procurements,

in five Credit significantly of overall X an the years increase in revenue for I as assurance to near-term ago, the stream. that longer is some three backlog. seeing fair and it provide in and built And will than that link a maybe growth be that the three the growth that level so years. years will Spingarn on now Is can't does think was conclude we're three the Suisse average of to average it to say as XX and - between time? mean, LLC to what the M. it total Robert here And is increased at can (USA) five that provide anywhere and ago. factor years, length into people backlog the was it that very awards for is awards contract based time increased five will I Securities are that accelerating basic that would real length is different quickly

Kevin M. Phillips

going hit and It's average - be Spingarn Fair will contract. accelerating, you Robert based of it's level, LLC Securities enough. (USA) sustained Suisse much. it more the Credit length Okay. to or term M. on a a Thank very

Stephen Vather

Ashley, it appears questions further that we at this time. have no

participation any As ManTech. your our of you senior Thank call team for today's will usual, members be your question. for available all on follow-up and interest in

Operator

have Ladies evening. and gentlemen, this a and does participation, conclude today's conference. your Thank you wonderful for

all disconnect. now may You

Stephen Vather	ManTech International Corp.
Kevin M. Phillips	ManTech International Corp.
Judith L. Bjornaas	ManTech International Corp.
Matt Tait	ManTech International Corp.
Richard J. Wagner	ManTech International Corp.
Kwan Hong Kim	SunTrust Robinson Humphrey, Inc.
Gautam Khanna	Cowen and Company, LLC
Edward S. Caso	Wells Fargo Securities LLC
Joseph A. Vafi	Loop Capital Markets LLC
Joseph William DeNardi	Stifel, Nicolaus & Co., Inc.
Ben Klieve	Noble Financial Capital Markets
Brian Ruttenbur	Drexel Hamilton LLC
Robert M. Spingarn	Credit Suisse Securities (NYSE:USA) LLC

Mantech International (MANT) 1 Aug 182018 Q2 Earnings call transcript