MANT - Earnings call transcript Q2 2020 | Mantech International Corp

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Ladies and gentlemen, good afternoon and welcome to the ManTech’s Second Quarter Fiscal Year 2020 Earnings Conference Call. At this time, all participants are in a listen-only mode. Later we'll conduct a question-and-answer session, and instructions will follow at that time. [Operator Instructions] As a reminder, this conference call is being recorded. I would now like to turn the conference over to Stephen Vather, Vice President, Corporate Development and Investor Relations.

Stephen Vather

everyone. Welcome, on call. participating second ManTech's for quarter Thanks

Joining CEO; Matt Judy is Kevin Tait, President and Phillips, our Bjornaas newly COO. me appointed today our our CFO; and

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

call. non-GAAP today's For discussion discuss as uncertainties, obligation isolation provide On will latest no a SEC full Factors section of measures These believe a we other other these in undertake our for risks this please entitled financial to factors measures. update which information and not Form GAAP we in the some for useful our investors. or We substitute and should XX-K, any non-GAAP and refer call made of statements evaluated to measures, filings. be forward-looking on Risk performance the

the find that, measures the can over hand let of release. in non-GAAP quarter reconciliation a call me discussed on With Kevin. to call our second You this earnings

Kevin Phillips

everyone. afternoon, you, and Stephen Thank good

will First, I healthy be it families and covering pandemic the hope number the and continued of globe. are you a and topics. your is my that remaining impact given nation safe across the of our

broader of organic financial ManTech addressing expansion, solid pandemic on conclude cash growth, the our delivered remarks flow of awards. performance order: budget our marked the in and impact another previously of announced my by As summary exceptional and structuring quarter, financial management in following briefly market the the such will on update I contract be the and businesses, robust performance EBITDA the by changes. a an strong quarter view environment

results growth pandemic all to are exhibited our will entire key and metrics pleased I year-over-year range narrow on These of walk the through the our with steadfast for significant Judy quarter. change I'm Overall impacting sequential the increase ManTech's of quarter basis and guidance. both our even critical a Our driving continued on the financial XXXX missions. while and talented how the people specifics adapted strong revised people the business. our shortly. to keeping customers' a credit focus have guidance on at performance us

health, on the on update an has our the fortunate and are employees of our business well-being direct to impact the to in we resulted Moving ongoing of pandemic. business. impact it’s safety pandemic that from our To-date, and prioritization minimal

is are the to our been and $X allowed for few million Furthermore, talent need the aggressively and remotely in reductions. However, adversity organizations that on doubt launched without the and in of an as the And there no strength CARES some to employees, broader we months coverage ManTech intact well this we pleased the base need. in did announce those assisting have with Recognizing I'm fundraise the quarter. by raised into the or as that pandemic, keep focused we on hiring families our initiative its business the successfully to has furloughs brought their Act just fact for impacted. coupled communities effort. a over second of so

the on virus initially results. minimal mindful financial evidenced that as impact are remains the of our Longer-term We industry country and likely be from pandemic are the the anticipated. thankful near-term we that the longer-lasting quarterly by will impact than strong

matures. mean operationally what impact evaluating as thinking the to our and look topic may continually We for details on are and sharing forward us the evolves

occurring environment. market appropriations. FY to Debates the on and the are on and negotiations both 'XX Now and budget NDAA

continuing a that are anticipating likely is still resolution. the to under year begin we fiscal However,

appropriations, we us and to In of the addition the The talent and to has Cares focused maintain XXth. coverage broader are the on to September provision the that critical allowed beyond extension very and security. NDAA online industry Act of passage national

hopeful measures a Should forced continuing possible is resources. lapse fulsome industry to funds to support The unable into to cleared other significant be any furlough flexibility are more highly it and for to full-time the those coverage. a part the fully or ability base that the need We time continue are national to these of utilize capacity. may to our members customers remotely the appreciate, this broader Congress drastic support retain to in phase there is with partial that respect that as take employees talent of appropriated mission-ready security value critical be serve of to

unchanged tempo continuing risk reduction Our measures. remains largely are travel densities are remotely operational exercising quarter. with facilities, to from reduced other where limitations and the possible population Many approach caution last and in and operate customers'

being basis. Some phased a of slowly year customer selectively the are more within on restrictive earlier measures community eased the set enacted particularly and intelligence this

remains based virus. However, subject to on the or of improvement the worsening environment any change dynamic and

note growth the driven quarter As and picking the it is to our later certain It is development we to call. well up to is uncertainty as statistics may experiencing growing bit has that COVID, speak little debt. pertains factors back economic, important due procurements premature environment delays as in to with the steady, political on by and our and demand customer will these give business outlook. social remained you but our while a year of how long-term expectations to color It national XXXX into seeping full the market influence side, a for Matt level to at the the are a XXXX. remain the customers demand on comparable volume is

increasingly as However, well we about as level impact cautious and longer-term the implications. potential are

at group re-evaluated organizational decided Tait, Chief to beginning being two approach capability Lastly, we historic differentiated customers. a of July. federal across reconfigure intelligence, effective our defense our enhance and new announced We structure the structure Matt and sectors, our civilian. the Operating our approach federal our Officer to and aligned ManTech's They segmentation the to federal new market. This three closely leverage ability of will to

outlook. our of walk financial Judy? Now through revised and QX performance details Judy the will

Judy Bjornaas

Thanks, Kevin. I'm the half of of the first the performance pleased very business XXXX. with in

in main reduced a driven driver due our workforce. and contract XX% a new X.X% of point the we as year-over-year. contractor performed in with our wins improvement quarter Direct by Sustained to finding unchanged are our demand major of in labor was our served to growth XX% was the on the and posed programs expectations XX remains expectations lead In materials. as revenue complexities labor Overall, fixed growth. our footing margin We form pivotal the existing results basis key $XX XX% XXXX. navigating organic. was outpaced and strong our of was mix measures. robust the was all of hiring pandemic. plus, quarter, growth factors. our taken EBITDA Margin contract of the the for million the cost in the up drivers of quarter XX% across nearly our for direct grew of our of growth. the The remains represented XX% was customer quarter growth $XXX bolstered and by by our of the exceeded million XX% kind largely and prime by through and XX% QX and a number quarter approximately Revenue EBITDA over QX price, and work

average the significantly to next in the year lead certainly trends expect below and the We year. normalize balance of

as pandemic. a anticipated from that key most COVID. well state the in as the to asset in impact investment ease driver face strong normal spend, from restrictions. experienced items management, reductions from second those on uncertainty medical, in were reduced comes a due of the was spend mission-ready cost than freezing cost of The and indirect include conferences, Also progressed customers as to notable The quarter and compensation less non-recurring we spend which of containment executive as travel, measures began more other slowly to

Now, completion year. lower year. diluted EPS and our that revenue well margins that than year. that are the as drove a for for are higher growth solid to in $XX the impact adjusted of we a for expected position this the was better the $X.XX we of in Strong contracts than The to at from expected for margins figures. our a quarter last slightly also tax rest up approaching both have million bottom-line was pandemic, a were of compared benefited end the spending was positive estimates rate. The level as and adjust and last couple evident the QX, stronger in our of income adjustments Net accordingly noteworthy item actual of sense meaningfully growth

and was XX% income $XX was million quarter, adjusted up the last net diluted $X.XX, from year. respectively XX% For adjusted EPS and

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

last dividend pay quarterly paid in Customers day be the $XX collected at to basis level we improvement a flow net a X.X $X.XX quarter than year times in dividends has from days distributed quarter, three-day the our The For XX We and for operations of last $XX on million share million maintaining quarter. one in us from per our and quarter. authorized cash to to timely better Board end September. income. representing DSO was continue

environment we million is in current the and rate of $XX the had our attractive. end, yield million and the Given At $XX of debt. X% current believe quarter sheet quality we approximately quite cash balance of

revolver as greater repaid we of that to thankfully a not capital need liquidity for majority began course markets the of did the the the the payment stability. Over given against quarter, materialize draw the processing and normal increased show

flexibility strong Our in stellar flow and us to sheet balance growth. continues afford for investing cash

the compelling will on as we We for are are ManTech. have those that market opportunities seen financially we and strategically actively M&A return reviewing and fits execute

we on now to adjusted are Based communicated the between guidance. revenue revised XX% to the be EPS billion, income XX% for $X.X revenue, year-over-year to $X.XX and net-net our billion strength adjusted of guidance. narrowing previously on which We and our diluted performance XXXX Now, and raising as growth. represents our ranges to compared expect to-date

extended The timing variability to and pace of procurement in new and recompete in drivers to Our success business and good of five coverage material hiring visibility and is winning of recent the of of awards the contract ramping the QX. for continue continues the year. awards, our level new Act guide the for Cares our principal backlog contract balance provide XXXX the include whether peak

margins. to Turning

X.X% of point basis year, assumes for an over range upper now Our previously margin communicated. representing EBITDA the what improvement we XX a XXXX of the solidifying guidance

Underlying based XXXX there should but observed be current XXXX coverage estimates the for QX. the normalize, diluted year impacted of Second $X.XX. will there period; XX.X% are line, half margins the net million and trajectory the guidance of expectation of impact and a six bottom $XXX.X will effective shares between and a tax month million lastly, extension other rate uncertainty XX.X To and provided. At reflects changes previous the down guidance first indirect leaves slightly impact material clarify fully full risk, our that ranges EPS the count incremental we are an from of these by diluted half, be guidance An the our pandemic guidance. our costs the $X.XX on of of over catch-up which between the share employee be expecting could best $XXX.X both are in adjusted investments to income and adjusted million. in

to Now flow. cash

$XXX our represents for guide. expectations prior XX% million a operations from least our to at We are This from for year. cash the increase be increasing flow

be We to of expenditures continue X% between to to revenue. X% capital anticipate

in business the the Now to over over cover development quarter. highlights and to operational Matt

Matt Tait

Thanks some a Judy. business book-to-bill. $XXX and call Operating development Bookings join as Officer I'm today totaled over operational Chief share million in highlights. and little X.X to ManTech's excited resulting the

classified in and expansions the source extensions quarter. Sole customers bookings drove majority of with the

half the over represent awards months. of over business XX past New the bookings

$X.X holding was Our $X.X total stood at funded backlog billion backlog steady. billion and both

the contract in ManTech benefited to segments years this from over our trend. We of continue market, are has seeing strongly consolidations few and occur last

were quarter work wanted of a of that awards mixed this experienced the ManTech, Most I However, on to we there of where components we would incumbent. for efforts. a an note but couple overall were have this outcome new been

consistent that on we last to our few proposal's the figure perfect the expect be we quarter, level not approximately team, have but bookings it will will billion. years. I our these rates consolidations, $X and of Exiting drive right the pricing remain competitive a at differentiated strong. overall confident success over record Our am capabilities with healthy stood outstanding

strong see forward to capabilities continue and continued the market. I growth opportunities look federal leveraging ample ManTech's We for to across

to the ramp-up program. the Navy The fully On XX operational well front, a steady the line ramp our is XX and months NPRA is program of to gradual at holding going to time pace.

driving seeing are reduced less the as despite let a the the leave and as closing from employee we expected robust than the strong state touched This are in direct mission-ready higher-than-anticipated over all in in level individuals As labor me Kevin earlier, that, very upon quarter. for impact in and hand certainly hiring the back factors to With remarks. well the of quarter pandemic. call

Kevin Phillips

Matt. broader across focused a global of transformation in federal with environment. postures we systems demand Thanks, persistent a the bolstered uncertain with by out macro on expect you few steady. by we to In amidst remains let to the the thoughts want in I and analytics, trend closing, shown and operating more brought environment, Demand The where pandemic and customer me business in contract is take government. digital that modernization, IT enjoys cyber, ManTech cyber elevated leave questions. and on incredible remain and even and budget being resilience the threat change has growth emphasize diversity capabilities customer differentiated before

heart critical to customer We are on customer missions missions enable our working at the of focus favorable. and technology is

Our shareholders continued commitment and is to growth both value through organically through drive M&A. to

offer thanks those we on continued to I my pandemic. in want the fighting this to operating lines are front Before turn questions, to who

few are line the Operator, your months future. grateful questions. genuinely open for efforts for foreseeable past the for We all the over please and

Operator

comes Instructions] Thank first Our from question Sommer with [Operator SunTrust. you. Tobey

is Your line open. now

Jasper Bibb

on filling the hoping I on seeing the Range good is front? in update you program some and for Hey, afternoon. of could that Jasper you're Space This Tobey. us opportunities Bibb was

Matt Tait

space the having with good built are have pipeline. up conversations We a lot actually for very So, a actually we very range, of significant yes customers.

about traction we're about in there. excited we're excited to we're So more that that. very I'd details on say future. getting come the the But

Jasper Bibb

COVID Thanks. a the for how of top impact? And assumed of line then just guidance, headwind on is much update revenue billing

Judy Bjornaas

happens QX. covered then what feel as we guidance depending much. we in to with range most everything like the enough got not about happen around reasonable It's in possibilities been – It's on Really talked that most dropping Kevin of what and that. QX in broad is QX, cover might

Jasper Bibb

you very Thank Great. much.

Operator

our Khanna Cowen. question Thank from with Gautam you. comes next And

open. Your line is now

Gautam Khanna

color Yes. some was a there on if wondering was could give you of margins. EAC quarter? Judy first, benefit I from us in the the adjustments much the How

Judy Bjornaas

from kind on offset basically the of I it quarter-to-quarter. would a probably, say it usually it that was so little was But we bit washed labor enough than see COVID offset -- out. fee the more lost

Gautam Khanna

pipeline, then booked a year And into year? to in back just Okay. next and stepping looking margins and in case year this next based you see on the you've for what's do expand what

Judy Bjornaas

think lot in There's now next to six the maybe this little year. XXXX. the be happen right little we'll QX about more a call premature talk a to outperforming a I in And We're I to a give on XXXX. position color it's think months.

Gautam Khanna

talk if -- characterizes talk some opportunities? did up you you as of characterize And Sort the little wondering you're are if starting acquisition Okay. are could you types can was of seeing it? things ones I Or seeing. the you about seeing just a smaller about well? they you Are M&A again. pipeline, bit big pipeline what the

Kevin Phillips

of in it's Kevin. mean broad businesses range the there a environment fairly financing And based a know terms It's and QX. assets. overall as It's of I you just pause on fairly broad. early was in uncertainty and

heavier they of opportunities it's back but flow them the some into the I'd on a and be to fairly smaller attractive and the in So to normal seeing able good looking fit business. are little of mid-size, say, at plus it's group how bit to get

Gautam Khanna

much. very you Thank

Kevin Phillips

Gautam. Thanks,

Operator

Partners. Thank Brian Kinstlinger next from Ladies Alliance with Global question comes gentlemen, our and you.

open. is line now Your

Brian Kinstlinger

so I'm and XQ not And awards Thanks the seasonally wondering potential COVID risk strong about procurement a think I how you cycle. quarter. cycle talked impacting. a is as it is quarter much. the sales last

of do incumbents how COVID you is ability impacts in think displace as if all then of still the usually typically on So to COVID And existing third spite you at it will think as in programs? terms that quarter contractors' strong seasonally be awards? do

Matt Tait

change. of expecting to thought the there. pretty going X.X on year you terms of transitioning variability given how and a or still -- We dealing an And think seeing still for still field, to lab, each customer to I asked just of was their I care. an program so of from And about question were what in in very in much you the with rest in to a our we're choppiness see specific there reasonable our because COVID. is out all day have the terms to circumstances I on we're So incumbent. remember think really workforce -- not did is think it. that's with that the I lot They actually then mean, book-to-bill a incumbent that's is work they're a are each

lot So a places day. still folks have every government of to that we still are going

Brian Kinstlinger

talk you into spreading, typical percentage the as may quarter bookings slip a as up quarter the seasonal typically you third make strength third about saying When fourth not of the quarter it that are bookings high and does? might

Kevin Phillips

Look those it's these know But based we're Yes. will awarding activity of up. We be picking the there's on what conditions. lot when back a the seeing that's don't is government uncertain. proposal timing

tell either So yes, uncertain. Can't it's you way.

Brian Kinstlinger

meaningful And terms on if losses of size I contracts? did to hear so, Was in then, correctly? trying And revenue? ManTech you annual those you Did can were that an some lose what basis say?

Matt Tait

just what that this successful. us. was past we're the we just helped were that No trying consolidations is that quarter less But not, say to have -- in sorry look

that like We that business very diverse no contracts are have anything we large have about. concerned or a we and

Brian Kinstlinger

is and/or to program of at ones versus Can have. about the site, talk I programs frozen are more delayed? be percentage of what which or what work question, working your remotely Last staff your percentage you may billable Great. able

Kevin Phillips

Yeah. hours on-site, mission-ready beginning the distancing put that for social at to of adjustments the to and because number of making a take of the If they not of spend Not our chart, of some time. were I'll part like speak this we the state, XX%, had on customers number COVID maybe the but were that that about that. XX% things full-time, latter. into population people had crisis

are state number mission-ready dependent that is number some on hours, closer well. X% of is our hours Now population those is declining number this of but as on that to of coverage

number, it's still it's companies needing declining, number good large are but sector, our a a people, some safe fully in way. it's use So time, not that are our to until have for customers a huge operational or of that mission-ready of

are note a there measures lot preventing I more happening difference spread making spread. also stringent seeing is are kind of COVID any there our at COVID facilities that, are working. people that and If Now that really will of recently, that a facilities federal for it's we're in

So our about what security in customer I'm the And facilities place. measures and very seeing optimistic the sites. we're about safety with measures

Brian Kinstlinger

Great. time. much Thanks your for so

Kevin Phillips

Brian. Thank you, Yeah.

Operator

Thank you.

from next with comes DeNardi Joe question Our Stifel.

now Your open. is line

Unidentified Analyst

is want I Hey quarter. to the on first labor Good touch just guys John this Joe. for on market.

success You a us number we guys you broadly labor were what about tight market? color in ago labor quarter. talk this your seeing that of give given months just in of, such on, are kind some up the market? six employees the employees, up And ramping Can XXX to in you're guys

Matt Tait

in something were without one to all And of quickly the think of very any great is hire that I programs, whatsoever. to scale Well of that, really because has virtual full had to that market we've labor been different things is continue countries. with being to the look, feel onboarding us that for really, already XX some we done having sure. of a dip Yeahs. we competitive start able just first job we But still

was So I hiring to we that leaned felt say actually so program the for we've just something we accelerate -- was would that found that us. a into,

Kevin Phillips

location The as teleworking But last business. too. the infrastructure off the place investments, sure securely the we've and add any to paid can help in over that for our grow I'll work, really that national make put is is few briefly. also to structure strong well workforce as really years to

So ability really I work bring out remote force. think of that, on It our support well our out And was terms things but well. to workforce. worked remote in really worked also uncertain, they've a

Unidentified Analyst

just Good guys. Thanks, now to pivot to M&A I color. want the environment.

about prior affect kind of going been to I always You want very your different into customers? Are place that your now to in year thoughts comes starting decisions years. get versus that And how it around how does in you your guys risk? civilian your approach. political have we've defense than just disciplined of when election a kind to approach very seen

Kevin Phillips

appreciate that. Yes, that's great a We question.

regardless. spend. We'll in who's about cyber, XX are areas continuing discretionary to fly years. branch continue then that platforms to you start focused last just both That around at State, I'd the will to do defensive for the see view of a focus we the be be focus to on the the general, compete to If of still there's in adjust But would DHS, continue we'll side to us it's executive for Department Health are and space, whatever And to have macro and allocate looking. good that to that. be a able focus how role framework grow on going things say of just ultimately those the budget of trends the as federal within determinations that -- we look But are Federal going prioritization be budget and and that we equation the like is digital. about look of business. quickly going budgets and to on we in move what the they be space see and suggest a things elections want able legislative at lot over branch be what around to of all around in hard believe administrations overall be Once said there's what we're less that on to

Unidentified Analyst

extensions? to Is you as customer guys and opting being kind they talk if Or in defense of quarter? to customer two seeing Are certain did are the a civilian. approach Specifically, third not team different could difference year? their to kind again lastly and just sets then able far members you more of thus awards of that your function in And Awesome. choppiness? sole source is it simply more working with driving perhaps last what's effectively remotely do the a as or sets

Matt Tait

Matt. things above, I'll the think of I give is are mean terms those the and all tell This probably you in contributing of of answer of choppiness I all right? what forward. we're talking about moving

Unidentified Analyst

guys. Thank you,

Operator

Thank you.

Next William Louie from DiPalma question with Blair. comes

Your line is now open.

Louie DiPalma

for Steven, And questions. Kevin, your Matt and promotion. Matt Judy, thank my you picking congratulations on

Matt Tait

Thank sir. you, Appreciate it.

Louie DiPalma

are Am obviously wind been the that ManTech in and base? tower investor discussion a had these and back now XXXX to MRAP addressed correct you SX revenue Kevin were of about and bit you funding defense transitory programs CFO have during your types mobile there to in pressured that And which contracts election the then. these risk. So things and were XXXX in contracts of a the its just today in revenue Afghanistan little heavily and Oppo down Kevin you has downturn I lot different assume topic tied the of don't cell

Kevin Phillips

Yes.

where if think at And work So if in be out. type we those and are been the will look -- we've revenue diverse and that is you in continue we well whatever worked the overall think more five or the And areas of budget set positive. again our be that you over contracts years, the to growth long-term going priorities much framework to within have a expansion we is supporting the terms of platforms both in last we do. as very six focused on of as investing size,

So done positive about we're very have to a lot reposition the and business we that.

Louie DiPalma

came Great. large highlighted contracts. quarter Kevin $XXX guess release and your ManTech of press you for of a portion in extensions that. from how million unique And classified the bookings generally in your And is of I team this

classified I and contracts related revenue for the contracts? are to classified mega that of classified would was stickiness breakdown these wondering to comes this have contracts? able have say of from general like that But general your degree the You a as and base non And like between lot revenue don't contracts. IT share split like same you cyber you revenue

Kevin Phillips

It the answer continue businesses across our support the over the overall outside community. for customer we're the have that And our community to -- priority. intelligence it, is in types and continue investor at based is to sticky do to global is But to have yes So a business we and to cyber supporting half the IT business, of information it's or our just look to of and the about of of XX% whether people again to press. technology you need environment the Those in those you be the all the in grow today. you the on on are we going have going if at have clearances. government to is the in approval different sets have is look XX% intelligence if and

Louie DiPalma

Thanks.

Operator

next Perez Bank Our Mora question with America. Instructions] of [Operator from comes Mariana

line Your now is open.

Mariana Perez Mora

everyone. afternoon, Good

budget and And will elections increased budget. everyone are defense being I the are questions. versus investor the them sends concerns on like defense defense Because follow-up flattening punished the contractors services most on on primes. as the there shorter-term So expos the

budget? capabilities with and how you and you and with exposed please ManTech is this flattening are could the of in defense backlog contracts you the how the larger So have backlog to set positioned discuss longer now

Kevin Phillips

Yes.

is if – great this question. at So look you

$X is backlog at billion five look term years. we the on you of have If average contracts the

demand terms So that gives you some visibility. And those are signals. of already in, in the kind of baked

'XX amount. at terms FY fairly of in look the the that's set If in appropriations NDAA you already

with technology if to different dynamic happening So of end not go and continue in most is how everything is view use And faster. if be be be. of re-appropriated the what's the customer seeing forward we're market. the again, funding that discussions it's of that to states need going going in we suggest would view or But prioritized the 'XX sets more based on

are in industry. we that we're again, recognizing outcomes So have set situation – we to comfortable where and fluid broader a at of with a our we're fairly look it's

Matt Tait

And changing. just is is environment Kevin's I threat point not would add to that the

are And believe signals still where will demand so see focused we is where those we we continue.

Mariana Perez Mora

one Yes, related impact and have tax makes How XXXX, to sense. years Then reform of like will deductions to starting it to instead XXXX? in five start going taxes had development is to in research last According is that being the amortized the cash your over taxes. year.

Judy Bjornaas

a had amortized that bit start We We not that being They'll was year we five basically big in paying a pay that line. and don't right payroll pickup per -- XXXX, taxes will doesn't have the that have And a flow R&D also for higher. of pickup then tax amount but big. of XXXX credit years, re-filing the CARES little be over because the XXXX had through now but big Act the the not we'll from multi-years. to in we're

Mariana Perez Mora

to Okay. a significant But not expected those headwind be are to...

Judy Bjornaas

Yes. on rate. our cash lower If continue is tax than we tax front especially significantly our rate M&A book our

Mariana Perez Mora

remind risk last year you could one please us for the the the year? next and recompetes And of Okay. remainder

Judy Bjornaas

months have guidance. a in about normalized year the The of lot recompete There's not kind over XX% recompete recompetes risk next we So six are the of year amount. a we're of that spread to next not XXXX expecting a XX%. significant and

through risk. worked of and XXXX normal the of the recompete risk XXXX kind recompete So a lot

Mariana Perez Mora

much. very Thank you Okay.

Judy Bjornaas`

Thank you.

Matt Tait

Thank you.

Operator

I'd time. to the for no the at you. I'm Vather remarks. questions like this showing any closing to further turn back call Thank Stephen in queue And

Stephen Vather

your on call and for you in ManTech. today's Thank your all participation interest

please our team of members be Have usual follow-up evening questions. a available senior and stay good any for will safe. As

Operator

disconnect. may you conclude your you This participation thank for and Ladies and program your on today's conference. now gentlemen, does

Mantech International (MANT) 29 Jul 202020 Q2 Earnings call transcript