MANT - Earnings call transcript Q2 2021 | Mantech International Corp

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Operator

Ladies and gentlemen, good afternoon and welcome to the ManTech Second Quarter Fiscal Year 2021 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. [Operator Instructions] As a reminder, the 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 and and President; is Kevin Matt Chairman, CEO Phillips, our Judy our me COO. today Tait Bjornaas, our CFO;

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

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

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

Kevin Phillips

to and another quarter unwavering ManTech of strong start Thanks, I'd The including the enabled focus customers profitability. missions. steadfast to call everyone. good and thanking Stephen, our team today by afternoon, dedication the their like entire for their record critical results

company both in successful as quarter were which the activity of healthy and solutions another uneven across by business new higher $XX of We also a throughout remained extensions bookings, demonstrates seeing for quarter. we most outcomes the contract our than as nearly the new are and average recompetes. and expansions. level of The business. environment services customers from but QX market the strong with the outstanding, driven record. saw a differentiated opportunities, also demand level billion This awards recompete on includes We front, significant well This proposals exited

However, exceed next in anticipated these for will the of year's share, seeing pace choppy of slower driver across improvement, signs adjudications, have the of this pandemic we ability with continue as operations. seeing second key to current year, half submissions increasingly be and Overall, incremental reflect acceleration volume quarter Collectively, balance of customers impact trends volume. which of expect are Exiting from are normalized may a see XXXX that disruptions, we The continue the the combined a our market the the are bookings proposal second into that year. of strong created we year-to-date somewhat returning to our level we we demand our velocity and and year. to of of awards and take to robust suggests the in growth XXXX. through and the revenue and last of and half the throughout market majority expect business related

FY Congress Turning appears be to good the appropriations. defense budget on progress environment. the making XXXX to

QX our we have of fulsome position a success. This business demonstrate Since detailed focus. for to is which reflection to legislative received budget, expect agenda, between continues year to alignment the continuing we a priorities call, However, the under our given continuously begin resolution. actions areas ManTech's national have we of and the administrations clear taken

areas ManTech's across capabilities. budget where range see For operations. Cyber for the for across demand key of and federal calls growth both operations, unclassified of investments top $XX federal growth and and nearly year-over-year. X% example, modernization civilian enterprise broad X% we customers, a over cyber and the remains defense aligns in a strong focus cyber budget IT The We enabling capabilities. and which zero-trust spending unclassified IT a over solutions also across automation, remains other differentiated billion with on mission and data continued representing edge at The the year-over-year. evident calls capabilities modernization, technologies, represents push billion architectures priority and both $XX government analytics, have also

community nearly market $XX this have spending billion at ample intelligence steady and Finally, still remained area. in we opportunity

I support presence into that personnel the proudly the to We monitoring other for supported edge. country, drawdown implications has DoD look track. ManTech are our has missions for at programs are regions. our their Lastly, in employees. All evolving already multiple supporting their want it the decades Afghanistan programs continued of of note and Department on shifted that that Defense and in customers for forward the and tactical remains military US to in how global ManTech have needs

on through outlook. will details Judy walk Judy? QX our and financial performance Now,

Judith Bjornaas

Thanks, Kevin.

We usage steady PTO quarter focus with to execution quarter grew return impact on of to up generating the the long-term some additional of Quarterly the value in sustainable X% normalized our continued our a and for with million, compared moderated XXXX. federal Direct to the labor in revenue the holiday. $XXX shareholders. QX

structure time Net was up million stronger XXX contract prime EBITDA mix XX.X%, adjusted $XX net was from diluted was cost-plus, contracts material. income QX, $XX was cost from year. indirect and up points and of breakout and XX% and revenue EPS of XX% EPS as For respectively. the Adjusted year-over-year, diluted and lower XXXX, XX% up QX XX% comprised QX XX% an spending. $X.XX, and in and EBITDA for from margin was quarter was million, labor XXXX. benefit $XX million income to continued continue fixed $X.XX, last resulted QX XX% margins pricing XX% approximately price a the from This up basis XX% of of and XX%

line tax XX.X% quarter, rate effective with in was expectations. Our in the

$XX statements. showed flow million sheet million Days of days, represented to $XX compared balance sheet were the increase sales operations million of income. in and of flow day in XXXX. XX cash the $XX an Cash now outstanding two Turning from to quarter, quarter-end, one times and cash debt. net the At of balance QX

to steady in The maintaining shareholders. in QX, per of be paid million continue we return in our Additionally, dividend to cash cash has of September. $XX share current Board us to authorized $X.XX distributed dividends

and amended extended the recently a taking with positioning revolving is in ManTech million capacity deployment added and credit facility advantage loan. capital $XXX million favorable of delayed-draw markets flexibility for also $XXX and term significant through Company forward. We debt our going capital

bolster stated, remain remains we focused position on We busy that As capital on actively consistently expand our and to very the to long-term our transactions continuing best capabilities, deployment M&A, review generate in Company our market. are customer value. a opportunities portfolio focused that and

guidance. to on Moving

adjusted revenue increasing diluted adjusted net reiterating our are and guidance EPS. and previously We communicated income guidance our for

well evaluate new continue include, go-forward several able which expected well the of and results, of timing recompetes, level the as as believe material we which the most procurements, successfully of win impacted will our of and at of and to by the to the as the retain business are hiring pace We and each, rate we awards, are factors. These chain. normalization the timing new cadence contract ramping recent as and supply

expected existing revenue billion XX% a backlog. guidance to $X.XX little $X.XX the come X% from of revenue remains the At Our to over growth is to midpoint billion, of X% year-over-year. guidance, representing

to be adjusted million, increasing are net $XXX.X in EPS the with $XXX.X $X.XX diluted adjusted million for of $X.XX. We to the income range of to outlook

indirect over also utilization of be acceleration running point related basis to count guide, represents rate diluted EPS the Year-to-date improvement approximately which and are spending of XX%, PTO X.X% ODCs, a to and development a M&A expenses diluted XXXX. as more from volume of approximately higher well to normalized efforts, for XX half basis effective X.X%, fee and of and to the our anticipate margins ranges than fully an net lower The so and adjusted the in We increasing as year point have second shares. expected increased XX full-year we XX higher margin assume XXXX. the income million EBITDA bearing share been of travel business tax adjusted greater

Finally, flow revenue million be to the capital is expected to operations be expenditures with expected cash X.X% from around least at year. of for still $XXX

operational for to the quarter. Now it to development cover the and highlights I’ll over turn business Matt

Matt Tait

Judy. of resulting approximately a Thank in of QX. $XXX in We achieved X.X times you bookings million, book-to-bill

from training providing highlights military test and continue for Some winning requirements. environmental the $XXX and to services with meet readiness Navy contract include specific million the quarter to ranges sustainability range a

an won global CIS contract US million to the enterprise. cloud for IT also enterprise continue $XX We and providing engineering, DevSecOps

continue we secured and technology provide training, Finally, million new differentiation to contract enterprise and capabilities deployment, support awards systems the engineering. global to mission $XX that enterprise with operations. a in the and of ManTech's demonstrate contract State These IT, services Consular and IT Affairs communications strength Department

came in XX% from classified customers. contract awards Additionally, quarter of the

billion. quarter-end, at total growth As at was year-over-year a $X.X our backlog billion these result backlog with of bookings, XX% funded representing $XX.X

our results progress XXXX forward the made continuing We leverage to half the in with technologies of breed support of back pleased drive to are We have of we their quarter. best customers the strong missions. during help in look we commercial as

customers driven Our to ability success deliver squarely by talented employees. remain and for

what We have even more talent become commitment in attracting, market. has and developing labor retaining our an increased competitive to

objective hard at new Employer are in we remain leading on we and order and success, maximize employee for how of solutions. evolving Choice to the to flexibility advocating team our our why ensuring have We a highly We to deliver highly operates, our and is which in satisfaction our industry, improving productivity normal. skilled work, have been focused clear in best-in-class, talent be

few are that positioned platform cyber, national Over across made win. including offerings continue as service the showing and capabilities confident in other we positioning key I to priorities and which IT, ManTech's with years, demand. businesses have digital mentioned areas all our its Overall, modernization, enterprise analytics Kevin us am to various past of, business bolstering steady have investments significant alignment the and

innovation continued conversion revenue ManTech Our focus growth. on maximize is pipeline into driving differentiation positioning and to

those over the Kevin remarks. With closing harvest hand We me the investments call for quarters expect of back that, to the to benefit let in come. to

Kevin Phillips

the this supporting the program our quarter leveraging customers while critical our and develop Thanks by closing, best-in-class we focused deliver remained efforts team strong Matt. shareholder their on value, strong time, execution, drive our At and reflect In our balance long-term innovation and missions. talent. attract to to same sheet results

We ready are now your questions. take to

Operator

first Please Instructions] from Akers is Fargo. Matt question [Operator Our of ahead. go Wells

Matt Akers

know there I what on the in margins. in Was anything margins, of And there Yeah. of for Thanks you just see still sort uptick question. point ask to off to the I from bit. one-time of was, or there kind the that if the normal Hey sort behind a would that pace it all you else guys. wanted you Good is that afternoon. that? are anything was little

Judith Bjornaas

the it of kind to is the spend were no And There large continues real lower levels. the up still pre-COVID one-time to OEC back caught be indirect reduced items, volume. not

Matt Akers

Got it.

is of quarters, to Okay. fair trend here back it about of how of will over And I back than the kind kind that QX next guess, like normal the more think the of like fully the year? just thinking to pacing the QX about or to of assume way rest is going of couple kind is

Judith Bjornaas

Yeah, normal spend yeah, to in clearly the lower high is that cost be our and year, because actually won't that is of to some in some year. our plus. other are of uptick that, margins but return just we're of R&D of second some projecting spending half the We're percentage our freight budgets it nature, a trying necessarily current and for the of indirect recurring within investments of like

Matt Akers

think business helpful. in Okay are that that like touch have little of one I guess, could a got of you seen that's that as can on intelligence I it slowdown guys seeing there do more, something you it. I of kind your general? bit peers And a sounds well? is maybe Thanks the some recently If

Matt Tait

the the of I'll kind in there. you and those little overall. in the portfolio others to of least and versus of at say federal business, some say a the us, we're I'll But tied of for I'd delays portions of civilian, So of the just overall, give of speak think disruptions terms questions seeing say maybe to I all bit defense some Intel our commentary side overarching

Matt Akers

okay. it, you. Thank Got helpful. That's

Operator

Thank you.

Please Stanley. comes question next Sharpe from Morgan Matt ahead. go of Our

Matt Sharpe

afternoon thanks my and Judy, Matt for Kevin, good question. taking

Matt Tait

afternoon. Good

Matt Sharpe

more touch range rate in correct it Judy, was for growth on and reiterated or QX the organic midpoint. embedded moment. less X% the I It if wrong lines wanted me the I'm was here about you quarter to guidance at those had a believe I just which, along this X%. looks cadence like

Judith Bjornaas

Yeah.

Matt Sharpe

in more the comfortable the it So its of me looking can or inflection me profile that driving QX, is weighted? back-end sort of QX about at get this coming this And that with in weighting is QX, ODC inflection the or surge, quarters? you to what's QX tell what

Judith Bjornaas

hopeful well Yeah. catch-ups just and of related of QX It's of ramping proposals is pace. even And XXXX. growth QX as drive we're would potentially the a government where of in combination into see on of some so say, kind the the ODC in into things. that outstanding, going adjudications then, will QX we'll stay that more will QX, some a QX, biggest I good those volume to as sorry

Kevin Phillips

It's Kevin.

Let bit me that. expand little a on

of by the of raw last the If billion trends in levels same resulting that end demand and dollars is is as for $XX meaning, there's the compete proposals for well the not increasing the on One was of did two proposals going years. you first last half as look $X of the this to year at year first number for year it's at an bids outstanding billion of seen. submissions two months Company. At And the gone this that six over amount we've down at the the customers has that that us adjudications stayed the up. time, of asked not they -- provide for

that there there, booked is that of reflective pickup. from is think across that's we think the to those see you those a expect lot out from and -- delays, their together, that COVID adjudication are cycle. a that from we But just part adjudication of the result we'll -- nearing as put of two So of the some industry choppiness. proposals taken outcomes end here And is

Matt Sharpe

the terms on in cash And helpful. with just And else did balance remainder year I on end books. the in another revision the services to got your million as cash like, $XXX nothing so powder. That's of outstanding M&A, facility think less with and looks you'd it dry the more then, than or you very X.X well if revolver dividend it. the as you've other or a credit the of the Got

thinking the and deal you around guys So M&A any about in in flow here how commentary are particular, coming quarters size?

Kevin Phillips

in Yes, very Generally, uptick I'll Judy XXXX. available at then can assets add. all start this just It that an sizes. market feels the are busy and seen in year we've in

there we so debt is and terms and also are good find but the to we time the a position able capacity active, very availability And to be in to it's good be should very that right have to the was in we time disciplined fairly why stay available that elevated did it's have which but that. good capacity job that still a we and work is And fit. multiples a on the market great

Judy Bjornaas

Yes.

extend it sense right things said, and kind the market we'll to to time it of to As capacity Kevin just was that go. of time should do makes find a larger extra good we have lots amend like we the be was so crazy M&A ready felt opportunities

Matt Sharpe

in your opportunities associated those you're more maybe I one capability what mentioned may. Kevin you've were within just to? that seeing then been redeploy any have or And it. staff had Can if Got with able if previously bodies an some think over that of I tell horizon you just to redeployed Afghanistan deployed sort region. forward been us you the might of

Matt Tait

support of here Matt, a presence maybe about the they is you been feel So, this And I I'll have missions been DoD that complete. have perspective, do in and security from support within folks overseas. Afghanistan our we Matt. specifics redeployed, is now can't a our where that really the but give initially national

Kevin Phillips

And now high very I'll add to that a level. at

some strategy a the counterterrorism over call customers. deployed based focus a there a on our that and support I'll we out generational need amount out the relate the investments and the countering company to DoD in that's activity systems priority real funding deployed threats. near-peer of We from tactical terms with And change how within area that in R&D ability priority an to time, sense to the change, it, we're plays a and and very is of in edge are around and but compelling large making heavy can play will and forces got mission and that's of technology

supported we'll for support, we're do out plays locations we'll terms that that. continue see and to in proud we've So, decades, how but do these our of it to

Matt Sharpe

Thanks so I'll back it. the in get queue. much. Got

Operator

Thank you.

Khanna Our of Cowen. next question comes from Gautam

Your open. line is

Gautam Khanna

curious big was the I mind would giving you term needs through on And us your it of you do about how know or longer you. just some what to early, wondering -- I'm thank business low but together, is rate national be medium year you pass color but what's on or the Yes, think putting in it? we're I like dynamic, just pipeline, if based I growth organic being? a to it's security mid-single-digit you think trend it the term off a for ManTech? may coming what term organic as got see all and medium know we

Judy Bjornaas

general, in opportunities pursuing. we're we've the of that pipeline think, shows that I Well, got lots out there

longer said, talking you early As it's start to term. about

goal grow always Our a is little bit than budget. the faster to

good $XX is it's our on And out is fall billion just feeling to we're there about and but proposals it, it way. -- depend how many so there going

Gautam Khanna

you $XX of as next next months think refresh on the over sort the us or recompete XX could Judy rate maybe the billion. about we --

Judy Bjornaas

of remaining with backlog recompetes. of evenly about lot the plus balance there's recompete XXXX got XX% not kind Yes, in between split in We've and from new. a impact

last general in relatively little a in is loaded few seen XX% years. to XX% we've front-end think year than recompete, the the I year Next more it's a average but in

Gautam Khanna

Thank you. Okay.

Operator

Thank you.

Spingarn Our of Suisse. next from Credit Robert is question

Your line open. is

Robert Spingarn

have any business Cloudflare? vendors them meaningfully. I a have for be do may obviously Kevin, about CrowdStrike big describe brings and And both you that talked partnerships from leading or of federal their is to ManTech ramping think what focus the administration. you talked capabilities Hi. there Thank a Can you. zero-trust table? you this the about this ManTech's

Kevin Phillips

that. talk cyber Yes. the operating operations cyber both. a question architecture and there through supporting Great to environment, sides to behind policies and defense. that got federal full defense terms toward long that in order came thanks. cloud of that the on will The breadth have moving a is of government contested that executive a lot right. in is both the cyber cyber and I'll We're out. focus zero-trust for continue of to done is change the in about time That's piece in moving We've --

investments and business We with have and we've complete the and that. a -- the say core that architecture as zero-trust within made we're done almost own component almost also as with business on cyber also a our R&D zero-trust within planning the focused execution within the environment not we've implementation we're of I'd

So would we it with and well as those done, least be can we partners upon how we customers it expand you two we think how know have. to for put done that do customers also around offer that that and as strong path can can have at those together combined a be the clients Matt that capabilities and

Matt Tait

Yes, I'll add and around specifics reasonable we gets the this the -- wide investing. focus are also discussions and across To on best where And on landscape. strategy that say because that customers commentary we don't have Kevin's we everyone we're XXXX looking people have great zero-trust. for, the the I'll a our thing of in aligns to with point, partnerships say it great that it it's involved -- partnerships we where just a say aligns we're areas sold just innovations And actually aligns of technical about talk Kevin's of that next multiple with innovation really I'll with zero-trust. but to areas question have within our the we I typically breadth would say but have, zero-trust

helping to get us sort So the real that solutions. independent as them technology-agnostic help to to out partner it's

Robert Spingarn

you Do a ramps? this when timeframe really particular see

Matt Tait

pace Gosh, in federal the the was say in I've the I urgent it past not earnest never more conversations but been I thing good that in these government as that at of is say Robert the would where a government, dialog. -- for prognosticating it was the is one would

just to they to of or urgency case terms want and pace we'll they of that think there upon so a do see think to it of which in acquisition make of their it's in it this but and a not isn't is to a act whether want processes own I there I through and them So getting the terms it just the it's happen. then case

Kevin Phillips

Kevin. is It

to if executive order to executive clear the government very think the prioritize. response it's order I been read they're going the relates suggest very but going and to that also establish important, different on agencies see agencies you guidance is to funding and make it that make an these flow can what to attempt afforded changes And it how has once they funding as the guide to to as is more it how in will available the do you necessary. available

Robert Spingarn

Okay. you for Well, that. thank

of look a one and next and quick Judy. relative kind opportunity continue costs renormalization limit EBITDA little the PTO I want that margin -- for the right year? some think the bit just Just expansion at the can of a travel year, this on see or Really does it you like to of if does to to the

Judith Bjornaas

Yes.

past on XXXX clearly that said XX XX I we've say the a year outperformed do year. that continue it's basis last to in in be this basis outperform we're think, trying to year. today we'll Hard -- points track the to focus. points given on XXXX, focused that we able clearly it's something to outperform do to We're a but

Robert Spingarn

Appreciate that. you Well, the color. Okay. for thank

Operator

you. Thank

Brian question ahead. Partners. Our next Please comes of Alliance Global from Kinstlinger go

Brian Kinstlinger

my Great. Thanks for question. taking

and was got you've guess year into I ramp how and delays of hiring from delays award revenue of think. coming difficulties I the to does this backlog potential point factored compare at that the How in the mentioned, You remainder midpoint past for the the year XX% that? guidance of

Judith Bjornaas

-- yeah the is the to it's of the XX% just second clarify full-year think half Brian Hi for the I Yeah. the year. not

backlog. all So now obviously the year first half is the of

off, a from a So half new little any bit going be what and better usually you're percentage the kind going in coming have to compares just of it looking might of the on one this that's And if major years as have it of revenue it's to higher time by recompete. prior at the far year as point bit how but year. kind to second in you you're impact little the win

Brian Kinstlinger

asked Right. that. I That was why

small if follow-up questions. was the said awards? new I of And only of other missed of you in number Okay. a change what business XXX that

Matt Tait

So this is add-ons with contract the Matt. quarter. and of for recompetes the The the extensions bookings majority

Brian Kinstlinger

Got it.

Okay thank you.

Operator

Thank you.

question comes Truist from Our Tobey Securities. Sommer of next

line Your is open.

Jasper Bibb

Hey good evening everyone. This is Jasper Bibb on for Tobey.

One last of just what week mean hybrid the majority for of adopt like long-term form margins etc.? over your I that said some work service your could employees competitors do time. their what will and curious that think of would recruiting their delivery was look you

Matt Tait

Sure.

this Matt. just I'll start So off. is

So ended. we've talent on not the has been war obviously doing

very we're So, that. to sensitive

all I'll we're hit comments We in the where and which enablement around have mentioned you for on-site. record flexibility with I customers some XX variety talking career about But a a of want us terms I XXX% key could want that, minutes a this to numbers is things that our we my have mobility that -- our spend year has remote others wide folks program say XXX% just the doing. of in enablement of and the

the that we to want really that in as and folks of was to to And want terms sum working for use really the -- phrase we're be so our our each our best they version career of well enablement experience employees we through have. what And I of themselves. that up as think

to our be their requirements context And working with sure remote for I'll so that of do updating they say the or that to customers are requirements changing we're them work. make their and the the within things going pandemic as can

Jasper Bibb

want if then mean talent? might cyber portfolio or the is get that that your to on the customers best your tailwind out margins? I pay potentially cost for for willing impact IT a your might And for contract business what And the are to just on How mix? inflation thoughts wage Thanks. based plus

Judith Bjornaas

high where having work definitely the our that's plus cost mean area I to percentage Yeah benefit. an is of

So, competitive as they pay standpoint market it's hiring on a very costs. But standpoint. bidding to said are those a that as willing well both higher still

Jasper Bibb

seems well last a to responding environment Okay wanted I -- just question be Delta. to there for pretty me. dynamic

have skipped is customers coming months? when Now in that's kind place might there any happen capacity in seen workers that that putting back expectation you any have of the

Kevin Phillips

Yeah we not seeing are that.

if want to strongly you asking help precautions. you to want vaccinated We -- the of to of terms best sure you're make we show up and a encourage the I think we is want we going we're as general we're vaccinated. those guidance you're your but doing math lot only take that And not testing. take not precautions in you to and can

work So shut it things and we it. least the if but have plays the at guidance of try can out let's down of fair not but a all we'll all to see amount this how have we one and a through shot is citizens generally still have surge on going

Jasper Bibb

questions. Got it. the Thanks taking for

Operator

Thank you.

from Perez of question America. Our next comes Mariana of Bank Mora

open. line Your is

Mariana Perez Mora

afternoon Hello. Good everyone.

then ideas should -- for reflected organic timing something become funding commentary is But lot included the So to seen We funding that think budget see we of in security. have from recently. the your is my those security important cyber and how we to security growth? question in become, we seen around security to about for of a -- is deals plus become, national like most that cyber cyber on contract probably have how

Kevin Phillips

inform the as Cyber And as goes. cyber, of Director with is thing and That Yeah, you for that line the one level that's it's think but level changes IT will of funding -- same will lay starts already and order. it's discussion when all a I like you and any think can moving is against unclassified reprioritization in funding tell it we priorities on see renewal question infrastructure going a and policy new that with that an change, basically lot a time. can thanks. well in up National the of of other policy matter there's so to the there prioritization, funding Look for ship incremental priorities. beginning and for But major there's activities said, direction say will a directionally, where consistent, that over great lot increase hard budget that in those out there's it that where how be it's and

Mariana Perez Mora

do planning, years this boost your become be as for short-term But when growth? or actually a internal could these see more line do it you like top to you

Kevin Phillips

and I the funded bulk procured. certain changes to and a short-term is it mission be have be be to boost, going program longer-term think going of requirements but is that to

but more of more allocations toward a and persistent of So mixture in be this it. and more terms obligations will it's both, the of

Mariana Perez Mora

then these And like hard have trends is into seen given -- how to compare? like it get business, entrants the to Interesting. new you

Matt Tait

see don't areas able The our in to do we we're that I about be -- do. -- is that -- of lot of high -- you're the mean talking there this of new type entry We entrants it's that work a bar this. to a

Mariana Perez Mora

pipeline work timing And related, what mentioned you Perfect. where in come last new from on opportunities? is related to mind you we one or does giving some like that What the not of this the should it that look opportunities. at? next us qualified more that Would color is

Kevin Phillips

questions. the Appreciate Yeah.

market to have our put have And we investments is with well bids. teams these sizes, as able mentioned of together larger after able been prime more all we and So procurements been in be kind but strong we the positioning contractor. go compete put where and of as to predict to procurements of and as some

deals on intel playing competing our for we're think defense these larger field different I some our that components federal across of and civilian. the business of

well automation are any if we areas think enterprise competing those computing analytics engineering to the as think point data and IT, into as more and remote area. cyber, support one and systems can't and But expanding all edge I you about at so And routinely. are about that specific

Mariana Perez Mora

Great. Thank you much. very

Kevin Phillips

Thanks.

Operator

[Operator Instructions] Please comes question Our Louie ahead. DiPalma Blair. go next of from William

Louie DiPalma

Judy Kevin, afternoon. Stephen good and

Judith Bjornaas

Sure.

Kevin Phillips

you are How doing?

Louie DiPalma

Great.

Your bookings were…

Matt Tait

Matt. is This

Louie DiPalma

Matt.

and were booking Your -- Matt.

Matt Tait

hurt my at Clearly all. aren't feelings

Kevin Phillips

You got a… to

Matt Tait

hurt Not all. at

Louie DiPalma

Okay.

Would back and strong were classified administration almost XX% Kevin I activity you say after bookings pandemic particularly XXXX from of to customers, bookings XXXX transition? intelligence award the may community to and have classified. from of For associated the demand or Matt, you with your is your particularly back levels came that you the that said services believe for and general all levels disruption

Matt Tait

and there, still pandemic. But So, is necessarily in back but from is I matter some the Kevin talked you things like just through. and more about but mass sector not administration the it's coming pace a there in have there intel from would of the getting funding changes, what -- the delays of earlier say

bit a they're issue a it's working through. of that So throughput

Louie DiPalma

with growth the area the CXS, related Microsoft terms if classified its seems a the win Sounds non-classified successor that spending, ManTech sub-contractor you to contract these migrations large to prime, in cloud like year others high implementations? to recently for or Amazon, a the large as federal a of significant are a are last computing a good. And be in customers? intelligence and accelerating awarded and for also often And cloud as awarded Amazon architecture perspective, classified the and stormy. was CXE level investments cloud community wild From involved

Matt Tait

Yes.

within and while the things part that -- five we cloud types cloud the electricity of large, enabled. areas, technical which without is do. innovations being work it's like of specifically hard us, do a kind It's want we all you focus writ it's didn't So of the for to that mention not the

of the had work and releases so lot know activities And do the a we've I there. we of recent certain relationships. do CSPs with on press all support

customers not see way, of We new changing is to in want technologies so And problems be so this don't meaning we think investing lead patch. are and to I That us and -- a an solve answer. investing this right. -- not to class we want right be in But the with these their we technology given lead really want our unclass opportunities we to is enabling is that go-to-market the that good cloud, are make across solutions with do going that. part that can sure to agnostic are that we changed in

Louie DiPalma

Okay. Thanks.

Kevin Phillips

it. our overall enterprise down on stack follow tactical time just I level Yes. areas are the making and all up There's of going support, element there's rate service And Kevin. creating that concentrated of over briefly. just to focus those customers that and in areas call if seek for cloud think and to cloud level, decision and be foundational want you we'll mission that movement terms is I'll there's and this [indiscernible] are

Louie DiPalma

Kevin. Thanks,

Operator

to closing this At you. Vather like back time, call over for Stephen Thank Sir? the I'd turn to remarks.

Stephen Vather

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

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

Operator

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

now may all You disconnect.

Mantech International (MANT) 4 Aug 212021 Q2 Earnings call transcript