MANTECH INTERNATIONAL CORP

CIK:0000892537|SEC Filings

Condensed Consolidated Statements of Income - USD ($)	3 Months Ended		6 Months Ended
Condensed Consolidated Statements of Income - USD ($)	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
REVENUE	$ 669,352,000	$ 648,578,000	$ 1,344,897,000	$ 1,281,802,000
Cost of services	573,373,000	552,868,000	1,149,344,000	1,095,585,000
General and administrative expenses	61,054,000	47,048,000	116,790,000	95,134,000
OPERATING INCOME	34,925,000	48,662,000	78,763,000	91,083,000
Interest expense	(2,033,000)	(366,000)	(4,275,000)	(720,000)
Interest income	46,000	39,000	99,000	79,000
Other income (expense), net	(11,000)	(12,000)	101,000	(133,000)
INCOME FROM OPERATIONS BEFORE INCOME TAXES AND EQUITY METHOD INVESTMENTS	32,927,000	48,323,000	74,688,000	90,309,000
Provision for income taxes	(10,090,000)	(11,714,000)	(20,510,000)	(21,371,000)
Equity in losses of unconsolidated subsidiaries	0	0	0	(1,000)
NET INCOME	$ 22,837,000	$ 36,609,000	$ 54,178,000	$ 68,937,000
Class A common stock
BASIC EARNINGS PER SHARE:
Basic earnings per share	$ 0.56	$ 0.90	$ 1.33	$ 1.70
DILUTED EARNINGS PER SHARE:
Diluted earnings per share	0.55	0.89	1.32	1.68
Class B common stock
BASIC EARNINGS PER SHARE:
Basic earnings per share	0.56	0.90	1.33	1.70
DILUTED EARNINGS PER SHARE:
Diluted earnings per share	$ 0.55	$ 0.89	$ 1.32	$ 1.68

Condensed Consolidated Statements of Cash Flows - USD ($)	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES:
Net income	$ 54,178,000	$ 68,937,000
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization	41,963,000	37,887,000
Noncash lease expense	15,174,000	15,855,000
Stock-based compensation expense	8,346,000	7,556,000
Deferred income taxes	(4,099,000)	3,274,000
Contract loss reserve	(1,391,000)	0
Bad debt expense	(1,247,000)	(999,000)
Change in assets and liabilities—net of effects from acquired businesses:
Receivables-net	(33,158,000)	(56,912,000)
Prepaid expenses	(11,286,000)	(9,186,000)
Taxes receivable—current	1,941,000	5,247,000
Other current assets	6,336,000	401,000
Employee supplemental savings plan asset	7,192,000	(2,836,000)
Other assets	(1,315,000)	(2,415,000)
Accounts payable	(7,923,000)	30,392,000
Accrued salaries and related expenses	(54,000)	1,330,000
Contract liabilities	(2,033,000)	(6,159,000)
Accrued expenses and other current liabilities	245,000	(5,896,000)
Operating lease obligations	(18,733,000)	(17,573,000)
Accrued retirement	(10,177,000)	(1,977,000)
Other	(94,000)	(469,000)
Net cash flow from operating activities	43,865,000	66,457,000
CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES:
Purchases of property and equipment	(23,409,000)	(31,077,000)
Proceeds from corporate owned life insurance	5,358,000	227,000
Investments in capitalized software	(375,000)	0
Net cash (used in) investing activities	(18,426,000)	(30,850,000)
CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES:
Borrowings under credit facility	40,500,000	164,000,000
Repayments under credit facility	(40,500,000)	(149,000,000)
Dividends paid	(33,574,000)	(30,866,000)
Proceeds from exercise of stock options	5,152,000	6,433,000
Payment consideration to tax authority on employee's behalf	(3,640,000)	(2,493,000)
Net cash (used in) financing activities	(32,062,000)	(11,926,000)
NET CHANGE IN CASH AND CASH EQUIVALENTS	(6,623,000)	23,681,000
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	53,374,000	41,193,000
CASH AND CASH EQUIVALENTS, END OF PERIOD	46,751,000	64,874,000
SUPPLEMENTAL CASH FLOW INFORMATION
Cash paid for interest	3,758,000	664,000
Cash paid for income taxes, net of refunds	22,348,000	12,864,000
Noncash investing and financing activities:
Operating lease obligations arising from obtaining right of use assets	17,041,000	9,496,000
Finance lease obligations arising from obtaining right of use assets	0	62,000
Noncash investing activities	$ (140,000)	$ (764,000)

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
ASSETS
Cash and cash equivalents	$ 46,751	$ 53,374
Receivables—net	511,481	476,035
Prepaid expenses	41,975	32,600
Taxes receivable—current	19,975	22,140
Other current assets	8,779	13,372
Total Current Assets	628,961	597,521
Goodwill	1,511,068	1,498,988
Other intangible assets—net	244,338	265,555
Property and equipment—net	132,978	133,297
Operating lease right of use assets	74,233	75,319
Employee supplemental savings plan assets	30,792	43,342
Investments	11,555	11,555
Other assets	14,647	13,988
TOTAL ASSETS	2,648,572	2,639,565
LIABILITIES
Accounts payable	162,193	169,140
Accrued salaries and related expenses	130,562	129,685
Contract liabilities	34,638	36,197
Operating lease obligations—current	31,007	32,557
Accrued expenses and other current liabilities	13,108	9,649
Total Current Liabilities	371,508	377,228
Long-term debt	300,000	300,000
Deferred income taxes	168,350	174,060
Operating lease obligations—long term	63,433	63,575
Accrued retirement	25,876	36,053
Other long-term liabilities	13,520	13,229
TOTAL LIABILITIES	942,687	964,145
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY
Additional paid-in capital	576,430	566,573
Treasury stock	(9,158)	(9,158)
Retained earnings	1,138,499	1,117,867
Accumulated other comprehensive loss	(298)	(273)
TOTAL STOCKHOLDERS' EQUITY	1,705,885	1,675,420
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	2,648,572	2,639,565
Class A common stock
STOCKHOLDERS' EQUITY
Common stock	396	279
Class B common stock
STOCKHOLDERS' EQUITY
Common stock	$ 16	$ 132