Mantech international corporation (MANT)
CashFlow / Quarterly
Mar'20Dec'19Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15Dec'14Sep'14Jun'14Mar'14Dec'13Sep'13Jun'13Mar'13Dec'12Sep'12Jun'12Mar'12Dec'11Sep'11Jun'11Mar'11Dec'10Sep'10Jun'10Mar'10
CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES:
Net Income (Loss) Attributable to Parent

28,679

40,621

27,937

24,214

21,118

20,192

21,923

19,915

20,067

68,370

15,182

15,561

15,028

13,729

14,664

14,782

13,216

13,891

13,028

12,450

11,758

14,465

15,487

7,708

9,634

-65,598

17,718

21,551

20,180

20,205

24,427

24,745

25,642

30,475

34,486

36,442

31,903

34,012

31,376

32,167

27,541

Adjustments to reconcile net income to net cash flow from (used in) operating activities:
Depreciation and amortization

16,138

16,409

13,840

12,986

12,644

12,541

13,295

13,524

13,209

10,435

7,835

7,848

7,674

7,609

7,432

7,528

7,622

7,931

7,798

7,369

7,178

7,506

7,689

7,659

7,592

7,635

7,537

7,646

7,686

7,974

7,472

15,572

21,724

26,489

14,309

7,139

7,252

7,462

7,240

7,403

6,773

Noncash lease expense

5,995

6,670

7,446

6,689

6,814

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Deferred income taxes

4,148

5,966

4,305

2,710

2,758

-1,512

4,438

4,867

3,969

-34,526

1,760

4,298

3,653

11,067

-1,903

5,495

3,595

12,419

10,641

4,527

2,966

6,168

7,212

2,463

2,825

-26,267

3,705

9,222

2,425

12,460

1,453

1,597

2,029

6,986

-8,015

-1,138

-1,092

3,945

-3,931

3,575

1,099

Stock-based compensation expense

2,635

2,305

1,938

1,939

1,311

1,490

1,341

1,188

1,054

2,761

1,302

1,189

1,067

1,057

975

200

1,091

192

1,490

1,487

1,210

1,077

1,074

1,023

1,226

1,281

1,177

1,395

1,383

1,847

1,864

2,064

2,367

2,357

2,343

2,268

2,202

2,072

2,120

567

2,684

Contract loss reserve

372

600

376

505

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Loss on sale and retirement of property and equipment

-22

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Equity in losses of unconsolidated subsidiaries

-1

0

16

0

-12

-5

8

-21

40

-37

72

36

-31

50

-71

60

68

150

-126

115

0

106

-266

-65

-57

-110

-750

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Excess tax benefits from the exercise of stock options

-

-

-

-

-

-

-

-

-

-

-

-

-

632

603

420

1

14

1

0

58

1

28

31

10

0

7

43

3

3

0

0

43

107

8

33

203

26

17

43

459

Change in assets and liabilities—net of effects from acquired businesses:
Receivables—net

34,686

35,522

-30,031

-15,624

-14,527

37,809

-3,295

7,126

45,458

-19,105

2,953

3,154

-5,645

17,434

-6,674

-12,456

7,307

932

-51,554

-13,315

-18,790

9,629

-41,126

6,869

-77,448

-33,377

-20,501

-29,986

-7,719

73,441

-46,265

-48,209

22,114

-15,602

-777

-78,750

88,998

1,871

37,372

-33,598

30,581

Prepaid expenses

7,620

-6,028

-8,095

12,241

1,463

-7,835

-9,468

12,300

5,616

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Taxes receivable—current

-5,403

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Other current assets

102

-5,127

2,252

-46

-1,139

15,677

-1,942

-10,053

-2,361

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Prepaid expenses and other

-

-

-

-

-

-

-

-

-

-

-

-

-4,411

-

-3,267

3,520

-2,690

4,785

2,492

-2,585

298

4,523

-4,626

2,200

-2,423

84

2,207

57

-11,682

13,597

-861

40

-8,360

9,530

-1,477

2,003

-4,877

4,252

-1,659

1,998

179

Contractual inventory

-

-

-

-

-

-

-

-

-

-

-

-

-1,192

-

0

0

0

-

-

-

-

0

-295

49

-3,717

3,962

0

-4,185

-30,577

34,762

0

0

0

-

-

-

-

-

-

-

-

Employee supplemental savings plan asset

-4,822

1,901

143

1,148

3,105

-3,653

1,417

737

-255

1,204

896

785

1,287

385

851

508

82

912

-1,855

-3,886

645

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Accounts payable and accrued expenses

23,436

-18,038

17,366

7,599

3,923

381

-51

17

4,980

674

3,503

-2,074

-2,644

8,756

1,761

-9,595

-1,084

-2,375

-4,353

-11,677

-25,698

-27,184

-3,333

-9,601

-46,987

-26,234

14,029

-30,286

-47,444

41,347

2,904

-38,241

22,177

698

-36,205

8,166

25,434

33,856

-3,407

-26,676

35,870

Accrued salaries and related expenses

968

-7,034

8,477

8,027

-6,674

-3,812

4,289

11,491

-9,873

-647

5,933

4,163

3,646

4,112

-910

-10,872

14,596

-10,938

17,856

-13,033

8,818

-11,554

14,816

-13,646

7,622

-20,166

11,350

-9,912

22,405

-28,633

9,633

-7,397

4,344

-11,818

-13,881

17,325

13,635

-10,013

-8,582

19,538

1,086

Operating lease obligations

-6,640

-7,443

-7,590

-6,735

-6,752

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Contract liabilities

8,926

-16,271

365

14,696

621

-4,146

-701

11,354

-397

-14,492

14,045

2,523

-899

-2,014

-1,292

5,518

-2,899

-13,417

12,977

-3,112

4,465

-152

281

-439

-440

-1,185

1,901

-2,430

423

-429

2,009

-7,636

-14,400

-20,623

-4,043

33,176

15,336

2,129

148

1,653

-549

Operating lease liabilities

-6,640

-7,443

-7,590

-6,735

-6,752

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Accrued retirement

-8,089

1,898

678

1,738

239

-4,483

1,859

1,330

-2,224

2,106

1,330

1,155

-655

1,089

1,232

980

-2,597

1,499

-2,233

350

-2,543

1,441

-459

717

-2,460

2,077

2,004

240

-146

1,835

1,632

197

-429

2,152

-2,202

815

-399

387

2,323

-795

-365

Other

1,024

323

585

-465

-227

-376

484

557

302

-1,665

927

841

333

-76

-1,448

-106

-324

-934

19

-779

93

-463

146

-645

393

-7,229

1,542

-426

-728

5,224

1,104

472

-2,592

4,502

-2,356

1,377

-996

-1,652

2,214

-973

133

Net cash flow from operating activities

42,640

-11,553

109,516

76,104

47,339

-775

59,189

53,040

-18,015

37,718

51,936

26,775

36,529

12,613

31,965

22,090

29,096

7,108

102,809

18,116

25,850

-22,863

89,794

-2,260

62,254

22,225

76,916

31,523

57,615

-62,005

97,416

38,598

52,249

43,233

-8,606

175,785

10,943

69,353

-10,657

69,962

42,787

CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES:
Acquisition of businesses-net of cash acquired

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

1,168

78,152

44,927

0

0

1,300

10,082

0

905

23,753

38,435

88,743

-15

-1,325

21,640

132,801

0

-637

236,689

Purchases of property and equipment

25,370

16,340

16,509

14,708

7,238

5,085

8,607

9,848

6,574

25,344

1,389

1,807

2,578

1,996

2,320

1,068

2,278

2,014

948

668

1,572

1,327

1,007

840

909

3,874

3,451

1,444

2,318

3,325

3,955

750

3,688

3,088

15,434

29,947

5,991

5,658

1,253

1,697

1,649

Investment in capitalized software

4,402

-

-

-

1,024

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Deferred contract costs

0

-

862

766

1,892

-

2,817

474

295

-

676

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Investment in unconsolidated subsidiaries

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

33

21

-

330

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Investment in capitalized software for internal use

-

-

-

-

-

819

1,278

824

2,097

2,621

2,586

1,720

817

1,358

650

341

399

216

450

263

96

788

1,477

2,531

2,603

720

567

420

829

967

522

1,120

573

122

1,820

2,724

561

423

793

1,110

725

Payments to acquire investments

-

-

-

-

-

-

-

-

-

-

-

-

-

709

273

0

201

0

3,750

0

750

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from sale of investment

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

13

-

-

-

0

0

0

0

239

0

0

185

0

-

-

-

-

-

-

-

-

Proceeds from disposition of a business

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

1,799

0

0

0

0

-

-

-

-

Net cash used in investing activities

-29,772

-17,241

-56,831

-130,671

-10,154

-7,551

-16,681

-11,146

-8,966

-207,468

-4,651

-3,525

-3,395

-16,920

-3,243

-49,091

-2,878

-2,431

-5,626

-102,286

-2,405

-2,198

-3,674

-81,556

-48,460

-4,684

-4,348

-2,764

-12,990

-4,292

-5,382

-25,438

-40,897

-91,953

-17,239

-28,091

-28,192

-138,882

-2,046

-2,170

-239,063

CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES:
Borrowing under revolving credit facility

231,500

158,500

132,500

93,000

240,000

74,500

143,000

167,000

191,000

136,500

0

0

0

-

-

-

-

1,000

73,200

87,500

1,500

10,000

70,000

80,000

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Repayments under revolving credit facility

153,000

147,000

151,000

145,500

151,500

67,000

172,500

203,000

156,500

105,500

0

0

0

-

-

-

-

11,000

115,800

34,900

1,500

10,000

125,000

25,000

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

108,300

Dividends paid

12,861

10,840

10,817

10,804

10,744

9,933

9,923

9,907

9,861

8,229

8,168

8,171

8,137

8,127

8,085

8,017

7,910

7,906

7,883

7,898

7,856

7,842

7,824

7,837

7,809

7,829

7,802

7,821

7,756

7,772

7,765

7,776

7,716

15,446

0

15,400

0

-

-

-

-

Proceeds from exercise of stock options

2,055

3,739

4,177

3,297

1,682

1,102

4,669

828

5,996

7,693

2,733

1,504

1,694

5,926

9,544

14,311

781

3,338

178

152

4,200

2,044

640

605

633

623

315

296

533

32

0

0

1,115

521

781

1,643

5,241

2,272

2,549

2,095

6,891

Payment consideration to tax authority on employees' behalf

777

27

119

0

1,357

0

0

0

2,723

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Principal paid on financing leases

35

37

37

37

25

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Excess tax benefits from the exercise of stock options

-

-

-

-

-

-

-

-

-

-

-

-

-

632

603

420

1

14

1

0

58

1

28

31

10

0

7

43

3

3

0

0

43

107

8

33

203

26

17

43

459

Treasury stock acquired

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

44

0

0

0

0

Net cash from financing activities

66,882

4,335

-25,296

-60,044

78,056

-1,331

-34,754

-45,079

27,912

30,464

-6,758

-6,667

-6,443

-1,658

2,062

6,714

-7,128

-14,554

-50,304

44,854

-3,598

-5,797

-62,156

-161,138

-7,166

-7,206

-7,480

-7,482

-7,220

-7,737

-7,765

-7,776

-6,558

-18,691

789

-13,724

5,400

2,221

2,566

88,918

115,650

NET CHANGE IN CASH AND CASH EQUIVALENTS

79,750

-24,459

27,389

-114,611

115,241

-9,657

7,754

-3,185

931

-139,286

40,527

16,583

26,691

-5,965

30,784

-20,287

19,090

-9,877

46,879

-39,316

19,847

-30,858

23,964

-244,954

6,628

10,335

65,088

21,277

37,405

-74,034

84,269

5,384

4,794

-67,411

-25,056

133,970

-11,849

-67,308

-10,137

156,710

-80,626

SUPPLEMENTAL CASH FLOW INFORMATION
Cash paid for interest

639

498

690

870

378

354

629

685

647

434

244

244

244

244

249

249

241

264

402

285

252

237

370

7,677

313

7,589

302

7,504

508

7,272

319

7,542

296

7,559

197

7,427

174

7,509

178

323

898

Cash paid for income taxes, net of refunds

35

-

5,794

10,329

-6

-

1,370

-8,117

-3

-

6,297

5,469

-4,483

-

8,543

5,678

-60

-

1,607

3,091

80

-

43

6,842

610

-

9,502

3,078

244

-

3,444

11,182

509

-

30,875

34,629

564

-

25,797

27,183

1,450

Noncash investing and financing activities:
Operating lease obligations arising from obtaining right of use assets

1,443

12,483

6,385

4,218

7,924

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Finance lease obligations arising from obtaining right of use assets

0

0

16

149

203

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Noncash investing activities

935

-

957

-982

1,358

-

-2,900

-641

3,653

-

-141

-230

371

-

-

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Employee Stock Ownership Plan contributions

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

829

458

890

1,596

819

563

1,681

825

2,095

-498

1,189

734

0

0