ManTech International Corporation (NASDAQ:MANT) Q4 2017 Earnings Conference Call - Final Transcript
Feb 21, 2018 • 05:00 pm ET
Good day, ladies and gentlemen, and welcome to the ManTech Fourth Quarter Fiscal Year 2017 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, this conference call is being recorded.
I would now like to turn the conference over to your host, Stephen Vather, Executive Director, Corporate Development. Please go ahead.
Welcome, everyone. Thank you for participating on our fourth quarter call. On today's call, we have Kevin Phillips, President and CEO; Judy Bjornaas, EVP and CFO; as well as Dan Keefe and Rick Wagner, our two Group Presidents.
(Forward-Looking Cautionary Statements)
Finally, on today's call, we will discuss non-GAAP financial measures, which we believe provide useful information for investors. These non-GAAP measures should not be evaluated in isolation or as a substitute for GAAP performance measures. You can find the reconciliation of the non-GAAP measures discussed on this call in our fourth quarter earnings release.
With that, I would like to turn things over to our CEO, Kevin Phillips. Kevin?
Kevin M. Phillips
Good afternoon, everyone. Let me begin by briefly addressing the previously announced executive management changes since our last earnings call. Effective January 1st, I became President and CEO, and George Pedersen, our Co-Founder, moved to an Executive Chairman role, and of course, retains his position as the Chairman of the Board. This is a natural progression, one that George and I discussed regularly since I became President and COO in late 2016.
George remains very much active in the business and remains focused on the overall strategic direction of the company, including our M&A strategy. I'm excited about the opportunity that George and the board have given me and look forward to leading this business toward continued success.
Additionally, we named Rick Wagner as Bill Varner's successor to lead our Mission, Cyber & Intelligence Solutions business. ManTech had another year of remarkable performance in 2017. We delivered solid revenue growth, remarkable bookings and strong cash flow. Our growth focused strategy continues to deliver value to our customers, our employees and our shareholders. This year, we are celebrating our fifth year anniversary as a company. Foundational to our success since 1968 has been the record of delivering innovation and the steadfast support of our customers' important national and homeland security missions no matter what the challenge. We're extremely proud of the significant contributions ManTech has made across the government throughout our existence and remains committed to leveraging our expertise in supporting our customers and our nation for many more years to come.
On the current budget environment, our customers are operating under a continual resolution through March 23 as Congress works through the finer details of the agreed-upon two-year budget deal. The deal calls for Budget Control Act cap increases of $80 billion in FY '18 and $85 billion in FY '19 for defense and $63 billion and $68 billion for civilian agencies for FY '18 and FY