MANT
#Yes, this is <UNK>.
You are correct that there is a lot of interest in IT enterprise work, particularly in what we would call IT consolidation.
Many agencies consider that to be a major source of cost savings over the next few years for themselves and for their agencies.
So we have done some strategic hiring over the last couple of years to make sure we are ready for IT modernization and indeed we are.
We are bidding jobs ---+ I don't want to say all the time but frequently ---+ that call for IT modernization, IT consolidation, and we think we're in a great position to be able to help the government with those upcoming activities.
It's <UNK>.
Generally, the contract mix is remaining stable.
If we start expanding in some customer sets that have higher proportion of fixed price or T&M, then that will increase, and that's why I think you've seen some increase over time on the federal civilian side.
That said, there are more because of our focus on positions around solutions, there's potential for more fixed price type bids that we would go after, and if we're successful, which would be new to us, the net portion as we grow our top line may increase.
[37.7].
I don't think it will be as low as the first-quarter 2015, but compared to the fourth-quarter 2015, it will be slightly down because of fewer mandates that are available in the first quarter and the impact of the snow.
No.
There are some contracts that the win rate on the DOD side we may not be successful at winning.
There are some that make up small business.
We have one contract that we know when it comes up re-compete, it's not large, but it will go to small business.
And there are also some procurement efforts in the C4ISR area that when they come out, they have reduced requirements.
So we're trying to build those in on the lower end just reflect those factors as potential to get to that range.
I'm not used to answering any questions.
So I had ---+ we had, I guess a year ago, statistical information.
I can't remember what firm it was ---+ it could've been TSD or someone like that ---+ about the win rates.
And the win rates I think in that report were somewhere in the 65% to 70%, and I would certainly say that we are trending above that.
And the focus on the investments that we've made over the last two years in BD has certainly helped us with win rates in both new and re-compete work.
So I don't know how we compare to our peers on that, but I do think that we are focused on it in a way that we are getting comfortable that we are in a good position to compete.
No, no.
I would rather do that in the top-line growth, and you can ---+
No, not that I know of.
We are expecting 1.7 to 2 times.
If you look at the D&A that's built into our ---+ the midpoint of our 2016 guidance, the $31 million plus the FAS ---+ the stock-option in stock expense, about 1.7 to 2 times.
We are expecting DSOs to stay in that upper 60s to lower mid-70s range ---+
The other thing, they are taking a very conservative look at that.
Please remember the cash we have in the bank today is only $30 million to $40 million cash in the bank, but more importantly, we have a $500 million line of credit with Bank of America.
We have the ability to grow and do whatever we have to do.
No, I think as usual, members of our senior team will be available for follow-up questions.
Thank you all for your participation in today's call and your interest in ManTech.
