$MRCY
MERCURY SYSTEMS INC

2016 Q2 Form 10-Q Financial Statement

#000104952116000078 Filed on May 05, 2016

View on sec.gov

Income Statement

Concept 2016 Q2 2016 Q1 2015 Q1
Revenue $85.43M $65.90M $59.58M
YoY Change 33.24% 10.61% 11.58%
Cost Of Revenue $47.30M $34.50M $31.66M
YoY Change 63.67% 8.96% 9.11%
Gross Profit $38.18M $31.40M $27.92M
YoY Change 22.1% 12.48% 14.53%
Gross Profit Margin 44.69% 47.65% 46.86%
Selling, General & Admin $15.60M $12.69M $11.84M
YoY Change 27.87% 7.14% -4.21%
% of Gross Profit 40.86% 40.4% 42.42%
Research & Development $10.50M $8.180M $8.115M
YoY Change -16.67% 0.8% -0.62%
% of Gross Profit 27.5% 26.05% 29.07%
Depreciation & Amortization $5.800M $1.565M $1.510M
YoY Change 70.59% 3.64% -21.48%
% of Gross Profit 15.19% 4.98% 5.41%
Operating Expenses $29.80M $24.58M $21.76M
YoY Change 12.45% 12.97% -15.6%
Operating Profit $7.654M $6.819M $6.157M
YoY Change -3.49% 10.75% -537.6%
Interest Expense -$1.100M $3.000K $7.000K
YoY Change -57.14% -36.36%
% of Operating Profit -14.37% 0.04% 0.11%
Other Income/Expense, Net $2.100M $144.0K $7.000K
YoY Change 2000.0% 1957.14% -97.92%
Pretax Income $8.590M $6.999M $6.163M
YoY Change 7.62% 13.56% -671.18%
Income Tax $1.101M $2.642M $1.469M
% Of Pretax Income 12.82% 37.75% 23.84%
Net Earnings $7.489M $4.357M $3.675M
YoY Change 26.29% 18.56% -735.81%
Net Earnings / Revenue 8.77% 6.61% 6.17%
Basic Earnings Per Share $0.20 $0.13 $0.11
Diluted Earnings Per Share $0.19 $0.13 $0.11
COMMON SHARES
Basic Shares Outstanding 40.03M shares 33.25M shares 32.30M shares
Diluted Shares Outstanding 33.99M shares 33.23M shares

Balance Sheet

Concept 2016 Q2 2016 Q1 2015 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $81.70M $84.20M $66.50M
YoY Change 5.28% 26.62% 45.51%
Cash & Equivalents $81.69M $84.25M $66.52M
Short-Term Investments
Other Short-Term Assets $9.500M $19.40M $20.60M
YoY Change -23.39% -5.83% 15.08%
Inventory $58.28M $34.35M $32.53M
Prepaid Expenses
Receivables $73.43M $39.31M $47.55M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $245.4M $206.6M $187.8M
YoY Change 39.62% 10.05% 24.31%
LONG-TERM ASSETS
Property, Plant & Equipment $28.34M $13.51M $12.39M
YoY Change 114.25% 9.05% -18.62%
Goodwill $344.0M $173.7M $168.1M
YoY Change 104.6% 3.33% -5.06%
Intangibles $116.7M $17.24M $19.74M
YoY Change 548.26% -12.69% -31.83%
Long-Term Investments
YoY Change
Other Assets $1.803M $3.369M $941.0K
YoY Change 97.05% 258.02% 31.98%
Total Long-Term Assets $491.1M $208.1M $201.5M
YoY Change 132.62% 3.3% -9.47%
TOTAL ASSETS
Total Short-Term Assets $245.4M $206.6M $187.8M
Total Long-Term Assets $491.1M $208.1M $201.5M
Total Assets $736.5M $414.8M $389.2M
YoY Change 90.37% 6.56% 4.19%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $26.72M $12.41M $14.39M
YoY Change 285.72% -13.73% 38.18%
Accrued Expenses $10.27M $12.53M $9.190M
YoY Change 14.08% 36.39% -2.65%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $10.00M
YoY Change
Total Short-Term Liabilities $67.64M $41.99M $40.73M
YoY Change 103.23% 3.09% 23.37%
LONG-TERM LIABILITIES
Long-Term Debt $182.3M $0.00 $0.00
YoY Change
Other Long-Term Liabilities $991.0K $1.056M $1.195M
YoY Change -50.4% -11.63% -31.04%
Total Long-Term Liabilities $991.0K $1.056M $1.195M
YoY Change -50.4% -11.63% -31.04%
TOTAL LIABILITIES
Total Short-Term Liabilities $67.64M $41.99M $40.73M
Total Long-Term Liabilities $991.0K $1.056M $1.195M
Total Liabilities $263.5M $47.01M $48.58M
YoY Change 617.03% -3.22% 17.52%
SHAREHOLDERS EQUITY
Retained Earnings $114.2M $105.7M $88.54M
YoY Change 20.9% 19.44% -3.39%
Common Stock $387.0K $333.0K $324.0K
YoY Change 18.71% 2.78% 3.85%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $473.0M $367.7M $340.7M
YoY Change
Total Liabilities & Shareholders Equity $736.5M $414.8M $389.2M
YoY Change 90.37% 6.56% 4.19%

Cashflow Statement

Concept 2016 Q2 2016 Q1 2015 Q1
OPERATING ACTIVITIES
Net Income $7.489M $4.357M $3.675M
YoY Change 26.29% 18.56% -735.81%
Depreciation, Depletion And Amortization $5.800M $1.565M $1.510M
YoY Change 70.59% 3.64% -21.48%
Cash From Operating Activities $13.70M $4.400M $9.100M
YoY Change 7.87% -51.65% 313.64%
INVESTING ACTIVITIES
Capital Expenditures -$3.000M -$1.700M -$1.400M
YoY Change 20.0% 21.43% 16.67%
Acquisitions
YoY Change
Other Investing Activities -$300.0M -$400.0K $900.0K
YoY Change 59900.0% -144.44%
Cash From Investing Activities -$303.0M -$2.100M -$500.0K
YoY Change 10000.0% 320.0% -58.33%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 286.3M 400.0K 900.0K
YoY Change 18986.67% -55.56% 800.0%
NET CHANGE
Cash From Operating Activities 13.70M 4.400M 9.100M
Cash From Investing Activities -303.0M -2.100M -500.0K
Cash From Financing Activities 286.3M 400.0K 900.0K
Net Change In Cash -3.000M 2.700M 9.500M
YoY Change -126.79% -71.58% 763.64%
FREE CASH FLOW
Cash From Operating Activities $13.70M $4.400M $9.100M
Capital Expenditures -$3.000M -$1.700M -$1.400M
Free Cash Flow $16.70M $6.100M $10.50M
YoY Change 9.87% -41.9% 208.82%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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mrcy Fair Value Adjustments From Purchase Accounting
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dei Trading Symbol
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us-gaap Nature Of Operations
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Description of Business</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Mercury Systems, Inc. (the "Company" or "Mercury") is a leading commercial provider of secure processing subsystems designed and made in the U.S.A. Optimized for customer and mission success, Mercury's solutions power a wide variety of critical defense and intelligence programs. Headquartered in Chelmsford, Massachusetts, Mercury is pioneering a next-generation defense electronics business model specifically designed to meet the industry's current and emerging technology and business needs. The Company delivers affordable innovative solutions, rapid time-to-value and service and support to its defense prime contractor customers. The Company&#8217;s products and solutions have been deployed in more than </font><font style="font-family:inherit;font-size:10pt;">300</font><font style="font-family:inherit;font-size:10pt;"> programs with over </font><font style="font-family:inherit;font-size:10pt;">25</font><font style="font-family:inherit;font-size:10pt;"> different defense prime contractors. Key programs include Aegis, Patriot, Surface Electronic Warfare Improvement Program ("SEWIP"), Gorgon Stare, Predator, F-35 and Reaper. The Company&#8217;s organizational structure allows it to deliver capabilities that combine technology building blocks and deep domain expertise in the defense sector. </font></div><div style="line-height:120%;padding-top:12px;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company's goal is to grow and build on its position as a critical component of the defense industrial base and become the leading provider of affordable secure processing subsystems. The Mercury Commercial Electronics (&#8220;MCE&#8221;) operating segment designs, develops and builds open sensor processing products and subsystems that include embedded processing modules and subsystems, radio frequency (&#8220;RF&#8221;) and microwave multi-function assemblies as well as subsystems, and RF and microwave components. The Mercury Defense Systems (&#8220;MDS&#8221;) operating segment provides significant capabilities relating to pre-integrated, open, affordable electronic warfare ("EW"), electronic attack ("EA") and electronic counter measure ("ECM") subsystems, significant capabilities in signals intelligence ("SIGINT"), electro-optical/infrared ("EO/IR") and secure processing technologies, and radar environment test and simulation systems. </font></div><div style="line-height:120%;padding-top:12px;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In June 2014, the Company initiated a plan to divest the Mercury Intelligence Systems (&#8220;MIS&#8221;) operating segment, based on the Company's strategic direction and investment priorities focusing on its core business. On January 23, 2015, the Company completed the sale of the MIS operating segment. See Note M to the consolidated financial statements.</font></div></div>
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">U</font><font style="font-family:inherit;font-size:8pt;">SE</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:8pt;">OF</font><font style="font-family:inherit;font-size:10pt;"> E</font><font style="font-family:inherit;font-size:8pt;">STIMATES</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.</font></div></div>

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