$MRCY
MERCURY SYSTEMS INC

2016 Q4 Form 10-Q Financial Statement

#000104952117000018 Filed on February 09, 2017

View on sec.gov

Income Statement

Concept 2016 Q4 2015 Q4
Revenue $117.9M $60.42M
YoY Change 95.16% 5.83%
Cost Of Revenue $50.63M $30.68M
YoY Change 65.02% 2.08%
Gross Profit $54.16M $29.74M
YoY Change 82.12% 10.0%
Gross Profit Margin 45.93% 49.22%
Selling, General & Admin $19.32M $12.58M
YoY Change 53.54% -0.74%
% of Gross Profit 35.67% 42.31%
Research & Development $13.16M $8.845M
YoY Change 48.74% 12.03%
% of Gross Profit 24.29% 29.74%
Depreciation & Amortization $7.900M $1.620M
YoY Change 387.65% 1.89%
% of Gross Profit 14.59% 5.45%
Operating Expenses $38.43M $23.37M
YoY Change 64.45% -0.54%
Operating Profit $10.89M $6.369M
YoY Change 70.95% 79.97%
Interest Expense $1.898M $5.000K
YoY Change 37860.0% -37.5%
% of Operating Profit 17.43% 0.08%
Other Income/Expense, Net -$87.00K $83.00K
YoY Change -204.82% -79.15%
Pretax Income $10.47M $6.473M
YoY Change 61.72% 64.58%
Income Tax $1.335M $1.433M
% Of Pretax Income 12.75% 22.14%
Net Earnings $9.133M $5.040M
YoY Change 81.21% 1801.89%
Net Earnings / Revenue 7.75% 8.34%
Basic Earnings Per Share $0.20 $0.15
Diluted Earnings Per Share $0.19 $0.15
COMMON SHARES
Basic Shares Outstanding 39.15M shares 33.12M shares
Diluted Shares Outstanding 39.99M shares 33.83M shares

Balance Sheet

Concept 2016 Q4 2015 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $46.20M $81.60M
YoY Change -43.38% 43.16%
Cash & Equivalents $46.19M $81.55M
Short-Term Investments
Other Short-Term Assets $11.70M $20.60M
YoY Change -43.2% -17.27%
Inventory $70.09M $36.71M
Prepaid Expenses
Receivables $68.83M $35.47M
Other Receivables $0.00 $0.00
Total Short-Term Assets $224.8M $199.0M
YoY Change 13.0% 11.14%
LONG-TERM ASSETS
Property, Plant & Equipment $39.38M $13.32M
YoY Change 195.55% 2.75%
Goodwill $366.8M $173.7M
YoY Change 111.1% 3.33%
Intangibles $122.3M $18.61M
YoY Change 557.29% -13.37%
Long-Term Investments
YoY Change
Other Assets $1.952M $3.169M
YoY Change -38.4% 155.98%
Total Long-Term Assets $530.4M $209.1M
YoY Change 153.66% 1.35%
TOTAL ASSETS
Total Short-Term Assets $224.8M $199.0M
Total Long-Term Assets $530.4M $209.1M
Total Assets $755.3M $408.1M
YoY Change 85.08% 5.9%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $26.24M $11.86M
YoY Change 121.25% 4.94%
Accrued Expenses $10.55M $8.719M
YoY Change 20.97% -1.11%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $10.00M
YoY Change
Total Short-Term Liabilities $68.52M $41.39M
YoY Change 65.54% 4.9%
LONG-TERM LIABILITIES
Long-Term Debt $180.7M $0.00
YoY Change
Other Long-Term Liabilities $8.677M $1.100M
YoY Change 688.82% -5.58%
Total Long-Term Liabilities $8.677M $1.100M
YoY Change 688.82% -5.58%
TOTAL LIABILITIES
Total Short-Term Liabilities $68.52M $41.39M
Total Long-Term Liabilities $8.677M $1.100M
Total Liabilities $270.6M $46.63M
YoY Change 480.18% -8.83%
SHAREHOLDERS EQUITY
Retained Earnings $123.2M $101.2M
YoY Change 21.75% 19.28%
Common Stock $392.0K $332.0K
YoY Change 18.07% 3.11%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $484.7M $361.5M
YoY Change
Total Liabilities & Shareholders Equity $755.3M $408.1M
YoY Change 85.08% 5.9%

Cashflow Statement

Concept 2016 Q4 2015 Q4
OPERATING ACTIVITIES
Net Income $9.133M $5.040M
YoY Change 81.21% 1801.89%
Depreciation, Depletion And Amortization $7.900M $1.620M
YoY Change 387.65% 1.89%
Cash From Operating Activities $14.20M $13.20M
YoY Change 7.58% 60.98%
INVESTING ACTIVITIES
Capital Expenditures -$7.700M -$1.300M
YoY Change 492.31% 8.33%
Acquisitions
YoY Change
Other Investing Activities -$38.80M -$9.700M
YoY Change 300.0%
Cash From Investing Activities -$46.40M -$11.00M
YoY Change 321.82% 816.67%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.200M 300.0K
YoY Change 300.0% -72.73%
NET CHANGE
Cash From Operating Activities 14.20M 13.20M
Cash From Investing Activities -46.40M -11.00M
Cash From Financing Activities 1.200M 300.0K
Net Change In Cash -31.00M 2.500M
YoY Change -1340.0% -69.14%
FREE CASH FLOW
Cash From Operating Activities $14.20M $13.20M
Capital Expenditures -$7.700M -$1.300M
Free Cash Flow $21.90M $14.50M
YoY Change 51.03% 54.26%

Facts In Submission

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CY2016Q4 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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CY2016Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2016Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
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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 &#8220;Company&#8221; or &#8220;Mercury&#8221;) is a leading commercial provider of secure sensor and mission processing subsystems. Optimized for customer and mission success, its solutions power a wide variety of critical defense and intelligence programs. The Company 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'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, F-35, Predator, Reaper and Paveway. The Company's organizational structure allows it to deliver capabilities that combine technology building blocks and deep domain expertise in the aerospace and defense sector.</font></div></div>
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">R</font><font style="font-family:inherit;font-size:8pt;">ECLASSIFICATION</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 Company has restated the income tax provision for the three and six months ended December 31, 2015 by </font><font style="font-family:inherit;font-size:10pt;">$247</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$1,143</font><font style="font-family:inherit;font-size:10pt;">, respectively, for the adoption of FASB Accounting Standards Update (&#8220;ASU&#8221;) 2016-09, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Improvements to Employee Share-Based Payment Accounting</font><font style="font-family:inherit;font-size:10pt;">. The adoption resulted in a decrease in the income tax provision in both periods associated with excess tax benefits, which previously was reflected as a change in additional paid in capital before the adoption of this ASU. The Company&#8217;s Consolidated Statements of Operations and Comprehensive Income and Consolidated Statements of Cash Flows have been updated to reflect this change. </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 Company included costs related to the sustainment of its product portfolio as research and development expense, which was previously included as costs of revenues on the Consolidated Statements of Operations and Comprehensive Income.</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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