$MRCY
MERCURY SYSTEMS INC

2017 Q4 Form 10-Q Financial Statement

#000104952118000007 Filed on February 02, 2018

View on sec.gov

Income Statement

Concept 2017 Q4 2016 Q4
Revenue $159.1M $117.9M
YoY Change 34.92% 95.16%
Cost Of Revenue $63.75M $50.63M
YoY Change 25.93% 65.02%
Gross Profit $70.89M $54.16M
YoY Change 30.88% 82.12%
Gross Profit Margin 44.56% 45.93%
Selling, General & Admin $21.22M $19.32M
YoY Change 9.84% 53.54%
% of Gross Profit 29.94% 35.67%
Research & Development $15.19M $13.16M
YoY Change 15.44% 48.74%
% of Gross Profit 21.42% 24.29%
Depreciation & Amortization $9.600M $7.900M
YoY Change 21.52% 387.65%
% of Gross Profit 13.54% 14.59%
Operating Expenses $43.27M $38.43M
YoY Change 12.6% 64.45%
Operating Profit $19.86M $10.89M
YoY Change 82.41% 70.95%
Interest Expense $107.0K $1.898M
YoY Change -94.36% 37860.0%
% of Operating Profit 0.54% 17.43%
Other Income/Expense, Net -$316.0K -$87.00K
YoY Change 263.22% -204.82%
Pretax Income $16.87M $10.47M
YoY Change 61.12% 61.72%
Income Tax $4.483M $1.335M
% Of Pretax Income 26.58% 12.75%
Net Earnings $12.38M $9.133M
YoY Change 35.59% 81.21%
Net Earnings / Revenue 7.78% 7.75%
Basic Earnings Per Share $0.26 $0.20
Diluted Earnings Per Share $0.26 $0.19
COMMON SHARES
Basic Shares Outstanding 46.75M shares 39.15M shares
Diluted Shares Outstanding 47.45M shares 39.99M shares

Balance Sheet

Concept 2017 Q4 2016 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $32.00M $46.20M
YoY Change -30.74% -43.38%
Cash & Equivalents $32.04M $46.19M
Short-Term Investments
Other Short-Term Assets $8.000M $11.70M
YoY Change -31.62% -43.2%
Inventory $105.9M $70.09M
Prepaid Expenses
Receivables $87.32M $68.83M
Other Receivables $0.00 $0.00
Total Short-Term Assets $268.9M $224.8M
YoY Change 19.59% 13.0%
LONG-TERM ASSETS
Property, Plant & Equipment $51.64M $39.38M
YoY Change 31.14% 195.55%
Goodwill $384.8M $366.8M
YoY Change 4.91% 111.1%
Intangibles $120.7M $122.3M
YoY Change -1.34% 557.29%
Long-Term Investments
YoY Change
Other Assets $9.817M $1.952M
YoY Change 402.92% -38.4%
Total Long-Term Assets $566.9M $530.4M
YoY Change 6.88% 153.66%
TOTAL ASSETS
Total Short-Term Assets $268.9M $224.8M
Total Long-Term Assets $566.9M $530.4M
Total Assets $835.8M $755.3M
YoY Change 10.66% 85.08%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $37.63M $26.24M
YoY Change 43.42% 121.25%
Accrued Expenses $10.43M $10.55M
YoY Change -1.14% 20.97%
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 $74.28M $68.52M
YoY Change 8.4% 65.54%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $180.7M
YoY Change -100.0%
Other Long-Term Liabilities $11.45M $8.677M
YoY Change 32.0% 688.82%
Total Long-Term Liabilities $11.45M $8.677M
YoY Change 32.0% 688.82%
TOTAL LIABILITIES
Total Short-Term Liabilities $74.28M $68.52M
Total Long-Term Liabilities $11.45M $8.677M
Total Liabilities $86.59M $270.6M
YoY Change -68.0% 480.18%
SHAREHOLDERS EQUITY
Retained Earnings $166.2M $123.2M
YoY Change 34.84% 21.75%
Common Stock $468.0K $392.0K
YoY Change 19.39% 18.07%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $771.9M $484.7M
YoY Change
Total Liabilities & Shareholders Equity $835.8M $755.3M
YoY Change 10.66% 85.08%

Cashflow Statement

Concept 2017 Q4 2016 Q4
OPERATING ACTIVITIES
Net Income $12.38M $9.133M
YoY Change 35.59% 81.21%
Depreciation, Depletion And Amortization $9.600M $7.900M
YoY Change 21.52% 387.65%
Cash From Operating Activities $8.800M $14.20M
YoY Change -38.03% 7.58%
INVESTING ACTIVITIES
Capital Expenditures -$4.000M -$7.700M
YoY Change -48.05% 492.31%
Acquisitions
YoY Change
Other Investing Activities $200.0K -$38.80M
YoY Change -100.52% 300.0%
Cash From Investing Activities -$3.800M -$46.40M
YoY Change -91.81% 321.82%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 600.0K 1.200M
YoY Change -50.0% 300.0%
NET CHANGE
Cash From Operating Activities 8.800M 14.20M
Cash From Investing Activities -3.800M -46.40M
Cash From Financing Activities 600.0K 1.200M
Net Change In Cash 5.600M -31.00M
YoY Change -118.06% -1340.0%
FREE CASH FLOW
Cash From Operating Activities $8.800M $14.20M
Capital Expenditures -$4.000M -$7.700M
Free Cash Flow $12.80M $21.90M
YoY Change -41.55% 51.03%

Facts In Submission

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dei Document Fiscal Period Focus
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dei Document Fiscal Year Focus
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dei Document Period End Date
DocumentPeriodEndDate
2017-12-31
dei Document Type
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dei Entity Central Index Key
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dei Entity Filer Category
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dei Entity Registrant Name
EntityRegistrantName
MERCURY SYSTEMS INC
dei Trading Symbol
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MRCY
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
24521000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
16807000 USD
CY2016Q4 us-gaap Net Income Loss
NetIncomeLoss
5204000 USD
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 segment
CY2016Q4 us-gaap Operating Expenses
OperatingExpenses
38431000 USD
us-gaap Operating Expenses
OperatingExpenses
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CY2017Q4 us-gaap Operating Expenses
OperatingExpenses
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us-gaap Operating Expenses
OperatingExpenses
83575000 USD
CY2016Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
8958000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
12700000 USD
CY2017Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
10888000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
21259000 USD
CY2017Q2 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
8023000 USD
CY2017Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
9817000 USD
CY2016Q4 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-341000 USD
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-333000 USD
CY2017Q4 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
22000 USD
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-56000 USD
CY2016Q4 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-341000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-333000 USD
CY2017Q4 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
32000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-16000 USD
CY2016Q4 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
0 USD
us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
0 USD
CY2017Q4 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
-10000 USD
us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
-40000 USD
CY2017Q2 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
11772000 USD
CY2017Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
11454000 USD
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
341000 USD
CY2016Q4 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-87000 USD
CY2017Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000 shares
CY2017Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000 shares
CY2017Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2017Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2017Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2017Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2017Q2 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2017Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2017Q4 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-316000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-1131000 USD
us-gaap Paid In Kind Interest
PaidInKindInterest
935000 USD
us-gaap Paid In Kind Interest
PaidInKindInterest
0 USD
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
111000 USD
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
375000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
7560000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
14909000 USD
us-gaap Payments For Restructuring
PaymentsForRestructuring
656000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
38764000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
5798000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
13753000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
7592000 USD
CY2017Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2017Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2017Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
8381000 USD
CY2017Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
7970000 USD
CY2017Q2 us-gaap Prepaid Taxes
PrepaidTaxes
1434000 USD
CY2017Q4 us-gaap Prepaid Taxes
PrepaidTaxes
15000 USD
us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
0 USD
us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
15000000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
2733000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
2049000 USD
CY2017Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
51643000 USD
CY2017Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
51640000 USD
us-gaap Repayments Of Long Term Lines Of Credit
RepaymentsOfLongTermLinesOfCredit
2500000 USD
us-gaap Repayments Of Long Term Lines Of Credit
RepaymentsOfLongTermLinesOfCredit
15000000 USD
CY2016Q4 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
13156000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
25994000 USD
CY2017Q4 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
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us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
28929000 USD
CY2016Q4 us-gaap Restructuring Charges
RestructuringCharges
69000 USD
us-gaap Restructuring Charges
RestructuringCharges
366000 USD
CY2017Q4 us-gaap Restructuring Charges
RestructuringCharges
313000 USD
us-gaap Restructuring Charges
RestructuringCharges
408000 USD
CY2017Q2 us-gaap Restructuring Reserve Current
RestructuringReserveCurrent
1365000 USD
CY2017Q4 us-gaap Restructuring Reserve Current
RestructuringReserveCurrent
1117000 USD
us-gaap Restructuring Settlement And Impairment Provisions
RestructuringSettlementAndImpairmentProvisions
408000 USD
CY2017Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
166171000 USD
CY2017Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
139085000 USD
CY2016Q4 us-gaap Revenues
Revenues
98014000 USD
us-gaap Revenues
Revenues
185663000 USD
CY2017Q4 us-gaap Revenues
Revenues
117912000 USD
us-gaap Revenues
Revenues
223981000 USD
CY2016Q4 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
19320000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
36864000 USD
CY2017Q4 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
21222000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
41790000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
7725000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
9448000 USD
CY2017Q2 us-gaap Stockholders Equity
StockholdersEquity
725417000 USD
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
749231000 USD
CY2016Q4 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
834000 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
916000 shares
CY2017Q4 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
695000 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
837000 shares
CY2016Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
39985000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
39920000 shares
CY2017Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
47447000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
47538000 shares
CY2016Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
39151000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
39004000 shares
CY2017Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
46752000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
46701000 shares
us-gaap Nature Of Operations
NatureOfOperations
<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 safety critical mission processing subsystems. Optimized for customer and mission success, its solutions power a wide variety of critical defense and intelligence programs. Headquartered in Andover, Massachusetts, it 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 primarily to 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, Predator, F-16 SABR, F-35, E2D Hawkeye, 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 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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