$MRCY
MERCURY SYSTEMS INC

2018 Q4 Form 10-Q Financial Statement

#000104952119000006 Filed on February 07, 2019

View on sec.gov

Income Statement

Concept 2018 Q4 2017 Q4
Revenue $159.1M $159.1M
YoY Change 0.0% 34.92%
Cost Of Revenue $88.20M $63.75M
YoY Change 38.35% 25.93%
Gross Profit $70.89M $70.89M
YoY Change 0.0% 30.88%
Gross Profit Margin 44.56% 44.56%
Selling, General & Admin $27.82M $21.22M
YoY Change 31.09% 9.84%
% of Gross Profit 39.24% 29.94%
Research & Development $16.19M $15.19M
YoY Change 6.62% 15.44%
% of Gross Profit 22.84% 21.42%
Depreciation & Amortization $11.80M $9.600M
YoY Change 22.92% 21.52%
% of Gross Profit 16.65% 13.54%
Operating Expenses $51.03M $43.27M
YoY Change 17.92% 12.6%
Operating Profit $19.86M $19.86M
YoY Change 0.0% 82.41%
Interest Expense $2.196M $107.0K
YoY Change 1952.34% -94.36%
% of Operating Profit 11.06% 0.54%
Other Income/Expense, Net -$870.0K -$316.0K
YoY Change 175.32% 263.22%
Pretax Income $16.87M $16.87M
YoY Change 0.0% 61.12%
Income Tax $4.483M $4.483M
% Of Pretax Income 26.58% 26.58%
Net Earnings $12.38M $12.38M
YoY Change 0.0% 35.59%
Net Earnings / Revenue 7.78% 7.78%
Basic Earnings Per Share $0.26 $0.26
Diluted Earnings Per Share $0.26 $0.26
COMMON SHARES
Basic Shares Outstanding 47.19M shares 46.75M shares
Diluted Shares Outstanding 47.71M shares 47.45M shares

Balance Sheet

Concept 2018 Q4 2017 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $93.90M $32.00M
YoY Change 193.44% -30.74%
Cash & Equivalents $93.90M $32.04M
Short-Term Investments
Other Short-Term Assets $10.70M $8.000M
YoY Change 33.75% -31.62%
Inventory $126.4M $105.9M
Prepaid Expenses
Receivables $123.1M $87.32M
Other Receivables $0.00 $0.00
Total Short-Term Assets $399.3M $268.9M
YoY Change 48.49% 19.59%
LONG-TERM ASSETS
Property, Plant & Equipment $53.13M $51.64M
YoY Change 2.89% 31.14%
Goodwill $519.7M $384.8M
YoY Change 35.05% 4.91%
Intangibles $176.7M $120.7M
YoY Change 46.41% -1.34%
Long-Term Investments
YoY Change
Other Assets $7.873M $9.817M
YoY Change -19.8% 402.92%
Total Long-Term Assets $757.3M $566.9M
YoY Change 33.59% 6.88%
TOTAL ASSETS
Total Short-Term Assets $399.3M $268.9M
Total Long-Term Assets $757.3M $566.9M
Total Assets $1.157B $835.8M
YoY Change 38.38% 10.66%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $30.75M $37.63M
YoY Change -18.28% 43.42%
Accrued Expenses $16.88M $10.43M
YoY Change 61.84% -1.14%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $93.18M $74.28M
YoY Change 25.45% 8.4%
LONG-TERM LIABILITIES
Long-Term Debt $240.0M $0.00
YoY Change -100.0%
Other Long-Term Liabilities $12.30M $11.45M
YoY Change 7.39% 32.0%
Total Long-Term Liabilities $12.30M $11.45M
YoY Change 7.39% 32.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $93.18M $74.28M
Total Long-Term Liabilities $12.30M $11.45M
Total Liabilities $360.6M $86.59M
YoY Change 316.43% -68.0%
SHAREHOLDERS EQUITY
Retained Earnings $199.8M $166.2M
YoY Change 20.26% 34.84%
Common Stock $472.0K $468.0K
YoY Change 0.85% 19.39%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $796.1M $771.9M
YoY Change
Total Liabilities & Shareholders Equity $1.157B $835.8M
YoY Change 38.38% 10.66%

Cashflow Statement

Concept 2018 Q4 2017 Q4
OPERATING ACTIVITIES
Net Income $12.38M $12.38M
YoY Change 0.0% 35.59%
Depreciation, Depletion And Amortization $11.80M $9.600M
YoY Change 22.92% 21.52%
Cash From Operating Activities $25.30M $8.800M
YoY Change 187.5% -38.03%
INVESTING ACTIVITIES
Capital Expenditures -$7.100M -$4.000M
YoY Change 77.5% -48.05%
Acquisitions
YoY Change
Other Investing Activities $1.300M $200.0K
YoY Change 550.0% -100.52%
Cash From Investing Activities -$5.800M -$3.800M
YoY Change 52.63% -91.81%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.600M 600.0K
YoY Change 166.67% -50.0%
NET CHANGE
Cash From Operating Activities 25.30M 8.800M
Cash From Investing Activities -5.800M -3.800M
Cash From Financing Activities 1.600M 600.0K
Net Change In Cash 21.10M 5.600M
YoY Change 276.79% -118.06%
FREE CASH FLOW
Cash From Operating Activities $25.30M $8.800M
Capital Expenditures -$7.100M -$4.000M
Free Cash Flow $32.40M $12.80M
YoY Change 153.12% -41.55%

Facts In Submission

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dei Entity Filer Category
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dei Entity Registrant Name
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MERCURY SYSTEMS INC
dei Trading Symbol
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us-gaap Net Cash Provided By Used In Investing 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 Operating Activities
NetCashProvidedByUsedInOperatingActivities
16807000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
45330000 USD
CY2017Q4 us-gaap Net Income Loss
NetIncomeLoss
9133000 USD
us-gaap Net Income Loss
NetIncomeLoss
27086000 USD
CY2018Q4 us-gaap Net Income Loss
NetIncomeLoss
12383000 USD
us-gaap Net Income Loss
NetIncomeLoss
19862000 USD
CY2018Q2 us-gaap Noncurrent Assets
NoncurrentAssets
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NoncurrentAssets
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us-gaap Number Of Operating Segments
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OperatingExpenses
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OperatingExpenses
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CY2018Q4 us-gaap Operating Expenses
OperatingExpenses
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us-gaap Operating Expenses
OperatingExpenses
98799000 USD
CY2017Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
10888000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
21259000 USD
CY2018Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
19861000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
33671000 USD
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OtherAssetsNoncurrent
6411000 USD
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OtherAssetsNoncurrent
7873000 USD
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OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
22000 USD
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-56000 USD
CY2018Q4 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
205000 USD
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-157000 USD
CY2017Q4 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
32000 USD
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OtherComprehensiveIncomeLossNetOfTax
-16000 USD
CY2018Q4 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
190000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-187000 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
CY2018Q4 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
15000 USD
us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
30000 USD
CY2018Q2 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
11276000 USD
CY2018Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
12301000 USD
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-847000 USD
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-2144000 USD
CY2017Q4 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-316000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-1131000 USD
CY2018Q4 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-870000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-1879000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
45029000 USD
CY2018Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000 shares
CY2018Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000 shares
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
14909000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
6932000 USD
us-gaap Payments For Restructuring
PaymentsForRestructuring
2070000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
10802000 USD
CY2018Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2018Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2018Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2018Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2018Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2018Q3 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2018Q2 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2018Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2018Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
9062000 USD
CY2018Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
9923000 USD
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PrepaidTaxes
3761000 USD
CY2018Q4 us-gaap Prepaid Taxes
PrepaidTaxes
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us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
15000000 USD
us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
45000000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
2049000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
1677000 USD
CY2018Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
50980000 USD
CY2018Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
53130000 USD
us-gaap Repayments Of Long Term Lines Of Credit
RepaymentsOfLongTermLinesOfCredit
15000000 USD
us-gaap Repayments Of Long Term Lines Of Credit
RepaymentsOfLongTermLinesOfCredit
0 USD
CY2017Q4 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
15187000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
28929000 USD
CY2018Q4 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
16192000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
31140000 USD
CY2017Q4 us-gaap Restructuring Charges
RestructuringCharges
313000 USD
us-gaap Restructuring Charges
RestructuringCharges
408000 USD
CY2018Q4 us-gaap Restructuring Charges
RestructuringCharges
23000 USD
us-gaap Restructuring Charges
RestructuringCharges
527000 USD
CY2018Q2 us-gaap Restructuring Reserve Current
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1801000 USD
CY2018Q4 us-gaap Restructuring Reserve Current
RestructuringReserveCurrent
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us-gaap Restructuring Settlement And Impairment Provisions
RestructuringSettlementAndImpairmentProvisions
543000 USD
CY2018Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
179968000 USD
CY2018Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
199830000 USD
CY2017Q4 us-gaap Revenues
Revenues
117912000 USD
us-gaap Revenues
Revenues
223981000 USD
CY2018Q4 us-gaap Revenues
Revenues
159089000 USD
us-gaap Revenues
Revenues
303145000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
52560000 USD
CY2017Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
47447000 shares
CY2018Q2 us-gaap Secured Long Term Debt
SecuredLongTermDebt
195000000 USD
CY2018Q4 us-gaap Secured Long Term Debt
SecuredLongTermDebt
240000000 USD
CY2017Q4 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
21222000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
41790000 USD
CY2018Q4 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
27819000 USD
CY2018Q2 us-gaap Stockholders Equity
StockholdersEquity
771891000 USD
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
796076000 USD
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
CY2018Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
516000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
47538000 shares
CY2018Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
47705000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
47696000 shares
CY2017Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
46752000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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CY2018Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
47189000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
47118000 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 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 (&#8220;SEWIP&#8221;), Gorgon Stare, Predator, F-35, Reaper, F-16 SABR, E2D Hawkeye, Paveway, Filthy Buzzard, PGK, ProVision, P1, AIDEWS, CDS, and Win-T. 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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