$MRCY
MERCURY SYSTEMS INC

2020 Q4 Form 10-Q Financial Statement

#000104952120000054 Filed on November 10, 2020

View on sec.gov

Income Statement

Concept 2020 Q4 2019 Q3
Revenue $205.6M $177.3M
YoY Change 6.04% 23.08%
Cost Of Revenue $117.5M $98.90M
YoY Change 11.47% 19.92%
Gross Profit $88.12M $78.40M
YoY Change -0.44% 27.31%
Gross Profit Margin 42.86% 44.22%
Selling, General & Admin $32.90M $29.97M
YoY Change 0.3% 21.13%
% of Gross Profit 37.34% 38.23%
Research & Development $27.42M $21.87M
YoY Change 11.18% 46.31%
% of Gross Profit 31.11% 27.9%
Depreciation & Amortization $13.00M $11.38M
YoY Change 3.98% -1.43%
% of Gross Profit 14.75% 14.52%
Operating Expenses $69.35M $60.92M
YoY Change 2.46% 27.53%
Operating Profit $18.77M $17.48M
YoY Change -9.87% 26.55%
Interest Expense $0.00 $0.00
YoY Change -100.0%
% of Operating Profit 0.0% 0.0%
Other Income/Expense, Net -$846.0K -$1.434M
YoY Change 141.03% 42.12%
Pretax Income $18.00M $17.23M
YoY Change -13.42% 62.42%
Income Tax $2.198M -$2.018M
% Of Pretax Income 12.21% -11.71%
Net Earnings $15.80M $19.25M
YoY Change 0.78% 157.35%
Net Earnings / Revenue 7.68% 10.86%
Basic Earnings Per Share $0.29 $0.35
Diluted Earnings Per Share $0.29 $0.35
COMMON SHARES
Basic Shares Outstanding 54.88M shares 54.39M shares
Diluted Shares Outstanding 55.34M shares 55.08M shares

Balance Sheet

Concept 2020 Q4 2019 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $239.1M $161.3M
YoY Change 31.37% 121.26%
Cash & Equivalents $239.1M $161.3M
Short-Term Investments
Other Short-Term Assets $23.70M $15.80M
YoY Change 47.2% -3.07%
Inventory $206.0M $148.5M
Prepaid Expenses
Receivables $99.07M $108.9M
Other Receivables $0.00 $0.00
Total Short-Term Assets $676.7M $503.0M
YoY Change 24.14% 38.13%
LONG-TERM ASSETS
Property, Plant & Equipment $94.74M $65.95M
YoY Change 30.33% 29.74%
Goodwill $614.4M $617.2M
YoY Change -0.04% 18.55%
Intangibles $200.8M $230.2M
YoY Change -10.55% 25.37%
Long-Term Investments
YoY Change
Other Assets $4.501M $6.191M
YoY Change -22.85% -20.33%
Total Long-Term Assets $976.5M $970.8M
YoY Change 0.93% 27.27%
TOTAL ASSETS
Total Short-Term Assets $676.7M $503.0M
Total Long-Term Assets $976.5M $970.8M
Total Assets $1.653B $1.474B
YoY Change 9.29% 30.78%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $63.06M $34.94M
YoY Change 75.22% 35.82%
Accrued Expenses $25.12M $21.74M
YoY Change 5.09% 43.56%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $146.6M $94.07M
YoY Change 35.89% 13.67%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities $15.28M $12.24M
YoY Change 21.11% 6.89%
Total Long-Term Liabilities $15.28M $12.24M
YoY Change 21.11% 6.89%
TOTAL LIABILITIES
Total Short-Term Liabilities $146.6M $94.07M
Total Long-Term Liabilities $15.28M $12.24M
Total Liabilities $245.3M $178.6M
YoY Change 25.43% -49.03%
SHAREHOLDERS EQUITY
Retained Earnings $328.3M $246.0M
YoY Change 25.45% 31.23%
Common Stock $550.0K $545.0K
YoY Change 0.92% 15.47%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.408B $1.295B
YoY Change
Total Liabilities & Shareholders Equity $1.653B $1.474B
YoY Change 9.29% 30.78%

Cashflow Statement

Concept 2020 Q4 2019 Q3
OPERATING ACTIVITIES
Net Income $15.80M $19.25M
YoY Change 0.78% 157.35%
Depreciation, Depletion And Amortization $13.00M $11.38M
YoY Change 3.98% -1.43%
Cash From Operating Activities $22.93M $24.31M
YoY Change -28.57% 21.37%
INVESTING ACTIVITIES
Capital Expenditures $10.98M $9.595M
YoY Change -197.15% 157.45%
Acquisitions $0.00 $96.50M
YoY Change 108.55%
Other Investing Activities $0.00 -$96.50M
YoY Change
Cash From Investing Activities -$10.98M -$106.1M
YoY Change -2.85% 112.19%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $66.00K $14.56M
YoY Change 113.77%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$64.00K -$14.56M
YoY Change -78.67% -140.07%
NET CHANGE
Cash From Operating Activities $22.93M $24.31M
Cash From Investing Activities -$10.98M -$106.1M
Cash From Financing Activities -$64.00K -$14.56M
Net Change In Cash $12.28M -$96.63M
YoY Change -40.08% -1617.95%
FREE CASH FLOW
Cash From Operating Activities $22.93M $24.31M
Capital Expenditures $10.98M $9.595M
Free Cash Flow $11.95M $14.72M
YoY Change -72.46% -9.74%

Facts In Submission

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397000 USD
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2019Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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InterestPaidNet
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InterestPaidNet
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IncomeTaxesPaidNet
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IncomeTaxesPaidNet
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CY2019Q3 us-gaap Noncash Or Part Noncash Acquisition Investments Acquired1
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CY2020Q4 us-gaap Nature Of Operations
NatureOfOperations
Description of Business<div style="margin-top:5pt;text-align:justify;text-indent:24.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Mercury Systems, Inc. (the “Company” or “Mercury”) is a leading technology company serving the aerospace and defense industry, positioned at the intersection of high-tech and defense. Headquartered in Andover, Massachusetts, the Company delivers solutions that power a broad range of aerospace and defense programs, optimized for mission success in some of the most challenging and demanding environments. The Company envisions, creates and delivers innovative technology solutions purpose-built to meet its customers’ most-pressing high-tech needs, including those specific to the defense community. </span></div><div style="margin-top:5pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As a leading manufacturer of essential components, modules and subsystems, the Company sells to defense prime contractors, the U.S. government and original equipment manufacturer (“OEM”) commercial aerospace companies. The Company has built a trusted, contemporary portfolio of proven product solutions purpose-built for aerospace and defense that it believes meets and exceeds the performance needs of its defense and commercial customers. Customers add their own applications and algorithms to the Company's specialized, secure and innovative pre-integrated solutions. This allows them to complete their full system by integrating with their platform the sensor technology and, in some cases, the processing from Mercury. The Company's products and solutions are deployed in more than 300 programs with over 25 different defense prime contractors and commercial aviation customers. </span></div><div style="margin-top:5pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company's transformational business model accelerates the process of making new technology profoundly more accessible to its customers by bridging the gap between commercial technology and aerospace and defense applications. The Company's long-standing deep relationships with leading high-tech companies, coupled with the Company's high level of research and development (“R&amp;D”) investments and industry-leading trusted and secure design and manufacturing capabilities, are the foundational tenets of this highly successful model.</span></div><div style="margin-top:5pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company's capabilities, technology and R&amp;D investment strategy combine to differentiate Mercury in its industry. The Company's technologies and capabilities include secure embedded processing modules and subsystems, mission computers, secure and rugged rack-mount servers, safety-critical avionics, radio frequency (“RF”) components, multi-function assemblies, subsystems and custom microelectronics. The Company maintains its technological edge by investing in critical capabilities and intellectual property in processing and RF, leveraging open standards and open architectures to adapt quickly those building blocks into solutions for highly data-intensive applications, including emerging needs in areas such as artificial intelligence.</span></div><div style="margin-top:5pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company's mission critical solutions are deployed by its customers for a variety of applications including command, control, communications, computers, intelligence, surveillance and reconnaissance, electronic intelligence, avionics, electro-optical/infrared, electronic warfare, weapons and missile defense, hypersonics and radar.</span></div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Investors and others should note that the Company announces material financial information using its website (</span><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">www.mrcy.com</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">), Securities and Exchange Commission (“SEC”) filings, press releases, public conference calls, webcasts, and social media, including Twitter (</span><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">twitter.com/mrcy</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> and </span><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">twitter.com/mrcy_CEO</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">) and LinkedIn (</span><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">www.linkedin.com/company/mercury-systems</span>). Therefore, the Company encourages investors and others interested in Mercury to review the information the Company posts on the social media and other communication channels listed on its website.
CY2020Q4 mrcy Natureof Business Numberof Programs Using Productsand Services
NatureofBusinessNumberofProgramsUsingProductsandServices
300 program
CY2020Q4 mrcy Natureof Business Numberof Contractors Using Productsand Services
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25 contractor
CY2020Q4 us-gaap Use Of Estimates
UseOfEstimates
<div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">U</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%">SE</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%">OF</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> E</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%">STIMATES</span></div><div style="margin-top:6pt;text-align:justify;text-indent:24.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div>
CY2020Q4 us-gaap Contract With Customer Asset Net
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108754000 USD
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ContractWithCustomerAssetNet
90289000 USD
CY2020Q4 us-gaap Contract With Customer Liability
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27655000 USD
CY2020Q3 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
19892000 USD
CY2020Q4 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
9030000 USD
CY2019Q3 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
5376000 USD
CY2020Q4 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
287526000 USD
CY2020Q4 mrcy Percentage Of Revenue Recognized
PercentageOfRevenueRecognized
0.72
CY2020Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
54883000 shares
CY2019Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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CY2020Q4 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
456000 shares
CY2019Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
690000 shares
CY2019Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
690000 shares
CY2020Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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CY2019Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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CY2020Q4 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2019Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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154000 shares
CY2020Q3 us-gaap Inventory Work In Process Net Of Reserves
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49647000 USD
CY2020Q4 us-gaap Fair Value Option Changes In Fair Value Gain Loss1
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-43000 USD
CY2020Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
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InventoryRawMaterialsNetOfReserves
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CY2020Q4 us-gaap Inventory Work In Process Net Of Reserves
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CY2020Q4 us-gaap Inventory Finished Goods Net Of Reserves
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24350000 USD
CY2020Q3 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
17221000 USD
CY2020Q4 us-gaap Inventory Net
InventoryNet
206044000 USD
CY2020Q3 us-gaap Inventory Net
InventoryNet
178093000 USD
CY2020Q4 mrcy Increase Decrease In Inventories Including Assets Acquired
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27951000 USD
CY2020Q3 us-gaap Goodwill
Goodwill
614076000 USD
CY2020Q4 us-gaap Goodwill
Goodwill
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CY2020Q4 us-gaap Restructuring Charges
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1297000 USD
CY2020Q4 us-gaap Restructuring Charges
RestructuringCharges
1297000 USD
CY2020Q4 us-gaap Restructuring And Related Cost Number Of Positions Eliminated
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19 position
CY2020Q4 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
2198000 USD
CY2019Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2020Q4 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
17996000 USD
CY2019Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
17229000 USD
CY2020Q4 us-gaap Excess Tax Benefit From Share Based Compensation Operating Activities
ExcessTaxBenefitFromShareBasedCompensationOperatingActivities
2480000 USD
CY2019Q3 us-gaap Excess Tax Benefit From Share Based Compensation Operating Activities
ExcessTaxBenefitFromShareBasedCompensationOperatingActivities
6127000 USD
CY2019Q3 us-gaap Income Tax Reconciliation Deductions Other
IncomeTaxReconciliationDeductionsOther
443000 USD
CY2020Q4 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
904000 USD
CY2020Q4 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
-31000 USD
CY2019Q3 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
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CY2020Q4 us-gaap Defined Benefit Plan Net Periodic Benefit Cost
DefinedBenefitPlanNetPeriodicBenefitCost
413000 USD
CY2020Q4 us-gaap Defined Benefit Plan Expected Future Employer Contributions Current Fiscal Year
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957000 USD
CY2020Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
802000 USD
CY2020Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
542000 USD
CY2020Q4 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
7184000 USD
CY2019Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5659000 USD
CY2020Q4 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
1868000 USD
CY2019Q3 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
1471000 USD
CY2020Q4 us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
5316000 USD
CY2019Q3 us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
4188000 USD
CY2020Q4 us-gaap Number Of Operating Segments
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1 segment
CY2020Q4 us-gaap Revenues
Revenues
205621000 USD
CY2020Q4 us-gaap Revenues
Revenues
205621000 USD
CY2019Q3 us-gaap Revenues
Revenues
177304000 USD
CY2020Q4 us-gaap Revenues
Revenues
205621000 USD
CY2019Q3 us-gaap Revenues
Revenues
177304000 USD
CY2019Q3 us-gaap Revenues
Revenues
177304000 USD
CY2020Q4 us-gaap Revenues
Revenues
205621000 USD
CY2019Q3 us-gaap Revenues
Revenues
177304000 USD
CY2020Q4 us-gaap Revenues
Revenues
205621000 USD
CY2019Q3 us-gaap Revenues
Revenues
177304000 USD
CY2020Q4 us-gaap Revenues
Revenues
205621000 USD
CY2019Q3 us-gaap Revenues
Revenues
177304000 USD
CY2020Q4 us-gaap Noncurrent Assets
NoncurrentAssets
94744000 USD
CY2020Q3 us-gaap Noncurrent Assets
NoncurrentAssets
87737000 USD

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