$MRCY
MERCURY SYSTEMS INC

2021 Q2 Form 10-Q Financial Statement

#000104952121000020 Filed on May 11, 2021

View on sec.gov

Income Statement

Concept 2021 Q2 2020 Q1 2019 Q4
Revenue $256.9M $208.0M $193.9M
YoY Change 19.11% 21.89%
Cost Of Revenue $151.2M $114.7M $105.4M
YoY Change 13.79% 19.51%
Gross Profit $105.6M $93.33M $88.51M
YoY Change 26.38% 24.86%
Gross Profit Margin 41.12% 44.86% 45.64%
Selling, General & Admin $38.25M $33.99M $32.80M
YoY Change 24.0% 17.92%
% of Gross Profit 36.21% 36.42% 37.06%
Research & Development $30.22M $24.97M $24.66M
YoY Change 43.17% 52.3%
% of Gross Profit 28.61% 26.75% 27.86%
Depreciation & Amortization $19.90M $12.70M $12.50M
YoY Change 10.43% 5.93%
% of Gross Profit 18.84% 13.61% 14.12%
Operating Expenses $83.91M $66.98M $67.68M
YoY Change 29.35% 32.64%
Operating Profit $21.71M $26.34M $20.83M
YoY Change 19.4% 4.85%
Interest Expense $549.0K $58.00K $0.00
YoY Change -97.65% -100.0%
% of Operating Profit 2.53% 0.22% 0.0%
Other Income/Expense, Net -$200.0K $2.186M -$351.0K
YoY Change -766.46% -59.66%
Pretax Income $21.00M $28.93M $20.79M
YoY Change 48.61% 23.24%
Income Tax $5.362M $5.363M $5.110M
% Of Pretax Income 25.54% 18.54% 24.58%
Net Earnings $15.64M $23.57M $15.68M
YoY Change 67.02% 26.59%
Net Earnings / Revenue 6.09% 11.33% 8.08%
Basic Earnings Per Share $0.28 $0.43 $0.29
Diluted Earnings Per Share $0.28 $0.43 $0.29
COMMON SHARES
Basic Shares Outstanding 55.15M shares 54.60M shares 54.55M shares
Diluted Shares Outstanding 55.53M shares 55.13M shares 55.00M shares

Balance Sheet

Concept 2021 Q2 2020 Q1 2019 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $121.9M $407.1M $182.0M
YoY Change 261.87% 93.82%
Cash & Equivalents $121.9M $407.1M $182.0M
Short-Term Investments
Other Short-Term Assets $14.20M $12.40M $16.10M
YoY Change 20.39% 50.47%
Inventory $226.8M $161.9M $153.6M
Prepaid Expenses
Receivables $125.6M $127.1M $132.1M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $626.9M $795.4M $545.1M
YoY Change 87.08% 36.51%
LONG-TERM ASSETS
Property, Plant & Equipment $128.3M $78.66M $72.70M
YoY Change 40.83% 36.83%
Goodwill $782.7M $614.8M $614.6M
YoY Change 13.12% 18.28%
Intangibles $294.7M $216.5M $224.5M
YoY Change 19.75% 27.08%
Long-Term Investments
YoY Change
Other Assets $4.919M $5.095M $5.834M
YoY Change -27.33% -25.9%
Total Long-Term Assets $1.276B $976.2M $967.5M
YoY Change 24.01% 27.75%
TOTAL ASSETS
Total Short-Term Assets $626.9M $795.4M $545.1M
Total Long-Term Assets $1.276B $976.2M $967.5M
Total Assets $1.903B $1.772B $1.513B
YoY Change 46.13% 30.78%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $56.64M $50.09M $35.99M
YoY Change 42.22% 17.03%
Accrued Expenses $30.57M $24.73M $23.91M
YoY Change 21.56% 41.67%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $162.7M $122.0M $107.9M
YoY Change 30.09% 15.78%
LONG-TERM LIABILITIES
Long-Term Debt $160.0M $200.0M $0.00
YoY Change -27.67% -100.0%
Other Long-Term Liabilities $14.75M $12.25M $12.62M
YoY Change -18.46% 2.59%
Total Long-Term Liabilities $14.75M $12.25M $12.62M
YoY Change -18.46% 2.59%
TOTAL LIABILITIES
Total Short-Term Liabilities $162.7M $122.0M $107.9M
Total Long-Term Liabilities $14.75M $12.25M $12.62M
Total Liabilities $449.3M $422.2M $195.6M
YoY Change 5.55% -45.76%
SHAREHOLDERS EQUITY
Retained Earnings $356.6M $285.2M $261.7M
YoY Change 33.32% 30.94%
Common Stock $552.0K $546.0K $545.0K
YoY Change 15.43% 15.47%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.454B $1.349B $1.317B
YoY Change
Total Liabilities & Shareholders Equity $1.903B $1.772B $1.513B
YoY Change 46.13% 30.78%

Cashflow Statement

Concept 2021 Q2 2020 Q1 2019 Q4
OPERATING ACTIVITIES
Net Income $15.64M $23.57M $15.68M
YoY Change 67.02% 26.59%
Depreciation, Depletion And Amortization $19.90M $12.70M $12.50M
YoY Change 10.43% 5.93%
Cash From Operating Activities $23.20M $30.10M $32.10M
YoY Change 14.89% 26.88%
INVESTING ACTIVITIES
Capital Expenditures -$9.900M -$10.90M -$11.30M
YoY Change 53.52% 59.15%
Acquisitions
YoY Change
Other Investing Activities -$61.60M $4.300M $0.00
YoY Change -111.78% -100.0%
Cash From Investing Activities -$71.50M -$6.600M -$11.30M
YoY Change -84.86% 94.83%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 201.6M -300.0K
YoY Change 460.0% -118.75%
NET CHANGE
Cash From Operating Activities 23.20M 30.10M 32.10M
Cash From Investing Activities -71.50M -6.600M -11.30M
Cash From Financing Activities 0.000 201.6M -300.0K
Net Change In Cash -48.30M 225.1M 20.50M
YoY Change 1110.22% -2.84%
FREE CASH FLOW
Cash From Operating Activities $23.20M $30.10M $32.10M
Capital Expenditures -$9.900M -$10.90M -$11.30M
Free Cash Flow $33.10M $41.00M $43.40M
YoY Change 23.12% 33.95%

Facts In Submission

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dei Current Fiscal Year End Date
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dei Document Fiscal Year Focus
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dei Document Quarterly Report
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dei Document Period End Date
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dei Entity File Number
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dei Entity Registrant Name
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MERCURY SYSTEMS, INC.
dei Entity Incorporation State Country Code
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MA
dei Entity Tax Identification Number
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dei Security12g Title
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us-gaap Gain On Sale Of Investments
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us-gaap Gain On Sale Of Investments
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us-gaap Other Noncash Income Expense
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us-gaap Income Taxes Paid Net
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us-gaap Noncash Or Part Noncash Acquisition Investments Acquired1
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us-gaap Nature Of Operations
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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.
mrcy Natureof Business Numberof Programs Using Productsand Services
NatureofBusinessNumberofProgramsUsingProductsandServices
300 program
mrcy Natureof Business Numberof Contractors Using Productsand Services
NatureofBusinessNumberofContractorsUsingProductsandServices
25 contractor
us-gaap Use Of Estimates
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<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>
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us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
1070000 USD
CY2020Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
542000 USD
CY2021Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
7411000 USD
CY2020Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6814000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
21865000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
19004000 USD
CY2021Q2 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
1927000 USD
CY2020Q1 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
1772000 USD
us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
5685000 USD
us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
4941000 USD
CY2021Q2 us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
5484000 USD
CY2020Q1 us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
5042000 USD
us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
16180000 USD
us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
14063000 USD
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 segment
CY2021Q2 us-gaap Revenues
Revenues
256857000 USD
CY2021Q2 us-gaap Revenues
Revenues
256857000 USD
CY2020Q1 us-gaap Revenues
Revenues
208016000 USD
CY2020Q1 us-gaap Revenues
Revenues
208016000 USD
us-gaap Revenues
Revenues
673154000 USD
us-gaap Revenues
Revenues
673154000 USD
us-gaap Revenues
Revenues
579233000 USD
us-gaap Revenues
Revenues
579233000 USD
CY2021Q2 us-gaap Revenues
Revenues
256857000 USD
CY2020Q1 us-gaap Revenues
Revenues
208016000 USD
us-gaap Revenues
Revenues
673154000 USD
us-gaap Revenues
Revenues
579233000 USD
CY2021Q2 us-gaap Revenues
Revenues
256857000 USD
CY2020Q1 us-gaap Revenues
Revenues
208016000 USD
us-gaap Revenues
Revenues
673154000 USD
us-gaap Revenues
Revenues
579233000 USD
CY2021Q2 us-gaap Revenues
Revenues
256857000 USD
CY2020Q1 us-gaap Revenues
Revenues
208016000 USD
us-gaap Revenues
Revenues
673154000 USD
us-gaap Revenues
Revenues
579233000 USD
CY2021Q2 us-gaap Revenues
Revenues
256857000 USD
CY2020Q1 us-gaap Revenues
Revenues
208016000 USD
us-gaap Revenues
Revenues
673154000 USD
us-gaap Revenues
Revenues
579233000 USD
CY2021Q2 us-gaap Noncurrent Assets
NoncurrentAssets
128343000 USD
CY2020Q3 us-gaap Noncurrent Assets
NoncurrentAssets
87737000 USD

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