$MRCY
MERCURY SYSTEMS INC

2022 Q2 Form 10-Q Financial Statement

#000104952122000019 Filed on May 10, 2022

View on sec.gov

Income Statement

Concept 2022 Q2 2021 Q4 2021 Q2
Revenue $253.1M $220.4M $256.9M
YoY Change -1.47% 7.18%
Cost Of Revenue $153.3M $133.2M $151.2M
YoY Change 1.38% 13.32%
Gross Profit $99.75M $87.22M $105.6M
YoY Change -5.56% -1.02%
Gross Profit Margin 39.42% 39.58% 41.12%
Selling, General & Admin $39.26M $36.81M $38.25M
YoY Change 2.64% 11.87%
% of Gross Profit 39.36% 42.2% 36.21%
Research & Development $25.39M $28.34M $30.22M
YoY Change -15.99% 3.35%
% of Gross Profit 25.45% 32.49% 28.61%
Depreciation & Amortization $24.47M $21.49M $19.90M
YoY Change 22.94% 65.35%
% of Gross Profit 24.53% 24.64% 18.84%
Operating Expenses $89.80M $87.61M $83.91M
YoY Change 7.02% 26.33%
Operating Profit $9.955M -$387.0K $21.71M
YoY Change -54.15% -102.06%
Interest Expense $1.664M $1.094M $549.0K
YoY Change 203.1%
% of Operating Profit 16.72% 2.53%
Other Income/Expense, Net -$2.160M -$1.318M -$200.0K
YoY Change 980.0% 55.79%
Pretax Income $6.241M -$2.794M $21.00M
YoY Change -70.28% -115.53%
Income Tax $2.102M -$155.0K $5.362M
% Of Pretax Income 33.68% 25.54%
Net Earnings $4.139M -$2.639M $15.64M
YoY Change -73.53% -116.7%
Net Earnings / Revenue 1.64% -1.2% 6.09%
Basic Earnings Per Share $0.07 -$0.05 $0.28
Diluted Earnings Per Share $0.07 -$0.05 $0.28
COMMON SHARES
Basic Shares Outstanding 55.59M shares 55.52M shares 55.15M shares
Diluted Shares Outstanding 56.03M shares 55.52M shares 55.53M shares

Balance Sheet

Concept 2022 Q2 2021 Q4 2021 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $91.69M $95.80M $121.9M
YoY Change -24.78% -59.93%
Cash & Equivalents $91.69M $105.2M $121.9M
Short-Term Investments
Other Short-Term Assets $36.66M $30.28M $14.20M
YoY Change 158.18% 27.76%
Inventory $259.6M $251.3M $226.8M
Prepaid Expenses
Receivables $124.8M $126.3M $125.6M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $755.0M $708.8M $626.9M
YoY Change 20.43% 4.74%
LONG-TERM ASSETS
Property, Plant & Equipment $125.7M $127.4M $128.3M
YoY Change -2.05% 34.45%
Goodwill $937.8M $942.3M $782.7M
YoY Change 19.82% 53.37%
Intangibles $365.5M $376.1M $294.7M
YoY Change 24.03% 87.27%
Long-Term Investments
YoY Change
Other Assets $6.865M $4.186M $4.919M
YoY Change 39.56% -7.0%
Total Long-Term Assets $1.505B $1.522B $1.276B
YoY Change 17.9% 55.86%
TOTAL ASSETS
Total Short-Term Assets $755.0M $708.8M $626.9M
Total Long-Term Assets $1.505B $1.522B $1.276B
Total Assets $2.260B $2.231B $1.903B
YoY Change 18.73% 34.94%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $90.34M $59.39M $56.64M
YoY Change 59.49% -5.82%
Accrued Expenses $35.44M $31.39M $30.57M
YoY Change 15.95% 24.95%
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 $182.8M $163.7M $162.7M
YoY Change 12.38% 11.64%
LONG-TERM LIABILITIES
Long-Term Debt $451.5M $200.0M $160.0M
YoY Change 182.19%
Other Long-Term Liabilities $14.89M $15.65M $14.75M
YoY Change 0.97% 2.41%
Total Long-Term Liabilities $14.89M $15.65M $14.75M
YoY Change 0.97% 2.41%
TOTAL LIABILITIES
Total Short-Term Liabilities $182.8M $163.7M $162.7M
Total Long-Term Liabilities $14.89M $15.65M $14.75M
Total Liabilities $759.4M $743.7M $449.3M
YoY Change 69.0% 203.17%
SHAREHOLDERS EQUITY
Retained Earnings $368.9M $364.7M $356.6M
YoY Change 3.45% 11.11%
Common Stock $556.0K $556.0K $552.0K
YoY Change 0.72% 1.09%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.500B $1.487B $1.454B
YoY Change
Total Liabilities & Shareholders Equity $2.260B $2.231B $1.903B
YoY Change 18.73% 34.94%

Cashflow Statement

Concept 2022 Q2 2021 Q4 2021 Q2
OPERATING ACTIVITIES
Net Income $4.139M -$2.639M $15.64M
YoY Change -73.53% -116.7%
Depreciation, Depletion And Amortization $24.47M $21.49M $19.90M
YoY Change 22.94% 65.35%
Cash From Operating Activities -$4.252M -$2.006M $23.20M
YoY Change -118.33% -108.75%
INVESTING ACTIVITIES
Capital Expenditures -$6.072M $5.377M -$9.900M
YoY Change -38.67% -51.02%
Acquisitions
YoY Change
Other Investing Activities $17.00K $3.237M -$61.60M
YoY Change -100.03%
Cash From Investing Activities -$6.055M -$8.614M -$71.50M
YoY Change -91.53% -21.53%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $7.316M
YoY Change 10984.85%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -2.879M -$7.316M 0.000
YoY Change 11331.25%
NET CHANGE
Cash From Operating Activities -4.252M -$2.006M 23.20M
Cash From Investing Activities -6.055M -$8.614M -71.50M
Cash From Financing Activities -2.879M -$7.316M 0.000
Net Change In Cash -13.19M -$18.04M -48.30M
YoY Change -72.7% -246.82%
FREE CASH FLOW
Cash From Operating Activities -$4.252M -$2.006M $23.20M
Capital Expenditures -$6.072M $5.377M -$9.900M
Free Cash Flow $1.820M -$7.383M $33.10M
YoY Change -94.5% -161.78%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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dei Local Phone Number
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256-1300
dei Entity Current Reporting Status
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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 Fiscal Period Focus
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dei Document Type
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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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us-gaap Increase Decrease In Inventories
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us-gaap Increase Decrease In Prepaid Taxes
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mrcy Increase Decrease In Prepaid Expense And Other
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us-gaap Net Cash Provided By Used In Financing Activities
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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 products and 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 that are open, purpose-built and uncompromised to meet our 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:24.75pt"><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><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">). 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.</span></div>
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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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>
CY2022Q2 us-gaap Contract With Customer Asset Net
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us-gaap Contract With Customer Liability Revenue Recognized
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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us-gaap Restructuring Charges
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us-gaap Restructuring And Related Cost Number Of Positions Eliminated
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CY2021Q2 us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
5484000 USD
us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
19171000 USD
us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
16180000 USD
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 segment
CY2022Q2 us-gaap Revenues
Revenues
253075000 USD
CY2022Q2 us-gaap Revenues
Revenues
253075000 USD
CY2021Q2 us-gaap Revenues
Revenues
256857000 USD
CY2021Q2 us-gaap Revenues
Revenues
256857000 USD
us-gaap Revenues
Revenues
698468000 USD
us-gaap Revenues
Revenues
698468000 USD
us-gaap Revenues
Revenues
673154000 USD
us-gaap Revenues
Revenues
673154000 USD
CY2022Q2 us-gaap Revenues
Revenues
253075000 USD
CY2021Q2 us-gaap Revenues
Revenues
256857000 USD
us-gaap Revenues
Revenues
698468000 USD
us-gaap Revenues
Revenues
673154000 USD
CY2022Q2 us-gaap Revenues
Revenues
253075000 USD
CY2021Q2 us-gaap Revenues
Revenues
256857000 USD
us-gaap Revenues
Revenues
698468000 USD
us-gaap Revenues
Revenues
673154000 USD
CY2022Q2 us-gaap Revenues
Revenues
253075000 USD
CY2021Q2 us-gaap Revenues
Revenues
256857000 USD
us-gaap Revenues
Revenues
698468000 USD
us-gaap Revenues
Revenues
698468000 USD
us-gaap Revenues
Revenues
673154000 USD
us-gaap Revenues
Revenues
673154000 USD
CY2022Q2 us-gaap Revenues
Revenues
253075000 USD
CY2021Q2 us-gaap Revenues
Revenues
256857000 USD
us-gaap Revenues
Revenues
698468000 USD
us-gaap Revenues
Revenues
698468000 USD
us-gaap Revenues
Revenues
673154000 USD
us-gaap Revenues
Revenues
673154000 USD
CY2022Q2 us-gaap Noncurrent Assets
NoncurrentAssets
125709000 USD
CY2021Q3 us-gaap Noncurrent Assets
NoncurrentAssets
128524000 USD

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0001049521-22-000019.txt Edgar Link pending
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