$MRCY
MERCURY SYSTEMS INC

2023 Q2 Form 10-Q Financial Statement

#000104952123000009 Filed on May 09, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1
Revenue $253.2M $263.5M
YoY Change 0.06%
Cost Of Revenue $185.9M $173.2M
YoY Change 21.22%
Gross Profit $67.38M $90.29M
YoY Change -32.45%
Gross Profit Margin 26.61% 34.27%
Selling, General & Admin $32.01M $44.63M
YoY Change -18.47%
% of Gross Profit 47.51% 49.43%
Research & Development $27.61M $26.52M
YoY Change 8.76%
% of Gross Profit 40.98% 29.37%
Depreciation & Amortization $22.50M $23.89M
YoY Change -8.02%
% of Gross Profit 33.39% 26.46%
Operating Expenses $72.26M $83.95M
YoY Change -19.54%
Operating Profit -$4.871M $6.338M
YoY Change -148.93%
Interest Expense -$6.587M -$6.631M
YoY Change -495.85%
% of Operating Profit -104.62%
Other Income/Expense, Net $661.0K -$613.0K
YoY Change -130.6%
Pretax Income -$14.82M -$5.290M
YoY Change -337.53%
Income Tax -$6.588M -$10.45M
% Of Pretax Income
Net Earnings -$8.236M $5.156M
YoY Change -298.99%
Net Earnings / Revenue -3.25% 1.96%
Basic Earnings Per Share $0.09
Diluted Earnings Per Share -$0.14 $0.09
COMMON SHARES
Basic Shares Outstanding 58.19M shares 58.11M shares
Diluted Shares Outstanding 56.90M shares

Balance Sheet

Concept 2023 Q2 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $71.56M $64.44M
YoY Change -21.95%
Cash & Equivalents $71.56M $64.44M
Short-Term Investments
Other Short-Term Assets $20.95M $28.37M
YoY Change -42.85%
Inventory $337.2M $342.8M
Prepaid Expenses
Receivables $124.7M $502.3M
Other Receivables $0.00 $0.00
Total Short-Term Assets $937.0M $937.9M
YoY Change 24.1%
LONG-TERM ASSETS
Property, Plant & Equipment $119.6M $183.4M
YoY Change -4.9%
Goodwill $938.1M $938.1M
YoY Change 0.04%
Intangibles $298.1M $310.6M
YoY Change -18.45%
Long-Term Investments
YoY Change
Other Assets $8.537M $13.82M
YoY Change 24.36%
Total Long-Term Assets $1.454B $1.446B
YoY Change -3.35%
TOTAL ASSETS
Total Short-Term Assets $937.0M $937.9M
Total Long-Term Assets $1.454B $1.446B
Total Assets $2.391B $2.384B
YoY Change 5.82%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $104.0M $111.2M
YoY Change 15.11%
Accrued Expenses $28.42M $54.21M
YoY Change -19.8%
Deferred Revenue $56.56M
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $233.3M $220.2M
YoY Change 27.6%
LONG-TERM LIABILITIES
Long-Term Debt $511.5M $511.5M
YoY Change 13.29%
Other Long-Term Liabilities $7.955M $84.87M
YoY Change -46.59%
Total Long-Term Liabilities $7.955M $596.4M
YoY Change -46.59%
TOTAL LIABILITIES
Total Short-Term Liabilities $233.3M $220.2M
Total Long-Term Liabilities $7.955M $596.4M
Total Liabilities $824.7M $823.0M
YoY Change 8.6%
SHAREHOLDERS EQUITY
Retained Earnings $357.4M $365.7M
YoY Change -3.1%
Common Stock $570.0K $567.0K
YoY Change 2.52%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.567B $1.561B
YoY Change
Total Liabilities & Shareholders Equity $2.391B $2.384B
YoY Change 5.82%

Cashflow Statement

Concept 2023 Q2 2023 Q1
OPERATING ACTIVITIES
Net Income -$8.236M $5.156M
YoY Change -298.99%
Depreciation, Depletion And Amortization $22.50M $23.89M
YoY Change -8.02%
Cash From Operating Activities $12.61M -$3.217M
YoY Change -396.57%
INVESTING ACTIVITIES
Capital Expenditures $8.846M $9.446M
YoY Change -245.69%
Acquisitions
YoY Change
Other Investing Activities $85.00K $48.00K
YoY Change 400.0%
Cash From Investing Activities -$8.761M -$9.398M
YoY Change 44.69%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 3.099M 0.000
YoY Change -207.64%
NET CHANGE
Cash From Operating Activities 12.61M -3.217M
Cash From Investing Activities -8.761M -9.398M
Cash From Financing Activities 3.099M 0.000
Net Change In Cash 6.948M -12.61M
YoY Change -152.69%
FREE CASH FLOW
Cash From Operating Activities $12.61M -$3.217M
Capital Expenditures $8.846M $9.446M
Free Cash Flow $3.764M -$12.66M
YoY Change 106.81%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
dei Entity Central Index Key
EntityCentralIndexKey
0001049521
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--06-30
dei Document Fiscal Year Focus
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dei Document Fiscal Period Focus
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dei Amendment Flag
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dei Document Type
DocumentType
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dei Document Quarterly Report
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dei Document Period End Date
DocumentPeriodEndDate
2023-03-31
dei Document Period End Date
DocumentPeriodEndDate
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dei Document Transition Report
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dei Entity File Number
EntityFileNumber
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dei Entity Registrant Name
EntityRegistrantName
MERCURY SYSTEMS, INC.
dei Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
MA
dei Entity Tax Identification Number
EntityTaxIdentificationNumber
04-2741391
dei Entity Address Address Line1
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50 MINUTEMAN ROAD
dei Entity Address Postal Zip Code
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dei Entity Address City Or Town
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dei Entity Address State Or Province
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dei City Area Code
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dei Local Phone Number
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dei Security12g Title
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dei Trading Symbol
TradingSymbol
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dei Security Exchange Name
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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:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Mercury Systems, Inc. is a technology company that delivers commercial innovation to rapidly transform the global aerospace and defense industry. Headquartered in Andover, Massachusetts, the Company's end-to-end processing platform enables a broad range of aerospace and defense programs, optimized for mission success in some of the most challenging and demanding environments. Mercury's Processing Platform includes signal solutions, display, software applications, networking, storage and secure processing. The Company's innovative solutions are mission-ready, trusted and secure, software-defined and open and modular (the Company's differentiators), to meet customers’ most-pressing high-tech needs, including those specific to the aerospace and 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 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 Defined Benefit Plan Net Periodic Benefit Cost
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us-gaap Defined Contribution Plan Employer Matching Contribution Percent
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0.06
us-gaap Deferred Compensation Arrangement With Individual Compensation Expense
DeferredCompensationArrangementWithIndividualCompensationExpense
1868000 usd
CY2023Q1 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
3288000 usd
CY2022Q2 mrcy Defined Contribution Plan Employer Discretionary Contribution Amount Cash Payment
DefinedContributionPlanEmployerDiscretionaryContributionAmountCashPayment
2145000 usd
us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
9715000 usd
mrcy Defined Contribution Plan Employer Discretionary Contribution Amount Cash Payment
DefinedContributionPlanEmployerDiscretionaryContributionAmountCashPayment
5966000 usd
CY2023Q1 mrcy Share Based Compensation Arrangement By Share Based Payment Award Exercise Price Percentage Of Fair Value Threshold
ShareBasedCompensationArrangementByShareBasedPaymentAwardExercisePricePercentageOfFairValueThreshold
1
CY2023Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
1893000 usd
CY2022Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
1229000 usd
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
9939000 usd
CY2022Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
8887000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
27446000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
26262000 usd
CY2023Q1 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
2684000 usd
CY2022Q2 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
2399000 usd
us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
7410000 usd
us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
7091000 usd
CY2023Q1 us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
7255000 usd
CY2022Q2 us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
6488000 usd
us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
20036000 usd
us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
19171000 usd
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1 segment
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 segment
CY2023Q1 us-gaap Revenues
Revenues
263479000 usd
CY2023Q1 us-gaap Revenues
Revenues
263479000 usd
CY2022Q2 us-gaap Revenues
Revenues
253075000 usd
CY2022Q2 us-gaap Revenues
Revenues
253075000 usd
us-gaap Revenues
Revenues
720646000 usd
us-gaap Revenues
Revenues
720646000 usd
us-gaap Revenues
Revenues
698468000 usd
us-gaap Revenues
Revenues
698468000 usd
CY2023Q1 us-gaap Revenues
Revenues
263479000 usd
CY2022Q2 us-gaap Revenues
Revenues
253075000 usd
us-gaap Revenues
Revenues
720646000 usd
us-gaap Revenues
Revenues
698468000 usd
CY2023Q1 us-gaap Revenues
Revenues
263479000 usd
CY2022Q2 us-gaap Revenues
Revenues
253075000 usd
us-gaap Revenues
Revenues
720646000 usd
us-gaap Revenues
Revenues
698468000 usd
CY2023Q1 us-gaap Revenues
Revenues
263479000 usd
CY2022Q2 us-gaap Revenues
Revenues
253075000 usd
us-gaap Revenues
Revenues
720646000 usd
us-gaap Revenues
Revenues
698468000 usd
CY2023Q1 us-gaap Revenues
Revenues
263479000 usd
CY2022Q2 us-gaap Revenues
Revenues
253075000 usd
us-gaap Revenues
Revenues
720646000 usd
us-gaap Revenues
Revenues
698468000 usd
CY2023Q1 us-gaap Noncurrent Assets
NoncurrentAssets
119482000 usd
CY2022Q3 us-gaap Noncurrent Assets
NoncurrentAssets
127191000 usd
CY2022Q3 us-gaap Derivative Notional Amount
DerivativeNotionalAmount
300000000 usd
CY2023Q1 us-gaap Secured Long Term Debt
SecuredLongTermDebt
511500000 usd
CY2022Q3 us-gaap Derivative Notional Amount
DerivativeNotionalAmount
300000000 usd
CY2022Q3 us-gaap Derivative Fixed Interest Rate
DerivativeFixedInterestRate
0.0325
CY2023Q1 us-gaap Secured Long Term Debt
SecuredLongTermDebt
511500000 usd

Files In Submission

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mrcy-20230331_cal.xml Edgar Link unprocessable
0001049521-23-000009-index-headers.html Edgar Link pending
0001049521-23-000009-index.html Edgar Link pending
0001049521-23-000009.txt Edgar Link pending
0001049521-23-000009-xbrl.zip Edgar Link pending
Financial_Report.xlsx Edgar Link pending
MetaLinks.json Edgar Link pending
mrcy-20230331.htm Edgar Link pending
mrcy-20230331.xsd Edgar Link pending
mrcy-3312023xexx311.htm Edgar Link pending
mrcy-3312023xexx312.htm Edgar Link pending
mrcy-3312023xexx321.htm Edgar Link pending
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FilingSummary.xml Edgar Link unprocessable
mrcy-20230331_def.xml Edgar Link unprocessable
mrcy-20230331_lab.xml Edgar Link unprocessable
mrcy-20230331_pre.xml Edgar Link unprocessable
mrcy-20230331_htm.xml Edgar Link completed
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