$MRCY
MERCURY SYSTEMS INC

2024 Q1 Form 10-Q Financial Statement

#000104952124000009 Filed on February 06, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4
Revenue $208.3M $197.5M
YoY Change -20.96% -13.99%
Cost Of Revenue $167.6M $165.9M
YoY Change -3.22% 11.65%
Gross Profit $40.64M $31.52M
YoY Change -54.99% -61.07%
Gross Profit Margin 19.52% 15.96%
Selling, General & Admin $43.16M $44.47M
YoY Change -3.29% -1.3%
% of Gross Profit 106.19% 141.09%
Research & Development $21.56M $28.48M
YoY Change -18.68% 5.84%
% of Gross Profit 53.06% 90.34%
Depreciation & Amortization $21.75M $22.19M
YoY Change -8.95% -18.54%
% of Gross Profit 53.53% 70.38%
Operating Expenses $86.30M $85.45M
YoY Change 2.8% -3.46%
Operating Profit -$45.66M -$53.93M
YoY Change -820.35% 614.58%
Interest Expense $9.319M $8.674M
YoY Change -240.54% 31.62%
% of Operating Profit
Other Income/Expense, Net -$2.784M -$1.148M
YoY Change 354.16% -235.7%
Pretax Income -$57.22M -$63.72M
YoY Change 981.61% 387.51%
Income Tax -$12.64M -$18.14M
% Of Pretax Income
Net Earnings -$44.57M -$45.58M
YoY Change -964.51% 317.41%
Net Earnings / Revenue -21.4% -23.08%
Basic Earnings Per Share -$0.77 -$0.79
Diluted Earnings Per Share -$0.77 -$0.79
COMMON SHARES
Basic Shares Outstanding 59.37M shares 59.28M shares
Diluted Shares Outstanding 57.70M shares 57.42M shares

Balance Sheet

Concept 2024 Q1 2023 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $142.6M $168.6M
YoY Change 121.36% 119.18%
Cash & Equivalents $142.6M $168.6M
Short-Term Investments
Other Short-Term Assets $48.62M $27.22M
YoY Change 71.37% -4.86%
Inventory $343.0M $354.2M
Prepaid Expenses
Receivables $91.79M $82.74M
Other Receivables $0.00 $0.00
Total Short-Term Assets $951.5M $983.8M
YoY Change 1.45% 9.69%
LONG-TERM ASSETS
Property, Plant & Equipment $113.9M $114.4M
YoY Change -37.91% -6.25%
Goodwill $938.1M $938.1M
YoY Change 0.0% 0.0%
Intangibles $261.8M $273.3M
YoY Change -15.72% -15.5%
Long-Term Investments
YoY Change
Other Assets $5.169M $5.585M
YoY Change -62.59% -29.16%
Total Long-Term Assets $1.427B $1.452B
YoY Change -1.34% 0.09%
TOTAL ASSETS
Total Short-Term Assets $951.5M $983.8M
Total Long-Term Assets $1.427B $1.452B
Total Assets $2.378B $2.436B
YoY Change -0.24% 3.76%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $79.91M $88.06M
YoY Change -28.17% 0.96%
Accrued Expenses $40.09M $31.48M
YoY Change -26.05% 4.24%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $207.6M $225.7M
YoY Change -5.72% 12.54%
LONG-TERM LIABILITIES
Long-Term Debt $616.5M $616.5M
YoY Change 20.53% 20.53%
Other Long-Term Liabilities $10.68M $16.12M
YoY Change -87.42% 76.36%
Total Long-Term Liabilities $10.68M $16.12M
YoY Change -98.21% 76.36%
TOTAL LIABILITIES
Total Short-Term Liabilities $207.6M $225.7M
Total Long-Term Liabilities $10.68M $16.12M
Total Liabilities $905.4M $931.8M
YoY Change 10.01% 15.91%
SHAREHOLDERS EQUITY
Retained Earnings $230.6M $275.2M
YoY Change -36.95% -23.68%
Common Stock $579.0K $576.0K
YoY Change 2.12% 2.13%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.473B $1.504B
YoY Change
Total Liabilities & Shareholders Equity $2.378B $2.436B
YoY Change -0.24% 3.76%

Cashflow Statement

Concept 2024 Q1 2023 Q4
OPERATING ACTIVITIES
Net Income -$44.57M -$45.58M
YoY Change -964.51% 317.41%
Depreciation, Depletion And Amortization $21.75M $22.19M
YoY Change -8.95% -18.54%
Cash From Operating Activities -$17.81M $45.53M
YoY Change 453.47% 28.63%
INVESTING ACTIVITIES
Capital Expenditures $7.938M $8.005M
YoY Change -15.96% -39.25%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change -100.0% -100.0%
Cash From Investing Activities -$7.938M -$8.005M
YoY Change -15.54% -39.0%
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 41.22M
YoY Change 1622.4%
NET CHANGE
Cash From Operating Activities -17.81M 45.53M
Cash From Investing Activities -7.938M -8.005M
Cash From Financing Activities 0.000 41.22M
Net Change In Cash -25.74M 78.74M
YoY Change 104.07% 219.28%
FREE CASH FLOW
Cash From Operating Activities -$17.81M $45.53M
Capital Expenditures $7.938M $8.005M
Free Cash Flow -$25.74M $37.52M
YoY Change 103.29% 68.89%

Facts In Submission

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us-gaap Nature Of Operations
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<span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:26.28pt">Description of Business</span>Mercury Systems, Inc. is a technology company that delivers processing power for the most demanding aerospace and defense missions. 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. Processing technologies that comprise the Company's platform include 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 defense community.
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us-gaap Use Of Estimates
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<div style="margin-top:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">U</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%">SE</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%">OF</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> E</span><span style="background-color:#ffffff;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="background-color:#ffffff;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>
CY2022Q3 mrcy Receivables Purchase Agreement Limit On Purchased Receivables
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us-gaap Income Tax Expense Benefit
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us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2023Q4 mrcy Discreet Tax Provision
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mrcy Discreet Tax Provision
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CY2022Q4 mrcy Discreet Tax Provision
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mrcy Discreet Tax Provision
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CY2022Q4 mrcy Valuation Reserve Release
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CY2023Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards Research
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us-gaap Income Taxes Paid
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CY2023Q4 us-gaap Interest Expense
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us-gaap Deferred Compensation Arrangement With Individual Compensation Expense
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CY2023Q3 us-gaap Deferred Compensation Arrangement With Individual Compensation Expense
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us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
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CY2022Q4 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
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us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
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CY2023Q4 mrcy Share Based Compensation Arrangement By Share Based Payment Award Exercise Price Percentage Of Fair Value Threshold
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1
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
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0.0444
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ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
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CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
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CY2023Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
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CY2023Q4 us-gaap Allocated Share Based Compensation Expense
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CY2022Q4 us-gaap Allocated Share Based Compensation Expense
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us-gaap Allocated Share Based Compensation Expense
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us-gaap Allocated Share Based Compensation Expense
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CY2023Q4 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
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CY2023Q4 us-gaap Allocated Share Based Compensation Expense Net Of Tax
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AllocatedShareBasedCompensationExpenseNetOfTax
7488000 usd
us-gaap Allocated Share Based Compensation Expense Net Of Tax
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CY2023Q4 us-gaap Revenues
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197463000 usd
CY2023Q4 us-gaap Revenues
Revenues
197463000 usd
CY2022Q4 us-gaap Revenues
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CY2022Q4 us-gaap Revenues
Revenues
229588000 usd
us-gaap Revenues
Revenues
378454000 usd
us-gaap Revenues
Revenues
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us-gaap Revenues
Revenues
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us-gaap Revenues
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CY2023Q4 us-gaap Revenues
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CY2022Q4 us-gaap Revenues
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us-gaap Revenues
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CY2023Q4 us-gaap Revenues
Revenues
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CY2022Q4 us-gaap Revenues
Revenues
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us-gaap Revenues
Revenues
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us-gaap Revenues
Revenues
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CY2023Q4 us-gaap Revenues
Revenues
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CY2022Q4 us-gaap Revenues
Revenues
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us-gaap Revenues
Revenues
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us-gaap Revenues
Revenues
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CY2023Q4 us-gaap Noncurrent Assets
NoncurrentAssets
114361000 usd
CY2023Q2 us-gaap Noncurrent Assets
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119554000 usd
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12900000 usd
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CY2022Q3 us-gaap Derivative Notional Amount
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CY2023Q3 us-gaap Secured Long Term Debt
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576500000 usd
CY2023Q4 us-gaap Unrealized Gain Loss On Derivatives
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881000 usd
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1220000 usd
CY2023Q4 ecd Non Rule10b51 Arr Adopted Flag
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CY2023Q4 ecd Rule10b51 Arr Adopted Flag
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CY2023Q4 ecd Non Rule10b51 Arr Trmntd Flag
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CY2023Q4 ecd Rule10b51 Arr Trmntd Flag
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false

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