$MRCY
MERCURY SYSTEMS INC

2024 Q2 Form 10-Q Financial Statement

#000104952124000017 Filed on May 07, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $248.6M $208.3M
YoY Change -1.85% -20.96%
Cost Of Revenue $175.4M $167.6M
YoY Change -5.65% -3.22%
Gross Profit $73.21M $40.64M
YoY Change 8.65% -54.99%
Gross Profit Margin 29.45% 19.52%
Selling, General & Admin $43.37M $43.16M
YoY Change 35.47% -3.29%
% of Gross Profit 59.23% 106.19%
Research & Development $19.42M $21.56M
YoY Change -29.68% -18.68%
% of Gross Profit 26.52% 53.06%
Depreciation & Amortization $21.39M $21.75M
YoY Change -4.94% -8.95%
% of Gross Profit 29.22% 53.53%
Operating Expenses $74.09M $86.30M
YoY Change 2.54% 2.8%
Operating Profit -$881.0K -$45.66M
YoY Change -81.91% -820.35%
Interest Expense -$8.634M $9.319M
YoY Change 31.08% -240.54%
% of Operating Profit
Other Income/Expense, Net -$1.999M -$2.784M
YoY Change -402.42% 354.16%
Pretax Income -$18.60M -$57.22M
YoY Change 25.48% 981.61%
Income Tax -$7.824M -$12.64M
% Of Pretax Income
Net Earnings -$10.78M -$44.57M
YoY Change 30.85% -964.51%
Net Earnings / Revenue -4.34% -21.4%
Basic Earnings Per Share -$0.77
Diluted Earnings Per Share -$0.18 -$0.77
COMMON SHARES
Basic Shares Outstanding 59.35M shares 59.37M shares
Diluted Shares Outstanding 57.70M shares

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $180.5M $142.6M
YoY Change 152.25% 121.36%
Cash & Equivalents $180.5M $142.6M
Short-Term Investments
Other Short-Term Assets $22.49M $48.62M
YoY Change 7.35% 71.37%
Inventory $335.3M $343.0M
Prepaid Expenses
Receivables $111.4M $91.79M
Other Receivables $0.00 $0.00
Total Short-Term Assets $953.8M $951.5M
YoY Change 1.79% 1.45%
LONG-TERM ASSETS
Property, Plant & Equipment $110.4M $113.9M
YoY Change -7.7% -37.91%
Goodwill $938.1M $938.1M
YoY Change 0.0% 0.0%
Intangibles $250.5M $261.8M
YoY Change -15.95% -15.72%
Long-Term Investments
YoY Change
Other Assets $6.691M $5.169M
YoY Change -21.62% -62.59%
Total Long-Term Assets $1.425B $1.427B
YoY Change -2.01% -1.34%
TOTAL ASSETS
Total Short-Term Assets $953.8M $951.5M
Total Long-Term Assets $1.425B $1.427B
Total Assets $2.379B $2.378B
YoY Change -0.52% -0.24%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $81.07M $79.91M
YoY Change -22.04% -28.17%
Accrued Expenses $42.93M $40.09M
YoY Change 51.03% -26.05%
Deferred Revenue $73.92M
YoY Change 30.68%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $234.4M $207.6M
YoY Change 0.49% -5.72%
LONG-TERM LIABILITIES
Long-Term Debt $591.5M $616.5M
YoY Change 15.64% 20.53%
Other Long-Term Liabilities $9.917M $10.68M
YoY Change 24.66% -87.42%
Total Long-Term Liabilities $9.917M $10.68M
YoY Change 24.66% -98.21%
TOTAL LIABILITIES
Total Short-Term Liabilities $234.4M $207.6M
Total Long-Term Liabilities $9.917M $10.68M
Total Liabilities $906.1M $905.4M
YoY Change 9.88% 10.01%
SHAREHOLDERS EQUITY
Retained Earnings $219.8M $230.6M
YoY Change -38.51% -36.95%
Common Stock $581.0K $579.0K
YoY Change 1.93% 2.12%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.473B $1.473B
YoY Change
Total Liabilities & Shareholders Equity $2.379B $2.378B
YoY Change -0.52% -0.24%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income -$10.78M -$44.57M
YoY Change 30.85% -964.51%
Depreciation, Depletion And Amortization $21.39M $21.75M
YoY Change -4.94% -8.95%
Cash From Operating Activities $71.76M -$17.81M
YoY Change 469.08% 453.47%
INVESTING ACTIVITIES
Capital Expenditures $10.35M $7.938M
YoY Change 16.98% -15.96%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change -100.0% -100.0%
Cash From Investing Activities -$10.35M -$7.938M
YoY Change 18.11% -15.54%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -23.54M 0.000
YoY Change -859.5%
NET CHANGE
Cash From Operating Activities 71.76M -17.81M
Cash From Investing Activities -10.35M -7.938M
Cash From Financing Activities -23.54M 0.000
Net Change In Cash 37.88M -25.74M
YoY Change 445.14% 104.07%
FREE CASH FLOW
Cash From Operating Activities $71.76M -$17.81M
Capital Expenditures $10.35M $7.938M
Free Cash Flow $61.41M -$25.74M
YoY Change 1531.59% 103.29%

Facts In Submission

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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 mission-critical processing power to the edge, making advanced technologies profoundly more accessible for today’s most challenging aerospace and defense missions. The Mercury Processing Platform allows customers to tap into innovative capabilities from silicon to system scale, turning data into decisions on timelines that matter. Headquartered in Andover, Massachusetts, the Company's products and solutions are deployed in more than 300 programs and across 35 countries, enabling a broad range of applications in mission computing, sensor processing, command and control, and communications. 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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<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>
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AllocatedShareBasedCompensationExpense
9939000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
18423000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
27446000 usd
CY2024Q1 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
1868000 usd
CY2023Q1 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
2684000 usd
us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
4974000 usd
us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
7410000 usd
CY2024Q1 us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
5052000 usd
CY2023Q1 us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
7255000 usd
us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
13449000 usd
us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
20036000 usd
CY2024Q1 us-gaap Revenues
Revenues
208258000 usd
CY2024Q1 us-gaap Revenues
Revenues
208258000 usd
CY2023Q1 us-gaap Revenues
Revenues
263479000 usd
CY2023Q1 us-gaap Revenues
Revenues
263479000 usd
us-gaap Revenues
Revenues
586712000 usd
us-gaap Revenues
Revenues
586712000 usd
us-gaap Revenues
Revenues
720646000 usd
us-gaap Revenues
Revenues
720646000 usd
CY2024Q1 us-gaap Revenues
Revenues
208258000 usd
CY2023Q1 us-gaap Revenues
Revenues
263479000 usd
us-gaap Revenues
Revenues
586712000 usd
us-gaap Revenues
Revenues
720646000 usd
CY2024Q1 us-gaap Revenues
Revenues
208258000 usd
CY2023Q1 us-gaap Revenues
Revenues
263479000 usd
us-gaap Revenues
Revenues
586712000 usd
us-gaap Revenues
Revenues
720646000 usd
CY2024Q1 us-gaap Revenues
Revenues
208258000 usd
CY2023Q1 us-gaap Revenues
Revenues
263479000 usd
us-gaap Revenues
Revenues
586712000 usd
us-gaap Revenues
Revenues
720646000 usd
CY2024Q1 us-gaap Noncurrent Assets
NoncurrentAssets
113907000 usd
CY2023Q2 us-gaap Noncurrent Assets
NoncurrentAssets
119554000 usd
CY2023Q3 us-gaap Loss Contingency Estimate Of Possible Loss
LossContingencyEstimateOfPossibleLoss
12900000 usd
CY2022Q3 us-gaap Derivative Notional Amount
DerivativeNotionalAmount
300000000 usd
CY2022Q3 us-gaap Derivative Notional Amount
DerivativeNotionalAmount
300000000 usd
CY2022Q3 us-gaap Derivative Fixed Interest Rate
DerivativeFixedInterestRate
0.0379
CY2023Q3 us-gaap Secured Long Term Debt
SecuredLongTermDebt
576500000 usd
CY2024Q1 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
881000 usd
us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
2101000 usd
CY2024Q1 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

Files In Submission

Name View Source Status
mrcy-20240329_cal.xml Edgar Link unprocessable
0001049521-24-000017-index-headers.html Edgar Link pending
0001049521-24-000017-index.html Edgar Link pending
0001049521-24-000017.txt Edgar Link pending
0001049521-24-000017-xbrl.zip Edgar Link pending
Financial_Report.xlsx Edgar Link pending
MetaLinks.json Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
mrcy-03292024xexx101.htm Edgar Link pending
mrcy-03292024xexx101001.jpg Edgar Link pending
mrcy-03292024xexx101002.jpg Edgar Link pending
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mrcy-03292024xexx311.htm Edgar Link pending
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mrcy-03292024xexx321.htm Edgar Link pending
mrcy-20240329.htm Edgar Link pending
mrcy-20240329.xsd Edgar Link pending
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mrcy-20240329_def.xml Edgar Link unprocessable
mrcy-20240329_lab.xml Edgar Link unprocessable
mrcy-20240329_pre.xml Edgar Link unprocessable
mrcy-20240329_htm.xml Edgar Link completed
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