Mercury Systems Inc 10-K Filing

Ticker: MRCY · Form: 10-K · Filed: Aug 13, 2024 · CIK: 1049521

Mercury Systems Inc 10-K Filing Summary
FieldDetail
CompanyMercury Systems Inc (MRCY)
Form Type10-K
Filed DateAug 13, 2024
Pages14
Reading Time17 min
Key Dollar Amounts$0.01, $835.3 m, $9.4 m, $973.9 m, $1.00
Sentimentneutral

Sentiment: neutral

FAQ

What type of filing is this?

This is a 10-K filing submitted by Mercury Systems Inc (ticker: MRCY) to the SEC on Aug 13, 2024.

What are the key financial figures in this filing?

Key dollar amounts include: $0.01 (ich Registered Common Stock, Par Value $0.01 Per Share MRCY Nasdaq Global Select Mar); $835.3 m (nd adjusted EBITDA for fiscal 2024 were $835.3 million, $(137.6) million, $(2.38), $(0.6); $9.4 m ($(137.6) million, $(2.38), $(0.69) and $9.4 million, respectively. Our consolidated r); $973.9 m (nd adjusted EBITDA for fiscal 2023 were $973.9 million, $(28.3) million, $(0.50), $1.00); $1.00 (73.9 million, $(28.3) million, $(0.50), $1.00 and $132.3 million, respectively. See t).

How long is this filing?

Mercury Systems Inc's 10-K filing is 14 pages with approximately 4,211 words. Estimated reading time is 17 minutes.

Where can I view the full 10-K filing?

The complete filing is available on SEC EDGAR. You can also read the AI-decoded analysis with risk assessment and key highlights on ReadTheFiling.

Filing Stats: 4,211 words · 17 min read · ~14 pages · Grade level 15.2 · Accepted 2024-08-13 17:08:59

Key Financial Figures

  • $0.01 — ich Registered Common Stock, Par Value $0.01 Per Share MRCY Nasdaq Global Select Mar
  • $835.3 m — nd adjusted EBITDA for fiscal 2024 were $835.3 million, $(137.6) million, $(2.38), $(0.6
  • $9.4 m — $(137.6) million, $(2.38), $(0.69) and $9.4 million, respectively. Our consolidated r
  • $973.9 m — nd adjusted EBITDA for fiscal 2023 were $973.9 million, $(28.3) million, $(0.50), $1.00
  • $1.00 — 73.9 million, $(28.3) million, $(0.50), $1.00 and $132.3 million, respectively. See t
  • $132.3 m — on, $(28.3) million, $(0.50), $1.00 and $132.3 million, respectively. See the Non-GAAP F

Filing Documents

Risk Factors

Item 1A. Risk Factors 13

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 25

Cybersecurity

Item 1C. Cybersecurity 25

Properties

Item 2. Properties 26

Legal Proceedings

Item 3. Legal Proceedings 27

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 28

1. Information About Our Executive Officers

Item 4.1. Information About Our Executive Officers 28 PART II 30

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 30

[Reserved]

Item 6. [Reserved] 30

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 31

Quantitative and Qualitative Disclosures about Market Risk

Item 7A. Quantitative and Qualitative Disclosures about Market Risk 45

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 50

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 85

Controls and Procedures

Item 9A. Controls and Procedures 85

Other Information

Item 9B. Other Information 85

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 85 PART III 85

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 85

Executive Compensation

Item 11. Executive Compensation 85

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 86

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 86

Principal Accounting Fees and Services

Item 14. Principal Accounting Fees and Services 86 PART IV 86

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 86

Form 10-K Summary

Item 16. Form 10-K Summary 86

Signatures

Signatures 88 Exhibit Index 89 2 Table of Contents PART I This Annual Report on Form 10-K contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Actual results could differ materially from those set forth in the forward-looking statements. The reader may find discussions containing such forward-looking statements in the material set forth under "Management's Discussion and Analysis of Financial Conditions and Results of Operations" as well as elsewhere in this Annual Report on Form 10-K. Certain factors that might cause such a difference are discussed in this annual report on Form 10-K, including in the section entitled "Risk Factors." When used in this report, the terms "Mercury," "we," "our," "us," and "the Company" refer to Mercury Systems, Inc. and its consolidated subsidiaries, except where the context otherwise requires or as otherwise indicated. All references to fiscal 2024 are to the 52-week period from July 1, 2023 to June 28, 2024. All references to fiscal 2023 are to the 52-week period from July 2, 2022 to June 30, 2023. All references to fiscal 2022 are to the 52-week period from July 3, 2021 to July 1, 2022. There have been no reclassifications of prior comparable periods due to this change.

BUSINESS

ITEM 1. BUSINESS Our Company Mercury Systems is a technology company that delivers mission-critical processing power to the edge - where signals and data are collected - to solve the most pressing aerospace and defense challenges. Mercury's products and solutions are deployed in more than 300 programs and across 35 countries. The Company is headquartered in Andover, Massachusetts, and has over 20 locations worldwide. The Mercury Processing Platform is the unique advantage we provide to our customers. It comprises the innovative technologies we've developed and acquired for more than 40 years that bring integrated, mission-critical processing capabilities to the edge. Our processing platform spans the full breadth of signal processing—from radio frequency ("RF") front end to the human-machine interface—to rapidly convert meaningful data, gathered in the most remote and hostile environments, into critical decisions. It allows us to offer standard products and custom solutions from silicon to system scale, including components, modules, subsystems, and systems and it embodies the customer-centric approach we take to delivering capabilities that are mission-ready, trusted and secure, software-defined, and open and modular. As a leading manufacturer of essential components, products, modules and subsystems, we sell to all of the top defense prime contractors, the U.S. government and original equipment manufacturers ("OEM") commercial aerospace companies. Our mission-critical products and solutions are deployed by our customers for a variety of applications including sensor and radar processing, electronic warfare, avionics, weapons, and command, control, communications, and intelligence ("C4I"). Mercury has built a trusted, robust portfolio of proven capabilities, leveraging the most advanced commercial silicon technologies and purpose-built to exceed the performance needs of our defense and commercial customers. Customers add their own applications and algorithms to

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