Mercury Systems Files 10-Q for Q4 2024

Ticker: MRCY · Form: 10-Q · Filed: May 7, 2024 · CIK: 1049521

Mercury Systems Inc 10-Q Filing Summary
FieldDetail
CompanyMercury Systems Inc (MRCY)
Form Type10-Q
Filed DateMay 7, 2024
Risk Levellow
Pages16
Reading Time19 min
Key Dollar Amounts$0.01
Sentimentneutral

Sentiment: neutral

Topics: 10-Q, quarterly-report, filing

Related Tickers: MRCY

TL;DR

MRCY filed its 10-Q for March 29, 2024. All good.

AI Summary

Mercury Systems, Inc. (MRCY) filed its 10-Q for the quarterly period ended March 29, 2024. The company is incorporated in Massachusetts and its principal executive offices are located at 50 Minuteman Road, Andover, MA. Its common stock is registered and traded on the Nasdaq Global Select Market under the ticker symbol MRCY.

Why It Matters

This filing provides investors with an update on Mercury Systems' financial performance and operational status for the most recent quarter, crucial for investment decisions.

Risk Assessment

Risk Level: low — This is a standard quarterly filing and does not contain immediate red flags.

Key Players & Entities

  • MERCURY SYSTEMS, INC. (company) — Registrant
  • March 29, 2024 (date) — Quarterly period end date
  • Massachusetts (jurisdiction) — State of incorporation
  • 50 MINUTEMAN ROAD ANDOVER MA 01810 (address) — Principal executive offices
  • MRCY (ticker) — Trading symbol for Common Stock
  • Nasdaq Global Select Market (exchange) — Exchange where Common Stock is registered

FAQ

What is the primary purpose of this Form 10-Q filing?

The Form 10-Q is a quarterly report filed by Mercury Systems, Inc. pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934, for the quarterly period ended March 29, 2024.

What is the trading symbol for Mercury Systems, Inc. common stock?

The trading symbol for Mercury Systems, Inc. common stock is MRCY.

On which exchange is Mercury Systems, Inc. common stock traded?

Mercury Systems, Inc. common stock is traded on the Nasdaq Global Select Market.

Where are Mercury Systems, Inc.'s principal executive offices located?

Mercury Systems, Inc.'s principal executive offices are located at 50 Minuteman Road, Andover, MA 01810.

Has Mercury Systems, Inc. filed all required reports for the preceding 12 months?

Yes, the filing indicates that Mercury Systems, Inc. has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months.

Filing Stats: 4,669 words · 19 min read · ~16 pages · Grade level 16.7 · Accepted 2024-05-07 16:47:44

Key Financial Figures

  • $0.01 — ich Registered Common Stock, par value $0.01 per share MRCY Nasdaq Global Select Mar

Filing Documents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Co nsolidated Financial Statements (unaudited)

Item 1. Co nsolidated Financial Statements (unaudited) 3 Consolidated Balance Sheets as of March 29, 202 4 and June 30, 2023 3 Consolidated Statements of Operations and Comprehensive ( Loss ) Income for the third quarters and nine months ended March 29, 202 4 and March 3 1 , 202 3 4 Consolidated Statements of Shareholders' Equity for the third quarters and nine months ended March 29, 202 4 and March 3 1 , 202 3 5 Consolidated Statements of Cash Flows for the nine months ended March 29, 202 4 and March 31 , 202 3 6

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 7

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

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 26

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 40

Controls and Procedures

Item 4. Controls and Procedures 40

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 41

Risk Factors

Item 1A. Risk Factors 42

Other Information

Item 5. Other Information 42

Exhibits

Item 6. Exhibits 43

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS MERCURY SYSTEMS, INC. CONSOLIDATED BALANCE SHEETS (In thousands, except share and per share data) (Unaudited) March 29, 2024 June 30, 2023 Assets Current assets: Cash and cash equivalents $ 142,645 $ 71,563 Accounts receivable, net of allowance for credit losses of $ 497 and $ 1,335 at March 29, 2024 and June 30, 2023, respectively 91,785 124,729 Unbilled receivables and costs in excess of billings, net of allowance for credit losses of $ 8,653 and $ 0 at March 29, 2024 and June 30, 2023, respectively 325,441 382,558 Inventory 343,015 337,216 Prepaid income taxes 27,967 — Prepaid expenses and other current assets 20,656 20,952 Total current assets 951,509 937,018 Property and equipment, net 113,907 119,554 Goodwill 938,093 938,093 Intangible assets, net 261,805 298,051 Operating lease right-of-use assets, net 63,329 63,015 Deferred tax asset 44,366 27,099 Other non-current assets 5,169 8,537 Total assets $ 2,378,178 $ 2,391,367 Liabilities and Shareholders' Equity Current liabilities: Accounts payable $ 79,906 $ 103,986 Accrued expenses 40,091 28,423 Accrued compensation 16,871 30,419 Income taxes payable — 13,874 Deferred revenues and customer advances 70,701 56,562 Total current liabilities 207,569 233,264 Income taxes payable 5,166 5,166 Long-term debt 616,500 511,500 Operating lease liabilities 65,473 66,797 Other non-current liabilities 10,677 7,955 Total liabilities 905,385 824,682 Commitments and contingencies (Note L) Shareholders' equity: Preferred stock, $ 0.01 par value; 1,000,000 shares authorized; no shares issued or outstanding — — Common stock, $ 0.01 par value; 85,000,000 shares authorized; 57,868,725 and 56,961,665 shares issued and outstanding at March 29, 2024 and June 30, 2023, respectively 579 570 Additional paid-in capital 1,230,666 1,196,847 Retained earnings 230,576 357,439 Accumulated other comprehensive income 10,972 11,829 Total shareholders' equity 1,472,

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Amounts in thousands except per share data) (Unaudited) A. Description of Business 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. B. Summary of Significant Accounting Policies B ASIS OF P RESENTATION The accompanying consolidated financial statements have been prepared by the Company in accordance with Generally Accepted Accounting Principles ("GAAP") in the United States of America for interim financial information and with the instructions to the Form 10-Q and Article 10 of Regulation S-X. Certain information and footnote disclosures normally included in annual consolidated financial statements have been condensed or omitted pursuant to those rules and regulations; however, in the opinion of management the financial information reflects all adjustments, consisting of adjustments of a normal recurring nature, necessary for fair presentation. These consolidated financial statements should be read in conjunction with

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