Mercury Systems Gross profit (Q1, 2019)61.6 M

Mercury Systems Gross profit margin (Q1, 2019), %42.7%

Mercury Systems Net income (Q1, 2019)7.5 M

Mercury Systems EBIT (Q1, 2019)13.8 M

Mercury Systems Cash, 30-Sep-201872.9 M

Mercury Systems EV2.5 B

Mercury Systems revenue was $493.18 m in FY, 2018 which is a 20.7% year over year increase from the previous period.

Mercury Systems revenue breakdown by business segment: 65.4% from Sensor and Effector, 17.7% from C4I and 16.9% from Other

Mercury Systems revenue breakdown by geographic segment: 91.3% from U.S., 7.1% from Europe and 1.6% from Other

USD | FY, 2014 | FY, 2015 | FY, 2016 | FY, 2017 | FY, 2018 |
---|---|---|---|---|---|

## Revenue | 208.7m | 234.8m | 270.2m | 408.6m | 493.2m |

| 13% | 15% | 51% | 21% | |

## Cost of goods sold | 114.0m | 124.6m | 145.4m | 217.0m | 267.3m |

## Gross profit | 94.7m | 110.2m | 124.8m | 191.5m | 225.9m |

| 45% | 47% | 46% | 47% | 46% |

## R&D expense | 33.5m | 54.1m | 58.8m | ||

## General and administrative expense | 53.0m | 76.5m | 88.4m | ||

## Operating expense total | 86.5m | 154.1m | 178.9m | ||

## Depreciation and amortization | 19.7m | 26.0m | |||

## EBIT | (7.4m) | 18.4m | 24.0m | 37.4m | 47.0m |

| (4%) | 8% | 9% | 9% | 10% |

## Interest expense | 49.0k | 34.0k | 1.2m | 7.6m | 2.9m |

## Interest income | 9.0k | 21.0k | 131.0k | 462.0k | 32.0k |

## Pre tax profit | (5.9m) | 18.8m | 25.3m | 31.1m | 42.6m |

## Income tax expense | 1.7m | ||||

## Net Income | (11.4m) | 10.4m | 19.7m | 24.9m | 40.9m |

- Source: SEC Filings

USD | Q1, 2014 | Q2, 2014 | Q3, 2014 | Q1, 2015 | Q2, 2015 | Q3, 2015 | Q1, 2016 | Q2, 2016 | Q3, 2016 | Q1, 2017 | Q2, 2017 | Q3, 2017 | Q1, 2018 | Q2, 2018 | Q3, 2018 | Q1, 2019 |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|

## Revenue | 53.9m | 53.1m | 55.5m | 54.1m | 57.1m | 59.6m | 58.4m | 60.4m | 65.9m | 87.6m | 98.0m | 107.3m | 106.1m | 224.0m | 340.3m | 144.1m |

## Cost of goods sold | 31.4m | 28.2m | 30.4m | 30.1m | 30.1m | 31.7m | 30.9m | 31.8m | 35.4m | 48.2m | 50.6m | 56.5m | 55.4m | 119.1m | 182.7m | 82.5m |

## Gross profit | 22.6m | 24.9m | 25.1m | 24.0m | 27.0m | 27.9m | 27.5m | 28.6m | 30.5m | 39.4m | 47.4m | 50.8m | 50.7m | 104.8m | 157.6m | 61.6m |

| 42% | 47% | 45% | 44% | 47% | 47% | 47% | 47% | 46% | 45% | 48% | 47% | 48% | 47% | 46% | 43% |

## R&D expense | 9.3m | 10.2m | 8.4m | 8.0m | 7.9m | 8.1m | 8.1m | 7.7m | 7.3m | 12.8m | 13.2m | 14.2m | 13.7m | 28.9m | 44.0m | 14.9m |

## General and administrative expense | 15.1m | 14.8m | 13.1m | 12.3m | 12.7m | 11.8m | 12.1m | 12.6m | 12.7m | 17.5m | 19.3m | 19.2m | 20.6m | 41.8m | 62.9m | 24.7m |

## Operating expense total | 26.5m | 27.0m | 26.9m | 23.3m | 23.5m | 21.8m | 24.4m | 22.2m | 23.7m | 35.7m | 38.4m | 39.1m | 40.3m | 83.6m | 129.5m | 47.8m |

## Depreciation and amortization | 7.2m | |||||||||||||||

## EBIT | (4.0m) | (2.1m) | (1.8m) | 728.0k | 3.5m | 6.2m | 3.1m | 6.4m | 6.8m | 3.7m | 9.0m | 11.7m | 10.4m | 21.3m | 28.1m | 13.8m |

| (7%) | (4%) | (3%) | 1% | 6% | 10% | 5% | 11% | 10% | 4% | 9% | 11% | 10% | 9% | 8% | 10% |

## Interest expense | 15.0k | 11.0k | 11.0k | 8.0k | 8.0k | 7.0k | 2.0k | 5.0k | 3.0k | 1.8m | 1.9m | 1.9m | 3.0k | 110.0k | 1.1m | 2.3m |

## Interest income | 1.0k | 3.0k | 2.0k | 3.0k | 4.0k | 6.0k | 24.0k | 26.0k | 39.0k | 40.0k | 10.0k | 137.0k | 19.0k | 22.0k | 14.0k | 66.0k |

## Pre tax profit | (3.5m) | (1.6m) | (1.4m) | 717.0k | 3.9m | 6.2m | 3.2m | 6.5m | 7.0m | 2.6m | 7.0m | 10.2m | 9.6m | 20.0m | 25.9m | 10.6m |

## Income tax expense | 3.1m | |||||||||||||||

## Net Income | (2.3m) | (1.0m) | (578.0k) | 499.0k | 265.0k | 3.7m | 2.0m | 4.8m | 4.5m | 3.8m | 5.2m | 7.0m | 18.0m | 27.1m | 30.8m | 7.5m |

- Source: SEC Filings

USD | FY, 2014 | FY, 2015 | FY, 2016 | FY, 2017 | FY, 2018 |
---|---|---|---|---|---|

## Cash | 47.3m | 77.6m | 81.7m | 41.6m | 66.5m |

## Accounts Receivable | 104.0m | ||||

## Prepaid Expenses | 9.1m | ||||

## Inventories | 3.6m | 8.7m | 58.3m | 81.1m | 108.6m |

## Current Assets | 160.3m | 188.2m | 245.4m | 246.2m | 331.7m |

## PP&E | 14.1m | 13.2m | 28.3m | 51.6m | 51.0m |

## Goodwill | 168.1m | 168.1m | 344.0m | 380.8m | 497.4m |

## Total Assets | 373.7m | 390.0m | 736.5m | 815.7m | 1.1b |

## Accounts Payable | 7.1m | 6.9m | 26.7m | 27.5m | 21.3m |

## Short-term debt | |||||

## Current Liabilities | 32.9m | 33.3m | 67.6m | 72.8m | 71.7m |

## Long-term debt | 195.0m | ||||

## Total Debt | 195.0m | ||||

## Total Liabilities | 263.5m | 90.3m | 292.6m | ||

## Common Stock | 469.0k | ||||

## Additional Paid-in Capital | 241.7m | 254.6m | 357.5m | 584.8m | 590.2m |

## Retained Earnings | 84.1m | 94.5m | 114.2m | 139.1m | 180.0m |

## Total Equity | 327.1m | 350.1m | 473.0m | 725.4m | 771.9m |

## Debt to Equity Ratio | 0.3 x | ||||

## Debt to Assets Ratio | 0.2 x | ||||

## Financial Leverage | 1.1 x | 1.1 x | 1.6 x | 1.1 x | 1.4 x |

USD | Q1, 2014 | Q2, 2014 | Q3, 2014 | Q1, 2015 | Q2, 2015 | Q3, 2015 | Q1, 2016 | Q2, 2016 | Q3, 2016 | Q1, 2017 | Q2, 2017 | Q3, 2017 | Q1, 2018 | Q2, 2018 | Q3, 2018 | Q1, 2019 |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|

## Cash | 40.1m | 44.5m | 45.7m | 48.9m | 57.0m | 66.5m | 79.1m | 81.6m | 84.2m | 77.3m | 46.2m | 270.2m | 26.1m | 32.0m | 44.2m | 72.9m |

## Accounts Receivable | 113.9m | |||||||||||||||

## Prepaid Expenses | 9.5m | |||||||||||||||

## Inventories | 35.2m | 33.1m | 35.3m | 30.8m | 30.0m | 32.5m | 34.7m | 36.7m | 34.3m | 58.4m | 70.1m | 72.1m | 93.3m | 105.9m | 117.1m | 121.2m |

## Current Assets | 145.3m | 144.5m | 151.0m | 166.1m | 179.0m | 187.8m | 200.9m | 199.0m | 206.6m | 232.0m | 224.8m | 448.4m | 252.0m | 268.9m | 313.2m | 364.2m |

## PP&E | 14.6m | 16.1m | 15.2m | 13.3m | 13.0m | 12.4m | 13.5m | 13.3m | 13.5m | 31.4m | 39.4m | 47.4m | 51.6m | 51.6m | 51.3m | 50.8m |

## Goodwill | 176.6m | 176.6m | 177.1m | 168.1m | 168.1m | 168.1m | 168.1m | 520.6m | ||||||||

## Total Assets | 370.9m | 369.7m | 373.6m | 377.0m | 385.4m | 389.2m | 401.4m | 408.1m | 414.8m | 722.2m | 755.3m | 981.4m | 822.6m | 835.8m | 1.1b | 1.1b |

## Accounts Payable | 7.5m | 3.6m | 10.4m | 12.4m | 11.3m | 14.4m | 17.2m | 11.9m | 12.4m | 19.3m | 26.2m | 24.3m | 42.2m | 37.6m | 32.9m | 25.7m |

## Short-term debt | 10.0m | |||||||||||||||

## Current Liabilities | 27.4m | 24.3m | 33.0m | 34.1m | 39.5m | 40.7m | 42.8m | 41.4m | 42.0m | 56.2m | 68.5m | 73.4m | 75.3m | 74.3m | 79.3m | 82.8m |

## Long-term debt | 180.2m | 180.7m | 176.1m | 195.0m | 240.0m | |||||||||||

## Total Debt | 180.2m | 180.7m | 186.1m | 195.0m | 240.0m | |||||||||||

## Total Liabilities | 41.7m | 38.9m | 41.3m | 46.5m | 51.2m | 48.6m | 48.8m | 46.6m | 47.0m | 247.6m | 270.6m | 270.0m | 88.3m | 86.6m | 301.2m | 350.4m |

## Common Stock | 472.0k | |||||||||||||||

## Additional Paid-in Capital | 234.6m | 237.3m | 239.3m | 244.6m | 248.2m | 251.0m | 255.1m | 259.1m | 260.8m | 355.2m | 360.5m | 579.9m | 575.7m | 581.5m | 584.9m | 587.8m |

## Retained Earnings | 93.3m | 92.2m | 91.6m | 84.6m | 84.9m | 88.5m | 96.4m | 101.2m | 105.7m | 118.0m | 123.2m | 130.3m | 157.0m | 166.2m | 169.9m | 187.4m |

## Total Equity | 329.2m | 330.8m | 332.3m | 330.4m | 334.2m | 340.7m | 352.6m | 361.5m | 367.7m | 474.5m | 484.7m | 711.4m | 734.3m | 749.2m | 755.8m | 776.6m |

## Debt to Equity Ratio | 0.4 x | 0.4 x | 0.3 x | 0.3 x | 0.3 x | |||||||||||

## Debt to Assets Ratio | 0.2 x | 0.2 x | 0.2 x | 0.2 x | 0.2 x | |||||||||||

## Financial Leverage | 1.1 x | 1.1 x | 1.1 x | 1.1 x | 1.2 x | 1.1 x | 1.1 x | 1.1 x | 1.1 x | 1.5 x | 1.6 x | 1.4 x | 1.1 x | 1.1 x | 1.4 x | 1.5 x |

USD | FY, 2014 | FY, 2015 | FY, 2016 | FY, 2017 | FY, 2018 |
---|---|---|---|---|---|

## Net Income | (11.4m) | 10.4m | 19.7m | 24.9m | 40.9m |

## Depreciation and Amortization | 7.3m | 7.0m | 8.8m | 32.3m | 42.3m |

## Accounts Receivable | (22.8m) | ||||

## Inventories | 3.7m | (5.0m) | 3.0m | (9.3m) | (16.2m) |

## Accounts Payable | 1.2m | (475.0k) | 18.9m | 3.5m | (5.3m) |

## Cash From Operating Activities | 14.2m | 32.2m | 36.9m | 59.1m | 43.3m |

## Purchases of PP&E | (6.7m) | (6.0m) | (7.9m) | (32.8m) | (15.1m) |

## Cash From Investing Activities | (6.7m) | (5.6m) | (318.2m) | (111.1m) | (200.9m) |

## Long-term Borrowings | (15.0m) | ||||

## Cash From Financing Activities | 742.0k | 3.9m | 284.9m | 11.3m | 182.9m |

## Net Change in Cash | 24.9m | ||||

## Interest Paid | 49.0k | 34.0k | 1.0m | 5.8m | 1.6m |

## Income Taxes Paid | 3.2m | 7.9m | 8.0m | 2.8m | 17.0m |

USD | Q1, 2014 | Q2, 2014 | Q3, 2014 | Q1, 2015 | Q2, 2015 | Q3, 2015 | Q1, 2016 | Q2, 2016 | Q3, 2016 | Q1, 2017 | Q2, 2017 | Q3, 2017 | Q1, 2018 | Q2, 2018 | Q3, 2018 | Q1, 2019 |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|

## Net Income | (2.3m) | (3.3m) | (3.9m) | 499.0k | 764.0k | 4.4m | 2.0m | 6.8m | 11.3m | 3.8m | 9.0m | 16.1m | 18.0m | 27.1m | 30.8m | 7.5m |

## Depreciation and Amortization | 4.1m | 8.0m | 11.9m | 3.6m | 7.2m | 10.4m | 3.3m | 6.6m | 9.9m | 7.3m | 15.2m | 23.1m | 9.3m | 18.9m | 30.3m | 11.5m |

## Accounts Receivable | (5.9m) | |||||||||||||||

## Inventories | 2.3m | 4.3m | 2.1m | 859.0k | 1.6m | (969.0k) | (2.7m) | (4.7m) | (2.4m) | (104.0k) | (3.9m) | (6.6m) | (11.1m) | (22.5m) | (24.9m) | (4.6m) |

## Accounts Payable | (2.7m) | (6.5m) | 2.6m | 3.5m | 4.1m | 7.0m | 9.9m | 7.0m | 9.0m | (7.4m) | (1.9m) | (566.0k) | 12.8m | 11.6m | 2.9m | (2.0m) |

## Cash From Operating Activities | 2.2m | 9.5m | 11.7m | 2.2m | 10.4m | 19.5m | 5.6m | 17.5m | 21.8m | 10.3m | 24.5m | 49.4m | 8.0m | 16.8m | 17.7m | 20.0m |

## Purchases of PP&E | (1.1m) | (3.9m) | (5.1m) | (905.0k) | (2.1m) | (3.5m) | (1.9m) | (3.2m) | (4.9m) | (6.0m) | (13.8m) | (26.8m) | (3.6m) | (7.6m) | (11.1m) | (3.7m) |

## Cash From Investing Activities | (1.1m) | (4.2m) | (5.4m) | (905.0k) | (2.1m) | (2.6m) | (2.1m) | (13.1m) | (15.2m) | (6.2m) | (52.6m) | (64.2m) | (10.0m) | (13.8m) | (196.8m) | (50.0m) |

## Cash From Financing Activities | (61.0k) | 240.0k | 324.0k | 392.0k | 1.5m | 2.4m | (2.1m) | (468.0k) | (23.0k) | (8.5m) | (7.3m) | 203.5m | (13.5m) | (12.9m) | 181.9m | 36.3m |

## Net Change in Cash | 6.3m | |||||||||||||||

## Interest Paid | 15.0k | 26.0k | 38.0k | 8.0k | 16.0k | 23.0k | 2.0k | 7.0k | 10.0k | 1.4m | 2.8m | 4.3m | 3.0k | 111.0k | 1.1m | 3.4m |

## Income Taxes Paid | 334.0k | 5.1m | 4.7m | 374.0k | 5.5m | 5.7m | 65.0k | 1.8m | 1.7m | 717.0k | 2.7m | 2.7m | 7.9m | 9.9m | 9.9m | 4.3m |

USD | Y, 2018 |
---|---|

## EV/EBIT | 183.9 x |

## EV/CFO | 126.8 x |

## Revenue/Employee | 109.1k |

## Debt/Equity | 0.3 x |

## Debt/Assets | 0.2 x |

## Financial Leverage | 1.5 x |

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