$1.8 B

MRCY Mkt cap, 22-Jun-2018

$340.3 M

Mercury Systems Revenue Q3, 2018
Mercury Systems Gross profit (Q3, 2018)157.6 M
Mercury Systems Gross profit margin (Q3, 2018), %46.3%
Mercury Systems Net income (Q3, 2018)30.8 M
Mercury Systems EBIT (Q3, 2018)28.1 M
Mercury Systems Cash, 31-Mar-201844.2 M
Mercury Systems EV2 B

Mercury Systems Financials

Mercury Systems Income Statement

Annual

USDFY, 2014FY, 2015FY, 2016

Revenue

208.7 m234.8 m270.2 m

Revenue growth, %

13%15%

Cost of goods sold

114 m124.6 m145.4 m

Gross profit

94.7 m110.2 m124.8 m

Gross profit Margin, %

45%47%46%

R&D expense

33.5 m

General and administrative expense

53 m

Operating expense total

86.5 m

EBIT

(7.4 m)18.4 m24 m

EBIT margin, %

(4%)8%9%

Interest expense

49 k34 k1.2 m

Interest income

9 k21 k131 k

Pre tax profit

(5.9 m)18.8 m25.3 m

Net Income

(11.4 m)10.4 m19.7 m

Quarterly

USDQ1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017Q1, 2018Q2, 2018Q3, 2018

Revenue

53.9 m53.1 m55.5 m54.1 m57.1 m59.6 m58.4 m60.4 m65.9 m87.6 m98 m107.3 m106.1 m224 m340.3 m

Cost of goods sold

31.4 m28.2 m30.4 m30.1 m30.1 m31.7 m30.9 m31.8 m35.4 m48.2 m50.6 m56.5 m55.4 m119.1 m182.7 m

Gross profit

22.6 m24.9 m25.1 m24 m27 m27.9 m27.5 m28.6 m30.5 m39.4 m47.4 m50.8 m50.7 m104.8 m157.6 m

Gross profit Margin, %

42%47%45%44%47%47%47%47%46%45%48%47%48%47%46%

R&D expense

9.3 m10.2 m8.4 m8 m7.9 m8.1 m8.1 m7.7 m7.3 m12.8 m13.2 m14.2 m13.7 m28.9 m44 m

General and administrative expense

15.1 m14.8 m13.1 m12.3 m12.7 m11.8 m12.1 m12.6 m12.7 m17.5 m19.3 m19.2 m20.6 m41.8 m62.9 m

Operating expense total

26.5 m27 m26.9 m23.3 m23.5 m21.8 m24.4 m22.2 m23.7 m35.7 m38.4 m39.1 m40.3 m83.6 m129.5 m

Depreciation and amortization

11.5 m18.6 m

EBIT

(4 m)(2.1 m)(1.8 m)728 k3.5 m6.2 m3.1 m6.4 m6.8 m3.7 m9 m11.7 m10.4 m21.3 m28.1 m

EBIT margin, %

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

Interest expense

15 k11 k11 k8 k8 k7 k2 k5 k3 k1.8 m1.9 m1.9 m3 k110 k1.1 m

Interest income

1 k3 k2 k3 k4 k6 k24 k26 k39 k40 k10 k137 k19 k22 k14 k

Pre tax profit

(3.5 m)(1.6 m)(1.4 m)717 k3.9 m6.2 m3.2 m6.5 m7 m2.6 m7 m10.2 m9.6 m20 m25.9 m

Net Income

(2.3 m)(1 m)(578 k)499 k265 k3.7 m2 m4.8 m4.5 m3.8 m5.2 m7 m18 m27.1 m30.8 m

Mercury Systems Balance Sheet

Annual

USDFY, 2014FY, 2015FY, 2016

Cash

47.3 m77.6 m81.7 m

Inventories

3.6 m8.7 m58.3 m

Current Assets

160.3 m188.2 m245.4 m

PP&E

14.1 m13.2 m28.3 m

Goodwill

168.1 m168.1 m344 m

Total Assets

373.7 m390 m736.5 m

Accounts Payable

7.1 m6.9 m26.7 m

Current Liabilities

32.9 m33.3 m67.6 m

Total Liabilities

263.5 m

Additional Paid-in Capital

241.7 m254.6 m357.5 m

Retained Earnings

84.1 m94.5 m114.2 m

Total Equity

327.1 m350.1 m473 m

Financial Leverage

1.1 x1.1 x1.6 x

Quarterly

USDQ1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017Q1, 2018Q2, 2018Q3, 2018

Cash

40.1 m44.5 m45.7 m48.9 m57 m66.5 m79.1 m81.6 m84.2 m77.3 m46.2 m270.2 m26.1 m32 m44.2 m

Inventories

35.2 m33.1 m35.3 m30.8 m30 m32.5 m34.7 m36.7 m34.3 m58.4 m70.1 m72.1 m93.3 m105.9 m117.1 m

Current Assets

145.3 m144.5 m151 m166.1 m179 m187.8 m200.9 m199 m206.6 m232 m224.8 m448.4 m252 m268.9 m313.2 m

PP&E

14.6 m16.1 m15.2 m13.3 m13 m12.4 m13.5 m13.3 m13.5 m31.4 m39.4 m47.4 m51.6 m51.6 m51.3 m

Goodwill

176.6 m176.6 m177.1 m168.1 m168.1 m168.1 m168.1 m

Total Assets

370.9 m369.7 m373.6 m377 m385.4 m389.2 m401.4 m408.1 m414.8 m722.2 m755.3 m981.4 m822.6 m835.8 m1.1 b

Accounts Payable

7.5 m3.6 m10.4 m12.4 m11.3 m14.4 m17.2 m11.9 m12.4 m19.3 m26.2 m24.3 m42.2 m37.6 m32.9 m

Short-term debt

10 m

Current Liabilities

27.4 m24.3 m33 m34.1 m39.5 m40.7 m42.8 m41.4 m42 m56.2 m68.5 m73.4 m75.3 m74.3 m79.3 m

Long-term debt

180.2 m180.7 m176.1 m195 m

Total Debt

180.2 m180.7 m186.1 m195 m

Total Liabilities

41.7 m38.9 m41.3 m46.5 m51.2 m48.6 m48.8 m46.6 m47 m247.6 m270.6 m270 m88.3 m86.6 m301.2 m

Additional Paid-in Capital

234.6 m237.3 m239.3 m244.6 m248.2 m251 m255.1 m259.1 m260.8 m355.2 m360.5 m579.9 m575.7 m581.5 m584.9 m

Retained Earnings

93.3 m92.2 m91.6 m84.6 m84.9 m88.5 m96.4 m101.2 m105.7 m118 m123.2 m130.3 m157 m166.2 m169.9 m

Total Equity

329.2 m330.8 m332.3 m330.4 m334.2 m340.7 m352.6 m361.5 m367.7 m474.5 m484.7 m711.4 m734.3 m749.2 m755.8 m

Financial Leverage

1.1 x1.1 x1.1 x1.1 x1.2 x1.1 x1.1 x1.1 x1.1 x1.5 x1.6 x1.4 x1.1 x1.1 x1.4 x

Mercury Systems Cash Flow

Annual

USDFY, 2014FY, 2015FY, 2016

Net Income

(11.4 m)10.4 m19.7 m

Depreciation and Amortization

7.3 m7 m8.8 m

Inventories

3.7 m(5 m)3 m

Accounts Payable

1.2 m(475 k)18.9 m

Cash From Operating Activities

14.2 m32.2 m36.9 m

Purchases of PP&E

(6.7 m)(6 m)(7.9 m)

Cash From Investing Activities

(6.7 m)(5.6 m)(318.2 m)

Cash From Financing Activities

742 k3.9 m284.9 m

Interest Paid

49 k34 k1 m

Income Taxes Paid

3.2 m7.9 m8 m

Quarterly

USDQ1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017Q1, 2018Q2, 2018Q3, 2018

Net Income

(2.3 m)(3.3 m)(3.9 m)499 k764 k4.4 m2 m6.8 m11.3 m3.8 m9 m16.1 m18 m27.1 m30.8 m

Depreciation and Amortization

4.1 m8 m11.9 m3.6 m7.2 m10.4 m3.3 m6.6 m9.9 m7.3 m15.2 m23.1 m9.3 m18.9 m30.3 m

Inventories

2.3 m4.3 m2.1 m859 k1.6 m(969 k)(2.7 m)(4.7 m)(2.4 m)(104 k)(3.9 m)(6.6 m)(11.1 m)(22.5 m)(24.9 m)

Accounts Payable

(2.8 m)(6.5 m)2.6 m3.5 m4.1 m7 m9.9 m7 m9 m(7.4 m)(1.9 m)(566 k)12.8 m11.6 m2.9 m

Cash From Operating Activities

2.2 m9.5 m11.7 m2.2 m10.4 m19.5 m5.6 m17.5 m21.8 m10.3 m24.5 m49.4 m8 m16.8 m17.7 m

Purchases of PP&E

(1.1 m)(3.9 m)(5.1 m)(905 k)(2.1 m)(3.5 m)(1.9 m)(3.2 m)(4.9 m)(6.1 m)(13.8 m)(26.8 m)(3.6 m)(7.6 m)(11.1 m)

Cash From Investing Activities

(1.1 m)(4.2 m)(5.4 m)(905 k)(2.1 m)(2.6 m)(2.1 m)(13.1 m)(15.2 m)(6.2 m)(52.6 m)(64.2 m)(10 m)(13.8 m)(196.8 m)

Cash From Financing Activities

(61 k)240 k324 k392 k1.5 m2.4 m(2.1 m)(468 k)(23 k)(8.5 m)(7.3 m)203.5 m(13.5 m)(12.9 m)181.9 m

Interest Paid

15 k26 k38 k8 k16 k23 k2 k7 k10 k1.4 m2.8 m4.3 m3 k111 k1.1 m

Income Taxes Paid

334 k5.1 m4.7 m374 k5.5 m5.7 m65 k1.8 m1.7 m717 k2.7 m2.7 m7.9 m9.9 m9.9 m

Mercury Systems Ratios

USDY, 2018

EV/EBIT

70.2 x

EV/CFO

111.6 x

Financial Leverage

1.4 x
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