Mercury Systems (MRCY) FY2019 results: revenue $655 million, up 32.8% on the year
Mercury Systems Inc. (MRCY) reported revenue of $655 million for fiscal 2019, the year ended 30 June 2019, up 32.8% on the year before. Net income was $47 million, up 14.4%, and diluted earnings per share $0.96. The figures are the company's own, from the 10-K it filed with the SEC on 15 August 2019.
Revenue
$655 million
+32.8% on the year
FY2012FY2019
Operating margin
11.7%
9.5% a year earlier
FY2012FY2019
Net income
$47 million
+14.4% on the year
FY2012FY2019
Diluted EPS
$0.96
+11.6% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
655
493
409
+32.8%
Cost of revenue
369
267
217
+37.9%
Gross profit
286
226
192
+26.7%
Gross margin
43.7%
45.8%
46.9%
Research and development
68.9
58.8
54.1
+17.2%
Selling, general and administrative
111
88.4
76.5
+25.3%
Operating income
76.6
47.0
37.4
+63.0%
Operating margin
11.7%
9.5%
9.2%
Interest expense
9.1
2.9
7.6
+219.6%
Pre-tax income
59.5
42.6
31.1
+39.8%
Income tax
12.8
1.7
6.2
+654.6%
Effective tax rate
21.4%
4.0%
19.9%
Net income
46.8
40.9
24.9
+14.4%
Net margin
7.1%
8.3%
6.1%
Diluted EPS
$0.96
$0.86
$0.58
+11.6%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
97.5
43.3
59.1
+125.1%
Capital expenditure
26.7
15.1
32.8
+76.7%
Free cash flow
70.8
28.2
26.3
+151.0%
Free cash flow margin
10.8%
5.7%
6.4%
Cash from investing
-154
-201
-111
Cash from financing
248
183
11.3
+35.4%
Depreciation and amortisation
46.4
42.3
32.3
+9.7%
Share-based compensation
19.4
17.3
15.3
+12.2%
Buybacks
8.0
15.5
8.8
-48.6%
Diluted shares, weighted
48m
47m
43m
+2.2%
Shares outstanding at period end
46m
46m
46m
0.0%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
1,285
772
725
+66.4%
Debt
0.0
195
0.0
Operating lease liabilities
0.0
n/a
n/a
Other liabilities
132
97.6
90.3
+35.5%
Total liabilities and equity
1,417
1,064
816
+33.1%
Fixed assets
60.0
51.0
51.6
+17.7%
Goodwill
562
497
381
+13.0%
Intangible assets
206
178
129
+15.9%
Cash and equivalents
258
66.5
41.6
+287.7%
Receivables
119
104
76.3
+14.2%
Inventory
137
109
81.1
+26.3%
Other assets
74.8
59.0
55.2
+26.8%
Total assets
1,417
1,064
816
+33.1%
10-K for the year ended 30 June 2019, filed 15 August 2019: the filing.