Mercury Systems (MRCY) FY2020 results: revenue $797 million, up 21.7% on the year
Mercury Systems Inc. (MRCY) reported revenue of $797 million for fiscal 2020, the year ended 3 July 2020, up 21.7% on the year before. Net income was $86 million, up 83.2%, and diluted earnings per share $1.56. The figures are the company's own, from the 10-K it filed with the SEC on 18 August 2020.
Revenue
$797 million
+21.7% on the year
FY2013FY2020
Operating margin
11.4%
11.7% a year earlier
FY2013FY2020
Net income
$86 million
+83.2% on the year
FY2013FY2020
Diluted EPS
$1.56
+62.5% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
797
655
493
+21.7%
Cost of revenue
440
369
267
+19.3%
Gross profit
357
286
226
+24.7%
Gross margin
44.8%
43.7%
45.8%
Research and development
98.5
68.9
58.8
+42.9%
Selling, general and administrative
132
111
88.4
+19.5%
Operating income
91.1
76.6
47.0
+18.9%
Operating margin
11.4%
11.7%
9.5%
Interest expense
1.0
9.1
2.9
-89.0%
Pre-tax income
93.9
59.5
42.6
+57.8%
Income tax
8.2
12.8
1.7
-35.5%
Effective tax rate
8.8%
21.4%
4.0%
Net income
85.7
46.8
40.9
+83.2%
Net margin
10.8%
7.1%
8.3%
Diluted EPS
$1.56
$0.96
$0.86
+62.5%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
115
97.5
43.3
+18.1%
Capital expenditure
43.3
26.7
15.1
+62.2%
Free cash flow
71.9
70.8
28.2
+1.5%
Free cash flow margin
9.0%
10.8%
5.7%
Cash from investing
-135
-154
-201
Cash from financing
-10.9
248
183
Depreciation and amortisation
49.3
46.4
42.3
+6.3%
Share-based compensation
26.5
19.4
17.3
+36.6%
Buybacks
16.2
8.0
15.5
+103.9%
Diluted shares, weighted
55m
48m
47m
+13.6%
Shares outstanding at period end
55m
46m
46m
+18.1%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
1,385
1,285
772
+7.8%
Debt
0.0
0.0
195
Operating lease liabilities
67.0
0.0
n/a
Other liabilities
159
132
97.6
+20.2%
Total liabilities and equity
1,611
1,417
1,064
+13.7%
Fixed assets
87.7
60.0
51.0
+46.2%
Goodwill
614
562
497
+9.2%
Intangible assets
209
206
178
+1.3%
Cash and equivalents
227
258
66.5
-12.1%
Receivables
120
119
104
+1.4%
Inventory
178
137
109
+29.9%
Other assets
175
74.8
59.0
+133.6%
Total assets
1,611
1,417
1,064
+13.7%
10-K for the year ended 3 July 2020, filed 18 August 2020: the filing.