Mercury Systems (MRCY) FY2021 results: revenue $924 million, up 16.0% on the year
Mercury Systems Inc. (MRCY) reported revenue of $924 million for fiscal 2021, the year ended 2 July 2021, up 16.0% on the year before. Net income was $62 million, down 27.6%, and diluted earnings per share $1.12. The figures are the company's own, from the 10-K it filed with the SEC on 17 August 2021.
Revenue
$924 million
+16.0% on the year
FY2014FY2021
Operating margin
8.8%
11.4% a year earlier
FY2014FY2021
Net income
$62 million
-27.6% on the year
FY2014FY2021
Diluted EPS
$1.12
-28.2% on the year
FY2014FY2021
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2021
FY2020
FY2019
On the year
Last 8 years
Revenue
924
797
655
+16.0%
Cost of revenue
539
440
369
+22.5%
Gross profit
385
357
286
+7.9%
Gross margin
41.7%
44.8%
43.7%
Research and development
113
98.5
68.9
+15.2%
Selling, general and administrative
134
132
111
+1.6%
Operating income
81.0
91.1
76.6
-11.0%
Operating margin
8.8%
11.4%
11.7%
Interest expense
1.2
1.0
9.1
+21.5%
Pre-tax income
77.2
93.9
59.5
-17.8%
Income tax
15.1
8.2
12.8
+84.0%
Effective tax rate
19.6%
8.8%
21.4%
Net income
62.0
85.7
46.8
-27.6%
Net margin
6.7%
10.8%
7.1%
Diluted EPS
$1.12
$1.56
$0.96
-28.2%
$ 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
FY2021
FY2020
FY2019
On the year
Last 8 years
Operating cash flow
97.2
115
97.5
-15.6%
Capital expenditure
45.6
43.3
26.7
+5.3%
Free cash flow
51.6
71.9
70.8
-28.2%
Free cash flow margin
5.6%
9.0%
10.8%
Cash from investing
-417
-135
-154
Cash from financing
206
-10.9
248
Depreciation and amortisation
67.1
49.3
46.4
+36.0%
Share-based compensation
28.3
26.5
19.4
+6.6%
Buybacks
0.1
16.2
8.0
-99.6%
Diluted shares, weighted
55m
55m
48m
+0.7%
Shares outstanding at period end
55m
55m
46m
0.0%
Balance sheet
$ million
FY2021
FY2020
FY2019
On the year
Last 8 years
Shareholders' equity
1,484
1,385
1,285
+7.2%
Debt
200
0.0
0.0
Operating lease liabilities
71.5
67.0
0.0
+6.8%
Other liabilities
199
159
132
+25.5%
Total liabilities and equity
1,955
1,611
1,417
+21.4%
Fixed assets
129
87.7
60.0
+46.5%
Goodwill
805
614
562
+31.1%
Intangible assets
308
209
206
+47.3%
Cash and equivalents
114
227
258
-49.8%
Receivables
129
120
119
+6.9%
Inventory
222
178
137
+24.5%
Other assets
250
175
74.8
+42.9%
Total assets
1,955
1,611
1,417
+21.4%
10-K for the year ended 2 July 2021, filed 17 August 2021: the filing.