8-K
filed November 7, 2023, 6:59 PM ET
ticker MRCY
CIK 0001049521
earnings
confidence high
sentiment negative
materiality 0.75
MERCURY SYSTEMS INC (MRCY): debt financing — Mercury Systems Q1 revenue $181M (-20% YoY), GAAP loss $0.64; reaffirms FY24 outlook
MERCURY SYSTEMS INC
2024-Q1 EPS reported
-$0.64
revenue$180,991,000
- Revenue of $181.0M, down from $227.6M YoY; GAAP net loss $36.7M ($0.64 loss per share) vs $14.3M loss prior.
- Adjusted EPS $(0.24) vs $0.24 prior; adjusted EBITDA $2.0M vs $31.2M prior.
- Free cash flow -$47.1M vs -$73.4M prior; bookings $191.5M, book-to-bill 1.06; backlog $1.15B.
- Reiterated full-year FY2024 guidance; completed 2 of 20 challenged programs, on track to complete 5 by H1.
- Amended credit facility to temporarily raise leverage covenant to 5.25x for Q2 due to government shutdown uncertainty.
Key facts
Extracted from this filing and checked against the source text.
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
MERCURY SYSTEMS INC amended revolving credit of $576.5 million with Bank of America, N.A.
- Instrument
- revolving credit
- Principal
- $576.5 million
- Counterparty
- Bank of America, N.A
- Event
- amendment
Exact text from the filing
as the administrative agent. The Company paid a consent fee of 0.125% of the principal amount of the revolving credit commitments held by such consenting lender. The Company had $576.5 million in outstanding borrowings both prior to and following the closing of Amendment No. 5. The foregoing description of the Amendment No. 5 does not purport to be complete and is
View on SEC.gov
Earnings Releases
SEC 8-K Item 2.02
confidence 0.95
MERCURY SYSTEMS INC reported financial results for the first quarter ended September 29, 2023.
- Period
- the first quarter ended September 29, 2023
- Result
- reported results
Exact text from the filing
On November 7, 2023, the Company issued a press release and an earnings presentation regarding its financial results for the first quarter ended September 29, 2023.
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
MERCURY SYSTEMS INC amended Amendment No. 5 with a syndicate of commercial banks and Bank of America, N.A acting as the administrative agent (effective 2023-11-07).
- Action
- amendment
- Agreement
- credit facility
- Counterparty
- a syndicate of commercial banks and Bank of America, N.A acting as the administrative agent
- Effective
- 2023-11-07
Exact text from the filing
On November 7, 2023, the Company and certain of the Company’s subsidiaries, as guarantors, entered into Amendment No. 5 (“Amendment No. 5”) to the Company’s Credit Agreement dated May 2, 2016, as amended to date
View on SEC.gov
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