| --- | --- | --- | --- | |--------------------------------------------------------------------------------------------------|-------|-------|-------| | | | | | | | | | | | | | | | | | | | | | SECOND QUARTER FISCAL YEAR 2023 FINANCIAL RESULTS | | | | | Mark Aslett | | | | | President and CEO | | | | | Michael Ruppert Executive Vice President and CFO | | | | | January 31, 2023, 5:00 pm ET | | | | | Webcast login at www.mrcy.com/investor Webcast replay available by 7:00 p.m. ET January 31, 2023 | | | | | © Me ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ________________________________________________________________ ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to COMMISSION FILE NUMBER: 0-23599 ________________________________________________________________ ...

| --- | --- | --- | --- | --- | |--------------------------------------------------------------------------------------------------|-------|-------|-------|-------| | | | | | | | | | | | | | | | | | | | | | | | | | FIRST QUARTER FISCAL YEAR 2023 FINANCIAL RESULTS | | | | | | | | | | | | Mark Aslett President and CEO | | | | | | Michael Ruppert Executive Vice President and CFO | | | | | | November 1, 2022, 5:00 pm ET | | | | | | Webcast login at www.mrcy.com/investor Webcast replay available by 7:00 p.m. ET ...

Financial Data and Key Metrics Changes - Bookings increased by 34% year-over-year in Q1 2023, with a book-to-bill ratio of 1.17, compared to 0.89 in Q1 2022 [6][29] - Total revenue rose by 1% year-over-year to $228 million, exceeding guidance [30] - Adjusted EBITDA for Q1 was $31.2 million, down 19% year-over-year, with adjusted EBITDA margins at 13.7% [9][31] - Free cash flow was an outflow of $73 million, expected to improve in Q2 and throughout the second half of fiscal 2023 [9][40] Business Line Data and Key Metrics Changes - Organic revenue decreased by 4% year-over-year, with expectations for positive growth in Q2 [8] - Major revenue programs included F-35, LTAMDs, Aegis, F-18, and SEWIP [9] - Adjusted EBITDA margins decreased primarily due to a smaller proportion of higher-margin production revenue [30] Market Data and Key Metrics Changes - Backlog grew by 22% year-over-year, reaching a record $1.08 billion [29] - The company anticipates strong bookings and improved visibility into revenue for the remainder of fiscal 2023 [29][44] Company Strategy and Development Direction - The company is optimistic about entering a multiyear period of accelerating growth and profitability, similar to the post-sequestration period in 2013 [11][15] - The strategic focus includes enhancing procurement and pricing strategies to mitigate inflationary pressures [54][70] - The company is positioned to benefit from increased defense spending and supply chain improvements [18][49] Management's Comments on Operating Environment and Future Outlook - Management noted that current challenges are supply and timing-related rather than demand-related, with expectations for improved conditions in the second half of fiscal 2023 [10][14] - The geopolitical environment is viewed as challenging, with potential for increased defense spending [16][18] - Management expects to see a return to organic growth and improved cash flow as supply chain issues subside [14][40] Other Important Information - The company has implemented the 1MPACT initiative to streamline operations and improve margins [24][70] - Significant investments in working capital have been made to support performance obligations and mitigate supply chain risks [33][34] Q&A Session Summary Question: Understanding pricing actions and their impact on gross margins - Management discussed initiatives to improve procurement and pricing to offset inflationary pressures, which have been successful [54][56] Question: Concerns about customer payment behavior - Management expressed confidence in the collectibility of receivables, attributing delays to supply chain challenges rather than asset quality [57][58] Question: M&A environment and return profiles - Management acknowledged changes in the M&A environment due to rising rates but emphasized a disciplined approach to acquisitions [67][69] Question: Successes and challenges of the 1MPACT initiative - Management highlighted achievements in procurement and digital transformation, while noting that benefits are not yet fully realized due to supply chain challenges [70][72] Question: Dynamics of customer payment holdbacks - Management explained that holdbacks were observed at the end of the quarter, influenced by timing of orders and customer behaviors [75][76]

Part I [Business](index=3&type=section&id=Item%201.%20Business) Mercury Systems provides processing platforms for aerospace and defense, emphasizing organic growth, M&A, and operational improvements - Mercury Systems is a technology company providing processing platforms for the aerospace and defense industry, serving **over 25 defense prime contractors** across **more than 300 programs**[14](index=14&type=chunk)[15](index=15&type=chunk) Fiscal 2022 vs. 2021 Key Financial Metrics (in millions) | Metric | Fiscal 2022 | Fiscal 2021 | | :--- | :--- | :--- | | **Consolidated Revenues** | $988.2 million | $924.0 million | | **Acquired Revenues** | $117.8 million | $3.4 million | | **Net Income** | $11.3 million | $62.0 million | | **Diluted EPS** | $0.20 | $1.12 | | **Adjusted EPS** | $2.19 | $2.42 | | **Adjusted EBITDA** | $200.5 million | $201.9 million | - The company's growth strategy is built on **five pillars**: organic growth, M&A, R&D investment, operational improvement (including the 1MPACT initiative), and talent management[23](index=23&type=chunk)[24](index=24&type=chunk)[25](index=25&type=chunk) - The company's products are categorized into **Components, Modules and Subassemblies, and Integrated Subsystems**, designed to be **Mission-Ready, Trusted and Secure, Software-Defined, and Open and Modular**[36](index=36&type=chunk)[44](index=44&type=chunk)[45](index=45&type=chunk) - Total backlog as of July 1, 2022, was approximately **$1,037.7 million**, an increase from **$909.6 million** as of July 2, 2021. **$646.7 million** of the current backlog is expected to be delivered within the next twelve months[84](index=84&type=chunk) - As of July 1, 2022, the company employed **2,386 people**, with **853 in R&D**, **1,026 in manufacturing**, **149 in sales/marketing**, and **358 in G&A**[85](index=85&type=chunk) - In fiscal 2022, Lockheed Martin Corporation and Raytheon Technologies collectively accounted for **24%** of total revenues. The U.S. Navy accounted for **14%**[90](index=90&type=chunk) [Risk Factors](index=16&type=section&id=Item%201A.%20Risk%20Factors) The company faces risks from defense program dependence, supply chain disruptions, customer concentration, and acquisition integration - The company is heavily dependent on defense electronics programs, with sales to U.S. and foreign governments accounting for approximately **97%** of total net revenues in fiscal 2022[95](index=95&type=chunk) - Significant customer concentration exists, with Raytheon (**14%**), the U.S. Navy (**14%**), and Lockheed Martin (**10%**) accounting for a large portion of fiscal 2022 revenues[100](index=100&type=chunk) - The company faces supply chain risks, particularly for sole-source components like FPGAs from Xilinx and processors from Intel, leading to disruptions and lower revenue[106](index=106&type=chunk) - Acquisitions, a key part of the growth strategy, pose risks including integration challenges, failure to achieve synergies, and potential impairment of acquired assets, with the 1MPACT plan also carrying execution risk[131](index=131&type=chunk)[132](index=132&type=chunk) - The business is subject to heightened risks of cyber intrusions, which could lead to piracy of product designs, business system shutdowns, and significant financial and reputational damage[153](index=153&type=chunk) - Shareholder activism, such as Schedule 13D filings by JANA Partners and Starboard Value, could cause significant expense, disrupt business, and impact the stock price[165](index=165&type=chunk)[166](index=166&type=chunk) [Unresolved Staff Comments](index=29&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports no unresolved staff comments - None[167](index=167&type=chunk) [Properties](index=30&type=section&id=Item%202.%20Properties) The company leases all significant properties, primarily in the U.S., including key facilities in Andover, MA, and Phoenix, AZ Significant Leased Properties (as of July 1, 2022) | Location | Size (Sq. Feet) | Lease Expiration | | :--- | :--- | :--- | | Andover, MA | 145,262 | 2032 | | Phoenix, AZ | 125,756 | 2031 | | Hudson, NH | 121,553 | 2030 | | Torrance, CA | 85,125 | 2029 | | Oxnard, CA | 72,673 | 2025 | [Legal Proceedings](index=30&type=section&id=Item%203.%20Legal%20Proceedings) The company faces ordinary course litigation, including a $9 million arbitration and an environmental claim - A former sales representative, Embedded Reps of America, LLC (ERA), has filed for binding arbitration seeking approximately **$9 million** in damages related to a terminated agreement[171](index=171&type=chunk) - The company received an environmental demand letter from National Technical Systems, Inc. (NTS) related to alleged groundwater contamination at a former facility in Acton, MA, with potential responsibility yet to be determined[172](index=172&type=chunk) [Mine Safety Disclosures](index=31&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This section is not applicable to the company - Not Applicable[173](index=173&type=chunk) [Information About Our Executive Officers](index=31&type=section&id=Item%204.1.%20Information%20About%20Our%20Executive%20Officers) This section provides biographical information for executive officers, including Mark Aslett (CEO) and Michael Ruppert (CFO) - Mark Aslett, **54**, has served as President and CEO since **2007**[175](index=175&type=chunk) - Michael D. Ruppert, **48**, was appointed EVP, Chief Financial Officer, and Treasurer in **2018**[179](index=179&type=chunk) - Thomas Huber, **45**, joined as EVP, Chief Transformation Officer in September **2021** to lead the 1MPACT initiative[177](index=177&type=chunk) Part II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=33&type=section&id=Item%205.%20Market%20for%20Registrant%27s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) Mercury's common stock trades on Nasdaq (MRCY); the company has never paid dividends and retains earnings for growth Fiscal 2022 Quarterly Stock Price Range | Quarter | High | Low | | :--- | :--- | :--- | | Q4 2022 | $66.04 | $54.24 | | Q3 2022 | $69.81 | $51.11 | | Q2 2022 | $55.92 | $46.71 | | Q1 2022 | $66.78 | $45.31 | - The company has never declared or paid cash dividends and intends to retain future earnings for growth[187](index=187&type=chunk) - There were no active share repurchase programs during fiscal 2022[189](index=189&type=chunk) [Selected Financial Data](index=33&type=section&id=Item%206.%20Selected%20Financial%20Data) This item is no longer required due to the company's early adoption of changes to Regulation S-K - The company has elected to early adopt changes to Regulation S-K, and therefore this section is no longer required[191](index=191&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=34&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Fiscal 2022 revenues grew to $988.2 million, but net income declined to $11.3 million, impacted by higher expenses and negative operating cash flow [Overview and Business Developments](index=34&type=section&id=Item%207.1%20Overview%20and%20Business%20Developments) In FY22, Mercury Systems advanced its 1MPACT initiative, amended its credit facility to $1.1 billion, and completed two key acquisitions - The company's 1MPACT initiative, announced in August 2021, aims to drive growth, margin expansion, and scalability following **15 acquisitions** since fiscal 2014[203](index=203&type=chunk) - On February 28, 2022, the company amended and increased its revolving credit facility to **$1.1 billion** with a maturity date of February 28, 2027[204](index=204&type=chunk) - Acquired Atlanta Micro, a designer of high-performance RF modules and MMICs, for **$90.0 million** on November 29, 2021[205](index=205&type=chunk) - Acquired Avalex Technologies, a provider of mission-critical avionics, for **$155.0 million** on November 5, 2021[207](index=207&type=chunk) [Results of Operations](index=36&type=section&id=Item%207.2%20Results%20of%20Operations) FY22 revenues increased to $988.2 million, but gross margin declined and operating expenses rose, significantly reducing operating income Consolidated Statement of Operations (Fiscal 2022 vs. 2021) (In thousands) | (In thousands) | Fiscal 2022 | Fiscal 2021 | | :--- | :--- | :--- | | **Net revenues** | **$988,197** | **$923,996** | | Gross margin | $394,956 | $385,188 | | *Gross margin %* | *40.0%* | *41.7%* | | Total operating expenses | $363,346 | $304,187 | | **Income from operations** | **$31,610** | **$81,001** | | Income before income taxes | $18,395 | $77,173 | | **Net income** | **$11,275** | **$62,044** | - Total revenue increased by **$64.2 million (7.0%)**, primarily due to **$114.4 million** in incremental acquired revenues, which was partially offset by a **$50.2 million** decrease in organic revenues[213](index=213&type=chunk) - Gross margin decreased by **170 basis points** to **40.0%**, driven by unfavorable program mix, supply chain constraints, inflation, and a **$28.5 million** increase in lower-margin Customer Funded R&D (CRAD)[214](index=214&type=chunk) - Selling, general and administrative (SG&A) expenses increased by **$22.7 million (16.9%)**, primarily due to acquisitions and an **$8.3 million** increase in stock compensation expense[216](index=216&type=chunk) - Restructuring and other charges increased to **$27.4 million** from **$9.2 million**, mainly related to the 1MPACT initiative, including **$17.4 million** in consulting costs and **$9.2 million** in severance[219](index=219&type=chunk) [Liquidity and Capital Resources](index=39&type=section&id=Item%207.3%20Liquidity%20and%20Capital%20Resources) Liquidity relies on cash and a $1.1 billion credit facility, but FY22 operating cash flow was negative due to increased receivables and inventory Cash Flow Summary (Fiscal Years Ended) (In thousands) | (In thousands) | July 1, 2022 | July 2, 2021 | | :--- | :--- | :--- | | Net cash (used in) provided by operating activities | $(18,869) | $97,247 | | Net cash used in investing activities | $(274,320) | $(416,887) | | Net cash provided by financing activities | $245,754 | $206,229 | | **Net decrease in cash and cash equivalents** | **$(48,185)** | **$(112,999)** | - The company amended its revolving credit facility on Feb 28, 2022, increasing it to **$1.1 billion**. As of July 1, 2022, **$451.5 million** was outstanding[229](index=229&type=chunk) - Cash used in operating activities was **$18.9 million** in FY22, a **$116.1 million** decrease from FY21, primarily due to an increase in unbilled receivables and inventory driven by award delays and supply chain constraints[232](index=232&type=chunk) Contractual Obligations (as of July 1, 2022) (In thousands) | (In thousands) | Total | Less Than 1 Year | 1-3 Years | 3-5 Years | More Than 5 Years | | :--- | :--- | :--- | :--- | :--- | :--- | | Operating leases | $97,504 | $14,757 | $26,838 | $21,594 | $34,315 | | Purchase obligations | $153,729 | $153,729 | — | — | — | | **Total** | **$251,233** | **$168,486** | **$26,838** | **$21,594** | **$34,315** | [Non-GAAP Financial Measures](index=41&type=section&id=Item%207.4%20Non-GAAP%20Financial%20Measures) The company uses non-GAAP measures; FY22 Adjusted EBITDA was $200.5 million, and free cash flow was negative $46.5 million Reconciliation of Net Income to Adjusted EBITDA (In thousands) | (In thousands) | July 1, 2022 | July 2, 2021 | | :--- | :--- | :--- | | Net income | $11,275 | $62,044 | | *Plus: Adjustments* | | | | Interest, Taxes, D&A | $106,200 | $83,273 | | Restructuring & other charges | $27,445 | $9,222 | | Acquisition, financing costs | $13,608 | $8,600 | | Stock-based compensation | $38,459 | $29,224 | | Other adjustments | $2,520 | $9,549 | | **Adjusted EBITDA** | **$200,507** | **$201,896** | Reconciliation of Net Income to Adjusted Income & EPS (In thousands, except per share data) | (In thousands, except per share data) | Fiscal 2022 | Fiscal 2021 | | :--- | :--- | :--- | | Net income | $11,275 | $62,044 | | Diluted EPS | $0.20 | $1.12 | | Total pre-tax adjustments | $142,298 | $98,562 | | Impact to income taxes | ($32,309) | ($25,697) | | **Adjusted income** | **$122,265** | **$134,115** | | **Adjusted EPS** | **$2.19** | **$2.42** | Reconciliation to Free Cash Flow (In thousands) | (In thousands) | July 1, 2022 | July 2, 2021 | | :--- | :--- | :--- | | Net cash (used in) provided by operating activities | $(18,869) | $97,247 | | Purchase of property and equipment | $(27,656) | $(45,599) | | **Free cash flow** | **$(46,525)** | **$51,648** | [Critical Accounting Policies and Significant Judgments and Estimates](index=44&type=section&id=Item%207.5%20Critical%20Accounting%20Policies%20and%20Significant%20Judgments%20and%20Estimates) Critical accounting policies involve significant judgment in revenue recognition, inventory valuation, income taxes, and business combinations - Revenue recognition is a critical policy. In FY22, **55%** of revenue was recognized over time, primarily using a cost-to-cost input method, which requires significant judgment in estimating total contract costs and progress[264](index=264&type=chunk)[267](index=267&type=chunk)[269](index=269&type=chunk) - For contracts with multiple performance obligations, the company allocates the transaction price using the expected cost plus a margin approach to estimate standalone selling prices, as they are not directly observable[266](index=266&type=chunk) - Business combinations are accounted for using the acquisition method, which requires significant estimates to determine the fair value of acquired assets (tangible and intangible) and liabilities assumed[279](index=279&type=chunk) - Income tax accounting requires estimates for deferred tax assets/liabilities and judgments regarding the realizability of deferred tax assets and the measurement of uncertain tax positions[275](index=275&type=chunk)[277](index=277&type=chunk)[278](index=278&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=46&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company faces market risks from interest rates, customer credit concentration (**45%** from **five customers**), and foreign currency fluctuations - The company is exposed to interest rate risk through its variable-rate borrowings on its revolving credit facility. As of July 1, 2022, **$451.5 million** was outstanding[282](index=282&type=chunk)[285](index=285&type=chunk) - Concentration of credit risk is significant. As of July 1, 2022, **five customers** accounted for **45%** of the company's receivables, unbilled receivables, and costs in excess of billings[287](index=287&type=chunk) - Foreign currency risk exists due to operations in Switzerland, the UK, France, Japan, Spain, and Canada, where fluctuations in local currency exchange rates can impact consolidated financial statements[288](index=288&type=chunk) [Financial Statements and Supplementary Data](index=50&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section presents audited financial statements and KPMG's unqualified opinion, with recent acquisitions excluded from internal control assessment [Report of Independent Registered Public Accounting Firm](index=48&type=section&id=Report%20of%20Independent%20Registered%20Public%20Accounting%20Firm) KPMG issued an unqualified opinion on financial statements and internal controls, highlighting contract cost estimation as a critical audit matter - KPMG LLP provided an unqualified audit opinion on the consolidated financial statements and internal control over financial reporting[293](index=293&type=chunk) - The audit of internal controls excluded the recently acquired Avalex and Atlanta Micro businesses, as permitted[294](index=294&type=chunk) - A Critical Audit Matter was identified related to the estimation of total costs to be incurred for fixed-price contracts where revenue is recognized over time, due to the complexity and subjectivity of the estimates[301](index=301&type=chunk)[303](index=303&type=chunk) [Consolidated Financial Statements](index=50&type=section&id=Consolidated%20Financial%20Statements) FY22 total assets reached $2.30 billion, liabilities increased, and net income significantly declined to $11.3 million on $988.2 million revenue Consolidated Balance Sheet Data (in thousands) | | July 1, 2022 | July 2, 2021 | | :--- | :--- | :--- | | **Total current assets** | $815,252 | $643,100 | | Goodwill | $937,880 | $804,906 | | **Total assets** | **$2,304,415** | **$1,955,137** | | Total current liabilities | $193,927 | $150,823 | | Long-term debt | $451,500 | $200,000 | | **Total liabilities** | **$767,230** | **$470,991** | | **Total shareholders' equity** | **$1,537,185** | **$1,484,146** | Consolidated Statement of Operations Data (in thousands) | | FY 2022 | FY 2021 | FY 2020 | | :--- | :--- | :--- | :--- | | Net revenues | $988,197 | $923,996 | $796,610 | | Gross margin | $394,956 | $385,188 | $356,844 | | Income from operations | $31,610 | $81,001 | $91,062 | | **Net income** | **$11,275** | **$62,044** | **$85,712** | | **Diluted EPS** | **$0.20** | **$1.12** | **$1.56** | Consolidated Statement of Cash Flows Data (in thousands) | | FY 2022 | FY 2021 | FY 2020 | | :--- | :--- | :--- | :--- | | Net cash (used in) provided by operating activities | $(18,869) | $97,247 | $115,184 | | Net cash used in investing activities | $(274,320) | $(416,887) | $(135,486) | | Net cash provided by (used in) financing activities | $245,754 | $206,229 | $(10,932) | | **Net decrease in cash** | **$(48,185)** | **$(112,999)** | **$(31,094)** | [Notes to Consolidated Financial Statements](index=54&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) Notes detail accounting policies, acquisitions, goodwill, revenue recognition, debt, and segment information, with the U.S. as the primary market - **Acquisitions (Note C):** Details the acquisitions of Atlanta Micro (**$90M**), Avalex (**$155M**), Pentek (**$65M**), and Physical Optics Corporation (**$310M**), including preliminary purchase price allocations and resulting goodwill[387](index=387&type=chunk)[390](index=390&type=chunk)[394](index=394&type=chunk)[398](index=398&type=chunk) - **Goodwill (Note G):** Goodwill increased to **$937.9 million** at FYE 2022 from **$804.9 million** at FYE 2021, primarily due to the Avalex and Atlanta Micro acquisitions, with no impairment found[409](index=409&type=chunk) - **Intangible Assets (Note H):** Net intangible assets were **$351.5 million** as of July 1, 2022, consisting mainly of customer relationships (**$250.5M**) and completed technologies (**$92.8M**)[411](index=411&type=chunk) - **Restructuring (Note I):** Incurred **$27.4 million** in restructuring and other charges in FY22, primarily related to the 1MPACT initiative, including **$17.4 million** in consulting costs and **$9.2 million** in severance[415](index=415&type=chunk)[417](index=417&type=chunk) - **Debt (Note M):** The company amended its revolving credit facility to **$1.1 billion**, with **$451.5 million** outstanding as of July 1, 2022[445](index=445&type=chunk)[453](index=453&type=chunk) - **Segment and Geographic Information (Note Q):** The company operates as a single reportable segment. In FY22, **88%** of revenue originated from the U.S. and **12%** from international markets. Key end applications were C4I (**38.6%**) and Radar (**25.4%**)[482](index=482&type=chunk)[483](index=483&type=chunk)[488](index=488&type=chunk) [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](index=85&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20with%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) The company reports no changes or disagreements with its accountants on accounting and financial disclosure - None[496](index=496&type=chunk) [Controls and Procedures](index=86&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded disclosure controls and internal controls were effective as of July 1, 2022, excluding recent acquisitions from the assessment - Management concluded that disclosure controls and procedures were effective as of July 1, 2022[497](index=497&type=chunk) - Management's assessment of internal control over financial reporting concluded they were effective, based on the COSO 2013 framework[499](index=499&type=chunk) - The assessment of internal controls excluded the recently acquired Avalex and Atlanta Micro businesses, which will be integrated into the control environment in fiscal year 2023[500](index=500&type=chunk) [Other Information](index=86&type=section&id=Item%209B.%20Other%20Information) The company reports no other information for this item - None[502](index=502&type=chunk) Part III [Directors, Executive Officers and Corporate Governance](index=86&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) Information on directors, executive officers, and corporate governance is incorporated by reference from the 2022 Proxy Statement - Information is incorporated by reference from the 2022 Proxy Statement[504](index=504&type=chunk) [Executive Compensation](index=87&type=section&id=Item%2011.%20Executive%20Compensation) Executive compensation information is incorporated by reference from the 2022 Proxy Statement - Information is incorporated by reference from the 2022 Proxy Statement[505](index=505&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=87&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) Security ownership information is incorporated by reference from the 2022 Proxy Statement - Information is incorporated by reference from the 2022 Proxy Statement[506](index=506&type=chunk) [Certain Relationships and Related Transactions, and Director Independence](index=87&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence) Information on related transactions and director independence is incorporated by reference from the 2022 Proxy Statement - Information is incorporated by reference from the 2022 Proxy Statement[507](index=507&type=chunk) [Principal Accountant Fees and Services](index=87&type=section&id=Item%2014.%20Principal%20Accountant%20Fees%20and%20Services) KPMG LLP is the independent auditor; fee information is incorporated by reference from the 2022 Proxy Statement - The company's independent registered public accounting firm is KPMG LLP. Further information is incorporated by reference from the 2022 Proxy Statement[508](index=508&type=chunk) Part IV [Exhibits and Financial Statement Schedules](index=87&type=section&id=Item%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules) This section lists all financial statements, schedules, and exhibits filed as part of the Form 10-K, including Schedule II - Lists all financial statements, schedules, and exhibits included in or incorporated by reference into the report[510](index=510&type=chunk) - Includes Financial Statement Schedule II: Valuation and Qualifying Accounts, which details changes in the allowance for credit losses and the deferred tax asset valuation allowance[511](index=511&type=chunk)[513](index=513&type=chunk)

Mercury Systems, Inc. (NASDAQ:MRCY) Q4 2022 Earnings Conference Call August 2, 2022 5:00 PM ET Company Participants Michael Ruppert - Executive Vice President and Chief Financial Officer Mark Aslett - President and Chief Executive Officer Conference Call Participants Pete Skibitski - Alembic Global Advisors Peter Arment - Baird Equity Research Seth Seifman - JPMorgan Chase & Co. Jonathan Ho - William Blair & Company LLC Austin Moeller - Canaccord Genuity Corp. Michael Ciarmoli - Truist Securities, Inc. Shei ...

| --- | --- | --- | |------------------------------------------------------------------------------------------------|-------|-------| | | | | | | | | | | | | | | | | | FOURTH QUARTER AND FISCAL YEAR 2022 FINANCIAL RESULTS | | | | | | | | Mark Aslett President and CEO | | | | Michael Ruppert Executive Vice President and CFO | | | | August 2, 2022, 5:00 pm ET | | | | Webcast login at www.mrcy.com/investor Webcast replay available by 7:00 p.m. ET August 2, 2022 | | | Forward-looking safe harbor statement This ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ________________________________________________________________ ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended April 1, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to COMMISSION FILE NUMBER: 0-23599 ________________________________________________________________ MERCU ...

Mercury Systems, Inc. (NASDAQ:MRCY) Q3 2022 Earnings Conference Call May 3, 2022 5:00 PM ET Company Participants Michael Ruppert - Executive Vice President & Chief Financial Officer Mark Aslett - President & Chief Executive Officer Conference Call Participants Seth Seifman - JPMorgan Peter Arment - Baird Pete Skibitski - Alembic Global Jonathan Ho - William Blair Ken Herbert - RBC Michael Ciarmoli - Truth Securities Austin Moeller - Canaccord Christopher Rieger - Berenberg Sheila Kahyaoglu - Jefferies LLC O ...

| --- | --- | --- | --- | |---------------------------------------------------------------------------------------------|-------|-------|-------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | THIRD QUARTER FISCAL YEAR 2022 FINANCIAL RESULTS | | | | | | | | | | Mark Aslett President and CEO | | | | | Michael Ruppert Executive Vice President and CFO | | | | | May 3, 2022, 5:00 pm ET | | | | | Webcast login at www.mrcy.com/investor Webcast replay available by 7:00 p.m. ET May 3, 2022 | | | | Fo ...