Mercury Systems Reports Fourth Quarter and Fiscal 2024 Results

Core Insights - Mercury Systems, Inc. reported a fourth quarter FY24 revenue of $248.6 million, a decrease from $253.2 million in the same quarter of FY23, with total bookings of $284.4 million, resulting in a book-to-bill ratio of 1.14 [4][5][8] - The company achieved a record backlog of $1.3 billion, reflecting a 16% year-over-year increase [3][10] - For FY24, the company reported total revenues of $835.3 million, down from $973.9 million in FY23, with total bookings of $1.02 billion and a book-to-bill ratio of 1.22 [8][9] Financial Performance - The GAAP net loss for Q4 FY24 was $10.8 million, or $0.19 per share, compared to a net loss of $8.2 million, or $0.15 per share, in Q4 FY23 [5][20] - Adjusted EBITDA for Q4 FY24 was $31.2 million, an increase from $21.9 million in Q4 FY23 [6][38] - Free cash flow for Q4 FY24 was $61.4 million, significantly up from $3.8 million in Q4 FY23 [7][41] Operational Highlights - The company made progress in addressing challenges in its business, focusing on mission-critical processing and organic growth with expanding margins [2][3] - Cash flows from operating activities in Q4 FY24 were $71.8 million, compared to $12.6 million in Q4 FY23 [7][41] - The company reversed a multi-year trend of growth in working capital, producing a record free cash flow [3] Yearly Overview - For FY24, the company reported a GAAP net loss of $137.6 million, or $2.38 per share, compared to a net loss of $28.3 million, or $0.50 per share, in FY23 [9][46] - Adjusted EPS for FY24 was ($0.69), down from $1.00 in FY23 [9][46] - The total backlog at the end of FY24 was $1.33 billion, with $758.9 million expected to be recognized as revenue within the next 12 months [10]