Mercury Systems(US:MRCY)2023-11-07 22:21Financial Performance Q1 FY24 - Bookings decreased by 28% from $266.9 million in Q1 FY23 to $191.5 million in Q1 FY24[4] - Revenue declined by 20% from $227.6 million in Q1 FY23 to $181.0 million in Q1 FY24[4] - Organic revenue also declined by 20% from $227.6 million in Q1 FY23 to $181.0 million in Q1 FY24[4] - Gross margin decreased by 640 basis points from 34.3% in Q1 FY23 to 27.9% in Q1 FY24[4] - Adjusted EBITDA decreased by 94% from $31.2 million (13.7% of revenue) in Q1 FY23 to $2.0 million (1.1% of revenue) in Q1 FY24[4] - Free cash flow was negative $47.1 million in Q1 FY24, compared to negative $73.4 million in Q1 FY23[4] - GAAP net loss increased from $14.3 million in Q1 FY23 to $36.7 million in Q1 FY24[4] Working Capital and Cash Flow - The company is focused on transitioning to a more cash-efficient approach to reduce working capital[3] - Efforts are underway to improve the long-term working capital posture[2] FY24 Outlook - Revenue is projected to be between $950.0 million and $1,000.0 million, representing a decrease of 2% to an increase of 3% compared to FY23 revenue of $973.9 million[34] - Adjusted EPS is expected to be between $1.19 and $1.54, compared to $1.00 in FY23[34] - Adjusted EBITDA is projected to be between $160.0 million and $185.0 million, representing 16.8% to 18.5% of revenue, compared to $132.3 million (13.6% of revenue) in FY23[34]