Mercury systems, inc. (MRCY)
CashFlow / Quarterly
Mar'20Dec'19Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15Dec'14Sep'14Jun'14Mar'14Dec'13Sep'13Jun'13Mar'13Dec'12Sep'12Jun'12Mar'12Dec'11Sep'11Jun'11Mar'11Dec'10Sep'10
Cash flows from operating activities:
Net income

23,565

15,676

19,247

12,804

14,109

12,383

7,479

10,101

3,696

9,133

17,953

8,804

7,048

5,204

3,819

7,489

4,357

5,040

2,856

5,930

3,675

265

499

-7,546

-578

-1,045

-2,256

-2,012

788

-4,784

-7,200

5,676

5,245

9,045

2,653

4,251

5,378

5,183

3,630

Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense

12,651

12,547

11,381

11,562

11,576

11,708

11,546

11,957

11,381

9,602

9,337

9,130

7,963

7,856

7,320

5,864

3,319

3,258

3,301

3,394

3,296

3,520

3,630

3,716

3,864

3,908

4,120

4,365

4,424

4,421

3,999

3,277

3,113

2,597

2,671

2,409

2,323

1,869

1,747

Stock-based compensation expense

6,814

6,531

5,659

4,586

4,873

5,284

4,679

4,269

3,597

4,827

4,621

3,901

3,715

4,093

3,632

2,330

2,150

2,392

2,702

1,963

1,832

2,319

2,614

1,778

1,714

2,717

3,035

1,675

1,906

2,014

2,345

1,422

1,342

1,812

2,040

1,358

1,299

1,633

1,290

Provision (benefit) for deferred income taxes

581

355

238

-503

889

-1,562

-381

18

-649

-647

-4,186

-2,223

-4,616

1,604

-2,606

-1,804

-363

-482

-412

-221

497

-494

-820

-322

-5,973

332

464

-3,615

-578

-2,383

-3,507

-4,410

2,070

-1,273

557

-

-

-

-

Provision for deferred income taxes

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-48

-668

-138

Excess tax benefit from stock-based compensation

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

109

298

220

316

5

13

3

0

1

9

0

9

72

75

7

405

323

-217

306

481

Non-cash interest expense

-

-

-

-

-

-

-

-

-

-

-

448

427

464

471

301

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Other non-cash items

-3,657

1,803

-548

-1,064

-4,859

3,366

-1,222

-860

-396

-469

-378

-2

287

290

51

108

230

263

121

261

-334

283

285

-121

213

284

243

286

196

257

18

-59

256

184

174

204

266

182

246

Changes in operating assets and liabilities, net of effects of businesses acquired:
Accounts receivable, unbilled receivable, and cost in excess of billings

20,742

15,742

-2,230

6,015

1,236

14,954

5,891

2,924

10,646

1,371

7,810

16,065

-822

8,922

-10,111

10,546

8,596

-6,527

12,781

-14,308

1,270

2,800

4,303

8,621

11,139

-8,063

731

556

-206

-3,352

-1,758

-351

-5,242

5,379

-6,541

1,051

9,804

-6,798

-4,314

Inventory

8,154

5,669

-298

3,331

4,348

4,869

4,553

-8,701

2,476

11,306

11,149

2,703

2,733

3,778

104

-1,486

-2,326

1,938

2,739

-624

2,553

-725

-859

-3,674

2,175

-2,045

-2,274

-1,309

-1,991

359

2,488

4,052

-969

-1,780

5,964

-673

-4,829

1,784

1,204

Prepaid income taxes

-4,310

2,269

3,087

-82

-766

-5,972

2,977

1,267

2,474

-2,071

657

-65

-3,536

2,220

-597

1,490

-969

-161

-706

-234

-1,088

3,670

-83

-1,631

-5,568

5,140

1,172

-2,791

398

168

-972

-2,522

-287

-1

-704

916

-683

-3,600

1,800

Prepaid expenses and other current assets

629

-2,014

877

351

384

408

-68

1,305

-2,914

1,252

718

136

1,510

-1,929

1,553

1,060

-709

63

-3,378

5,013

-231

-720

902

-927

-2,241

176

-736

2,554

-517

-1,155

-75

1,301

-364

-179

58

924

757

-265

704

Other non-current assets

102

-1

64

36

-19

-30

-88

-19

-2,784

1,912

595

-488

19

11

86

-230

148

897

-37

-137

-137

-145

-146

-166

-504

-309

-27

-292

-197

-597

31

6

44

23

-719

-71

26

-17

739

Accounts payable, accrued expenses, and accrued compensation

18,393

5,850

-6,275

2,339

8,395

9,240

-2,025

-8,210

-8,654

-1,244

12,841

4,086

1,337

5,474

-7,377

10,880

2,089

-3,115

9,017

-7,494

2,893

582

3,544

-1,483

9,141

-3,745

-2,750

1,502

-4,907

-3,869

-5,820

-366

4,967

-2,021

-3,672

4,244

1,596

-3,351

-1,558

Deferred revenues and customer advances

-4,204

7,476

-826

534

-11,545

652

8,828

3,277

782

2,603

-627

-844

533

2,506

-3,816

2,036

-4,264

1,375

659

-715

-605

5,019

-2,561

1,416

-525

476

-1,238

1,091

-1,397

1,428

-606

744

-4,564

3,406

-1,436

-1,481

-602

-1,110

-503

Income taxes payable

318

169

-2,972

-1,643

2,923

-1

1,873

99

-2

-5

-11,279

5,179

4,138

340

-35

-1,854

2,060

47

0

-

-

-

-

-

-

-

-

-127

-781

476

10

360

-1,318

1,100

678

-655

250

-1,226

1,652

Other non-current liabilities

-56

4,420

-1,190

-543

-390

904

73

46

224

-2,189

-81

-396

4,535

-11

-39

-6

-23

-18

-21

-50

-14

-6

-10

-13

-106

-99

-93

-143

-66

-64

571

4,916

-4,899

-5

-638

-7

224

-371

214

Net cash provided by operating activities

30,082

32,066

24,310

25,969

26,218

25,301

20,029

25,641

873

8,779

8,028

9,736

24,889

14,238

10,283

13,748

4,355

12,255

6,582

12,687

9,114

8,228

2,178

2,509

2,201

7,358

2,173

4,822

1,697

1,559

-9,949

4,182

12,443

11,028

4,216

8,629

5,392

8,103

9,350

Cash flows from investing activities:
Acquisition of business, net of cash acquired

0

0

96,502

45,554

36,500

-1,244

46,273

0

179,598

-202

6,000

40,846

-1,853

38,764

0

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

67,721

-

-

-

-

-

-

-

-

Sales and maturities of marketable securities

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

18,025

Purchases of property and equipment

10,869

11,324

9,595

8,829

7,060

7,075

3,727

4,039

3,475

3,964

3,628

6,055

13,036

7,703

6,050

2,977

1,752

1,289

1,867

2,517

1,344

1,218

905

1,634

1,133

2,826

1,108

1,621

533

746

980

2,989

2,867

1,925

1,646

3,489

1,738

2,003

1,595

Payments for acquired intangible assets

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

30

0

20

0

200

1,617

558

Other investing activities

-

-

-

-

-

-

-

0

0

1

374

0

375

0

111

0

382

0

185

500

0

-1

0

-

-

-

-

0

-112

112

265

-

-

-

-

-

-

-

-

Net cash used in investing activities

-6,559

-11,324

-106,097

-54,383

-43,560

-5,831

-50,000

-4,039

-183,073

-3,763

-10,002

-46,901

-11,558

-46,467

-6,161

-302,977

-2,126

-11,053

-2,052

-3,017

-459

-1,217

-905

-1,353

-1,133

-3,126

-1,108

-846

-421

-858

-68,966

-3,663

-2,897

-72,576

-1,666

-3,489

-31,446

-3,620

15,872

Cash flows from financing activities:
Proceeds from employee stock plans

2,393

0

3

1,984

0

1,677

0

-

-

-

-

2,067

170

2,653

80

5,293

507

1,668

629

2,500

735

1,077

236

612

292

520

60

508

73

537

133

600

246

695

90

1,502

603

1,291

294

Proceeds from issuance of debt

200,000

0

0

-

36,500

0

45,000

-

195,000

15,000

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Purchase and retirement of common stock

746

375

14,562

534

502

120

6,812

390

209

1,361

13,548

1,084

122

1,432

6,128

3,744

87

416

3,708

944

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Capital lease financings

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

494

249

0

0

0

-

-

-

-

-

-

-

-

Excess tax benefit from stock-based compensation

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

109

298

220

316

5

13

3

0

1

9

0

9

72

75

7

405

323

-447

463

554

Termination of interest rate swap

0

0

0

-

0

0

1,851

-

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

30

59

0

0

0

Payments of acquired debt

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

6,575

-

-

-

-

-

-

-

-

Payments of capital lease obligations

-

-

-

-

-

-

-

-

-

-

-

-

-

-

2,500

-

0

0

0

161

161

160

160

199

221

222

121

228

97

222

46

48

35

43

59

-544

110

58

78

Net cash provided by financing activities

201,647

-375

-14,559

173,873

35,998

1,557

36,337

1,006

194,791

688

-13,548

-192,115

210,780

1,221

-8,548

286,301

420

1,252

-3,079

1,504

872

1,137

392

418

84

301

-61

281

-12

2,541

-6,479

624

286

659

406

1,343

93,991

1,696

770

Effect of exchange rate changes on cash and cash equivalents

-61

371

-287

-42

-44

7

-18

-304

-409

257

-41

679

-58

-121

49

374

42

27

36

-108

6

-37

-76

3

23

-104

-24

-276

-19

90

-2

-24

58

-18

31

-29

47

19

6

Net increase in cash and cash equivalents

225,109

20,738

-96,633

145,417

18,612

21,034

6,348

22,304

12,182

5,961

-15,563

-228,601

224,053

-31,129

-4,377

-2,554

2,691

2,481

1,487

11,066

9,533

8,111

1,589

1,577

1,175

4,429

980

3,981

1,245

3,332

-85,396

1,119

9,890

-60,907

2,987

6,454

67,984

6,198

25,998

Cash paid during the period for:
Interest

0

0

0

2,205

2,515

2,206

3,442

506

990

108

3

1,507

1,466

1,434

1,351

1,031

3

5

2

11

7

8

8

11

12

11

15

9

7

15

8

14

8

9

9

29

4

10

2

Income taxes

3

6,807

3,647

2,172

871

17

4,291

7,076

0

2,077

7,851

103

0

2,014

717

6,258

-42

1,694

65

2,126

237

5,138

374

-1,541

-335

4,734

334

-1,486

-519

-115

-1,193

2,065

2,111

5,134

-624

2,849

1,159

-1,242

1,631

Supplemental disclosures-non-cash activities:
Issuance of restricted stock awards to employees

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

7,114

-

682

1,780

7,052

591

0

585

7,728

64

172

740

11,584

61

2,105

2,614

3,587

506

1,572

583

6,543

Share-based business combination consideration

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

513

-

-

-

-

-

-

-

-