Mercury systems, inc. (MRCY)
CashFlow / TTM
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

71,292

61,836

58,543

46,775

44,072

33,659

30,409

40,883

39,586

42,938

39,009

24,875

23,560

20,869

20,705

19,742

18,183

17,501

12,726

10,369

-3,107

-7,360

-8,670

-11,425

-5,891

-4,525

-8,264

-13,208

-5,520

-1,063

12,766

22,619

21,194

21,327

17,465

18,442

0

0

0

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

48,141

47,066

46,227

46,392

46,787

46,592

44,486

42,277

39,450

36,032

34,286

32,269

29,003

24,359

19,761

15,742

13,272

13,249

13,511

13,840

14,162

14,730

15,118

15,608

16,257

16,817

17,330

17,209

16,121

14,810

12,986

11,658

10,790

10,000

9,272

8,348

0

0

0

Stock-based compensation expense

23,590

21,649

20,402

19,422

19,105

17,829

17,372

17,314

16,946

17,064

16,330

15,341

13,770

12,205

10,504

9,574

9,207

8,889

8,816

8,728

8,543

8,425

8,823

9,244

9,141

9,333

8,630

7,940

7,687

7,123

6,921

6,616

6,552

6,509

6,330

5,580

0

0

0

Provision (benefit) for deferred income taxes

671

979

-938

-1,557

-1,036

-2,574

-1,659

-5,464

-7,705

-11,672

-9,421

-7,841

-7,422

-3,169

-5,255

-3,061

-1,478

-618

-630

-1,038

-1,139

-7,609

-6,783

-5,499

-8,792

-3,397

-6,112

-10,083

-10,878

-8,230

-7,120

-3,056

0

0

0

-

-

-

-

Provision for deferred income taxes

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

Excess tax benefit from stock-based compensation

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

943

839

554

337

21

17

13

10

19

90

156

163

559

810

518

817

893

0

0

0

Non-cash interest expense

-

-

-

-

-

-

-

-

-

-

-

1,810

1,663

1,236

772

301

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Other non-cash items

-3,466

-4,668

-3,105

-3,779

-3,575

888

-2,947

-2,103

-1,245

-562

197

626

736

679

652

722

875

311

331

495

113

660

661

619

1,026

1,009

982

757

412

472

399

555

818

828

826

898

0

0

0

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

40,269

20,763

19,975

28,096

25,005

34,415

20,832

22,751

35,892

24,424

31,975

14,054

8,535

17,953

2,504

25,396

542

-6,784

2,543

-5,935

16,994

26,863

16,000

12,428

4,363

-6,982

-2,271

-4,760

-5,667

-10,703

-1,972

-6,755

-5,353

9,693

-2,484

-257

0

0

0

Inventory

16,856

13,050

12,250

17,101

5,069

3,197

9,634

16,230

27,634

27,891

20,363

9,318

5,129

70

-1,770

865

1,727

6,606

3,943

345

-2,705

-3,083

-4,403

-5,818

-3,453

-7,619

-5,215

-453

4,908

5,930

3,791

7,267

2,542

-1,318

2,246

-2,514

0

0

0

Prepaid income taxes

964

4,508

-3,733

-3,843

-2,494

746

4,647

2,327

995

-5,015

-724

-1,978

-423

2,144

-237

-346

-2,070

-2,189

1,642

2,265

868

-3,612

-2,142

-887

-2,047

3,919

-1,053

-3,197

-2,928

-3,613

-3,782

-3,514

-76

-472

-4,071

-1,567

0

0

0

Prepaid expenses and other current assets

-157

-402

2,020

1,075

2,029

-1,269

-425

361

-808

3,616

435

1,270

2,194

-25

1,967

-2,964

989

1,467

684

4,964

-976

-2,986

-2,090

-3,728

-247

1,477

146

807

-446

-293

683

816

439

1,560

1,474

2,120

0

0

0

Other non-current assets

201

80

51

-101

-156

-2,921

-979

-296

-765

2,038

137

-372

-114

15

901

778

871

586

-456

-565

-594

-961

-1,125

-1,006

-1,132

-825

-1,113

-1,055

-757

-516

104

-646

-723

-741

-781

677

0

0

0

Accounts payable, accrued expenses, and accrued compensation

20,307

10,309

13,699

17,949

7,400

-9,649

-20,133

-5,267

7,029

17,020

23,738

3,520

10,314

11,066

2,477

18,871

497

1,301

4,998

-475

5,536

11,784

7,457

1,163

4,148

-9,900

-10,024

-13,094

-14,962

-5,088

-3,240

-1,092

3,518

147

-1,183

931

0

0

0

Deferred revenues and customer advances

2,980

-4,361

-11,185

-1,531

1,212

13,539

15,490

6,035

1,914

1,665

1,568

-1,621

1,259

-3,538

-4,669

-194

-2,945

714

4,358

1,138

3,269

3,349

-1,194

129

-196

-1,068

-116

516

169

-2,998

-1,020

-1,850

-4,075

-113

-4,629

-3,696

0

0

0

Income taxes payable

-4,128

-1,523

-1,693

3,152

4,894

1,969

1,965

-11,187

-6,107

-1,967

-1,622

9,622

2,589

511

218

253

0

0

0

-

-

-

-

-

-

-

-

-422

65

-472

152

820

-195

1,373

-953

21

0

0

0

Other non-current liabilities

2,631

2,297

-1,219

44

633

1,247

-1,846

-2,000

-2,442

1,869

4,047

4,089

4,479

-79

-86

-68

-112

-103

-91

-80

-43

-135

-228

-311

-441

-401

-366

298

5,357

524

583

-626

-5,549

-426

-792

60

0

0

0

Net cash provided by operating activities

112,427

108,563

101,798

97,517

97,189

71,844

55,322

43,321

27,416

51,432

56,891

59,146

63,158

42,624

40,641

36,940

35,879

40,638

36,611

32,207

22,029

15,116

14,246

14,241

16,554

16,050

10,251

-1,871

-2,511

8,235

17,704

31,869

36,316

29,265

26,340

31,474

0

0

0

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

142,056

178,556

177,312

127,083

81,529

224,627

225,669

185,396

226,242

44,791

83,757

77,757

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

67,721

0

0

0

-

-

-

-

-

-

-

-

Sales and maturities of marketable securities

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

18,025

0

0

0

Purchases of property and equipment

40,617

36,808

32,559

26,691

21,901

18,316

15,205

15,106

17,122

26,683

30,422

32,844

29,766

18,482

12,068

7,885

7,425

7,017

6,946

5,984

5,101

4,890

6,498

6,701

6,688

6,088

4,008

3,880

5,248

7,582

8,761

9,427

9,927

8,798

8,876

8,825

0

0

0

Payments for acquired intangible assets

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

50

220

1,837

2,375

0

0

0

Other investing activities

-

-

-

-

-

-

-

375

375

750

749

486

486

493

493

567

1,067

685

684

499

0

0

0

-

-

-

-

265

0

0

0

-

-

-

-

-

-

-

-

Net cash used in investing activities

-178,363

-215,364

-209,871

-153,774

-103,430

-242,943

-240,875

-200,877

-243,739

-72,224

-114,928

-111,087

-367,163

-357,731

-322,317

-318,208

-18,248

-16,581

-6,745

-5,598

-3,934

-4,608

-6,517

-6,720

-6,213

-5,501

-3,233

-71,091

-73,908

-76,384

-148,102

-80,802

-80,628

-109,177

-40,221

-22,683

0

0

0

Cash flows from financing activities:
Proceeds from employee stock plans

4,380

1,987

3,664

3,661

0

0

0

-

-

-

-

4,970

8,196

8,533

7,548

8,097

5,304

5,532

4,941

4,548

2,660

2,217

1,660

1,484

1,380

1,161

1,178

1,251

1,343

1,516

1,674

1,631

2,533

2,890

3,486

3,690

0

0

0

Proceeds from issuance of debt

0

0

0

-

0

0

0

-

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Purchase and retirement of common stock

16,217

15,973

15,718

7,968

7,824

7,531

8,772

15,508

16,202

16,115

16,186

8,766

11,426

11,391

10,375

7,955

5,155

5,068

4,652

944

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Capital lease financings

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

494

743

743

743

249

0

0

0

-

-

-

-

-

-

-

-

Excess tax benefit from stock-based compensation

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

943

839

554

337

21

17

13

10

19

90

156

163

559

810

288

744

893

0

0

0

Termination of interest rate swap

0

0

0

-

0

0

0

-

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

89

89

89

59

0

0

0

Payments of acquired debt

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

-

-

-

-

-

-

-

-

Payments of capital lease obligations

-

-

-

-

-

-

-

-

-

-

-

-

-

-

2,500

-

161

322

482

642

680

740

802

763

792

668

668

593

413

351

172

185

-407

-332

-317

-298

0

0

0

Net cash provided by financing activities

360,586

194,937

196,869

247,765

74,898

233,691

232,822

182,937

-10,184

5,805

6,338

11,338

489,754

279,394

279,425

284,894

97

549

434

3,905

2,819

2,031

1,195

742

605

509

2,749

-3,669

-3,326

-3,028

-4,910

1,975

2,694

96,399

97,436

97,800

0

0

0

Effect of exchange rate changes on cash and cash equivalents

-19

-2

-366

-97

-359

-724

-474

-497

486

837

459

549

244

344

492

479

-3

-39

-103

-215

-104

-87

-154

-102

-381

-423

-229

-207

45

122

14

47

42

31

68

43

0

0

0

Net increase in cash and cash equivalents

294,631

88,134

88,430

191,411

68,298

61,868

46,795

24,884

-226,021

-14,150

-51,240

-40,054

185,993

-35,369

-1,759

4,105

17,725

24,567

30,197

30,299

20,810

12,452

8,770

8,161

10,565

10,635

9,538

-76,838

-79,700

-71,055

-135,294

-46,911

-41,576

16,518

83,623

106,634

0

0

0

Cash paid during the period for:
Interest

2,205

4,720

6,926

10,368

8,669

7,144

5,046

1,607

2,608

3,084

4,410

5,758

5,282

3,819

2,390

1,041

21

25

28

34

34

39

42

49

47

42

46

39

44

45

39

40

55

51

52

45

0

0

0

Income taxes

12,629

13,497

6,707

7,351

12,255

11,384

13,444

17,004

10,031

10,031

9,968

2,834

8,989

8,947

8,627

7,975

3,843

4,122

7,566

7,875

4,208

3,636

3,232

3,192

3,247

3,063

-1,786

-3,313

238

2,868

8,117

8,686

9,470

8,518

2,142

4,397

0

0

0

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

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

10,239

-

10,105

9,423

8,228

8,904

8,377

8,549

8,704

12,560

12,557

14,490

16,364

8,367

8,812

8,279

6,248

9,204

0

0

0

Share-based business combination consideration

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

-

-

-

-

-

-

-

-