Q4 2024 Mercury Systems Inc Earnings Call Transcript
Key Points
- Mercury Systems Inc (MRCY) reported Q4 bookings of $284 million and $1.02 billion for the full year, in line with their guidance.
- Q4 adjusted EBITDA increased by 42% year over year to $31 million.
- Q4 free cash flow was $61 million, marking the highest quarterly free cash flow in the company's history.
- The company ended the fourth quarter with $181 million in cash on hand after paying down $25 million of debt.
- Mercury Systems Inc (MRCY) has a record backlog of $1.3 billion, up 16% year over year.
- Q4 revenue was $249 million, down 2% compared to the prior year.
- GAAP net loss for the fourth quarter was $10.8 million, compared to a net loss of $8.2 million in the prior year.
- Operating expenses increased by approximately $5 million year over year, driven by higher SG&A expenses and restructuring charges.
- Gross margin for the fiscal year 2024 decreased to 23.5% from 32.5% in the prior year.
- Fiscal year 2024 revenues were $835 million, down 14% compared to the prior year.
Please stand by for streaming text Mercury's to 24 conference call. Today's call is being worked. At this time for opening remarks and introductions, I'd like to turn the call over to the Company's Executive Vice President and Chief Financial Officer, David Farnsworth. Please go ahead, Mr. Farnsworth
Good afternoon and thank you for joining us. With me today are Chairman and Chief Executive Officer, Bill Bauhaus. If you have not received a copy of the earnings press release we issued earlier this afternoon, you can find it on our website at MRCY. dot com. A slide presentation that Bill and I will be referring to is posted on the Investor Relations section of the website under Events and Presentations. Turning to Slide 2. In the presentation, I'd like to remind you that today's presentation includes forward-looking statements, including information regarding Mercury's financial outlook, future plans, objectives, business prospects, and anticipated financial performance. These forward-looking statements
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