Company: MRCY
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001049521-25-000017
Chunk: 76

Company: MERCURY SYSTEMS INC
Filing Date: 2025-05-06
Form: 10-Q
Item: Item 1
Chunk 76
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 2024March 28, 2025March 29, 2024Net loss$(19,170)$(44,574)$(54,274)$(126,863)Other non-operating adjustments, net(3,911)(64)(3,097)(375)Interest expense, net6,778 8,777 23,164 25,182 Income tax benefit(2,648)(12,643)(14,967)(43,811)Depreciation9,731 10,221 29,484 30,289 Amortization of intangible assets10,185 11,533 32,574 36,350 Restructuring and other charges4,931 9,841 7,231 19,389 Impairment of long-lived assets— — — — Acquisition, financing and other third party costs1,072 778 4,512 2,970 Fair value adjustments from purchase accounting131 177 486 532 Litigation and settlement expense, net5,467 2,096 8,948 3,982 Stock-based and other non-cash compensation expense12,124 11,461 34,108 30,607 Adjusted EBITDA$24,690 $(2,397)$68,169 $(21,748)

Adjusted income and adjusted EPS exclude the impact of certain items and, therefore, have not been calculated in accordance with GAAP. We believe that exclusion of these items assists in providing a more complete understanding of our underlying results and trends and allows for comparability with our peer company index and industry. These non-GAAP financial measures may not be computed in the same manner as similarly titled measures used by other companies. We use these measures along with the corresponding GAAP financial measures to manage our business and to evaluate our performance compared to prior periods and the marketplace. We define adjusted income as net income before other non-operating adjustments, amortization of intangible assets, restructuring and other charges, impairment of long-lived assets, acquisition, financing and other third party costs, fair value adjustments from purchase accounting, litigation and settlement income and expense, and stock-based and other non-cash compensation expense. The impact to income taxes includes the impact to the effective tax rate, current tax provision and deferred tax provision. Adjusted EPS expresses adjusted income on a per share basis using weighted average diluted shares outstanding. 

Adjusted income and adjusted EPS are non-GAAP