Company: MRCY
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001049521-25-000017
Chunk: 64

Company: MERCURY SYSTEMS INC
Filing Date: 2025-05-06
Form: 10-Q
Item: Item 1
Chunk 64
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 third quarter ended March 28, 2025, as compared to $11.5 million during the third quarter ended March 29, 2024, primarily due to various developed technology and customer relationship intangibles being fully amortized in fiscal 2024.

RESTRUCTURING AND OTHER CHARGES

We incurred $4.9 million of restructuring and other charges during the third quarter ended March 28, 2025, as compared to $9.8 million during the third quarter ended March 29, 2024. Restructuring and other charges during the third quarter ended March 28, 2025 include $4.9 million for separation costs related to the reduction in workforce initiated January 29, 2025 impacting approximately 145 positions. Restructuring and other charges during the third quarter ended March 29, 2024 include $9.8 million for separation costs related to the reduction in workforce initiated January 12, 2024 impacting approximately 100 positions.

INTEREST INCOME

We recognized $1.3 million of interest income during the third quarter ended March 28, 2025, as compared to $0.5 million during the third quarter ended March 29, 2024. The increase was driven by higher average cash and cash equivalents during the period. 

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INTEREST EXPENSE

We incurred $8.1 million of interest expense during the third quarter ended March 28, 2025, as compared to $9.3 million during the third quarter ended March 29, 2024. The decrease was driven by lower average outstanding borrowings during the period on our existing credit facility (the "Revolver"). 

OTHER INCOME (EXPENSE), NET

Other income (expense), net was $2.3 million during the third quarter ended March 28, 2025, as compared to $(2.8) million during the third quarter ended March 29, 2024. The third quarter ended March 28, 2025 includes other income of $2.7 million, related to the sale of the mc.com domain name, $1.2 million net foreign currency translation gains, $0.9 million of financing costs, $0.5 million of securities class action expense, and $0.2 million of consulting costs. The third quarter ended March 29, 2024 includes litigation and settlement expenses of $2.1 million, $0.8 million of financing costs and $0.2 million net foreign