The following table reconciles the most directly comparable GAAP financial measure to the non-GAAP financial measure. Second Quarters Ended Six Months Ended December 27, 2024 December 29, 2023 December 27, 2024 December 29, 2023Net loss$(17,579) $(45,581) $(35,104) $(82,289)Other non-operating adjustments, net 2,549 (1,042) 814 (311)Interest expense, net 8,024 8,645 16,386 16,405 Income tax benefit (6,725) (18,141) (12,319) (31,168)Depreciation 9,768 9,923 19,753 20,068 Amortization of intangible assets 11,154 12,270 22,389 24,817 Restructuring and other charges 40 2 2,300 9,548 Impairment of long-lived assets — — — — Acquisition, financing and other third party costs 1,109 860 3,440 2,192 Fair value adjustments from purchase accounting 178 178 355 355 Litigation and settlement expense, net 2,087 1,383 3,481 1,886 Stock-based and other non-cash compensation expense 11,424 10,195 21,984 19,146 Adjusted EBITDA$22,029 $(21,308) $43,479 $(19,351) Free cash flow, a non-GAAP measure for reporting cash flow, is defined as cash provided by operating activities less capital expenditures for property and equipment, which includes capitalized software development costs, and, therefore, has not been calculated in accordance with GAAP.
The following tables reconcile the most directly comparable GAAP financial measures to the non-GAAP financial measures. Second Quarters Ended December 27, 2024 December 29, 2023Net loss and loss per share$(17,579) $(0.30) $(45,581) $(0.79)Other non-operating adjustments, net 2,549 (1,042) Amortization of intangible assets 11,154 12,270 Restructuring and other charges 40 2 Impairment of long-lived assets — — Acquisition, financing and other third party costs 1,109 860 Fair value adjustments from purchase accounting 178 178 Litigation and settlement expense, net 2,087 1,383 Stock-based and other non-cash compensation expense 11,424 10,195 Impact to income taxes(1) (7,022) (2,446) Adjusted income (loss) and adjusted earnings (loss) per share(2)$3,940 $0.07 $(24,181) $(0.42) Diluted weighted-average shares outstanding 58,843 57,424 (1) Impact to income taxes is calculated by recasting income before income taxes to include the items involved in determining adjusted income and recalculating the income tax provision using this adjusted income from operations before income taxes.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(In thousands) Second Quarters Ended Six Months Ended December 27, 2024 December 29, 2023 December 27, 2024 December 29, 2023Cash flows from operating activities: Net loss$(17,579) $(45,581) $(35,104) $(82,289)Depreciation and amortization 20,922 22,193 42,142 44,885 Other non-cash items, net 5,083 1,640 10,685 (2,011)Cash settlement for termination of interest rate swap — — — 7,403 Changes in operating assets and liabilities 77,036 67,242 53,079 38,438 Net cash provided by operating activities 85,462 45,494 70,802 6,426 Cash flows from investing activities: Purchases of property and equipment$(3,555) $(7,990) $(9,791) $(16,005)Other investing activities 1,900 — 1,900 — Net cash used in investing activities (1,655) (7,990) (7,891) (16,005) Cash flows from financing activities: Proceeds from employee stock plans 1,492 3,163 1,492 3,163 Borrowings under credit facilities — 40,000 — 105,000 Payments of deferred financing and offering costs — (1,931) (2,249) (1,931)Payments for retirement of common stock — (15) — (15) Net cash provided by (used in) financing activities 1,492 41,217 (757) 106,217 Effect of exchange rate changes on cash and cash equivalents (857) 556 (110) 445 Net increase in cash and cash equivalents 84,442 79,277 62,044 97,083 Cash and cash equivalents at beginning of period 158,123 89,369 180,521 71,563 Cash and cash equivalents at end of period$242,565 $168,646 $242,565 $168,646 UNAUDITED SUPPLEMENTAL INFORMATION RECONCILIATION OF GAAP TO NON-GAAP MEASURES(In thousands) Adjusted EBITDA, a non-GAAP measure for reporting financial performance, excludes the impact of certain items and, therefore, has not been calculated in accordance with GAAP.
The story "Mercury Systems Reports Second Quarter Fiscal 2025 Results" has 3684 words across 112 sentences, which will take approximately 16 - 31 minutes for the average person to read.
Which news outlet covered this story?
The story "Mercury Systems Reports Second Quarter Fiscal 2025 Results" was covered 11 hours ago by GlobeNewswire, a news publisher based in China.
How trustworthy is 'GlobeNewswire' news outlet?
GlobeNewswire is a fully independent (privately-owned) news outlet established in 1998 that covers mostly technology news.
The outlet is headquartered in China and publishes an average of 95 news stories per day.
It's most recent story was published 8 hours ago.
What do people currently think of this news story?
The sentiment for this story is currently Negative, indicating that people regard this as "bad news".
How do I report this news for inaccuracy?
You can report an inaccurate news publication to us via our contact page. Please also include the news #ID number and the URL to this story.
