Adjusted EPS expresses adjusted income on a per share basis using weighted average diluted shares outstanding. The following tables reconcile the most directly comparable GAAP financial measures to the non-GAAP financial measures. Third Quarters Ended March 29, 2024 March 31, 2023Net (loss) income and (loss) earnings per share $(44,574) $(0.77) $5,156 $0.09 Other non-operating adjustments, net (64) (337) Amortization of intangible assets 11,533 12,809 Restructuring and other charges 9,841 2,778 Impairment of long-lived assets — — Acquisition, financing and other third party costs 778 2,012 Fair value adjustments from purchase accounting 177 178 Litigation and settlement expense, net 2,096 366 COVID related expenses — 1 Stock-based and other non-cash compensation expense 11,461 13,229 Impact to income taxes(1) (6,384) (13,637) Adjusted (loss) income and adjusted (loss) earnings per share(2) $(15,136) $(0.26) $22,555 $0.40 Diluted weighted-average shares outstanding 57,698 56,896 (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.
The following table reconciles the most directly comparable GAAP financial measure to the non-GAAP financial measure. Third Quarters Ended Nine Months Ended March 29, 2024 March 31, 2023 March 29, 2024 March 31, 2023Net (loss) income $(44,574) $5,156 $(126,863) $(20,099)Other non-operating adjustments, net (64) (337) (375) (3)Interest expense, net 8,777 6,631 25,182 17,519 Income tax benefit (12,643) (10,446) (43,811) (13,619)Depreciation 10,221 11,084 30,289 33,908 Amortization of intangible assets 11,533 12,809 36,350 40,919 Restructuring and other charges 9,841 2,778 19,389 6,355 Impairment of long-lived assets — — — — Acquisition, financing and other third party costs 778 2,012 2,970 6,185 Fair value adjustments from purchase accounting 177 178 532 179 Litigation and settlement expense, net 2,096 366 3,982 1,741 COVID related expenses — 1 — 62 Stock-based and other non-cash compensation expense 11,461 13,229 30,607 37,172 Adjusted EBITDA $(2,397) $43,461 $(21,748) $110,319 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.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(In thousands) Third Quarters Ended Nine Months Ended March 29, 2024 March 31, 2023 March 29, 2024 March 31, 2023Cash flows from operating activities: Net (loss) income $(44,574) $5,156 $(126,863) $(20,099)Depreciation and amortization 21,754 23,893 66,639 74,827 Other non-cash items, net 27,489 2,629 25,478 3,238 Cash settlement for termination of interest rate swap — — 7,403 5,995 Changes in operating assets and liabilities (22,474) (34,895) 15,964 (97,825) Net cash used in operating activities (17,805) (3,217) (11,379) (33,864) Cash flows from investing activities: Purchases of property and equipment (7,938) (9,446) (23,943) (29,950)Other investing activities — 48 — 150 Net cash used in investing activities (7,938) (9,398) (23,943) (29,800) Cash flows from financing activities: Proceeds from employee stock plans — — 3,163 2,393 Borrowings under credit facilities — — 105,000 100,000 Payments under credit facilities — — — (40,000)Payments of deferred financing and offering costs — — (1,931) — Payments for retirement of common stock — — (15) (63) Net cash provided by financing activities — — 106,217 62,330 Effect of exchange rate changes on cash and cash equivalents (258) 112 187 121 Net (decrease) increase in cash and cash equivalents (26,001) (12,503) 71,082 (1,213) Cash and cash equivalents at beginning of period 168,646 76,944 71,563 65,654 Cash and cash equivalents at end of period $142,645 $64,441 $142,645 $64,441 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 announces third quarter fiscal 2024 financial results." has 4099 words across 121 sentences, which will take approximately 18 - 35 minutes for the average person to read.
Which news outlet covered this story?
The story " Mercury Systems announces third quarter fiscal 2024 financial results." was covered 1 weeks 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 2 news stories per day.
It's most recent story was published 9 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.
