Mercury Systems, Inc. (NASDAQ:MRCY) Q4 2024 Earnings Call Transcript August 13, 2024 5:00 PM ET

Company Participants

Dave Farnsworth - EVP and CFO
Bill Ballhaus - Chairman and CEO

Conference Call Participants

Pete Skibitski - Alembic Global
Jonathan Ho - William Blair
Ken Herbert - RBC Capital Markets
Michael Ciarmoli - Truist Securities
Sheila Kahyaoglu - Jefferies
Jan-Frans Engelbrecht - Baird
Noah Poponak - Goldman Sachs

Operator

Good day, everyone, and welcome to the Mercury Systems Fourth Quarter Fiscal 2024 Conference Call. Today’s call is being recorded. 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, Dave Farnsworth. Please go ahead, Mr. Farnsworth.

Dave Farnsworth

Good afternoon, and thank you for joining us. With me today is our Chairman and Chief Executive Officer, Bill Ballhaus. 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.com. The slide presentation that Bill and I will be referring to is posted on the Investor Relations section of the website under Events & 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 are subject to future risks and uncertainties that could cause our actual results or performance to differ materially. All forward-looking statements should be considered in conjunction with the cautionary statements on Slide 2 in the earnings press release and the risk factors included in Mercury's SEC filings.

I'd also like to mention that in addition to reporting financial results in accordance with generally accepted accounting principles, or GAAP, during our call we will also discuss several non-GAAP financial measures, specifically adjusted income, adjusted earnings per share, adjusted EBITDA, and free cash flow. A reconciliation of these non-GAAP metrics is included as an appendix to today's slide presentation and in the earnings press release.

I'll now turn the call over to Mercury's Chairman and CEO, Bill Ballhaus. Please turn to Slide 3.

Bill Ballhaus

Thanks, Dave. Good afternoon. Thank you for joining our Q4 and fiscal year 2024 earnings call. We exited FY '24 with positive momentum, delivering results in line with or ahead of expectations. And I look forward to that momentum continuing as we enter into FY '25. Today, I'd like to talk through three topics. First, some introductory comments on our business and results as we close FY '24. Second, a progress update in each of our four priority areas established just over a year ago, delivering predictable performance, building a thriving growth engine, expanding margins, and driving improved free cash flow. And third, expectations for our performance as we enter FY '25 and longer term. And then I'll turn it over to Dave who will walk through our financial results.