Latest news with #InformationManagement
Entrepreneur
17 hours ago
- Business
- Entrepreneur
Riding on India's Push Towards Digital, Data, and Cloud: Manoj Nagpal
Over the past three decades, OpenText has transformed from a document management innovator into a global leader in Information Management, serving over 120,000 enterprise customers in 180 countries. You're reading Entrepreneur India, an international franchise of Entrepreneur Media. Tech 25: Manoj Nagpal, MD, OpenText India and VP Professional Services OpenText began as a collaborative research project between the University of Waterloo and Oxford University in 1991, originally aiming to digitise and make the Oxford English Dictionary searchable. This pioneering effort in full-text search laid the foundation for what would become one of the world's top ten software companies today. Over the past three decades, OpenText has transformed from a document management innovator into a global leader in Information Management, serving over 120,000 enterprise customers in 180 countries. Today, it has a portfolio of AI-led, cloud-based software and services that power and protect information across complex digital ecosystems. In India, since 2004, OpenText has been a key enabler of digital transformation, supporting mission-critical initiatives across both public and private sectors. "OpenText delivers one of the most comprehensive Information Management platforms in the industry, spanning content services, business network, cybersecurity, IT operations, digital experience, and developer APIs. With the launch of Titanium X and the OpenText Aviator platform, we are bringing generative AI and automation to the heart of enterprise workflows. These technologies are transforming how businesses operate by augmenting knowledge workers with AI agents, reducing complexity, automating decisions, and unlocking new productivity frontiers," says Manoj Nagpal, MD, OpenText India and VP Professional Services. Asked how he ensures his company stays ahead and relevant in a constantly changing marketplace, Nagpal says, "We stay ahead by embracing transformation ourselves. OpenText consistently evolves with the market, most recently through a bold shift to a cloud-first, AI-integrated strategy and a reimagining of our brand as a unified innovator rather than a 'house of brands'. At the heart of our approach is continuous investment in R&D, strategic acquisitions, and product simplification." OpenText's Indian innovation hubs play a pivotal role in global product engineering and partners closely with customers to co-innovate. "By aligning closely with megatrends like AI, Zero Trust security, and responsible automation, we ensure long-term relevance and leadership," he says. India's accelerated push toward digital transformation, increasing data regulation, and demand for cloud-native solutions are key drivers for OpenText, says Nagpal. "Organisations across BFSI, government, manufacturing, and telecom are prioritising secure information management, intelligent automation, and AI-led insights—all core strengths of our platform. Even amid global headwinds, India's tech spending continues to rise, particularly in compliance-driven and AI-powered transformations." In terms of its growth plans, OpenText aims to deepen its market penetration in India by expanding its capabilities in cloud, security, AI, and increasing local customer engagements. "We are also growing our presence in regulated sectors like BFSI and government, where data sovereignty and security are paramount. India will continue to play a strategic role in our global R&D operations, with plans to expand our engineering and innovation hubs. Moreover, we aim to grow our team here and invest significantly in talent over the coming years. We aim to increase our headcount from 6500 currently to 10,000 in 3 years," says Nagpal. Company Facts: Year of Inception: 1991 (Global), 2004 (India operations) Number of Employees: ~6500 in India (part of ~24,000 globally) Revenue for 2024: USD 5.8 billion (Region-wise revenue not disclosed) Major Clients: Aircel, Vodafone, DHFL Pramerica (DPLI), Tata Consultancy Services, L&T Technology Services, etc. Any IP Developed/Patented: Over 700 global patents across AI, cybersecurity, cloud orchestration, and enterprise content management technologies
Yahoo
16-05-2025
- Business
- Yahoo
Laboratory Information Management System Market worth US$5.19 billion by 2030 with 12.5% CAGR
DELRAY BEACH, Fla., May 16, 2025 /PRNewswire/ -- The global Laboratory Information Management System Market, valued at US$2.54 billion in 2024, is forecasted to grow at a robust CAGR of 12.5%, reaching US$2.88 billion in 2025 and an impressive US$5.19 billion by 2030. The adoption of cloud-based LIMS is driven by the growing volume of laboratory data, growing pharmaceutical & biotechnology R&D expenditure, and the reduced total cost of ownership for informatics solutions. Factors such as automation, improved data accuracy, regulatory compliance, and efficient workflow management are fuelling this growth. Additionally, the integration of AI and machine learning in LIMS platforms enhances decision-making and predictive analytics. Cloud systems enable real-time data access, remote collaboration, and faster turnaround times, driving further innovation in the market. Growing emergence of low-code/low-code solutions and emerging markets such as China, India, Japan, Singapore, Brazil, and the Middle East present lucrative opportunities for growth. Download PDF Brochure: Browse in-depth TOC on "Laboratory Information Management System Market" 451 - Tables 55 - Figures 411 - Pages By deployment mode, the cloud-based segment is expected to register a substantial growth in the Laboratory Information Management Systems (LIMS) market, by deployment mode. It is driven by scalability, flexibility, and cost-effectiveness. The ability to adapt to changing workloads, reduced upfront investments, and lower maintenance costs make cloud solutions attractive to diverse laboratories. The accessibility and ease of remote data management meet the needs of a modern workforce, while enhanced security features address data protection and compliance concerns. As the industry prioritizes agility, cost efficiency, and data security, the growth of cloud-based deployment in LIMS is expected to continue. In 2025, the cloud-based segment is expected to witness substantial growth. This expansion is driven by scalability, flexibility, and cost-effectiveness, which make cloud deployment attractive to a wide range of laboratories. By industry, the life sciences sector is rapidly becoming the largest growing market for LIMS, driven by the increasing complexity of research, regulatory demands, and the need for effective data management. As personalized medicine, genomics, and biotechnology continue to advance, laboratories face the challenge of handling vast volumes of data while maintaining compliance and operational efficiency. LIMS solutions offer life sciences organizations the tools necessary to optimize workflows, improve data integrity, and meet stringent regulatory standards, playing a key role in fostering innovation and supporting growth in this vital industry. By geography, North America is the largest and most dominant region for LIMS adoption, driven by advanced healthcare infrastructure, strong pharmaceutical and biotechnology sectors, and stringent regulatory frameworks. The demand for efficient data management, improved lab productivity, and compliance with regulations such as FDA 21 CFR Part 11 has fuelled the widespread adoption of LIMS across various industries, including life sciences, healthcare, and food & beverage. The increasing trend of digital transformation in laboratories and the growing need for real-time data access position North America as the key market for LIMS solutions, further propelling its growth in the region. Request Sample Pages : LabWare (US), LabVantage (US), Thermo Fisher Scientific Inc. (US), Agilent Technologies (US), LabLynx, Inc. (US), Dassault Systèmes (France), Labworks LLC (US), Autoscribe Informatics (a wholly owned subsidiary of Autoscribe Limited) (US), Accelerated Technology Laboratories (ATL), Starlims corporation (US), CloudLIMS (US), Computing Solutions, Inc. (US), GenoLogics Inc. (an Illumina Company) (Canada), Siemens (Germany), Novatek International (Canada), Ovation (US), Clinsys (US) Labworks (US), Illumina (US), Eusoft Ltd (UK), Labtrack (US), and Caliber Technologies (US) are the major players in this market. These companies are mainly focusing on strategies such as acquisitions, collaborations, partnerships, expansion, and product launches and updates to remain competitive and further increase their share in the market. LabWare (US) LabWare is a leading global provider of laboratory informatics solutions, offering advanced Laboratory Information Management Systems (LIMS). The company supports a broad spectrum of sectors, including pharmaceuticals, biotechnology, environmental sciences, and food safety testing. LabWare continuously evolves its software to uphold regulatory standards, ensure data integrity, and enhance lab efficiency. Through strategic collaborations and system integrations, it delivers customizable and scalable solutions that align with client-specific requirements. With a broad global presence and a varied customer base, LabWare plays a vital role in advancing digital transformation and automation within laboratory environments. In March 2025, LabWare launched LabWare ASSURE, a new addition to its SaaS LIMS portfolio. LabVantage Solutions (US): LabVantage Solutions is a leading global provider of laboratory informatics solutions, offering a comprehensive platform that includes LIMS, Electronic Laboratory Notebooks (ELN), Laboratory Execution Systems (LES), and Scientific Data Management Systems (SDMS). Their integrated, browser-based platform is designed to enhance laboratory efficiency, data integrity, and regulatory compliance across various industries, including pharmaceuticals, biotechnology, and environmental sciences. In March 2025, LabVantage Solutions released LabVantage 8.9, the latest version of its flagship Laboratory Information Management System (LIMS), introducing several enhancements to improve laboratory productivity, efficiency, and compliance. Thermo Fisher Scientific Inc (US): Thermo Fisher Scientific Inc. is a global leader in the market, offering comprehensive solutions that integrate LIMS, Electronic Laboratory Notebooks (ELN), Scientific Data Management Systems (SDMS), and Laboratory Execution Systems (LES). Its flagship product, SampleManager LIMS, streamlines lab operations, enhances data integrity, and ensures regulatory compliance across various industries, including pharmaceuticals, biotechnology, and environmental sciences. In July 2024, the company partnered with Labguru to integrate its cloud-based ELN with Thermo Fisher's LIMS solutions. For more information, Inquire Now! Related Reports: Healthcare IT Market Lab Automation Market Healthcare Cloud Computing Market Bioinformatics Market Healthcare Analytics Market Get access to the latest updates on Laboratory Information Management System Companies and Laboratory Information Management System Market Size About MarketsandMarkets™: MarketsandMarkets™ has been recognized as one of America's Best Management Consulting Firms by Forbes, as per their recent report. MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. With the widest lens on emerging technologies, we are proficient in co-creating supernormal growth for clients across the globe. Today, 80% of Fortune 2000 companies rely on MarketsandMarkets, and 90 of the top 100 companies in each sector trust us to accelerate their revenue growth. With a global clientele of over 13,000 organizations, we help businesses thrive in a disruptive ecosystem. The B2B economy is witnessing the emergence of $25 trillion in new revenue streams that are replacing existing ones within this decade. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing. Built on the 'GIVE Growth' principle, we collaborate with several Forbes Global 2000 B2B companies to keep them future-ready. Our insights and strategies are powered by industry experts, cutting-edge AI, and our Market Intelligence Cloud, KnowledgeStore™, which integrates research and provides ecosystem-wide visibility into revenue shifts. To find out more, visit or follow us on Twitter , LinkedIn and Facebook . Contact:Mr. Rohan SalgarkarMarketsandMarkets™ INC. 1615 South Congress 103, Delray Beach, FL 33445USA: +1-888-600-6441Email: sales@ Our Website: Logo: View original content: SOURCE MarketsandMarkets
Yahoo
06-05-2025
- Business
- Yahoo
Mercury Systems Reports Third Quarter Fiscal 2025 Results
Cash flows provided by (used in) operating activities in the third quarter of fiscal 2025 were $30.0 million, compared to $(17.8) million in the third quarter of fiscal 2024. Free cash flow, defined as cash flows from operating activities less capital expenditures for property and equipment, was $24.1 million for the third quarter of fiscal 2025 and $(25.7) million for the third quarter of fiscal 2024. Third quarter fiscal 2025 adjusted EBITDA for the total Company was $24.7 million, compared to $(2.4) million for the third quarter of fiscal 2024. Total Company GAAP net loss and loss per share for the third quarter of fiscal 2025 were $19.2 million, and $0.33, respectively, compared to GAAP net loss and loss per share of $44.6 million, and $0.77, respectively, for the third quarter of fiscal 2024. Adjusted earnings (loss) per share ('adjusted EPS') was $0.06 per share for the third quarter of fiscal 2025, compared to $(0.26) per share in the third quarter of fiscal 2024. 'In the quarter we secured bookings of $200.4 million, and a trailing-twelve-month book-to-bill of 1.1; revenue of $211.4 million, contributing to year to date revenue growth of 8.9%; adjusted EBITDA of $24.7 million, and adjusted EBITDA margin of 11.7%, both up substantially year-over-year; and free cash flow of $24.1 million, up $49.8 million year-over-year. These results reflect continued progress in each of our four priority areas, including solid execution across our portfolio of production and development programs, a growing backlog, reduced operating expenses enabling increased positive operating leverage, and continued progress on free cash flow drivers." 'We delivered solid results in the third quarter of fiscal 2025 that were once again in line with or ahead of our expectations, reinforcing the confidence we have in our strategic positioning and expectations to deliver predictable organic growth with expanding margins and robust free cash flow,' said Bill Ballhaus, Mercury's Chairman and CEO. Story Continues Backlog Mercury's total backlog at March 28, 2025 was $1.34 billion, an approximate $51.0 million increase from a year ago. Of the March 28, 2025 total backlog, $787.6 million represents orders expected to be recognized as revenue within the next 12 months. Conference Call Information Management will host a conference call and simultaneous webcast at 5:00 p.m. ET on Tuesday, May 6, 2025, to discuss Mercury's quarterly financial results, business highlights and outlook. In addition, Company representatives may answer questions concerning business and financial developments and trends, the Company's view on earnings forecasts, and other business and financial matters affecting the Company, the responses to which may contain information that has not been previously disclosed. To attend the conference call or webcast, participants should register online at . Participants are requested to register a day in advance or at a minimum 15 minutes before the start of the call. A replay of the webcast will be available two hours after the call and archived on the same web page for six months. Use of Non-GAAP Financial Measures In addition to reporting financial results in accordance with generally accepted accounting principles, or GAAP, the Company provides adjusted EBITDA, adjusted income, adjusted earnings per share ('adjusted EPS') and free cash flow, which are non-GAAP financial measures. Adjusted EBITDA, adjusted income, and adjusted EPS exclude certain non-cash and other specified charges. The Company believes these non-GAAP financial measures are useful to help investors understand its past financial performance and prospects for the future. However, these non-GAAP measures should not be considered in isolation or as a substitute for financial information provided in accordance with GAAP. Management believes these non-GAAP measures assist in providing a more complete understanding of the Company's underlying operational results and trends, and management uses these measures along with the corresponding GAAP financial measures to manage the Company's business, to evaluate its performance compared to prior periods and the marketplace, and to establish operational goals. A reconciliation of GAAP to non-GAAP financial results discussed in this press release is contained in the attached exhibits. Mercury Systems – Innovation that Matters® Mercury Systems is a technology company that delivers mission-critical processing power to the edge, making advanced technologies profoundly more accessible for today's most challenging aerospace and defense missions. The Mercury Processing Platform allows customers to tap into innovative capabilities from silicon to system scale, turning data into decisions on timelines that matter. Mercury's products and solutions are deployed in more than 300 programs and across 35 countries, enabling a broad range of applications in mission computing, sensor processing, command and control, and communications. Mercury is headquartered in Andover, Massachusetts, and has more than 20 locations worldwide. To learn more, visit . (Nasdaq: MRCY) Investors and others should note that we announce material financial information using our website ( ), SEC filings, press releases, public conference calls, webcasts, and social media, including X ( ) and LinkedIn ( ). Therefore, we encourage investors and others interested in Mercury to review the information we post on the social media and other communication channels listed on our website. Forward-Looking Safe Harbor Statement This press release contains certain forward-looking statements, as that term is defined in the Private Securities Litigation Reform Act of 1995, including those relating to the Company's focus on enhanced execution of the Company's strategic plan. You can identify these statements by the words 'may,' 'will,' 'could,' 'should,' 'would,' 'plans,' 'expects,' 'anticipates,' 'continue,' 'estimate,' 'project,' 'intend,' 'likely,' 'forecast,' 'probable,' 'potential,' and similar expressions. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected or anticipated. Such risks and uncertainties include, but are not limited to, continued funding of defense programs, the timing and amounts of such funding, general economic and business conditions, including unforeseen weakness in the Company's markets, effects of any U.S. federal government shutdown or extended continuing resolution, effects of geopolitical unrest and regional conflicts, competition, changes in technology and methods of marketing, delays in or cost increases related to completing development, engineering and manufacturing programs, changes in customer order patterns, changes in product mix, continued success in technological advances and delivering technological innovations, changes in, or in the U.S. government's interpretation of, federal export control or procurement rules and regulations, including tariffs, changes in, or in the interpretation or enforcement of, environmental rules and regulations, market acceptance of the Company's products, shortages in or delays in receiving components, supply chain delays or volatility for critical components, production delays or unanticipated expenses including due to quality issues or manufacturing execution issues, adherence to required manufacturing standards, capacity underutilization, increases in scrap or inventory write-offs, failure to achieve or maintain manufacturing quality certifications, such as AS9100, the impact of supply chain disruption, inflation and labor shortages, among other things, on program execution and the resulting effect on customer satisfaction, inability to fully realize the expected benefits from acquisitions, restructurings, and operational efficiency initiatives or delays in realizing such benefits, challenges in integrating acquired businesses and achieving anticipated synergies, effects of shareholder activism, increases in interest rates, changes to industrial security and cyber-security regulations and requirements and impacts from any cyber or insider threat events, changes in tax rates or tax regulations, such as the deductibility of internal research and development, changes to interest rate swaps or other cash flow hedging arrangements, changes to generally accepted accounting principles, difficulties in retaining key employees and customers, litigation, including the dispute arising with the former CEO over his resignation, unanticipated costs under fixed-price service and system integration engagements, and various other factors beyond our control. These risks and uncertainties also include such additional risk factors as are discussed in the Company's filings with the U.S. Securities and Exchange Commission, including its Annual Report on Form 10-K for the fiscal year ended June 28, 2024 and subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. The Company cautions readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. The Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made. Contact: Tyler Hojo, CFA, Vice President of Investor Relations Mercury Systems, Inc. 978-967-3676 Mercury Systems and Innovation That Matters are registered trademarks of Mercury Systems, Inc. Other product and company names mentioned may be trademarks and/or registered trademarks of their respective holders. MERCURY SYSTEMS, INC. UNAUDITED CONSOLIDATED BALANCE SHEETS (In thousands) March 28, June 28, 2025 2024 Assets Current assets: Cash and cash equivalents $ 269,822 $ 180,521 Accounts receivable, net 103,401 111,441 Unbilled receivables and costs in excess of billings, net 271,293 304,029 Inventory 352,689 335,300 Prepaid income taxes 2,960 — Prepaid expenses and other current assets 19,339 22,493 Total current assets 1,019,504 953,784 Property and equipment, net 107,477 110,353 Goodwill 938,093 938,093 Intangible assets, net 215,977 250,512 Operating lease right-of-use assets, net 54,640 60,860 Deferred tax asset 72,575 58,612 Other non-current assets 6,151 6,691 Total assets $ 2,414,417 $ 2,378,905 Liabilities and Shareholders' Equity Current liabilities: Accounts payable $ 73,554 $ 81,068 Accrued expenses 45,406 42,926 Accrued compensation 35,120 36,398 Income taxes payable — 109 Deferred revenues and customer advances 142,484 73,915 Total current liabilities 296,564 234,416 Income taxes payable 7,713 7,713 Long-term debt 591,500 591,500 Operating lease liabilities 55,315 62,584 Other non-current liabilities 12,236 9,917 Total liabilities 963,328 906,130 Shareholders' equity: Preferred stock — — Common stock 589 581 Additional paid-in capital 1,279,118 1,242,402 Retained earnings 165,525 219,799 Accumulated other comprehensive income 5,857 9,993 Total shareholders' equity 1,451,089 1,472,775 Total liabilities and shareholders' equity $ 2,414,417 $ 2,378,905 MERCURY SYSTEMS, INC. UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data) Third Quarters Ended Nine Months Ended March 28, 2025 March 29, 2024 March 28, 2025 March 29, 2024 Net revenues $ 211,358 $ 208,258 $ 638,914 $ 586,712 Cost of revenues(1) 154,248 167,616 469,188 464,023 Gross margin 57,110 40,642 169,726 122,689 Operating expenses: Selling, general and administrative(1) 43,044 43,157 116,698 123,421 Research and development(1) 15,983 21,563 55,734 81,911 Amortization of intangible assets 10,185 11,533 32,574 36,350 Restructuring and other charges 4,931 9,841 7,231 19,389 Acquisition costs and other related expenses 311 204 666 1,404 Total operating expenses 74,454 86,298 212,903 262,475 Loss from operations (17,344 ) (45,656 ) (43,177 ) (139,786 ) Interest income 1,290 542 2,240 674 Interest expense (8,068 ) (9,319 ) (25,404 ) (25,856 ) Other income (expense), net 2,304 (2,784 ) (2,900 ) (5,706 ) Loss before income tax benefit (21,818 ) (57,217 ) (69,241 ) (170,674 ) Income tax benefit (2,648 ) (12,643 ) (14,967 ) (43,811 ) Net loss $ (19,170 ) $ (44,574 ) $ (54,274 ) $ (126,863 ) Basic net loss per share $ (0.33 ) $ (0.77 ) $ (0.93 ) $ (2.20 ) Diluted net loss per share $ (0.33 ) $ (0.77 ) $ (0.93 ) $ (2.20 ) Weighted-average shares outstanding: Basic 58,749 57,698 58,614 57,536 Diluted 58,749 57,698 58,614 57,536 (1) Includes stock-based compensation expense, allocated as follows: Cost of revenues $ 813 $ 1,299 $ 759 $ 2,119 Selling, general and administrative $ 6,228 $ 4,123 $ 17,156 $ 11,626 Research and development $ 1,507 $ 1,498 $ 4,687 $ 4,678 MERCURY SYSTEMS, INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) Third Quarters Ended Nine Months Ended March 28, 2025 March 29, 2024 March 28, 2025 March 29, 2024 Cash flows from operating activities: Net loss $ (19,170 ) $ (44,574 ) $ (54,274 ) $ (126,863 ) Depreciation and amortization 19,916 21,754 62,058 66,639 Other non-cash items, net 8,989 27,489 19,674 25,478 Cash settlement for termination of interest rate swap — — — 7,403 Changes in operating assets and liabilities 20,239 (22,474 ) 73,318 15,964 Net cash provided by (used in) operating activities 29,974 (17,805 ) 100,776 (11,379 ) Cash flows from investing activities: Purchases of property and equipment (5,914 ) (7,938 ) (15,705 ) (23,943 ) Other investing activities 2,700 — 4,600 — Net cash used in investing activities (3,214 ) (7,938 ) (11,105 ) (23,943 ) Cash flows from financing activities: Proceeds from employee stock plans — — 1,492 3,163 Borrowings under credit facilities — — — 105,000 Payments of deferred financing and offering costs — — (2,249 ) (1,931 ) Payments for retirement of common stock — — — (15 ) Net cash (used in) provided by financing activities — — (757 ) 106,217 Effect of exchange rate changes on cash and cash equivalents 497 (258 ) 387 187 Net increase (decrease) in cash and cash equivalents 27,257 (26,001 ) 89,301 71,082 Cash and cash equivalents at beginning of period 242,565 168,646 180,521 71,563 Cash and cash equivalents at end of period $ 269,822 $ 142,645 $ 269,822 $ 142,645 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. Management believes that exclusion of these items assists in providing a more complete understanding of the Company's underlying results and trends, and management uses these measures along with the corresponding GAAP financial measures to manage the Company's business, to evaluate its performance compared to prior periods and the marketplace, and to establish operational goals. The adjustments to calculate this non-GAAP financial measure, and the basis for such adjustments, are outlined below: Other non-operating adjustments. The Company records other non-operating adjustments such as gains or losses on foreign currency remeasurement, investments and fixed asset sales or disposals among other adjustments. These adjustments may vary from period to period without any direct correlation to underlying operating performance. Interest income and expense. The Company receives interest income on investments and incurs interest expense on loans, financing leases and other financing arrangements. These amounts may vary from period to period due to changes in cash and debt balances and interest rates driven by general market conditions or other circumstances which may be outside of the normal course of the Company's operations. Income taxes. The Company's GAAP tax expense can fluctuate materially from period to period due to tax adjustments that are not directly related to underlying operating performance or to the current period of operations. Depreciation. The Company incurs depreciation expense related to capital assets purchased to support the ongoing operations of the business. These assets are recorded at cost or fair value and are depreciated using the straight-line method over the useful life of the asset. Purchases of such assets may vary significantly from period to period and without any direct correlation to underlying operating performance. Amortization of intangible assets. The Company incurs amortization of intangible assets primarily as a result of acquired intangible assets such as backlog, customer relationships and completed technologies but also due to licenses, patents and other arrangements. These intangible assets are valued at the time of acquisition or upon receipt of right to use the asset, amortized over the requisite life and generally cannot be changed or influenced by management after acquisition. Restructuring and other charges. The Company incurs restructuring and other charges in connection with management's decisions to undertake certain actions to realign operating expenses through workforce reductions and the closure of certain Company facilities, businesses and product lines. The Company's adjustments reflected in restructuring and other charges are typically related to acquisitions and organizational redesign programs initiated as part of discrete post-acquisition integration activities. Management believes these items are non-routine and may not be indicative of ongoing operating results. Impairment of long-lived assets. The Company incurs impairment charges of long-lived assets based on events that may or may not be within the control of management. Management believes these items are outside the normal operations of the Company's business and are not indicative of ongoing operating results. Acquisition, financing and other third party costs. The Company incurs transaction costs related to acquisition and potential acquisition opportunities, such as legal, accounting, and other third party advisory fees. The Company may also incur third party costs, such as legal, banking, communications, proxy solicitation, and other third party advisory fees in connection with engagements by activist investors or unsolicited acquisition offers. Although the Company may incur such third party costs and other related charges and adjustments, it is not indicative that any transaction will be consummated. Additionally, the Company incurs unused revolver and bank fees associated with maintaining its credit facility as well as non-cash financing expenses associated with obtaining its credit facility. Management believes these items are outside the normal operations of the Company's business and are not indicative of ongoing operating results. Fair value adjustments from purchase accounting. As a result of applying purchase accounting rules to acquired assets and liabilities, certain fair value adjustments are recorded in the opening balance sheet of acquired companies. These adjustments are then reflected in the Company's income statements in periods subsequent to the acquisition. In addition, the impact of any changes to originally recorded contingent consideration amounts are reflected in the income statements in the period of the change. Management believes these items are outside the normal operations of the Company and are not indicative of ongoing operating results. Litigation and settlement income and expense. The Company periodically receives income and incurs expenses related to pending claims and litigation and associated legal fees and potential case settlements and/or judgments. Although the Company may incur such costs and other related charges and adjustments, it is not indicative of any particular outcome until the matter is fully resolved. Management believes these items are outside the normal operations of the Company's business, often occur in periods other than the period of activity, and are not indicative of ongoing operating results. The Company periodically receives warranty claims from customers and makes warranty claims towards its vendors and supply chain. Management believes the expenses and gains associated with these recurring warranty items are within the normal operations and operating cycle of the Company's business. Therefore, management deems no adjustments are necessary unless under extraordinary circumstances. Stock-based and other non-cash compensation expense. The Company incurs expense related to stock-based compensation included in its GAAP presentation of cost of revenues, selling, general and administrative expense and research and development expense. The Company also incurs non-cash based compensation in the form of pension related expenses and matching contributions to its defined contribution plan. Although stock-based and other non-cash compensation is an expense of the Company and viewed as a form of compensation, these expenses vary in amount from period to period, and are affected by market forces that are difficult to predict and are not within the control of management, such as the market price and volatility of the Company's shares, risk-free interest rates and the expected term and forfeiture rates of the awards, as well as pension actuarial assumptions. Management believes that exclusion of these expenses allows comparisons of operating results to those of other companies, both public, private or foreign, that disclose non-GAAP financial measures that exclude stock-based compensation and other non-cash compensation. Mercury uses adjusted EBITDA as an important indicator of the operating performance of its business. Management excludes the above-described items from its internal forecasts and models when establishing internal operating budgets, supplementing the financial results and forecasts reported to the Company's board of directors, determining a portion of bonus compensation for executive officers and other key employees based on operating performance, evaluating short-term and long-term operating trends in the Company's operations, and allocating resources to various initiatives and operational requirements. The Company believes that adjusted EBITDA permits a comparative assessment of its operating performance, relative to its performance based on its GAAP results, while isolating the effects of charges that may vary from period to period without direct correlation to underlying operating performance. The Company believes that these non-GAAP financial adjustments are useful to investors because they allow investors to evaluate the effectiveness of the methodology and information used by management in its financial and operational decision-making. The Company believes that trends in its adjusted EBITDA are valuable indicators of its operating performance. Adjusted EBITDA is a non-GAAP financial measure and should not be considered in isolation or as a substitute for financial information provided in accordance with GAAP. This non-GAAP financial measure may not be computed in the same manner as similarly titled measures used by other companies. The Company expects to continue to incur expenses similar to the adjusted EBITDA financial adjustments described above, and investors should not infer from the Company's presentation of this non-GAAP financial measure that these costs are unusual, infrequent or non-recurring. The following table reconciles the most directly comparable GAAP financial measure to the non-GAAP financial measure. Third Quarters Ended Nine Months Ended March 28, 2025 March 29, 2024 March 28, 2025 March 29, 2024 Net loss $ (19,170 ) $ (44,574 ) $ (54,274 ) $ (126,863 ) Other non-operating adjustments, net (3,911 ) (64 ) (3,097 ) (375 ) Interest expense, net 6,778 8,777 23,164 25,182 Income tax benefit (2,648 ) (12,643 ) (14,967 ) (43,811 ) Depreciation 9,731 10,221 29,484 30,289 Amortization of intangible assets 10,185 11,533 32,574 36,350 Restructuring and other charges 4,931 9,841 7,231 19,389 Impairment of long-lived assets — — — — Acquisition, financing and other third party costs 1,072 778 4,512 2,970 Fair value adjustments from purchase accounting 131 177 486 532 Litigation and settlement expense, net 5,467 2,096 8,948 3,982 Stock-based and other non-cash compensation expense 12,124 11,461 34,108 30,607 Adjusted EBITDA $ 24,690 $ (2,397 ) $ 68,169 $ (21,748 ) 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. Management believes free cash flow provides investors with an important perspective on cash available for investment and acquisitions after making capital investments required to support ongoing business operations and long-term value creation. The Company believes that trends in its free cash flow are valuable indicators of its operating performance and liquidity. Free cash flow is a non-GAAP financial measure and should not be considered in isolation or as a substitute for financial information provided in accordance with GAAP. This non-GAAP financial measure may not be computed in the same manner as similarly titled measures used by other companies. The Company expects to continue to incur expenditures similar to the free cash flow financial adjustment described above, and investors should not infer from the Company's presentation of this non-GAAP financial measure that these expenditures reflect all of the Company's obligations which require cash. The following table reconciles the most directly comparable GAAP financial measure to the non-GAAP financial measure. Third Quarters Ended Nine Months Ended March 28, 2025 March 29, 2024 March 28, 2025 March 29, 2024 Net cash provided by (used in) operating activities $ 29,974 $ (17,805 ) $ 100,776 $ (11,379 ) Purchases of property and equipment (5,914 ) (7,938 ) (15,705 ) (23,943 ) Free cash flow $ 24,060 $ (25,743 ) $ 85,071 $ (35,322 ) UNAUDITED SUPPLEMENTAL INFORMATION RECONCILIATION OF GAAP TO NON-GAAP MEASURES (In thousands, except per share data) Adjusted income and adjusted earnings per share ('adjusted EPS') are non-GAAP measures for reporting financial performance, exclude the impact of certain items and, therefore, have not been calculated in accordance with GAAP. Management believes that exclusion of these items assists in providing a more complete understanding of the Company's underlying results and trends and allows for comparability with its 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. The Company uses these measures along with the corresponding GAAP financial measures to manage the Company's business and to evaluate its performance compared to prior periods and the marketplace. The Company defines adjusted income as 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(1). 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 28, 2025 March 29, 2024 Net loss and loss per share $ (19,170 ) $ (0.33 ) $ (44,574 ) $ (0.77 ) Other non-operating adjustments, net (3,911 ) (64 ) Amortization of intangible assets 10,185 11,533 Restructuring and other charges 4,931 9,841 Impairment of long-lived assets — — Acquisition, financing and other third party costs 1,072 778 Fair value adjustments from purchase accounting 131 177 Litigation and settlement expense, net 5,467 2,096 Stock-based and other non-cash compensation expense 12,124 11,461 Impact to income taxes(1) (7,240 ) (6,384 ) Adjusted income (loss) and adjusted earnings (loss) per share(2) $ 3,589 $ 0.06 $ (15,136 ) $ (0.26 ) Diluted weighted-average shares outstanding 59,367 57,698 (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 recalculation also adjusts for any discrete tax expense or benefit related to the items. (2) Adjusted earnings per share is calculated using diluted shares whereas Net loss per share or Adjusted loss per share is calculated using basic shares. There was no impact to the calculation of adjusted earnings per share as a result of this for the third quarters ended March 28, 2025 and March 29, 2024. Nine Months Ended March 28, 2025 March 29, 2024 Net loss and loss per share $ (54,274 ) $ (0.93 ) $ (126,863 ) $ (2.20 ) Other non-operating adjustments, net (3,097 ) (375 ) Amortization of intangible assets 32,574 36,350 Restructuring and other charges 7,231 19,389 Impairment of long-lived assets — — Acquisition, financing and other third party costs 4,512 2,970 Fair value adjustments from purchase accounting 486 532 Litigation and settlement expense, net 8,948 3,982 Stock-based and other non-cash compensation expense 34,108 30,607 Impact to income taxes(1) (20,515 ) (19,588 ) Adjusted income (loss) and adjusted earnings (loss) per share(2) $ 9,973 $ 0.17 $ (52,996 ) $ (0.92 ) Diluted weighted-average shares outstanding 59,024 57,536 (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 recalculation also adjusts for any discrete tax expense or benefit related to the items. (2) Adjusted earnings per share is calculated using diluted shares whereas Net loss per share is calculated using basic shares. There was a $0.01 impact to the calculation of adjusted earnings per share as a result of this for the nine months ended March 28, 2025 and no impact to the calculation of adjusted earnings per share as a result of this for the nine months ended March 29, 2024.
