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What were the key takeaways from Mercury Systems's earnings call?

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What is the market's earnings forecast for Mercury Systems next quarter?

- **Revenue Beat Expectations**: 10.2% YoY growth to $225M, driven by high-margin program acceleration.
- **Margin Expansion**: EBITDA margin up 530 bps to 15.8%, gross margin at 28% (vs. 25.4% prior year).
- **Backlog Strength**: $1.4B record backlog, 6.5% YoY, with 1.11 book-to-bill ratio.
- **Cash Flow Improvement**: Q1 outflow of $4.4M, $16.5M YoY improvement, with second-half strength expected.
- **Strategic Momentum**: Phoenix factory expansion, Golden Dome initiatives, and European defense tailwinds position for long-term growth.

**【CEO Summary Section】**
- **Revenue Growth**: Q1 revenue of $225.2 million, up 10.2% YoY, driven by accelerated deliveries of $20 million in high-margin programs.
- **Backlog Expansion**: Record backlog of $1.4 billion, up 6.5% YoY, with a book-to-bill ratio of 1.11.
- **Margin Expansion**: Adjusted EBITDA margin of 15.8%, up 530 basis points YoY, with gross margin at 28% (up 260 bps YoY) due to favorable program mix.
- **Free Cash Flow**: Outflow of $4.4 million, improved by $16.5 million YoY, with expectations for second-half strength.
- **Strategic Priorities**: Focus on automation, scalability (e.g., Phoenix factory expansion), and Golden Dome initiatives for long-term growth.

**【CFO Financial Commentary】**
- **GAAP Net Loss**: $12.5 million, narrower than prior year's $17.5 million, due to margin improvements.
- **Operating Expenses**: Up 9.6% YoY, driven by compensation and litigation costs, offset by R&D reductions.
- **Working Capital**: Reduced by $105.7 million YoY, reflecting operational efficiency.
- **Liquidity**: $304.7 million in cash, with a $850 million credit facility amendment enhancing financial flexibility.

**【Q&A Highlights】**
- **Acceleration of Deliveries**: CEO emphasized ability to pull forward $20M in Q1, with potential for more if demand materializes.
- **European Growth**: 15% YoY growth in European business, driven by ReArm Europe and EW/radar programs.
- **Golden Dome**: Positioned across multiple layers (space, airborne, ground), with funding allocation key to future bookings.
- **Free Cash Flow**: Expect second-half strength, tied to reduced working capital and program execution.
- **Buyback Authorization**: $200M to return capital, reflecting confidence in growth prospects.

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