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  "documentTitle": "Mercury Systems Inc. (MRCY)",
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  "authorName": "Mercury Systems Inc.",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2018-10-17 00:00:00",
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      "kind": "callout",
      "text": "Potentially Deceptive MD&A on Cash Flow – Have To Dig Deeper For A Clearer Picture",
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      "kind": "callout",
      "text": "Yet Just 2 Months Earlier On Aug 16, 2018 Mercury Still Claimed The Last Amendment Was June 2017",
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      "text": "On Oct 1, 2018 Mercury Discloses a 2nd Amendment on 12/21/17",
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      "text": "Mercury's FY18 operating cash flow is inflated by $18.8m (43% of total).",
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      "text": "operating cash flow: $18.8m",
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      "text": "Mercury has claimed that cash flow will be fine in FY19, yet it just increased the size of its credit facility from $400m to $750m. In the process, Mercury divulged more evidence of financial misrepresentation.",
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      "text": "During fiscal 2018, we generated $43.3 million in cash from operating activities compared to $59.1 million in cash generated from operating activities in fiscal 2017. The decrease was primarily a result of higher cash uses for income tax payables, accounts payables, accounts receivables and inventory. The decrease was partially offset by higher comparable net income, additional depreciation and amortization expense and deferred revenues and customer advances. — Mercury Systems FY 18 10-K, p. 41",
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      "text": "Excerpts from 8-K and 10-K filings showing contradictory dates and accounting treatments.",
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      "kind": "title",
      "text": "Mercury's Credit Agreement Points To Financial Misrepresentation",
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      "evidence": "The report discusses the potential financial implications of Mercury's cybersecurity challenges",
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