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  "documentTitle": "Mercury Systems Inc. (MRCY)",
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  "authorName": "Mercury Systems Inc.",
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  "presentationDate": "2018-10-17 00:00:00",
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  "notes": "Includes a red circle annotation highlighting the 73.5% figure for FY 2018.",
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      "kind": "callout",
      "text": "Visibility and quality of Mercury's backlog appears to be deteriorating. It just reported a multiyear low of backlog expected to be shipped over the next twelve months.",
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      "text": "Visibility and quality of Mercury’s backlog appears to be deteriorating. It just reported a multiyear low of backlog expected to be shipped over the next twelve months.",
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      "text": "NTM Backlog % of Total Backlog: 73.5%",
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      "text": "Source: Mercury financial filings",
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      "text": "Next Twelve Month Backlog As A Percentage Of Total Backlog At A Multi-Year Low",
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      "name": "Cost Of Inaction",
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