MRCY
#Yes.
Yes.
So the short answer is it was all driven by a handful of discrete items, the R&D credit being probably the most significant of them.
That remains a possibility, of course.
Every year it comes up, and every year they appear to be willing to reinstitute it.
But of course, you always have to play wait-and-see.
And then sometimes, if it's delayed, it's going to accumulate, and then pop at a certain point.
Apart from that, I don't think that we see large items in terms of the discretes that could pop through.
There's always a chance of something.
But again, we don't have what I'd call the traditional things like overseas tax planning issues and things like that that we can use to ---+ or, for that matter, that revenue balance can change rates on for us and so on.
So again, we plan what I said.
And I think that's where we are for now.
We do have one.
It's, as I said, probably going to be a little lower ---+ I'm sorry, a little bit higher than the low rate that we saw in fiscal 2015.
But again, I don't think we'll go above ---+ into the double digits.
Yes.
So we haven't necessarily talked about the capacity utilization of the facility.
It is beginning to [ramp], however, particularly as we've got more programs in the EW domain that are moving in production.
Couple of key programs that we think about going to be important in EW next year are programs such as SEWIP, Buzzard, and the DEWS program, which is BAE's Digital Electronic Warfare Suite.
However, we do think that we've got a substantial opportunity, potentially acquiring companies and integrating their manufacturing assets, if they have them, into that facility, which will obviously continue to improve the efficiency and the overhead absorption.
So we're pretty excited about the AMC.
I think it's a critical part of our long-term growth strategy.
It clearly differentiates us versus other players in the industry.
And it's going to be an asset that I think, when you look back in time, will be important in terms of supporting the Company's growth.
I think the model is the model until we change it.
If you look at our results for fiscal 2015, <UNK>, we ended up at 19% adjusted EBITDA.
That's kind of in the midpoint of our current model.
Obviously in Q4, with higher revenues and a stronger program mix, we're towards the high end of that range.
But we were extremely pleased with the performance year over year, and the model stands as it is for now.
Thanks.
Sure.
So it was slightly above where we thought we were going to come in, at a quarterly level.
I think as we said somewhat consistently throughout the year ---+ that bookings are lumpy and that we did expect it to kind of normalize.
Our book-to-bill ratio for fiscal 2014 in total was 1.14.
So it was slightly ahead of what we thought, but not too much.
If you look at the ---+ sorry, fiscal 2015, I apologize.
If you look at the major programs that drove the bookings in Q4, Aegis was obviously an extremely strong program.
We did close to or slightly over $14.5 million of bookings.
We had another really strong quarter for Patriot that was associated with Korea, some spares; as well as ongoing business for the US Army.
We had strength in Buzzard, the Filthy Buzzard program in Mercury Defense Systems, which is beginning to ramp and will be an important driver of growth in that business.
And we also saw some strength in the P8 business, where we're providing some of the radar processing.
So we hired a number of really important programs that we were pleased to deliver some great numbers.
I don't think we typically break down our backlog by program, Mike.
As I mentioned, for fiscal 2016, we anticipate our top revenue programs to be SEWIP, Aegis, Patriot, Filthy Buzzard, Reaper, as well as the F-35.
And we're also expecting some growth next year on DEWS, which I mentioned; P8, and maybe Triton.
So we've got a broader mix of programs heading into fiscal 2016 that will drive some of the growth in the business.
I don't think we'll forecast it.
But as I said, CapEx is going to be relatively contained.
It's not a capital-intensive business.
2015 was probably just slightly light.
Even at the increase at 50%, you're still only hovering around $10 million.
So not too significant an offset there.
And that's probably where I'll leave it.
Thank you.
So during the quarter, we did do a small restructuring.
It was around about $700,000.
It was a few handfuls of people.
It was more related to the ongoing efficiencies that we've identified in terms of liening out the engineering and the manufacturing operations.
The benefits associated with that are baked into our guidance for fiscal 2016.
Welcome.
Okay.
Well, we'd like to thank you for your interest in Mercury, and we look forward to speaking to you again next quarter.
Thank you.
