2020 Annual Meeting of Shareholders

Q3 FY23 vs. Q3 FY22 In $ millions, except percentage and per share data Bookings Book-to-Bill Backlog 12-Month Backlog Revenue Organic Revenue (Decline) Growth (¹) Gross Margin Operating Expenses Selling, General & Administrative Research & Development Amortization/Restructuring/Acquisition GAAP Net Income (4) GAAP Earnings Per Share Weighted Average Diluted Shares Adjusted EPS(2) Adj. EBITDA (2) % of revenue Operating Cash Flow Free Cash Flow(2) % of Adjusted EBITDA © Mercury Systems, Inc. Q3 FY22 $295.4 1.17 $996.0 637.6 $253.1 (9%) 39.4% $89.8 39.3 25.4 25.1 $4.1 $0.07 56.0 $0.57 $52.5 20.7% ($4.3) ($10.3) N.A. (3) Does not contain Technical Data. //Mercury Proprietary No Tech Data// Q3 FY23 (3) $245.0 0.93 $1,099.2 695.0 $263.5 4% 34.3% $88.3 44.6 26.5 17.2 $5.2 $0.09 56.9 $0.40 $43.5 16.5% ($3.2) ($12.7) N.A. CHANGE (17%) 10% 4% (5.1) bps (2%) 27% 29% (30%) (17%) N.A. N.A. Notes (1) Organic revenue represents total company revenue excluding net revenue from acquisitions for the first four full. quarters since the entities' acquisition date (which excludes any intercompany transactions). After the completion of four fiscal quarters, acquired businesses are treated as organic for current and comparable historical periods. (2) Non-GAAP, see reconciliation table. (3) All references in this presentation to the third quarter of fiscal 2022 are to the quarter ended April 1, 2022. All references to the third quarter of fiscal 2023 are to the quarter ended March 31, 2023. (4) During the third quarter ended March 31, 2023, the Company calculated income taxes using the discrete method as though the nine month period was an annual period. The Company. believes that the application of the estimated annual effective tax rate ("AETR") method generally required by ASC 740 is impractical given that normal deviations in the projected pretax net income (loss) could result in a disproportionate and unreliable effective tax rate under the AETR method. The tax benefit for the third quarter ended March 31, 2023 also includes a true-up to the prior quarters due to the change in methodology. mercury

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