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Kyle Baker

Research Analyst at Jefferies

Kyle Baker is Head of Energy Transition, Americas Investment Banking at Jefferies, specializing in directing coverage efforts for energy transition sectors including solar, wind, electric vehicles, energy storage, biofuels, advanced nuclear, fuel cell, and sustainability consulting and software. She delivers expertise to financial sponsors with energy transition mandates, drawing on nearly two decades of experience in sustainability and energy services across the U.S. and Europe, though specific company coverage and quantitative performance metrics such as deal success rates or returns are not publicly detailed. Baker previously served as a Senior Managing Director at Guggenheim Securities where she co-led the energy transition business before joining Jefferies; professional credentials include extensive investment banking tenure but no specific FINRA registrations or securities licenses are listed in available sources.

Kyle Baker's questions to MERCURY SYSTEMS (MRCY) leadership

Question · Q2 2026

Kyle Baker asked for clarification on how the persistence of lower-margin backlog into FY2027 impacts margin expectations, and the progress towards a normal baseline for net EAC adjustments, which have remained around $4 million-$5 million quarterly.

Answer

Chairman and CEO Bill Ballhaus and EVP and CFO Dave Farnsworth clarified that the impact of lower-margin backlog diminishes significantly by FY2027 as it's replaced by higher-margin bookings. They noted that EAC adjustments are now in a 'normal course range' and are not expected to hinder achieving target margins.

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Question · Q2 2026

Kyle Baker from Jefferies followed up on the low-margin backlog, asking how its persistence through FY 2027 impacts margin expectations and the current state of net EAC adjustments, which have remained sticky at $4-5 million per quarter.

Answer

Chairman and CEO Bill Ballhaus clarified that while some lower-margin backlog may persist into FY 2027, its volume and impact on EBITDA margins will continuously decrease as it's burned off and replaced by higher-margin bookings. EVP and CFO Dave Farnsworth added that EAC adjustments are largely from completing older development programs, are much smaller than in the past, and are now considered within a normal course range, with potential for positive adjustments in future quarters.

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