Item 5. Market for Registrant’s Common Equity
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
Our common stock is listed and traded on the Nasdaq Global Select Market under the symbol MRCY. The following table sets forth, for the fiscal periods indicated, the high and low sale prices per share for our common stock during such periods. Such market quotations reflect inter-dealer prices without retail markup, markdown or commission.
High Low
2020 Fourth quarter $ 92.80 $ 68.26
Third quarter $ 86.47 $ 57.10
Second quarter $ 81.17 $ 68.41
First quarter $ 88.75 $ 68.31
2019 Fourth quarter $ 79.83 $ 63.39
Third quarter $ 67.85 $ 43.01
Second quarter $ 55.82 $ 41.16
First quarter $ 57.26 $ 37.55
As of July 31, 2020, we had 482 record shareholders and 34,461 nominee holders.
Dividend Policy
We have never declared or paid cash dividends on shares of our common stock. We currently intend to retain any earnings for future growth. Accordingly, we do not anticipate that any cash dividends will be declared or paid on our common stock in the foreseeable future.
Net Share Settlement Plans
The following table includes information with respect to net share settlements we made of our common stock during the fiscal year ended July 3, 2020:
Period of Net Share Settlement Total Number of Shares Net Settled(1) Average Price Per Share
July 1, 2019 - September 27, 2019 178 $ 82.50
September 28, 2019 - December 27, 2019 5 $ 73.26
December 28, 2019 - March 27, 2020 6 $ 79.54
March 28, 2020 - July 3, 2020 8 $ 81.54
Total 197
(1) Represents shares we net settled in connection with the surrender of shares to cover the minimum taxes on vesting of restricted stock.
Share Repurchase Plans
During fiscal 2020, we had no active share repurchase programs.
Equity Compensation Plans
The information required by this item is incorporated by reference to our Proxy Statement for the Shareholders Meeting.
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ITEM 6. SELECTED FINANCIAL DATA
The following table summarizes certain historical consolidated financial data, which should be read in conjunction with the consolidated financial statements and related notes included elsewhere in this report (in thousands, except per share data):
Fiscal Years
2020 2019 2018 2017 2016
Statement of Operations Data:
Net revenues $ 796,610 $ 654,744 $ 493,184 $ 408,588 $ 270,154
Income from operations $ 91,062 $ 76,584 $ 46,985 $ 37,403 $ 23,973
Net income $ 85,712 $ 46,775 $ 40,883 $ 24,875 $ 19,742
Net earnings per share:
Basic $ 1.57 $ 0.98 $ 0.88 $ 0.59 $ 0.58
Diluted $ 1.56 $ 0.96 $ 0.86 $ 0.58 $ 0.56
Adjusted EBITDA (1)
$ 176,242 $ 145,326 $ 114,567 $ 92,576 $ 56,137
Adjusted EPS (1)
$ 2.30 $ 1.84 $ 1.41 $ 1.12 $ 0.94
As of Fiscal Years
2020 2019 2018 2017 2016
Balance Sheet Data:
Working capital $ 508,854 $ 484,140 $ 260,063 $ 173,351 $ 177,748
Total assets (2)
$ 1,610,720 $ 1,416,977 $ 1,064,480 $ 815,745 $ 736,496
Long-term obligations (2)
$ 100,021 $ 34,206 $ 220,909 $ 17,483 $ 195,808
Total shareholders’ equity $ 1,384,784 $ 1,284,739 $ 771,891 $ 725,417 $ 473,044
(1) Adjusted EBITDA and adjusted EPS are key measures that are not calculated according to U.S. generally accepted accounting principles (“GAAP”). Refer to “Non-GAAP Financial Measures” in Management's Discussion and Analysis of Financial Condition and Results of Operations for our definition of these measures, including reconciliations to our most directly comparable GAAP financial measures.
(2) Effective July 1, 2019, the Company has adopted ASC 842 using the optional transition method and, as a result, there have been no reclassifications of prior comparable periods due to this adoption. As of July 3, 2020, the Company has Right-of-use assets of $ 60,613 and total Lease liabilities of $ 73,931 , of which $ 66,981 is included in Long-term obligations.
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