Mercury Systems Inc · NASDAQ:MRCY
Mercury Systems — Mercury Computer Systems — Investor Day (November 2012)
86 slides from Mercury Systems's investor day presentation, Nov 13, 2012
Slide 1: FY13 Investor Day Presentation
Mercury Systems FY13 Investor Day Presentation November 13, 2012 New York, NY Exhibit 99.1
Slide 2: Forward-looking safe harbor statement
Forward-looking safe harbor statement This presentation contains certain forward-looking statements, as that term is defined in the Private Securities Litigation Reform Act of 1995, including those relating to business performance and the Company’s plans for growth and improvement in profitability a
Slide 3: Agenda
Agenda Corporate Overview – Mark Aslett, President & CEO Acquisition Strategy and Recent History Keynote: Pierre Chao, Renaissance Advisors Mercury Commercial Electronics Mercury Defense Systems Mercury Intelligence Systems Financial Review Closing Remarks / Q&A
Slide 4: Introducing Mercury Systems
Introducing Mercury Systems MRCY on NASDAQ Real-time image, signal, Big Data processing subsystems Commercial Item company; unique business model Focused on Defense and Intelligence priorities Deployed on ~300 programs with 25+ Primes FY12 $245M revenues; 20% Adj. EBITDA margin. 800+ employees Defen
Slide 5: Mercury investor highlights
Pure-play C4ISR electronics company embedded on a diverse mix of programs and platforms aligned with existing and emerging priorities Best-of-breed provider of open sensor and Big Data processing subsystems to defense Primes and to the Intelligence Community Increased ISR use, shift to onboard proce
Slide 6: FY08–FY12: Restored profitability and growth
Notes: FY10 EPS of $1.22 were positively influenced by $0.68 from the partial reversal of the valuation allowance against deferred tax assets and an effective FY10 tax rate benefit of approximately 5% . Benefit calculation takes tax credit of $15.6M /23M shares. FY11 EPS includes the impact of 5.6M
Slide 7: Defense industry will remain in transition for the next 6-12 months
We believe the defense industry will remain in transition for the next 6-12 months … Reduced growth in base defense spending and lower OCO Potential for sequestration beginning January 2013 – Soft sequestration already underway – Little guidance on nature and timing of sequestration resolution New D
Slide 8: Mercury's vision
A best-of-breed provider of commercially developed, open sensor and Big Data processing systems, software and services for critical commercial, defense and intelligence applications A best-of-breed provider of commercially developed, open sensor and Big Data processing systems, software and services
Slide 9: Growth strategy: market expansion, organic growth, acquisitions
Market Expansion • Grow sensor processing by modality • Protect and grow Radar market footprint • Grow EW focused on RF / microwave • Expand into Intelligence Community • Big Data processing, analytics and analysis Evolve Business Model & Technology • Maintain Prime merchant supplier model • Direct
Slide 10: Organizing around like capabilities
We are organizing around like capabilities to open additional growth opportunities Software, Services and Systems Integration Mercury Systems Mercury Systems is a best-of-breed provider of commercially developed, open sensor and Big Data processing systems, software and services for critical commerc
Slide 11: Growth strategy summary
1. Expand our capabilities and offerings for sensor and Big Data processing 2. Grow business by sensor modality and within the Intelligence Community 3. Penetrate customers, programs and platforms through new design wins 4. Capitalize on Prime outsourcing and supply chain consolidation 5. Acquire to
Slide 12: Only commercial item company with end-to-end capabilities
We are the only commercial item company with the end-to-end capabilities and differentiated technology … … to build today’s sophisticated sensor processing subsystems targeting new platforms or upgrades Services and Systems Integration Open Sensor Processing Subsystems
Slide 13: Acquire stage: RF and microwave capabilities
RF DISTRIBUTION / CONDITIONING FREQUENCY DOWNCONVERSION TUNING / SYNTHESIS SYNTH TUNER RF In the ‘Acquire’ stage, we now have strong Microwave and RF capabilities critical to EW and SIGINT subsystems
Slide 14: Digitize stage capabilities
FILTERING DIGITAL FILTERING / CONDITIONING ANALOG-TO-DIGITAL CONVERSION In the ‘Digitize’ stage, we have added to our Echotek capabilities through the Micronetics acquisition
Slide 15: Processing capabilities
FPGA / GPGPU / High Density Server / Low Density Server / Switch Fabric Integrated Product Security Our processing capabilities encompass specialized FPGA sensor processing, Intel server-class DSP and leading GPU compute DIGITAL SIGNAL & IMAGE PROCESSING SENSOR-SPECIFIC PROCESSING BIG DATA EXPLOITAT
Slide 16: KOR and PDI exploitation and Big Data
KOR provides EW exploitation (DRFM), while PDI adds Big Data processing, analytics and analysis for the IC BIG-DATA PROCESSING, ANALYTICS, ANALYSIS TRACKING, ID & DECEPTION MULTI-INT DATA FUSION & ANALYSIS
Slide 17: Micronetics amplifiers and EW subsystems
Micronetics brings high-power amplifiers as well as EW and communications subsystems expertise FREQUENCY UPCONVERSION / FILTERING TRANSMISSION DIGITAL-TO-ANALOG CONVERSION
Slide 18: Growth strategy summary
1. Expand our capabilities and offerings for sensor and Big Data processing 2. Grow business by sensor modality and within the Intelligence Community 3. Penetrate customers, programs and platforms through new design wins 4. Capitalize on Prime outsourcing and supply chain consolidation 5. Acquire to
Slide 19: Defense electronics is a $40B+ market
Defense electronics is a $40B+ market Source: The Teal Group June 2011
Slide 20: Increased demand for ISR drives onboard sensor processing
EW Radar C4I EO/IR EW Radar … drive demand for our onboard sensor processing solutions Increased demand for ISR and rapidly evolving threats … More and better sensors. Overwhelming data. EW: new and rapidly evolving threats Radar: smaller, faster targets. New technologies EO/IR: leap in resolution,
Slide 21: Broadened addressable market within C4ISR
C4I EW RADAR EO/IR SONAR We have systematically broadened our addressable market within C4ISR … … by investing in new products and capabilities Note: Mercury Systems FY12 total $245M. Excludes $15M of Commercial and $3M of other defense revenue. C4I EW RADAR EO/IR FY12 Revenue $16M $135M $42M $27M $
Slide 22: Micronetics strengthens and grows EW business
Micronetics strengthens and grows our EW business Note: Total FY12 revenues are as reported in the Company’s and Micronetics, Inc.’s fiscal 2012 Form 10-Ks, as applicable.
Slide 23: Growth strategy summary
1. Expand our capabilities and offerings for sensor and Big Data processing 2. Grow business by sensor modality and within the Intelligence Community 3. Penetrate customers, programs and platforms through new design wins 4. Capitalize on Prime outsourcing and supply chain consolidation 5. Acquire to
Slide 24: Deployed on 300+ programs with 25+ Primes
BAMS; NATO AGS Global Hawk SEWIP AEGIS AEGIS Ashore F-15 Patriot Black Hawk Reaper Gorgon Stare F-16 Badger/Buzzard Shadow Global Hawk F-35 F-35 F-16 P-8 We are deployed on 300+ programs with 25+ Primes RADAR EW EO/IR – C4I BAMS; NATO AGS Global Hawk SEWIP AEGIS AEGIS Ashore F-15 Patriot Black Hawk
Slide 25: Key programs in production
Notes: Remaining potential values and timing reflect Management’s current estimates and are subject to change. ** Programs are currently being competed with multiple Primes. Key programs in production Mercury’s perspective on phase, timing and potential value
Slide 26: Healthy mix of design wins
Notes: Remaining potential values and timing reflect Management’s current estimates and are subject to change. ** Programs are currently being competed with multiple Primes. Healthy mix of design wins Mercury’s perspective on phase, timing and potential value
Slide 27: Growth strategy summary
1. Expand our capabilities and offerings for sensor and Big Data processing 2. Grow business by sensor modality and within the Intelligence Community 3. Penetrate customers, programs and platforms through new design wins 4. Capitalize on Prime outsourcing and supply chain consolidation 5. Acquire to
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Slide 29: Business model aligned to customer needs as they outsource
Primes Primes, IC Traditional Prime Model and Competition COTS COTS COTS Classified Prime/Gov’t IP RF IF Proc Classified Prime/Gov’t IP Defense and Intelligence Systems Mercury Systems Commercial Electronics Application Ready Subsystem from Commercial Electronics Our business model is aligned to the
Slide 30: Outsourcing could increase market opportunity
10% additional outsourcing doubles our market opportunity 25% additional outsourcing quadruples our market opportunity Outsourcing could substantially increase our market opportunity even with slower growth in defense spending Sources: The Teal Group June 2011; Management estimates of outsourcing po
Slide 31: Growth strategy summary
1. Expand our capabilities and offerings for sensor and Big Data processing 2. Grow business by sensor modality and within the Intelligence Community 3. Penetrate customers, programs and platforms through new design wins 4. Capitalize on Prime outsourcing and supply chain consolidation 5. Acquire to
Slide 32: Agenda
Agenda Corporate Overview Acquisition Strategy and Recent History – Gerry Haines, SVP Corporate Development Keynote: Pierre Chao, Renaissance Advisors Mercury Commercial Electronics Mercury Defense Systems Mercury Intelligence Systems Financial Review Closing Remarks / Q&A
Slide 33: Completed Phase 1 of M&A strategy
… resulting in a unique microwave and digital platform We’ve completed Phase 1 of our M&A strategy … Expanded capabilities across sensor processing chain Expanded addressable market by acquiring IC / classified domain expertise Disciplined evaluation: – Growth supported by market- based program assu
Slide 34: Micronetics acquisition case study
Financial Summary (1) Revenue Select Customers Select Programs Description Investment Thesis Sensor Processing Chain Adj. EBITDA Transaction Micronetics acquisition case study Now part of Mercury Commercial Electronics (1) As of March 31, 2012. Financial Summary (1) Revenue Select Customers Select P
Slide 35: Next phase: scaling sensor processing and intelligence businesses
Phase 2 will focus on scaling our sensor processing subsystems and intelligence businesses Enable growth in programs and content – Fastest approach to build EBITDA Emphasize opportunities to address underutilization and industry fragmentation – Greater opportunity for synergies Will pursue smaller a
Slide 36: Agenda
Agenda Corporate Overview Acquisition Strategy and Recent History Keynote: Pierre Chao, Renaissance Advisors Mercury Commercial Electronics Mercury Defense Systems Mercury Intelligence Systems Financial Review Closing Remarks / Q&A
Slide 37: Agenda
Agenda Corporate Overview Acquisition Strategy and Recent History Keynote: Pierre Chao, Renaissance Advisors Mercury Commercial Electronics – Didier Thibaud, President Mercury Defense Systems Mercury Intelligence Systems Financial Review Closing Remarks / Q&A
Slide 38: * Aegis SPY-1 kis
* Aegis SPY-1 kis + Patriot Radar + Predator/Reaper + SEWIP Block 1 &Block2 + E2D Hawkeye ** + F-16 SABR ** + Navy Multiband Terminal — Qrzene * P8-MMA * ASQ-39 POD Radar + FISEW + U2ASIP + SIRFC/AIDEWS * Global Hawk |BAE SYSTEMS TEAM Ex ELIS + BAMS Radar + JCREWI1B1 + BIBECM Sne:==..... + GENERAL A
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Slide 40: Mercury Commercial Electronics at a glance
Select Programs Description Capabilities Select Customers Mercury Commercial Electronics at a glance Select Programs Description Capabilities Select Customers ** Program being competed with multiple Primes Commercial item business Focused on HLS, ISR, EW and Big Data processing Lead open architectur
Slide 41: Micronetics increases MCE's RF/Microwave revenues by 184%
Micronetics increases MCE’s revenues in RF/Microwave by 184% Note: Total FY12 Micronetics revenues as reported in Micronetics, Inc.’s fiscal 2012 Form 10-K. * Excludes sales to affiliate entities.
Slide 42: Best-of-breed outsourcing partner to the Primes
Primes Primes Mercury Commercial Electronics RF IF Proc Application Ready Software Toolkit We have positioned Commercial Electronics as the best-of-breed outsourcing partner to the Primes … Minimize risk through Application Ready Subsystems (ARS) Drive affordability: modular building blocks with R&D
Slide 43: Aegis ballistic missile defense: SPY-1 BMD Radar
Mercury’s largest single program in production to date Aegis ballistic missile defense: SPY-1 BMD Radar Countering rogue nations’ ballistic missile threats Highest performance radar processor Application Ready Subsystem $9M booked in FY12, $85M+ booked to date Additional 27 ship sets expected throug
Slide 44: Patriot missile defense: next-generation ground radar
Program in production; FMS and US Army upgrade driving growth Patriot missile defense: Next-generation ground radar Services-led design win – Prime outsourcing example Sophisticated radar processor Application Ready Subsystem Production awards received to date: $41M – UAE, Taiwan, Saudi Arabia Poten
Slide 45: SEWIP: countering emerging peer threats
Strong partnership with Prime driving Mercury content expansion SEWIP: Countering new emerging peer threats Delivered best-of-breed RF, microwave and digital receiver subsystems Naval surface fleet EW upgrade: 100+ ships Upgrade to AN/SLQ-32 passive detection Block 2: – Opportunity to expand through
Slide 46: Acquisition strategy driving growth in EW: F-15
Acquisition strategy is driving growth in EW and enabling access to new customers and programs Electronic warfare system upgrade for F-15 C/D Micronetics EW design win Provides fighter jets with advanced radar warning and countermeasure capabilities F-15 electronic upgrades for FMS and USAF RF & mic
Slide 47: Exelis SIRFC and AIDEWS
Provides advanced radar warning, situational awareness, jamming and EW Target rotary and fixed-wing aircraft (AH-64, F-16, CV22, MH-60, POD) Positioned for US upgrade programs Providing several microwave assemblies per system In production, $5M-$10M/yr Acquisition strategy driving growth in EW and o
Slide 48: Major new design win summary
Raytheon Advanced Distributed Aperture System (ADAS - DVE) Delivered first system for Technology Demonstration phase Expected Program of Record to start end of GFY14 Northrop Grumman F-16 SABR New AESA radar upgrade design win with one of the Prime contenders Taiwan awarded 145 F-16 Radar to Lockhee
Slide 49: Summary – Well positioned for market rebound
Summary – Well positioned for market rebound Short-term challenges due to macro environment Well positioned on key programs and platforms Unique strategy with capabilities covering the full sensor chain Unique and differentiated open architecture building blocks New capabilities in RF driving expans
Slide 50: Agenda
Agenda Corporate Overview Acquisition Strategy and Recent History Keynote: Pierre Chao, Renaissance Advisors Mercury Commercial Electronics Mercury Defense Systems – Kevin Carnino, President Mercury Intelligence Systems Financial Review Closing Remarks / Q&A
Slide 51: Mercury Defense Systems at a glance
Select Programs Select Customers Description Capabilities Mercury Defense Systems at a glance Select Programs Select Customers Description Capabilities Delivers innovative, open sensor processing solutions to key Prime contactors Leverages commercially available technologies and solutions from Comme
Slide 52: Defense Systems expands addressable market
Mercury Commercial Electronics Primes Primes Mercury Defense Systems Application Ready Subsystem Classified Prime/Gov’t IP Direct customer collaboration to develop mission-unique subsystems Leveraging commercially developed technologies – Quicker program execution – Proven technologies – More afford
Slide 53: Filthy Badger / Buzzard: vulnerability assessment and training
Filthy Badger / Buzzard: vulnerability assessment / training New EW design win in MDS (KOR) Electronic attack systems produced for Navy/AF vulnerability assessment and tactics training $65M Filthy Badger IDIQ renewal expected Next-generation DRFM, Filthy Buzzard in development $58M BOA for Filthy Bu
Slide 54: Gorgon Stare Increment 2
Several opportunities for growth over the next 3-6 years Gorgon Stare Increment 2 Nation’s premier EO/IR wide area surveillance system Increment 2 – New onboard processor and storage for advanced wide-area sensors – Quick-reaction capability; delivery in 18 months – Total contract potential $31-$35M
Slide 55: Radar and EW test and simulation
A B MCE’s processor architectures essential for enhanced capabilities Radar and EW test and simulation Enhanced capabilities for AESA and SAR testing Produces realistic environments for radar and EW testing and evaluation Significantly reduces program cost by minimizing flight time Used by key Prime
Slide 56: FELCO: Onboard Multi-INT Exploitation for UAVs
FELCO: Onboard Multi-INT Exploitation for UAVs Collaboration with ITT Exelis Mercury processors New design win summary New program pursuits Low-altitude UAV DF/Intercept System Enables cross-cueing of EO/IR sensors in real time Mercury-developed system Test and Simulation: Radar and EW Environment S
Slide 57: Summary – MDS value to Mercury
Summary – MDS brings value to Mercury by: Expanding Mercury’s addressable market by focusing on EW, SIGINT and EO/IR systems domain expertise Leveraging MCE’s technology to develop integrated, open architecture mission level solutions for the C4ISR market Reducing customers’ program risk with rapid
Slide 58: Agenda
Agenda Corporate Overview Acquisition Strategy and Recent History Keynote: Pierre Chao, Renaissance Advisors Mercury Commercial Electronics Mercury Defense Systems Mercury Intelligence Systems – Matt Hughes, President Financial Review Closing Remarks / Q&A
Slide 59: ML,
ML,
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Slide 62: Mercury Intelligence Systems at a glance
Capabilities Description Select Markets Select Customers Mercury Intelligence Systems at a glance Capabilities Description Select Markets Select Customers Delivers technologically advanced hardware and software data processing solutions Provides predictive analytics capabilities to address IC and Do
Slide 63: Intelligence Community Big Data challenges
Intelligence Community Big Data challenges Enormous amounts of data generated daily by individuals, systems and adversaries Current collection exceeds the capacity of traditional databases and software tools Increasingly complex legal and data security needs Estimated $80B spent annually in IC data
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Slide 65: Unique solutions positioned to meet increasing demand
Mercury Commercial Electronics Primes Intelligence Community Mercury Intelligence Systems Application Ready Subsystem Classified Prime/Gov’t IP Unique solutions positioned to meet increasing demand Commercial Electronics and Intelligence Systems: Enabling confidence in and protection of our sensitiv
Slide 66: Leveraged technology driving new growth opportunities
Leveraged technology driving new growth opportunities New market opportunities in Big Data processing: Data security and verification Big Data processing technology demonstrator High-bandwidth network analysis can be applied to other missions Unique balance of high- performance, real-time processing
Slide 67: Summary – MIS value to Mercury
Summary – MIS brings value to Mercury by: Offering unique cradle-to-grave capabilities for processing Big Data in the IC Knowing how to transform data into intelligence with speed, agility and security Being uniquely positioned to bring MCE’s best-in-class technology to bear on IC challenges Bringin
Slide 68: Agenda
Agenda Corporate Overview Acquisition Strategy and Recent History Keynote: Pierre Chao, Renaissance Advisors Mercury Commercial Electronics Mercury Defense Systems Mercury Intelligence Systems Financial Review – Kevin Bisson, CFO Closing Remarks / Q&A
Slide 69: Revenue summary by market
Revenue summary by market Notes: Total FY08 – FY12 revenues are as reported in the Company’s fiscal 2012 Form 10-K. Mercury Systems FY12 pro forma MDS revenues include KOR revenues for the period of December 30, 2011 – June 30, 2012 and Mercury Federal Systems for fiscal 2012. Mercury Systems FY12 p
Slide 70: Defense revenue growth acceleration
Defense revenue growth acceleration 15% CAGR since FY08 FY08 FY09 FY10 FY11 FY12 FY08-12 CAGR ACS & MFS Defense 130.3 144.8 157.5 180.4 210.1 YOY Growth % 11% 9% 15% 16% 13% KOR Electronics 11.9 Paragon Dynamics 7.9 Total Defense 130.3 144.8 157.5 180.4 229.9 YOY Growth % 11% 9% 15% 27% 15% ACS Comm
Slide 71: FY08–FY12: Improved financial performance
GAAP FY08 Actual FY09 Actual FY10 Actual FY11 Actual FY12 Actual FY08 – FY12: Improved financial performance Bookings ($M) Revenue ($M) Gross Margin % Revenue 57.8% 55.8% 56.3% 56.8% 55.6% Operating Expenses ($M) Amort/Acq. Costs Restructuring Expense Operating Income ($M) % Revenue (5) (2.8%) 4.1%
Slide 72: Profitability restored and improved
Profitability restored and improved Notes: FY08-12 figures are as reported in the Company’s fiscal 2012 Form 10K. FY10 Earnings per share of $1.22 were positively influenced by $0.68 from the partial reversal of the valuation allowance against deferred tax assets and an effective FY10 tax rate benef
Slide 73: Adjusted EBITDA above historic target business model
Adjusted EBITDA above historic target business model Notes: FY08 figures are as reported in the Company’s fiscal 2010 Form 10K. FY09-11 figures are as reported in the Company’s fiscal 2011 Form 10K. Adjusted EBITDA excludes interest income and expense, income taxes, depreciation, amortization of acq
Slide 74: Healthy free cash flow from operations
Healthy free cash flow from operations Engineering and supply chain transformation – Engineering methods – Investments in DFM – Operational efficiencies – Reduced lead times – Improved cost of quality – Outsourced manufacturing Note: Free cash flow is defined as cash provided by operating activities
Slide 75: Strong balance sheet with sufficient liquidity
Strong balance sheet with sufficient liquidity Zero debt and expanded revolving credit line $500M Shelf Registration $200M senior unsecured revolving line of credit (no drawdowns) Other financing sources available
Slide 76: Summary of new revolving credit line terms
Borrower Facility Accordion Use of Proceeds Security Maturity Borrowing Rates & Commitment Fees Financial Covenants Summary of new revolving credit line terms Currently undrawn Mercury Systems, Inc. $200.0M senior unsecured revolving credit facility Up to $50.0M in the form of an incremental revolvi
Slide 77: Achieved historic target business model
GAAP FY08 FY09 FY10 FY11 FY12 Target Business Model Revenue 100% Gross Margin 54+% SG&A and other OPEX(1) Low-mid 20’s R&D High Teens Operating Income 12-13% Adj. EBITDA 17-18% Achieved historic target business model 100% 100% 100% 100% 100% 58% 56% 56% 57% 56% 37% 29% 27% 26% 25% 24% 22% 21% 19% 19
Slide 78: Defense industry conditions are currently challenging
Defense industry conditions are currently challenging Adversely impacting financial results Restructurings lead to $25M of recurring annualized savings Forecasting more conservatively Focused on managing controllable items Sufficient liquidity and improved financial flexibility Substantial operating
Slide 79: Updated business model raises Adjusted EBITDA target
GAAP FY12 Historic Target Business Model Current Target Business Model Revenue 100% Gross Margin 45-50% SG&A and other OPEX (1) Low 20’s R&D 11-13% Amortization (2) 2-3% Operating Income 12-13% Adj EBITDA 18-22% Updated business model raises Adjusted EBITDA target In a more normalized industry envir
Slide 80: Financial summary
Financial summary 15% Defense revenue CAGR FY08-FY12 Profitability restored and improved Converted earnings growth to healthy free cash flows Strong balance sheet; zero debt $200M revolving credit facility and $500M universal shelf Exceeded historic target model; new targets established Reduced cost
Slide 81: Agenda
Agenda Corporate Overview Acquisition Strategy and Recent History Keynote: Pierre Chao, Renaissance Advisors Mercury Commercial Electronics Mercury Defense Systems Mercury Intelligence Systems Financial Review Closing Remarks / Q&A
Slide 82: Well positioned for market rebound
Well positioned for market rebound Focused on important defense and intelligence priorities Well positioned on key programs and platforms Capabilities help address today’s and tomorrow’s threats Business model aligned with defense procurement reform Outsourcing partner to Primes for open sensor subs
Slide 83: Appendix
Appendix
Slide 84: Adjusted EBITDA reconciliation
Adjusted EBITDA reconciliation Years Ended June (000'S) Income (loss) from continuing operations $ (4,437) $ 7,909 $ 28,069 $ 18,507 $ 22,619 Interest expense (income), net (3,129) (151) Income tax expense (benefit) 3,710 (9,377) 8,060 9,152 Depreciation 7,372 5,640 5,147 6,364 7,859 Amortization of
Slide 85: Free cash flow reconciliation
Free cash flow reconciliation Years Ended June Cash flows from operating activities $ 13,726 $ 11,199 $ 15,708 $ 31,474 $ 31,869 Capital expenditures (4,625) (4,126) (7,334) (8,825) (9,427) Free cash flow $ 9,101 $ 7,073 $ 8,374 $ 22,649 $ 22,442
Slide 86: Glossary
Glossary ADAS Advanced Distributed Aperture System EMD Engineering and Manufacturing Development MMSP Multimission Signal Processor AEGIS Aegis Ballistic Missile Defense System EO/IR Electro-optical / Infrared OpenVPX System-level specification for VPX, initiated by Mercury AESA Active Electronicall
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