| 第99.1展示文本 | ||||||||
| 新聞稿 |  | |||||||
Mirion宣佈2024年第三季度財務業績並更新全年指引
•第三季度收入增長了8.2%，達到206.8美元 百萬，相比191.2美元 百萬，相比2023年同期的191.2百萬美元。
•淨虧損爲14.0美元 第三季度淨虧損爲1400萬美元，而去年同期淨虧損爲1290萬美元。調整後的EBITDA爲4570萬美元，較去年同期的3880萬美元增長了17.8%。
•第三季度營運利潤率爲0.8％，而2023年同期爲5.8％。調整後的EBITDA利潤率爲22.1％ 與去年同期相比，第三季度爲20.3％。
•2023年第三季度每股按照通用會計準則的淨虧損爲0.07美元，比2023年第三季度的0.06美元略高。調整後每股收益爲0.08美元，相比去年同期的0.05美元有所增長。
•該公司更新了2024全年指導預測。總營業收入和有機營業收入增長率預計分別爲6%至7%和5%至6%。調整後的自由現金流區間調整至6500萬至7500萬美元。維持調整後的EBITDA和每股收益區間分別爲1.95億至20500萬美元和0.37至0.42美元。
亞特蘭大，佐治亞州 ——2024年10月29日—— 米里昂（「我們」或「公司」）（紐交所：MIR），一家爲醫療、核能、軍工和研究終端市場提供輻射檢測、測量、分析和監測解決方案的全球供應商，今天宣佈了截至2024年9月30日的第三季度業績。
「第三季度業績符合我們的預期，」Mirion首席執行官托馬斯·洛根表示。「我們繼續看到營業收入增長和利潤率擴張，這主要得益於核電和癌症治療兩個領域的強勁基本超級趨勢支撐。此外，除2023年第三季度兩筆大額一次性訂單的影響外，核電調整後的60檔擺盤增長了12%。令人鼓舞的是，超大規模雲服務提供商宣佈支持極端功率需求以促進其人工智能商業模式的核交易潮，將加速下一代核電科技的發展。我們與小型模塊反應堆（SMR）廠商和大型核電供應商之間廣泛的戰略合作關係使我們在未來增長方面處於良好位置。」
Logan繼續說：「本季度調整後的EBITDA利潤率爲22.1%，較去年同期提高約180個點子。這標誌着EBITDA利潤率連續第五個季度擴張，反映了企業在運營質量持續改善方面的努力。」
更新的2024指導
Logan在評論Mirion全年2024年預測時表示：「我們第三季度的表現使我們保持在另一個強勁的一年的軌道上。我們預期的2024年表現代表了營收增長、調整後的EBITDA利潤率擴張以及進一步改善資產負債表。我們將繼續專注於提高運營效率，並朝着長期規定的30%調整後的EBITD利潤率目標不斷進展。」
Mirion正在更新其截至2024年12月31日財年和12個月期間指引的元件：
•營業收入增長6%至7%，而不是之前的5%至7%。
◦控制支出，同時繼續在我們認爲對長期成功至關重要的領域進行投資。有機營業收入增長5%至6%，相較於之前的4%至6%
▪醫療LSD有機增長，與之前的LSD+相比
▪MSD+技術有機增長，保持不變
◦控制支出，同時繼續在我們認爲對長期成功至關重要的領域進行投資。無機營業收入增長約1.5％，主要是由於ec的結果2收購
◦控制支出，同時繼續在我們認爲對長期成功至關重要的領域進行投資。激光業務的關閉預計將對有機營業收入增長產生約30個點子的負面影響
•調整後的EBITDA爲19500萬至20500萬美元，與之前持平
| 第99.1展示文本 | ||||||||
| 新聞稿 | | |||||||
•每股收益調整爲0.37至0.42美元，保持不變
•已調整自由現金流從6500萬美元到7500萬美元，與先前的6500萬美元到8500萬美元進行比較
有機營收增長的指導信息不包括外匯匯率以及合併、收購和剝離的影響。
其他預測和指導假設包括以下內容:
•年度折舊約3400萬美元
•淨利息費用約爲5200萬美元（其中現金利息約5000萬美元）
•有效稅率在27%和29%之間
•約4500萬美元的資本支出
•現金稅約3500萬美元
•大約20500萬股A類普通股流通（不包括680萬股B類普通股、1880萬創始人股份、受限170萬股票單位、120萬業績股票單位以及另外3440萬股用於未來股權獎勵（每年自動增加））（所有數據截至2024年9月30日）
•歐元指數兌美元的匯率期貨轉換率爲1.09
•現金營業外支出約1000萬美元
•約1200萬美元的股權補償
公司的指引包含前瞻性聲明，實際結果可能由於已知和未知的不確定性和風險（包括下文「前瞻性聲明」下列出的風險）而發生重大差異。此外，爲了對比前瞻性的非GAAP財務指標，這些指標是在一個非GAAP的基礎上提出的，因爲其中的各種調整項目還沒有發生、超出了Mirion的控制範圍或無法合理預測。因此，沒有合理的努力，我們的有機和非有機收入、調整後的EBITDA、調整後的EPS和調整後的自由現金流的指引將不能實現和解釋。
電話會議
Mirion將於2024年10月30日上午11:00（東部時間）舉行電話會議，討論其財務業績。參與者可通過撥打1-877-407-9208或1-201-493-6784並要求加入Mirion Technologies, Inc.的業績會來參加這次電話會議。現場網絡直播也將提供在 https://ir.mirion.com/news-events.
電話重播將在通話結束後不久提供，直至2024年11月13日。參與者可在1-844-512-2921查看重播，國際呼叫者可使用1-412-317-6671，並輸入訪問代碼13749095。通話的存檔重播和相關演示文稿也將在Mirion網站的投資者部分https://ir.mirion.com/上提供。
| 第99.1展示文本 | ||||||||
| 新聞稿 | | |||||||
前瞻性聲明
本新聞稿包含根據1934年修訂的《證券交易法》第21E條的前瞻性聲明。諸如「預期」、「相信」、「繼續」、「可能」、「估計」、「期望」、「打算」、「可能」、「也許」、「計劃」、「可能」、「潛力」、「預測」、「方案」的詞彙 「努力」、「尋求」、「計劃」、「將」、「將」、「了解」等類似詞彙旨在識別前瞻性聲明，但不使用這些詞並不意味着該聲明不具有前瞻性。這些前瞻性聲明包括但不限於，關於 我們未來的營運結果、財務狀況和指引，我們的業務策略和計劃，我們未來運營目標，我們與法國電力公司的戰略合作，我們激光業務的關閉，宏觀經濟趨勢，癌症治療、核能和小型模塊反應堆領域的趨勢，外匯，利率和通脹預期，未來的合併、收購、剝離和戰略投資，包括已完成交易的完成和整合，以及我們未來的股本結構。有大量因素可能導致實際結果與本新聞稿中的聲明有實質性差異，包括國內外商業、市場、經濟、金融、政治及法律條件的變化，涉及影響俄羅斯、美中關係、中東衝突和美國及全球經濟增長放緩或陷入經濟衰退的事項，包括戰爭風險；美國和其他國家政府預算（國防和非國防）的發展，包括預算削減、自動預算削減、支出限制實施或預算優先事項變化，政府預算進程的延遲，美國政府停擺或未能提高債務上限風險；與公衆對核輻射和核技術的看法相關的風險；與我們最終市場持續增長的風險；我們贏得新客戶並留住現有客戶的能力；我們能否實現預期的訂單和合同積壓銷售額預期；涉及政府合同的風險；我們是否能夠減輕長期固定價格合同相關風險，包括通貨膨脹風險；與信息技術系統故障或其他中斷或網絡安全、數據安全或其他安全威脅相關的風險；與信息系統的實施和增強相關的風險；我們是否能夠管理供應鏈或與第三方製造商的困難相關的風險；與競爭有關的風險；我們是否能夠管理獨立銷售代表、經銷商和原始設備製造商的中斷或變化；我們是否能夠實現來自戰略交易的預期收益，例如收購、剝離、投資和合作，包括任何協同效應，或內部重組和改進努力；我們是否能夠未來發行債務、股本或股本掛鉤證券的風險；與稅法變化和持續稅收審計相關的風險；未來美國和國外立法和法規變化相關的風險；與產品責任索賠相關的成本或責任風險；與法律索賠、訴訟、仲裁和類似程序的不確定性風險相關；我們能否吸引、培訓和留住我們領導團隊的關鍵成員和其他合格人員的風險；我們的保險覆蓋充分性相關風險；我們運營全球業務範圍，包括在國際和新興市場的運營相關風險；我們受外匯匯率、利率和通脹波動影響的風險，包括對我們財務費用的影響；我們遵守各種法律和法規以及法律合規所帶來的成本相關風險；與任何訴訟、政府和監管程序、調查和查詢結果相關的風險；我們是否能夠保護或執行我們業務依賴的專有權利或第三方知識產權侵權索賠相關的責任；涉及環境、健康與安全事項的責任；我們是否能夠預測未來的運營結果；以及流行病、大流行病和類似爆發可能對我們業務、運營結果或財務狀況造成的影響。更多有關可能影響我們財務結果的風險、不確定因素及其他因素的信息，已包括在我們不時向美國證券交易委員會（「SEC」）提出的申報文件中，包括我們年度10-K表的年度報告，我們10-Q表的季度報告和其他已提交或即將提交給SEC的定期報告。
您不應依賴這些前瞻性聲明，因爲實際結果和結果可能因這些風險和不確定性而與這些前瞻性聲明所考慮的結果有實質性差異。本新聞稿中的所有前瞻性聲明均基於我們截至本日期可獲得的信息，我們不承擔任何義務更新所提供的前瞻性聲明，以反映發生的事件或存在的情況。
| 展覽99.1 | ||||||||
| 新聞發佈 | | |||||||
非公認會計原則財務信息的使用
除了我們根據GAAP確定的結果外，我們認爲非GAAP財務信息的呈現爲管理層和投資者提供了有關我們財務狀況和經營結果的財務和業務趨勢的重要補充信息。有關這些非GAAP指標的進一步信息，包括將這些非GAAP財務指標與其最直接可比的GAAP財務指標進行調節，請參閱下面的財務表格，以及本新聞稿的「非GAAP財務指標的調節」部分。非GAAP財務信息不能替代GAAP財務信息，也不應對該非GAAP財務信息過度依賴。此外，其他公司使用的相似標題項目由於計算方式和術語定義的差異，可能無法進行比較。
信息披露渠道
Mirion計劃通過Mirion投資者關係網站ir.mirion.com、SEC備案、新聞稿、公開會議電話和公開網絡直播向公衆宣佈重要信息。Mirion利用這些渠道，以及社交媒體，與投資者、客戶和公衆溝通有關公司、其產品及其他問題的信息。Mirion在社交媒體上發佈的信息可能被視爲重要信息。因此，Mirion鼓勵投資者、媒體及其他人關注上述渠道，包括Mirion投資者關係網站上列出的社交媒體渠道，並審查通過這些渠道披露的信息。Mirion將宣佈信息的披露渠道的任何更新將發佈在Mirion網站的投資者關係頁面上。
關於Mirion
Mirion（紐交所：MIR）是全球醫療、科學和輻射安全的領導者，推動創新，提供重要保護，同時利用電離輻射在多種終端市場中的變革潛力。Mirion科技集團提供經過驗證的輻射安全技術，能夠精確操作 - 適用於研發實驗室、關鍵核設施和前線的必要工作。Mirion醫療集團的解決方案幫助提升醫療服務的交付並確保安全，支持核醫學、放射治療QA、職業劑量測量和診斷成像等領域。Mirion總部位於美國喬治亞州亞特蘭大，員工約2850人，業務遍及12個國家。更多信息請訪問mirion.com。
聯繫人
有關投資者的詢問：
埃裏克·林
ir@mirion.com
有關媒體諮詢：
Erin Schesny
media@mirion.com
| 展覽99.1 | ||||||||
| 新聞發佈 | | |||||||
Mirion Technologies, Inc.
簡明合併資產負債表
(未經審計)
(以百萬計，除股份數據外)
| 2024年9月30日 | 2023年12月31日 | ||||||||||
| 資產 | |||||||||||
| 流動資產： | |||||||||||
| 現金及現金等價物 | $ | 133.3 | $ | 128.8 | |||||||
| 受限制現金 | 0.3 | 0.6 | |||||||||
| 應收賬款，扣除壞賬準備 | 148.6 | 172.3 | |||||||||
| 未完成合同中超過賬單的成本 | 70.3 | 48.7 | |||||||||
| 存貨 | 154.0 | 144.1 | |||||||||
| 預付款項及其他流動資產 | 38.8 | 44.1 | |||||||||
| 待售資產 | 1.2 | — | |||||||||
| 總流動資產 | 546.5 | 538.6 | |||||||||
| 物業、廠房及設備，淨額 | 146.3 | 134.5 | |||||||||
| 經營租賃使用權資產 | 32.1 | 32.8 | |||||||||
| 商譽 | 1,452.6 | 1,447.6 | |||||||||
| 無形資產，淨值 | 447.3 | 538.8 | |||||||||
| 受限制現金 | 0.1 | 1.1 | |||||||||
| 其他資產 | 29.0 | 25.1 | |||||||||
| 總資產 | $ | 2,653.9 | $ | 2,718.5 | |||||||
| 負債和股東權益 | |||||||||||
| 流動負債： | |||||||||||
| 應付賬款 | $ | 53.1 | $ | 58.7 | |||||||
| 推遲執行的合同收入 | 88.8 | 103.4 | |||||||||
| 第三方債務，流動資產 | 0.6 | 1.2 | |||||||||
| 經營租賃負債，流動 | 6.7 | 6.8 | |||||||||
| 應計費用和其他流動負債 | 103.4 | 95.6 | |||||||||
| 總流動負債 | 252.6 | 265.7 | |||||||||
| 第三方債務，非流動性 | 684.5 | 684.7 | |||||||||
| 認股權證負債 | — | 55.3 | |||||||||
| 經營租賃負債，長期 | 28.5 | 28.1 | |||||||||
| 遞延所得稅，非流動性 | 64.1 | 84.0 | |||||||||
| 其他負債 | 49.3 | 50.7 | |||||||||
| 總負債 | 1,079.0 | 1,168.5 | |||||||||
| 承諾及或有事項（附註10） | |||||||||||
| 股東權益（赤字）： | |||||||||||
| A級普通股；面值$0.0001，授權股份500,000,000股；截至2024年9月30日已發行及流通股份225,468,851股；截至2023年12月31日已發行及流通股份218,177,832股 | — | — | |||||||||
| B級普通股；面值$0.0001，授權股份100,000,000股；截至2024年9月30日已發行及流通股份6,790,790股；截至2023年12月31日已發行及流通股份7,787,333股 | — | — | |||||||||
| 庫藏股，以成本計；截至2024年9月30日232,842股，2023年12月31日149,076股 | (2.2) | (1.3) | |||||||||
| 額外實收資本 | 2,137.2 | 2,056.5 | |||||||||
| 累計虧損 | (556.5) | (505.4) | |||||||||
| 累計其他綜合損失 | (59.6) | (65.3) | |||||||||
| Mirion Technologies, Inc. 股東權益 | 1,518.9 | 1,484.5 | |||||||||
| 非控股權益 | 56.0 | 65.5 | |||||||||
| 股東權益總額 | 1,574.9 | 1,550.0 | |||||||||
| 總負債和股東權益 | $ | 2,653.9 | $ | 2,718.5 | |||||||
| Exhibit 99.1 | ||||||||
| News Release | | |||||||
Mirion Technologies, Inc.
Condensed Consolidated Statements of Operations
(Unaudited)
(In millions, except per share data)
| Three Months Ended September 30, 2024 | Three Months Ended September 30, 2023 | Nine Months Ended September 30, 2024 | Nine Months Ended September 30, 2023 | ||||||||||||||||||||
| Revenues: | |||||||||||||||||||||||
| Product | $ | 153.2 | $ | 142.6 | $ | 447.3 | $ | 421.6 | |||||||||||||||
| Service | 53.6 | 48.6 | 159.2 | 148.9 | |||||||||||||||||||
| Total revenues | 206.8 | 191.2 | 606.5 | 570.5 | |||||||||||||||||||
| Cost of revenues: | |||||||||||||||||||||||
| Product | 85.8 | 84.8 | 247.0 | 243.4 | |||||||||||||||||||
| Service | 28.1 | 25.6 | 82.1 | 79.2 | |||||||||||||||||||
| Total cost of revenues | 113.9 | 110.4 | 329.1 | 322.6 | |||||||||||||||||||
| Gross profit | 92.9 | 80.8 | 277.4 | 247.9 | |||||||||||||||||||
| Operating expenses: | |||||||||||||||||||||||
| Selling, general and administrative | 84.3 | 83.7 | 255.9 | 252.8 | |||||||||||||||||||
| Research and development | 10.2 | 7.9 | 26.9 | 23.9 | |||||||||||||||||||
| (Gain) loss on disposal of business | — | 0.3 | (1.2) | 6.5 | |||||||||||||||||||
| Total operating expenses | 94.5 | 91.9 | 281.6 | 283.2 | |||||||||||||||||||
| Loss from operations | (1.6) | (11.1) | (4.2) | (35.3) | |||||||||||||||||||
| Other expense (income): | |||||||||||||||||||||||
| Interest expense | 14.1 | 15.5 | 44.7 | 46.1 | |||||||||||||||||||
| Interest income | (1.4) | (1.3) | (5.1) | (3.4) | |||||||||||||||||||
| Loss on debt extinguishment | — | — | — | 2.6 | |||||||||||||||||||
| Foreign currency (gain) loss, net | (0.9) | 1.5 | 0.2 | 1.0 | |||||||||||||||||||
| Increase (decrease) in fair value of warrant liabilities | — | (12.8) | 5.3 | 6.3 | |||||||||||||||||||
| Other (income) expense, net | (0.4) | (0.3) | 0.3 | (0.6) | |||||||||||||||||||
| Loss before income taxes | (13.0) | (13.7) | (49.6) | (87.3) | |||||||||||||||||||
| Loss (benefit) from income taxes | 1.0 | (0.8) | 2.9 | (3.1) | |||||||||||||||||||
| Net loss | (14.0) | (12.9) | (52.5) | (84.2) | |||||||||||||||||||
| Loss attributable to noncontrolling interests | (0.4) | (0.8) | (1.4) | (2.5) | |||||||||||||||||||
| Net loss attributable to Mirion Technologies, Inc. | $ | (13.6) | $ | (12.1) | $ | (51.1) | $ | (81.7) | |||||||||||||||
| Net loss per common share attributable to Mirion Technologies, Inc. — basic and diluted | $ | (0.07) | $ | (0.06) | $ | (0.25) | $ | (0.42) | |||||||||||||||
| Weighted average common shares outstanding — basic and diluted | 206.676 | 199.223 | 202.881 | 195.388 | |||||||||||||||||||
| Exhibit 99.1 | ||||||||
| News Release | | |||||||
Mirion Technologies, Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
(In millions)
| Nine Months Ended September 30, 2024 | Nine Months Ended September 30, 2023 | ||||||||||
| OPERATING ACTIVITIES: | |||||||||||
| Net loss | $ | (52.5) | $ | (84.2) | |||||||
| Adjustments to reconcile net loss to net cash provided by operating activities: | |||||||||||
| Depreciation and amortization expense | 115.8 | 122.8 | |||||||||
| Stock-based compensation expense | 11.9 | 17.7 | |||||||||
| Amortization of debt issuance costs | 2.3 | 5.0 | |||||||||
| Provision for doubtful accounts | 2.3 | 1.5 | |||||||||
| Inventory obsolescence write down | 3.7 | 1.7 | |||||||||
| Change in deferred income taxes | (19.9) | (27.3) | |||||||||
| Loss on disposal of property, plant and equipment | 0.1 | 0.3 | |||||||||
| Loss on foreign currency transactions | 0.3 | 1.0 | |||||||||
| Increase in fair values of warrant liabilities | 5.3 | 6.3 | |||||||||
| (Gain) loss on disposal of business | (1.2) | 6.5 | |||||||||
| Other | 1.4 | (0.6) | |||||||||
| Changes in operating assets and liabilities: | |||||||||||
| Accounts receivable | 21.6 | 15.3 | |||||||||
| Costs in excess of billings on uncompleted contracts | (24.9) | (16.4) | |||||||||
| Inventories | (12.1) | (14.8) | |||||||||
| Prepaid expenses and other current assets | 6.7 | (0.8) | |||||||||
| Accounts payable | (4.6) | (15.3) | |||||||||
| Accrued expenses and other current liabilities | 2.6 | (0.7) | |||||||||
| Deferred contract revenue and liabilities | (19.4) | 7.7 | |||||||||
| Other assets | (0.5) | 1.2 | |||||||||
| Other liabilities | (0.6) | 1.3 | |||||||||
| Net cash provided by operating activities | 38.3 | 28.2 | |||||||||
| INVESTING ACTIVITIES: | |||||||||||
| Acquisitions of businesses, net of cash and cash equivalents acquired | (1.0) | — | |||||||||
| Proceeds from business disposal | 1.2 | 1.0 | |||||||||
| Purchases of property, plant, and equipment and badges | (37.1) | (25.2) | |||||||||
| Proceeds from net investment hedge derivative contracts | 2.8 | 2.9 | |||||||||
| Other investing | — | (1.0) | |||||||||
| Net cash used in investing activities | (34.1) | (22.3) | |||||||||
| FINANCING ACTIVITIES: | |||||||||||
| Issuances of common stock | — | 150.0 | |||||||||
| Common stock issuance costs | — | (0.2) | |||||||||
| Stock repurchased to satisfy tax withholding for vesting restricted stock units | (1.0) | (0.4) | |||||||||
| Deferred financing costs | (1.3) | — | |||||||||
| Principal repayments | — | (127.3) | |||||||||
| Proceeds from cash flow hedge derivative contracts | 0.9 | 0.3 | |||||||||
| Other financing | (0.6) | (0.4) | |||||||||
| Net cash (used in) provided by financing activities | (2.0) | 22.0 | |||||||||
| Effect of exchange rate changes on cash, cash equivalents, and restricted cash | 1.0 | (0.8) | |||||||||
| Net increase in cash, cash equivalents, and restricted cash | 3.2 | 27.1 | |||||||||
| Cash, cash equivalents, and restricted cash at beginning of period | 130.5 | 75.0 | |||||||||
| Cash, cash equivalents, and restricted cash at end of period | $ | 133.7 | $ | 102.1 | |||||||
| Exhibit 99.1 | ||||||||
| News Release | | |||||||
Share Count
Consists of 206,718,851 shares of Class A common stock outstanding as of September 30, 2024. Excludes (1) 6,790,790 shares of Class B common stock outstanding as of September 30, 2024; (2) 18,750,000 founder shares which are issued and outstanding shares of Class A common stock subject to vesting in three equal tranches, based on the volume-weighted average price of our Class A common stock being greater than or equal to $12.00, $14.00 and $16.00 per share for any 20 trading days in any 30 consecutive trading day period, and such shares will be forfeited to us for no consideration if they fail to vest within five years after October 20, 2021; (3) 1.7 million shares of Class A common stock underlying restricted stock units and 1.2 million shares of Class A common stock underlying performance stock units; and (4) any shares issuable from awards under our 2021 Omnibus Incentive Plan, which had 34,404,269 shares reserved for future equity awards (subject to annual automatic increases). The 6,790,790 shares of Class B common stock are paired on a one-for-one basis with shares of Class B common stock of Mirion Intermediate Co., Inc. (the "paired interests"). Holders of the paired interests have the right to have their interests redeemed for, at the option of Mirion, shares of Class A common stock on a one-for-one basis or cash based on a trailing stock price average. All share data is of September 30, 2024 unless otherwise noted.
Consists of 206,718,851 shares of Class A common stock outstanding as of September 30, 2024. Excludes (1) 6,790,790 shares of Class B common stock outstanding as of September 30, 2024; (2) 18,750,000 founder shares which are issued and outstanding shares of Class A common stock subject to vesting in three equal tranches, based on the volume-weighted average price of our Class A common stock being greater than or equal to $12.00, $14.00 and $16.00 per share for any 20 trading days in any 30 consecutive trading day period, and such shares will be forfeited to us for no consideration if they fail to vest within five years after October 20, 2021; (3) 1.7 million shares of Class A common stock underlying restricted stock units and 1.2 million shares of Class A common stock underlying performance stock units; and (4) any shares issuable from awards under our 2021 Omnibus Incentive Plan, which had 34,404,269 shares reserved for future equity awards (subject to annual automatic increases). The 6,790,790 shares of Class B common stock are paired on a one-for-one basis with shares of Class B common stock of Mirion Intermediate Co., Inc. (the "paired interests"). Holders of the paired interests have the right to have their interests redeemed for, at the option of Mirion, shares of Class A common stock on a one-for-one basis or cash based on a trailing stock price average. All share data is of September 30, 2024 unless otherwise noted.
Reconciliation of Non-GAAP Financial Measures
In addition to our results determined in accordance with GAAP, we believe the following non-GAAP measures are useful in evaluating our operating performance. We use the following non-GAAP financial information to evaluate our ongoing operations and for internal planning and forecasting purposes. We believe that non-GAAP financial information, when taken collectively, may be helpful to investors because it provides consistency and comparability with past financial performance. However, non-GAAP financial information is presented for supplemental informational purposes only, has limitations as an analytical tool, and should not be considered in isolation or as a substitute for financial information presented in accordance with GAAP. Other companies, including companies in our industry, may calculate similarly titled non-GAAP measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of our non-GAAP financial measures as tools for comparison.
Investors are encouraged to review the related GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures and not rely on any single financial measure to evaluate our business.
Organic revenues is defined as Revenues excluding the impact of foreign exchange rates as well as mergers, acquisitions and divestitures in the period.
Adjusted EBITDA is defined as net income before interest expense, income tax expense, depreciation and amortization adjusted to remove the impact of foreign currency gains and losses, amortization of acquired intangible assets, changes in the fair value of warrants, certain non-operating expenses (restructuring and costs to achieve operational synergies, merger, acquisition and divestiture expenses and IT project implementation expenses), stock-based compensation expense, debt extinguishment and income tax impacts of these adjustments.
Adjusted EBITDA margin is defined as Adjusted EBITDA divided by Revenue.
Adjusted net income is defined as GAAP net income adjusted for foreign currency gains and losses, amortization of acquired intangible assets, changes in the fair value of warrants, certain non-operating expenses (restructuring and costs to achieve operational synergies, merger, acquisition and divestiture expenses and IT project implementation expenses), stock-based compensation expense, debt extinguishment and income tax impacts of these adjustments.
Adjusted EPS is defined as adjusted net income divided by weighted average common shares outstanding — basic and diluted.
Adjusted free cash flow is defined as free cash flow adjusted to include the impact of cash used to fund non-operating expenses. We believe that the inclusion of supplementary adjustments to free cash flow applied in presenting adjusted free cash flow is appropriate to provide additional information to investors about our cash flows that management utilizes on an ongoing basis to assess our ability to generate cash for use in acquisitions and other investing and financing activities.
Free cash flow is defined as U.S. GAAP net cash provided by operating activities adjusted to include the impact of purchases of property, plant, and equipment, purchases of badges and proceeds from derivative contracts.
| Exhibit 99.1 | ||||||||
| News Release | | |||||||
Net leverage is defined as Net Debt (debt minus cash and cash equivalents) divided by Adjusted EBITDA plus contributions to Adjusted EBITDA if acquisitions made during the applicable period had been made before the start of the applicable period.
Operating Metrics
Order growth is defined as the amount of revenue earned in a given period and estimated to be earned in future periods from contracts entered into in a given period as compared with such amount for a prior period. Foreign exchange rates are based on the applicable rates as reported for the time period.
Adjusted order growth (decline) is defined as order growth (decline) adjusted to exclude large, one-time orders and the impact of acquisitions and divestitures.
| Exhibit 99.1 | ||||||||
| News Release | | |||||||
The following tables present reconciliations of certain non-GAAP financial measures for the applicable periods.
Mirion Technologies, Inc.
Reconciliation of Adjusted EBITDA
(In millions)
| Three Months Ended | |||||||||||
| September 30, | |||||||||||
| 2024 | 2023 | ||||||||||
| Income from operations | $ | (1.6) | $ | (11.1) | |||||||
| Amortization | 30.1 | 32.7 | |||||||||
| Depreciation - core | 6.8 | 6.3 | |||||||||
| Depreciation - Mirion Business Combination step-up | 1.6 | 1.6 | |||||||||
| Stock-based compensation | 4.3 | 6.1 | |||||||||
| Non-operating expenses | 4.1 | 3.6 | |||||||||
| Other income | 0.4 | (0.4) | |||||||||
| Adjusted EBITDA | $ | 45.7 | $ | 38.8 | |||||||
| Income from operations margin | (0.8) | % | (5.8) | % | |||||||
| Adjusted EBITDA margin | 22.1 | % | 20.3 | % | |||||||
Mirion Technologies, Inc.
Reconciliation of Adjusted Earnings per Share
(In millions, except per share values)
| Three Months Ended | |||||||||||
| September 30, | |||||||||||
| 2024 | 2023 | ||||||||||
Net loss attributable to Mirion Technologies, Inc. | $ | (13.6) | $ | (12.1) | |||||||
Loss attributable to non-controlling interests | (0.4) | (0.8) | |||||||||
| GAAP net loss | $ | (14.0) | $ | (12.9) | |||||||
| Foreign currency loss (gain), net | (0.9) | 1.5 | |||||||||
| Amortization of acquired intangibles | 30.1 | 32.7 | |||||||||
| Stock-based compensation | 4.3 | 6.1 | |||||||||
| Change in fair value of warrant liabilities | — | (12.8) | |||||||||
| Non-operating expenses | 4.1 | 2.9 | |||||||||
| Tax impact of adjustments above | (6.2) | (6.9) | |||||||||
| Adjusted Net Income | $ | 17.4 | $ | 10.6 | |||||||
| Weighted average common shares outstanding — basic and diluted | 206.676 | 199.223 | |||||||||
| Dilutive Potential Common Shares - RSUs | 0.796 | 0.201 | |||||||||
| Adjusted weighted average common shares — diluted | 207.472 | 199.424 | |||||||||
| GAAP loss per share | $ | (0.07) | $ | (0.06) | |||||||
| Adjusted earnings per share | $ | 0.08 | $ | 0.05 | |||||||