Filed Pursuant to Rule 424(b)(3)
Registration No. 333-260528
Prospectus Supplement No. 6
(to prospectus dated November 4, 2021)
Mirion Technologies, Inc.
Up to 8,560,540 Shares of our Class A Common Stock Issuable upon Redemption of Shares of IntermediateCo Class B Common Stock
Up to 27,249,979 Shares of our Class A Common Stock Issuable upon Exercise of Warrants
152,157,565 Shares of our Class A Common Stock for Resale by the Selling Holders
This prospectus supplement is being filed to update and supplement the information contained in the prospectus dated November 4, 2021 (the “Prospectus”), which forms part of our registration statement on Form S-1 (No. 333-260528) with the information contained in our Annual Report on Form 10-K, filed with the Securities and Exchange Commission (the “SEC”) on February 28, 2022 (the “Annual Report”). Accordingly, we have attached the Annual Report to this prospectus supplement.
The Prospectus and this prospectus supplement relate to: (1) the issuance by us of up to an aggregate of 35,810,519 shares of Class A common stock, par value $0.0001 per share (“Class A common stock”), of Mirion Technologies, Inc. (the “Company”) that may be issued upon (i) the exercise of 27,249,979 warrants to purchase Class A common stock at an exercise price of $11.50 per share of Class A common stock, including the public warrants and the private placement warrants (each as defined in the Prospectus), and (ii) the redemption of up to 8,560,540 shares of Class B common stock, par value $0.0001 per share (the “IntermediateCo Class B common stock”), of Mirion IntermediateCo, Inc. (“IntermediateCo”); and (2) the offer and sale, from time to time, by the selling holders identified in the Prospectus (the “Selling Holders”), or their permitted transferees, of up to 152,157,565 shares of Class A common stock.
This prospectus supplement updates and supplements the information in the Prospectus and is not complete without, and may not be delivered or utilized except in combination with, the Prospectus, including any amendments or supplements thereto. This prospectus supplement should be read in conjunction with the Prospectus and if there is any inconsistency between the information in the Prospectus and this prospectus supplement, you should rely on the information in this prospectus supplement. Terms used in this prospectus supplement but not defined herein shall have the meanings given to such terms in the Prospectus.
You should read the Prospectus, this prospectus supplement and any additional prospectus supplement or amendment carefully before you invest in our securities. Our Class A common stock and public warrants are listed on The New York Stock Exchange under the symbols “MIR” and “MIR WS,” respectively. On February 25, 2022, the closing price of our Class A common stock was $8.65 per share and the closing price for our public warrants was $1.89 per warrant.
Investing in our Class A common stock and warrants involves a high degree of risk. See the section titled “Risk Factors” beginning on page 10 of the Prospectus and in any applicable prospectus supplement.
Neither the SEC nor any other state securities commission has approved or disapproved of these securities or passed on the adequacy or accuracy of the Prospectus or this prospectus supplement. Any representation to the contrary is a criminal offense.
February 28, 2022
Delaware | 83-0974996 | |||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification Number) |
Title of each class | Trading symbol(s) | Name of each exchange on which registered | ||||||
Class A Common Stock, $0.0001 par value per share | MIR | New York Stock Exchange | ||||||
Redeemable warrants, each exercisable for one share of Class A common stock at an exercise price of $11.50 | MIR WS | New York Stock Exchange |
Large Accelerated Filer | ☒ | Accelerated Filer | ☐ | ||||||||
Non-accelerated Filer | ☐ | Smaller Reporting Company | ☐ | ||||||||
Emerging Growth Company | ☐ |
Successor | Predecessor | |||||||||||||
December 31, 2021 | June 30, 2021 | |||||||||||||
Backlog | $ | 747.5 | $ | 715.8 | ||||||||||
Deferred contract revenue | $ | 73.0 | $ | 50.4 |
Plan Category | Number of Securities to be issued upon exercise of outstanding options, warrants and rights | Weighted-average exercise price of outstanding options, warrants and rights | Number of securities remaining available for issuance under equity compensation plans (excluding securities reflected in column (a)) | ||||||||
Equity compensation plans approved by security holders(1) | 1,238,683 (2) | — | 18,713,646 (3) | ||||||||
Equity compensation plans not approved by security holders | — | — | — | ||||||||
Total | 1,238,683 | — | 18,713,646 |
Successor | Predecessor | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
From October 20, 2021 through | From July 1, 2021 through | Year Ended | Year Ended | Year Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2021 | October 19, 2021 | June 30, 2021 | June 30, 2020 | June 30, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
($ in millions) | Revenues | Net Loss | Revenues | Net Loss | Revenues | Net Loss | Revenues | Net Loss | Revenues | Net Loss | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total GAAP | $ | 154.1 | $ | (23.0) | $ | 168.0 | $ | (105.7) | $ | 611.6 | $ | (158.4) | $ | 478.2 | $ | (119.1) | $ | 440.1 | $ | (122.0) | ||||||||||||||||||||||||||||||||||||||||||
Revenue reduction from purchase accounting | 2.3 | 2.3 | 4.5 | 4.5 | 8.0 | 8.0 | 0.2 | 0.2 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Cost of revenues impact from inventory valuation purchase accounting | 15.8 | — | 5.2 | 1.6 | 0.1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency (gain) loss, net | 1.6 | (0.6) | 13.4 | (0.6) | (3.2) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of acquired intangibles | 32.0 | 19.7 | 62.8 | 50.6 | 53.0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock based compensation | 5.3 | 9.3 | — | 0.2 | 0.1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in fair value of warrant liabilities | (1.2) | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt extinguishment | — | 15.9 | — | — | 12.8 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-operating expenses(1)(2)(3)(4)(5) | 7.0 | 34.7 | 43.1 | 20.1 | 14.7 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tax impact of adjustments above | (14.2) | (11.7) | (28.9) | (16.1) | (19.9) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted | $ | 156.4 | $ | 25.6 | $ | 172.5 | $ | (33.9) | $ | 619.6 | $ | (54.8) | $ | 478.4 | $ | (63.1) | $ | 440.1 | $ | (64.4) | ||||||||||||||||||||||||||||||||||||||||||
Weighted average common shares outstanding — basic and diluted | 180.773 | N/A | N/A | N/A | N/A | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dilutive Potential Common Shares - RSU's | 0.003 | N/A | N/A | N/A | N/A | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted weighted average common shares — diluted | 180.776 | N/A | N/A | N/A | N/A | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted EPS | $ | 0.14 | N/A | N/A | N/A | N/A |
Successor | Predecessor | |||||||||||||||||||||||||||||||
($ in millions) | From October 20, 2021 through December 31, 2021 | From July 1, 2021 through October 19, 2021 | Year Ended June 30, 2021 | Year Ended June 30, 2020 | Year Ended June 30, 2019 | |||||||||||||||||||||||||||
Net loss | $ | (23.0) | $ | (105.7) | $ | (158.4) | $ | (119.1) | $ | (122.0) | ||||||||||||||||||||||
Interest expense, net | 6.2 | 52.8 | 163.2 | 149.2 | 143.5 | |||||||||||||||||||||||||||
Income tax (benefit) provision | (6.8) | (5.6) | (5.9) | (5.5) | (4.2) | |||||||||||||||||||||||||||
Amortization | 32.0 | 19.7 | 62.8 | 50.6 | 53.0 | |||||||||||||||||||||||||||
EBITA | $ | 8.4 | $ | (38.8) | $ | 61.7 | $ | 75.2 | $ | 70.3 | ||||||||||||||||||||||
Depreciation - Mirion Business Combination step-up | 1.3 | — | — | — | — | |||||||||||||||||||||||||||
Depreciation - all other | 4.0 | 6.2 | 20.8 | 17.9 | 16.5 | |||||||||||||||||||||||||||
EBITDA | $ | 13.7 | $ | (32.6) | $ | 82.5 | $ | 93.1 | $ | 86.8 | ||||||||||||||||||||||
Stock compensation expense | 5.3 | 9.3 | — | 0.2 | 0.1 | |||||||||||||||||||||||||||
Change in fair value of warrant liabilities | (1.2) | — | — | — | — | |||||||||||||||||||||||||||
Debt extinguishment | — | 15.9 | — | — | 12.8 | |||||||||||||||||||||||||||
Foreign currency (gain) loss, net | 1.6 | (0.6) | 13.4 | (0.6) | (3.2) | |||||||||||||||||||||||||||
Revenue reduction from purchase accounting | 2.3 | 4.5 | 8.0 | 0.2 | — | |||||||||||||||||||||||||||
Cost of revenues impact from inventory valuation purchase accounting | 15.8 | — | 5.2 | 1.6 | 0.1 | |||||||||||||||||||||||||||
Non-operating expenses(1)(2)(3)(4)(5) | 7.0 | 34.7 | 43.1 | 20.1 | 14.7 | |||||||||||||||||||||||||||
Adjusted EBITDA | $ | 44.5 | $ | 31.2 | $ | 152.2 | $ | 114.6 | $ | 111.3 |
From October 20, 2021 through December 31, 2021 (Successor) | |||||||||||||||||||||||
(in millions) | Medical | Industrial | Corporate & Other | Consolidated | |||||||||||||||||||
Revenues | $ | 49.2 | $ | 104.9 | $ | — | $ | 154.1 | |||||||||||||||
Revenue reduction from purchase accounting | 2.3 | — | — | 2.3 | |||||||||||||||||||
Adjusted Revenues | $ | 51.5 | $ | 104.9 | $ | — | $ | 156.4 | |||||||||||||||
Income from operations | $ | (4.3) | $ | 1.1 | $ | (19.7) | $ | (22.9) | |||||||||||||||
Amortization | 13.8 | 18.2 | — | 32.0 | |||||||||||||||||||
Depreciation - core | 2.3 | 1.5 | 0.2 | 4.0 | |||||||||||||||||||
Depreciation - Mirion Business Combination step-up | 0.9 | 0.4 | — | 1.3 | |||||||||||||||||||
Revenue reduction from purchase accounting | 2.3 | — | — | 2.3 | |||||||||||||||||||
Cost of revenues impact from inventory valuation purchase accounting | 3.3 | 12.5 | — | 15.8 | |||||||||||||||||||
Stock based compensation | — | — | 5.3 | 5.3 | |||||||||||||||||||
Non-operating expenses | — | — | 6.6 | 6.6 | |||||||||||||||||||
Other Income / Expense | — | — | 0.1 | 0.1 | |||||||||||||||||||
Adjusted EBITDA | $ | 18.3 | $ | 33.7 | $ | (7.5) | $ | 44.5 |
From July 1, 2021 through October 19, 2021 (Predecessor) | |||||||||||||||||||||||
(in millions) | Medical | Industrial | Corporate & Other | Consolidated | |||||||||||||||||||
Revenues | $ | 60.3 | $ | 107.7 | $ | — | $ | 168.0 | |||||||||||||||
Revenue reduction from purchase accounting | 4.5 | — | — | 4.5 | |||||||||||||||||||
Adjusted Revenues | $ | 64.8 | $ | 107.7 | $ | — | $ | 172.5 | |||||||||||||||
Income from operations | $ | 0.7 | $ | 11.7 | $ | (54.0) | $ | (41.6) | |||||||||||||||
Amortization | 9.8 | 9.9 | — | 19.7 | |||||||||||||||||||
Depreciation - core | 3.5 | 2.5 | 0.2 | 6.2 | |||||||||||||||||||
Depreciation - Mirion Business Combination step-up | — | — | — | — | |||||||||||||||||||
Revenue reduction from purchase accounting | 4.5 | — | — | 4.5 | |||||||||||||||||||
Cost of revenues impact from inventory valuation purchase accounting | — | — | — | — | |||||||||||||||||||
Stock based compensation | — | — | 9.3 | 9.3 | |||||||||||||||||||
Non-operating expenses | — | — | 33.5 | 33.5 | |||||||||||||||||||
Other Income / Expense | — | — | (0.4) | (0.4) | |||||||||||||||||||
Adjusted EBITDA | $ | 18.5 | $ | 24.1 | $ | (11.4) | $ | 31.2 |
Successor | Predecessor | Predecessor | ||||||||||||||||||
(Dollars in millions) | From October 20, 2021 through December 31, 2021 | From July 1, 2021 through October 19, 2021 | Six Months Ended December 31, 2020 (unaudited) | |||||||||||||||||
Revenues | $ | 154.1 | $ | 168.0 | $ | 265.4 | ||||||||||||||
Cost of revenues | 100.2 | 97.7 | 155.8 | |||||||||||||||||
Gross profit | 53.9 | 70.3 | 109.6 | |||||||||||||||||
Selling, general and administrative expenses | 70.1 | 101.6 | 84.0 | |||||||||||||||||
Research and development | 6.7 | 10.3 | 10.3 | |||||||||||||||||
Income (loss) from operations | (22.9) | (41.6) | 15.3 | |||||||||||||||||
Interest expense, net | 6.2 | 52.8 | 76.4 | |||||||||||||||||
Foreign currency loss (gain), net | 1.6 | (0.6) | 16.3 | |||||||||||||||||
Change in fair value of warrant liabilities | (1.2) | — | — | |||||||||||||||||
Other expense (income), net | 0.3 | 1.6 | (0.3) | |||||||||||||||||
Loss on debt extinguishment | — | 15.9 | — | |||||||||||||||||
Loss before benefit from income taxes | (29.8) | (111.3) | (77.1) | |||||||||||||||||
Benefit from income taxes | (6.8) | (5.6) | (17.4) | |||||||||||||||||
Net loss | (23.0) | (105.7) | (59.7) | |||||||||||||||||
Loss attributable to noncontrolling interests | (0.8) | — | — | |||||||||||||||||
Net loss attributable to stockholders | $ | (22.2) | $ | (105.7) | $ | (59.7) |
Successor | Predecessor | ||||||||||||||||||||||
(Dollars in millions) | From October 20, 2021 through December 31, 2021 | From July 1, 2021 through October 19, 2021 | Six Months Ended December 31, 2020 (unaudited) | ||||||||||||||||||||
Revenues | $ | 49.2 | $ | 60.3 | $ | 52.1 | |||||||||||||||||
Income (loss) from operations | $ | (4.3) | $ | 0.7 | $ | 8.7 | |||||||||||||||||
Income (loss) from operations as a % of revenues | (8.7) | % | 1.2 | % | 16.7 | % |
Successor | Predecessor | ||||||||||||||||||||||
(Dollars in millions) | From October 20, 2021 through December 31, 2021 | From July 1, 2021 through October 19, 2021 | Six Months Ended December 31, 2020 (unaudited) | ||||||||||||||||||||
Revenues | $ | 104.9 | $ | 107.7 | $ | 213.3 | |||||||||||||||||
Income from operations | $ | 1.1 | $ | 11.7 | $ | 33.8 | |||||||||||||||||
Income from operations as a % of revenues | 1.0 | % | 10.9 | % | 15.8 | % |
(Dollars in millions) | 2021 | 2020 | $ Change | % Change | |||||||||||||||||||
Revenues | $ | 611.6 | $ | 478.2 | $ | 133.4 | 27.9 | % | |||||||||||||||
Cost of revenues | 359.8 | 281.2 | 78.6 | 28.0 | % | ||||||||||||||||||
Gross profit | 251.8 | 197.0 | 54.8 | 27.8 | % | ||||||||||||||||||
Selling, general and administrative expenses | 211.2 | 158.1 | 53.1 | 33.6 | % | ||||||||||||||||||
Research and development | 29.4 | 15.9 | 13.5 | 84.9 | % | ||||||||||||||||||
Income from operations | 11.2 | 23.0 | (11.8) | (51.3) | % | ||||||||||||||||||
Interest expense, net | 163.2 | 149.2 | 14.0 | 9.4 | % | ||||||||||||||||||
Foreign currency loss (gain), net | 13.4 | (0.6) | 14.0 | N/A | |||||||||||||||||||
Other (income) expense, net | (1.1) | (1.0) | (0.1) | 10.0 | % | ||||||||||||||||||
Loss before benefit from income taxes | (164.3) | (124.6) | (39.7) | 31.9 | % | ||||||||||||||||||
Benefit from income taxes | (5.9) | (5.5) | (0.4) | 7.3 | % | ||||||||||||||||||
Net loss | (158.4) | (119.1) | (39.3) | 33.0 | % | ||||||||||||||||||
Income (loss) attributable to noncontrolling interests | (0.1) | — | (0.1) | N/A | |||||||||||||||||||
Net loss attributable to stockholders | (158.3) | (119.1) | $ | (39.2) | 32.9 | % |
(Dollars in millions) | June 30, 2021 | June 30, 2020 | $ Change | % Change | |||||||||||||||||||
Revenues | $ | 155.7 | $ | 62.6 | $ | 93.1 | 148.7 | % | |||||||||||||||
Income from operations | $ | 6.0 | $ | 13.9 | $ | (7.9) | (56.8) | % | |||||||||||||||
Income from operations as a % of revenues | 3.9 | % | 22.2 | % |
Dollars in millions) | June 30, 2021 | June 30, 2020 | $ Change | % Change | |||||||||||||||||||
Revenues | $ | 455.9 | $ | 415.6 | $ | 40.3 | 9.7 | % | |||||||||||||||
Income from operations | $ | 81.5 | $ | 59.6 | $ | 21.9 | 36.7 | % | |||||||||||||||
Income from operations as a % of revenues | 17.9 | % | 14.3 | % |
(Dollars in millions) | 2020 | 2019 | $ Change | % Change | |||||||||||||||||||
Revenues | $ | 478.2 | $ | 440.1 | $ | 38.1 | 8.7 | % | |||||||||||||||
Cost of revenues | 281.2 | 251.9 | 29.3 | 11.6 | % | ||||||||||||||||||
Gross profit | 197.0 | 188.2 | 8.8 | 4.7 | % | ||||||||||||||||||
Selling, general and administrative expenses | 158.1 | 145.4 | 12.7 | 8.7 | % | ||||||||||||||||||
Research and development | 15.9 | 14.0 | 1.9 | 13.6 | % | ||||||||||||||||||
Income from operations | 23.0 | 28.8 | (5.8) | (20.1) | % | ||||||||||||||||||
Interest expense, net | 149.2 | 143.5 | 5.7 | 4.0 | % | ||||||||||||||||||
Loss on extinguishment of debt | — | 12.8 | (12.8) | (100.0) | % | ||||||||||||||||||
Foreign currency gain, net | (0.6) | (3.2) | 2.6 | (81.3) | % | ||||||||||||||||||
Other (income) expense, net | (1.0) | 1.9 | (2.9) | (152.6) | % | ||||||||||||||||||
Loss before benefit from income taxes | (124.6) | (126.2) | 1.6 | (1.3) | % | ||||||||||||||||||
Benefit from income taxes | (5.5) | (4.2) | (1.3) | 31.0 | % | ||||||||||||||||||
Net loss | (119.1) | (122.0) | 2.9 | (2.4) | % | ||||||||||||||||||
Income (loss) attributable to noncontrolling interests | — | — | — | N/A | |||||||||||||||||||
Net loss attributable to stockholders | (119.1) | (122.0) | $ | 2.9 | (2.4) | % |
(Dollars in millions) | June 30, 2020 | June 30, 2019 | $ Change | % Change | |||||||||||||||||||
Revenues | $ | 62.6 | $ | 42.9 | $ | 19.7 | 45.9 | % | |||||||||||||||
Income from operations | $ | 13.9 | $ | 10.2 | $ | 3.7 | 36.3 | % | |||||||||||||||
Income from operations as a % of revenues | 22.2 | % | 23.8 | % |
(Dollars in millions) | June 30, 2020 | June 30, 2019 | $ Change | % Change | |||||||||||||||||||
Revenues | $ | 415.6 | $ | 397.2 | $ | 18.4 | 4.6 | % | |||||||||||||||
Income from operations | $ | 59.6 | $ | 55.0 | $ | 4.6 | 8.4 | % | |||||||||||||||
Income from operations as a % of revenues | 14.3 | % | 13.8 | % |
Successor | Predecessor | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
($ in millions) | From October 20, 2021 through December 31, 2021 | From July 1, 2021 through October 19, 2021 | September 30, 2021 | June 30, 2021 | March 31, 2021 | December 31, 2020 | September 30, 2020 | June 30, 2020 | March 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
Revenues | $ | 154.1 | $ | 168.0 | $ | 144.3 | $ | 180.0 | $ | 166.2 | $ | 150.8 | $ | 114.6 | $ | 141.2 | $ | 109.8 | ||||||||||||||||||||||||||||||||||||||
Adjusted revenues(1)(2) | $ | 156.4 | $ | 172.5 | $ | 148.0 | $ | 183.7 | $ | 170.5 | $ | 150.8 | $ | 114.6 | $ | 141.4 | $ | 109.8 | ||||||||||||||||||||||||||||||||||||||
Net loss | $ | (23.0) | $ | (105.7) | $ | (46.7) | $ | (27.4) | $ | (71.4) | $ | (19.2) | $ | (40.4) | $ | (24.5) | $ | (36.4) | ||||||||||||||||||||||||||||||||||||||
Adjusted net income (loss)(1)(3) | $ | 25.6 | $ | (33.9) | $ | (20.1) | $ | 3.2 | $ | (40.7) | $ | 3.7 | $ | (20.9) | $ | (5.4) | $ | (24.7) | ||||||||||||||||||||||||||||||||||||||
Net loss per common share attributable to Mirion Technologies, Inc. (Successor) | $ | (0.12) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||||||||||||||||
Adjusted EPS(1)(4) | $ | 0.14 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||||||||||||||||
EBITA(1)(5) | $ | 8.4 | $ | (38.8) | $ | 8.5 | $ | 22.7 | $ | 13.8 | $ | 16.4 | $ | 8.8 | $ | 25.9 | $ | 17.9 | ||||||||||||||||||||||||||||||||||||||
EBITDA(1)(5) | $ | 13.7 | $ | (32.6) | $ | 13.6 | $ | 29.7 | $ | 18.8 | $ | 21.0 | $ | 13.1 | $ | 30.4 | $ | 22.1 | ||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA(1)(5) | $ | 44.5 | $ | 31.2 | $ | 30.9 | $ | 50.0 | $ | 39.8 | $ | 38.3 | $ | 24.1 | $ | 40.9 | $ | 25.0 |
Successor | Predecessor | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
($ in millions) | From October 20, 2021 through December 31, 2021 | From July 1, 2021 through October 19, 2021 | September 30, 2021 | June 30, 2021 | March 31, 2021 | December 31, 2020 | September 30, 2020 | June 30, 2020 | March 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
Revenues | $ | 154.1 | $ | 168.0 | $ | 144.3 | $ | 180.0 | $ | 166.2 | $ | 150.8 | $ | 114.6 | $ | 141.2 | $ | 109.8 | ||||||||||||||||||||||||||||||||||||||
Revenue reduction from purchase accounting | 2.3 | 4.5 | 3.7 | 3.7 | 4.3 | — | — | 0.2 | — | |||||||||||||||||||||||||||||||||||||||||||||||
Adjusted revenues | $ | 156.4 | $ | 172.5 | $ | 148.0 | $ | 183.7 | $ | 170.5 | $ | 150.8 | $ | 114.6 | $ | 141.4 | $ | 109.8 |
Successor | Predecessor | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
($ in millions) | From October 20, 2021 through December 31, 2021 | From July 1, 2021 through October 19, 2021 | September 30, 2021 | June 30, 2021 | March 31, 2021 | December 31, 2020 | September 30, 2020 | June 30, 2020 | March 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
Net loss | $ | (23.0) | $ | (105.7) | $ | (46.7) | $ | (27.4) | $ | (71.4) | $ | (19.2) | $ | (40.4) | $ | (24.5) | $ | (36.4) | ||||||||||||||||||||||||||||||||||||||
Revenue reduction from purchase accounting | 2.3 | 4.5 | 3.7 | 3.7 | 4.3 | — | — | 0.2 | — | |||||||||||||||||||||||||||||||||||||||||||||||
Cost of revenues impact from inventory valuation purchase accounting | 15.8 | — | — | — | 4.7 | 0.5 | — | 0.5 | 0.5 | |||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency loss (gain), net | 1.6 | (0.6) | (1.4) | 1.1 | (4.0) | 8.2 | 8.1 | 3.4 | (2.0) | |||||||||||||||||||||||||||||||||||||||||||||||
Amortization of acquired intangibles | 32.0 | 19.7 | 16.1 | 18.6 | 18.6 | 13.5 | 12.2 | 12.4 | 12.7 | |||||||||||||||||||||||||||||||||||||||||||||||
Stock based compensation | 5.3 | 9.3 | — | — | (0.1) | 0.1 | — | — | 0.1 | |||||||||||||||||||||||||||||||||||||||||||||||
Change in fair value of warrant liabilities | (1.2) | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Debt extinguishment | — | 15.9 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Non-operating expenses | 7.0 | 34.7 | 15.0 | 15.6 | 16.1 | 8.5 | 2.9 | 6.4 | 4.3 | |||||||||||||||||||||||||||||||||||||||||||||||
Tax impact of adjustments above | (14.2) | (11.7) | (6.8) | (8.4) | (9.0) | (7.8) | (3.7) | (3.8) | (3.8) | |||||||||||||||||||||||||||||||||||||||||||||||
Adjusted net income (loss) | $ | 25.6 | $ | (33.9) | $ | (20.1) | $ | 3.2 | $ | (40.8) | $ | 3.8 | $ | (20.9) | $ | (5.4) | $ | (24.6) | ||||||||||||||||||||||||||||||||||||||
Weighted average common shares outstanding — basic and diluted | 180.773 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | |||||||||||||||||||||||||||||||||||||||||||||||
Adjusted EPS | $ | 0.14 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
Successor* | |||||
(Amounts per share, except for outstanding shares) | From October 20, 2021 through December 31, 2021 | ||||
Net loss per common share attributable to Mirion Technologies, Inc. (Successor) | $ | (0.12) | |||
Loss attributable to noncontrolling interests | (0.01) | ||||
Revenue reduction from purchase accounting | 0.01 | ||||
Cost of revenues impact from inventory valuation purchase accounting | 0.09 | ||||
Foreign currency loss (gain), net | 0.01 | ||||
Amortization of acquired intangibles | 0.18 | ||||
Stock based compensation | 0.03 | ||||
Change in fair value of warrant liabilities | (0.01) | ||||
Non-operating expenses | 0.04 | ||||
Tax impact of adjustments above | (0.08) | ||||
Adjusted EPS | $ | 0.14 | |||
Weighted average common shares outstanding — basic and diluted | 180.773 | ||||
Dilutive Potential Common Shares - RSU's | 0.003 | ||||
Adjusted weighted average common shares — diluted | 180.776 |
Successor | Predecessor | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
($ in millions) | From October 20, 2021 through December 31, 2021 | From July 1, 2021 through October 19, 2021 | September 30, 2021 | June 30, 2021 | March 31, 2021 | December 31, 2020 | September 30, 2020 | June 30, 2020 | March 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
Net loss | $ | (23.0) | $ | (105.7) | $ | (46.7) | $ | (27.4) | $ | (71.4) | $ | (19.2) | $ | (40.4) | $ | (24.5) | $ | (36.4) | ||||||||||||||||||||||||||||||||||||||
Interest expense, net | 6.2 | 52.8 | 43.8 | 43.7 | 43.0 | 38.5 | 38.0 | 38.7 | 39.2 | |||||||||||||||||||||||||||||||||||||||||||||||
Income tax (benefit) provision | (6.8) | (5.6) | (4.7) | (12.1) | 23.6 | (16.4) | (1.0) | (0.7) | 2.4 | |||||||||||||||||||||||||||||||||||||||||||||||
Amortization | 32.0 | 19.7 | 16.1 | 18.5 | 18.6 | 13.5 | 12.2 | 12.4 | 12.7 | |||||||||||||||||||||||||||||||||||||||||||||||
EBITA | $ | 8.4 | $ | (38.8) | $ | 8.5 | $ | 22.7 | $ | 13.8 | $ | 16.4 | $ | 8.8 | $ | 25.9 | $ | 17.9 | ||||||||||||||||||||||||||||||||||||||
Depreciation | 5.3 | 6.2 | 5.1 | 6.9 | 5.0 | 4.6 | 4.3 | 4.5 | 4.2 | |||||||||||||||||||||||||||||||||||||||||||||||
EBITDA | $ | 13.7 | $ | (32.6) | $ | 13.6 | $ | 29.6 | $ | 18.8 | $ | 21.0 | $ | 13.1 | $ | 30.4 | $ | 22.1 | ||||||||||||||||||||||||||||||||||||||
Stock compensation expense | 5.3 | 9.3 | — | — | (0.1) | 0.1 | — | — | 0.1 | |||||||||||||||||||||||||||||||||||||||||||||||
Change in fair value of warrant liabilities | (1.2) | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt extinguishment | — | 15.9 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency loss (gain), net | 1.6 | (0.6) | (1.4) | 1.1 | (4.0) | 8.2 | 8.1 | 3.4 | (2.0) | |||||||||||||||||||||||||||||||||||||||||||||||
Revenue reduction from purchase accounting | 2.3 | 4.5 | 3.7 | 3.7 | 4.3 | — | — | 0.2 | — | |||||||||||||||||||||||||||||||||||||||||||||||
Cost of revenues impact from inventory valuation purchase accounting | 15.8 | — | — | — | 4.7 | 0.5 | — | 0.5 | 0.5 | |||||||||||||||||||||||||||||||||||||||||||||||
Non-operating expenses | 7.0 | 34.7 | 15.0 | 15.6 | 16.1 | 8.5 | 2.9 | 6.4 | 4.3 | |||||||||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA | $ | 44.5 | $ | 31.2 | $ | 30.9 | $ | 50.0 | $ | 39.8 | $ | 38.3 | $ | 24.1 | $ | 40.9 | $ | 25.0 |
Successor | Predecessor | |||||||||||||||||||
From October 20, 2021 through December 31, 2021 | From July 1, 2021 through October 19, 2021 | Six Months Ended December 31, 2020 (unaudited) | ||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (12.2) | $ | 13.1 | $ | 19.4 | ||||||||||||||
Net cash used in investing activities | $ | (2,189.4) | $ | (12.5) | $ | (284.5) | ||||||||||||||
Net cash provided by financing activities | $ | 1,537.7 | $ | 1.0 | $ | 249.3 |
Successor | Predecessor | |||||||||||||||||||
(Dollars in millions) | From October 20, 2021 through December 31, 2021 | From July 1, 2021 through October 19, 2021 | Six Months Ended December 31, 2020 (unaudited) | |||||||||||||||||
Net cash provided by operating activities | $ | (12.2) | $ | 13.1 | $ | 19.4 | ||||||||||||||
Purchases of property, plant, and equipment and badges | (6.0) | (11.6) | (9.3) | |||||||||||||||||
Free cash flow(1) | $ | (18.2) | $ | 1.5 | $ | 10.1 | ||||||||||||||
Cash used for non-operating expenses | 43.6 | 13.4 | 11.1 | |||||||||||||||||
Adjusted free cash flow(1) | $ | 25.4 | $ | 14.9 | $ | 21.2 |
(Dollars in millions) | 2021 | 2020 | $ Change | % Change | |||||||||||||||||||
Net cash provided by operating activities | $ | 53.6 | $ | 39.5 | $ | 14.1 | 35.7 | % | |||||||||||||||
Net cash used in investing activities | $ | (313.3) | $ | (75.6) | $ | (237.7) | 314.4 | % | |||||||||||||||
Net cash provided by financing activities | $ | 239.0 | $ | 118.9 | $ | 120.1 | 101.0 | % |
(Dollars in millions) | 2021 | 2020 | |||||||||
Net cash provided by operating activities | $ | 53.6 | $ | 39.5 | |||||||
Purchases of property, plant, equipment and badges | (23.2) | (19.9) | |||||||||
Free cash flow | $ | 30.4 | $ | 19.6 | |||||||
Cash used for non-operating expenses | 30.8 | 16.4 | |||||||||
Adjusted free cash flow | $ | 61.2 | $ | 36.0 |
(Dollars in millions) | 2020 | 2019 | $ Change | % Change | |||||||||||||||||||
Net cash provided by operating activities | $ | 39.5 | $ | 14.7 | $ | 24.8 | 168.7 | % | |||||||||||||||
Net cash used in investing activities | $ | (75.6) | $ | (25.6) | $ | (50.0) | 195.3 | % | |||||||||||||||
Net cash provided by financing activities | $ | 118.9 | $ | 15.0 | $ | 103.9 | 692.7 | % |
(Dollars in millions) | 2020 | 2019 | |||||||||
Net cash provided by operating activities | $ | 39.5 | $ | 14.7 | |||||||
Purchases of property, plant, equipment and badges | (19.9) | (16.5) | |||||||||
Free cash flow | $ | 19.6 | $ | (1.8) | |||||||
Cash used for non-operating expenses | 16.4 | 10.3 | |||||||||
Adjusted free cash flow | $ | 36.0 | $ | 8.5 |
Report of Independent Registered Public Accounting Firm (Deloitte & Touche LLP, Atlanta, GA, PCAOB ID No.34) | |||||
as of December 31, 2021, June 30, 2021 and June 30, 2020 | |||||
for the periods ended December 31, 2021 and October 19, 2021 and the fiscal years ended June 30, 2021, June 30, 2020 and June 30, 2019 | |||||
for the periods ended December 31, 2021 and October 19, 2021 and the fiscal years ended June 30, 2021, June 30, 2020 and June 30, 2019 | |||||
for the periods ended December 31, 2021 and October 19, 2021 and the fiscal years ended June 30, 2021, June 30, 2020 and June 30, 2019 | |||||
for the periods ended December 31, 2021 and October 19, 2021 and the fiscal years ended June 30, 2021, June 30, 2020 and June 30, 2019 | |||||
for the periods ended December 31, 2021 and October 19, 2021 and the fiscal years ended June 30, 2021, June 30, 2020 and June 30, 2019 |
Business Combinations and Acquisitions – Mirion TopCo Acquisition – Intangible Assets — Refer to Notes 1 and 2 to the financial statements
Successor | Predecessor | ||||||||||||||||
December 31, 2021 | June 30, 2021 | June 30, 2020 | |||||||||||||||
ASSETS | |||||||||||||||||
Current assets: | |||||||||||||||||
Cash and cash equivalents | $ | 84.0 | $ | 101.1 | $ | 118.4 | |||||||||||
Restricted cash | 0.6 | 0.8 | 1.1 | ||||||||||||||
Accounts receivable, net of allowance for doubtful accounts | 157.4 | 133.3 | 97.3 | ||||||||||||||
Costs in excess of billings on uncompleted contracts | 56.3 | 57.2 | 59.5 | ||||||||||||||
Inventories | 123.6 | 113.2 | 90.2 | ||||||||||||||
Deferred cost of revenue | 0.6 | 0.3 | 6.5 | ||||||||||||||
Prepaid expenses and other currents assets | 30.9 | 28.0 | 16.7 | ||||||||||||||
Total current assets | 453.4 | 433.9 | 389.7 | ||||||||||||||
Property, plant, and equipment, net | 124.0 | 88.8 | 75.2 | ||||||||||||||
Operating ROU assets | 45.7 | — | — | ||||||||||||||
Goodwill | 1,662.6 | 681.5 | 522.6 | ||||||||||||||
Intangible assets, net | 806.9 | 326.3 | 248.3 | ||||||||||||||
Restricted cash | 0.7 | 0.5 | 0.5 | ||||||||||||||
Other assets | 24.7 | 16.2 | 7.5 | ||||||||||||||
Total assets | $ | 3,118.0 | $ | 1,547.2 | $ | 1,243.8 | |||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) | |||||||||||||||||
Current liabilities: | |||||||||||||||||
Accounts payable | $ | 59.4 | $ | 47.1 | $ | 38.7 | |||||||||||
Deferred contract revenue | 73.0 | 50.4 | 39.6 | ||||||||||||||
Notes payable to third-parties, current | 3.9 | 6.4 | 41.1 | ||||||||||||||
Operating lease liability, current | 9.3 | — | — | ||||||||||||||
Accrued expenses and other current liabilities | 75.4 | 84.3 | 64.1 | ||||||||||||||
Total current liabilities | 221.0 | 188.2 | 183.5 | ||||||||||||||
Notes payable to related parties, non-current | — | 1,170.5 | 987.1 | ||||||||||||||
Notes payable to third-parties, non-current | 806.8 | 885.7 | 669.8 | ||||||||||||||
Warrant liabilities | 68.1 | — | — | ||||||||||||||
Interest accrued on notes payable to related parties | — | 64.8 | 56.4 | ||||||||||||||
Operating lease liability, non-current | 40.6 | — | — | ||||||||||||||
Deferred income taxes and other liabilities | 197.5 | 77.5 | 63.5 | ||||||||||||||
Total liabilities | 1,334.0 | 2,386.7 | 1,960.3 | ||||||||||||||
Commitments and contingencies (Note 9) | |||||||||||||||||
Stockholders’ equity (deficit): | |||||||||||||||||
Class A common stock (Successor); $0.0001 par value, 500,000,000 shares authorized; 199,523,292 issued and outstanding at December 31, 2021 | — | — | — | ||||||||||||||
Class B common stock (Successor); $0.0001 par value, 100,000,000 shares authorized; 8,560,540 issued and outstanding at December 31, 2021 | — | — | — | ||||||||||||||
A Ordinary shares (Predecessor), $0.01 nominal value, 3,000,000 shares authorized, 1,483,795 issued and outstanding at June 30, 2021 and June 30, 2020 | — | — | — | ||||||||||||||
B Ordinary shares (Predecessor), $0.01 nominal value ,7,000,000 shares authorized, 5,353,970 issued and outstanding at both June 30, 2021 and June 30, 2020 | — | 0.1 | 0.1 | ||||||||||||||
Additional paid-in capital | 1,845.5 | 9.5 | 9.5 | ||||||||||||||
Receivable from Employees for purchase of Ordinary Shares | — | (2.4) | (2.7) | ||||||||||||||
Accumulated deficit | (131.6) | (888.0) | (729.7) | ||||||||||||||
Accumulated other comprehensive (loss) income | (20.7) | 39.2 | 4.1 | ||||||||||||||
Mirion Technologies, Inc. (Successor) and Mirion Technologies (TopCo), Ltd. (Predecessor) stockholders’ equity (deficit) | 1,693.2 | (841.6) | (718.7) | ||||||||||||||
Noncontrolling interests | 90.8 | 2.1 | 2.2 | ||||||||||||||
Total stockholders’ equity (deficit) | 1,784.0 | (839.5) | (716.5) | ||||||||||||||
Total liabilities and stockholders’ equity (deficit) | $ | 3,118.0 | $ | 1,547.2 | $ | 1,243.8 |
Successor | Predecessor | |||||||||||||||||||||||||||||||
From October 20, 2021 through December 31, 2021 | From July 1, 2021 through October 19, 2021 | Fiscal Year Ended June 30, 2021 | Fiscal Year Ended June 30, 2020 | Fiscal Year Ended June 30, 2019 | ||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||
Product | $ | 120.9 | $ | 123.4 | $ | 459.3 | $ | 353.0 | $ | 325.7 | ||||||||||||||||||||||
Service | 33.2 | 44.6 | 152.3 | 125.2 | 114.4 | |||||||||||||||||||||||||||
Total revenues | 154.1 | 168.0 | 611.6 | 478.2 | 440.1 | |||||||||||||||||||||||||||
Cost of revenues: | ||||||||||||||||||||||||||||||||
Product | 83.1 | 74.0 | 284.1 | 216.8 | 190.7 | |||||||||||||||||||||||||||
Service | 17.1 | 23.7 | 75.7 | 64.4 | 61.2 | |||||||||||||||||||||||||||
Total cost of revenues | 100.2 | 97.7 | 359.8 | 281.2 | 251.9 | |||||||||||||||||||||||||||
Gross profit | 53.9 | 70.3 | 251.8 | 197.0 | 188.2 | |||||||||||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||||||||||
Selling, general and administrative | 70.1 | 101.6 | 211.2 | 158.1 | 145.4 | |||||||||||||||||||||||||||
Research and development | 6.7 | 10.3 | 29.4 | 15.9 | 14.0 | |||||||||||||||||||||||||||
Total operating expenses | 76.8 | 111.9 | 240.6 | 174.0 | 159.4 | |||||||||||||||||||||||||||
(Loss) income from operations | (22.9) | (41.6) | 11.2 | 23.0 | 28.8 | |||||||||||||||||||||||||||
Other expense (income): | ||||||||||||||||||||||||||||||||
Third party interest expense | 6.2 | 12.5 | 41.0 | 41.5 | 47.7 | |||||||||||||||||||||||||||
Related party interest expense | — | 40.3 | 122.2 | 107.7 | 95.8 | |||||||||||||||||||||||||||
Loss on debt extinguishment | — | 15.9 | — | — | 12.8 | |||||||||||||||||||||||||||
Foreign currency loss (gain), net | 1.6 | (0.6) | 13.4 | (0.6) | (3.2) | |||||||||||||||||||||||||||
Change in fair value of warrant liabilities | (1.2) | — | — | — | — | |||||||||||||||||||||||||||
Other expense (income), net | 0.3 | 1.6 | (1.1) | (1.0) | 1.9 | |||||||||||||||||||||||||||
Loss before benefit from income taxes | (29.8) | (111.3) | (164.3) | (124.6) | (126.2) | |||||||||||||||||||||||||||
Benefit from income taxes | (6.8) | (5.6) | (5.9) | (5.5) | (4.2) | |||||||||||||||||||||||||||
Net loss | (23.0) | (105.7) | (158.4) | (119.1) | (122.0) | |||||||||||||||||||||||||||
Loss attributable to noncontrolling interests | (0.8) | — | (0.1) | — | — | |||||||||||||||||||||||||||
Net loss attributable to Mirion Technologies, Inc. (Successor) / Mirion Technologies (TopCo), Ltd. (Predecessor) stockholders | $ | (22.2) | $ | (105.7) | $ | (158.3) | $ | (119.1) | $ | (122.0) | ||||||||||||||||||||||
Net loss per common share attributable to Mirion Technologies, Inc. (Successor) / Mirion Technologies (TopCo), Ltd. (Predecessor) stockholders — basic and diluted | $ | (0.12) | $ | (15.81) | $ | (24.18) | $ | (18.45) | $ | (19.36) | ||||||||||||||||||||||
Weighted average common shares outstanding — basic and diluted | 180.773 | 6.685 | 6.549 | 6.453 | 6.300 |
Successor | Predecessor | |||||||||||||||||||||||||||||||
From October 20, 2021 through December 31, 2021 | From July 1, 2021 through October 19, 2021 | Fiscal Year Ended 06/30/2021 | Fiscal Year Ended 06/30/2020 | Fiscal Year Ended 06/30/2019 | ||||||||||||||||||||||||||||
Net loss | $ | (23.0) | $ | (105.7) | $ | (158.4) | $ | (119.1) | $ | (122.0) | ||||||||||||||||||||||
Other comprehensive loss, net of tax: | ||||||||||||||||||||||||||||||||
Foreign currency translation, net of tax | (20.5) | (7.5) | 34.2 | (9.3) | (15.1) | |||||||||||||||||||||||||||
Unrecognized actuarial (loss) gain and prior service benefit, net of tax | (0.2) | 0.6 | 0.9 | — | (1.5) | |||||||||||||||||||||||||||
Other comprehensive (loss) income, net of tax | (20.7) | (6.9) | 35.1 | (9.3) | (16.6) | |||||||||||||||||||||||||||
Comprehensive loss | (43.7) | (112.6) | (123.3) | (128.4) | (138.6) | |||||||||||||||||||||||||||
Less: Comprehensive loss attributable to noncontrolling interest | (0.8) | — | (0.1) | — | — | |||||||||||||||||||||||||||
Comprehensive loss attributable to Mirion Technologies, Inc. (Successor) / Mirion Technologies (TopCo), Ltd. (Predecessor) stockholders | $ | (42.9) | $ | (112.6) | $ | (123.2) | $ | (128.4) | $ | (138.6) |
Predecessor | A Ordinary Shares | A Ordinary Amount | B Ordinary Shares | B Ordinary Amount | Additional Paid-In Capital | Receivable from Employees for purchase of Common Stock | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interests | Total Stockholders’ Deficit | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance July 1, 2018 | 1,483,795 | $ | — | 5,353,970 | $ | 0.1 | $ | 7.3 | $ | (0.2) | $ | (488.6) | $ | 30.0 | $ | 2.6 | $ | (448.8) | |||||||||||||||||||||||||||||||||||||||||
Contribution from noncontrolling interests | — | — | — | — | — | — | — | — | 0.1 | 0.1 | |||||||||||||||||||||||||||||||||||||||||||||||||
Distribution to noncontrolling interests | — | — | — | — | — | — | — | — | (0.1) | (0.1) | |||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation expense | — | — | — | — | 0.1 | — | — | — | — | 0.1 | |||||||||||||||||||||||||||||||||||||||||||||||||
Receivable from Employees | — | — | — | — | 1.9 | (2.3) | — | — | — | (0.4) | |||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | (122.0) | — | — | (122.0) | |||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | — | — | (16.6) | — | (16.6) | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance June 30, 2019 | 1,483,795 | — | 5,353,970 | 0.1 | 9.3 | (2.5) | (610.6) | 13.4 | 2.6 | (587.7) | |||||||||||||||||||||||||||||||||||||||||||||||||
Distribution to noncontrolling interests | — | — | — | — | — | — | — | — | (0.4) | (0.4) | |||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation expense | — | — | — | — | 0.2 | — | — | — | — | 0.2 | |||||||||||||||||||||||||||||||||||||||||||||||||
Receivable from Employees | — | — | — | — | — | (0.2) | — | — | — | (0.2) | |||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | (119.1) | — | — | (119.1) | |||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | — | — | (9.3) | — | (9.3) | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance June 30, 2020 | 1,483,795 | — | 5,353,970 | 0.1 | 9.5 | (2.7) | (729.7) | 4.1 | 2.2 | (716.5) | |||||||||||||||||||||||||||||||||||||||||||||||||
Receivable from Employees | — | — | — | — | — | 0.3 | — | — | — | 0.3 | |||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | (158.3) | — | (0.1) | (158.4) | |||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | — | — | 35.1 | — | 35.1 | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance June 30, 2021 | 1,483,795 | $ | — | 5,353,970 | $ | 0.1 | $ | 9.5 | $ | (2.4) | $ | (888.0) | $ | 39.2 | $ | 2.1 | $ | (839.5) | |||||||||||||||||||||||||||||||||||||||||
Share-based compensation expense | — | — | — | — | 9.3 | — | — | — | — | 9.3 | |||||||||||||||||||||||||||||||||||||||||||||||||
Impairment loss on lease adoption | — | — | — | — | — | — | (2.9) | — | — | (2.9) | |||||||||||||||||||||||||||||||||||||||||||||||||
Receivable from employees | — | — | — | — | — | 1.6 | — | — | — | 1.6 | |||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | (105.7) | — | — | (105.7) | |||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | — | — | (6.9) | — | (6.9) | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance October 19, 2021 | 1,483,795 | $ | — | 5,353,970 | $ | 0.1 | $ | 18.8 | $ | (0.8) | $ | (996.6) | $ | 32.3 | $ | 2.1 | $ | (944.1) |
Successor | Class A Common Stock | Class A Common Stock Amount | Class B Common Stock | Class B Common Stock Amount | Additional Paid-In Capital | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interests | Total Stockholders’ Deficit | ||||||||||||||||||||||||||||||||||||||||||||
Balance October 20, 2021 | — | $ | — | 18,750,000 | $ | — | $ | — | $ | (109.4) | $ | — | $ | — | $ | (109.4) | |||||||||||||||||||||||||||||||||||||
Conversion of Class B Founder Shares to Class A Common Shares upon Business Combination | 18,750,000 | — | (18,750,000) | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Reclassification of temporary equity shares previously subject to redemption | 60,371,390 | — | — | — | 603.7 | — | — | — | 603.7 | ||||||||||||||||||||||||||||||||||||||||||||
Issuance of Class A Common Shares to PIPE Investors, net of offering costs | 90,000,000 | — | — | — | 886.7 | — | — | — | 886.7 | ||||||||||||||||||||||||||||||||||||||||||||
Issuance of Common Shares to Mirion Sellers and recognition of noncontrolling interests in Mirion Business Combination | 30,401,902 | — | 8,560,540 | — | 329.1 | — | — | 91.6 | 420.7 | ||||||||||||||||||||||||||||||||||||||||||||
Equity contribution from Mirion Sellers | — | — | — | — | 18.7 | — | — | — | 18.7 | ||||||||||||||||||||||||||||||||||||||||||||
Forgiveness of working capital note from Sponsor | — | — | — | — | 2.0 | — | — | — | 2.0 | ||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | — | 5.3 | — | — | — | 5.3 | ||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | (22.2) | — | (0.8) | (23.0) | ||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | — | (20.7) | — | (20.7) | ||||||||||||||||||||||||||||||||||||||||||||
Balance December 31, 2021 | 199,523,292 | $ | — | 8,560,540 | $ | — | $ | 1,845.5 | $ | (131.6) | $ | (20.7) | $ | 90.8 | $ | 1,784.0 |
Successor | Predecessor | |||||||||||||||||||||||||||||||
Transition Period from October 20, 2021 through December 31, 2021 | From July 1, 2021 through October 19, 2021 | Fiscal Year Ended June 30, 2021 | Fiscal Year Ended June 30, 2020 | Fiscal Year Ended June 30, 2019 | ||||||||||||||||||||||||||||
OPERATING ACTIVITIES: | ||||||||||||||||||||||||||||||||
Net loss | $ | (23.0) | $ | (105.7) | $ | (158.4) | $ | (119.1) | $ | (122.0) | ||||||||||||||||||||||
Adjustments to reconcile net loss to net cash provided by operating activities: | ||||||||||||||||||||||||||||||||
Accrual of in-kind interest on notes payable to related parties | — | 40.2 | 121.2 | 107.7 | 95.6 | |||||||||||||||||||||||||||
Depreciation and amortization expense | 37.3 | 25.9 | 83.6 | 68.4 | 69.5 | |||||||||||||||||||||||||||
Stock-based compensation expense | 5.3 | 9.3 | — | 0.2 | 0.1 | |||||||||||||||||||||||||||
Loss on debt extinguishment | — | 15.9 | — | — | 12.8 | |||||||||||||||||||||||||||
Amortization of debt issuance costs | 0.7 | 1.1 | 3.2 | 2.6 | 3.6 | |||||||||||||||||||||||||||
Provision for doubtful accounts | (0.8) | 0.3 | 2.1 | 0.6 | 0.5 | |||||||||||||||||||||||||||
Inventory obsolescence write down | 0.3 | — | 0.7 | 1.9 | — | |||||||||||||||||||||||||||
Change in deferred income taxes | (11.2) | (8.4) | (16.6) | (15.5) | (16.1) | |||||||||||||||||||||||||||
Loss (gain) on disposal of property, plant and equipment | 0.8 | 1.6 | (0.1) | 0.4 | 1.2 | |||||||||||||||||||||||||||
Loss (gain) on foreign currency transactions | 1.6 | (0.6) | 13.4 | (1.7) | 2.7 | |||||||||||||||||||||||||||
Change in fair values of warrant liabilities | (1.2) | — | — | — | — | |||||||||||||||||||||||||||
Amortization of deferred revenue step-down | 2.3 | 4.5 | 8.0 | 0.2 | — | |||||||||||||||||||||||||||
Amortization of inventory step-up | 15.8 | — | 5.2 | 1.6 | 0.1 | |||||||||||||||||||||||||||
Other | (0.1) | — | 1.4 | (0.9) | (0.1) | |||||||||||||||||||||||||||
Changes in operating assets and liabilities: | ||||||||||||||||||||||||||||||||
Accounts receivable | (42.5) | 18.2 | (4.2) | 3.8 | 10.6 | |||||||||||||||||||||||||||
Costs in excess of billings on uncompleted contracts | 6.3 | (5.7) | (3.8) | (2.9) | (8.1) | |||||||||||||||||||||||||||
Inventories | 5.1 | (10.2) | (4.2) | 2.7 | (7.9) | |||||||||||||||||||||||||||
Deferred cost of revenue | (0.3) | (0.4) | 6.6 | (3.5) | (0.2) | |||||||||||||||||||||||||||
Prepaid expenses and other current assets | (2.5) | 2.6 | (10.1) | (1.6) | 1.4 | |||||||||||||||||||||||||||
Accounts payable | (8.9) | 19.2 | 2.6 | (2.5) | (2.7) | |||||||||||||||||||||||||||
Accrued expenses and other current liabilities | (8.4) | 0.4 | (2.2) | 7.3 | (13.1) | |||||||||||||||||||||||||||
Deferred contract revenue | 10.6 | 4.5 | (2.8) | (1.9) | (8.4) | |||||||||||||||||||||||||||
Other assets | (6.1) | (2.2) | 0.5 | 0.2 | 0.5 | |||||||||||||||||||||||||||
Other liabilities | 6.7 | 2.6 | 7.5 | (8.5) | (5.3) | |||||||||||||||||||||||||||
Net cash provided by operating activities | (12.2) | 13.1 | 53.6 | 39.5 | 14.7 | |||||||||||||||||||||||||||
INVESTING ACTIVITIES: | ||||||||||||||||||||||||||||||||
Acquisition of Mirion Topco, net of cash and cash equivalents acquired | $ | (2,124.8) | — | — | — | — | ||||||||||||||||||||||||||
Acquisitions of businesses, net of cash and cash equivalents acquired | (58.6) | (0.9) | (290.1) | (55.7) | (9.1) | |||||||||||||||||||||||||||
Purchases of property, plant, and equipment and badges | (6.0) | (11.6) | (23.2) | (19.9) | (16.5) | |||||||||||||||||||||||||||
Net cash used in investing activities | (2,189.4) | (12.5) | (313.3) | (75.6) | (25.6) | |||||||||||||||||||||||||||
FINANCING ACTIVITIES: | ||||||||||||||||||||||||||||||||
Issuances of common stock | $ | 900.0 | — | — | — | — | ||||||||||||||||||||||||||
Common stock issuance costs | (13.3) | — | — | — | — | |||||||||||||||||||||||||||
Transaction fees reimbursed by Sellers | 18.7 | — | — | — | — | |||||||||||||||||||||||||||
Payment of deferred underwriting costs | (26.3) | — | — | — | — | |||||||||||||||||||||||||||
SPAC share redemption | (146.3) | — | — | — | — | |||||||||||||||||||||||||||
Borrowings from notes payable to third-parties, net of discount and issuance costs | 807.3 | 1.9 | 218.8 | 98.8 | 596.8 | |||||||||||||||||||||||||||
Principal repayments | (1.7) | (2.4) | (14.8) | (13.4) | (560.2) | |||||||||||||||||||||||||||
Deferred finance costs | (0.9) | — | — | — | (8.1) | |||||||||||||||||||||||||||
Borrowings from notes payable – related parties | — | — | 70.0 | — | — | |||||||||||||||||||||||||||
Borrowing on revolving term loan | — | — | — | 80.0 | — | |||||||||||||||||||||||||||
Payment on revolving term loan | — | — | (35.0) | (45.0) | (13.0) | |||||||||||||||||||||||||||
Payment of contingent considerations | — | — | — | (2.0) | — | |||||||||||||||||||||||||||
Contribution from noncontrolling interests | — | — | — | — | 0.1 | |||||||||||||||||||||||||||
Distributions to noncontrolling interests | — | — | — | (0.4) | (0.1) | |||||||||||||||||||||||||||
Other financing | 0.2 | 1.5 | — | 0.9 | (0.5) | |||||||||||||||||||||||||||
Net cash provided by financing activities | 1,537.7 | 1.0 | 239.0 | 118.9 | 15.0 | |||||||||||||||||||||||||||
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | (1.0) | (0.9) | 3.1 | (0.4) | (2.4) | |||||||||||||||||||||||||||
Net (decrease) increase in cash, cash equivalents, and restricted cash | (664.9) | 0.7 | (17.6) | 82.4 | 1.7 | |||||||||||||||||||||||||||
Cash, cash equivalents, and restricted cash at beginning of period | 750.2 | 102.4 | 120.0 | 37.6 | 35.9 | |||||||||||||||||||||||||||
Cash, cash equivalents, and restricted cash at end of period | $ | 85.3 | $ | 103.1 | $ | 102.4 | $ | 120.0 | $ | 37.6 |
Cash consideration paid by GSAH | $ | 1,310.0 | |||
Cash repayment of existing Mirion TopCo third-party debt | 903.6 | ||||
Reimbursement of Mirion TopCo transaction costs | 11.7 | ||||
Cash consideration paid by GSAH | $ | 2,225.3 | |||
Shares issued to Mirion TopCo sellers at fair value (1) | 407.0 | ||||
Total consideration transferred | $ | 2,632.3 |
Mirion TopCo | |||||||||||||||||||||||
Date of acquisition | October 20, 2021 | ||||||||||||||||||||||
Segment | Medical | Industrial | Corporate | Total | |||||||||||||||||||
Goodwill (1) | $ | 675.2 | $ | 963.8 | $ | — | $ | 1,639.0 | |||||||||||||||
Customer relationships (2) | 152.7 | 186.1 | — | 338.8 | |||||||||||||||||||
Developed technology (3) | 66.3 | 168.3 | — | 234.6 | |||||||||||||||||||
Tradenames (4) | 36.8 | 63.7 | — | 100.5 | |||||||||||||||||||
Distributor relationships (5) | 52.5 | 8.6 | — | 61.1 | |||||||||||||||||||
Backlog (6) | 17.7 | 63.8 | — | 81.5 | |||||||||||||||||||
Non-compete agreements (7) | 4.5 | — | — | 4.5 | |||||||||||||||||||
Amortizable intangible assets | $ | 330.5 | $ | 490.5 | $ | — | $ | 821.0 | |||||||||||||||
Cash | 7.8 | 39.5 | 54.6 | 101.9 | |||||||||||||||||||
Accounts receivable | 44.0 | 70.3 | — | 114.3 | |||||||||||||||||||
Cost in excess of billings | — | 63.6 | — | 63.6 | |||||||||||||||||||
Inventory | 25.1 | 119.5 | — | 144.6 | |||||||||||||||||||
Property, Plant and Equipment | 52.6 | 72.7 | 1.1 | 126.4 | |||||||||||||||||||
Other current and non-current assets | 5.8 | 13.2 | 5.3 | 24.3 | |||||||||||||||||||
Right of use assets | 22.3 | 20.1 | 0.9 | 43.3 | |||||||||||||||||||
Other non-current assets | 8.0 | 9.0 | — | 17.0 | |||||||||||||||||||
Current liabilities | (31.9) | (82.7) | (33.7) | (148.3) | |||||||||||||||||||
Current lease liability | (4.1) | (4.4) | (0.3) | (8.8) | |||||||||||||||||||
Deferred contract revenue | (34.7) | (24.2) | — | (58.9) | |||||||||||||||||||
Notes payable assumed | (1.8) | (1.1) | — | (2.9) | |||||||||||||||||||
Other long-term liabilities | (70.6) | (147.7) | (23.8) | (242.1) | |||||||||||||||||||
Minority interest | — | (2.0) | (0.1) | (2.1) | |||||||||||||||||||
Net tangible assets acquired | $ | 22.5 | $ | 145.8 | $ | 4.0 | $ | 172.3 | |||||||||||||||
Purchase consideration | 2,632.3 | ||||||||||||||||||||||
Less: cash acquired | (101.9) | ||||||||||||||||||||||
GAAP purchase consideration, net of cash acquired | $ | 2,530.4 |
(amounts in millions) | Successor | Predecessor | ||||||||||||||||||
From October 20, 2021 through December 31, 2021 | From July 1, 2021 through October 19, 2021 | Fiscal Year Ended June 30, 2021 | ||||||||||||||||||
Total revenues | $ | 154.1 | $ | 168.0 | $ | 611.6 | ||||||||||||||
Net income (loss) | $ | (5.2) | $ | (56.3) | $ | (192.1) | ||||||||||||||
Net income (loss) attributable to Mirion Technologies, Inc. stockholders | $ | (3.6) | $ | (54.0) | $ | (184.2) |
Year Ended December 31, | Company Name | Description of the Business | Description of the Acquisition | |||||||||||||||||
2021 | CIRS | Computerized Imaging Reference Systems, Inc. ("CIRS") is a U.S.-based company which specializes in design, development, and commercialization of tissue equivalent medical imaging and radiation therapy phantoms. | On December 1, 2021, the Company acquired 100% of the equity interest for approximately $55.1 million, subject to final closing statement balances. | |||||||||||||||||
2021 | Safeline | Safeline Monitors Systems LLC is a U.S.-based provider of dosimetry services which will increase the U.S. footprint of Mirion’s industry-leading dosimetry product offerings. | On December 1, 2021, the Company acquired 100% of the member equity interest for approximately $1.5 million, which includes a $0.5 million contingent consideration, based on actual revenues from existing customers for 6 months subsequent to the transaction date. | |||||||||||||||||
2021 | CHP | CHP Dosimetry is a U.S.-based provider of dosimetry services which will increase the U.S. footprint of Mirion’s industry-leading dosimetry product offerings. | On November 1, 2021, the Company acquired 100% of the assets for approximately $2.5 million, subject to final closing statement balances. |
(in millions) | CIRS | ||||
Date of acquisition | December 1, 2021 | ||||
Segment | Medical | ||||
Goodwill | $ | 35.0 | |||
Developed technology (1) | 19.2 | ||||
Customer relationships (2) | 1.6 | ||||
Tradenames (3) | 0.4 | ||||
Backlog (4) | 0.6 | ||||
Amortizable intangible assets | $ | 21.8 | |||
Cash | 1.0 | ||||
Accounts receivable | 1.6 | ||||
Inventory | 2.0 | ||||
Property, Plant and Equipment | 0.4 | ||||
Operating ROU assets | 3.8 | ||||
Current lease liabilities | (0.5) | ||||
Other long-term liabilities | (10.0) | ||||
Net tangible assets acquired | $ | (1.7) | |||
Purchase consideration | 55.1 | ||||
Less: cash acquired | (1.0) | ||||
GAAP purchase consideration, net of cash acquired | $ | 54.1 | |||
Acquiree revenue post acquisition through the period ended December 31, 2021 | $ | 1.5 | |||
Acquiree income (loss) from operations post acquisition through the period ended December 31, 2021 | $ | (0.1) |
Predecessor Periods ended October 19, 2021 | Company Name | Description of the Business | Description of the Acquisition | |||||||||||||||||
2021 | Dosimetry Badge | Dosimetry Badge is a U.S.-based provider of dosimetry services which will increase the U.S. footprint of Mirion’s industry-leading dosimetry product offerings. | On September 1, 2021 the Company acquired 100% of the assets for approximately $1.8 million, which includes a $0.8 million earn-out, based on revenues from existing customers for 12 months subsequent to the transaction date. | |||||||||||||||||
Year Ended June 30, | Company Name | Description of the Business | Description of the Acquisition | |||||||||||||||||
2021 | Sun Nuclear | Sun Nuclear Corporation (“SNC” or “Sun Nuclear”) is a provider in radiation oncology quality assurance, delivering patient safety solutions for diagnostic imaging and radiation therapy centers around the world. | On December 18, 2020, the Company acquired 100% of the equity interest for approximately $258.1 million of purchase consideration, net of cash acquired. | |||||||||||||||||
2021 | Dosimetrics | Dosimetrics is a provider in the development and production of OSL personal radiation dosimeters and dosimetry solutions, including readers, erasers, software, accessories, and automation systems. | On December 1, 2020, the Company acquired 100% of the equity interest for approximately $3.0 million of purchase consideration, net of cash acquired. | |||||||||||||||||
2021 | Biodex | Biodex is a manufacturer and distributor of medical devices and related replacement parts for physical and nuclear medicine, as well as medical imaging applications located in the United States. | On September 1, 2020, the Company acquired 100% of the equity interest for approximately $26.9 million of purchase consideration, net of cash acquired. | |||||||||||||||||
2020 | AWST | AWST is a provider of calibration and measurement technologies for radiation medicine applications. | On March 31, 2020, the Company acquired 100% of the equity interest for approximately €24.5 million (or $26.9 million) of purchase consideration. | |||||||||||||||||
2020 | Selmic | Selmic is an electronic component manufacturer of sensors, modules, and devices serving in automotive, transportation, medical, security, defense, and telecom industries. | On October 31, 2019, the Company acquired 100% of the equity interest for approximately €9.1 million (or $10.2 million) of purchase consideration. | |||||||||||||||||
2020 | Premium Analyse | Premium Analyse is a provider in the radioactive gas detection market and measurement of tritium. | On July 19, 2019, the Company acquired 100% of the equity interest for approximately €7.9 million ($8.9 million) of purchase consideration. | |||||||||||||||||
2020 | Capintec | Capintec is a provider of calibration and measurement technologies for nuclear medicine applications. Capintec provides solutions for applications in nuclear medicine, nuclear cardiology, oncology, endocrinology, diagnostic radiology, and radiation therapy. | On July 9, 2019, the Company acquired 100% of the equity interest for approximately $14.5 million of purchase consideration. | |||||||||||||||||
2019 | NRG Dosimetry Services Group | NRG Dosimetry Services Group is a provider of dosimetry services in the Netherlands. | On October 31, 2018, the Company acquired 100% of the equity interest for approximately €7.8 million (or $9.1 million) of purchase consideration |
Predecessor | |||||||||||
Biodex | SNC | ||||||||||
Date of acquisition | September 1, 2020 | December 18, 2020 | |||||||||
Segment | Medical | Medical | |||||||||
Goodwill | $ | 11.1 | $ | 130.2 | |||||||
Customer relationships (1) | 2.3 | 59.5 | |||||||||
Tradenames (2) | 1.4 | 12.0 | |||||||||
Non-Compete Agreements (3) | 0.3 | 7.5 | |||||||||
Developed Technology (4) | 2.6 | 46.5 | |||||||||
Amortizable intangible assets | $ | 6.6 | $ | 125.5 | |||||||
Cash | 4.1 | 18.8 | |||||||||
Accounts receivable | 4.0 | 24.0 | |||||||||
Inventory | 6.4 | 13.9 | |||||||||
Property, Plant and Equipment | 1.0 | 5.9 | |||||||||
Other current and non-current assets | 0.6 | 8.0 | |||||||||
Current liabilities | (2.6) | (9.3) | |||||||||
Deferred contract revenue | (0.2) | (6.5) | |||||||||
Other long-term liabilities | — | (33.6) | |||||||||
Net tangible assets acquired | $ | 13.3 | $ | 21.2 | |||||||
Purchase consideration (5) | 31.0 | 276.9 | |||||||||
Less: cash acquired | (4.1) | (18.8) | |||||||||
GAAP purchase consideration, net of cash acquired | $ | 26.9 | $ | 258.1 | |||||||
Acquiree revenue post acquisition through the period ended June 30, 2021 | $ | 32.6 | $ | 48.9 | |||||||
Acquiree income (loss) from operations post acquisition through the period ended June 30, 2021 | $ | 0.7 | $ | (5.5) |
(amounts in millions) | Years ended June 30, | ||||||||||
2021 | 2020 | ||||||||||
Total revenues | $ | 670.9 | $ | 598.7 | |||||||
Net loss | (142.9) | (239.2) | |||||||||
Net loss attributable to Mirion TopCo stockholders | (127.9) | (158.3) |
Successor | Predecessor | |||||||||||||||||||
December 31, 2021 | June 30, 2021 | June 30, 2020 | ||||||||||||||||||
Costs incurred on contracts (from inception to completion) | $ | 199.4 | $ | 185.8 | $ | 152.5 | ||||||||||||||
Estimated earnings | 125.5 | 133.2 | 108.9 | |||||||||||||||||
Contracts in progress | 324.9 | 319.0 | 261.4 | |||||||||||||||||
Less: billings to date | (281.8) | (261.9) | (209.8) | |||||||||||||||||
Less: write-offs | — | (2.7) | — | |||||||||||||||||
$ | 43.1 | $ | 54.4 | $ | 51.6 |
Successor | Predecessor | |||||||||||||||||||
December 31, 2021 | June 30, 2021 | June 30, 2020 | ||||||||||||||||||
Costs and estimated earnings in excess of billings on uncompleted contracts – current | $ | 56.3 | $ | 57.2 | $ | 59.5 | ||||||||||||||
Costs and estimated earnings in excess of billings on uncompleted contracts – noncurrent (1) | 6.5 | 8.1 | — | |||||||||||||||||
Billings in excess of costs and estimated earnings on uncompleted contracts – current (2) | (17.6) | (8.0) | (8.0) | |||||||||||||||||
Billings in excess of costs and estimated earnings on uncompleted contracts – noncurrent (3) | (2.1) | (2.9) | — | |||||||||||||||||
$ | 43.1 | $ | 54.4 | $ | 51.5 |
Successor | Predecessor | |||||||||||||||||||
December 31, 2021 | June 30, 2021 | June 30, 2020 | ||||||||||||||||||
Raw materials | $ | 56.8 | $ | 50.9 | $ | 40.6 | ||||||||||||||
Work in progress | 26.6 | 26.8 | 16.1 | |||||||||||||||||
Finished goods | 40.2 | 35.5 | 33.5 | |||||||||||||||||
$ | 123.6 | $ | 113.2 | $ | 90.2 |
Successor | Predecessor | |||||||||||||||||||||||||
Depreciable Lives | December 31, 2021 | June 30, 2021 | June 30, 2020 | |||||||||||||||||||||||
Land, buildings, and leasehold improvements | 3-39 years | $ | 45.0 | $ | 44.4 | $ | 43.9 | |||||||||||||||||||
Machinery and equipment | 5-15 years | 26.7 | 49.6 | 38.9 | ||||||||||||||||||||||
Badges | 3-5 years | 27.9 | 38.9 | 29.4 | ||||||||||||||||||||||
Furniture, fixtures, computer equipment and other | 3-10 years | 16.7 | 33.6 | 27.6 | ||||||||||||||||||||||
Construction in progress | — | 12.2 | 13.6 | 7.3 | ||||||||||||||||||||||
128.5 | 180.1 | 147.1 | ||||||||||||||||||||||||
Less: accumulated depreciation and amortization | (4.5) | (91.3) | (71.9) | |||||||||||||||||||||||
$ | 124.0 | $ | 88.8 | $ | 75.2 |
Successor | Predecessor | ||||||||||||||||||||||||||||||||||
December 31, 2021 | October 19, 2021 | June 30, 2021 | June 30, 2020 | June 30, 2019 | |||||||||||||||||||||||||||||||
Depreciation expense in: | |||||||||||||||||||||||||||||||||||
Cost of revenues | $ | 3.5 | $ | 3.9 | $ | 14.0 | $ | 12.7 | $ | 11.1 | |||||||||||||||||||||||||
Operating expenses | 1.7 | 2.1 | 6.8 | 5.2 | 5.4 |
Successor | Predecessor | |||||||||||||||||||
December 31, 2021 | June 30, 2021 | June 30, 2020 | ||||||||||||||||||
Compensation and related benefit costs | $ | 34.0 | $ | 38.9 | $ | 30.3 | ||||||||||||||
Customer deposits | 8.8 | 8.1 | 3.1 | |||||||||||||||||
Accrued commissions | 0.9 | 1.1 | 3.7 | |||||||||||||||||
Accrued warranty costs | 5.9 | 6.3 | 5.5 | |||||||||||||||||
Non-income taxes payable | 7.5 | 5.0 | 4.9 | |||||||||||||||||
Pension and other post-retirement obligations | 0.3 | 0.5 | 0.3 | |||||||||||||||||
Income taxes payable | 3.2 | 3.1 | 9.2 | |||||||||||||||||
Restructuring | 1.4 | 3.1 | — | |||||||||||||||||
Accrued professional fees related to becoming a public company | 1.8 | 8.3 | — | |||||||||||||||||
Deferred and contingent consideration | 2.0 | — | — | |||||||||||||||||
Other accrued expenses | 9.6 | 9.9 | 7.1 | |||||||||||||||||
Total | $ | 75.4 | $ | 84.3 | $ | 64.1 |
Successor | Predecessor | |||||||||||||||||||
December 31, 2021 | June 30, 2021 | June 30, 2020 | ||||||||||||||||||
Deferred income taxes | $ | 161.0 | $ | 40.1 | $ | 33.1 | ||||||||||||||
Pension and other post-retirement obligations, non-current | 11.7 | 12.5 | 12.4 | |||||||||||||||||
Other long-term liabilities | 24.7 | 24.9 | 18.0 | |||||||||||||||||
Total | $ | 197.4 | $ | 77.5 | $ | 63.5 |
Predecessor | |||||||||||||||||
Medical | Industrial | Consolidated | |||||||||||||||
Balance—June 30, 2019 | $ | 96.7 | $ | 414.9 | $ | 511.6 | |||||||||||
Acquisition of Capintec | 6.0 | — | 6.0 | ||||||||||||||
Acquisition of Premium Analyse | — | 4.3 | 4.3 | ||||||||||||||
Acquisition of Selmic | — | 2.7 | 2.7 | ||||||||||||||
Acquisition of AWST | 4.1 | — | 4.1 | ||||||||||||||
Translation adjustment | — | (6.1) | (6.1) | ||||||||||||||
Balance—June 30, 2020 | $ | 106.8 | $ | 415.8 | $ | 522.6 | |||||||||||
Acquisition of Sun Nuclear | 130.2 | — | 130.2 | ||||||||||||||
Acquisition of Biodex | 11.1 | — | 11.1 | ||||||||||||||
Acquisition of Dosimetrics | 1.6 | — | 1.6 | ||||||||||||||
Translation adjustment | (0.2) | 16.2 | 16.0 | ||||||||||||||
Balance—June 30, 2021 | $ | 249.5 | $ | 432.0 | $ | 681.5 | |||||||||||
Acquisition of Dosimetry Badge | 0.9 | — | 0.9 | ||||||||||||||
Balance—Translation adjustment | (0.4) | (4.6) | (5.0) | ||||||||||||||
Balance—October 19, 2021 | $ | 250.0 | $ | 427.4 | $ | 677.4 |
Successor | |||||||||||||||||
Medical | Industrial | Consolidated | |||||||||||||||
Balance—October 20, 2021 | $ | — | $ | — | $ | — | |||||||||||
Acquisition of Mirion | 675.2 | 963.8 | 1,639.0 | ||||||||||||||
Acquisition of CHP Badge | 1.5 | — | 1.5 | ||||||||||||||
Acquisition of Safeline | 0.8 | — | 0.8 | ||||||||||||||
Acquisition of CIRS | 35.0 | — | 35.0 | ||||||||||||||
Translation adjustment | — | (13.7) | (13.7) | ||||||||||||||
Balance—December 31, 2021 | $ | 712.5 | $ | 950.1 | $ | 1,662.6 |
Successor | |||||||||||||||||||||||
December 31, 2021 | |||||||||||||||||||||||
Original Average Life in Years | Gross Carrying Amount | Accumulated Amortization | Net Book Value | ||||||||||||||||||||
Customer relationships | 6-13 | $ | 341.0 | $ | (15.3) | $ | 325.8 | ||||||||||||||||
Distributor relationships | 7-13 | 61.0 | (1.5) | 59.5 | |||||||||||||||||||
Developed technology | 5-16 | 251.2 | (5.9) | 245.3 | |||||||||||||||||||
Trade names | 3-10 | 100.0 | (2.1) | 97.9 | |||||||||||||||||||
Backlog and other | 1-4 | 85.7 | (7.2) | 78.4 | |||||||||||||||||||
Total | $ | 838.9 | $ | (32.0) | $ | 806.9 | |||||||||||||||||
Predecessor | |||||||||||||||||||||||
June 30, 2021 | |||||||||||||||||||||||
Original Average Life in Years | Gross Carrying Amount | Accumulated Amortization | Net Book Value | ||||||||||||||||||||
Customer relationships | 6-17 | $ | 420.4 | $ | (205.6) | $ | 214.8 | ||||||||||||||||
Developed technology | 3-16 | 184.5 | (104.7) | 79.8 | |||||||||||||||||||
Trade names | 5-9 | 47.4 | (29.5) | 17.9 | |||||||||||||||||||
Backlog and other | 1-9 | 40.6 | (26.8) | 13.8 | |||||||||||||||||||
Total | $ | 692.9 | $ | (366.6) | $ | 326.3 | |||||||||||||||||
June 30, 2020 | |||||||||||||||||||||||
Original Average Life in Years | Gross Carrying Amount | Accumulated Amortization | Net Book Value | ||||||||||||||||||||
Customer relationships | 6-15 | $ | 358.5 | $ | (170.5) | $ | 188.0 | ||||||||||||||||
Developed technology | 3-16 | 130.0 | (81.0) | 49.0 | |||||||||||||||||||
Trade names | 5-9 | 32.9 | (22.4) | 10.5 | |||||||||||||||||||
Backlog and other | 1-9 | 22.8 | (22.0) | 0.8 | |||||||||||||||||||
Total | $ | 544.2 | $ | (295.9) | $ | 248.3 |
Successor | Predecessor | |||||||||||||||||||||||||||||||
From October 20, 2021 through December 31, 2021 | From July 1, 2021 through October 19, 2021 | Fiscal Year Ended June 30, 2021 | Fiscal Year Ended June 30, 2020 | Fiscal Year Ended June 30, 2019 | ||||||||||||||||||||||||||||
Amortization expense for intangible assets in: | ||||||||||||||||||||||||||||||||
Cost of revenues | $ | 5.6 | $ | 6.6 | $ | 20.9 | $ | 17.9 | $ | 18.4 | ||||||||||||||||||||||
Operating expenses | $ | 26.4 | $ | 13.1 | $ | 41.9 | $ | 32.7 | $ | 34.5 |
Fiscal year ending December 31: | |||||
2022 | $ | 142.9 | |||
2023 | 126.9 | ||||
2024 | 112.5 | ||||
2025 | 90.4 | ||||
2026 | 83.3 | ||||
2027 and thereafter | 250.9 | ||||
Total | $ | 806.9 |
Successor | Predecessor | |||||||||||||||||||
December 31, 2021 | June 30, 2021 | June 30, 2020 | ||||||||||||||||||
2021 Credit Agreement | $ | 828.3 | $ | — | $ | — | ||||||||||||||
2019 Credit Facility – first lien term loan | — | 906.4 | 682.1 | |||||||||||||||||
NRG Loan | — | — | 5.8 | |||||||||||||||||
JLG Note Payable | — | 0.3 | 0.2 | |||||||||||||||||
Canadian Financial Institution | 1.2 | 1.2 | 1.2 | |||||||||||||||||
Other | 2.3 | 0.8 | — | |||||||||||||||||
Draw on revolving line of credit | — | — | 35.0 | |||||||||||||||||
Total third-party borrowings | 831.8 | 908.7 | 724.3 | |||||||||||||||||
Less: notes payable to third-parties, current | (3.9) | (6.4) | (41.1) | |||||||||||||||||
Less: deferred financing costs | (21.1) | (16.6) | (13.4) | |||||||||||||||||
Notes payable to third-parties, non-current | $ | 806.8 | $ | 885.7 | $ | 669.8 |
Fiscal year ending December 31: | |||||
2022 | $ | 7.1 | |||
2023 | 8.4 | ||||
2024 | 8.3 | ||||
2025 | 8.2 | ||||
2026 | 9.6 | ||||
Thereafter | 790.2 | ||||
Gross Payments | 831.8 | ||||
Unamortized debt issuance costs | (21.1) | ||||
Total third-party borrowings, net of debt issuance costs | $ | 810.7 |
Successor | Predecessor | |||||||||||||||||||
December 31, 2021 | June 30, 2021 | June 30, 2020 | ||||||||||||||||||
Shareholder Notes | $ | — | $ | 1,166.8 | $ | 983.7 | ||||||||||||||
Management Notes | — | 3.7 | 3.4 | |||||||||||||||||
Notes payable to related parties | $ | — | $ | 1,170.5 | $ | 987.1 |
Successor | |||||||||||
Balance Sheet Line Item | December 31, 2021 | ||||||||||
Operating Lease assets | Operating Lease assets | $ | 45.7 | ||||||||
Financing Lease assets | Other Assets | $ | 0.9 | ||||||||
Operating lease liabilities: | |||||||||||
Current operating lease liabilities | Current operating lease liabilities | $ | 9.3 | ||||||||
Noncurrent operating lease liabilities | Operating lease liability, non-current | 40.6 | |||||||||
Total operating lease liabilities: | $ | 49.9 | |||||||||
Financing lease liabilities: | |||||||||||
Current financing lease liabilities | Accrued expenses and other current liabilities | $ | 0.6 | ||||||||
Noncurrent financing lease liabilities | Deferred income taxes and other long-term liabilities | 0.3 | |||||||||
Total financing lease liabilities: | $ | 0.9 |
Successor | ||||||||
December 31, 2021 | ||||||||
Operating leases | ||||||||
Weighted average remaining lease term (in years) | 7.5 | |||||||
Weighted average discount rate | 4.19 | % |
Fiscal year ending December 31: | |||||
2022 | $ | 10.8 | |||
2023 | 9.4 | ||||
2024 | 8.1 | ||||
2025 | 6.4 | ||||
2026 | 5.0 | ||||
2027 and thereafter | 18.5 | ||||
Total undiscounted future minimum lease payments | $ | 58.2 | |||
Less: Imputed interest | (8.3) | ||||
Total lease liabilities | $ | 49.9 | |||
Fiscal year ending December 31: | |||||
2023 | $ | 12.5 | |||
2024 | 4.7 | ||||
2025 | 2.5 | ||||
2026 | 1.1 | ||||
2027 | 0.4 | ||||
2028 and thereafter | 0.3 | ||||
Total | $ | 21.5 |
Successor | |||||
From October 20, 2021 through December 31, 2021 | |||||
United States | $ | (26.8) | |||
Foreign | (3.0) | ||||
Net loss before benefit from income taxes | $ | (29.8) | |||
Income tax provision (benefit): | |||||
Current: | |||||
Federal | $ | — | |||
State and local | 0.8 | ||||
Foreign | 3.8 | ||||
Total current provision | $ | 4.6 | |||
Deferred: | |||||
Federal | $ | (5.4) | |||
State and local | (1.2) | ||||
Foreign | (4.8) | ||||
Total deferred benefit | $ | (11.4) | |||
Total benefit from income taxes | $ | (6.8) |
Predecessor | |||||||||||||||||||||||||||||
From July 1, 2021 through October 19, 2021 | Fiscal Year Ended June 30, 2021 | Fiscal Year Ended June 30, 2020 | Fiscal Year Ended June 30, 2019 | ||||||||||||||||||||||||||
United Kingdom | $ | (41.2) | $ | (125.3) | $ | (118.2) | $ | (96.3) | |||||||||||||||||||||
United States | (61.2) | (53.8) | (24.5) | (42.0) | |||||||||||||||||||||||||
Other foreign | (8.9) | 14.8 | 18.1 | 12.1 | |||||||||||||||||||||||||
Net loss before benefit from income taxes | $ | (111.3) | $ | (164.3) | $ | (124.6) | $ | (126.2) | |||||||||||||||||||||
Income tax provision (benefit): | |||||||||||||||||||||||||||||
Current: | |||||||||||||||||||||||||||||
United Kingdom | 0.1 | 0.3 | 0.6 | 1.1 | |||||||||||||||||||||||||
United States | 1.4 | 2.4 | (6.2) | 1.9 | |||||||||||||||||||||||||
Other foreign | 2.0 | 9.4 | 16.1 | 9.6 | |||||||||||||||||||||||||
Total current provision | $ | 3.5 | $ | 12.1 | $ | 10.5 | $ | 12.6 | |||||||||||||||||||||
Deferred: | |||||||||||||||||||||||||||||
United Kingdom | — | — | (0.4) | (0.3) | |||||||||||||||||||||||||
United States | (7.0) | (15.5) | 1.3 | (7.2) | |||||||||||||||||||||||||
Other foreign | (2.1) | (2.5) | (16.9) | (9.3) | |||||||||||||||||||||||||
Total deferred benefit | $ | (9.1) | $ | (18.0) | $ | (16.0) | $ | (16.8) | |||||||||||||||||||||
Total benefit from income taxes | $ | (5.6) | $ | (5.9) | $ | (5.5) | $ | (4.2) |
Successor | |||||
From October 20, 2021 through December 31, 2021 | |||||
Income tax at U.S. Federal statutory rate | 21 | % | |||
State and local taxes, net of federal impact | 2 | % | |||
Foreign tax rate differential | — | % | |||
Change in valuation allowance | 3 | % | |||
Stock-based compensation expense | (4) | % | |||
Warrant liability change in fair value | 1 | % | |||
Other | — | % | |||
Total effective income tax rate | 23 | % |
Predecessor | |||||||||||||||||||||||||||||
From July 1, 2021 through October 19, 2021 | Fiscal Year Ended June 30, 2021 | Fiscal Year Ended June 30, 2020 | Fiscal Year Ended June 30, 2019 | ||||||||||||||||||||||||||
Income tax at U.K. statutory rate | 19 | % | 19 | % | 19 | % | 19 | % | |||||||||||||||||||||
Subpart F & GILTI | — | % | (1) | % | (2) | % | (4) | % | |||||||||||||||||||||
Foreign taxes, including U.S. | 1 | % | (1) | % | 1 | % | 3 | % | |||||||||||||||||||||
Transaction costs | (3) | % | — | % | — | % | — | % | |||||||||||||||||||||
Change in valuation allowance | (2) | % | 4 | % | (8) | % | 1 | % | |||||||||||||||||||||
Unrecognized tax benefits | (1) | % | (1) | % | 11 | % | — | % | |||||||||||||||||||||
Nondeductible interest expense | (7) | % | (14) | % | (17) | % | (14) | % | |||||||||||||||||||||
Stock-based compensation expense | (2) | % | — | % | — | % | — | % | |||||||||||||||||||||
Other | — | % | — | % | — | % | (2) | % | |||||||||||||||||||||
Total effective income tax rate | 5 | % | 4 | % | 4 | % | 3 | % |
Successor | Predecessor | |||||||||||||||||||
December 31, 2021 | June 30, 2021 | June 30, 2020 | ||||||||||||||||||
Deferred tax assets: | ||||||||||||||||||||
Net operating loss carryforwards | $ | 24.5 | $ | 29.2 | $ | 29.2 | ||||||||||||||
Federal and state credit carryforwards | 13.9 | 14.3 | 16.4 | |||||||||||||||||
Property, plant and equipment | 0.6 | 0.6 | 2.6 | |||||||||||||||||
Deferred and other revenue differences | 8.6 | 4.0 | — | |||||||||||||||||
Interest carryforwards | 12.1 | 11.2 | 4.9 | |||||||||||||||||
Other reserves and accrued expenses | 15.4 | 15.0 | 9.0 | |||||||||||||||||
Lease liabilities | 12.5 | — | — | |||||||||||||||||
Other assets | 2.2 | 3.7 | 4.7 | |||||||||||||||||
Total deferred tax assets | 89.8 | 78.0 | 66.8 | |||||||||||||||||
Less: valuation allowance | (20.7) | (29.1) | (29.0) | |||||||||||||||||
$ | 69.1 | $ | 48.9 | $ | 37.8 |
Successor | Predecessor | |||||||||||||||||||
December 31, 2021 | June 30, 2021 | June 30, 2020 | ||||||||||||||||||
Deferred tax liabilities: | ||||||||||||||||||||
Purchased technologies and other intangibles | $ | (192.1) | $ | (75.0) | $ | (58.2) | ||||||||||||||
Deferred and other revenue differences | (7.5) | (8.1) | (0.8) | |||||||||||||||||
Property, plant and equipment | (11.9) | (3.9) | (3.0) | |||||||||||||||||
Lease right of use assets | (11.4) | — | — | |||||||||||||||||
Other liabilities | (1.4) | (1.8) | (4.1) | |||||||||||||||||
Total deferred tax liabilities | (224.3) | (88.8) | (66.1) | |||||||||||||||||
Net deferred tax liabilities | $ | (155.2) | $ | (39.9) | $ | (28.3) |
Successor | Predecessor | |||||||||||||||||||||||||
From October 20, 2021 through December 31, 2021 | From July 1, 2021 through October 19, 2021 | Fiscal Year Ended June 30, 2021 | Fiscal Year Ended June 30, 2020 | |||||||||||||||||||||||
Valuation allowance balance – beginning of period | $ | 1.0 | $ | 29.1 | $ | 29.0 | $ | 18.7 | ||||||||||||||||||
Increases/(decreases) resulting from the Mirion Business Combination | 19.7 | — | — | — | ||||||||||||||||||||||
Increases resulting from other business combinations | — | — | 0.5 | 0.3 | ||||||||||||||||||||||
Other increases | — | 1.6 | 8.6 | 10.0 | ||||||||||||||||||||||
Other decreases | $ | — | $ | — | $ | (9.0) | $ | — | ||||||||||||||||||
Valuation allowance balance – end of period | $ | 20.7 | $ | 30.7 | $ | 29.1 | $ | 29.0 |
Successor | Predecessor | |||||||||||||||||||||||||
From October 20, 2021 through December 31, 2021 | From July 1, 2021 through October 19, 2021 | Fiscal Year Ended June 30, 2021 | Fiscal Year Ended June 30, 2020 | |||||||||||||||||||||||
Balance, beginning of period | $ | — | $ | 5.0 | $ | 0.8 | $ | 13.9 | ||||||||||||||||||
Increases resulting from the Mirion Business Combination | 6.5 | — | — | — | ||||||||||||||||||||||
Current year additions to positions | 0.1 | 1.5 | 2.6 | — | ||||||||||||||||||||||
Additions from other business combinations | 0.2 | — | 1.7 | — | ||||||||||||||||||||||
Lapse of applicable statute of limitations | — | — | (0.1) | (13.1) | ||||||||||||||||||||||
Reductions to prior year positions | (0.2) | — | — | — | ||||||||||||||||||||||
Foreign currency translation adjustments | — | — | — | — | ||||||||||||||||||||||
Balance, end of period | $ | 6.6 | $ | 6.5 | $ | 5.0 | $ | 0.8 |
Years Open | |||||
Jurisdiction: | |||||
Canada | 2015 – 2021 | ||||
France | 2019 – 2021 | ||||
Germany | 2016 – 2021 | ||||
United Kingdom | 2016 – 2021 | ||||
United States—Federal | 2016 – 2021 | ||||
United States—State | 2004 – 2021 |
Successor | Predecessor | |||||||||||||||||||||||||||||||
From October 20, 2021 through December 31, 2021 | From July 1, 2021 through October 19, 2021 | Fiscal Year Ended June 30, 2021 | Fiscal Year Ended June 30, 2020 | Fiscal Year Ended June 30, 2019 | ||||||||||||||||||||||||||||
Cash Paid For: | ||||||||||||||||||||||||||||||||
Cash paid for interest | $ | 5.5 | $ | 10.0 | $ | 37.4 | $ | 39.2 | $ | 39.2 | ||||||||||||||||||||||
Cash paid for income taxes | $ | 2.9 | $ | 4.3 | $ | 19.3 | $ | 10.6 | $ | 11.3 | ||||||||||||||||||||||
Non-Cash Investing and Financing Activities: | ||||||||||||||||||||||||||||||||
Contingent consideration from acquisitions | $ | 0.5 | $ | 0.8 | $ | — | $ | — | $ | — | ||||||||||||||||||||||
Property, plant, and equipment purchases in accounts payable | $ | 0.1 | $ | (1.8) | $ | 3.2 | $ | 2.0 | $ | 2.7 | ||||||||||||||||||||||
Acquisition purchases in accrued expense and other liabilities | $ | — | $ | 0.1 | $ | 2.1 | $ | 2.8 | $ | — | ||||||||||||||||||||||
Accounts payable converted to note payable to third parties | $ | — | $ | — | $ | — | $ | — | $ | 0.2 | ||||||||||||||||||||||
Common Shares issued to Mirion Sellers in Mirion Business Combination | $ | 420.7 | $ | — | $ | — | — | — |
Successor | Predecessor | |||||||||||||||||||||||||||||||
From October 20, 2021 through December 31, 2021 | From July 1, 2021 through October 19, 2021 | Fiscal Year Ended June 30, 2021 | Fiscal Year Ended June 30, 2020 | Fiscal Year Ended June 30, 2019 | ||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 84.0 | $ | 101.8 | $ | 101.1 | $ | 118.4 | $ | 35.8 | ||||||||||||||||||||||
Restricted cash—current | 0.6 | 0.8 | 0.8 | 1.1 | 1.4 | |||||||||||||||||||||||||||
Restricted cash—non-current | 0.7 | 0.5 | 0.5 | 0.5 | 0.4 | |||||||||||||||||||||||||||
Total cash, cash equivalents, and restricted cash shown in the statements of cash flow | $ | 85.3 | $ | 103.1 | $ | 102.4 | $ | 120.0 | $ | 37.6 |
Maximum allowed for issuance | 19,952,329 | ||||
Awards granted | 1,238,683 | ||||
Awards forfeited | — | ||||
Available for future awards | 18,713,646 | ||||
Awards vested | — |
Successor | Predecessor | ||||||||||
From October 20, 2021 through December 31, 2021 | From July 1, 2021 through October 19, 2021 | ||||||||||
Stock-based compensation expense (1) | $ | 5.3 | $ | 9.3 | |||||||
Tax (expense) benefit for stock-based compensation (2) | $ | — | $ | — |
MIR Stock Price | $ | 10.70 | |||
Expected volatility(1) | 41.12 | % | |||
Risk-free interest rate(2) | 0.98 | % | |||
Dividend yield | 0.00 | % | |||
Fair value | $ | 7.91 |
RSUs | PSUs | Director RSUs | |||||||||||||||||||||||||||||||||
Quantity | Weighted average grant date fair value | Quantity | Weighted average grant date fair value | Quantity | Weighted average grant date fair value | ||||||||||||||||||||||||||||||
Beginning balance at Business Combination | — | $ | — | — | $ | — | — | $ | — | ||||||||||||||||||||||||||
Awards granted | 974,775 | $ | 10.48 | 229,006 | $ | 9.20 | 34,902 | $ | 10.48 | ||||||||||||||||||||||||||
Awards vested | — | $ | — | — | $ | — | — | $ | — | ||||||||||||||||||||||||||
Awards forfeited | — | $ | — | — | $ | — | — | $ | — | ||||||||||||||||||||||||||
Total awards outstanding at December 31, 2021 | 974,775 | $ | 10.48 | 229,006 | $ | 9.20 | 34,902 | $ | 10.48 |
Successor | ||||||||
From October 20, 2021 through December 31, 2021 | Weighted average period remaining for non-vested awards as of December 31, 2021 | |||||||
Unrecognized compensation cost | ||||||||
RSUs | $ | 10.2 | 4 years | |||||
PSUs | 2.1 | 3 years | ||||||
Director RSUs | 0.4 | 4 months | ||||||
Total unrecognized compensation cost at December 31, 2021 | $ | 12.7 |
Cost of equity (1) | 8.5 | % | |||
Risk-free interest rate (2) | 0.1 | % | |||
Expected volatility (3) | 30.0 | % | |||
Expected term (in years) (4) | 5 | ||||
Average fair value of all profits interests | $ | 6.90 |
Predecessor | |||||||||||||||||
June 30, 2020 | June 30, 2019 | ||||||||||||||||
Dividend yield | 0.0 | % | 0.0 | % | |||||||||||||
Risk-free interest rate (1) | 0.2 | % | 2.7 | % | |||||||||||||
Expected volatility (2) | 55.7 | % | 25.1 | % | |||||||||||||
Expected term (in years) (3) | 3 | 2 | |||||||||||||||
Fair value | $ | 0.37 | $ | 0.16 |
Shares (in millions) | Weighted Average Grant- Date Fair Value | Total Fair Value (in millions) | |||||||||||||||
Restricted Stock Awards | |||||||||||||||||
Nonvested at June 30, 2019 | 0.4 | $ | 0.39 | $ | 0.2 | ||||||||||||
Granted | 0.2 | 0.37 | 0.1 | ||||||||||||||
Vested | (0.1) | 0.27 | — | ||||||||||||||
Repurchased | (0.1) | 0.57 | (0.1) | ||||||||||||||
Nonvested at June 30, 2020 | 0.4 | $ | 0.41 | $ | 0.1 | ||||||||||||
Granted | — | — | — | ||||||||||||||
Vested | (0.2) | 0.35 | (0.1) | ||||||||||||||
Repurchased | — | — | — | ||||||||||||||
Nonvested at June 30, 2021 | 0.2 | $ | 0.27 | $ | — | ||||||||||||
Granted | — | — | — | ||||||||||||||
Vested | (0.2) | 0.27 | — | ||||||||||||||
Repurchased | — | — | — | ||||||||||||||
Nonvested at October 19, 2021 | — | $ | — | $ | — |
Successor | Predecessor | |||||||||||||||||||||||||||||||
(in millions) | From October 20, 2021 through December 31, 2021 | From July 1, 2021 through October 19, 2021 | For Year Ended June 30. 2021 | For Year Ended June 30. 2020 | For Year Ended June 30, 2019 | |||||||||||||||||||||||||||
Revenues | ||||||||||||||||||||||||||||||||
Medical | $ | 49.2 | $ | 60.3 | $ | 155.7 | $ | 62.6 | $ | 42.9 | ||||||||||||||||||||||
Industrial | 104.9 | 107.7 | 455.9 | 415.6 | 397.2 | |||||||||||||||||||||||||||
Consolidated Revenues | $ | 154.1 | $ | 168.0 | $ | 611.6 | $ | 478.2 | $ | 440.1 | ||||||||||||||||||||||
Segment Income from Operations | ||||||||||||||||||||||||||||||||
Medical | $ | (4.3) | $ | 0.7 | $ | 6.0 | $ | 13.9 | $ | 10.2 | ||||||||||||||||||||||
Industrial | 1.1 | 11.7 | 81.5 | 59.6 | 55.0 | |||||||||||||||||||||||||||
Total Segment Income from Operations | (3.2) | 12.4 | 87.5 | 73.5 | 65.2 | |||||||||||||||||||||||||||
Corporate and other | (19.7) | (54.0) | (76.3) | (50.5) | (36.4) | |||||||||||||||||||||||||||
Consolidated Income from Operations | $ | (22.9) | $ | (41.6) | $ | 11.2 | $ | 23.0 | $ | 28.8 | ||||||||||||||||||||||
Capital Expenditures | ||||||||||||||||||||||||||||||||
Medical | $ | 3.8 | $ | 6.8 | $ | 14.2 | $ | 10.1 | $ | 8.0 | ||||||||||||||||||||||
Industrial | 2.0 | 2.7 | 12.2 | 11.4 | 10.4 | |||||||||||||||||||||||||||
Total operating and reportable segments | 5.8 | 9.5 | 26.4 | 21.5 | 18.4 | |||||||||||||||||||||||||||
Corporate and other | 0.3 | 0.3 | — | 0.4 | 0.8 | |||||||||||||||||||||||||||
Total Capital Expenditures | $ | 6.1 | $ | 9.8 | $ | 26.4 | $ | 21.9 | $ | 19.2 | ||||||||||||||||||||||
Depreciation and Amortization | ||||||||||||||||||||||||||||||||
Medical | $ | 17.0 | $ | 13.3 | $ | 33.3 | $ | 15.8 | $ | 15.4 | ||||||||||||||||||||||
Industrial | 20.1 | 12.4 | 49.7 | 52.2 | 53.7 | |||||||||||||||||||||||||||
Total operating and reportable segments | 37.1 | 25.7 | 83.0 | 68.0 | 69.1 | |||||||||||||||||||||||||||
Corporate and other | 0.2 | 0.2 | 0.6 | 0.4 | 0.4 | |||||||||||||||||||||||||||
Total Depreciation and Amortization | $ | 37.3 | $ | 25.9 | $ | 83.6 | $ | 68.4 | $ | 69.5 |
Revenues | ||||||||||||||||||||||||||||||||
Successor | Predecessor | |||||||||||||||||||||||||||||||
From October 20, 2021 through December 31, 2021 | From July 1, 2021 through October 19, 2021 | For Year Ended June 30. 2021 | For Year Ended June 30. 2020 | For Year Ended June 30, 2019 | ||||||||||||||||||||||||||||
North America | ||||||||||||||||||||||||||||||||
Medical | $ | 45.3 | $ | 54.6 | $ | 138.6 | $ | 57.5 | $ | 41.0 | ||||||||||||||||||||||
Industrial | 47.6 | 53.4 | 199.4 | 193.3 | 188.3 | |||||||||||||||||||||||||||
Total North America | $ | 92.9 | $ | 108.0 | $ | 338.0 | $ | 250.8 | $ | 229.3 | ||||||||||||||||||||||
Europe | ||||||||||||||||||||||||||||||||
Medical | $ | 3.9 | $ | 5.7 | $ | 17.1 | $ | 5.2 | $ | 1.9 | ||||||||||||||||||||||
Industrial | 55.3 | 52.6 | 241.5 | 206.2 | 194.9 | |||||||||||||||||||||||||||
Total Europe | $ | 59.2 | $ | 58.3 | $ | 258.6 | $ | 211.4 | $ | 196.8 | ||||||||||||||||||||||
Asia Pacific | ||||||||||||||||||||||||||||||||
Medical | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||
Industrial | 2.0 | 1.7 | 15.0 | 16.0 | 14.0 | |||||||||||||||||||||||||||
Total Asia Pacific | $ | 2.0 | $ | 1.7 | $ | 15.0 | $ | 16.0 | $ | 14.0 | ||||||||||||||||||||||
Total revenues | $ | 154.1 | $ | 168.0 | $ | 611.6 | $ | 478.2 | $ | 440.1 |
Revenues | ||||||||||||||||||||||||||||||||
Successor | Predecessor | |||||||||||||||||||||||||||||||
From October 20, 2021 through December 31, 2021 | From July 1, 2021 through October 19, 2021 | For Year Ended June 30. 2021 | For Year Ended June 30. 2020 | For Year Ended June 30, 2019 | ||||||||||||||||||||||||||||
Point in time | $ | 120.1 | $ | 123.6 | $ | 456.6 | $ | 337.3 | $ | 331.1 | ||||||||||||||||||||||
Over time | 34.0 | 44.4 | 155.0 | 140.9 | 109.0 | |||||||||||||||||||||||||||
Total revenues | $ | 154.1 | $ | 168.0 | $ | 611.6 | $ | 478.2 | $ | 440.1 |
Revenues | ||||||||||||||||||||||||||||||||
Successor | Predecessor | |||||||||||||||||||||||||||||||
From October 20, 2021 through December 31, 2021 | From July 1, 2021 through October 19, 2021 | For Year Ended June 30. 2021 | For Year Ended June 30. 2020 | For Year Ended June 30, 2019 | ||||||||||||||||||||||||||||
Medical segment: | ||||||||||||||||||||||||||||||||
Medical | $ | 49.2 | $ | 60.3 | $ | 155.7 | $ | 62.6 | $ | 42.9 | ||||||||||||||||||||||
Industrial segment: | ||||||||||||||||||||||||||||||||
Reactor Safety and Control Systems | 30.6 | 34.7 | 146.8 | 135.4 | 133.3 | |||||||||||||||||||||||||||
Radiological Search, Measurement, and Analysis Systems | 74.3 | 73.0 | 309.1 | 280.2 | 263.9 | |||||||||||||||||||||||||||
Total revenues | $ | 154.1 | $ | 168.0 | $ | 611.6 | $ | 478.2 | $ | 440.1 |
Property, Plant, and Equipment, Net | ||||||||||||||||||||
Successor | Predecessor | |||||||||||||||||||
As of December 31, 2021 | As of June 30, 2021 | As of June 30, 2020 | ||||||||||||||||||
North America | $ | 77.1 | $ | 47.5 | $ | 36.5 | ||||||||||||||
Europe | 46.7 | 41.1 | 38.6 | |||||||||||||||||
Asia Pacific | 0.2 | 0.2 | 0.1 | |||||||||||||||||
Total | $ | 124.0 | $ | 88.8 | $ | 75.2 |
Successor | |||||||||||||||||
Fair Value Measurements at December 31, 2021 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||||
Assets | |||||||||||||||||
Cash, cash equivalents, and restricted cash (Note 12) | $ | 85.3 | $ | — | $ | — | |||||||||||
Discretionary retirement plan (Note 13) | 3.7 | 0.8 | — | ||||||||||||||
Liabilities | |||||||||||||||||
Discretionary retirement plan (Note 13) | 3.7 | 0.8 | — | ||||||||||||||
Public warrants | 46.9 | — | — | ||||||||||||||
Private placement warrants | — | 21.2 | — |
Predecessor | |||||||||||||||||
Fair Value Measurements at June 30, 2021 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||||
Assets | |||||||||||||||||
Cash, cash equivalents, and restricted cash (Note 12) | $ | 102.4 | $ | — | $ | — | |||||||||||
Discretionary retirement plan (Note 13) | 3.4 | 0.8 | — | ||||||||||||||
Liabilities | |||||||||||||||||
Discretionary retirement plan (Note 13) | 3.4 | 0.8 | — | ||||||||||||||
Fair Value Measurements at June 30, 2020 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||||
Assets | |||||||||||||||||
Cash, cash equivalents, and restricted cash (Note 12) | $ | 120.0 | $ | — | $ | — | |||||||||||
Discretionary retirement plan (Note 13) | 2.4 | 1.1 | — | ||||||||||||||
Liabilities | |||||||||||||||||
Discretionary retirement plan (Note 13) | 2.4 | 1.1 | — |
Successor | Predecessor | |||||||||||||||||||||||||||||||
From October 20, 2021 through December 31, 2021 | From July 1, 2021 through October 19, 2021 | Fiscal Year Ended June 30, 2021 | Fiscal Year Ended June 30, 2020 | Fiscal Year Ended June 30, 2019 | ||||||||||||||||||||||||||||
Net loss attributable to Mirion Technologies, Inc. (Successor) / Mirion Technologies (TopCo), Ltd. (Predecessor) shareholders | $ | (22.2) | $ | (105.7) | $ | (158.3) | $ | (119.1) | $ | (122.0) | ||||||||||||||||||||||
Weighted average common shares outstanding – basic and diluted | 180.773 | $ | 6.685 | $ | 6.549 | $ | 6.453 | $ | 6.300 | |||||||||||||||||||||||
Net loss per common share attributable to Mirion Technologies, Inc. (Successor) / Mirion Technologies (TopCo), Ltd. (Predecessor) — basic and diluted | $ | (0.12) | $ | (15.81) | $ | (24.18) | $ | (18.45) | $ | (19.36) | ||||||||||||||||||||||
Anti-dilutive employee share-based awards, excluded | 0.003 | 0.200 | 0.300 | 0.400 | 0.500 |
Successor | |||||||||||||||||
From October 20, 2021 through December, 31, 2021 | |||||||||||||||||
Cost of revenue | Selling, general and administrative | Total | |||||||||||||||
Severance and employee costs | $ | 0.1 | $ | 0.1 | $ | 0.2 | |||||||||||
Other(1) | — | 1.2 | 1.2 | ||||||||||||||
Total | $ | 0.1 | $ | 1.3 | $ | 1.4 |
Predecessor | |||||||||||||||||
From July 1, 2021 through October 19, 2021 | |||||||||||||||||
Cost of revenue | Selling, general and administrative | Total | |||||||||||||||
Severance and employee costs | $ | — | $ | 1.1 | $ | 1.1 | |||||||||||
Other(1) | 0.1 | 0.3 | 0.4 | ||||||||||||||
Total | $ | 0.1 | $ | 1.4 | $ | 1.5 | |||||||||||
For the year ended June 30, 2021 | |||||||||||||||||
(in millions) | Cost of revenue | Selling, general and administrative | Total | ||||||||||||||
Severance and employee costs | $ | 2.4 | $ | 1.6 | $ | 4.0 | |||||||||||
Other(1) | 0.7 | 0.8 | 1.5 | ||||||||||||||
Total | $ | 3.1 | $ | 2.4 | $ | 5.5 |
Predecessor | |||||
Balance at June 30, 2021 | $ | 3.1 | |||
Restructuring charges | 1.5 | ||||
Payments | (2.3) | ||||
Adjustments | (0.1) | ||||
Balance at October 19, 2021 | $ | 2.2 | |||
Successor | |||||
Balance at October 20, 2021 | $ | — | |||
Acquisition of Mirion accrued restructuring | 2.2 | ||||
Restructuring charges | 1.4 | ||||
Payments | (1.8) | ||||
Adjustments | (0.4) | ||||
Balance at December 31, 2021 | $ | 1.4 |
Name | Age | Position | ||||||
Thomas D. Logan | 61 | Director, Founder and Chief Executive Officer | ||||||
Brian Schopfer | 37 | Chief Financial Officer | ||||||
Loic Eloy | 45 | President, Group President (Industrial) | ||||||
Lawrence D. Kingsley | 59 | Director and Chairman | ||||||
Jyothsna (Jo) Natauri | 44 | Director | ||||||
Christopher Warren | 46 | Director | ||||||
Steven W. Etzel(1)(2) | 61 | Director | ||||||
Kenneth C. Bockhorst(1)(3) | 49 | Director | ||||||
Robert A. Cascella(2)(3) | 67 | Director | ||||||
John W. Kuo(2)(3) | 58 | Director | ||||||
Jody A. Markopoulos(1)(3) | 50 | Director |
Name | Position | ||||
Thomas Logan | Chief Executive Officer |
Brian Schopfer | Chief Financial Officer | ||||
Michael Freed (1) | Chief Operating Officer |
What We Do | What We Don’t Do | ||||
☒ Pay-for-Performance Philosophy. We align pay and performance by awarding a substantial portion of the compensation paid to our executives in the form of variable, “at-risk” performance-based compensation linked to achievement of rigorous performance goals. ☒ Balanced Short-Term and Long-Term Compensation. We grant compensation that discourages short-term risk taking at the expense of long-term results ☒ Maintain an Independent Compensation Committee and Independent Compensation Committee Advisor. Our Compensation Committee is comprised solely of independent directors and engages its own independent consultant. ☒ Share Ownership Guidelines. All NEOs are subject to significant share ownership guidelines. Pursuant to our Share Ownership Guidelines, our CEO is required to hold 5x base salary, our CFO is required to hold 3x base salary and the other members of our executive leadership team are required to hold 1x base salary. ☒ Clawback. The Board will require reimbursement to the Company of any performance-based award in the event of certain accounting restatements due to the material noncompliance of the Company with any financial reporting requirement under the securities laws. Our clawback policy is described in more detail under “Other Compensation Governance Practices – Clawback Policy” below. | ☒ No Excise Tax “Gross-Ups”. We do not provide any “gross-ups” for excise taxes that our employees might owe as a result of the application of Sections 280G or 4999 of the IR ☒ No “Single-Trigger” Change in Control Arrangements. We do not provide for “single-trigger” acceleration of compensation or benefits solely upon a change in control ☒ No Excessive Perks. We generally do not provide any excessive perquisites to our NEOs ☒ Do Not Permit Hedging or Pledging. We prohibit directors and employees, including our NEOs, from hedging and pledging our securities |
Allied Motion Technologies Inc. | Bruker Corporation | Proto Labs, Inc. | ||||||
Array Technologies, Inc. | Coherent, Inc. | Raven Industries, Inc. | ||||||
Babcock & Wilcox Enterprises, Inc. | Graco, Inc. | Repligen Corporation | ||||||
Badger Meter, Inc. | MSA Safety Incorporated | Sotera Health Company | ||||||
Bio-Techne Corporation | Nordson Corporation | Vicor Corporation |
Name | Base Salary Prior to December 27, 2021 ($) | Base Salary Effective as of December 27, 2021 ($) | Change (%) | ||||||||
Mr. Logan | 660,000 | 700,000 | 6.1 | ||||||||
Mr. Schopfer | 396,000 | 450,000 | 13.6 | ||||||||
Mr. Freed | 412,000 | 412,000 | - |
NEO | RSUs Granted (#) | PSUs Granted (Target) (#) | ||||||
Mr. Logan | 381,679 | 95,419 | ||||||
Mr. Schopfer | 76,355 | 19,083 |
Percentile | Payout | |||||||||||||||||||
Below Threshold | <30% | 0% | ||||||||||||||||||
Threshold | 30% | 25% | ||||||||||||||||||
Target | 55% | 50% | ||||||||||||||||||
Maximum | ≥80% | 100% |
Percentile | Payout | |||||||||||||
Below Threshold | <5% | 0% | ||||||||||||
Target | ≥5% | 100% |
Name and Principal Position | Period | Salary ($)(1) | Bonus(2) ($) | Stock Awards ($)(3) | Non-Equity Incentive Plan Compensation ($)(4) | Change in Pension Value and Nonqualified Deferred Compensation Earnings ($) | All Other Compensation ($)(5)(6) | Total ($) | ||||||||||||||||||||||||||||||||||||||||||
Thomas Logan Chairman and Chief Executive Officer | July 1, 2021-December 31, 2021 | 325,763 | 511,574 | 5,509,532 | 174,736 | 314,771 | 46,200 | 6,882,576 | ||||||||||||||||||||||||||||||||||||||||||
July 1, 2020-June 30, 2021 | 632,262 | 19,240,000 | 511,410 | 166,716 | 72,025 | 20,770,468 | ||||||||||||||||||||||||||||||||||||||||||||
Brian Schopfer Chief Financial Officer | July 1, 2021-December 31, 2021 | 195,195 | 123,990 | 1,101,892 | 71,038 | 10,439 | 1,502,554 | |||||||||||||||||||||||||||||||||||||||||||
July 1, 2020-June 30, 2021 | 355,227 | 4,208,750 | 177,613 | 15,964 | 4,757,554 | |||||||||||||||||||||||||||||||||||||||||||||
Michael Freed Chief Operating Officer | July 1, 2021-December 31, 2021 | 213,263 | 432,500 | 72,300 | 8,557 | 726,620 | ||||||||||||||||||||||||||||||||||||||||||||
July 1, 2020-June 30, 2021 | 398,851 | 199,455 | 12,167 | 610,473 |
Estimated Future Payouts Under Non-Equity Incentive Plan Awards | Estimated Future Payouts Under Equity Incentive Plan Awards | All Other Stock Awards: Number of Shares of Stock or Units (#) (i) | Grant Date Fair Value of Stock and Option Awards (l) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Name (a) | Grant Date (b) | Threshold ($) (c) | Target ($) (d) | Maximum ($) (e) | Threshold (#) (f) | Target (#) (g) | Maximum (#) (h) | |||||||||||||||||||||||||||||||||||||||||||||||||
Thomas Logan | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FY 2021 Bonus | 170,811 | 511,410 | 818,256 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 Stub Bonus | 87,924 | 263,245 | 421,192 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
RSU | 12/27/2021 | — | 3,999,996 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
PSU | 12/27/2021 | 500,000 | 1,000,000 | 2,000,000 | 47,709 | 95,419 | 190,839 | 1,509,536 | ||||||||||||||||||||||||||||||||||||||||||||||||
Brian Schopfer | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FY 2021 Bonus | 88,807 | 177,613 | 355,226 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 Stub Bonus | 49,929 | 99,857 | 199,714 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
RSU | 12/27/2021 | — | 799,991 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
PSU | 12/27/2021 | 100,000 | 200,000 | 400,000 | 9,541 | 19,083 | 38,167 | 301,901 | ||||||||||||||||||||||||||||||||||||||||||||||||
Michael Freed | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FY 2021 Bonus | 99,713 | 199,425 | 398,850 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 Stub Bonus | 50,816 | 101,632 | 203,264 |
Stock Awards(1) | ||||||||||||||||||||||||||
Name (a) | Number of Shares or Units of Stock That Have Not Vested (#) (b) | Market Value of Shares or Units of Stock That Have Not Vested ($) (c)(2) | Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested (#) (d) | Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested ($)(2) (e) | ||||||||||||||||||||||
Thomas Logan | 381,679 (1) | 4.00 | 143,130(3) | 1,498,571 | ||||||||||||||||||||||
3,200,000 (4) | 33,504,000 | |||||||||||||||||||||||||
Brian Schopfer | 76,335 (1) | 28,625(3) | 299,704 | |||||||||||||||||||||||
700,000(4) | 7,329,000 | |||||||||||||||||||||||||
Michael Freed | - | - | - | - |
Name (a) | Executive Contributions in Last fiscal year ($) (b) | Registrant Contributions in Last fiscal year ($) (c) | Aggregate Earnings in Last fiscal year ($) (d)(1) | Aggregate Withdrawals/Distributions ($) (e) | Aggregate Balance at Last FYE ($) (f) | |||||||||||||||||||||||||||
Thomas Logan | $ | — | $ | — | $ | 481,487 | $ | — | $ | 2,949,661 | ||||||||||||||||||||||
Brian Schopfer | — | — | — | — | — | |||||||||||||||||||||||||||
Michael Freed | — | — | — | — | — |
Name | Benefit | Termination Without Cause or Resignation for Good Reason Other than in Connection with a Change in Control | Termination Without Cause or Resignation for Good Reason in Connection with a Change in Control (1) | Death or Disability | Retirement | |||||||||||||||||||||||||||
Thomas Logan | Cash severance | $ | 963,362 | $ | 963,362 | $ | 263,362 | |||||||||||||||||||||||||
Accelerated Vesting of Equity Awards | $999,047 (2) | $5,994,263(3) | — | $999,047 (2) | ||||||||||||||||||||||||||||
Health Benefits | 21,857 | 21,857 | 21,857 | |||||||||||||||||||||||||||||
Total | $ | 1,984,266 | $ | 6,979,482 | $ | 285,219 | $ | 999,047 | ||||||||||||||||||||||||
Brian Schopfer | Cash Severance | $ | 548,628 | $ | 548,628 | $ | 98,628 | |||||||||||||||||||||||||
Accelerated Vesting of Equity Awards | — | $1,199,045(3) | — | — | ||||||||||||||||||||||||||||
Health Benefits | 8,142 | 8,142 | — | — | ||||||||||||||||||||||||||||
Total | $ | 556,770 | $ | 1,755,815 | $ | 98,628 | $ | — | ||||||||||||||||||||||||
Michael Freed | Cash Severance | $ | 513,769 | $ | 513,769 | $ | 101,631 | |||||||||||||||||||||||||
Accelerated Vesting of Equity Awards | — | — | — | — | ||||||||||||||||||||||||||||
Health Benefits | 31,226 | 31,226 | — | — | ||||||||||||||||||||||||||||
Total | $ | 544,995 | $ | 544,995 | $ | 101,631 | $ | — |
Name(1) | Fees Earned or Paid in Cash ($)(1) | Stock Awards ($)(2)(3) | All Other Compensation ($) | Total ($) | ||||||||||||||||||||||
Kenneth C. Bockhorst | 15,175 | 60,962 | — | 76,137 | ||||||||||||||||||||||
Robert Cascella | 17,159 | 60,962 | — | 78,121 | ||||||||||||||||||||||
Steven W. Etzel | 17,159 | 60,962 | — | 78,121 | ||||||||||||||||||||||
Lawrence D. Kingsley | 15,175 | 32,526,962 | (4) | — | 32,542,137 | |||||||||||||||||||||
John W. Kuo | 17,159 | 60,962 | — | 78,121 | ||||||||||||||||||||||
Jody A. Markopoulos | 15,175 | 60,962 | — | 76,137 | ||||||||||||||||||||||
Jyothsna (Jo) Natauri | — | — | — | — | ||||||||||||||||||||||
Christopher Warren | — | — | — | — |
Name | Aggregate Number of Shares Underlying Restricted Stock Units | ||||
Kenneth C. Bockhorst | 5,817 | ||||
Robert Cascella | 5,817 | ||||
Steven W. Etzel | 5,817 | ||||
Lawrence D. Kingsley | 5,817 | ||||
John W. Kuo | 5,817 | ||||
Jody A. Markopoulos | 5,817 | ||||
Jyothsna (Jo) Natauri | - | ||||
Christopher Warren | - |
Position | Annual Retainer | ||||
Board Service | $76,500 | ||||
plus (as applicable): | |||||
Audit Committee Chair | $10,000 | ||||
Compensation Committee Chair | $10,000 | ||||
Nominating/Governance Committee Chair | $10,000 |
Name and Address of Beneficial Owners(1)(2) | Number of Shares of Class A Common Stock6 | Ownership Percentage of Class A Common Stock (%) | Number of Shares of Class B Common Stock | Ownership Percentage of Class B Common Stock (%) | Ownership Percentage of Common Stock (%) | |||||||||||||||||||||||||||
5% Holders (Other than Directors and Executive Officers) | ||||||||||||||||||||||||||||||||
GS Sponsor II LLC(3)(4) | 24,525,000 | 11.8 | % | — | — | 11.3 | % | |||||||||||||||||||||||||
GSAM Holdings LLC(3)(4) | 46,750,000 | 22.5 | % | — | — | 21.6 | % | |||||||||||||||||||||||||
GSAH II PIPE Investors Employee LP(5) | 17,199,900 | 8.6 | % | — | — | 8.3 | % | |||||||||||||||||||||||||
Alyeska Investment Group, L.P. (6) | 14,939,633 | 7.5 | % | — | — | 7.1 | % | |||||||||||||||||||||||||
Charterhouse Parties(7) | 24,746,855 | 12.4 | % | — | — | 11.9 | % | |||||||||||||||||||||||||
Directors and Executive Officers | ||||||||||||||||||||||||||||||||
Thomas D. Logan(8) | — | — | 4,140,388 | 48.4 | % | 2.0 | % | |||||||||||||||||||||||||
Lawrence D. Kingsley(9) | 503,569 | * | 0 | — | * | |||||||||||||||||||||||||||
Brian Schopfer(10) | — | — | 740,845 | 8.7 | % | * | ||||||||||||||||||||||||||
Michael Freed | — | — | 935,818 | 10.9 | % | * | ||||||||||||||||||||||||||
Jyothsna (Jo) Natauri(11) | — | — | — | — | — | |||||||||||||||||||||||||||
Christopher Warren | — | — | — | — | — | |||||||||||||||||||||||||||
Steven W. Etzel (12) | 3,569 | * | — | — | * | |||||||||||||||||||||||||||
Kenneth C. Bockhorst (12) | 3,569 | * | — | — | * | |||||||||||||||||||||||||||
Robert A. Cascella (12) | 3,569 | * | — | — | * | |||||||||||||||||||||||||||
John W. Kuo (12) | 3,569 | * | — | — | * | |||||||||||||||||||||||||||
Jody A. Markopoulos (12) | 3,569 | * | — | — | * | |||||||||||||||||||||||||||
All directors and executive officers as a group (11 individuals) | 500,000 | * | 5,817,051 | 68.0 | % | 3.0 | % |
* | Less than one percent | ||||
(1) | Unless otherwise noted, the business address of each of the following entities or individuals is Mirion Technologies, Inc., 1218 Menlo Drive, Atlanta, Georgia 30318. |
(2) | The shares of our Class B common stock are paired, one-for-one, with shares of IntermediateCo Class B common stock. Such paired interests may be redeemed by the holder and, at our option, settled by a one-for-one exchange for shares of Class A common stock or a cash amount per share based on an average trailing stock price of Company Class A common stock. See “Certain Relationships and Related Transactions, and Director Independence—IntermediateCo Charter.” The founder shares are subject to certain vesting conditions upon a Founder Share Vesting Event. Holders of the founder shares are entitled to vote such founder shares and receive dividends and other distributions with respect to such founder shares prior to vesting, but such dividends and other distributions with respect to unvested founder shares will be set aside by the Company and shall only be paid to the holders of the founder shares upon the vesting of such founder shares. The founder shares will be forfeited to the Company for no consideration if they fail to vest on or before October 20, 2026. | ||||
(3) | GSAM Holdings LLC is the managing member of GS Sponsor II LLC. GSAM Holdings LLC is a wholly owned subsidiary of The Goldman Sachs Group, Inc. In addition to the shares held by GS Sponsor II LLC, GS Acquisition Holdings II Employee Participation LLC (“Participation LLC”) and GS Acquisition Holdings II Employee Participation 2 LLC (“Participation 2 LLC”), each of which is managed by a subsidiary of GSAM Holdings LLC, directly owns 1,325,000 founder shares and 1,400,000 founder shares, respectively. Each of GSAM Holdings LLC and The Goldman Sachs Group, Inc. may be deemed to beneficially own the shares held by GS Sponsor II LLC, Participation LLC and Participation 2 LLC by virtue of their direct and indirect ownership, as applicable, over GS Sponsor II LLC, Participation LLC and Participation 2 LLC. Each of GSAM Holdings LLC and The Goldman Sachs Group, Inc. disclaims beneficial ownership of any such shares except to the extent of their respective pecuniary interest therein. Further, each of GSAM Holdings LLC and The Goldman Sachs Group, Inc. may be deemed to beneficially own the shares held by the PIPE Participation LLCs (as defined below) but disclaims beneficial ownership of any such shares except to the extent of its pecuniary interest therein. | ||||
(4) | Interests shown for GS Sponsor II consist of (i) 16,025,000 founder shares and (ii) 8,500,000 shares of Class A common stock underlying the private placement warrants. Interests shown for GSAM Holdings consist of (i) 18,750,000 founder shares, (ii) 8,500,000 shares of Class A common stock underlying the private placement warrants and (iii) 19,500,000 shares of Class A common stock held by the PIPE Participation LLCs. | ||||
(5) | Each of GSAH II PIPE Investors Employee LP and NRD PIPE Investors LP (together the “PIPE Participation LLCs”) is a limited partnership controlled by its general partner and its investment manager, both of which are indirect wholly-owned subsidiaries of The Goldman Sachs Group, Inc. See the disclosure regarding Goldman Sachs under “Part III, Item 13. Certain Relationships and Related Transactions, and Director Independence —Related Party Payments” for information concerning certain relationships between Goldman Sachs and Mirion. Each limited partner of the PIPE Participation LLCs (including Jyothsna (Jo) Natauri, a Mirion director, and certain direct or indirect subsidiaries of The Goldman Sachs Groups, Inc.) will have the right to request that the applicable PIPE Participation LLC use its reasonable efforts to sell a portion of the registrable securities held by it under Mirion's registration statement on Form S-1 filed with and declared effective by the SEC on October 27, 2021 and November 2, 2021, respectively. The business address of each of the GS PIPE Participation LLCs is 200 West Street, New York, New York 10282. | ||||
(6) | Each of the Alyeska Investment Group, L.P., Alyeska Fund GP, LLC and Anand Parekh share voting and dispositive power with regard to shares of Class A common stock of the Company. The business address for each is 77 West Wacker Drive, 7th Floor, Chicago, IL 60601. Interests shown include 7,388,191 shares of Class A common stock issued to Alyeska and its affiliated entities in connection with the PIPE investment, 6,551,442 shares of publicly-traded common stock and 1,000,000 shares of Class A common stock underlying public warrants. | ||||
(7) | Represents (i) 13,233,013 shares of Class A common stock held by CCP IX LP No. 1; (ii) 11,028,610 shares of Class A common stock held by CCP IX LP No. 2; (iii) 363,920 shares of Class A common stock held by CCP IX Co-investment LP; and (iv) 121,312 shares of Class A common stock held by CCP IX Co-Investment No. 2 LP (together, “CCP IX”). Charterhouse General Partners (IX) Ltd (“CGP IX”) is the general partner of each of the limited partnerships comprising CCP IX. Charterhouse Capital Partners LLP (“CCP”) acts as the investment adviser to CGP IX. CCP’s advice with respect to investment decisions requires the approval of its Investment Committee comprised of 10 members, including the approval of CCP’s Managing Partner, which is currently Lionel Giacomotto. However, it is CGP IX which ultimately makes all investment decisions. As a result, CGP IX may be deemed to have beneficial ownership of the securities held by the limited partnerships comprising CCP IX. CGP IX is managed by a five member board of directors. Each of the CGP IX board members disclaims beneficial ownership of the securities beneficially owned by each of the limited partnerships comprising CCP IX, except to the extent of their pecuniary interest therein, if any. The address for each of the foregoing persons’ principal business office is 6th Floor, Belgrave House, 76 Buckingham Palace Road, London, SW1W 9TQ. | ||||
(8) | Mr. Logan’s shares consist of (i) 1,544,017 shares of Class B common stock held by Mr. Logan; (ii) 865,455 shares of Class B common stock held by the J.P. Morgan Trust Company of Delaware in its capacity as Trustee of the Mary Hancock Logan GST Exempt Trust; (iii) 865,455 shares of Class B common stock held by the J.P. Morgan Trust Company of Delaware in its capacity as Trustee of the Alison Paige Logan GST Exempt Trust; and (iv) 865,461 shares of Class B common stock held by the J.P. Morgan Trust Company of Delaware in its capacity as Trustee of the Thomas Darrell Logan, Jr. GST Exempt Trust. The J.P. Morgan Trust Company of Delaware in its capacity as Trustee of the foregoing trust entities has sole voting and dispositive power over the shares held by such trust entities; Mr. Logan disclaims beneficial ownership of any such shares except to the extent of his pecuniary interest therein. Mr. Logan’s shares exclude 3,200,000 shares of Class A common stock in which he has an interest due to his profits interests, which are subject to vesting requirements. See “Part III, Item 13. Certain Relationships and Related Transactions, and Director Independence—Profits Interests.” | ||||
(9) | Mr. Kingsley’s shares include (i) 3,569 shares of Class A common stock issuable pursuant to the vesting and settlement of RSUs held by Mr. Kingsley; (ii) 350,000 shares of Class A common stock held by the Diane Kingsley Revocable Trust and (iii) 150,000 shares held by the Lawrence D. Kingsley 2015 Family Irrevocable Trust, Mr. Kingsley’s shares exclude 4,200,000 shares of Class A common stock in which he has an interest due to his profits interests, which are subject to vesting requirements. See “Part III, Item 13. Certain Relationships and Related Transactions, and Director Independence—Profits Interests.” | ||||
(10) | Mr. Schopfer’s shares exclude 700,000 shares of Class A common stock in which he has an interest due to his profits interests, which are subject to vesting requirements. See “Part III, Item 13. Certain Relationships and Related Transactions, and Director Independence—Profits Interests.” | ||||
(11) | Ms. Natauri’s shares exclude 50,000 shares of Class A common stock held by GSAH II PIPE Investors Employee LP, and Ms. Natauri holds investment power over such shares. Voting decisions are made for the GSAH II Pipe Investors Employee LP by its investment manager, Goldman Sachs & Co. LLC, an affiliate of The Goldman Sachs Group, Inc. | ||||
(12) | Includes 3,569 shares of Class A common stock issuable pursuant to the vesting and settlement of RSU's |
Exhibit Number | Exhibit Title | ||||
2.1 | |||||
2.2 | |||||
3.1 | |||||
3.2 | |||||
4.1 | |||||
4.2 | |||||
4.3 | |||||
4.4* | |||||
10.1 | |||||
10.2* | Amendment to Credit Agreement dated as of November 22, 2021, by and between Mirion Technologies (HoldingSub2), Ltd., a limited liability company incorporated in England and Wales, as Holdings, Mirion Technologies (US Holdings), Inc., as the Parent Borrower, Mirion Technologies (US), Inc., as the Subsidiary Borrower, the lending institutions party thereto and Citibank, N.A., as Administrative Agent and Collateral Agent. | ||||
10.3 | |||||
10.4 | |||||
10.5 | |||||
10.6 | |||||
10.7 | |||||
10.8* | |||||
10.9* |
Exhibit Number | Exhibit Title | ||||
10.10* | |||||
10.11 | |||||
10.12 | |||||
10.13 | |||||
10.14 | |||||
10.15 | |||||
10.16 | |||||
10.17 | |||||
10.18 | |||||
10.19 | |||||
10.20 | |||||
10.21 | |||||
10.22 | |||||
10.23 | |||||
10.24 | |||||
10.25 | |||||
10.26 | |||||
10.27 | |||||
10.28 | |||||
10.29 | |||||
10.30 |
Exhibit Number | Exhibit Title | ||||
14.1 | |||||
16.1 | |||||
21.1* | |||||
23.1* | |||||
24.1* | |||||
31.1* | |||||
31.2* | |||||
32.1* | |||||
32.2* | |||||
101.INS* | XBRL Instance Document. | ||||
101.SCH* | XBRL Taxonomy Extension Schema Document. | ||||
101.CAL* | XBRL Taxonomy Extension Calculation Linkbase Document. | ||||
101.DEF* | XBRL Taxonomy Extension Definition Linkbase Document. | ||||
101.LAB* | XBRL Taxonomy Extension Label Linkbase Document. | ||||
101.PRE* | XBRL Taxonomy Extension Presentation Linkbase Document. | ||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). |
Successor | |||||
December 31, 2021 | |||||
Assets: | |||||
Investments in Sub | $ | 1,851.1 | |||
Total Assets | $ | 1,851.1 | |||
Liabilities and Stockholders’ Equity: | |||||
Warrant liabilities | 68.1 | ||||
Deferred income taxes and other liabilities | (1.0) | ||||
Total Liabilities | 67.1 | ||||
Additional paid-in capital | 1,845.5 | ||||
Accumulated deficit | (131.6) | ||||
Accumulated Other Comprehensive Loss | (20.7) | ||||
Mirion Technologies, Inc. (Successor) stockholders’ equity | 1,693.2 | ||||
Noncontrolling interests | 90.8 | ||||
Total Stockholders’ Equity | 1,784.0 | ||||
Total Liabilities and Stockholders’ Equity | $ | 1,851.1 |
Successor | |||||
From October 20, 2021 through December 31, 2021 | |||||
Selling, general and administrative | $ | 5.3 | |||
Total operating expenses | 5.3 | ||||
Income from operations | (5.3) | ||||
Change in fair value of warrant liabilities | (1.2) | ||||
Equity in net loss of subsidiaries | 19.9 | ||||
Loss before benefit from income taxes | $ | (24.0) | |||
Benefit from income taxes | (1.0) | ||||
Net loss | $ | (23.0) | |||
Loss attributable to noncontrolling interests | (0.8) | ||||
Net loss attributable to Mirion Technologies, Inc. stockholders | (22.2) | ||||
Foreign currency translation, net of tax | (20.5) | ||||
Unrecognized actuarial gain (loss) and prior service benefit, net of tax | (0.2) | ||||
Other comprehensive loss (income), net of tax | (20.7) | ||||
Comprehensive loss attributable to Mirion Technologies, Inc. stockholders | (42.9) | ||||
Loss per share—basic and diluted | (0.12) | ||||
Weighted average number of shares outstanding—basic and diluted | 180.773 |
June 30, 2021 | June 30, 2020 | ||||||||||
Assets: | |||||||||||
Other assets | $ | 0.3 | $ | 0.1 | |||||||
Total assets | $ | 0.3 | $ | 0.1 | |||||||
Liabilities and stockholders’ equity: | |||||||||||
Loan from subsidiary | $ | 839.8 | $ | 716.5 | |||||||
Deferred income taxes and other liabilities | 0.1 | 0.1 | |||||||||
Total Liabilities | $ | 839.9 | $ | 716.6 | |||||||
Total stockholders’ equity | (839.6) | (716.5) | |||||||||
Total liabilities and stockholders’ equity | $ | 0.3 | $ | 0.1 |
From July 1, 2021 through October 19, 2021 | June 30, 2021 | June 30, 2020 | June 30, 2019 | ||||||||||||||||||||
Equity in net loss of subsidiaries | $ | (105.7) | $ | (158.3) | $ | (119.1) | $ | (122.0) | |||||||||||||||
Net loss | (105.7) | (158.3) | (119.1) | (122.0) | |||||||||||||||||||
Foreign currency translation, net of tax | (7.5) | 34.2 | (9.3) | (15.1) | |||||||||||||||||||
Unrecognized actuarial gain (loss) and prior service benefit, net of tax | 0.6 | 0.9 | — | (1.5) | |||||||||||||||||||
Other comprehensive loss (income), net of tax | (6.9) | 35.1 | (9.3) | (16.6) | |||||||||||||||||||
Comprehensive loss | $ | (112.6) | $ | (123.2) | $ | (128.4) | $ | (138.6) | |||||||||||||||
Loss per share—basic and diluted | $ | (15.81) | $ | (24.18) | $ | (18.45) | $ | (19.36) | |||||||||||||||
Weighted average number of shares outstanding—basic and diluted | 6.685 | 6.549 | 6.453 | 6.300 |
Valuation and Qualifying Accounts | ||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||
Successor | ||||||||||||||||||||||||||||||||
Balance at | Charged to | Balance at | ||||||||||||||||||||||||||||||
Beginning | Costs and | Deductions | End of | |||||||||||||||||||||||||||||
Description | of Period | Expenses | (a) | Other (b) | Period | |||||||||||||||||||||||||||
Year Ended December 31, 2021 | ||||||||||||||||||||||||||||||||
Allowance for doubtful accounts | $ | — | $ | — | $ | (0.7) | $ | 6.1 | $ | 5.4 | ||||||||||||||||||||||
Product warranty | — | 0.9 | (0.4) | 5.4 | 5.9 | |||||||||||||||||||||||||||
Predecessor | ||||||||||||||||||||||||||||||||
Balance at | Charged to | Balance at | ||||||||||||||||||||||||||||||
Beginning | Costs and | Deductions | End of | |||||||||||||||||||||||||||||
Description | of Period | Expenses | (a) | Other (b) | Period | |||||||||||||||||||||||||||
Period Ended October 19, 2021 | ||||||||||||||||||||||||||||||||
Allowance for doubtful accounts | $ | 6.1 | $ | 0.2 | $ | (0.2) | $ | — | $ | 6.1 | ||||||||||||||||||||||
Product warranty | 6.3 | — | (0.7) | — | 5.6 | |||||||||||||||||||||||||||
Year Ended June 30, 2021 | ||||||||||||||||||||||||||||||||
Allowance for doubtful accounts | $ | 1.9 | $ | 2.5 | $ | (0.7) | $ | 2.4 | $ | 6.1 | ||||||||||||||||||||||
Product warranty | 5.5 | 2.8 | (2.2) | 0.2 | 6.3 | |||||||||||||||||||||||||||
Year Ended June 30, 2020 | ||||||||||||||||||||||||||||||||
Allowance for doubtful accounts | $ | 1.7 | $ | 0.9 | $ | (0.7) | $ | — | $ | 1.9 | ||||||||||||||||||||||
Product warranty | 4.2 | 2.9 | (1.6) | — | 5.5 | |||||||||||||||||||||||||||
Year Ended June 30, 2019 | ||||||||||||||||||||||||||||||||
Allowance for doubtful accounts | $ | 1.9 | $ | 0.2 | $ | (0.4) | $ | — | $ | 1.7 | ||||||||||||||||||||||
Product warranty | 5.4 | 1.5 | (2.6) | (0.1) | 4.2 |
MIRION TECHNOLOGIES, INC. | ||||||||
By | /s/ Thomas D. Logan | |||||||
Name: Thomas D. Logan | ||||||||
Title: Chief Executive Officer and Director |
Name | Title | Date | ||||||
/s/ Thomas D. Logan Thomas D. Logan | Chief Executive Officer and Director (principal executive officer) | February 28, 2022 | ||||||
/s/ Brian Schopfer Brian Schopfer | Chief Financial Officer (principal financial officer) | February 28, 2022 | ||||||
/s/ Kipling Matas Kipling Matas | Chief Accounting Officer (principal accounting officer) | February 28, 2022 | ||||||
/s/ Lawrence D. Kingsley Lawrence D. Kingsley | Director and Chairman | February 28, 2022 | ||||||
/s/ Jyothsna Natauri Jyothsna Natauri | Director | February 28, 2022 | ||||||
/s/ Christopher Warren Christopher Warren | Director | February 28, 2022 | ||||||
/s/ Steven W. Etzel Steven W. Etzel | Director | February 28, 2022 | ||||||
/s/ Kenneth C. Bockhorst Kenneth C. Bockhorst | Director | February 28, 2022 |
Name | Title | Date | ||||||
/s/ Robert A. Cascella Robert A. Cascella | Director | February 28, 2022 | ||||||
/s/ John W. Kuo John W. Kuo | Director | February 28, 2022 | ||||||
/s/ Jody A. Markopoulos Jody A. Markopoulos | Director | February 28, 2022 |
Fair Market Value of Class A Common Stock | |||||||||||||||||||||||||||||
Redemption Date (period to expiration of warrants) | $10.00 | $11.00 | $12.00 | $13.00 | $14.00 | $15.00 | $16.00 | $17.00 | $18.00 | ||||||||||||||||||||
57 months | 0.257 | 0.277 | 0.294 | 0.310 | 0.324 | 0.337 | 0.348 | 0.358 | 0.365 | ||||||||||||||||||||
54 months | 0.252 | 0.272 | 0.291 | 0.307 | 0.322 | 0.335 | 0.347 | 0.357 | 0.365 | ||||||||||||||||||||
51 months | 0.246 | 0.268 | 0.287 | 0.304 | 0.320 | 0.333 | 0.346 | 0.357 | 0.365 | ||||||||||||||||||||
48 months | 0.241 | 0.263 | 0.283 | 0.301 | 0.317 | 0.332 | 0.344 | 0.356 | 0.365 | ||||||||||||||||||||
45 months | 0.235 | 0.258 | 0.279 | 0.298 | 0.315 | 0.330 | 0.343 | 0.356 | 0.365 | ||||||||||||||||||||
42 months | 0.228 | 0.252 | 0.274 | 0.294 | 0.312 | 0.328 | 0.342 | 0.355 | 0.364 | ||||||||||||||||||||
39 months | 0.221 | 0.246 | 0.269 | 0.290 | 0.309 | 0.325 | 0.340 | 0.354 | 0.364 | ||||||||||||||||||||
36 months | 0.213 | 0.239 | 0.263 | 0.285 | 0.305 | 0.323 | 0.339 | 0.353 | 0.364 | ||||||||||||||||||||
33 months | 0.205 | 0.232 | 0.257 | 0.280 | 0.301 | 0.320 | 0.337 | 0.352 | 0.364 | ||||||||||||||||||||
30 months | 0.196 | 0.224 | 0.250 | 0.274 | 0.297 | 0.316 | 0.335 | 0.351 | 0.364 | ||||||||||||||||||||
27 months | 0.185 | 0.214 | 0.242 | 0.268 | 0.291 | 0.313 | 0.332 | 0.350 | 0.364 | ||||||||||||||||||||
24 months | 0.173 | 0.204 | 0.233 | 0.260 | 0.285 | 0.308 | 0.329 | 0.348 | 0.364 | ||||||||||||||||||||
21 months | 0.161 | 0.193 | 0.223 | 0.252 | 0.279 | 0.304 | 0.326 | 0.347 | 0.364 | ||||||||||||||||||||
18 months | 0.146 | 0.179 | 0.211 | 0.242 | 0.271 | 0.298 | 0.322 | 0.345 | 0.363 | ||||||||||||||||||||
15 months | 0.130 | 0.164 | 0.197 | 0.230 | 0.262 | 0.291 | 0.317 | 0.342 | 0.363 | ||||||||||||||||||||
12 months | 0.111 | 0.146 | 0.181 | 0.216 | 0.250 | 0.282 | 0.312 | 0.339 | 0.363 | ||||||||||||||||||||
9 months | 0.090 | 0.125 | 0.162 | 0.199 | 0.237 | 0.272 | 0.305 | 0.336 | 0.362 | ||||||||||||||||||||
6 months | 0.065 | 0.099 | 0.137 | 0.178 | 0.219 | 0.259 | 0.296 | 0.331 | 0.362 | ||||||||||||||||||||
3 months | 0.034 | 0.065 | 0.104 | 0.150 | 0.197 | 0.243 | 0.286 | 0.326 | 0.361 | ||||||||||||||||||||
0 months | — | — | 0.042 | 0.115 | 0.179 | 0.233 | 0.281 | 0.323 | 0.361 |
Participant: | |||||
Grant Date: | |||||
Vesting Commencement Date: | |||||
Number of RSUs: | |||||
Vesting Schedule: | Subject to the terms of the Plan, the RSUs shall vest annually over [four (4) years at the rate of 25% per year on each anniversary of the Vesting Commencement Date][three (3) years at a rate of 1/3 per year on each anniversary of the Vesting Commencement Date]; provided, in each case, that the Participant remains continuously as an Employee or Consultant of the Company or the Employer throughout each such vesting date.1,2 |
OMNIBUS INCENTIVE PLAN
Email: mti-stockadmin@mirion.com
PURSUANT TO THE
Important Note on the Joint Election to Transfer Employer National Insurance Contributions |
Name | |||||
Registered Office: | |||||
Company Registration Number: | |||||
Corporation Tax District: | |||||
Corporation Tax Reference: | |||||
PAYE Reference: |
Participant: | |||||
Employee ID: | |||||
Grant Date: | |||||
Target Number of PSUs: | |||||
Vesting Schedule: | The PSUs under this Agreement will vest on the date that the Committee certifies the Company’s achievement of the Performance Goals (as described below) following the final day of the Performance Period. | ||||
Performance Period: | The Performance Period under this Agreement is the three (3)-year performance period that runs from January 1, 2022 to December 31, 2024 subject to the Participant’s continued employment as an Employee of the Employer through the date that the Committee certifies the Company’s achievement of the Performance Goals. | ||||
Performance Goals: | The Performance Goals are set forth on Appendix 1 to Exhibit A. |
OMNIBUS INCENTIVE PLAN
Email: mti-stockadmin@mirion.com
FY24 Revenue – FY22 Revenue FY22 Revenue | x | 100 | = | Organic Revenue Growth Percentage |
Participant: | |||||
Grant Date: | |||||
Number of RSUs:1 | |||||
Vesting Schedule: | Subject to the terms of the Plan, the RSUs shall vest in two installments with [_____] RSUs vesting on March 15, 2022 and [_____] RSUs vesting on June 15, 2022; subject to the Participant’s continued service as a Director of the Company throughout each such vesting date.2,3 |
OMNIBUS INCENTIVE PLAN
Email: mti-stockadmin@mirion.com
Mirion Technologies (TopCo), Ltd. | Jersey | ||||
Mirion IntermediateCo, Inc. | Delaware, USA | ||||
Mirion Technologies (HoldingSub1), Ltd. | United Kingdom | ||||
Mirion Technologies (HoldingSub2), Ltd. | United Kingdom | ||||
Mirion Technologies (US Holdings), Inc. | Delaware, USA | ||||
Mirion Technologies (HoldingRep), Ltd. | United Kingdom | ||||
Mirion Technologies (UK), Inc. | United Kingdom | ||||
Mirion Technologies (Global), Ltd. | United Kingdom | ||||
Mirion Technologies (US), Inc. | Delaware, USA | ||||
IST Acquisitions, LLC | Delaware, USA | ||||
Mirion Technologies (GDS), Inc. | Delaware, USA | ||||
Mirion Technologies (Conax Nuclear), Inc. | New York, USA | ||||
Mirion Technologies (Canberra), Inc. | Delaware, USA | ||||
Mobile Characterization Services LLC | New Mexico, USA | ||||
Materials Characterization Company LLC | New Mexico, USA | ||||
Mirion Technologies (France) SAS | France | ||||
Mirion Technologies (IST) Corporation | New York, USA | ||||
Mirion Technologies (IST France) SAS | France | ||||
Mirion Technologies (MGPI) SAS | France | ||||
Mirion Technologies (Canberra) SAS | France | ||||
Mirion Technologies (RADOS) Oy | Finland | ||||
Mirion Technologies (Germany) GmbH | Germany | ||||
Mirion Technologies (MGPI H&B) GmbH | Germany | ||||
Mirion Technologies (Canberra) GmbH | Germany | ||||
Mirion Technologies (IST) Limited | United Kingdom | ||||
Mirion Technologies (Canberra UK) Limited | United Kingdom | ||||
Mirion Technologies (UK Holdco), Ltd. | United Kingdom | ||||
Mirion Technologies (HK) Limited | Hong Kong | ||||
Mirion Commercial (Beijing) Co., Ltd. | China | ||||
Mirion Technologies (IST Canada) ULC | British Columbia, Canada | ||||
Mirion Technologies (Canberra CA) Ltd. | Ontario, Canada | ||||
Mirion Technologies (Canberra BNLS) NV | Zellik, Belgium | ||||
Mirion Technologies (Canberra Olen) NV | Olen, Belgium | ||||
Mirion Technologies (Canberra) KK | Japan | ||||
Mirion Technologies (Dosimetry Services) B.V. | Netherlands | ||||
Mirion Technologies (Luxembourg) S.à r.l. | Luxembourg | ||||
Mirion Technologies (Capintec), Inc. | Delaware, USA | ||||
Mirion Technologies (Premium Analyse) SAS | France | ||||
Mirion Technologies (Selmic) Oy | Finland | ||||
Mirion Technologies Selmic Baltic OÜ | Estonia | ||||
Mirion Technologies (AWST) GmbH | Germany | ||||
Biodex Medical Systems, Inc. | New York, USA | ||||
Sun Nuclear Corp. | Florida, USA | ||||
Gammex, Inc. | Wisconsin, USA | ||||
Sun Nuclear GmbH | Germany | ||||
Sun Nuclear B.V. | Netherlands | ||||
Computerized Imaging Reference Systems, Inc. | Vermont, USA | ||||
Safeline Monitors, LLC | Connecticut, USA |
By: | /s/ Thomas D. Logan | ||||
Name: | Thomas D. Logan | ||||
Title: | Chief Executive Officer | ||||
(Principal Executive Officer) |
By: | /s/ Brian Schopfer | ||||
Name: | Brian Schopfer | ||||
Title: | Chief Financial Officer | ||||
(Principal Financial Officer) |
By: | /s/ Thomas D. Logan | ||||
Name: | Thomas D. Logan | ||||
Title: | Chief Executive Officer | ||||
(Principal Executive Officer) |
By: | /s/ Brian Schopfer | ||||
Name: | Brian Schopfer | ||||
Title: | Chief Financial Officer | ||||
(Principal Financial Officer) |