Filed Pursuant to Rule 424(b)(3)
Registration No. 333-260528
Prospectus Supplement No. 1
(to prospectus dated March 11, 2022)
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
143,250,440 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 Quarterly Report on Form 10-Q for the quarter ended March 31, 2022, filed with the Securities and Exchange Commission (the “SEC”) on May 4, 2022 (the “Quarterly Report”). Accordingly, we have attached the Quarterly 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 143,250,440 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 May 4, 2022, the closing price of our Class A common stock was $7.25 per share and the closing price for our public warrants was $1.42 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 19 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.
May 5, 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 | ☐ |
Page | |||||
PART II - OTHER INFORMATION | |||||
as of March 31, 2022 and December 31, 2021 | |||||
for the three months ended March 31, 2022 and March 31, 2021 | |||||
for the three months ended March 31, 2022 and March 31, 2021 | |||||
for the three months ended March 31, 2022 and March 31, 2021 | |||||
for the three months ended March 31, 2022 and March 31, 2021 | |||||
Successor | ||||||||
March 31, 2022 | December 31, 2021 | |||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 84.2 | $ | 84.0 | ||||
Restricted cash | 1.0 | 0.6 | ||||||
Accounts receivable, net of allowance for doubtful accounts | 138.6 | 157.4 | ||||||
Costs in excess of billings on uncompleted contracts | 60.7 | 56.3 | ||||||
Inventories | 123.2 | 123.6 | ||||||
Prepaid expenses and other current assets | 28.8 | 31.5 | ||||||
Total current assets | 436.5 | 453.4 | ||||||
Property, plant, and equipment, net | 125.8 | 124.0 | ||||||
Operating ROU assets | 44.2 | 45.7 | ||||||
Goodwill | 1,652.5 | 1,662.6 | ||||||
Intangible assets, net | 763.5 | 806.9 | ||||||
Restricted cash | 2.0 | 0.7 | ||||||
Other assets | 24.4 | 24.7 | ||||||
Total assets | $ | 3,048.9 | $ | 3,118.0 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 53.1 | $ | 59.4 | ||||
Deferred contract revenue | 72.1 | 73.0 | ||||||
Notes payable to third-parties, current | 5.2 | 3.9 | ||||||
Operating lease liability, current | 9.0 | 9.3 | ||||||
Accrued expenses and other current liabilities | 74.0 | 75.4 | ||||||
Total current liabilities | 213.4 | 221.0 | ||||||
Notes payable to third-parties, non-current | 805.5 | 806.8 | ||||||
Warrant liabilities | 48.2 | 68.1 | ||||||
Operating lease liability, non-current | 39.1 | 40.6 | ||||||
Deferred income taxes, non-current | 149.4 | 161.0 | ||||||
Other liabilities | 36.1 | 36.5 | ||||||
Total liabilities | 1,291.7 | 1,334.0 | ||||||
Commitments and contingencies (Note 10) | ||||||||
Stockholders’ equity (deficit): | ||||||||
Class A common stock; $0.0001 par value, 500,000,000 shares authorized; 199,523,392 shares issued and outstanding at March 31, 2022; 199,523,292 shares issued and outstanding at December 31, 2021 | — | — | ||||||
Class B common stock; $0.0001 par value, 100,000,000 shares authorized; 8,560,540 issued and outstanding at March 31, 2022 and December 31, 2021 | — | — | ||||||
Additional paid-in capital | 1,853.4 | 1,845.5 | ||||||
Accumulated deficit | (149.3) | (131.6) | ||||||
Accumulated other comprehensive loss | (34.9) | (20.7) | ||||||
Mirion Technologies, Inc. (Successor) stockholders’ equity (deficit) | 1,669.2 | 1,693.2 | ||||||
Noncontrolling interests | 88.0 | 90.8 | ||||||
Total stockholders’ equity | 1,757.2 | 1,784.0 | ||||||
Total liabilities and stockholders’ equity (deficit) | $ | 3,048.9 | $ | 3,118.0 |
Successor | Predecessor | |||||||||||||
Three Months Ended March 31, 2022 | Three Months Ended March 31, 2021 | |||||||||||||
Revenues: | ||||||||||||||
Product | $ | 116.9 | $ | 126.6 | ||||||||||
Service | 46.3 | 39.6 | ||||||||||||
Total revenues | 163.2 | 166.2 | ||||||||||||
Cost of revenues: | ||||||||||||||
Product | 74.8 | 82.8 | ||||||||||||
Service | 24.0 | 20.9 | ||||||||||||
Total cost of revenues | 98.8 | 103.7 | ||||||||||||
Gross profit | 64.4 | 62.5 | ||||||||||||
Operating expenses: | ||||||||||||||
Selling, general and administrative | 90.9 | 60.4 | ||||||||||||
Research and development | 7.1 | 11.0 | ||||||||||||
Total operating expenses | 98.0 | 71.4 | ||||||||||||
(Loss) income from operations | (33.6) | (8.9) | ||||||||||||
Other expense (income): | ||||||||||||||
Third party interest expense | 7.9 | 10.9 | ||||||||||||
Related party interest expense (Note 8) | — | 32.2 | ||||||||||||
Foreign currency loss (gain), net | 1.5 | (4.0) | ||||||||||||
Change in fair value of warrant liabilities | (19.9) | — | ||||||||||||
Other expense (income), net | — | (0.2) | ||||||||||||
Loss before benefit from income taxes | (23.1) | (47.8) | ||||||||||||
Benefit from income taxes | (4.1) | (7.1) | ||||||||||||
Net loss | (19.0) | (40.7) | ||||||||||||
Loss attributable to noncontrolling interests | (1.3) | — | ||||||||||||
Net loss attributable to Mirion Technologies, Inc. (Successor) / Mirion Technologies (TopCo), Ltd. (Predecessor) stockholders | $ | (17.7) | $ | (40.7) | ||||||||||
Net loss per common share attributable to Mirion Technologies, Inc. (Successor) / Mirion Technologies (TopCo), Ltd. (Predecessor) stockholders — basic and diluted | $ | (0.10) | $ | (6.18) | ||||||||||
Weighted average common shares outstanding — basic and diluted | 180.774 | 6.586 |
Successor | Predecessor | |||||||||||||
Three Months Ended March 31, 2022 | Three Months Ended March 31, 2021 | |||||||||||||
Net loss | $ | (19.0) | $ | (40.7) | ||||||||||
Other comprehensive loss, net of tax: | ||||||||||||||
Foreign currency translation, net of tax | (15.7) | (18.1) | ||||||||||||
Unrecognized actuarial (loss) gain and prior service benefit, net of tax | — | 0.2 | ||||||||||||
Other comprehensive (loss) income, net of tax | (15.7) | (17.9) | ||||||||||||
Comprehensive loss | (34.7) | (58.6) | ||||||||||||
Less: Comprehensive loss attributable to noncontrolling interest | (2.8) | — | ||||||||||||
Comprehensive loss attributable to Mirion Technologies, Inc. (Successor) / Mirion Technologies (TopCo), Ltd. (Predecessor) stockholders | $ | (31.9) | $ | (58.6) |
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 December 31, 2020 | 1,483,795 | $ | — | 5,353,970 | $ | 0.1 | $ | 9.6 | $ | (2.4) | $ | (793.4) | $ | 50.5 | $ | 2.2 | $ | (733.4) | |||||||||||||||||||||||||||||||||||||||||
Share-based compensation expense | — | — | — | — | (0.1) | — | — | — | — | (0.1) | |||||||||||||||||||||||||||||||||||||||||||||||||
Receivable from employees | — | — | — | — | — | (0.1) | — | — | — | (0.1) | |||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | (40.7) | — | — | (40.7) | |||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | — | — | (17.9) | — | (17.9) | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance March 31, 2021 | 1,483,795 | $ | — | 5,353,970 | $ | 0.1 | $ | 9.5 | $ | (2.5) | $ | (834.1) | $ | 32.6 | $ | 2.2 | $ | (792.2) |
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 December 31, 2021 | 199,523,292 | $ | — | 8,560,540 | $ | — | $ | 1,845.5 | $ | (131.6) | $ | (20.7) | $ | 90.8 | $ | 1,784.0 | |||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | 7.8 | 7.8 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Warrant redemptions | 100 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Stock compensation to directors in lieu of cash compensation | — | 0.1 | 0.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | (17.7) | (1.3) | (19.0) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | (14.2) | (1.5) | (15.7) | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance March 31, 2022 | 199,523,392 | $ | — | 8,560,540 | $ | — | $ | 1,853.4 | $ | (149.3) | $ | (34.9) | $ | 88.0 | $ | 1,757.2 |
Successor | Predecessor | |||||||||||||
Three Months Ended March 31, 2022 | Three Months Ended March 31, 2021 | |||||||||||||
OPERATING ACTIVITIES: | ||||||||||||||
Net loss | $ | (19.0) | $ | (40.7) | ||||||||||
Adjustments to reconcile net loss to net cash provided by operating activities: | ||||||||||||||
Accrual of in-kind interest on notes payable to related parties | — | 31.5 | ||||||||||||
Depreciation and amortization expense | 44.9 | 23.6 | ||||||||||||
Stock-based compensation expense | 7.9 | (0.1) | ||||||||||||
Amortization of debt issuance costs | 1.0 | 0.9 | ||||||||||||
Provision for doubtful accounts | (0.2) | 0.4 | ||||||||||||
Inventory obsolescence write down | 0.2 | 0.3 | ||||||||||||
Change in deferred income taxes | (10.4) | (0.7) | ||||||||||||
Loss (gain) on disposal of property, plant and equipment | (0.7) | (0.3) | ||||||||||||
Loss (gain) on foreign currency transactions | 1.5 | (4.0) | ||||||||||||
Change in fair values of warrant liabilities | (19.9) | — | ||||||||||||
Other | 0.1 | 1.7 | ||||||||||||
Changes in operating assets and liabilities: | ||||||||||||||
Accounts receivable | 17.6 | (5.5) | ||||||||||||
Costs in excess of billings on uncompleted contracts | (5.2) | (5.3) | ||||||||||||
Inventories | (0.9) | 2.0 | ||||||||||||
Prepaid expenses and other current assets | 1.7 | (6.5) | ||||||||||||
Accounts payable | (6.8) | 15.7 | ||||||||||||
Accrued expenses and other current liabilities | (0.9) | (13.8) | ||||||||||||
Deferred contract revenue | (0.3) | 5.1 | ||||||||||||
Other assets | — | (0.5) | ||||||||||||
Other liabilities | 0.8 | 7.1 | ||||||||||||
Net cash provided by operating activities | 11.4 | 10.9 | ||||||||||||
INVESTING ACTIVITIES: | ||||||||||||||
Acquisitions of businesses, net of cash and cash equivalents acquired | — | (15.0) | ||||||||||||
Purchases of property, plant, and equipment and badges | (8.7) | (8.0) | ||||||||||||
Sales of property, plant, and equipment | 0.8 | — | ||||||||||||
Net cash used in investing activities | (7.9) | (23.0) | ||||||||||||
FINANCING ACTIVITIES: | ||||||||||||||
Principal repayments | (0.4) | (7.5) | ||||||||||||
Other financing | (0.2) | 0.2 | ||||||||||||
Net cash used in financing activities | (0.6) | (7.3) | ||||||||||||
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | (1.0) | (1.6) | ||||||||||||
Net increase (decrease) in cash, cash equivalents, and restricted cash | 1.9 | (21.0) | ||||||||||||
Cash, cash equivalents, and restricted cash at beginning of period | 85.3 | 108.7 | ||||||||||||
Cash, cash equivalents, and restricted cash at end of period | $ | 87.2 | $ | 87.7 |
Successor | ||||||||
March 31, 2022 | December 31, 2021 | |||||||
Prepaid insurance | $ | 3.1 | $ | 5.3 | ||||
Short-term marketable securities | 4.7 | 4.9 | ||||||
Income tax receivable | 1.0 | 2.8 | ||||||
Other current assets | 20.0 | 18.5 | ||||||
$ | 28.8 | $ | 31.5 |
Successor | ||||||||
March 31, 2022 | December 31, 2021 | |||||||
Costs incurred on contracts (from inception to completion) | $ | 193.4 | $ | 199.4 | ||||
Estimated earnings | 122.5 | 125.5 | ||||||
Contracts in progress | 315.9 | 324.9 | ||||||
Less: billings to date | (267.3) | (281.8) | ||||||
$ | 48.6 | $ | 43.1 |
Successor | ||||||||
March 31, 2022 | December 31, 2021 | |||||||
Costs and estimated earnings in excess of billings on uncompleted contracts – current | $ | 60.7 | $ | 56.3 | ||||
Costs and estimated earnings in excess of billings on uncompleted contracts – non-current (1) | 6.3 | 6.5 | ||||||
Billings in excess of costs and estimated earnings on uncompleted contracts – current (2) | (16.2) | (17.6) | ||||||
Billings in excess of costs and estimated earnings on uncompleted contracts – non-current (3) | (2.2) | (2.1) | ||||||
$ | 48.6 | $ | 43.1 |
Successor | ||||||||
March 31, 2022 | December 31, 2021 | |||||||
Raw materials | $ | 59.6 | $ | 56.8 | ||||
Work in progress | 29.8 | 26.6 | ||||||
Finished goods | 33.8 | 40.2 | ||||||
$ | 123.2 | $ | 123.6 |
Successor | ||||||||||||||
Depreciable Lives | March 31, 2022 | December 31, 2021 | ||||||||||||
Land, buildings, and leasehold improvements | 3-39 years | $ | 45.0 | $ | 45.0 | |||||||||
Machinery and equipment | 5-15 years | 28.1 | 26.7 | |||||||||||
Badges | 3-5 years | 30.0 | 27.9 | |||||||||||
Furniture, fixtures, computer equipment and other | 3-10 years | 18.3 | 16.7 | |||||||||||
Construction in progress | — | 15.2 | 12.2 | |||||||||||
136.6 | 128.5 | |||||||||||||
Less: accumulated depreciation and amortization | (10.8) | (4.5) | ||||||||||||
$ | 125.8 | $ | 124.0 |
Successor | Predecessor | ||||||||||||||||
March 31, 2022 | March 31, 2021 | ||||||||||||||||
Depreciation expense in: | |||||||||||||||||
Cost of revenues | $ | 4.2 | $ | 2.9 | |||||||||||||
Operating expenses | $ | 1.9 | $ | 2.1 |
Successor | ||||||||
March 31, 2022 | December 31, 2021 | |||||||
Compensation and related benefit costs | $ | 33.1 | $ | 34.0 | ||||
Customer deposits | 8.6 | 8.8 | ||||||
Accrued commissions | 0.9 | 0.9 | ||||||
Accrued warranty costs | 5.4 | 5.9 | ||||||
Non-income taxes payable | 6.2 | 7.5 | ||||||
Pension and other post-retirement obligations | 0.5 | 0.3 | ||||||
Income taxes payable | 5.3 | 3.2 | ||||||
Restructuring | 1.1 | 1.4 | ||||||
Accrued professional fees related to becoming a public company | 0.7 | 1.8 | ||||||
Deferred and contingent consideration | 1.6 | 2.0 | ||||||
Other accrued expenses | 10.6 | 9.6 | ||||||
Total | $ | 74.0 | $ | 75.4 |
Successor | |||||||||||||||||
Medical | Industrial | Consolidated | |||||||||||||||
Balance—December 31, 2021 | $ | 712.5 | $ | 950.1 | $ | 1,662.6 | |||||||||||
Translation adjustment | — | (10.1) | (10.1) | ||||||||||||||
Balance—March 31, 2022 | $ | 712.5 | $ | 940.0 | $ | 1,652.5 |
Successor | |||||||||||||||||||||||
March 31, 2022 | |||||||||||||||||||||||
Original Average Life in Years | Gross Carrying Amount | Accumulated Amortization | Net Book Value | ||||||||||||||||||||
Customer relationships | 6 - 13 | $ | 339.5 | $ | (33.2) | $ | 306.3 | ||||||||||||||||
Distributor relationships | 7 - 13 | 61.0 | (3.4) | 57.6 | |||||||||||||||||||
Developed technology | 5 - 16 | 249.2 | (13.5) | 235.7 | |||||||||||||||||||
Trade names | 3 - 10 | 99.4 | (4.6) | 94.8 | |||||||||||||||||||
Backlog and other | 1 - 4 | 84.9 | (15.8) | 69.1 | |||||||||||||||||||
Total | $ | 834.0 | $ | (70.5) | $ | 763.5 | |||||||||||||||||
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 |
Successor | Predecessor | |||||||||||||
Three Months Ended March 31, 2022 | Three Months Ended March 31, 2021 | |||||||||||||
Amortization expense for intangible assets in: | ||||||||||||||
Cost of revenues | $ | 6.7 | $ | 6.9 | ||||||||||
Operating expenses | $ | 32.1 | $ | 11.7 |
Successor | ||||||||
March 31, 2022 | December 31, 2021 | |||||||
2021 Credit Agreement | $ | 827.9 | $ | 828.3 | ||||
Canadian Financial Institution | 1.2 | 1.2 | ||||||
Other | 1.9 | 2.3 | ||||||
Draw on revolving line of credit | — | — | ||||||
Total third-party borrowings | 831.0 | 831.8 | ||||||
Less: notes payable to third-parties, current | (5.2) | (3.9) | ||||||
Less: deferred financing costs | (20.3) | (21.1) | ||||||
Notes payable to third-parties, non-current | $ | 805.5 | $ | 806.8 |
Fiscal year ending March 31: | |||||
Remainder of 2022 | $ | 6.3 | |||
2023 | 8.4 | ||||
2024 | 8.3 | ||||
2025 | 8.2 | ||||
2026 | 9.6 | ||||
Thereafter | 790.2 | ||||
Gross Payments | 831.0 | ||||
Unamortized debt issuance costs | (20.3) | ||||
Total third-party borrowings, net of debt issuance costs | $ | 810.7 |
Successor | ||||||||||||||
Balance Sheet Line Item | March 31, 2022 | December 31, 2021 | ||||||||||||
Operating Lease assets | Operating Lease assets | $ | 44.2 | $ | 45.7 | |||||||||
Financing Lease assets | Other Assets | $ | 0.8 | $ | 0.9 | |||||||||
Operating lease liabilities: | ||||||||||||||
Current operating lease liabilities | Current operating lease liabilities | $ | 9.0 | $ | 9.3 | |||||||||
Non-current operating lease liabilities | Operating lease liability, non-current | 39.1 | 40.6 | |||||||||||
Total operating lease liabilities: | $ | 48.1 | $ | 49.9 | ||||||||||
Financing lease liabilities: | ||||||||||||||
Current financing lease liabilities | Accrued expenses and other current liabilities | $ | 0.6 | $ | 0.6 | |||||||||
Non-current financing lease liabilities | Deferred income taxes and other long-term liabilities | 0.2 | 0.3 | |||||||||||
Total financing lease liabilities: | $ | 0.8 | $ | 0.9 |
Successor | |||||||||||
March 31, 2022 | December 31, 2021 | ||||||||||
Operating leases | |||||||||||
Weighted average remaining lease term (in years) | 7.3 | 7.5 | |||||||||
Weighted average discount rate | 4.18 | % | 4.19 | % |
Fiscal year ending December 31: | |||||
2022 | $ | 8.2 | |||
2023 | 9.6 | ||||
2024 | 8.0 | ||||
2025 | 6.5 | ||||
2026 | 4.9 | ||||
2027 and thereafter | 18.7 | ||||
Total undiscounted future minimum lease payments | $ | 55.9 | |||
Less: Imputed interest | (7.8) | ||||
Total lease liabilities | $ | 48.1 | |||
Fiscal year ending December 31: | |||||
2022 | $ | 19.8 | |||
2023 | 7.8 | ||||
2024 | 4.7 | ||||
2025 | 2.8 | ||||
2026 | 2.7 | ||||
2027 and thereafter | 0.3 | ||||
Total | $ | 38.1 |
Successor | ||||||||
Three Months Ended March 31, 2022 | Three Months Ended March 31. 2021 | |||||||
Cash Paid For: | ||||||||
Cash paid for interest | $ | 6.9 | $ | 10.0 | ||||
Cash paid for income taxes | 2.4 | 2.8 | ||||||
Non-Cash Investing and Financing Activities: | ||||||||
Property, plant, and equipment purchases in accounts payable | 1.0 | 0.7 |
Successor | ||||||||
Three Months Ended March 31, 2022 | Three Months Ended March 31, 2021 | |||||||
Cash and cash equivalents | $ | 84.2 | $ | 86.7 | ||||
Restricted cash—current | 1.0 | 0.8 | ||||||
Restricted cash—non-current | 2.0 | 0.2 | ||||||
Total cash, cash equivalents, and restricted cash | $ | 87.2 | $ | 87.7 |
Successor | Predecessor | |||||||||||||
Three Months Ended March 31, 2022 | Three Months Ended March 31, 2021 | |||||||||||||
Revenues | ||||||||||||||
Medical | $ | 60.1 | $ | 51.5 | ||||||||||
Industrial | 103.1 | 114.7 | ||||||||||||
Consolidated Revenues | $ | 163.2 | $ | 166.2 | ||||||||||
Segment (Loss) Income from Operations | ||||||||||||||
Medical | $ | (3.5) | $ | (2.3) | ||||||||||
Industrial | (1.4) | 17.8 | ||||||||||||
Total Segment (Loss) Income from Operations | (4.9) | 15.5 | ||||||||||||
Corporate and other | (28.7) | (24.4) | ||||||||||||
Consolidated Loss from Operations | $ | (33.6) | $ | (8.9) |
Revenues | ||||||||||||||
Successor | Predecessor | |||||||||||||
Three Months Ended March 31, 2022 | Three Months Ended March 31, 2021 | |||||||||||||
North America | ||||||||||||||
Medical | $ | 55.6 | $ | 47.2 | ||||||||||
Industrial | 42.2 | 43.8 | ||||||||||||
Total North America | 97.8 | 91.0 | ||||||||||||
Europe | ||||||||||||||
Medical | 4.5 | 4.3 | ||||||||||||
Industrial | 53.2 | 61.7 | ||||||||||||
Total Europe | 57.7 | 66.0 | ||||||||||||
Asia Pacific | ||||||||||||||
Medical | — | — | ||||||||||||
Industrial | 7.7 | 9.2 | ||||||||||||
Total Asia Pacific | 7.7 | 9.2 | ||||||||||||
Total revenues | $ | 163.2 | $ | 166.2 |
Revenues | ||||||||||||||
Successor | Predecessor | |||||||||||||
Three Months Ended March 31, 2022 | Three Months Ended March 31, 2021 | |||||||||||||
Point in time | $ | 117.0 | $ | 121.4 | ||||||||||
Over time | 46.2 | 44.8 | ||||||||||||
Total revenues | $ | 163.2 | $ | 166.2 |
Revenues | ||||||||||||||
Successor | Predecessor | |||||||||||||
Three Months Ended March 31, 2022 | Three Months Ended March 31, 2021 | |||||||||||||
Medical segment: | ||||||||||||||
Medical | $ | 60.1 | $ | 51.5 | ||||||||||
Industrial segment: | ||||||||||||||
Reactor Safety and Control Systems | 30.8 | 36.9 | ||||||||||||
Radiological Search, Measurement, and Analysis Systems | 72.3 | 77.8 | ||||||||||||
Total revenues | $ | 163.2 | $ | 166.2 |
Successor | |||||||||||||||||
Fair Value Measurements at March 31, 2022 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||||
Assets | |||||||||||||||||
Cash, cash equivalents, and restricted cash | $ | 87.2 | $ | — | $ | — | |||||||||||
Discretionary retirement plan | 3.5 | 0.9 | — | ||||||||||||||
Liabilities | |||||||||||||||||
Discretionary retirement plan | 3.5 | 0.9 | — | ||||||||||||||
Public warrants | 33.2 | — | — | ||||||||||||||
Private placement warrants | — | 15.0 | — | ||||||||||||||
Fair Value Measurements at December 31, 2021 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||||
Assets | |||||||||||||||||
Cash, cash equivalents, and restricted cash | $ | 85.3 | $ | — | $ | — | |||||||||||
Discretionary retirement plan | 3.7 | 0.8 | — | ||||||||||||||
Liabilities | |||||||||||||||||
Discretionary retirement plan | 3.7 | 0.8 | — | ||||||||||||||
Public warrants | 46.9 | — | — | ||||||||||||||
Private placement warrants | — | 21.2 | — |
Successor | Predecessor | |||||||||||||
Three Months Ended March 31, 2022 | Three Months Ended March 31, 2021 | |||||||||||||
Net loss attributable to Mirion Technologies, Inc. (Successor) / Mirion Technologies (TopCo), Ltd. (Predecessor) shareholders | $ | (17.7) | $ | (40.7) | ||||||||||
Weighted average common shares outstanding – basic and diluted | 180.774 | 6.586 | ||||||||||||
Net loss per common share attributable to Mirion Technologies, Inc. (Successor) / Mirion Technologies (TopCo), Ltd. (Predecessor) — basic and diluted | $ | (0.10) | $ | (6.18) | ||||||||||
Anti-dilutive employee share-based awards, excluded | 0.988 | 0.3 |
Successor | |||||||||||||||||
Three Months Ended March 31, 2022 | |||||||||||||||||
Cost of revenue | Selling, general and administrative | Total | |||||||||||||||
Severance and employee costs | $ | 0.1 | $ | 0.9 | $ | 1.0 | |||||||||||
Other(1) | 1.0 | 1.0 | |||||||||||||||
Total | $ | 0.1 | $ | 1.9 | $ | 2.0 | |||||||||||
Predecessor | |||||||||||||||||
Three Months Ended March 31, 2021 | |||||||||||||||||
Cost of revenue | Selling, general and administrative | Total | |||||||||||||||
Severance and employee costs | $ | 1.9 | $ | — | $ | 1.9 | |||||||||||
Other(1) | — | 0.1 | 0.1 | ||||||||||||||
Total | $ | 1.9 | $ | 0.1 | $ | 2.0 |
Successor | |||||
Balance at December 31, 2021 | $ | 1.4 | |||
Restructuring charges | 2.0 | ||||
Payments | (2.3) | ||||
Adjustments | — | ||||
Balance at March 31, 2022 | $ | 1.1 |
Successor | Predecessor | |||||||||||||||||||||||||
Three Months Ended | Three Months Ended | |||||||||||||||||||||||||
March 31, 2022 | March 31, 2021 | |||||||||||||||||||||||||
(In millions, except per share amounts) | Revenues | Net Income (Loss) | Revenues | Net Income (Loss) | ||||||||||||||||||||||
Total GAAP | $ | 163.2 | $ | (19.0) | $ | 166.2 | $ | (40.7) | ||||||||||||||||||
Revenue reduction from purchase accounting | — | — | 4.3 | 4.3 | ||||||||||||||||||||||
Cost of revenues impact from inventory valuation purchase accounting | 6.3 | 4.7 | ||||||||||||||||||||||||
Foreign currency (gain) loss, net | 1.5 | (4.0) | ||||||||||||||||||||||||
Amortization of acquired intangibles | 38.8 | 18.6 | ||||||||||||||||||||||||
Stock-based compensation expense | 7.8 | (0.1) | ||||||||||||||||||||||||
Change in fair value of warrant liabilities | (19.9) | — | ||||||||||||||||||||||||
Non-operating expenses | 9.4 | 16.1 | ||||||||||||||||||||||||
Tax impact of adjustments above | (7.4) | (9.0) | ||||||||||||||||||||||||
Adjusted | $ | 163.2 | $ | 17.5 | $ | 170.5 | $ | (10.1) | ||||||||||||||||||
Weighted average common shares outstanding — basic and diluted | 180.774 | n.m.(1) | ||||||||||||||||||||||||
Dilutive Potential Common Shares - RSU's | — | |||||||||||||||||||||||||
Adjusted weighted average common shares — diluted | 180.774 | n.m | ||||||||||||||||||||||||
Net loss per common share attributable to Mirion Technologies, Inc. (Successor) | $ | (0.10) | n.m | |||||||||||||||||||||||
Loss attributable to noncontrolling interests | (0.01) | |||||||||||||||||||||||||
Revenue reduction from purchase accounting | — | |||||||||||||||||||||||||
Cost of revenues impact from inventory valuation purchase accounting | 0.04 | |||||||||||||||||||||||||
Foreign currency (gain) loss, net | 0.01 | |||||||||||||||||||||||||
Amortization of acquired intangibles | 0.22 | |||||||||||||||||||||||||
Stock-based compensation expense | 0.04 | |||||||||||||||||||||||||
Change in fair value of warrant liabilities | (0.11) | |||||||||||||||||||||||||
Debt extinguishment | — | |||||||||||||||||||||||||
Non-operating expenses(1)(2)(3)(4)(5) | 0.05 | |||||||||||||||||||||||||
Tax impact of adjustments above | (0.04) | |||||||||||||||||||||||||
Adjusted EPS | $ | 0.10 | n.m | |||||||||||||||||||||||
(1) Note that n.m. stands for not meaningful. |
Successor | Predecessor | |||||||||||||
(In millions) | Three Months Ended March 31, 2022 | Three Months Ended March 31, 2021 | ||||||||||||
Net loss | $ | (19.0) | $ | (40.7) | ||||||||||
Interest expense, net | 7.9 | 43.1 | ||||||||||||
Income tax (benefit) provision | (4.1) | (7.1) | ||||||||||||
Amortization | 38.8 | 18.6 | ||||||||||||
EBITA | $ | 23.6 | $ | 13.9 | ||||||||||
Depreciation - Mirion Business Combination step-up | 1.6 | — | ||||||||||||
Depreciation - all other | 4.6 | 5.0 | ||||||||||||
EBITDA | $ | 29.8 | $ | 18.9 | ||||||||||
Stock-based compensation expense | 7.8 | (0.1) | ||||||||||||
Change in fair value of warrant liabilities | (19.9) | — | ||||||||||||
Foreign currency (gain) loss, net | 1.5 | (4.0) | ||||||||||||
Revenue reduction from purchase accounting | — | 4.3 | ||||||||||||
Cost of revenues impact from inventory valuation purchase accounting | 6.3 | 4.7 | ||||||||||||
Non-operating expenses(1)(2) | 9.4 | 16.1 | ||||||||||||
Adjusted EBITDA | $ | 34.9 | $ | 39.9 |
Three Months Ended March 31, 2022 (Successor) | |||||||||||||||||||||||
(In millions) | Medical | Industrial | Corporate & Other | Consolidated | |||||||||||||||||||
Revenues | $ | 60.1 | $ | 103.1 | $ | — | $ | 163.2 | |||||||||||||||
Revenue reduction from purchase accounting | — | — | — | — | |||||||||||||||||||
Adjusted Revenues | $ | 60.1 | $ | 103.1 | $ | — | $ | 163.2 | |||||||||||||||
Income from operations | $ | (3.5) | $ | (1.4) | $ | (28.7) | $ | (33.6) | |||||||||||||||
Amortization | 17.3 | 21.5 | — | 38.8 | |||||||||||||||||||
Depreciation - core | 2.6 | 1.9 | 0.1 | 4.6 | |||||||||||||||||||
Depreciation - Mirion Business Combination step-up | 1.2 | 0.4 | — | 1.6 | |||||||||||||||||||
Cost of revenues impact from inventory valuation purchase accounting | 0.9 | 5.4 | — | 6.3 | |||||||||||||||||||
Stock-based compensation | 0.1 | 0.1 | 7.6 | 7.8 | |||||||||||||||||||
Non-operating expenses | — | — | 9.4 | 9.4 | |||||||||||||||||||
Adjusted EBITDA | $ | 18.6 | $ | 27.9 | $ | (11.6) | $ | 34.9 |
Three Months Ended March 31, 2021 (Predecessor) | |||||||||||||||||||||||
(In millions) | Medical | Industrial | Corporate & Other | Consolidated | |||||||||||||||||||
Revenues | $ | 51.5 | $ | 114.7 | $ | — | $ | 166.2 | |||||||||||||||
Revenue reduction from purchase accounting | 4.3 | — | — | 4.3 | |||||||||||||||||||
Adjusted Revenues | $ | 55.8 | $ | 114.7 | $ | — | $ | 170.5 | |||||||||||||||
Income from operations | $ | (2.3) | $ | 17.8 | $ | (24.4) | $ | (8.9) | |||||||||||||||
Amortization | 8.3 | 10.3 | — | 18.6 | |||||||||||||||||||
Depreciation - core | 2.5 | 2.4 | 0.1 | 5.0 | |||||||||||||||||||
Revenue reduction from purchase accounting | 4.3 | — | — | 4.3 | |||||||||||||||||||
Cost of revenues impact from inventory valuation purchase accounting | 4.7 | — | — | 4.7 | |||||||||||||||||||
Share-based compensation | — | — | (0.1) | (0.1) | |||||||||||||||||||
Non-operating expenses | — | — | 16.1 | 16.1 | |||||||||||||||||||
Other Income / Expense | — | — | 0.2 | 0.2 | |||||||||||||||||||
Adjusted EBITDA | $ | 17.5 | $ | 30.5 | $ | (8.1) | $ | 39.9 |
Unaudited | ||||||||||||||
Successor | Predecessor | |||||||||||||
Three Months Ended March 31, 2022 | Three Months Ended March 31, 2021 | |||||||||||||
Revenues | $ | 163.2 | $ | 166.2 | ||||||||||
Cost of revenues | 98.8 | 103.7 | ||||||||||||
Gross profit | 64.4 | 62.5 | ||||||||||||
Selling, general and administrative expenses | 90.9 | 60.4 | ||||||||||||
Research and development | 7.1 | 11.0 | ||||||||||||
Loss from operations | (33.6) | (8.9) | ||||||||||||
Interest expense, net | 7.9 | 43.1 | ||||||||||||
Foreign currency loss (gain), net | 1.5 | (4.0) | ||||||||||||
Change in fair value of warrant liabilities - (gain)/loss | (19.9) | — | ||||||||||||
Other expense (income), net | — | (0.2) | ||||||||||||
Loss before benefit from income taxes | (23.1) | (47.8) | ||||||||||||
Benefit from income taxes | (4.1) | (7.1) | ||||||||||||
Net loss | (19.0) | (40.7) | ||||||||||||
Loss attributable to noncontrolling interests | (1.3) | — | ||||||||||||
Net loss attributable to stockholders | $ | (17.7) | $ | (40.7) |
Unaudited | ||||||||||||||
Successor | Predecessor | |||||||||||||
(In millions) | Three Months Ended March 31, 2022 | Three Months Ended March 31, 2021 | ||||||||||||
Revenues | $ | 60.1 | $ | 51.5 | ||||||||||
Loss from operations | $ | (3.5) | $ | (2.3) | ||||||||||
Loss from operations as a % of revenues | (5.8) | % | (4.5) | % |
Unaudited | ||||||||||||||
Successor | Predecessor | |||||||||||||
(In millions) | Three Months Ended March 31, 2022 | Three Months Ended March 31, 2021 | ||||||||||||
Revenues | $ | 103.1 | $ | 114.7 | ||||||||||
(Loss) Income from operations | (1.4) | 17.8 | ||||||||||||
(Loss) Income from operations as a % of revenues | (1.4) | % | 15.5 | % |
Successor | Predecessor | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(In millions) | March 31, 2022 | 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 | ||||||||||||||||||||||||||||||||||||||||||||
Revenues | $ | 163.2 | $ | 154.1 | $ | 168.0 | $ | 144.3 | $ | 180.0 | $ | 166.2 | $ | 150.8 | $ | 114.6 | $ | 141.2 | |||||||||||||||||||||||||||||||||||
Adjusted revenues(1)(2) | $ | 163.2 | $ | 156.4 | $ | 172.5 | $ | 148.0 | $ | 183.7 | $ | 170.5 | $ | 150.8 | $ | 114.6 | $ | 141.4 | |||||||||||||||||||||||||||||||||||
Net loss | $ | (19.0) | $ | (23.0) | $ | (105.7) | $ | (46.7) | $ | (53.9) | $ | (40.7) | $ | (23.4) | $ | (40.4) | $ | (24.5) | |||||||||||||||||||||||||||||||||||
Adjusted net income (loss)(1)(3) | $ | 17.5 | $ | 25.6 | $ | (33.9) | $ | (20.1) | $ | (23.3) | $ | (10.1) | $ | (0.4) | $ | (20.9) | $ | (5.4) | |||||||||||||||||||||||||||||||||||
Net loss per common share attributable to Mirion Technologies, Inc. (Successor) | $ | (0.10) | $ | (0.12) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||||||||||||
Adjusted EPS(1)(4) | $ | 0.10 | $ | 0.14 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||||||||||||
EBITA(1)(5) | $ | 23.6 | $ | 8.4 | $ | (38.8) | $ | 8.5 | $ | 22.7 | $ | 13.8 | $ | 16.4 | $ | 8.8 | $ | 25.9 | |||||||||||||||||||||||||||||||||||
EBITDA(1)(5) | $ | 29.8 | $ | 13.7 | $ | (32.6) | $ | 13.6 | $ | 29.7 | $ | 18.8 | $ | 21.0 | $ | 13.1 | $ | 30.4 | |||||||||||||||||||||||||||||||||||
Adjusted EBITDA(1)(5) | $ | 34.9 | $ | 44.5 | $ | 31.2 | $ | 30.9 | $ | 50.0 | $ | 39.8 | $ | 38.3 | $ | 24.1 | $ | 40.9 |
Successor | Predecessor | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In millions) | March 31, 2022 | 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 | |||||||||||||||||||||||||||||||||||||||||||||||
Revenues | $ | 163.2 | $ | 154.1 | $ | 168.0 | $ | 144.3 | $ | 180.0 | $ | 166.2 | $ | 150.8 | $ | 114.6 | $ | 141.2 | ||||||||||||||||||||||||||||||||||||||
Revenue reduction from purchase accounting | — | 2.3 | 4.5 | 3.7 | 3.7 | 4.3 | — | — | 0.2 | |||||||||||||||||||||||||||||||||||||||||||||||
Adjusted revenues | $ | 163.2 | $ | 156.4 | $ | 172.5 | $ | 148.0 | $ | 183.7 | $ | 170.5 | $ | 150.8 | $ | 114.6 | $ | 141.4 |
Successor | Predecessor | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In millions) | Three Months Ended March 31, 2022 | 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 | |||||||||||||||||||||||||||||||||||||||||||||||
Net loss | $ | (19.0) | $ | (23.0) | $ | (105.7) | $ | (46.7) | $ | (53.9) | $ | (40.7) | $ | (23.4) | $ | (40.4) | $ | (24.5) | ||||||||||||||||||||||||||||||||||||||
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 | 6.3 | 15.8 | — | — | — | 4.7 | 0.5 | — | 0.5 | |||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency loss (gain), net | 1.5 | 1.6 | (0.6) | (1.4) | 1.1 | (4.0) | 8.2 | 8.1 | 3.4 | |||||||||||||||||||||||||||||||||||||||||||||||
Amortization of acquired intangibles | 38.8 | 32.0 | 19.7 | 16.1 | 18.6 | 18.6 | 13.5 | 12.2 | 12.4 | |||||||||||||||||||||||||||||||||||||||||||||||
Stock/share-based compensation | 7.8 | 5.3 | 9.3 | — | — | (0.1) | 0.1 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Change in fair value of warrant liabilities | (19.9) | (1.2) | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Debt extinguishment | — | — | 15.9 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Non-operating expenses | 9.4 | 7.0 | 34.7 | 15.0 | 15.6 | 16.1 | 8.5 | 2.9 | 6.4 | |||||||||||||||||||||||||||||||||||||||||||||||
Tax impact of adjustments above | (7.4) | (14.2) | (11.7) | (6.8) | (8.4) | (9.0) | (7.8) | (3.7) | (3.8) | |||||||||||||||||||||||||||||||||||||||||||||||
Adjusted net income (loss) | $ | 17.5 | $ | 25.6 | $ | (33.9) | $ | (20.1) | $ | (23.3) | $ | (10.1) | $ | (0.4) | $ | (20.9) | $ | (5.4) | ||||||||||||||||||||||||||||||||||||||
Weighted average common shares outstanding — basic and diluted | 180.774 | 180.773 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | |||||||||||||||||||||||||||||||||||||||||||||||
Adjusted EPS | $ | 0.10 | $ | 0.14 | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
Successor* | ||||||||
(Amounts per share, except for outstanding shares in millions) | Three Months Ended March 31, 2022 | From October 20, 2021 through December 31, 2021 | ||||||
Net loss per common share attributable to Mirion Technologies, Inc. (Successor) | $ | (0.10) | $ | (0.12) | ||||
Loss attributable to noncontrolling interests | (0.01) | (0.01) | ||||||
Revenue reduction from purchase accounting | — | 0.01 | ||||||
Cost of revenues impact from inventory valuation purchase accounting | 0.04 | 0.09 | ||||||
Foreign currency loss (gain), net | 0.01 | 0.01 | ||||||
Amortization of acquired intangibles | 0.22 | 0.18 | ||||||
Stock-based compensation | 0.04 | 0.03 | ||||||
Change in fair value of warrant liabilities | (0.11) | (0.01) | ||||||
Non-operating expenses | 0.05 | 0.04 | ||||||
Tax impact of adjustments above | (0.04) | (0.08) | ||||||
Adjusted EPS | $ | 0.10 | $ | 0.14 | ||||
Weighted average common shares outstanding — basic and diluted | 180.774 | 180.773 | ||||||
Dilutive Potential Common Shares - RSU's | 0.000 | 0.003 | ||||||
Adjusted weighted average common shares — diluted | 180.774 | 180.776 |
Successor | Predecessor | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In millions) | March 31, 2022 | 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 | |||||||||||||||||||||||||||||||||||||||||||||||
Net loss | $ | (19.0) | $ | (23.0) | $ | (105.7) | $ | (46.7) | $ | (53.9) | $ | (40.7) | $ | (23.4) | $ | (40.4) | $ | (24.5) | ||||||||||||||||||||||||||||||||||||||
Interest expense, net | 7.9 | 6.2 | 52.8 | 43.8 | 43.7 | 43.0 | 38.5 | 38.0 | 38.7 | |||||||||||||||||||||||||||||||||||||||||||||||
Income tax (benefit) provision | (4.1) | (6.8) | (5.6) | (4.7) | 14.4 | (7.1) | (12.2) | (1.0) | (0.7) | |||||||||||||||||||||||||||||||||||||||||||||||
Amortization | 38.8 | 32.0 | 19.7 | 16.1 | 18.5 | 18.6 | 13.5 | 12.2 | 12.4 | |||||||||||||||||||||||||||||||||||||||||||||||
EBITA | 23.6 | 8.4 | (38.8) | 8.5 | 22.7 | 13.8 | 16.4 | 8.8 | 25.9 | |||||||||||||||||||||||||||||||||||||||||||||||
Depreciation | 6.2 | 5.3 | 6.2 | 5.1 | 6.9 | 5.0 | 4.6 | 4.3 | 4.5 | |||||||||||||||||||||||||||||||||||||||||||||||
EBITDA | 29.8 | 13.7 | (32.6) | 13.6 | 29.6 | 18.8 | 21.0 | 13.1 | 30.4 | |||||||||||||||||||||||||||||||||||||||||||||||
Stock compensation expense | 7.8 | 5.3 | 9.3 | — | — | (0.1) | 0.1 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Change in fair value of warrant liabilities | (19.9) | (1.2) | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt extinguishment | — | — | 15.9 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency loss (gain), net | 1.5 | 1.6 | (0.6) | (1.4) | 1.1 | (4.0) | 8.2 | 8.1 | 3.4 | |||||||||||||||||||||||||||||||||||||||||||||||
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 | 6.3 | 15.8 | — | — | — | 4.7 | 0.5 | — | 0.5 | |||||||||||||||||||||||||||||||||||||||||||||||
Non-operating expenses | 9.4 | 7.0 | 34.7 | 15.0 | 15.6 | 16.1 | 8.5 | 2.9 | 6.4 | |||||||||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA | $ | 34.9 | $ | 44.5 | $ | 31.2 | $ | 30.9 | $ | 50.0 | $ | 39.8 | $ | 38.3 | $ | 24.1 | $ | 40.9 |
Unaudited | ||||||||||||||
Successor | Predecessor | |||||||||||||
(In millions) | Three Months Ended March 31, 2022 | Three Months Ended March 31, 2021 | ||||||||||||
Net cash provided by operating activities | $ | 11.4 | $ | 10.9 | ||||||||||
Net cash used in investing activities | $ | (7.9) | $ | (23.0) | ||||||||||
Net cash provided by financing activities | $ | (0.6) | $ | (7.3) |
Unaudited | ||||||||||||||
Successor | Predecessor | |||||||||||||
(In millions) | Three Months Ended March 31, 2022 | Three Months Ended March 31, 2021 | ||||||||||||
Net cash provided by operating activities | $ | 11.4 | $ | 10.9 | ||||||||||
Purchases of property, plant, and equipment and badges | (8.7) | (8.0) | ||||||||||||
Free cash flow(1) | $ | 2.7 | $ | 2.9 | ||||||||||
Cash used for non-operating expenses | 7.3 | 6.9 | ||||||||||||
Adjusted free cash flow(1) | $ | 10.0 | $ | 9.8 |
Exhibit Number | Exhibit Title | ||||
3.1 | |||||
3.2 | |||||
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). |
* | Filed herewith. | ||||
** | The certifications furnished in Exhibits 32.1 and 32.2 hereto are deemed to accompany this Quarterly Report on Form 10-Q and will not be deemed “filed” or purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and are not to be incorporated by reference into any of the Company’s filings under the Securities Act of 1933, as amended, irrespective of any general incorporation language contained in such filing. |
Name | Title | Date | ||||||
/s/ Thomas D. Logan Thomas D. Logan | Chief Executive Officer and Director (principal executive officer) | May 4, 2022 | ||||||
/s/ Brian Schopfer Brian Schopfer | Chief Financial Officer (principal financial officer) | May 4, 2022 |
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) |