Filed Pursuant to Rule 424(b)(3)
Registration No. 333-260528
Prospectus Supplement No. 4
(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 March 11, 2022 (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 June 30, 2022, filed with the Securities and Exchange Commission (the “SEC”) on July 29, 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 July 28, 2022, the closing price of our Class A common stock was $6.43 per share and the closing price for our public warrants was $1.15 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.
July 29, 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 | ☐ |
as of June 30, 2022 and December 31, 2021 | |||||
for the three and six months ended June 30, 2022 and June 30, 2021 | |||||
for the three and six months ended June 30, 2022 and June 30, 2021 | |||||
for the three and six months ended June 30, 2022 and June 30, 2021 | |||||
for the six months ended June 30, 2022 and June 30, 2021 | |||||
Successor | ||||||||
June 30, 2022 | December 31, 2021 | |||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 90.6 | $ | 84.0 | ||||
Restricted cash | 0.4 | 0.6 | ||||||
Accounts receivable, net of allowance for doubtful accounts | 127.1 | 157.4 | ||||||
Costs in excess of billings on uncompleted contracts | 72.0 | 56.3 | ||||||
Inventories | 130.4 | 123.6 | ||||||
Prepaid expenses and other current assets | 29.7 | 31.5 | ||||||
Total current assets | 450.2 | 453.4 | ||||||
Property, plant, and equipment, net | 122.3 | 124.0 | ||||||
Operating lease right-of-use assets | 42.5 | 45.7 | ||||||
Goodwill | 1,566.6 | 1,662.6 | ||||||
Intangible assets, net | 712.7 | 806.9 | ||||||
Restricted cash | 1.0 | 0.7 | ||||||
Other assets | 21.6 | 24.7 | ||||||
Total assets | $ | 2,916.9 | $ | 3,118.0 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 61.8 | $ | 59.4 | ||||
Deferred contract revenue | 63.8 | 73.0 | ||||||
Notes payable to third-parties, current | 5.2 | 3.9 | ||||||
Operating lease liability, current | 8.7 | 9.3 | ||||||
Accrued expenses and other current liabilities | 73.6 | 75.4 | ||||||
Total current liabilities | 213.1 | 221.0 | ||||||
Notes payable to third-parties, non-current | 804.1 | 806.8 | ||||||
Warrant liabilities | 28.6 | 68.1 | ||||||
Operating lease liability, non-current | 37.6 | 40.6 | ||||||
Deferred income taxes, non-current | 136.1 | 161.0 | ||||||
Other liabilities | 38.5 | 36.5 | ||||||
Total liabilities | 1,258.0 | 1,334.0 | ||||||
Commitments and contingencies (Note 10) | ||||||||
Stockholders’ equity (deficit): | ||||||||
Class A common stock; $0.0001 par value, 500,000,000 shares authorized; 200,054,646 shares issued and outstanding at June 30, 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; 8,060,540 issued and outstanding at June 30, 2022 and 8,560,540 issued and outstanding at December 31, 2021 | — | — | ||||||
Additional paid-in capital | 1,866.8 | 1,845.5 | ||||||
Accumulated deficit | (207.9) | (131.6) | ||||||
Accumulated other comprehensive loss | (78.7) | (20.7) | ||||||
Mirion Technologies, Inc. (Successor) stockholders’ equity | 1,580.2 | 1,693.2 | ||||||
Noncontrolling interests | 78.7 | 90.8 | ||||||
Total stockholders’ equity | 1,658.9 | 1,784.0 | ||||||
Total liabilities and stockholders’ equity | $ | 2,916.9 | $ | 3,118.0 |
Successor | Predecessor | Successor | Predecessor | ||||||||||||||||||||||||||
Three Months Ended June 30, | Three Months Ended June 30, | Six Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||
Product | $ | 130.3 | $ | 141.0 | $ | 247.2 | $ | 267.6 | |||||||||||||||||||||
Service | 45.5 | 39.0 | 91.8 | 78.6 | |||||||||||||||||||||||||
Total revenues | 175.8 | 180.0 | 339.0 | 346.2 | |||||||||||||||||||||||||
Cost of revenues: | |||||||||||||||||||||||||||||
Product | 73.6 | 83.7 | 148.4 | 166.5 | |||||||||||||||||||||||||
Service | 23.2 | 16.7 | 47.2 | 37.6 | |||||||||||||||||||||||||
Total cost of revenues | 96.8 | 100.4 | 195.6 | 204.1 | |||||||||||||||||||||||||
Gross profit | 79.0 | 79.6 | 143.4 | 142.1 | |||||||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||||||||
Selling, general and administrative | 91.0 | 66.7 | 181.9 | 127.1 | |||||||||||||||||||||||||
Research and development | 7.4 | 8.2 | 14.5 | 19.2 | |||||||||||||||||||||||||
Goodwill impairment | 55.2 | — | 55.2 | — | |||||||||||||||||||||||||
Total operating expenses | 153.6 | 74.9 | 251.6 | 146.3 | |||||||||||||||||||||||||
(Loss) income from operations | (74.6) | 4.7 | (108.2) | (4.2) | |||||||||||||||||||||||||
Other expense (income): | |||||||||||||||||||||||||||||
Third party interest expense | 8.4 | 11.0 | 16.3 | 21.9 | |||||||||||||||||||||||||
Related party interest expense (Note 8) | — | 32.7 | — | 64.9 | |||||||||||||||||||||||||
Foreign currency loss (gain), net | 3.3 | 1.1 | 4.8 | (2.9) | |||||||||||||||||||||||||
Change in fair value of warrant liabilities | (19.6) | — | (39.5) | — | |||||||||||||||||||||||||
Other expense (income), net | — | (0.5) | — | (0.7) | |||||||||||||||||||||||||
Loss before benefit from income taxes | (66.7) | (39.6) | (89.8) | (87.4) | |||||||||||||||||||||||||
(Benefit from) provision for income taxes | (7.4) | 14.4 | (11.5) | 7.3 | |||||||||||||||||||||||||
Net loss | (59.3) | (54.0) | (78.3) | (94.7) | |||||||||||||||||||||||||
Loss attributable to noncontrolling interests | (0.7) | (0.1) | (2.0) | (0.1) | |||||||||||||||||||||||||
Net loss attributable to Mirion Technologies, Inc. (Successor) / Mirion Technologies (TopCo), Ltd. (Predecessor) stockholders | $ | (58.6) | $ | (53.9) | $ | (76.3) | $ | (94.6) | |||||||||||||||||||||
Net loss per common share attributable to Mirion Technologies, Inc. (Successor) / Mirion Technologies (TopCo), Ltd. (Predecessor) stockholders — basic and diluted | $ | (0.32) | $ | (8.14) | $ | (0.42) | $ | (14.34) | |||||||||||||||||||||
Weighted average common shares outstanding — basic and diluted | 180.992 | 6.621 | 180.884 | 6.596 |
Successor | Predecessor | Successor | Predecessor | ||||||||||||||||||||||||||
Three Months Ended June 30, | Three Months Ended June 30, | Six Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||
Net loss | $ | (59.3) | $ | (54.0) | $ | (78.3) | $ | (94.7) | |||||||||||||||||||||
Other comprehensive (loss) income, net of tax: | |||||||||||||||||||||||||||||
Foreign currency translation, net of tax | (45.7) | 6.1 | (61.4) | (12.0) | |||||||||||||||||||||||||
Unrecognized actuarial gain and prior service benefit, net of tax | 0.1 | 0.5 | 0.1 | 0.7 | |||||||||||||||||||||||||
Other comprehensive (loss) income, net of tax | (45.6) | 6.6 | (61.3) | (11.3) | |||||||||||||||||||||||||
Comprehensive loss | (104.9) | (47.4) | (139.6) | (106.0) | |||||||||||||||||||||||||
Less: Comprehensive loss attributable to noncontrolling interest | (2.5) | (0.1) | (5.3) | (0.1) | |||||||||||||||||||||||||
Comprehensive loss attributable to Mirion Technologies, Inc. (Successor) / Mirion Technologies (TopCo), Ltd. (Predecessor) stockholders | $ | (102.4) | $ | (47.3) | $ | (134.3) | $ | (105.9) |
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) | |||||||||||||||||||||||||||||||||||||||||
Share-based compensation expense | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Receivable from employees | — | — | — | — | — | 0.1 | — | — | — | 0.1 | |||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | (53.9) | — | (0.1) | (54.0) | |||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | — | — | 6.6 | — | 6.6 | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance June 30, 2021 | 1,483,795 | $ | — | 5,353,970 | $ | 0.1 | $ | 9.5 | $ | (2.4) | $ | (888.0) | $ | 39.2 | $ | 2.1 | $ | (839.5) |
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 exercises | 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 | |||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | 8.4 | — | — | — | 8.4 | |||||||||||||||||||||||||||||||||||||||||||||
Stock issued for vested restricted stock units | 21,414 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Stock compensation to directors in lieu of cash compensation | 9,840 | — | — | — | 0.1 | — | — | — | 0.1 | ||||||||||||||||||||||||||||||||||||||||||||
Conversion of shares of class B shares of common stock to class A | 500,000 | — | (500,000) | — | 4.9 | — | — | (4.9) | — | ||||||||||||||||||||||||||||||||||||||||||||
Purchase accounting adjustments to fair value of noncontrolling interests | — | — | — | — | — | — | — | (1.9) | (1.9) | ||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | (58.6) | — | (0.7) | (59.3) | ||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | — | (43.8) | (1.8) | (45.6) | ||||||||||||||||||||||||||||||||||||||||||||
Balance June 30, 2022 | 200,054,646 | $ | — | 8,060,540 | $ | — | $ | 1,866.8 | $ | (207.9) | $ | (78.7) | $ | 78.7 | $ | 1,658.9 |
Successor | Predecessor | |||||||||||||
Six Months Ended June 30, | Six Months Ended June 30, | |||||||||||||
2022 | 2021 | |||||||||||||
OPERATING ACTIVITIES: | ||||||||||||||
Net loss | $ | (78.3) | $ | (94.7) | ||||||||||
Adjustments to reconcile net loss to net cash provided by operating activities: | ||||||||||||||
Accrual of in-kind interest on notes payable to related parties | — | 64.0 | ||||||||||||
Depreciation and amortization expense | 89.8 | 49.0 | ||||||||||||
Stock-based compensation expense | 16.4 | (0.1) | ||||||||||||
Amortization of debt issuance costs | 2.3 | 1.8 | ||||||||||||
Provision for doubtful accounts | — | 1.4 | ||||||||||||
Inventory obsolescence write down | 0.5 | 0.5 | ||||||||||||
Change in deferred income taxes | (21.8) | 4.8 | ||||||||||||
Loss on disposal of property, plant and equipment | (0.4) | (0.1) | ||||||||||||
Loss (gain) on foreign currency transactions | 4.8 | (2.9) | ||||||||||||
Change in fair values of warrant liabilities | (39.5) | — | ||||||||||||
Amortization of deferred revenue step-down | — | 8.0 | ||||||||||||
Amortization of inventory step-up | 6.3 | 4.7 | ||||||||||||
Goodwill impairment | 55.2 | — | ||||||||||||
Other | 0.1 | 1.6 | ||||||||||||
Changes in operating assets and liabilities: | ||||||||||||||
Accounts receivable | 25.5 | (11.8) | ||||||||||||
Costs in excess of billings on uncompleted contracts | (16.9) | (5.2) | ||||||||||||
Inventories | (18.3) | 2.5 | ||||||||||||
Prepaid expenses and other current assets | — | (2.9) | ||||||||||||
Accounts payable | 0.3 | 6.3 | ||||||||||||
Accrued expenses and other current liabilities | 1.5 | 0.6 | ||||||||||||
Deferred contract revenue | (3.3) | (1.2) | ||||||||||||
Other assets | 0.1 | (2.9) | ||||||||||||
Other liabilities | 3.7 | 10.3 | ||||||||||||
Net cash provided by operating activities | 28.0 | 33.7 | ||||||||||||
INVESTING ACTIVITIES: | ||||||||||||||
Acquisitions of businesses, net of cash and cash equivalents acquired | — | (15.0) | ||||||||||||
Purchases of property, plant, and equipment and badges | (15.3) | (13.9) | ||||||||||||
Sales of property, plant, and equipment | 0.8 | — | ||||||||||||
Net cash used in investing activities | (14.5) | (28.9) | ||||||||||||
FINANCING ACTIVITIES: | ||||||||||||||
Principal repayments | (2.1) | (9.9) | ||||||||||||
Other financing | (0.3) | — | ||||||||||||
Net cash used in financing activities | (2.4) | (9.9) | ||||||||||||
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | (4.4) | (1.2) | ||||||||||||
Net increase (decrease) in cash, cash equivalents, and restricted cash | 6.7 | (6.3) | ||||||||||||
Cash, cash equivalents, and restricted cash at beginning of period | 85.3 | 108.7 | ||||||||||||
Cash, cash equivalents, and restricted cash at end of period | $ | 92.0 | $ | 102.4 |
There have been no material changes in our significant accounting policies during the six months ended June 30, 2022, as compared to the significant accounting policies described in Note 1 to the audited Consolidated Financial Statements on Form 10-K for the period ended December 31, 2021.
Successor | ||||||||
June 30, 2022 | December 31, 2021 | |||||||
Prepaid insurance | $ | 2.1 | $ | 5.3 | ||||
Short-term marketable securities | 4.3 | 4.9 | ||||||
Income tax receivable | 0.8 | 2.8 | ||||||
Other current assets | 22.5 | 18.5 | ||||||
$ | 29.7 | $ | 31.5 |
Successor | ||||||||
June 30, 2022 | December 31, 2021 | |||||||
Costs incurred on contracts (from inception to completion) | $ | 197.2 | $ | 199.4 | ||||
Estimated earnings | 129.0 | 125.5 | ||||||
Contracts in progress | 326.2 | 324.9 | ||||||
Less: billings to date | (267.8) | (281.8) | ||||||
$ | 58.4 | $ | 43.1 |
Successor | ||||||||
June 30, 2022 | December 31, 2021 | |||||||
Costs and estimated earnings in excess of billings on uncompleted contracts – current | $ | 72.0 | $ | 56.3 | ||||
Costs and estimated earnings in excess of billings on uncompleted contracts – non-current (1) | 3.8 | 6.5 | ||||||
Billings in excess of costs and estimated earnings on uncompleted contracts – current (2) | (11.3) | (17.6) | ||||||
Billings in excess of costs and estimated earnings on uncompleted contracts – non-current (3) | (6.1) | (2.1) | ||||||
$ | 58.4 | $ | 43.1 |
Successor | ||||||||
June 30, 2022 | December 31, 2021 | |||||||
Raw materials | $ | 64.2 | $ | 56.8 | ||||
Work in progress | 31.0 | 26.6 | ||||||
Finished goods | 35.2 | 40.2 | ||||||
$ | 130.4 | $ | 123.6 |
Successor | ||||||||||||||
Depreciable Lives | June 30, 2022 | December 31, 2021 | ||||||||||||
Land, buildings, and leasehold improvements | 3-39 years | $ | 45.7 | $ | 45.0 | |||||||||
Machinery and equipment | 5-15 years | 30.4 | 26.7 | |||||||||||
Badges | 3-5 years | 31.0 | 27.9 | |||||||||||
Furniture, fixtures, computer equipment and other | 3-10 years | 22.0 | 16.7 | |||||||||||
Construction in progress | — | 10.4 | 12.2 | |||||||||||
139.5 | 128.5 | |||||||||||||
Less: accumulated depreciation and amortization | (17.2) | (4.5) | ||||||||||||
$ | 122.3 | $ | 124.0 |
Successor | Predecessor | Successor | Predecessor | ||||||||||||||||||||||||||
Three Months Ended | Three Months Ended | Six Months Ended | Six Months Ended | ||||||||||||||||||||||||||
June 30, 2022 | June 30, 2021 | June 30, 2022 | June 30, 2021 | ||||||||||||||||||||||||||
Depreciation expense in: | |||||||||||||||||||||||||||||
Cost of revenues | $ | 4.5 | $ | 4.9 | $ | 8.6 | $ | 7.7 | |||||||||||||||||||||
Operating expenses | $ | 2.6 | $ | 1.9 | $ | 4.6 | $ | 4.1 |
Successor | ||||||||
June 30, 2022 | December 31, 2021 | |||||||
Compensation and related benefit costs | $ | 33.1 | $ | 34.0 | ||||
Customer deposits | 8.9 | 8.8 | ||||||
Accrued commissions | 0.3 | 0.9 | ||||||
Accrued warranty costs | 5.3 | 5.9 | ||||||
Non-income taxes payable | 6.1 | 7.5 | ||||||
Pension and other post-retirement obligations | 0.4 | 0.3 | ||||||
Income taxes payable | 4.0 | 3.2 | ||||||
Restructuring | 1.8 | 1.4 | ||||||
Deferred and contingent consideration | 1.9 | 2.0 | ||||||
Other accrued expenses | 11.8 | 11.4 | ||||||
Total | $ | 73.6 | $ | 75.4 |
Successor | |||||||||||||||||
Medical | Industrial | Consolidated | |||||||||||||||
Balance—December 31, 2021 | $ | 712.5 | $ | 950.1 | $ | 1,662.6 | |||||||||||
Goodwill impairment | — | (55.2) | (55.2) | ||||||||||||||
Business Combination - measurement period adjustments | (0.5) | (1.7) | (2.2) | ||||||||||||||
Translation adjustment | — | (38.6) | (38.6) | ||||||||||||||
Balance—June 30, 2022 | $ | 712.0 | $ | 854.6 | $ | 1,566.6 |
Successor | |||||||||||||||||||||||
June 30, 2022 | |||||||||||||||||||||||
Original Average Life in Years | Gross Carrying Amount | Accumulated Amortization | Net Book Value | ||||||||||||||||||||
Customer relationships | 6 - 13 | $ | 335.2 | $ | (49.9) | $ | 285.3 | ||||||||||||||||
Distributor relationships | 7 - 13 | 60.8 | (5.1) | 55.7 | |||||||||||||||||||
Developed technology | 5 - 16 | 243.3 | (20.8) | 222.5 | |||||||||||||||||||
Trade names | 3 - 10 | 97.5 | (7.0) | 90.5 | |||||||||||||||||||
Backlog and other | 1 - 4 | 82.7 | (24.0) | 58.7 | |||||||||||||||||||
Total | $ | 819.5 | $ | (106.8) | $ | 712.7 | |||||||||||||||||
December 31, 2021 | |||||||||||||||||||||||
Original Average Life in Years | Gross Carrying Amount | Accumulated Amortization | Net Book Value | ||||||||||||||||||||
Customer relationships | 6 - 13 | $ | 341.0 | $ | (15.3) | $ | 325.7 | ||||||||||||||||
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 | Successor | Predecessor | ||||||||||||||||||||||||||
Three Months Ended June 30, | Three Months Ended June 30, | Six Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||
Amortization expense for intangible assets in: | |||||||||||||||||||||||||||||
Cost of revenues | $ | 6.6 | $ | 4.4 | $ | 13.3 | $ | 11.3 | |||||||||||||||||||||
Operating expenses | $ | 30.9 | $ | 14.2 | $ | 63.0 | $ | 25.9 |
Successor | ||||||||
June 30, 2022 | December 31, 2021 | |||||||
2021 Credit Agreement | $ | 825.9 | $ | 828.3 | ||||
Canadian Financial Institution | 1.0 | 1.2 | ||||||
Other | 1.9 | 2.3 | ||||||
Draw on revolving line of credit | — | — | ||||||
Total third-party borrowings | 828.8 | 831.8 | ||||||
Less: notes payable to third-parties, current | (5.2) | (3.9) | ||||||
Less: deferred financing costs | (19.5) | (21.1) | ||||||
Notes payable to third-parties, non-current | $ | 804.1 | $ | 806.8 |
Remainder of 2022 | $ | 4.2 | |||
Fiscal year ending December 31: | |||||
2023 | 8.4 | ||||
2024 | 8.3 | ||||
2025 | 8.2 | ||||
2026 | 9.6 | ||||
Thereafter | 790.1 | ||||
Gross Payments | 828.8 | ||||
Unamortized debt issuance costs | (19.5) | ||||
Total third-party borrowings, net of debt issuance costs | $ | 809.3 |
Successor | ||||||||||||||
Balance Sheet Line Item | June 30, 2022 | December 31, 2021 | ||||||||||||
Operating lease assets | Operating lease right-of-use assets | $ | 42.5 | $ | 45.7 | |||||||||
Financing lease assets | Other assets | $ | 0.7 | $ | 0.9 | |||||||||
Operating lease liabilities: | ||||||||||||||
Current operating lease liabilities | Current operating lease liabilities | $ | 8.7 | $ | 9.3 | |||||||||
Non-current operating lease liabilities | Operating lease liability, non-current | 37.6 | 40.6 | |||||||||||
Total operating lease liabilities: | $ | 46.3 | $ | 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 | — | 0.3 | |||||||||||
Total financing lease liabilities: | $ | 0.6 | $ | 0.9 |
Successor | |||||||||||
June 30, 2022 | December 31, 2021 | ||||||||||
Operating leases | |||||||||||
Weighted average remaining lease term (in years) | 7.2 | 7.5 | |||||||||
Weighted average discount rate | 4.15 | % | 4.19 | % |
Fiscal year ending December 31: | |||||
2022 | $ | 5.4 | |||
2023 | 9.7 | ||||
2024 | 8.2 | ||||
2025 | 6.8 | ||||
2026 | 5.0 | ||||
2027 and thereafter | 18.6 | ||||
Total undiscounted future minimum lease payments | $ | 53.7 | |||
Less: Imputed interest | (7.4) | ||||
Total operating lease liabilities | $ | 46.3 | |||
Fiscal year ending December 31: | |||||
2022 | $ | 19.2 | |||
2023 | 14.8 | ||||
2024 | 5.2 | ||||
2025 | 3.1 | ||||
2026 | 2.6 | ||||
2027 and thereafter | 0.3 | ||||
Total | $ | 45.2 |
Successor | Predecessor | |||||||||||||
Six Months Ended June 30, | Six Months Ended June 30, | |||||||||||||
2022 | 2021 | |||||||||||||
Cash Paid For: | ||||||||||||||
Cash paid for interest | $ | 13.9 | $ | 20.1 | ||||||||||
Cash paid for income taxes | 4.5 | 8.9 | ||||||||||||
Non-Cash Investing and Financing Activities: | ||||||||||||||
Property, plant, and equipment purchases in accounts payable | 1.0 | 0.8 | ||||||||||||
Acquisition purchases in accrued expense and other liabilities | — | 0.1 |
Successor | Predecessor | |||||||||||||
June 30, | December 31, | |||||||||||||
2022 | 2021 | |||||||||||||
Cash and cash equivalents | $ | 90.6 | $ | 84.0 | ||||||||||
Restricted cash—current | 0.4 | 0.6 | ||||||||||||
Restricted cash—non-current | 1.0 | 0.7 | ||||||||||||
Total cash, cash equivalents, and restricted cash | $ | 92.0 | $ | 85.3 |
Successor | Predecessor | Successor | Predecessor | ||||||||||||||||||||||||||
Three Months Ended June 30, | Three Months Ended June 30, | Six Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||||||
Medical | $ | 66.8 | $ | 52.1 | $ | 126.9 | $ | 103.6 | |||||||||||||||||||||
Industrial | 109.0 | 127.9 | 212.1 | 242.6 | |||||||||||||||||||||||||
Consolidated Revenues | $ | 175.8 | $ | 180.0 | $ | 339.0 | $ | 346.2 | |||||||||||||||||||||
Segment (Loss) Income from Operations | |||||||||||||||||||||||||||||
Medical | $ | (0.1) | $ | (0.4) | $ | (3.6) | $ | (2.7) | |||||||||||||||||||||
Industrial | (45.3) | 29.9 | (46.7) | 47.7 | |||||||||||||||||||||||||
Total Segment (Loss) Income from Operations | (45.4) | 29.5 | (50.3) | 45.0 | |||||||||||||||||||||||||
Corporate and other | (29.2) | (24.8) | (57.9) | (49.2) | |||||||||||||||||||||||||
Consolidated Loss from Operations | $ | (74.6) | $ | 4.7 | $ | (108.2) | $ | (4.2) |
Revenues | |||||||||||||||||||||||||||||
Successor | Predecessor | Successor | Predecessor | ||||||||||||||||||||||||||
Three Months Ended June 30, | Three Months Ended June 30, | Six Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||
North America | |||||||||||||||||||||||||||||
Medical | $ | 61.7 | $ | 46.7 | $ | 117.3 | $ | 93.9 | |||||||||||||||||||||
Industrial | 49.8 | 61.1 | 92.0 | 104.9 | |||||||||||||||||||||||||
Total North America | 111.5 | 107.8 | 209.3 | 198.8 | |||||||||||||||||||||||||
Europe | |||||||||||||||||||||||||||||
Medical | 5.1 | 5.4 | 9.6 | 9.7 | |||||||||||||||||||||||||
Industrial | 57.9 | 65.0 | 111.1 | 126.7 | |||||||||||||||||||||||||
Total Europe | 63.0 | 70.4 | 120.7 | 136.4 | |||||||||||||||||||||||||
Asia Pacific | |||||||||||||||||||||||||||||
Medical | — | — | — | — | |||||||||||||||||||||||||
Industrial | 1.3 | 1.8 | 9.0 | 11.0 | |||||||||||||||||||||||||
Total Asia Pacific | 1.3 | 1.8 | 9.0 | 11.0 | |||||||||||||||||||||||||
Total revenues | $ | 175.8 | $ | 180.0 | $ | 339.0 | $ | 346.2 |
Revenues | |||||||||||||||||||||||||||||
Successor | Predecessor | Successor | Predecessor | ||||||||||||||||||||||||||
Three Months Ended June 30, | Three Months Ended June 30, | Six Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||
Point in time | $ | 117.2 | $ | 132.6 | $ | 234.2 | $ | 254.0 | |||||||||||||||||||||
Over time | 58.6 | 47.4 | 104.8 | 92.2 | |||||||||||||||||||||||||
Total revenues | $ | 175.8 | $ | 180.0 | $ | 339.0 | $ | 346.2 |
Revenues | |||||||||||||||||||||||||||||
Successor | Predecessor | Successor | Predecessor | ||||||||||||||||||||||||||
Three Months Ended June 30, | Three Months Ended June 30, | Six Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||
Medical segment: | |||||||||||||||||||||||||||||
Medical | $ | 66.8 | $ | 52.1 | $ | 126.9 | $ | 103.6 | |||||||||||||||||||||
Industrial segment: | |||||||||||||||||||||||||||||
Reactor Safety and Control Systems | 34.7 | 42.7 | 65.5 | 79.6 | |||||||||||||||||||||||||
Radiological Search, Measurement, and Analysis Systems | 74.3 | 85.2 | 146.6 | 163.0 | |||||||||||||||||||||||||
Total revenues | $ | 175.8 | $ | 180.0 | $ | 339.0 | $ | 346.2 |
Successor | |||||||||||||||||
Fair Value Measurements at June 30, 2022 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||||
Assets | |||||||||||||||||
Cash, cash equivalents, and restricted cash | $ | 92.0 | $ | — | $ | — | |||||||||||
Discretionary retirement plan | 3.1 | 0.9 | — | ||||||||||||||
Liabilities | |||||||||||||||||
Discretionary retirement plan | 3.1 | 0.9 | — | ||||||||||||||
Public warrants | 19.7 | — | — | ||||||||||||||
Private placement warrants | — | 8.9 | — | ||||||||||||||
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 | Successor | Predecessor | ||||||||||||||||||||||||||
Three Months Ended June 30, | Three Months Ended June 30, | Six Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||
Net loss attributable to Mirion Technologies, Inc. (Successor) / Mirion Technologies (TopCo), Ltd. (Predecessor) shareholders | $ | (58.6) | $ | (53.9) | $ | (76.3) | $ | (94.6) | |||||||||||||||||||||
Weighted average common shares outstanding – basic and diluted | 180.992 | 6.621 | 180.884 | 6.596 | |||||||||||||||||||||||||
Net loss per common share attributable to Mirion Technologies, Inc. (Successor) / Mirion Technologies (TopCo), Ltd. (Predecessor) — basic and diluted | $ | (0.32) | $ | (8.14) | $ | (0.42) | $ | (14.34) | |||||||||||||||||||||
Anti-dilutive employee share-based awards, excluded | 0.933 | 0.217 | 0.938 | 0.242 |
Successor | |||||||||||||||||
Three Months Ended June 30, 2022 | |||||||||||||||||
Cost of revenue | Selling, general and administrative | Total | |||||||||||||||
Severance and employee costs | $ | 0.1 | $ | 0.4 | $ | 0.5 | |||||||||||
Other(1) | 0.5 | 1.8 | 2.3 | ||||||||||||||
Total | $ | 0.6 | $ | 2.2 | $ | 2.8 | |||||||||||
Six Months Ended June 30, 2022 | |||||||||||||||||
Cost of revenue | Selling, general and administrative | Total | |||||||||||||||
Severance and employee costs | $ | 0.2 | $ | 1.3 | $ | 1.5 | |||||||||||
Other(1) | 0.5 | 2.8 | 3.3 | ||||||||||||||
Total | $ | 0.7 | $ | 4.1 | $ | 4.8 |
Predecessor | |||||||||||||||||
Three Months Ended June 30, 2021 | |||||||||||||||||
Cost of revenue | Selling, general and administrative | Total | |||||||||||||||
Severance and employee costs | $ | 0.3 | $ | 0.8 | $ | 1.1 | |||||||||||
Other(1) | 0.6 | — | 0.6 | ||||||||||||||
Total | $ | 0.9 | $ | 0.8 | $ | 1.7 | |||||||||||
Six Months Ended June 30, 2021 | |||||||||||||||||
(in millions) | Cost of revenue | Selling, general and administrative | Total | ||||||||||||||
Severance and employee costs | $ | 2.2 | $ | 0.8 | $ | 3.0 | |||||||||||
Other(1) | 0.6 | 0.1 | 0.7 | ||||||||||||||
Total | $ | 2.8 | $ | 0.9 | $ | 3.7 |
Successor | |||||
Balance at December 31, 2021 | $ | 1.4 | |||
Restructuring charges | 4.8 | ||||
Payments | (4.4) | ||||
Adjustments | — | ||||
Balance at June 30, 2022 | $ | 1.8 |
Successor | Predecessor | |||||||||||||||||||||||||
Three Months Ended | Three Months Ended | |||||||||||||||||||||||||
June 30, 2022 | June 30, 2021 | |||||||||||||||||||||||||
(In millions, except per share amounts) | Revenues | Net Income (Loss) | Revenues | Net Income (Loss) | ||||||||||||||||||||||
Total GAAP | $ | 175.8 | $ | (59.3) | $ | 180.0 | $ | (54.0) | ||||||||||||||||||
Revenue reduction from purchase accounting | — | — | 3.7 | 3.7 | ||||||||||||||||||||||
Foreign currency loss (gain), net | 3.3 | 1.1 | ||||||||||||||||||||||||
Amortization of acquired intangibles | 37.5 | 18.6 | ||||||||||||||||||||||||
Stock-based compensation expense | 8.5 | — | ||||||||||||||||||||||||
Change in fair value of warrant liabilities | (19.6) | — | ||||||||||||||||||||||||
Goodwill impairment | 55.2 | — | ||||||||||||||||||||||||
Non-operating expenses | 8.7 | 15.6 | ||||||||||||||||||||||||
Tax impact of adjustments above | (9.9) | (8.4) | ||||||||||||||||||||||||
Adjusted | $ | 175.8 | $ | 24.4 | $ | 183.7 | $ | (23.4) | ||||||||||||||||||
Adjusted weighted average common shares | 180.992 | n.m.(1) | ||||||||||||||||||||||||
Dilutive Potential Common Shares - RSU's | 0.031 | |||||||||||||||||||||||||
Adjusted weighted average common shares — diluted | 181.023 | n.m | ||||||||||||||||||||||||
Net loss per common share attributable to Mirion Technologies, Inc. (Successor) | $ | (0.32) | n.m | |||||||||||||||||||||||
Loss attributable to noncontrolling interests | (0.01) | |||||||||||||||||||||||||
Foreign currency (gain) loss, net | 0.02 | |||||||||||||||||||||||||
Amortization of acquired intangibles | 0.21 | |||||||||||||||||||||||||
Stock-based compensation expense | 0.05 | |||||||||||||||||||||||||
Change in fair value of warrant liabilities | (0.11) | |||||||||||||||||||||||||
Goodwill impairment | 0.30 | |||||||||||||||||||||||||
Non-operating expenses | 0.05 | |||||||||||||||||||||||||
Tax impact of adjustments above | (0.06) | |||||||||||||||||||||||||
Adjusted EPS | $ | 0.13 | n.m | |||||||||||||||||||||||
(1) Note that n.m. stands for not meaningful. |
Successor | Predecessor | |||||||||||||||||||||||||
Six Months Ended | Six Months Ended | |||||||||||||||||||||||||
June 30, 2022 | June 30, 2021 | |||||||||||||||||||||||||
(In millions, except per share amounts) | Revenues | Net Income (Loss) | Revenues | Net Income (Loss) | ||||||||||||||||||||||
Total GAAP | $ | 339.0 | $ | (78.3) | $ | 346.2 | $ | (94.7) | ||||||||||||||||||
Revenue reduction from purchase accounting | — | — | 8.0 | 8.0 | ||||||||||||||||||||||
Cost of revenues impact from inventory valuation purchase accounting | 6.3 | 4.7 | ||||||||||||||||||||||||
Foreign currency loss (gain), net | 4.8 | (2.9) | ||||||||||||||||||||||||
Amortization of acquired intangibles | 76.3 | 37.2 | ||||||||||||||||||||||||
Stock-based compensation expense | 16.3 | (0.1) | ||||||||||||||||||||||||
Change in fair value of warrant liabilities | (39.5) | — | ||||||||||||||||||||||||
Goodwill impairment | 55.2 | — | ||||||||||||||||||||||||
Non-operating expenses | 18.1 | 31.7 | ||||||||||||||||||||||||
Tax impact of adjustments above | (17.3) | (17.4) | ||||||||||||||||||||||||
Adjusted | $ | 339.0 | $ | 41.9 | $ | 354.2 | $ | (33.5) | ||||||||||||||||||
Adjusted weighted average common shares | 180.884 | n.m.(1) | ||||||||||||||||||||||||
Dilutive Potential Common Shares - RSU's | 0.021 | |||||||||||||||||||||||||
Adjusted weighted average common shares — diluted | 180.905 | n.m | ||||||||||||||||||||||||
Net loss per common share attributable to Mirion Technologies, Inc. (Successor) | $ | (0.42) | 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 | 0.03 | |||||||||||||||||||||||||
Amortization of acquired intangibles | 0.42 | |||||||||||||||||||||||||
Stock-based compensation expense | 0.09 | |||||||||||||||||||||||||
Change in fair value of warrant liabilities | (0.22) | |||||||||||||||||||||||||
Debt extinguishment | — | |||||||||||||||||||||||||
Goodwill impairment | 0.30 | |||||||||||||||||||||||||
Non-operating expenses | 0.10 | |||||||||||||||||||||||||
Tax impact of adjustments above | (0.10) | |||||||||||||||||||||||||
Adjusted EPS | $ | 0.23 | n.m | |||||||||||||||||||||||
(1) Note that n.m. stands for not meaningful. |
Successor | Predecessor | |||||||||||||
(In millions) | Three Months Ended June 30, 2022 | Three Months Ended June 30, 2021 | ||||||||||||
Net loss | $ | (59.3) | $ | (54.0) | ||||||||||
Interest expense, net | 8.4 | 43.7 | ||||||||||||
Income tax (benefit) provision | (7.4) | 14.4 | ||||||||||||
Amortization | 37.5 | 18.6 | ||||||||||||
EBITA | $ | (20.8) | $ | 22.7 | ||||||||||
Depreciation - Mirion Business Combination step-up | 1.7 | — | ||||||||||||
Depreciation - all other | 5.6 | 6.8 | ||||||||||||
EBITDA | $ | (13.5) | $ | 29.5 | ||||||||||
Stock-based compensation expense | 8.5 | |||||||||||||
Change in fair value of warrant liabilities | (19.6) | — | ||||||||||||
Goodwill impairment | 55.2 | — | ||||||||||||
Foreign currency (gain) loss, net | 3.3 | 1.1 | ||||||||||||
Revenue reduction from purchase accounting | — | 3.7 | ||||||||||||
Non-operating expenses(1)(2) | 8.7 | 15.6 | ||||||||||||
Adjusted EBITDA | $ | 42.6 | $ | 49.9 |
Successor | Predecessor | |||||||||||||
(In millions) | Six Months Ended June 30, 2022 | Six Months Ended June 30, 2021 | ||||||||||||
Net loss | $ | (78.3) | $ | (94.7) | ||||||||||
Interest expense, net | 16.3 | 86.8 | ||||||||||||
Income tax (benefit) provision | (11.5) | 7.3 | ||||||||||||
Amortization | 76.3 | 37.2 | ||||||||||||
EBITA | $ | 2.8 | $ | 36.6 | ||||||||||
Depreciation - Mirion Business Combination step-up | 3.3 | — | ||||||||||||
Depreciation - all other | 10.2 | 11.9 | ||||||||||||
EBITDA | $ | 16.3 | $ | 48.5 | ||||||||||
Stock-based compensation expense | 16.3 | |||||||||||||
Change in fair value of warrant liabilities | (39.5) | — | ||||||||||||
Goodwill impairment | 55.2 | — | ||||||||||||
Foreign currency (gain) loss, net | 4.8 | (2.9) | ||||||||||||
Revenue reduction from purchase accounting | — | 8.0 | ||||||||||||
Cost of revenues impact from inventory valuation purchase accounting | 6.3 | 4.7 | ||||||||||||
Non-operating expenses(1)(2) | 18.1 | 31.7 | ||||||||||||
Adjusted EBITDA | $ | 77.5 | $ | 89.9 |
Three Months Ended June 30, 2022 (Successor) | |||||||||||||||||||||||
(In millions) | Medical | Industrial | Corporate & Other | Consolidated | |||||||||||||||||||
Revenues | $ | 66.8 | $ | 109.0 | $ | — | $ | 175.8 | |||||||||||||||
Revenue reduction from purchase accounting | — | — | — | — | |||||||||||||||||||
Adjusted Revenues | $ | 66.8 | $ | 109.0 | $ | — | $ | 175.8 | |||||||||||||||
Income from operations | $ | (0.1) | $ | (45.3) | $ | (29.2) | $ | (74.6) | |||||||||||||||
Amortization | 17.0 | 20.5 | — | 37.5 | |||||||||||||||||||
Depreciation - core | 3.5 | 1.9 | 0.2 | 5.6 | |||||||||||||||||||
Depreciation - Mirion Business Combination step-up | 1.2 | 0.4 | 0.1 | 1.7 | |||||||||||||||||||
Stock-based compensation | 0.2 | 0.3 | 8.0 | 8.5 | |||||||||||||||||||
Goodwill impairment | — | 55.2 | — | 55.2 | |||||||||||||||||||
Non-operating expenses | — | — | 8.4 | 8.4 | |||||||||||||||||||
Other Income / Expense | 0.4 | — | (0.1) | 0.3 | |||||||||||||||||||
Adjusted EBITDA | $ | 22.2 | $ | 33.0 | $ | (12.6) | $ | 42.6 |
Three Months Ended June 30, 2021 (Predecessor) | |||||||||||||||||||||||
(In millions) | Medical | Industrial | Corporate & Other | Consolidated | |||||||||||||||||||
Revenues | $ | 52.1 | $ | 127.9 | $ | — | $ | 180.0 | |||||||||||||||
Revenue reduction from purchase accounting | 3.7 | — | — | 3.7 | |||||||||||||||||||
Adjusted Revenues | $ | 55.8 | $ | 127.9 | $ | — | $ | 183.7 | |||||||||||||||
Income from operations | $ | (0.4) | $ | 29.9 | $ | (24.8) | $ | 4.7 | |||||||||||||||
Amortization | 8.9 | 9.7 | — | 18.6 | |||||||||||||||||||
Depreciation - core | 3.9 | 2.6 | 0.3 | 6.8 | |||||||||||||||||||
Revenue reduction from purchase accounting | 3.7 | — | — | 3.7 | |||||||||||||||||||
Non-operating expenses | — | — | 16.1 | 16.1 | |||||||||||||||||||
Other Income / Expense | (0.1) | 0.1 | — | — | |||||||||||||||||||
Adjusted EBITDA | $ | 16.0 | $ | 42.3 | $ | (8.4) | $ | 49.9 |
Six Months Ended June 30, 2022 (Successor) | |||||||||||||||||||||||
(In millions) | Medical | Industrial | Corporate & Other | Consolidated | |||||||||||||||||||
Revenues | $ | 126.9 | $ | 212.1 | $ | — | $ | 339.0 | |||||||||||||||
Revenue reduction from purchase accounting | — | — | — | — | |||||||||||||||||||
Adjusted Revenues | $ | 126.9 | $ | 212.1 | $ | — | $ | 339.0 | |||||||||||||||
Income from operations | $ | (3.6) | $ | (46.7) | $ | (57.9) | $ | (108.2) | |||||||||||||||
Amortization | 34.3 | 42.0 | — | 76.3 | |||||||||||||||||||
Depreciation - core | 6.1 | 3.8 | 0.3 | 10.2 | |||||||||||||||||||
Depreciation - Mirion Business Combination step-up | 2.4 | 0.8 | 0.1 | 3.3 | |||||||||||||||||||
Cost of revenues impact from inventory valuation purchase accounting | — | 6.3 | — | 6.3 | |||||||||||||||||||
Stock-based compensation | 0.3 | 0.4 | 15.6 | 16.3 | |||||||||||||||||||
Goodwill impairment | — | 55.2 | — | 55.2 | |||||||||||||||||||
Non-operating expenses | — | — | 17.8 | 17.8 | |||||||||||||||||||
Other Income / Expense | 0.4 | — | (0.1) | 0.3 | |||||||||||||||||||
Adjusted EBITDA | $ | 39.9 | $ | 61.8 | $ | (24.2) | $ | 77.5 |
Six Months Ended June 30, 2021 (Predecessor) | |||||||||||||||||||||||
(In millions) | Medical | Industrial | Corporate & Other | Consolidated | |||||||||||||||||||
Revenues | $ | 103.6 | $ | 242.6 | $ | — | $ | 346.2 | |||||||||||||||
Revenue reduction from purchase accounting | 8.0 | — | — | 8.0 | |||||||||||||||||||
Adjusted Revenues | $ | 111.6 | $ | 242.6 | $ | — | $ | 354.2 | |||||||||||||||
Income from operations | $ | (2.7) | $ | 47.7 | $ | (49.2) | $ | (4.2) | |||||||||||||||
Amortization | 17.2 | 20.0 | — | 37.2 | |||||||||||||||||||
Depreciation - core | 6.4 | 5.1 | 0.4 | 11.9 | |||||||||||||||||||
Revenue reduction from purchase accounting | 8.0 | — | — | 8.0 | |||||||||||||||||||
Cost of revenues impact from inventory valuation purchase accounting | 4.7 | — | — | 4.7 | |||||||||||||||||||
Share-based compensation | — | — | (0.1) | (0.1) | |||||||||||||||||||
Non-operating expenses | — | — | 32.1 | 32.1 | |||||||||||||||||||
Other Income / Expense | — | — | 0.3 | 0.3 | |||||||||||||||||||
Adjusted EBITDA | $ | 33.6 | $ | 72.8 | $ | (16.5) | $ | 89.9 |
Unaudited | ||||||||||||||
Successor | Predecessor | |||||||||||||
Three Months Ended June 30, 2022 | Three Months Ended June 30, 2021 | |||||||||||||
Revenues | $ | 175.8 | $ | 180.0 | ||||||||||
Cost of revenues | 96.8 | 100.4 | ||||||||||||
Gross profit | 79.0 | 79.6 | ||||||||||||
Selling, general and administrative expenses | 91.0 | 66.7 | ||||||||||||
Research and development | 7.4 | 8.2 | ||||||||||||
Goodwill impairment | 55.2 | — | ||||||||||||
Loss from operations | (74.6) | 4.7 | ||||||||||||
Interest expense, net | 8.4 | 43.7 | ||||||||||||
Foreign currency loss (gain), net | 3.3 | 1.1 | ||||||||||||
Change in fair value of warrant liabilities - (gain)/loss | (19.6) | — | ||||||||||||
Other expense (income), net | — | (0.5) | ||||||||||||
Loss before benefit from income taxes | (66.7) | (39.6) | ||||||||||||
(Benefit from) provision for income taxes | (7.4) | 14.4 | ||||||||||||
Net loss | (59.3) | (54.0) | ||||||||||||
Loss attributable to noncontrolling interests | (0.7) | (0.1) | ||||||||||||
Net loss attributable to stockholders | $ | (58.6) | $ | (53.9) |
Corporate SG&A expenses were $27.8 million for the three months ended June 30, 2022 and $22.5 million for the three months ended June 30, 2021. The increase in SG&A expenses of $5.3 million was driven by an increase in stock-based compensation expense under the 2021 Omnibus Incentive Plan (see Note 13, Stock-Based Compensation to the condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q), an increase in compensation expense, facility costs, and professional services mostly due to becoming a public company, offset by the decrease in other costs related to company-wide initiatives (a reduction in legal and professional fees related to the Business Combination, offset by an increase in restructuring costs).
Unaudited | ||||||||||||||
Successor | Predecessor | |||||||||||||
(In millions) | Three Months Ended June 30, 2022 | Three Months Ended June 30, 2021 | ||||||||||||
Revenues | $ | 66.8 | $ | 52.1 | ||||||||||
Loss from operations | $ | (0.1) | $ | (0.4) | ||||||||||
Loss from operations as a % of revenues | (0.1) | % | (0.8) | % |
Unaudited | ||||||||||||||
Successor | Predecessor | |||||||||||||
(In millions) | Three Months Ended June 30, 2022 | Three Months Ended June 30, 2021 | ||||||||||||
Revenues | $ | 109.0 | $ | 127.9 | ||||||||||
(Loss) Income from operations | $ | (45.3) | $ | 29.9 | ||||||||||
(Loss) Income from operations as a % of revenues | (41.6) | % | 23.4 | % |
Unaudited | ||||||||||||||
Successor | Predecessor | |||||||||||||
Six Months Ended June 30, 2022 | Six Months Ended June 30, 2021 | |||||||||||||
Revenues | $ | 339.0 | $ | 346.2 | ||||||||||
Cost of revenues | 195.6 | 204.1 | ||||||||||||
Gross profit | 143.4 | 142.1 | ||||||||||||
Selling, general and administrative expenses | 181.9 | 127.1 | ||||||||||||
Research and development | 14.5 | 19.2 | ||||||||||||
Goodwill impairment | 55.2 | — | ||||||||||||
Loss from operations | (108.2) | (4.2) | ||||||||||||
Interest expense, net | 16.3 | 86.8 | ||||||||||||
Foreign currency loss (gain), net | 4.8 | (2.9) | ||||||||||||
Change in fair value of warrant liabilities - (gain)/loss | (39.5) | — | ||||||||||||
Other expense (income), net | — | (0.7) | ||||||||||||
Loss before benefit from income taxes | (89.8) | (87.4) | ||||||||||||
Benefit from income taxes | (11.5) | 7.3 | ||||||||||||
Net loss | (78.3) | (94.7) | ||||||||||||
Loss attributable to noncontrolling interests | (2.0) | (0.1) | ||||||||||||
Net loss attributable to stockholders | $ | (76.3) | $ | (94.6) |
Unaudited | ||||||||||||||
Successor | Predecessor | |||||||||||||
(In millions) | Six Months Ended June 30, 2022 | Six Months Ended June 30, 2021 | ||||||||||||
Revenues | $ | 126.9 | $ | 103.6 | ||||||||||
Loss from operations | $ | (3.6) | $ | (2.7) | ||||||||||
Loss from operations as a % of revenues | (2.8) | % | (2.6) | % |
Unaudited | ||||||||||||||
Successor | Predecessor | |||||||||||||
(In millions) | Six Months Ended June 30, 2022 | Six Months Ended June 30, 2021 | ||||||||||||
Revenues | $ | 212.1 | $ | 242.6 | ||||||||||
(Loss) Income from operations | $ | (46.7) | $ | 47.7 | ||||||||||
(Loss) Income from operations as a % of revenues | (22.0) | % | 19.7 | % |
Successor | Predecessor | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In millions) | June 30, 2022 | 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 | |||||||||||||||||||||||||||||||||||||||||||||||
Revenues | $ | 175.8 | $ | 163.2 | $ | 154.1 | $ | 168.0 | $ | 144.3 | $ | 180.0 | $ | 166.2 | $ | 150.8 | $ | 114.6 | ||||||||||||||||||||||||||||||||||||||
Adjusted revenues(1)(2) | $ | 175.8 | $ | 163.2 | $ | 156.4 | $ | 172.5 | $ | 148.0 | $ | 183.7 | $ | 170.5 | $ | 150.8 | $ | 114.6 | ||||||||||||||||||||||||||||||||||||||
Net loss | $ | (59.3) | $ | (19.0) | $ | (23.0) | $ | (105.7) | $ | (46.7) | $ | (54.0) | $ | (40.7) | $ | (23.4) | $ | (40.4) | ||||||||||||||||||||||||||||||||||||||
Adjusted net income (loss)(1)(3) | $ | 24.4 | $ | 17.5 | $ | 25.6 | $ | (33.9) | $ | (20.1) | $ | (23.4) | $ | (10.1) | $ | (0.4) | $ | (20.9) | ||||||||||||||||||||||||||||||||||||||
Net loss per common share attributable to Mirion Technologies, Inc. (Successor) | $ | (0.32) | $ | 0.10 | $ | (0.12) | N/A | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||||||||||||||
Adjusted EPS(1)(4) | $ | 0.13 | $ | 0.10 | $ | 0.14 | N/A | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||||||||||||||
EBITA(1)(5) | $ | (20.8) | $ | 23.6 | $ | 8.4 | $ | (38.8) | $ | 8.5 | $ | 22.7 | $ | 13.8 | $ | 16.4 | $ | 8.8 | ||||||||||||||||||||||||||||||||||||||
EBITDA(1)(5) | $ | (13.5) | $ | 29.8 | $ | 13.7 | $ | (32.6) | $ | 13.6 | $ | 29.5 | $ | 18.8 | $ | 21.0 | $ | 13.1 | ||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA(1)(5) | $ | 42.6 | $ | 34.9 | $ | 44.5 | $ | 31.2 | $ | 30.9 | $ | 49.9 | $ | 39.8 | $ | 38.3 | $ | 24.1 |
Successor | Predecessor | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In millions) | June 30, 2022 | 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 | |||||||||||||||||||||||||||||||||||||||||||||||
Revenues | $ | 175.8 | $ | 163.2 | $ | 154.1 | $ | 168.0 | $ | 144.3 | $ | 180.0 | $ | 166.2 | $ | 150.8 | $ | 114.6 | ||||||||||||||||||||||||||||||||||||||
Revenue reduction from purchase accounting | — | — | 2.3 | 4.5 | 3.7 | 3.7 | 4.3 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Adjusted revenues | $ | 175.8 | $ | 163.2 | $ | 156.4 | $ | 172.5 | $ | 148.0 | $ | 183.7 | $ | 170.5 | $ | 150.8 | $ | 114.6 |
Successor | Predecessor | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In millions) | Three Months Ended June 30, 2022 | 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 | |||||||||||||||||||||||||||||||||||||||||||||||
Net loss | $ | (59.3) | $ | (19.0) | $ | (23.0) | $ | (105.7) | $ | (46.7) | $ | (54.0) | $ | (40.7) | $ | (23.4) | $ | (40.4) | ||||||||||||||||||||||||||||||||||||||
Revenue reduction from purchase accounting | — | — | 2.3 | 4.5 | 3.7 | 3.7 | 4.3 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Cost of revenues impact from inventory valuation purchase accounting | — | 6.3 | 15.8 | — | — | — | 4.7 | 0.5 | — | |||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency loss (gain), net | 3.3 | 1.5 | 1.6 | (0.6) | (1.4) | 1.1 | (4.0) | 8.2 | 8.1 | |||||||||||||||||||||||||||||||||||||||||||||||
Amortization of acquired intangibles | 37.5 | 38.8 | 32.0 | 19.7 | 16.1 | 18.6 | 18.6 | 13.5 | 12.2 | |||||||||||||||||||||||||||||||||||||||||||||||
Stock/share-based compensation | 8.5 | 7.8 | 5.3 | 9.3 | — | — | (0.1) | 0.1 | — | |||||||||||||||||||||||||||||||||||||||||||||||
Change in fair value of warrant liabilities | (19.6) | (19.9) | (1.2) | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Goodwill impairment | 55.2 | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Debt extinguishment | — | — | — | 15.9 | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Non-operating expenses | 8.7 | 9.4 | 7.0 | 34.7 | 15.0 | 15.6 | 16.1 | 8.5 | 2.9 | |||||||||||||||||||||||||||||||||||||||||||||||
Tax impact of adjustments above | (9.9) | (7.4) | (14.2) | (11.7) | (6.8) | (8.4) | (9.0) | (7.8) | (3.7) | |||||||||||||||||||||||||||||||||||||||||||||||
Adjusted net income (loss) | $ | 24.4 | $ | 17.5 | $ | 25.6 | $ | (33.9) | $ | (20.1) | $ | (23.4) | $ | (10.1) | $ | (0.4) | $ | (20.9) | ||||||||||||||||||||||||||||||||||||||
Weighted average common shares outstanding — basic and diluted | 180.992 | 180.992 | 180.773 | N/A | N/A | N/A | N/A | N/A | N/A | |||||||||||||||||||||||||||||||||||||||||||||||
Adjusted EPS | $ | 0.13 | $ | 0.10 | $ | 0.14 | 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 June 30, 2022 | 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) | $ | (0.32) | $ | (0.10) | $ | (0.12) | |||||
Loss attributable to noncontrolling interests | (0.01) | (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 | 0.02 | 0.01 | 0.01 | ||||||||
Amortization of acquired intangibles | 0.21 | 0.22 | 0.18 | ||||||||
Stock-based compensation | 0.05 | 0.04 | 0.03 | ||||||||
Change in fair value of warrant liabilities | (0.11) | (0.11) | (0.01) | ||||||||
Goodwill impairment | 0.30 | 0.00 | 0.00 | ||||||||
Non-operating expenses | 0.05 | 0.05 | 0.04 | ||||||||
Tax impact of adjustments above | (0.06) | (0.04) | (0.08) | ||||||||
Adjusted EPS | $ | 0.13 | $ | 0.10 | $ | 0.14 | |||||
Weighted average common shares outstanding — basic and diluted | 180.992 | 180.774 | 180.773 | ||||||||
Dilutive Potential Common Shares - RSU's | 0.031 | — | 0.003 | ||||||||
Adjusted weighted average common shares — diluted | 181.023 | 180.774 | 180.776 |
Successor | Predecessor | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In millions) | June 30, 2022 | 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 | |||||||||||||||||||||||||||||||||||||||||||||||
Net loss | $ | (59.3) | $ | (19.0) | $ | (23.0) | $ | (105.7) | $ | (46.7) | $ | (54.0) | $ | (40.7) | $ | (23.4) | $ | (40.4) | ||||||||||||||||||||||||||||||||||||||
Interest expense, net | 8.4 | 7.9 | 6.2 | 52.8 | 43.8 | 43.7 | 43.0 | 38.5 | 38.0 | |||||||||||||||||||||||||||||||||||||||||||||||
Income tax (benefit) provision | (7.4) | (4.1) | (6.8) | (5.6) | (4.7) | 14.4 | (7.1) | (12.2) | (1.0) | |||||||||||||||||||||||||||||||||||||||||||||||
Amortization | 37.5 | 38.8 | 32.0 | 19.7 | 16.1 | 18.5 | 18.6 | 13.5 | 12.2 | |||||||||||||||||||||||||||||||||||||||||||||||
EBITA | $ | (20.8) | $ | 23.6 | $ | 8.4 | $ | (38.8) | $ | 8.5 | $ | 22.6 | $ | 13.8 | $ | 16.4 | $ | 8.8 | ||||||||||||||||||||||||||||||||||||||
Depreciation | 7.3 | 6.2 | 5.3 | 6.2 | 5.1 | 6.9 | 5.0 | 4.6 | 4.3 | |||||||||||||||||||||||||||||||||||||||||||||||
EBITDA | $ | (13.5) | $ | 29.8 | $ | 13.7 | $ | (32.6) | $ | 13.6 | $ | 29.5 | $ | 18.8 | $ | 21.0 | $ | 13.1 | ||||||||||||||||||||||||||||||||||||||
Stock compensation expense | 8.5 | 7.8 | 5.3 | 9.3 | — | — | (0.1) | 0.1 | — | |||||||||||||||||||||||||||||||||||||||||||||||
Change in fair value of warrant liabilities | (19.6) | (19.9) | (1.2) | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Goodwill impairment | 55.2 | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Debt extinguishment | — | — | — | 15.9 | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency loss (gain), net | 3.3 | 1.5 | 1.6 | (0.6) | (1.4) | 1.1 | (4.0) | 8.2 | 8.1 | |||||||||||||||||||||||||||||||||||||||||||||||
Revenue reduction from purchase accounting | — | — | 2.3 | 4.5 | 3.7 | 3.7 | 4.3 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Cost of revenues impact from inventory valuation purchase accounting | — | 6.3 | 15.8 | — | — | — | 4.7 | 0.5 | — | |||||||||||||||||||||||||||||||||||||||||||||||
Non-operating expenses | 8.7 | 9.4 | 7.0 | 34.7 | 15.0 | 15.6 | 16.1 | 8.5 | 2.9 | |||||||||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA | $ | 42.6 | $ | 34.9 | $ | 44.5 | $ | 31.2 | $ | 30.9 | $ | 49.9 | $ | 39.8 | $ | 38.3 | $ | 24.1 |
Unaudited | ||||||||||||||
Successor | Predecessor | |||||||||||||
(In millions) | Six Months Ended June 30, 2022 | Six Months Ended June 30, 2021 | ||||||||||||
Net cash provided by operating activities | $ | 28.0 | $ | 33.7 | ||||||||||
Net cash used in investing activities | $ | (14.5) | $ | (28.9) | ||||||||||
Net cash used in financing activities | $ | (2.4) | $ | (9.9) |
Unaudited | ||||||||||||||||||||||||||
Successor | Predecessor | |||||||||||||||||||||||||
(In millions) | Six Months Ended June 30, 2022 | Six Months Ended June 30, 2021 | ||||||||||||||||||||||||
Net cash provided by operating activities | $ | 28.0 | $ | 33.7 | ||||||||||||||||||||||
Purchases of property, plant, and equipment and badges | (15.3) | (13.9) | ||||||||||||||||||||||||
Free cash flow(1) | $ | 12.7 | $ | 19.8 | ||||||||||||||||||||||
Cash used for non-operating expenses | 10.6 | 21.2 | ||||||||||||||||||||||||
Adjusted free cash flow(1) | $ | 23.3 | $ | 41.0 |
Exhibit Number | Exhibit Title | ||||
3.1 | |||||
3.2 | |||||
10.1* | |||||
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). |
* | 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) | July 29, 2022 | ||||||
/s/ Brian Schopfer Brian Schopfer | Chief Financial Officer (principal financial officer) | July 29, 2022 | ||||||
/s/ Christopher Moore Christopher Moore | Chief Accounting Officer (principal accounting officer) | July 29, 2022 |
Participant: | |||||
Employee ID: | |||||
Grant Date: | |||||
Target Number of PSUs: | |||||
Maximum 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, subject to the Participant’s continued Service through the date that the Committee certifies the Company’s achievement of the Performance Goals (unless otherwise set forth in Section 3 of the Agreement). | ||||
Performance Period: | The Performance Period under this Agreement is the three (3)-year performance period that runs from April 1, 2022 to March 31, 2025. | ||||
Performance Goals: | The Performance Goals are set forth on Appendix 1 to Exhibit A. |
2021 OMNIBUS INCENTIVE PLAN
Email: mti-stockadmin@mirion.com
Relative TSR Percentile | Goal Achievement (Payout) | |||||||
No Payout | < 30th | 0% | ||||||
Minimum | 30th | 50% | ||||||
Target | 55th | 100% | ||||||
Maximum | ≥ 80th | 200% |
In no event will the Participant be eligible to receive more than 200% of the TSR-Based PSUs.
Organic Revenue Growth Percentage | Goal Achievement (Payout) | |||||||
No Payout | < 3.0% | 0% | ||||||
Minimum | 3.0% | 50% | ||||||
Target | 5.0% | 100% | ||||||
Maximum | ≥ 7.0% | 200% |
In no event will the Participant be eligible to receive more than 200% of the Organic Growth PSUs.
Y3 Revenue – Y1 Revenue Y1 Revenue | x | 100 | = | Organic Revenue Growth Percentage |
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) |