Slide 1: Third Quarter 2023 Earnings Presentation
November 1, 2023 Third Quarter 2023 Earnings Presentation
Slide 2: Disclaimer
Q3 2023 EARNINGS PRESENTATION Disclaimer Forward-Looking Statements This presentation and the accompanying oral commentary (this “presentation”) contain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Words such as “anticipate,” “belie
Slide 3: Key Messages
Q3 2023 EARNINGS PRESENTATION • Organic order growth of ~46% compared to Q3 2022; 5th consecutive quarter of backlog expansion, record backlog position highlighted by nuclear new build and spare parts orders • Consolidated Q3 2023 organic revenue growth of +17.3%; Medical +5.2% and Technologies +26.
Slide 4: Third Quarter Ended September 30, 2023
Q3 2023 EARNINGS PRESENTATION Third Quarter Ended September 30, 2023 Revenue Growth ▪ Backlog growth of ~11% (+$77M) compared to Q3 2022 driven 3-months ended September 30, 2023 by large nuclear new build and spare parts orders % percentage +18.8% 3Q22 ▪ Revenue of $191.2M, organic revenue growth of
Slide 5: Mirion Acquires ec2 Software Solutions
Q3 2023 EARNINGS PRESENTATION Mirion Acquires ec2 Software Solutions ▪ Closed acquisition of ec2 Software Solutions LLC and NUMA LLC (collectively “ec2”) on November 1st, 2023 ▪ ec2 is a leading provider of end-to-end nuclear medicine workflow software; adds strategic software capability to Mirion’s
Slide 6: Mirion | Third Quarter Ended September 30, 2023
Q3 2023 EARNINGS PRESENTATION Mirion | Third Quarter Ended September 30, 2023 Revenue Adjusted Gross Profit Margin Adjusted EBITDA and Margin Adjusted EPS $ millions | % percentage % percentage | basis points $ millions | % percentage $ millions % 3Q23 vs. 3Q22 Organic +17.3% Acquisition -1.0% FX +2
Slide 7: Medical | Third Quarter Ended September 30, 2023
Q3 2023 EARNINGS PRESENTATION Medical | Third Quarter Ended September 30, 2023 Revenue Adjusted EBITDA and Margin $ millions | % percentage $ millions | % percentage % 3Q23 vs. 3Q22 Organic +5.2% MEDICAL SEGMENT Acquisition -5.8% FX +0.7% Solid organic top-line growth on tough comp Total +0.1% (+25.
Slide 8: Technologies | Third Quarter Ended September 30, 2023
Q3 2023 EARNINGS PRESENTATION Technologies | Third Quarter Ended September 30, 2023 Revenue Adjusted EBITDA and Margin $ millions | % percentage $ millions | % percentage % 3Q23 vs. 3Q22 Organic +26.3% TECHNOLOGIES SEGMENT Acquisition +2.7% FX +3.8% Strong order flow (~$85M YoY growth) from Total +3
Slide 9: Leverage, Liquidity and Adjusted Free Cash Flow
Q3 2023 EARNINGS PRESENTATION Leverage, Liquidity and Adjusted Free Cash Flow (dollars in millions) YTD22 YTD23 ▪ Adjusted free cash flow of $17.2M in Q3 Net cash provided by operating activities $14.2 $28.2 ▪ Net working capital was a source of $8.7M for the Purchases of PPE and badges (22.7) (25.2
Slide 10: Reiterated Guidance for Fiscal 2023
Q3 2023 EARNINGS PRESENTATION Reiterated Guidance for Fiscal 2023 Category1 November 1, 2023 What we are seeing and expectations Revenue Growth 8% to 10% • Strong orders and backlog coverage Organic Revenue Growth2 6% to 8% • Tough YoY comps for Medical given strong 2022 performance Medical MSD orga
Slide 11: Mirion Third Quarter 2023 Key Takeaways
Q3 2023 EARNINGS PRESENTATION Mirion Third Quarter 2023 Key Takeaways ▪ Nuclear Power momentum and supportive end market conditions drive strong order growth; sequential backlog growth setting the stage for Q4 and 2024 ▪ Positive progress on net working capital, inventory and leverage ▪ Cash flow co
Slide 12: Appendices
Q3 2023 EARNINGS PRESENTATION Appendices 12
Slide 13: Backlog Trend | 3Q21 – 3Q23
Q3 2023 EARNINGS PRESENTATION Backlog Trend | 3Q21 – 3Q23 Hanhikivi Backlog Excl Hanhikivi $799 $748 $753 $737 $741 $743 $722 $703 $69 $67 $693 $72 $799 $737 $741 $743 $722 $679 $686 $693 $631 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 Note: Backlog figures on an as reported basis. Backlog figures
Slide 14: 2-Year Revenue Growth Stacks
Q3 2023 EARNINGS PRESENTATION 2-Year Revenue Growth Stacks Organic Revenue Growth Reported Revenue Growth Total Company Q1 Q2 Q3 Q4 FYe1 Q1 Q2 Q3 Q4 FYe1 a 2023 7.9% 8.4% 17.3% n/a 7.0 a 2023 11.6% 12.2% 18.8% n/a 9.0% b 2022 (4.2)% (1.7)% 9.0% 19.1% 5.7% b 2022 (4.3)% (4.3)% 8.7% 20.5% 5.3% c 2021
Slide 15: Eleven Quarter Segment Reconciliation – Medical
Q3 2023 EARNINGS PRESENTATION Eleven Quarter Segment Reconciliation Medical 15
Slide 16: Eleven Quarter Segment Reconciliation – Technologies
Q3 2023 EARNINGS PRESENTATION Eleven Quarter Segment Reconciliation Technologies 16
Slide 17: Eleven Quarter Segment Reconciliation – Corporate & Other
Q3 2023 EARNINGS PRESENTATION Eleven Quarter Segment Reconciliation Corporate & Other 17
Slide 18: Eleven Quarter Segment Reconciliation – Consolidated
Q3 2023 EARNINGS PRESENTATION Eleven Quarter Segment Reconciliation Consolidated 18
Slide 19: Non-GAAP Reconciliations
Q3 2023 EARNINGS PRESENTATION Non-GAAP Reconciliations Consolidated – Income from Operations, Gross Profit & Adjusted EBITDA 19
Slide 20: Non-GAAP Reconciliations: Adjusted Earnings per Share
Q3 2023 EARNINGS PRESENTATION Non-GAAP Reconciliations Adjusted Earnings per Share 20
Slide 21: Non-GAAP Reconciliations: Adjusted Free Cash Flow
Q3 2023 EARNINGS PRESENTATION Non-GAAP Reconciliations Adjusted Free Cash Flow 21
Slide 22: Non-GAAP Reconciliations: Organic Order Growth
Q3 2023 EARNINGS PRESENTATION Non-GAAP Reconciliations Organic Order Growth a b a-b=c c/b=d Thee Months Ended Thee Months Ended ($ in millions) September 30, 2023 September 30, 2022 Variance ($) Variance (%) Total Orders 261.1 180.9 80.2 44.3% Adjustment for SIS Acquisition -1.9 0 Adjustment for Bio
Slide 23: Non-GAAP Reconciliations: Organic Revenue Growth
Q3 2023 EARNINGS PRESENTATION Non-GAAP Reconciliations Organic Revenue Growth 23
Slide 24: Share Count Details – As of September 30, 2023
Q3 2023 EARNINGS PRESENTATION Share Count Details – As of September 30, 2023 Outstanding Fully Diluted Share Description Securities (Illustrative)2,3,4 Notes Shares of Class A Common Stock – Public 199,210,513 199,210,513 ▪ Outstanding shares as of close of trading on the New York Stock Exchange (NY
Slide 25: Footnotes to Share Count and Adjusted Metrics
Q3 2023 EARNINGS PRESENTATION Footnotes to Share Count and Adjusted Metrics Share Count Consists of 199,210,513 shares of Class A common stock outstanding as of September 30, 2023. Excludes (1) 7,832,333 shares of Class B common stock outstanding as of September 30, 2023 (2) 18,750,000 founder share
Slide 26: Mirion
M MIRION