Mirion Technologies, Inc. · NYSE:MIR
Mirion Technologies — Q4 2022 Earnings Presentation
30 slides from Mirion Technologies's earnings presentation, Feb 14, 2023
Slide 1: Fiscal Quarter and Fiscal Year Ended December 31, 2022 Earnings Presentation
Fiscal Quarter and Fiscal Year Ended December 31, 2022 Earnings Presentation February 14, 2023
Slide 2: Disclaimer
Disclaimer Forward-Looking Statements This presentation and the accompanying oral commentary contain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Words such as “anticipate,” “believe,” “continue,” “could,” “estimate”, “expect”, “hop
Slide 3: Key Messages
Strong order growth in 2022 up 8%1 for the full year (~13% at constant currency), underlying end markets are healthy, providing stable foundation with strong backlog coverage heading into 2023 Consolidated Q4 organic revenue growth of 19.1%; Medical +23.6% and Industrial +16.8% Medical sustain
Slide 4: Market Performance Update
Market Performance Update End market trends materializing in order book and growth CY22 % of ’23 Revenue ’22 Order Segment and End Market Commentary and Trends Revenue Outlook Growth1 Medical | CY22 Revenue ~$272M 38% of Total • Strong domestic growth outlook, supported by national account marketing
Slide 5: Fiscal Quarter and Fiscal Year Ended December 31, 2022 Summary
Fiscal Quarter and Fiscal Year Ended December 31, 2022 Summary • Healthy order intake and backlog of $737M as of Dec. 31, 2022, ~55% of 2023 revenue covered by backlog (vs. ~45% last year) Adjusted Revenue Organic Growth 3-months and 12-months ended Dec. 2022 • Strong performance in the fourth quart
Slide 6: Mirion | Fiscal Quarter and Year Ended December 31, 2022
Mirion | Fiscal Quarter and Year Ended December 31, 2022 Adjusted Revenue Adjusted EBITDA and Margin Net Leverage and Adj. Free Cash Flow 3-months and 12-months ended Dec. 2022 3-months and 12-months ended Dec. 2022 3-months and 12-months ended Dec. 2022 $ millions | % percentage $ millions | % perc
Slide 7: Revenue Bridge for CY22
Revenue Bridge for CY22 Adjusted Revenue Bridge vs. Guidance 12-months ended Dec. 2022 ~8% total growth $ millions | % percentage headwind +6.5% 14 10 728 15 20 718 23 6 12 41 5.1% 683 CY21 Organic Inorganic FX CY22 Feb. Russia Rplcmt Addt’l price SIS Aqc. Addt’l FX CY22 Revenue 23 Guidance Impact V
Slide 8: Medical Segment | Fiscal Quarter and Year Ended December 31, 2022
Medical Segment | Fiscal Quarter and Year Ended December 31, 2022 Organic adjusted revenue growth of 23.6% for the quarter Adjusted Revenue Adjusted EBITDA and Margin 3-months and 12-months ended Dec. 2022 3-months and 12-months ended Dec. 2022 Medical Segment $ millions | % percentage $ millions |
Slide 9: Industrial Segment | Fiscal Quarter and Year Ended December 31, 2022
Industrial Segment | Fiscal Quarter and Year Ended December 31, 2022 Organic adjusted revenue growth of 16.8% for the quarter Adjusted Revenue Adjusted EBITDA and Margin 3-months and 12-months ended Dec. 2022 3-months and 12-months ended Dec. 2022 Industrial Segment $ millions | % percentage $ milli
Slide 10: Guidance for the 12 Months Ending December 31, 2023
Guidance for the 12 Months Ending December 31, 2023 As of February 14, 2023 Category1 Guidance What we are seeing and expectations Reported Revenue Growth 6% to 9% • Strong orders and backlog coverage; ~55% of CY23 revenue in backlog Organic Revenue Growth2 4% to 7% • Tough YoY comps for Medical giv
Slide 11: 2023 Guidance Sensitivity
2023 Guidance Sensitivity Opportunities Risks Positive Nuclear Power Dynamics x Devolving Geopolitical Dynamics Supply Chain/Labor Market Improvements x Worsening Inflation Large Military/Defense Order(s) x Reversal in Positive Supply Chain Dynamics Cost Reduction and Pricing Initiatives x M
Slide 12: Takeaways from 2022 and 2023 Key Focus Areas
Takeaways from 2022: 2023 Key Focus Areas: Overcame a challenging year in 2022 – Russia, FX, Operational performance Inflation, Interest rates, ongoing supply chain Extend & improve pricing heuristics Drive margin expansion through operating leverage Underlying markets remain vibrant and h
Slide 13: Appendix
Appendix 13
Slide 14: Leverage, Liquidity and Adjusted Free Cash Flow
Leverage, Liquidity and Adjusted Free Cash Flow Quarterly Trend for CY22 Leverage Liquidity and Adjusted Free Cash Flow (dollars in millions) 1Q22 2Q22 3Q22 4Q22 (dollars in millions) 1Q22 2Q22 3Q22 4Q22 FY22 Ending cash balance $84 $91 $58 $74 Net cash provided by operating activities $11.4 $16.6 $
Slide 15: Backlog Trend | Q4 CY20 to Q4 CY22
Backlog Trend | Q4 CY20 to Q4 CY22 $ millions Hanhikivi Backlog Excl Hanhikivi $766 $753 $738 $737 $726 $0 $79 $716 $0 $703 $67 $693 $69 $0 $79 $72 $637 $726 $737 $687 $686 $693 $669 $637 $631 Q4 CY20 Q1 CY21 Q2 CY21 Q3 CY21 Q4 CY21 Q1 CY22 Q2 CY22 Q3 CY22 Q4 CY22 Note: Backlog figures on an as repo
Slide 16: Guidance for the 12 Months Ending December 31, 2023
Guidance for the 12 Months Ending December 31, 2023 As of February 14, 2023 Category1 Guidance What we are seeing and expectations Reported Revenue Growth 6% to 9% • Strong orders and backlog coverage; ~55% of CY23 revenue in backlog Organic Revenue Growth2 4% to 7% • Tough YoY comps for Medical giv
Slide 17: Nine Quarter Segment Reconciliation: Medical
Nine Quarter Segment Reconciliation Medical Combined Successor (non-GAAP) Predecessor ($ in millions) Q4 2022 Q3 2022 Q2 2022 Q1 2022 Q4 2021 Q3 2021 Q2 2021 Q1 2021 Q4 2020 Revenue $ 76.1 $ 68.7 $ 66.8 $ 60.1 $ 57.5 $ 52.0 $ 52.1 $ 51.5 $ 31.7 Revenue reduction from purchase accounting — — — — 3.1
Slide 18: Nine Quarter Segment Reconciliation: Industrial
Nine Quarter Segment Reconciliation Industrial Combined Successor (non-GAAP) Predecessor ($ in millions) Q4 2022 Q3 2022 Q2 2022 Q1 2022 Q4 2021 Q3 2021 Q2 2021 Q1 2021 Q4 2020 Revenue $ 141.8 $ 92.2 $ 109.0 $ 103.1 $ 120.3 $ 92.3 $ 127.9 $ 114.7 $ 119.0 Revenue reduction from purchase accounting —
Slide 19: Nine Quarter Segment Reconciliation: Corporate & Other
Nine Quarter Segment Reconciliation Corporate & Other Combined Successor (non-GAAP) Predecessor ($ in millions) Q4 2022 Q3 2022 Q2 2022 Q1 2022 Q4 2021 Q3 2021 Q2 2021 Q1 2021 Q4 2020 Revenue $ — $ — $ — $ — $ — $ — $ — $ — $ — Revenue reduction from purchase accounting — — — — — — — — — Adjusted Re
Slide 20: Nine Quarter Segment Reconciliation: Consolidated
Nine Quarter Segment Reconciliation Consolidated Combined Successor (non-GAAP) Predecessor ($ in millions) Q4 2022 Q3 2022 Q2 2022 Q1 2022 Q4 2021 Q3 2021 Q2 2021 Q1 2021 Q4 2020 Revenue $ 217.9 $ 160.9 $ 175.8 $ 163.2 $ 177.8 $ 144.3 $ 180.0 $ 166.2 $ 150.8 Revenue reduction from purchase accountin
Slide 21: Non-GAAP Reconciliation: Medical
Non-GAAP Reconciliation Medical - Segmented Adjusted Revenue & Adjusted EBITDA a b c d=b-c e=a+d Combined Successor Predecessor (non-GAAP) Oct 20, 2021 Jul 1, 2021 Jul 1, 2021 through Dec through Oct through Sep 20 Days for Q4 ($ in millions) 31, 2021 19, 2021 30, 2021 2021 Q4 2021 Revenue $ 49.2 $
Slide 22: Non-GAAP Reconciliation: Industrial
Non-GAAP Reconciliation Industrial - Segmented Adjusted Revenue & Adjusted EBITDA a b c d=b-c e=a+d Combined Successor Predecessor (non-GAAP) Oct 20, 2021 Jul 1, 2021 Jul 1, 2021 through Dec through Oct through Sep 20 Days for Q4 ($ in millions) 31, 2021 19, 2021 30, 2021 2021 Q4 2021 Revenue $ 104.
Slide 23: Non-GAAP Reconciliation: Corporate & Other
Non-GAAP Reconciliation Corporate & Other - Segmented Adjusted Revenue & Adjusted EBITDA a b c d=b-c e=a+d Combined Successor Predecessor (non-GAAP) Oct 20, 2021 Jul 1, 2021 Jul 1, 2021 through Dec through Oct through Sep 20 Days for Q4 ($ in millions) 31, 2021 19, 2021 30, 2021 2021 Q4 2021 Revenue
Slide 24: Non-GAAP Reconciliation: Consolidated
Non-GAAP Reconciliation Consolidated - Segmented Adjusted Revenue & Adjusted EBITDA a b c d=b-c e=a+d Combined Successor Predecessor (non-GAAP) Oct 20, 2021 Jul 1, 2021 Jul 1, 2021 through Dec through Oct through Sep 20 Days for Q4 ($ in millions) 31, 2021 19, 2021 30, 2021 2021 Q4 2021 Revenue $ 15
Slide 25: Non-GAAP Reconciliations
Non-GAAP Reconciliations Consolidated – Income from Operations, Gross Profit & Adjusted EBITDA a b c d=b-c e=a+d Combined Successor Predecessor (non-GAAP) Oct 20, 2021 Jul 1, 2021 Jul 1, 2021 through Dec through Oct through Sep 20 Days for Q4 ($ in millions) 31, 2021 19, 2021 30, 2021 2021 Q4 2021 N
Slide 26: Non-GAAP Reconciliations
Non-GAAP Reconciliations Consolidated – Income from Operations, Gross Profit & Adjusted EBITDA Three Months Ended Three Months Ended December 31, 2021 December 31, 2022 (Combined ($ in millions) (Successor) Non-GAAP) Net Income (Loss) $ (159.7) $ (82.0) Interest expense, net 12.5 15.2 Income tax exp
Slide 27: Non-GAAP Reconciliations
Non-GAAP Reconciliations Reconciliation of Adjusted Earnings per Share Three Months Ended December 31, 2022 ($ in millions) (Successor) Net loss attributable to Mirion Technologies, Inc. (Successor) / Mirion Technologies (TopCo), Ltd. (Predecessor) stockholders $ (153.4) Loss attributable to noncont
Slide 28: Share Count Details
Share Count Details As of December 31, 20221 Outstanding Fully Diluted Share Description Securities (Illustrative)2,3,4 Notes Shares of Class A Common Stock – Public 181,548,834 181,548,834 Outstanding shares as of close of trading on the New York Stock Exchange (NYSE) December 31, 2022 Shares for
Slide 29: Footnotes to Share Count and Adjusted Metrics
Footnotes to Share Count and Adjusted Metrics Share Count Consists of 181,548,834 shares of Class A common stock and 8,040,540 shares of Class B common stock outstanding as of December 31, 2022. Excludes (1) 18,750,000 founder shares which are shares of Class A common stock subject to vesting in thr
Slide 30: Mirion
m MIRION TECHNOLOGIES MIR LISTED NYSE