Slide 1: Fourth Quarter 2023 Earnings Presentation
February 13, 2024 Fourth Quarter 2024 Earnings Presentation
Slide 2: Disclaimer
Q4 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
Q4 2023 EARNINGS PRESENTATION • Organic order growth of ~30% compared to Q4 2022 with 6th consecutive quarter of backlog expansion; record backlog position • Consolidated Q4 2023 organic revenue growth of +5.3%; Medical +9.6% and Technologies +3.0% Key Messages • Adjusted EBITDA of $61.0M in Q4 2023
Slide 4: Market Performance Update
Q4 2023 EARNINGS PRESENTATION Market Performance Update ’23 Order ‘23 % of End Market Commentary and Trends Growth1 Revenue Medical 5% ~36% Radiation Therapy Quality • Strong international performance, driven largely by APAC and LATAM success 7% ~20% Assurance (RTQA) • Expect to see positive commerc
Slide 5: Mirion 4th Quarter and Full Year Ended Dec. 31, 2023
Q4 2023 EARNINGS PRESENTATION Mirion | 4th Quarter and Full Year Ended Dec. 31, 2023 Revenue Adjusted EBITDA and Margin Adjusted EPS $ millions | % percentage $ millions | % percentage $ cents % 4Q23 vs. 4Q22 FY23 vs. FY22 Organic +5.3% +9.3% Acquisition -1.1% +1.5% Incremental year-over-year FX +1.
Slide 6: Medical 4th Quarter and Full Year Ended 12/31/23
Q4 2023 EARNINGS PRESENTATION Medical | 4th Quarter and Full Year Ended 12/31/23 Revenue Adjusted EBITDA and Margin $ millions | % percentage $ millions | % percentage % 4Q23 vs. 4Q22 FY23 vs. FY22 Organic +9.6% +8.1% MEDICAL SEGMENT Acquisition -3.2% -3.7% FX +0.4% +0.3% Solid organic top-line grow
Slide 7: Technologies 4th Quarter and Full Year Ended 12/31/23
Q4 2023 EARNINGS PRESENTATION Technologies | 4th Quarter and Full Year Ended 12/31/23 Revenue Adjusted EBITDA and Margin $ millions | % percentage $ millions | % percentage % Organic 4Q23 vs. 4Q22 +3.0% FY23 vs. FY22 +10.1% TECHNOLOGIES SEGMENT Acquisition +0.0% +4.6% Top-line growth led by broad-ba
Slide 8: Net Leverage, Liquidity and Adjusted Free Cash Flow
Q4 2023 EARNINGS PRESENTATION Net Leverage, Liquidity and Adjusted Free Cash Flow Net Leverage and Net Debt Trends1 Liquidity and Adjusted Free Cash Flow Net Leverage Adjusted free cash flow of $61.5M in Q4 and $73.8M Net Debt ($M) for full year 2023 4.7x 4.8x 4.5x 4.4x Year-over-year reduction
Slide 9: Initiated Guidance for Fiscal 2024
Q4 2023 EARNINGS PRESENTATION Initiated Guidance for Fiscal 2024 Category1 Guidance What we are seeing and expectations • Strong orders and backlog coverage Revenue Growth 5% to 7% • Changes in foreign exchange expected to have minimal impact Organic Revenue Growth2 4% to 6% • Net inorganic growth e
Slide 10: Mirion Fourth Quarter 2023 Key Takeaways
Q4 2023 EARNINGS PRESENTATION Mirion Fourth Quarter 2023 Key Takeaways Strong order flow and record backlog position representative of robust and healthy end markets Margin expansion and cash flow generation remain top priorities in 2024 Encouraged by momentum within the business as we continu
Slide 11: Appendices
Q4 2023 EARNINGS PRESENTATION Appendices 11
Slide 12: Backlog Trend 4Q21 – 4Q23
Q4 2023 EARNINGS PRESENTATION Backlog Trend | 4Q21 – 4Q23 ($ millions) Backlog Excl Hanhikivi Hanhikivi $857 $799 $748 $753 $743 $737 $741 $722 $69 $67 $693 $857 $799 $722 $737 $741 $743 $679 $686 $693 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 Note: Backlog figures on an as reported basis. Backlo
Slide 13: 2-Year Revenue Growth Stacks
Q4 2023 EARNINGS PRESENTATION 2-Year Revenue Growth Stacks Organic Revenue Growth Reported Revenue Growth Total Company Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY a 2023 7.9% 8.4% 17.3% 5.3% 9.3% a 2023 11.6% 12.2% 18.8% 5.7% 11.6% b 2022 (4.2)% (1.7)% 9.0% 19.1% 5.7% b 2022 (4.3)% (4.3)% 8.7% 20.5% 5.3% c 2021
Slide 14: Net Leverage, Liquidity and Adjusted Free Cash Flow
Q4 2023 EARNINGS PRESENTATION Net Leverage, Liquidity and Adjusted Free Cash Flow ($ millions) 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 FY23 Net cash provided by operating activities $11.4 $16.6 $(13.8) $25.2 $(2.7) $7.1 $23.8 $65.3 $93.4 Purchases of PPE and badges (8.7) (6.6) (7.4) (11.5) (7.5) (8.
Slide 15: Twelve Quarter Segment Reconciliation: Medical
Q4 2023 EARNINGS PRESENTATION Twelve Quarter Segment Reconciliation Medical 15
Slide 16: Twelve Quarter Segment Reconciliation: Technologies
Q4 2023 EARNINGS PRESENTATION Twelve Quarter Segment Reconciliation Technologies 16
Slide 17: Twelve Quarter Segment Reconciliation: Corporate & Other
Q4 2023 EARNINGS PRESENTATION Twelve Quarter Segment Reconciliation Corporate & Other 17
Slide 18: Twelve Quarter Segment Reconciliation: Consolidated
Q4 2023 EARNINGS PRESENTATION Twelve Quarter Segment Reconciliation Consolidated 18
Slide 19: Non-GAAP Reconciliations: Income from Operations, Gross Profit & Adjusted EBITDA
Q4 2023 EARNINGS PRESENTATION Non-GAAP Reconciliations Consolidated – Income from Operations, Gross Profit & Adjusted EBITDA 19
Slide 20: Non-GAAP Reconciliations: Adjusted Earnings per Share
Q4 2023 EARNINGS PRESENTATION Non-GAAP Reconciliations Adjusted Earnings per Share 20
Slide 21: Non-GAAP Reconciliations: Organic Order Growth
Q4 2023 EARNINGS PRESENTATION Non-GAAP Reconciliations Organic Order Growth a b a-b=c c/b=d Three Months Ended Three Months Ended ($ in millions) December 31, 2023 December 30, 2022 Variance ($) Variance (%) Total Orders $ 257.1 $ 199.8 $ 57.3 28.7% Adjustment for ec2 Acquisition (1.9) - Adjustment
Slide 22: Non-GAAP Reconciliations: Adjusted Revenue and Organic Revenue Growth
Q4 2023 EARNINGS PRESENTATION Non-GAAP Reconciliations Adjusted Revenue and Organic Revenue Growth 22
Slide 23: Share Count Details – As of December 31, 2023
Q4 2023 EARNINGS PRESENTATION Share Count Details – As of December 31, 2023 Outstanding Fully Diluted Share Description Securities (Illustrative)2,3,4 Notes Shares of Class A Common Stock – Public 199,427,832 199,427,832 Outstanding shares as of close of trading on the New York Stock Exchange (NYS
Slide 24: Footnotes to Share Count and Adjusted Metrics
Q4 2023 EARNINGS PRESENTATION Footnotes to Share Count and Adjusted Metrics Share Count 199,427,832 shares of Class A common stock were outstanding as of December 31, 2023. This excludes (1) 7,787,333 shares of Class B common stock outstanding as of December 31, 2023 (2) 18,750,000 founder shares wh
Slide 25: Mirion
M) MIRION