ImageKit Achieves AWS Retail Competency Status
With ImageKit, retailers can instantly transform and deliver their assets stored in Amazon S3 through the URL - no migration, no duplication.
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Achieving the AWS Retail Competency differentiates ImageKit as an AWS Partner Network (APN) member that provides specialized software designed to help enterprises adopt, develop, and deploy complex projects on AWS. To receive the designation, APN members must possess deep AWS expertise and deliver solutions seamlessly on AWS.
"Achieving the AWS Retail Competency highlights how seamlessly ImageKit integrates into the AWS environment,' said Manu Chaudhary, co-founder and CTO of ImageKit. 'Many of our customers already store their media assets in Amazon S3, and with ImageKit, they can instantly transform and deliver those assets through the URL - no migration, no duplication. Combined with AWS's scalable and secure infrastructure, we help retailers build rich, media-driven experiences with minimal effort.'
ImageKit offers 50+ real-time image and video transformations that can be applied directly via URL, along with a developer-friendly platform to store, manage, and deliver high-quality media assets at scale. Retailers can automate image and video resizing, format and quality optimization, dynamic personalization, adaptive video streaming, and AI-powered enhancements like background removal or image upscaling—all with minimal integration effort. Designed for speed and flexibility, ImageKit helps businesses go live in minutes by connecting existing storage or leveraging the ImageKit DAM.
AWS is enabling scalable, flexible, and cost-effective solutions from startups to global enterprises. To support the seamless integration and deployment of these solutions, AWS established the AWS Competency Program to help customers identify Consulting and Technology APN Partners with deep industry experience and expertise.
'Our entire technology team is comfortable using ImageKit. When we need a new image size or layout, we just tweak the URL parameters and ship,' said the Curtsy engineering team.
About ImageKit - ImageKit.io is a unified image and video API plus an AI-based digital asset management platform. It provides on-the-fly image and video resizing, automatic optimization with CDN delivery, and integrated digital asset management for images and videos. Trusted by over 250,000 developers in 80+ countries, ImageKit is a critical component of the tech stacks of organizations worldwide, enabling tech, marketing, and creative teams to seamlessly manage, transform, and collaborate on images and videos alike.
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CORAL GABLES, Fla.--(BUSINESS WIRE)--MasTec, Inc. (NYSE: MTZ) today announced second quarter 2025 financial results and updated full year 2025 financial guidance. "We are pleased that second quarter financial performance exceeded guidance with respect to both revenue and earnings growth as MasTec continues to take advantage of an exceptionally strong demand climate and execute cleanly against this opportunity," said Jose Mas, MasTec's Chief Executive Officer. "Our reported 20% revenue growth underscores the climate we are in with strong demand across all of our market segments. While we recorded some costs associated with investments to support this growth, we are also pleased to meet or exceed guidance for Net Income, Adjusted EBITDA and EPS, while also recording ongoing sequential growth in our 18-month backlog from project volume growth despite significant increases in burn rates." Mr. Mas added, "Our strong quarterly performance is a testament to the daily efforts of our many MasTec employees and their strong focus on delivering customer value to create this positive financial outcome. Thanks to all of you!" "MasTec posted strong revenue growth during the second quarter and remains on track for significant full year growth. We have increased revenue guidance for the full year 2025 to reflect this positive volume development and our confidence in the outlook for each of our segments to execute against this broad-based volume opportunity," said Paul DiMarco, MasTec's Chief Financial Officer. "Our strong balance sheet and well structured debt profile provide us significant financial flexibility to pursue a disciplined, returns focused capital allocation strategy to enhance shareholder value.' Second Quarter 2025 Results Revenue: Revenue increased by 20% in the period including double digit growth contributions from all non-pipeline segments, partially offset by a decrease in the Pipeline Infrastructure segment. GAAP Net Income/GAAP Diluted EPS: Improved GAAP Net Income and EPS driven by increased year-over-year project volumes, lower depreciation expense and lower interest expense and tax rate versus the prior year. Adjusted EBITDA: The increase was primarily driven by increased project productivity within the Clean Energy and Infrastructure and Communications segments, partially offset by reduced project efficiencies primarily within the Pipeline Infrastructure segment. Backlog: Strong 23% growth from the prior year driven by increases in all four segments, most notably by the Pipeline Infrastructure segment. Second Quarter 2025 Segment Highlights Communications (a) Recast to reflect first quarter of 2025 segment changes. Expand Revenue: The revenue increase was driven primarily by higher levels of both wireless and wireline project activity, partially offset by lower install-to-the-home project activity. EBITDA: EBITDA margin increase of 90 basis points driven by improved efficiencies across both wireless and wireline businesses. Clean Energy and Infrastructure Dollars in millions, unless noted 2Q'25 2Q'24 Change Revenue $ 1,131.4 $ 942.3 20.1 % EBITDA $ 83.3 $ 47.4 75.7 % EBITDA margin % 7.4 % 5.0 % 230 bps Expand Revenue: The revenue increase was driven by higher levels of project activity, primarily within renewable and heavy civil projects. EBITDA: EBITDA margin increased by 230 basis points due to a combination of positive effects of certain renewable project close-outs, and improved productivity, primarily from certain renewable and infrastructure project work. Power Delivery (a) Recast to reflect first quarter of 2025 segment changes. Expand Revenue: The increase in revenue was driven primarily by higher levels of project activity. EBITDA: EBITDA margin decreased by 50 basis points primarily due to reduced efficiencies at certain project sites, partially offset by volume improvement in the period. Pipeline Infrastructure Dollars in millions, unless noted 2Q'25 2Q'24 Change Revenue $ 539.7 $ 572.4 (5.7 )% EBITDA $ 62.1 $ 135.1 (54.0 )% EBITDA margin % 11.5 % 23.6 % (1,210) bps Expand Revenue: The decrease in revenue was driven primarily by the completion of the Mountain Valley Pipeline in the prior year period. EBITDA: EBITDA margin decreased primarily due to reduced efficiencies, as we made investments to support future growth. 2025 Financial Guidance Update Dollars in millions, except per share amounts 3Q'25E Full Year 2025E Revenue . $ 3,900 $ 13,900 - 14,000 GAAP net income . $ 156 $ 388 - 408 Adjusted net income . $ 189 $ 515 - 535 Adjusted EBITDA . $ 370 $ 1,130 - 1,160 Adjusted EBITDA margin . 9.5 % 8.1 - 8.3% GAAP diluted earnings per share . $ 1.87 $ 4.61 - 4.82 Adjusted diluted earnings per share . $ 2.28 $ 6.23 - 6.44 Expand Conference Call The Company will host a webcast of its quarterly earnings call to discuss these results on Friday, August 1, 2025 at 9:00 a.m. ET, and can be accessed through the Investors section of the Company's website at A replay of the webcast also will be available following the live event. The dial-in number for the conference call is (888) 204-4368 toll-free within the U.S. or +1 (856) 344-9221. The conference ID is 2129810. The slide presentation that accompanies the conference call will also be posted on the MasTec Investors page. About MasTec MasTec, Inc. is a leading North American infrastructure engineering and construction company focused primarily on engineering, building, installation, maintenance and upgrade of communications, energy and utility and other infrastructure. The company primarily operates under four business segments including Communications, serving both wireless and wireline/fiber infrastructure; Power Delivery, serving primarily utility customers in transmission and distribution markets; Pipeline Infrastructure serving energy and other customers with installation and maintenance services primarily for natural gas pipeline and distribution infrastructure; and Clean Energy and Infrastructure, providing renewable energy engineering and construction services, as well as for heavy civil and other industrial infrastructure markets. Learn more at Consolidated Statements of Operations (unaudited - in thousands, except per share information) Consolidated Balance Sheets (unaudited - in thousands) June 30, 2025 December 31, 2024 Assets Current assets $ 3,746,999 $ 3,652,530 Property and equipment, net 1,657,125 1,548,916 Operating lease right-of-use assets 402,320 396,151 Goodwill, net 2,212,792 2,203,077 Other intangible assets, net 664,303 727,366 Other long-term assets 448,617 447,235 Total assets $ 9,132,156 $ 8,975,275 Liabilities and equity Current liabilities $ 3,067,658 $ 2,999,699 Long-term debt, including finance leases 2,096,775 2,038,017 Long-term operating lease liabilities 256,253 261,303 Deferred income taxes 338,585 362,772 Other long-term liabilities 358,520 326,141 Total liabilities $ 6,117,791 $ 5,987,932 Total equity $ 3,014,365 $ 2,987,343 Total liabilities and equity $ 9,132,156 $ 8,975,275 Expand Consolidated Statements of Cash Flows (unaudited - in thousands) Six Months Ended June 30, 2025 2024 Net cash provided by operating activities $ 84,011 $ 372,199 Net cash used in investing activities (86,653 ) (24,470 ) Net cash used in financing activities (207,274 ) (579,078 ) Effect of currency translation on cash 1,065 (626 ) Net decrease in cash and cash equivalents $ (208,851 ) $ (231,975 ) Cash and cash equivalents - beginning of period $ 399,903 $ 529,561 Cash and cash equivalents - end of period $ 191,052 $ 297,586 Expand Backlog by Reportable Segment (unaudited - in millions) June 30, 2025 March 31, 2025 June 30, 2024 (a) Communications $ 5,008 $ 4,906 $ 4,448 Clean Energy and Infrastructure 4,922 4,416 3,666 Power Delivery 5,062 5,024 4,424 Pipeline Infrastructure 1,460 1,534 800 Other — — — Estimated 18-month backlog $ 16,452 $ 15,880 $ 13,338 Expand (a) Recast to reflect first quarter of 2025 segment changes. Expand Backlog is a common measurement used in our industry. Our methodology for determining backlog may not, however, be comparable to the methodologies used by others. Estimated backlog represents the amount of revenue we expect to realize over the next 18 months from future work on uncompleted construction contracts, including new contracts under which work has not begun, as well as revenue from change orders and renewal options. Our estimated backlog also includes amounts under master service and other service agreements and our proportionate share of estimated revenue from proportionately consolidated non-controlled contractual joint ventures. Estimated backlog for work under master service and other service agreements is determined based on historical trends, anticipated seasonal impacts, experience from similar projects and estimates of customer demand based on communications with our customers. Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures (unaudited - in millions, except for percentages and per share information) Three Months Ended June 30, Six Months Ended June 30, Segment Information 2025 2024 (a) 2025 2024 (a) Revenue by Reportable Segment Communications $ 836.9 $ 591.1 $ 1,517.8 $ 1,096.7 Clean Energy and Infrastructure 1,131.4 942.3 2,047.2 1,695.8 Power Delivery 1,045.6 868.4 1,945.3 1,666.3 Pipeline Infrastructure 539.7 572.4 896.2 1,206.2 Other — — — — Eliminations (8.9 ) (13.1 ) (14.1 ) (17.1 ) Consolidated revenue $ 3,544.7 $ 2,961.1 $ 6,392.4 $ 5,647.9 Expand (a) Recast to reflect first quarter of 2025 segment changes. Expand Three Months Ended June 30, Six Months Ended June 30, Adjusted EBITDA and EBITDA Margin by Segment EBITDA $ 267.3 7.5 % $ 249.4 8.4 % $ 424.1 6.6 % $ 397.1 7.0 % Non-cash stock-based compensation expense (b) 9.4 0.3 % 7.0 0.2 % 16.3 0.3 % 16.7 0.3 % Loss on extinguishment of debt (b) — — % 11.3 0.4 % — — % 11.3 0.2 % Changes in fair value of acquisition-related contingent items (b) (1.8 ) (0.1 )% 3.6 0.1 % (2.0 ) (0.0 )% (1.0 ) (0.0 )% Adjusted EBITDA $ 274.8 7.8 % $ 271.4 9.2 % $ 438.5 6.9 % $ 424.1 7.5 % Segment: Communications $ 82.6 9.9 % $ 53.1 9.0 % $ 129.4 8.5 % $ 78.8 7.2 % Clean Energy and Infrastructure 83.3 7.4 % 47.4 5.0 % 140.4 6.9 % 67.8 4.0 % Power Delivery 91.3 8.7 % 80.1 9.2 % 142.7 7.3 % 130.6 7.8 % Pipeline Infrastructure 62.1 11.5 % 135.1 23.6 % 106.6 11.9 % 227.8 18.9 % Other 7.2 NM 2.8 NM 15.2 NM 9.8 NM Segment Total $ 326.5 9.2 % $ 318.6 10.8 % $ 534.3 8.4 % $ 514.8 9.1 % Corporate (51.7 ) — (47.2 ) — (95.8 ) — (90.7 ) — Adjusted EBITDA $ 274.8 7.8 % $ 271.4 9.2 % $ 438.5 6.9 % $ 424.1 7.5 % Expand NM - Percentage is not meaningful (a) Recast to reflect first quarter of 2025 segment changes. (b) Non-cash stock-based compensation expense, loss on extinguishment of debt, and changes in fair value of acquisition-related contingent items are included within Corporate EBITDA. Expand Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures (unaudited - in millions, except for percentages and per share information) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 EBITDA and Adjusted EBITDA Reconciliation Net income $ 90.1 2.5 % $ 43.8 1.5 % $ 102.5 1.6 % $ 9.3 0.2 % Interest expense, net 43.9 1.2 % 50.6 1.7 % 82.9 1.3 % 102.6 1.8 % Provision for income taxes 30.7 0.9 % 19.3 0.7 % 27.3 0.4 % 8.3 0.1 % Depreciation 69.9 2.0 % 102.1 3.4 % 146.2 2.3 % 209.6 3.7 % Amortization of intangible assets 32.7 0.9 % 33.6 1.1 % 65.3 1.0 % 67.3 1.2 % EBITDA $ 267.3 7.5 % $ 249.4 8.4 % $ 424.1 6.6 % $ 397.1 7.0 % Non-cash stock-based compensation expense 9.4 0.3 % 7.0 0.2 % 16.3 0.3 % 16.7 0.3 % Loss on extinguishment of debt — — % 11.3 0.4 % — — % 11.3 0.2 % Changes in fair value of acquisition-related contingent items (1.8 ) (0.1 )% 3.6 0.1 % (2.0 ) (0.0 )% (1.0 ) (0.0 )% Adjusted EBITDA $ 274.8 7.8 % $ 271.4 9.2 % $ 438.5 6.9 % $ 424.1 7.5 % Expand Three Months Ended June 30, Six Months Ended June 30, Adjusted Net Income Reconciliation 2025 2024 2025 2024 Net income $ 90.1 $ 43.8 $ 102.5 $ 9.3 Adjustments: Non-cash stock-based compensation expense 9.4 7.0 16.3 16.7 Amortization of intangible assets 32.7 33.6 65.3 67.3 Loss on extinguishment of debt — 11.3 — 11.3 Changes in fair value of acquisition-related contingent items (1.8 ) 3.6 (2.0 ) (1.0 ) Total adjustments, pre-tax $ 40.2 $ 55.6 $ 79.7 $ 94.4 Income tax effect of adjustments (a) (8.9 ) (11.0 ) (18.3 ) (22.0 ) Adjusted net income $ 121.5 $ 88.4 $ 163.9 $ 81.7 Net income attributable to non-controlling interests 4.4 9.8 6.8 16.5 Adjusted net income attributable to MasTec, Inc. $ 117.1 $ 78.6 $ 157.1 $ 65.2 Expand Three Months Ended June 30, Six Months Ended June 30, Adjusted Diluted Earnings per Share Reconciliation 2025 2024 2025 2024 Diluted earnings (loss) per share $ 1.09 $ 0.43 $ 1.21 $ (0.09 ) Adjustments: Non-cash stock-based compensation expense 0.12 0.09 0.21 0.21 Amortization of intangible assets 0.42 0.43 0.83 0.85 Loss on extinguishment of debt — 0.14 — 0.14 Changes in fair value of acquisition-related contingent items (0.02 ) 0.05 (0.02 ) (0.01 ) Total adjustments, pre-tax $ 0.51 $ 0.70 $ 1.01 $ 1.20 Income tax effect of adjustments (a) (0.11 ) (0.14 ) (0.23 ) (0.28 ) Adjusted diluted earnings per share $ 1.49 $ 1.00 $ 1.99 $ 0.83 Expand (a) Represents the tax effects of the adjusted items that are subject to tax, including the tax effects of non-cash stock-based compensation expense, including from share-based payment awards. Tax effects are determined based on the tax treatment of the related item, the incremental statutory tax rate of the jurisdictions pertaining to the adjustment, and their effects on pre-tax income. Expand Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures (unaudited - in millions, except for percentages and per share information) Calculation of Net Debt June 30, 2025 December 31, 2024 Current portion of long-term debt, including finance leases $ 160.7 $ 186.1 Long-term debt, including finance leases 2,096.8 2,038.0 Total debt $ 2,257.5 $ 2,224.1 Less: cash and cash equivalents (191.1 ) (399.9 ) Net debt $ 2,066.4 $ 1,824.2 Expand Six Months Ended June 30, Free Cash Flow Reconciliation 2025 2024 Net cash provided by operating activities $ 84.0 $ 372.2 Capital expenditures (111.1 ) (56.9 ) Proceeds from sales of property and equipment 26.7 31.1 Free cash flow $ (0.4 ) $ 346.4 Expand EBITDA and Adjusted EBITDA Reconciliation Guidance for the Year Ended December 31, 2025 Est. For the Year Ended December 31, 2024 For the Year Ended December 31, 2023 Net income (loss) $ 388 - 408 2.8 - 2.9% $ 199.4 1.6 % $ (47.3 ) (0.4 )% Interest expense, net 168 1.2 % 193.3 1.6 % 234.4 2.0 % Provision for (benefit from) income taxes 108 - 113 0.8 % 51.5 0.4 % (35.4 ) (0.3 )% Depreciation 302 - 307 2.2 % 366.8 3.0 % 433.9 3.6 % Amortization of intangible assets 131 0.9 % 139.9 1.1 % 169.2 1.4 % EBITDA $ 1,097 - 1,127 7.9 - 8.1% $ 950.8 7.7 % $ 754.9 6.3 % Non-cash stock-based compensation expense 35 0.2 % 32.7 0.3 % 33.3 0.3 % Loss on extinguishment of debt — — % 11.3 0.1 % — — % Changes in fair value of acquisition-related contingent items (2 ) (0.0 )% 10.7 0.1 % (13.9 ) (0.1 )% Acquisition and integration costs — — % — — % 71.9 0.6 % Losses on fair value of investment — — % — — % 0.2 0.0 % Adjusted EBITDA $ 1,130 - 1,160 8.1 - 8.3% $ 1,005.6 8.2 % $ 846.4 7.1 % Expand Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures (unaudited - in millions, except for percentages and per share information) Adjusted Net Income Reconciliation Guidance for the Year Ended December 31, 2025 Est. For the Year Ended December 31, 2023 Net income (loss) $ 388 - 408 $ 199.4 $ (47.3 ) Adjustments: Non-cash stock-based compensation expense 35 32.7 33.3 Amortization of intangible assets 131 139.9 169.2 Loss on extinguishment of debt — 11.3 — Changes in fair value of acquisition-related contingent items (2 ) 10.7 (13.9 ) Acquisition and integration costs — — 71.9 Losses on fair value of investment — — 0.2 Total adjustments, pre-tax $ 164 $ 194.6 $ 260.8 Income tax effect of adjustments (a) (37 ) (44.8 ) (74.0 ) Statutory and other tax rate effects (b) — (0.9 ) 4.6 Adjusted net income $ 515 - 535 $ 348.3 $ 144.1 Net income attributable to non-controlling interests 26 - 30 36.6 2.7 Adjusted net income attributable to MasTec, Inc. $ 489 - 505 $ 311.7 $ 141.4 Expand Adjusted Diluted Earnings per Share Reconciliation Guidance for the Year Ended December 31, 2025 Est. For the Year Ended December 31, 2024 For the Year Ended December 31, 2023 Diluted earnings (loss) per share $ 4.61 - 4.82 $ 2.06 $ (0.64 ) Adjustments: Non-cash stock-based compensation expense 0.44 0.41 0.43 Amortization of intangible assets 1.67 1.77 2.16 Loss on extinguishment of debt — 0.14 — Changes in fair value of acquisition-related contingent items (0.02 ) 0.14 (0.18 ) Acquisition and integration costs — — 0.92 Losses on fair value of investment — — 0.00 Total adjustments, pre-tax $ 2.09 $ 2.47 $ 3.33 Income tax effect of adjustments (a) (0.47 ) (0.57 ) (0.94 ) Statutory and other tax rate effects (b) — (0.01 ) 0.06 Adjusted diluted earnings per share $ 6.23 - 6.44 $ 3.95 $ 1.81 Expand (a) Represents the tax effects of the adjusted items that are subject to tax, including the tax effects of non-cash stock-based compensation expense, including from share-based payment awards. Tax effects are determined based on the tax treatment of the related item, the incremental statutory tax rate of the jurisdictions pertaining to the adjustment, and their effects on pre-tax income (loss). (b) Represents the effects of statutory and other tax rate changes for the years ended December 31, 2024 and 2023. Expand Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures (unaudited - in millions, except for percentages and per share information) EBITDA and Adjusted EBITDA Reconciliation Guidance for the Three Months Ended September 30, 2025 Est. For the Three Months Ended September 30, 2024 Net income $ 156 4.0 % $ 105.4 3.2 % Interest expense, net 43 1.1 % 47.0 1.4 % Provision for income taxes 51 1.3 % 31.5 1.0 % Depreciation 77 2.0 % 80.2 2.5 % Amortization of intangible assets 33 0.8 % 34.4 1.1 % EBITDA $ 360 9.2 % $ 298.6 9.2 % Non-cash stock-based compensation expense 10 0.2 % 7.3 0.2 % Loss on extinguishment of debt — — % — — % Changes in fair value of acquisition-related contingent items — — % 4.6 0.1 % Adjusted EBITDA $ 370 9.5 % $ 310.5 9.5 % Expand Adjusted Net Income Reconciliation Guidance for the Three Months Ended September 30, 2025 Est. For the Three Months Ended September 30, 2024 Net income $ 156 $ 105.4 Adjustments: Non-cash stock-based compensation expense 10 7.3 Amortization of intangible assets 33 34.4 Loss on extinguishment of debt — — Changes in fair value of acquisition-related contingent items — 4.6 Total adjustments, pre-tax $ 43 $ 46.3 Income tax effect of adjustments (a) (10 ) (9.1 ) Adjusted net income $ 189 $ 142.7 Net income attributable to non-controlling interests 10 10.2 Adjusted net income attributable to MasTec, Inc. $ 179 $ 132.5 Expand Adjusted Diluted Earnings per Share Reconciliation Guidance for the Three Months Ended September 30, 2025 Est. For the Three Months Ended September 30, 2024 Diluted earnings per share $ 1.87 $ 1.21 Adjustments: Non-cash stock-based compensation expense 0.12 0.09 Amortization of intangible assets 0.42 0.44 Loss on extinguishment of debt — — Changes in fair value of acquisition-related contingent items — 0.06 Total adjustments, pre-tax $ 0.54 $ 0.59 Income tax effect of adjustments (a) (0.13 ) (0.11 ) Adjusted diluted earnings per share $ 2.28 $ 1.68 Expand (a) Represents the tax effects of the adjusted items that are subject to tax, including the tax effects of non-cash stock-based compensation expense, including from share-based payment awards. Tax effects are determined based on the tax treatment of the related item, the incremental statutory tax rate of the jurisdictions pertaining to the adjustment, and their effects on pre-tax income. Expand The tables may contain slight summation differences due to rounding. MasTec uses EBITDA, Adjusted EBITDA, EBITDA Margin and Adjusted EBITDA Margin, as well as Adjusted Net Income (Loss), Adjusted Diluted Earnings (Loss) Per Share, Net Debt and Free Cash Flow, to evaluate our performance, both internally and as compared with its peers, because these measures exclude certain items that may not be indicative of its core operating results, as well as items that can vary widely across different industries or among companies within the same industry. MasTec believes that these measures provide a baseline for analyzing trends in its underlying business. MasTec believes that these non-U.S. GAAP financial measures provide meaningful information and help investors understand its financial results and assess its prospects for future performance. Because non-U.S. GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies' non-U.S. GAAP financial measures having the same or similar names. These financial measures should not be considered in isolation from, as substitutes for, or alternative measures of, reported net income or diluted earnings per share, net income as a percentage of revenue or total debt or net cash provided by operating activities, and should be viewed in conjunction with the most comparable U.S. GAAP financial measures and the provided reconciliations thereto. MasTec believes these non-U.S. GAAP financial measures, when viewed together with its U.S. GAAP results and related reconciliations, provide a more complete understanding of its business. Investors are strongly encouraged to review MasTec's consolidated financial statements and publicly filed reports in their entirety and not rely on any single financial measure. This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act. Forward-looking statements include, but are not limited to, statements relating to expectations regarding the future financial and operational performance of MasTec; expectations regarding MasTec's business or financial outlook; expectations regarding MasTec's plans, strategies and opportunities; expectations regarding opportunities, technological developments, competitive positioning, future economic conditions and other trends in particular markets or industries; the impact of inflation on MasTec's costs and the ability to recover increased costs, as well as other statements reflecting expectations, intentions, assumptions or beliefs about future events and other statements that do not relate strictly to historical or current facts. These statements are based on currently available operating, financial, economic and other information, and are subject to a number of significant risks and uncertainties. A variety of factors in addition to those mentioned above, many of which are beyond our control, could cause actual future results to differ materially from those projected in the forward-looking statements. Other factors that might cause such a difference include, but are not limited to: our ability to manage projects effectively and in accordance with our estimates, as well as our ability to accurately estimate the costs associated with our fixed price and other contracts, including any material changes in estimates for completion of projects and estimates of the recoverability of change orders; market conditions, including rising or elevated levels of inflation or interest rates, regulatory or policy changes, including permitting processes, tax incentives and government funding programs that affect us or our customers' industries, access to capital, material and labor costs, supply chain issues and technological developments, all of which may affect demand for our service; changes to governmental programs and spending policies, including potential changes to the amounts provided for under the Infrastructure Investment and Jobs Act and/or Inflation Reduction Act, including the potential for reduced support for renewable energy projects, changes in U.S or foreign tax laws, statutes, rules, regulations or ordinances, including the impact of, and changes to, tariffs, including the effects of tariffs imposed on oil and gas imported from Canada, tariffs imposed on goods imported from China, including steel and solar panels, and tariffs on all steel and aluminum imports into the United States, or trade policies affecting macroeconomic conditions, including inflation, as well as the industries we serve and related projects and expenditures that may adversely impact our future financial position or results of operations; risks related to governmental regulation, including uncertainties from the change in the U.S. federal administration; project delays due to permitting processes, compliance with environmental and other regulatory requirements and challenges to the granting of project permits, which could cause increased costs and delayed or reduced revenue; the effect on demand for our services of changes in the amount of capital expenditures by our customers due to, among other things, economic conditions, including potential economic downturns, inflationary issues, tariff effects, the availability and cost of financing, supply chain disruptions, climate-related matters, customer consolidation in the industries we serve and/or the effects of public health matters; activity in the industries we serve and the impact on the expenditure levels of our customers of, among other items, fluctuations in commodity prices, including for fuel and energy sources, fluctuations in the cost of materials, labor, supplies or equipment, and/or supply-related issues that affect availability or cause delays for such items; the outcome of our plans for future operations, growth and services, including business development efforts, backlog, acquisitions and dispositions; risks related to completed or potential acquisitions, including our ability to integrate acquired businesses within expected timeframes, including their business operations, internal controls and/or systems, which may be found to have material weaknesses, and our ability to achieve the revenue, cost savings and earnings levels from such acquisitions at or above the levels projected, as well as the risk of potential asset impairment charges and write-downs of goodwill; our ability to attract and retain qualified personnel, key management and skilled employees, including from acquired businesses, our ability to enforce any noncompetition agreements, and our ability to maintain a workforce based upon current and anticipated workloads; any material changes in estimates for legal costs or case settlements or adverse determinations on any claim, lawsuit or proceeding; the adequacy of our insurance, legal and other reserves; adverse climate and weather events, such as the risk of wildfires, that increase operational and legal risks in certain locations where we perform services, could increase the potential liability and related costs associated with such operations; the highly competitive nature of our industry and the ability of our customers, including our largest customers, to terminate or reduce the amount of work, or in some cases, the prices paid for services, on short or no notice under our contracts, and/or customer disputes related to our performance of services and the resolution of unapproved change orders; the effect of state and federal regulatory initiatives, including risks related to and the costs of compliance with existing and potential future environmental, social and governance requirements, including with respect to climate-related matters; the timing and extent of fluctuations in operational, geographic and weather factors, including from climate-related events, that affect our customers, projects and the industries in which we operate; requirements of and restrictions imposed by our credit facility, term loans, senior notes and any future loans or securities; systems and information technology interruptions and/or data security breaches that could adversely affect our ability to operate, our operating results, our data security or our reputation, or other cybersecurity-related matters; our dependence on a limited number of customers and our ability to replace non-recurring projects with new projects; risks associated with potential environmental issues and other hazards from our operations; disputes with, or failures of, our subcontractors to deliver agreed-upon supplies or services in a timely fashion, and the risk of being required to pay our subcontractors even if our customers do not pay us; risks related to our strategic arrangements, including our equity investments; risks associated with volatility of our stock price or any dilution or stock price volatility that shareholders may experience, including as a result of shares we may issue as purchase consideration in connection with acquisitions, or as a result of other stock issuances; our ability to obtain performance and surety bonds; risks associated with operating in or expanding into additional international markets, including risks from increased tariffs, fluctuations in foreign currencies, foreign labor and general business conditions and risks from failure to comply with laws applicable to our foreign activities and/or governmental policy uncertainty; risks related to our operations that employ a unionized workforce, including labor availability, productivity and relations, as well as risks associated with multiemployer union pension plans, including underfunding and withdrawal liabilities; risks associated with our internal controls over financial reporting; risks related to a small number of our existing shareholders having the ability to influence major corporate decisions, as well as other risks detailed in our filings with the Securities and Exchange Commission. We believe these forward-looking statements are reasonable; however, you should not place undue reliance on any forward-looking statements, which are based on current expectations. Furthermore, forward-looking statements speak only as of the date they are made. If any of these risks or uncertainties materialize, or if any of our underlying assumptions are incorrect, our actual results may differ significantly from the results that we express in, or imply by, any of our forward-looking statements. These and other risks are detailed in our filings with the Securities and Exchange Commission. We do not undertake any obligation to publicly update or revise these forward-looking statements after the date of this press release to reflect future events or circumstances, except as required by applicable law. We qualify any and all of our forward-looking statements by these cautionary factors.
Business Wire
23 minutes ago
- Business Wire
Mirion Announces Second Quarter 2025 Financial Results and Updates Full Year Guidance
ATLANTA--(BUSINESS WIRE)--Mirion ('we' or the 'company') (NYSE: MIR), a global provider of radiation detection, measurement, analysis, and monitoring solutions to the nuclear, medical, defense, and research end markets, today announced results for the second quarter ended June 30, 2025. 'Our second quarter results demonstrate continued progress towards key 2025 financial targets and positively position us to capture robust market dynamics,' commented Mirion's Chairman and Chief Executive Officer Thomas Logan. 'Nuclear power and cancer care tailwinds remain vibrant and Mirion is better positioned than ever to capitalize on these favorable market trends. We improved our strategic positioning and operating performance while successfully minimizing our tariff exposure to date.' Logan continued, 'Meanwhile, we continue to strategically improve our business. In the second quarter, we successfully completed a $400 million convertible notes offering and refinanced our Term Loan B to further optimize our capital structure. Additionally, we announced the acquisition of Certrec to expand our services and software offerings. Certrec complements our existing nuclear power product suite while creating additional opportunities in the broader energy power markets. Together with Certrec, Mirion is a leading supplier to the nuclear power renaissance underway.' 2025 Guidance Commenting on Mirion's full year 2025 guidance, Logan said, 'Our first half performance, foreign exchange tailwinds, and visibility for the remainder of the year give us the confidence to increase key components of our annual guidance. Notably, capital structure enhancements contributed to our increased Adjusted Free Cash Flow and Adjusted EPS guidance.' Mirion has increased its 2025 total Revenue growth, Adjusted EBITDA (while tightening the corresponding Adjusted EBITDA margin range), Adjusted Free Cash Flow, and Adjusted EPS guidance while revising Organic Revenue growth guidance for the fiscal year ending December 31, 2025, including estimated tariff impacts based on today's levels, net of mitigating actions and updated full year foreign exchange rates. Revenue growth of approximately 7.0% – 9.0% (previously 5.0% – 7.0%); includes a foreign exchange rate tailwind of approximately 125 basis points using a Euro-to-USD exchange rate of 1.15 and acquisitions-related tailwind of approximately 100 basis points. Organic Revenue growth of approximately 5.0% – 7.0% (previously 5.5% – 7.5%); includes increased Nuclear Power end-market expected growth which is more than offset by reductions to Labs & Research and Dosimetry end-markets expectations. Adjusted EBITDA of approximately $223 million – $233 million (previously $215 million - $230 million); Adjusted EBITDA margin of approximately 24.0% – 25.0% (previously 24.0% – 25.5%). Adjusted Free Cash Flow of approximately $95 million – $115 million (previously $85 million - $110 million); Adjusted Free Cash Flow Conversion of approximately 43% – 49% of Adjusted EBITDA (previously 39% – 48%). Adjusted EPS of approximately $0.48 – $0.52 per share (previously $0.45 – $0.50 per share). Additional modeling and guidance assumptions are included on slide 20 in the earnings presentation on the Company's investor relations page. The Company's guidance contains forward-looking statements and actual results may differ materially as a result of known and unknown uncertainties and risks, including those set forth below under the heading 'Forward-Looking Statements.' In addition, forward-looking non-GAAP financial measures are presented on a non-GAAP basis without reconciliations of such forward-looking non-GAAP measures due to the inherent difficulty in projecting and quantifying the various adjusting items necessary for such reconciliations, such as stock-based compensation expense, amortization and depreciation expense, merger and acquisition activity and purchase accounting adjustments, that have not yet occurred, are out of Mirion's control, or cannot be reasonably predicted. Accordingly, reconciliations of our guidance for organic revenue growth, adjusted EBITDA, adjusted EBITDA margin, adjusted EPS, adjusted free cash flow and adjusted free cash flow conversion are not available without unreasonable effort. Conference Call Mirion will host a conference call tomorrow, August 1, 2025 at 10:00 a.m. ET to discuss its financial results. Participants may access the call by dialing 1-877-407-9208 or 1-201-493-6784, and requesting to join the Mirion Technologies, Inc. earnings call. A live webcast will also be available at A telephonic replay will be available shortly after the conclusion of the call and until August 15, 2025. Participants may access the replay at 1-844-512-2921 or 1-412-317-6671, and enter access code 13754545. An archived replay of the call and an accompanying presentation will also be available on the Investors section of the Mirion website at Forward-Looking Statements This press release contains 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', 'hope', 'intend', 'may', 'might', 'plan', 'possible', 'potential', 'predict', 'project', 'should', 'strive', 'seeks', 'plans', 'would', 'will', 'understand' and similar words are intended to identify forward looking statements, but the absence of these words does not mean that a statement is not forward looking. These forward-looking statements include but are not limited to, statements regarding our future operating results, financial position and guidance, our backlog and order potential, our business strategy and plans, our objectives for future operations, macroeconomic trends, including the impact of tariffs and global trade relations, trends in cancer care, nuclear power and small modular reactor, foreign exchange, interest rate and inflation expectations and any future mergers, acquisitions, divestitures and strategic investments, including the completion and integration of previously completed transactions. There are a significant number of factors that could cause actual results to differ materially from statements made in this press release, including changes in domestic and foreign business, market, economic, financial, political and legal conditions, including related to matters affecting Russia, the relationship between the United States and China, conflict in the Middle East, tariffs or other trade and supply chain disruptions, and risks of slowing economic growth or economic recession in the United States and globally; developments in the government budgets (defense and non-defense) in the United States and other countries, including budget reductions, sequestration, implementation of spending limits or changes in budgetary priorities, delays in the government budget process, a U.S. government shutdown or the U.S. government's failure to raise the debt ceiling; risks related to the public's perception of nuclear radiation and nuclear technologies; risks related to the continued growth of our end markets; our ability to win new customers and retain existing customers; our ability to realize sales expected from our backlog of orders and contracts; risks related to governmental contracts; our ability to mitigate risks associated with long-term fixed price contracts, including risks related to inflation; risks related to information technology system failures or other disruptions or cybersecurity, data security or other security threats; risks related to the implementation and enhancement of information systems; our ability to manage our supply chain or difficulties with third-party manufacturers; risks related to competition; our ability to manage disruptions of, or changes in, our independent sales representatives, distributors and original equipment manufacturers; our ability to realize the expected benefit from strategic transactions, such as acquisitions, divestitures, investments and partnerships, including any synergies, or internal restructuring and improvement efforts; our ability to issue debt, equity or equity-linked securities in the future; risks related to changes in tax law and ongoing tax audits; risks related to future legislation and regulation both in the United States and abroad; risks related to the costs or liabilities associated with product liability claims; risks related to the uncertainty of legal claims, litigation, arbitration and similar proceedings; our ability to attract, train and retain key members of our leadership team and other qualified personnel; risks related to the adequacy of our insurance coverage; risks related to the global scope of our operations, including operations in international and emerging markets; risks related to our exposure to fluctuations in foreign currency exchange rates, interest rates and inflation, including the impact on our debt service costs; our ability to comply with various laws and regulations and the costs associated with legal compliance; risks related to the outcome of any litigation, government and regulatory proceedings, investigations and inquiries; risks related to our ability to protect or enforce our proprietary rights on which our business depends or third-party intellectual property infringement claims; liabilities associated with environmental, health and safety matters; our ability to predict our future operational results; and the effects of health epidemics, pandemics and similar outbreaks may have on our business, results of operations or financial condition. Further information on risks, uncertainties and other factors that could affect our financial results are included in the filings we make with the United States Securities and Exchange Commission (the 'SEC') from time to time, including our Annual Report on Form 10-K, our Quarterly Reports on Form 10-Q and other periodic reports filed or to be filed with the SEC. You should not rely on these forward-looking statements, as actual outcomes and results may differ materially from those contemplated by these forward-looking statements as a result of such risks and uncertainties. All forward-looking statements in this press release are based on information available to us as of the date hereof, and we do not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made. Use of Non-GAAP Financial Information In addition to our results determined in accordance with GAAP, we believe that the presentation of non-GAAP financial information provides important supplemental information to management and investors regarding financial and business trends relating to our financial condition and results of operations. For further information regarding these non-GAAP measures, including the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures, please refer to the financial tables below, as well as the 'Reconciliation of Non-GAAP Financial Measures' section of this press release. Non-GAAP financial information is not a substitute for GAAP financial information and undue reliance should not be placed on such non-GAAP financial information. In addition, similarly titled items used by other companies may not be comparable due to variations in how they are calculated and how terms are defined. Channels for Disclosure of Information Mirion intends to announce material information to the public through the Mirion Investor Relations website SEC filings, press releases, public conference calls and public webcasts. Mirion uses these channels, as well as social media, to communicate with its investors, customers, and the public about the company, its offerings, and other issues. It is possible that the information Mirion posts on social media could be deemed to be material information. As such, Mirion encourages investors, the media, and others to follow the channels listed above, including the social media channels listed on Mirion's investor relations website, and to review the information disclosed through such channels. Any updates to the list of disclosure channels through which Mirion will announce information will be posted on the investor relations page on Mirion's website. About Mirion Mirion (NYSE: MIR) is a global leader in radiation safety, science and medicine, empowering innovations that deliver vital protection while harnessing the transformative potential of ionizing radiation across a diversity of end markets. The Mirion Nuclear & Safety group provides proven radiation safety technologies that operate with precision – for essential work within R&D labs, critical nuclear facilities, and on the front lines. The Mirion Medical group solutions help enhance the delivery and ensure safety in healthcare, powering the fields of Nuclear Medicine, Radiation Therapy QA, Occupational Dosimetry, and Diagnostic Imaging. Headquartered in Atlanta (GA – USA), Mirion employs approximately 2,800 people and operates in 12 countries. Learn more at December 31, 2024 ASSETS Current assets: Cash and cash equivalents $ 262.6 $ 175.2 Restricted cash 0.3 0.3 Accounts receivable, net of allowance for doubtful accounts 142.2 177.7 Costs in excess of billings on uncompleted contracts 91.6 67.0 Inventories 145.1 133.2 Prepaid expenses and other current assets 51.4 41.3 Total current assets 693.2 594.7 Property, plant, and equipment, net 153.1 146.3 Operating lease right-of-use assets 29.8 30.3 Goodwill 1,470.7 1,426.2 Intangible assets, net 377.2 411.6 Restricted cash 0.1 0.1 Other assets 13.7 26.8 Total assets $ 2,737.8 $ 2,636.0 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 45.6 $ 56.5 Deferred contract revenue 88.9 96.6 Debt, current 0.4 1.2 Operating lease liability, current 6.7 6.4 Derivative liabilities, current 39.8 3.4 Accrued expenses and other current liabilities 91.0 99.3 Total current liabilities 272.4 263.4 Debt, non-current 444.5 685.2 Convertible debt 387.9 — Operating lease liability, non-current 25.6 27.1 Deferred income taxes, non-current 53.6 61.1 Other liabilities 40.2 40.1 Total liabilities 1,224.2 1,076.9 Commitments and contingencies (Note 11) Stockholders' equity (deficit): Class A common stock; $0.0001 par value, 500,000,000 shares authorized; 224,354,723 shares issued and outstanding at June 30, 2025; 225,915,767 shares issued and outstanding at December 31, 2024 — — Class B common stock; $0.0001 par value, 100,000,000 shares authorized; 6,074,885 shares issued and outstanding at June 30, 2025; 6,504,885 shares issued and outstanding at December 31, 2024 — — Treasury stock, at cost; 3,451,745 shares at June 30, 2025 and 288,013 shares December 31, 2024 (57.2 ) (3.2 ) Additional paid-in capital 2,108.7 2,143.3 Accumulated deficit (532.9 ) (541.5 ) Accumulated other comprehensive loss (56.3 ) (93.0 ) Mirion Technologies, Inc. stockholders' equity 1,462.3 1,505.6 Noncontrolling interests 51.3 53.5 Total stockholders' equity 1,513.6 1,559.1 Total liabilities and stockholders' equity $ 2,737.8 $ 2,636.0 Expand Mirion Technologies, Inc. Condensed Consolidated Statements of Operations (Unaudited) (In millions, except per share data) Three Months Ended June 30, 2025 Three Months Ended June 30, 2024 Six Months Ended June 30, 2025 Six Months Ended June 30, 2024 Revenues: Product $ 164.2 $ 154.1 $ 312.1 $ 294.1 Service 58.7 53.0 112.8 105.6 Total revenues 222.9 207.1 — 424.9 399.7 Cost of revenues: Product 92.7 82.2 174.4 161.2 Service 27.7 27.5 51.9 54.0 Total cost of revenues 120.4 109.7 226.3 215.2 Gross profit 102.5 97.4 198.6 184.5 Operating expenses: Selling, general and administrative 82.6 87.5 161.3 171.6 Research and development 10.0 8.8 18.7 16.7 Gain on disposal of business — (1.2 ) — (1.2 ) Total operating expenses 92.6 95.1 180.0 187.1 Income (loss) from operations 9.9 2.3 18.6 (2.6 ) Other expense (income): Interest expense 11.8 15.1 24.3 30.6 Interest income (2.0 ) (2.0 ) (3.9 ) (3.7 ) Loss on debt extinguishment 5.8 — 5.8 — Foreign currency (gain) loss, net (13.5 ) 0.3 (16.3 ) 1.1 (Decrease) increase in fair value of warrant liabilities — (0.4 ) — 5.3 Other expense, net — 0.6 0.3 0.7 Income (loss) before income taxes 7.8 (11.3 ) 8.4 (36.6 ) Income tax (benefit) expense (0.7 ) 0.7 (0.5 ) 1.9 Net income (loss) 8.5 (12.0 ) 8.9 (38.5 ) Income (loss) attributable to noncontrolling interests 0.2 (0.3 ) 0.3 (1.0 ) Net income (loss) attributable to Mirion Technologies, Inc. $ 8.3 $ (11.7 ) $ 8.6 $ (37.5 ) Earnings (loss) per common share attributable to Mirion Technologies, Inc.: Basic $ 0.04 $ (0.06 ) $ 0.04 $ (0.19 ) Diluted $ 0.03 $ (0.06 ) $ 0.04 $ (0.19 ) Weighted average common shares outstanding: Basic 225.026 202.197 225.339 200.963 Diluted 243.058 202.197 243.594 200.963 Expand Mirion Technologies, Inc. Consolidated Statements of Cash Flows (Unaudited) (In millions) Six Months Ended June 30, 2025 Six Months Ended June 30, 2024 OPERATING ACTIVITIES: Net income (loss) $ 8.9 $ (38.5 ) Adjustments to reconcile net loss to net cash provided by operating activities: Depreciation and amortization expense 67.5 77.2 Stock-based compensation expense 6.7 7.6 Loss on debt extinguishment 5.8 — Amortization of debt issuance costs 1.8 1.6 Provision for doubtful accounts 1.6 1.2 Inventory obsolescence write down 0.9 1.9 Change in deferred income taxes (7.9 ) (14.4 ) Loss on disposal of property, plant and equipment — 0.6 (Gain) loss on foreign currency transactions (16.3 ) 1.1 Increase in fair values of warrant liabilities — 5.3 (Gain) loss on disposal of business — (1.2 ) Other 1.0 1.4 Changes in operating assets and liabilities: Accounts receivable 39.2 26.4 Costs in excess of billings on uncompleted contracts (4.6 ) (20.2 ) Inventories (4.5 ) (8.5 ) Prepaid expenses and other current assets (10.8 ) 3.7 Accounts payable (14.1 ) (7.4 ) Accrued expenses and other current liabilities (14.9 ) (5.8 ) Deferred contract revenue and liabilities (10.8 ) (9.5 ) Other assets 2.0 (0.5 ) Other liabilities (3.5 ) (0.8 ) Net cash provided by operating activities 48.0 21.2 INVESTING ACTIVITIES: Acquisitions of businesses, net of cash and cash equivalents acquired — (1.0 ) Proceeds from business disposal — 1.2 Purchases of property, plant, and equipment and badges (17.3 ) (23.9 ) Proceeds from net investment hedge derivative contracts 1.6 1.9 Net cash used in investing activities (15.7 ) (21.8 ) FINANCING ACTIVITIES: Stock repurchased to satisfy tax withholding for vesting restricted stock units (5.2 ) (1.0 ) Purchases of stock for treasury (49.6 ) — Proceeds from issuance of convertible senior notes, net of issuance costs 388.5 — Purchase of capped calls related to convertible senior notes (44.6 ) — Principal repayments (244.6 ) — Financing costs (3.1 ) (1.3 ) Proceeds from cash flow hedge derivative contracts 0.2 0.6 Other financing (0.4 ) (1.1 ) Net cash provided by (used in) financing activities 41.2 (2.8 ) Effect of exchange rate changes on cash, cash equivalents, and restricted cash 13.9 (3.3 ) Net increase (decrease) in cash, cash equivalents, and restricted cash 87.4 (6.7 ) Cash, cash equivalents, and restricted cash at beginning of period 175.6 130.5 Cash, cash equivalents, and restricted cash at end of period $ 263.0 $ 123.8 Expand Share Count 224,354,723 shares of Class A common stock were outstanding as of June 30, 2025. This excludes (1) 6,074,885 shares of Class B common stock outstanding as of June 30, 2025, (2) 1,128,338 million shares of Class A common stock underlying restricted stock units and 1,387,371 million shares of Class A common stock underlying performance stock units; and (3) any other shares issuable from future equity awards under our 2021 Omnibus Incentive Plan, which had 39,880,849 shares reserved (subject to annual automatic increases) as of June 30, 2025. The 6,074,885 shares of Class B common stock are paired on a one-for-one basis with shares of Class B common stock of Mirion Intermediate Co., Inc. (the "paired interests"). Holders of the paired interests have the right to have their interests redeemed for, at the option of Mirion, shares of Class A common stock on a one-for-one basis or cash based on a trailing stock price average. All share data is as of June 30, 2025, unless otherwise noted. Reconciliation of Non-GAAP Financial Measures In addition to our results determined in accordance with GAAP, we believe the following non-GAAP measures are useful in evaluating our operating performance. We use the following non-GAAP financial information to evaluate our ongoing operations and for internal planning and forecasting purposes. We believe that non-GAAP financial information, when taken collectively, may be helpful to investors because it provides consistency and comparability with past financial performance. However, non-GAAP financial information is presented for supplemental informational purposes only, has limitations as an analytical tool, and should not be considered in isolation or as a substitute for financial information presented in accordance with GAAP. Other companies, including companies in our industry, may calculate similarly titled non-GAAP measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of our non-GAAP financial measures as tools for comparison. Investors are encouraged to review the related GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures and not rely on any single financial measure to evaluate our business. Organic revenue is defined as Revenue excluding the impact of foreign exchange rates as well as mergers, acquisitions and divestitures in the period. Adjusted EBITDA is defined as net income before interest expense, income tax expense, depreciation and amortization adjusted to remove the impact of foreign currency gains and losses, amortization of acquired intangible assets, changes in the fair value of warrants, certain non-operating expenses (restructuring and costs to achieve operational synergies, merger, acquisition and divestiture expenses and IT project implementation expenses), stock-based compensation expense, debt extinguishment and income tax impacts of these adjustments. Adjusted EBITDA margin is defined as Adjusted EBITDA divided by Revenue. Adjusted net income is defined as GAAP net income adjusted for foreign currency gains and losses, amortization of acquired intangible assets, changes in the fair value of warrants, certain non-operating expenses (restructuring and costs to achieve operational synergies, merger, acquisition and divestiture expenses and IT project implementation expenses), stock-based compensation expense, debt extinguishment and income tax impacts of these adjustments. Adjusted EPS is defined as adjusted net income divided by weighted average common shares outstanding — basic and diluted. Adjusted free cash flow is defined as free cash flow adjusted to include the impact of cash used to fund non-operating expenses. We believe that the inclusion of supplementary adjustments to free cash flow applied in presenting adjusted free cash flow is appropriate to provide additional information to investors about our cash flows that management utilizes on an ongoing basis to assess our ability to generate cash for use in acquisitions and other investing and financing activities. Adjusted free cash flow conversion is defined as adjusted free cash flow divided by adjusted EBITDA. Free cash flow is defined as U.S. GAAP net cash provided by operating activities adjusted to include the impact of purchases of property, plant, and equipment, purchases of badges and proceeds from derivative contracts. Net leverage is defined as Net Debt (debt minus cash and cash equivalents) divided by Adjusted EBITDA plus contributions to Adjusted EBITDA if acquisitions made during the applicable period had been made before the start of the applicable period. Operating Metrics Order and orders growth are defined as the amount of revenue earned in a given period and estimated to be earned in future periods from contracts entered into in a given period as compared with such amount for a prior period. Foreign exchange rates are based on the applicable rates as reported for the time period. The following tables present reconciliations of certain non-GAAP financial measures for the applicable periods. Mirion Technologies, Inc. Reconciliation of Adjusted Earnings per Share (In millions, except per share values) Three Months Ended June 30, 2025 2024 Net income (loss) attributable to Mirion Technologies, Inc. $ 8.3 $ (11.7 ) Gain (loss) attributable to non-controlling interests 0.2 (0.3 ) GAAP net income (loss) $ 8.5 $ (12.0 ) Foreign currency loss (gain), net (13.5 ) 0.3 Amortization of acquired intangibles 25.2 31.0 Stock-based compensation 3.4 4.0 Change in fair value of warrant liabilities — (0.4 ) Loss on debt extinguishment and other related costs 6.3 — Non-operating expenses 3.5 4.6 Tax impact of adjustments above (7.2 ) (8.1 ) Adjusted net income $ 26.2 $ 19.4 Weighted average common shares outstanding — basic 225.026 202.197 Dilutive potential common shares — stock-based awards 0.722 0.808 Dilutive potential common shares — convertible debt 17.310 — Adjusted weighted average common shares — diluted 243.058 203.005 GAAP earnings (loss) per share — basic $ 0.04 $ (0.06 ) Adjusted earnings per share $ 0.11 $ 0.10 Expand
