Company: LEU
Filing Date: 2025-02-07
Form Type: 10-K
Source: 0001065059-25-000006
Chunk: 99

Company: CENTRUS ENERGY CORP
Filing Date: 2025-02-07
Form: 10-K
Item: Item 7
Chunk 99
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, permanent differences of $4.8 million, and state income tax expense of $0.8 million. The state income tax expense for the year ended December 31, 2024 and 2023, primarily relates to an accrual for a current unrecognized tax benefit offset by the reversal of a previously accrued unrecognized tax benefit.

Net Income

Net income was $73.2 million and $84.4 million for the year ended December 31, 2024 and 2023, respectively, a decrease of $11.2 million (or 13%). The decrease was primarily driven by a decrease of $11.2 million in gross profit from the LEU segment and a decrease of $8.5 million in nonoperating components of net periodic benefit income, partially offset by an increase of $10.6 million in gross profit from the Technical Solutions segment and an increase in investment income of $4.2 million. 

76

Net Income per Share 

Refer to Note 15, Net Income per Common Share, of the Consolidated Financial Statements in Part IV of this Annual Report.

The Company measures Net Income and Net Income per Share both on a GAAP basis and on an adjusted basis to exclude deemed dividends allocable to the warrant modification (“Adjusted Net Income” and “Adjusted Net Income per Share”). We believe Adjusted Net Income and Adjusted Net Income per Share, which are non-GAAP financial measures, provide investors with additional understanding of the Company’s financial performance as well as its strategic financial planning analysis and period-to-period comparability. These metrics are useful to investors because they reflect how management evaluates the Company’s ongoing operating performance from period-to-period after removing certain transactions and activities that affect comparability of the metrics and are not reflective of the Company’s core operations.

 Three Months Ended December 31,Year Ended December 31,202420232022202420232022Numerator (in millions):Net income$53.7 $56.3 $21.3 $73.2 $84.4 $52.2 Less: Distributed earnings allocable to warrant modification— — 1.5 — — 1.5 Net income allocable to common stockholders$53.7 $56.3 $19.8 $73.2 $84.4 $50.7 Plus: Distributed earnings allocable to warrant modification$— $— $1.5 $— $— $1