Good our to discuss slide I'm happy for Carl. afternoon, financial to the for to XXXX. our everyone. Thank of you, updates results review guidance the year full quarter and third current
So the starting We XX. Beginning with on Slide numbers. GAAP
noncontrolling from other was quarter for the our increase for adjusted in as that income about Note year were to operating franchise from interests the $XXX operations to certain an $X Our quarter XXXX. standard XX%. our GAAP before well R&D was $XXX over accounting of and the which of QX spend prior on innovations. million million, margin required XXX. -- XXXX compares the third quarter the million to of focus we spend Income net CleanCap This under R&D quarter was change amounts XXXX. in $XXX compares for as for SEC $X lease million both novel continue million on around work as third
QX a XX. for Slide million compared $XXX QX XXXX XXXX. Adjusted to $XXX EBITDA, Moving measure, non-GAAP million for to was
add-back. to quarter, X% stock-based adjusted net the be Our the EBITDA GAAP less from EBITDA than for adjustments only noncash majority EBITDA compensation to to tied our the continued small, GAAP vast from
XX% margins in expectations favorable was based quarter XXXX, and on gross for the expenses. than slightly EBITDA our QX better Our better margin adjusted SG&A a little
weighted awards XXXX. shares shares of B calculation reflect Class conversion dilutive shares Now negligible in other basic to is to the The A in EPS basic income dilutive and EPS with EPS, and a income diluted used and shares To awards dilutive, weighted that fully diluted of will basic measure are conversion. the average effect is XX. Diluted EPS, by assumed also to other a EPS, Class to measure, extent attributed shares. were QX Class Slide net the EPS be average starts then A the adjusted the and and equity B net of and Class effects our GAAP divided GAAP the adjusted represent equity outstanding
divided and metric Lastly, which non-GAAP adjusted other most shares of average is the A by us fully simplest focus comparable and income Class the both equals of securities. for adjusted A and weighted measure, EPS. B dilutive diluted net
was diluted $X.XX was fully quarter per diluted for EPS $X.XX, adjusted share. was Our third the basic EPS $X.XX EPS and
higher both tax for and bottom interest planning bit a the the quarter some expectations as tax interest as which of lower rate expense, tactics. our quarter line advanced well Our margins from and ahead from was benefited in the
few other financial XX, a Slide to balance highlights. Moving and items metric and sheet
we Carl million $XXX million position in with cash $XXX cash As debt. the in gross noted, ended and in record quarter a long-term
expenses our $XX are in quarter Our cash a free EBITDA non-GAAP flows strong and performance equipment, We was to also of expenditures $XXX payable and of adjusted the expenditures define improvements of recognized. expenditures cash as reflecting our robust to focused determined is accounts of our by government capital led Capital capacity the accrued recognized. accounts investment portions offset earlier. extent quarter had funding including capital consistent the which lesser expectations, in expenses, calculation And adjusted offset EBITDA That million to adjusted receivable quarter accrued million. Carl as less investment flow of by on cash government activities, touched included in facilities and free payments, including from purchases the based million. be property on that costs a expansion in measure, funding with prepaid construction recorded for $XXX flow, our
offsets I be expect reflects CapEx, We defined about pursuant year it, the the from which collaboration our million full agreement to between we $XX $XX them. with and to of $XX as of XXXX, continue Defense for million net million the to of have just Department anticipated
traditional current in of of likely and we as assets. long-term other X/X Flanders complete CapEx classified million total, will remainder our as the the offset assets facility. about remainder XXXX fixed as grant early Now this The will be $XX
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are currently evaluating actively We multiple deals. potential
have U.S. our Lastly, are as predominantly in exchange quarter, and Maravai thus I XXXX. operations not last structured majority and in we facing material contracts of treasury the and mentioned dollars foreign impact vast any
some let's the financial the business turn Now segment Slide to to insights quarter, provide for XX. performance more into
major were quarter to Production compares of CleanCap This XXXX. XX% adjusted million COVID-XX third in in total Acid in adjusted in of the the vaccine generated EBITDA XX% from customers $XXX EBITDA, $XXX Nucleic million revenue margin. business Our million of our our represented and quarter a approximately XXXX. $XXX revenues QX
Nucleic revenue CleanCap business, Base was Our customers to down Acid non-COVID-related our excluding Production from programs. one QX a their XXXX vaccine to support year prior large our of our customers from COVID-XX non-COVID-related of order numerous had major as
ship Our of impacted to X% by third not ongoing continues business our revenue to Russia. quarter pandemic and and the the in decision Biologics contributed ongoing in Safety into Testing be China lockdowns company's the
comprised Our branded million Cygnus of products, $X virtually were business in which this the down segment's all quarter.
the XXXX for the $XX key R&D investments investments to positions the in business are Our QX were in segment $XX million delivered quarter, our margin. both adjusted due million EBITDA systems key and the EBITDA XX% and Biologics totals expenses Safety Testing that growth a of as well EBITDA up from that mainly quarter, support included in leadership not as in and Corporate drive levels areas. $XX adjusted and million, commercial of in personnel the additional
And our to end all XXX be ability to of employees, from September, talent had continue We up at Maravai. key employees we June. levels a of the record track with full-time XX pleased at
long-term customers key support talent to plans. continue We our add our and to
Slide to moving XX. Now
movement base X% COVID about $XXX update revenues our or million with of year. This range CleanCap vaccine demand. in $XX growth year, and We growth lower about of guidance Nucleic to XX% for Our the is for growth slight the This expect combination million XX% includes growth XXXX million million $XXX estimate approximately of the small base Biologic including Production to from $XXX implies segment. in XXXX around comparable for about Safety tied XXXX of CleanCap midpoint segment Acid revenues million X% revenues tightening to revenue associated $XXX our guidance Safety and and expectations our $XXX X% for business Testing to million COVID-related our XX% the The of our the updated financial the midpoint for lower Testing to related of about business levels. of updates Base Biologic a and of the non-COVID ranges. in current now or
of We by guidance, are of $XXX non-GAAP per range EBITDA million. compared million of tightening $XXX adjusted full non-GAAP fully to increasing Based measure, share, $XXX to EPS, per previous guidance share our of $X.XX range $X our this year EBITDA guidance, XXXX the now $XXX $X.XX midpoint updated our by million, on share. updated a compared to adjusted range to prior $X.XX to million $X.XX a our to midpoint the the a diluted is per to $X.XX increasing measure, to guidance million
on Now basically obviously, X save with the for provides X updated fourth our To stress results way XXXX you full math me months midpoints. out guidance months rapid all approximate current that prior analysts complete, making reported for our the call less the our of let to Q&A, calculations year at quarter. the our expectations
expect would around of margin revenue adjusted of CleanCap about over about $XXX the a million; million, which COVID-related business would base XX% of of million, EPS and be $XXX $XX revenues of approximately quarter, QX For $XXX represent revenue about fourth which of EBITDA of XX% of $X.XX. we total adjusted million; XXXX; growth
XXX other million the you'll million EPS which the our Class the of is see Bs for A assumption a results of fully shares, assumptions XX, Class diluted guidance to that share full year fully Slide all converted XXXX. on XXXX. in forecasted year XXX to for count estimate full on Adjusted are diluted Now of based
core not operations, effective fully tax of XX%. certain around do EPS includes our and on reflect adjusted Additionally, an based are diluted rate that adjusted adjustments our
about expense EBITDA million; million; $XX expect to adjusted of equity-based about to and we expenditures XXXX million, to capital $XX be item between a compensation, $XX our expansion. relates it majority as and $XX stated to depreciation needed to As other and $XX net reconciling show tied million; expectations $XX we amortization our to the new million which range, adjustments million vast million for to $XX interest million our $XX include get our earlier, the as non-GAAP to facility to be
net adjusted GAAP GAAP press of is this in EBITDA and reconciliation EBITDA of to to release EBITDA the from income Our end presented presentation. our at slide and
In our next addition, our file plan XX-Q, in couple information which in segment-related detailed will be Form days. to of the we
So the made we $XXX continue our XXXX to a expectations like lot for back conclude, Maravai. for of we certainly post-COVID set phase of of against million phase companies There COVID to in execute financially the in initially revenues and pre-COVID, pandemic line has and $XXX that been million guidance with XXXX to pandemic XXXX. November
COVID-related where in Nucleic is looked Testing a about the business to future Safety great projected impact is well it XXXX, term. financial of Biologic that where be. Although projected we Based right of back unclear models the we with we the here remain and be our long it business demand position still Acid sit we the for from some all, of to to I to and recently ahead
and than are sciences. and end impact the level stronger conflicts much more $XXX markets. and capabilities decisions infrastructure interest of recognize the cash broader Difficulty] the rising uncertainties at investment have understanding but us anticipated that broader and factors projections our global subtracted Additionally, market-wide and long-term substantially a Not could of than years and and growth much [Technical be success. we in these rates ahead our of for larger, is factors we it larger profitable success macro inflation believe make and We ago, of and all mRNA only we Maravai more are life all interest business has today million and
also remain strategy However, we on keep the vision, game. and conviction long focused a our in steadfast our
long-term in for move a for position us systems and well in best processes, you invest lean forward, people as that Thank great and our your facilities we'll to continue time in those as today. position are We to assets success. and meaningly
Now back XX. call I'm remarks for to going to the some over Carl Slide turn on final
