Babcock & Wilcox Enterprises Reports Fourth Quarter and Full Year 2022 Results
Babcock & Wilcox Enterprises reported a strong Q4 2022 with revenues of $250 million, a 30% increase year-over-year. Full-year revenues rose to $889.8 million, a 23% growth from 2021. Adjusted EBITDA for 2022 was $72.4 million, surpassing the target. However, the company faced a net loss of $26.6 million, a sharp contrast to the previous year's $31.5 million profit. Bookings reached $908 million, marking a 17% increase, with a year-end backlog of $704 million, a 19% rise from 2021. The company reiterated its 2023 adjusted EBITDA target of $100 million to $120 million amidst ongoing industry challenges and geopolitical pressures.
- Achieved 2022 Adjusted EBITDA of $72.4 million, exceeding target.
- Full-year 2022 revenues increased by 23% to $889.8 million.
- Bookings increased to $908 million, a 17% rise from 2021.
- Year-end backlog reached $704 million, a 19% increase over 2021.
- Net loss of $26.6 million in 2022, compared to net income of $31.5 million in 2021.
- Loss per share in 2022 was $(0.43), down from earnings per share of $0.26 in 2021.
- Ongoing global supply chain challenges and geopolitical issues affected project deliveries.
-
Achieved 2022 Adjusted EBITDA of
$72.4 million -
Reiterates Full Year 2023 Adjusted EBITDA target of
$100 million $120 million -
Annual Bookings increased to
$908 million -
Year-end backlog of
$704 million 19% increase over 2021 -
Pipeline expands to
$8 billion -
Generated
$37 million
Q4 2022 Highlights and Outlook:
– Revenues of
– Net income of
– Earnings per share of
– Consolidated adjusted EBITDA of
– Bookings in fourth quarter were
Full Year 2022 Highlights:
– Revenues of
– Net loss of
– Loss per share of
– Consolidated adjusted EBITDA of
– Bookings of
– Ending backlog of
"We delivered seasonally strong fourth quarter results, which improved significantly on a sequential basis, and enabled us to meet our revised adjusted EBITDA target for the full year 2022," said
"More specifically, we are continuing to diversify our environmental and renewable businesses, leveraging our ClimateBrightTM decarbonization platform and the supportive industry legislation, and we look forward to providing our partners with the technologies necessary to enable a more sustainable future," Young added. "With our recent new-build award wins and notable project developments, we’re strategically positioning the Company to deploy these technologies at scale and further develop our suite of carbon-capture technologies."
"Looking forward, our commitment to driving profitable growth and enhancing shareholder value through our strategic objectives remains consistent," Young stated. "Given our current visibility for new booking opportunities, we reiterate our full-year 2023 adjusted EBITDA target of
Q4 2022 Financial Summary
Consolidated revenues in the fourth quarter of 2022 were
Babcock & Wilcox Renewable segment revenues were
Babcock & Wilcox Environmental segment revenues were
Babcock & Wilcox Thermal segment revenues were
Full Year 2022 Financial Summary
Consolidated revenues in 2022 were
Reconciliations of net income, the most directly comparable GAAP measure, to adjusted EBITDA for the Company's segments, are provided in the exhibits to this release.
Babcock & Wilcox Renewable segment revenues were
Babcock & Wilcox Environmental segment revenues were
Babcock & Wilcox Thermal segment revenues were
Liquidity and Balance Sheet
At
Impacts of Market Conditions
Management continues to adapt to macroeconomic conditions, including rising inflation, higher interest rates, foreign exchange rate fluctuations and the impact of the ongoing conflict in
Earnings Call Information
B&W plans to host a conference call and webcast on
Non-GAAP Financial Measures
The Company uses non-GAAP financial measures internally to evaluate its performance and in making financial and operational decisions. When viewed in conjunction with GAAP results and the accompanying reconciliation, the Company believes that its presentation of these measures provides investors with greater transparency and a greater understanding of factors affecting its financial condition and results of operations than GAAP measures alone. Additionally, the Company redefined its definition of adjusted EBITDA to eliminate the effects of certain items including the loss from a non-strategic business, interest on letters of credit included in cost of operations and loss on business held for sale. Prior period results have been revised to conform with the revised definition and present separate reconciling items in our reconciliation, including business transition costs. The presentation of non-GAAP financial measures should not be considered in isolation or as a substitute for the Company’s related financial results prepared in accordance with GAAP.
This release presents adjusted EBITDA for each business segment, which are non-GAAP financial measures. Adjusted EBITDA on a consolidated basis is defined as the sum of the Adjusted EBITDA for each of the segments, further adjusted for corporate allocations and research and development costs. At a segment level, the adjusted EBITDA presented is consistent with the way the Company's chief operating decision maker reviews the results of operations and makes strategic decisions about the business and is calculated as earnings before interest expense, tax, depreciation and amortization adjusted for items such as gains or losses arising from the sale of non-income producing assets, net pension benefits, restructuring costs, impairments, gains and losses on debt extinguishment, costs related to financial consulting, research and development costs and other costs that may not be directly controllable by segment management and are not allocated to the segment. The Company presented consolidated Adjusted EBITDA because it believes it is useful to investors to help facilitate comparisons of the ongoing, operating performance before corporate overhead and other expenses not attributable to the operating performance of the Company's revenue generating segments. This release also presents certain targets for our Adjusted EBITDA in the future; these targets are not intended as guidance regarding how the Company believes the business will perform. The Company is unable to reconcile these targets to their GAAP counterparts without unreasonable effort and expense.
Bookings and Backlog
Bookings and backlog are our measure of remaining performance obligations under our sales contracts. It is possible that our methodology for determining bookings and backlog may not be comparable to methods used by other companies.
We generally include expected revenue from contracts in our backlog when we receive written confirmation from our customers authorizing the performance of work and committing the customers to payment for work performed. Backlog may not be indicative of future operating results, and contracts in our backlog may be canceled, modified or otherwise altered by customers. Backlog can vary significantly from period to period, particularly when large new-build projects or operations and maintenance contracts are booked because they may be fulfilled over multiple years. Because we operate globally, our backlog is also affected by changes in foreign currencies each period. We do not include orders of our unconsolidated joint ventures in backlog.
Bookings represent changes to the backlog. Bookings include additions from booking new business, subtractions from customer cancellations or modifications, changes in estimates of liquidated damages that affect selling price and revaluation of backlog denominated in foreign currency. We believe comparing bookings on a quarterly basis or for periods less than one year is less meaningful than for longer periods, and that shorter-term changes in bookings may not necessarily indicate a material trend.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical or current fact included in the release are forward-looking statements. You should not place undue reliance on these statements. Forward-looking statements include words such as “expect,” “intend,” “plan,” “likely,” “seek,” “believe,” “project,” “forecast,” “target,” “goal,” “potential,” “estimate,” “may,” “might,” “will,” “would,” “should,” “could,” “can,” “have,” “due,” “anticipate,” “assume,” “contemplate,” “continue” and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operational performance or other events.
These forward-looking statements are based on management’s current expectations and involve a number of risks and uncertainties, including, among other things, the impact of global macroeconomic conditions, including inflation and volatility in the capital markets; the impact of the ongoing conflict in
These forward-looking statements are made based upon detailed assumptions and reflect management’s current expectations and beliefs. While we believe that these assumptions underlying the forward-looking statements are reasonable, we caution that it is very difficult to predict the impact of known factors, and it is impossible for us to anticipate all factors that could affect actual results. The forward-looking statements included herein are made only as of the date hereof. We undertake no obligation to publicly update or revise any forward-looking statement as a result of new information, future events, or otherwise, except as required by law.
About
Headquartered in
Exhibit 1
|
||||||||||||
|
Three months ended
|
Year ended
|
||||||||||
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
Revenues |
$ |
249.9 |
|
$ |
192.3 |
|
$ |
889.8 |
|
$ |
723.4 |
|
Costs and expenses: |
|
|
|
|
||||||||
Cost of operations |
|
191.7 |
|
|
139.0 |
|
|
704.2 |
|
|
543.8 |
|
Selling, general and administrative expenses |
|
51.2 |
|
|
42.5 |
|
|
178.5 |
|
|
154.9 |
|
|
|
— |
|
|
— |
|
|
7.2 |
|
|
— |
|
Advisory fees and settlement costs |
|
(1.7 |
) |
|
3.4 |
|
|
8.5 |
|
|
13.1 |
|
Restructuring activities |
|
0.2 |
|
|
(3.1 |
) |
|
0.6 |
|
|
4.9 |
|
Research and development costs (benefit) |
|
1.0 |
|
|
0.6 |
|
|
3.8 |
|
|
1.6 |
|
Gain on asset disposals, net |
|
(1.7 |
) |
|
0.1 |
|
|
(8.8 |
) |
|
(15.7 |
) |
Total costs and expenses |
|
240.6 |
|
|
182.6 |
|
|
894.0 |
|
|
702.5 |
|
Operating income (loss) |
|
9.3 |
|
|
9.7 |
|
|
(4.2 |
) |
|
20.8 |
|
Other expense: |
|
|
|
|
||||||||
Interest expense |
|
(11.7 |
) |
|
(8.8 |
) |
|
(45.0 |
) |
|
(39.4 |
) |
Interest income |
|
0.3 |
|
|
0.1 |
|
|
0.6 |
|
|
0.5 |
|
Gain on debt extinguishment |
|
— |
|
|
— |
|
|
— |
|
|
6.5 |
|
Gain (loss) on sale of business |
|
— |
|
|
0.5 |
|
|
— |
|
|
(1.8 |
) |
Benefit plans, net |
|
15.2 |
|
|
23.3 |
|
|
37.5 |
|
|
48.1 |
|
Foreign exchange |
|
2.6 |
|
|
(3.2 |
) |
|
(0.6 |
) |
|
(4.3 |
) |
Other income (expense) – net |
|
(3.8 |
) |
|
(0.3 |
) |
|
(3.9 |
) |
|
(1.3 |
) |
Total other expense |
|
2.7 |
|
|
11.5 |
|
|
(11.3 |
) |
|
8.5 |
|
(Loss) income before income tax expense |
|
11.9 |
|
|
21.3 |
|
|
(15.5 |
) |
|
29.3 |
|
Income tax expense |
|
6.3 |
|
|
(8.9 |
) |
|
11.1 |
|
|
(2.2 |
) |
Net income (loss) |
|
5.7 |
|
|
30.2 |
|
|
(26.6 |
) |
|
31.5 |
|
Net loss (income) attributable to non-controlling interest |
|
0.1 |
|
|
(0.6 |
) |
|
3.7 |
|
|
(0.6 |
) |
Net income (loss) attributable to stockholders |
|
5.7 |
|
|
29.6 |
|
|
(22.9 |
) |
|
30.9 |
|
Less: Dividend on Series A preferred stock |
|
3.7 |
|
|
3.7 |
|
|
14.9 |
|
|
9.1 |
|
Net income (loss) attributable to stockholders of common stock |
$ |
2.0 |
|
$ |
25.9 |
|
$ |
(37.7 |
) |
$ |
21.8 |
|
|
|
|
|
|
||||||||
Basic earnings (loss) per share |
$ |
0.02 |
|
$ |
0.30 |
|
$ |
0.43 |
|
$ |
0.26 |
|
Diluted earnings (loss) per share |
$ |
0.02 |
|
$ |
0.30 |
|
$ |
(0.43 |
) |
$ |
0.26 |
|
|
|
|
|
|
||||||||
Shares used in the computation of earnings (loss) per share: |
|
|
|
|||||||||
Basic |
|
88.7 |
|
|
86.3 |
|
|
88.3 |
|
|
82.4 |
|
Diluted |
|
88.9 |
|
|
87.1 |
|
|
88.3 |
|
|
83.6 |
|
|
|
|
|
|
||||||||
(1) Figures may not be clerically accurate due to rounding |
||||||||||||
Exhibit 2
Condensed Consolidated Balance Sheets(1) |
||||||
(In millions, except per share amount) |
|
|
||||
Cash and cash equivalents |
$ |
76.7 |
|
$ |
224.9 |
|
Current restricted cash and cash equivalents |
|
15.3 |
|
|
1.8 |
|
Accounts receivable – trade, net |
|
162.5 |
|
|
132.1 |
|
Accounts receivable – other |
|
38.5 |
|
|
34.6 |
|
Contracts in progress |
|
134.9 |
|
|
80.2 |
|
Inventories, net |
|
102.6 |
|
|
79.5 |
|
Other current assets |
|
27.0 |
|
|
29.4 |
|
Total current assets |
|
557.6 |
|
|
582.4 |
|
Net property, plant and equipment, and finance lease |
|
86.4 |
|
|
85.6 |
|
|
|
157.0 |
|
|
116.5 |
|
Intangible assets, net |
|
60.3 |
|
|
43.8 |
|
Right-of-use assets |
|
29.4 |
|
|
30.2 |
|
Long-term restricted cash |
|
21.4 |
|
|
— |
|
Other assets |
|
30.6 |
|
|
54.8 |
|
Total assets |
$ |
942.7 |
|
$ |
913.3 |
|
|
||||||
Accounts payable |
$ |
139.2 |
|
$ |
85.9 |
|
Accrued employee benefits |
|
12.5 |
|
|
13.0 |
|
Advance billings on contracts |
|
133.4 |
|
|
68.4 |
|
Accrued warranty expense |
|
9.6 |
|
|
12.9 |
|
Financing lease liabilities |
|
1.2 |
|
|
2.4 |
|
Operating lease liabilities |
|
3.6 |
|
|
4.0 |
|
Other accrued liabilities |
|
68.2 |
|
|
54.4 |
|
Loans payable |
|
4.3 |
|
|
12.4 |
|
Total current liabilities |
|
372.0 |
|
|
253.4 |
|
Senior notes |
|
335.5 |
|
|
326.4 |
|
Long term loans payable |
|
13.2 |
|
|
1.5 |
|
Pension and other postretirement benefit liabilities |
|
136.2 |
|
|
182.7 |
|
Non-current finance lease liabilities |
|
27.5 |
|
|
29.4 |
|
Non-current operating lease liabilities |
|
26.6 |
|
|
26.7 |
|
Deferred tax liabilities |
|
10.1 |
|
|
1.4 |
|
Other non-current liabilities |
|
33.5 |
|
|
33.2 |
|
Total liabilities |
|
944.7 |
|
|
854.6 |
|
Commitments and contingencies |
|
|
||||
Stockholders' (deficit) equity: |
|
|
||||
Preferred stock, par value |
|
0.1 |
|
|
0.1 |
|
Common stock, par value |
|
5.1 |
|
|
5.1 |
|
Capital in excess of par value |
|
1,537.6 |
|
|
1,518.9 |
|
|
|
(113.8 |
) |
|
(110.9 |
) |
Accumulated deficit |
|
(1,358.9 |
) |
|
(1,321.2 |
) |
Accumulated other comprehensive loss |
|
(72.8 |
) |
|
(58.8 |
) |
Stockholders' (deficit) equity attributable to shareholders |
|
(2.6 |
) |
|
33.1 |
|
Non-controlling interest |
|
0.5 |
|
|
25.5 |
|
Total stockholders' (deficit) equity |
|
(2.1 |
) |
|
58.6 |
|
Total stockholders' equity |
$ |
942.7 |
|
$ |
913.3 |
|
(1) Figures may not be clerically accurate due to rounding. |
||||||
Exhibit 3
Condensed Consolidated Statements of Cash Flows(1) |
||||||
(In millions) |
Twelve months ended |
|||||
|
|
2022 |
|
|
2021 |
|
Cash flows from operating activities: |
|
|
||||
Net (loss) income |
$ |
(26.6 |
) |
$ |
31.5 |
|
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
||||
Depreciation and amortization of long-lived assets |
|
24.0 |
|
|
18.3 |
|
|
|
7.2 |
|
|
— |
|
Change in fair value of contingent consideration |
|
(9.6 |
) |
|
— |
|
Amortization of deferred financing costs and debt discount |
|
5.2 |
|
|
7.9 |
|
Amortization of guaranty fee |
|
0.9 |
|
|
1.8 |
|
Non-cash operating lease expense |
|
7.3 |
|
|
4.2 |
|
Loss on sale of business |
|
— |
|
|
1.8 |
|
Gain on debt extinguishment |
|
— |
|
|
(6.5 |
) |
Gain on asset disposals |
|
(8.8 |
) |
|
(15.7 |
) |
(Benefit from) provision for deferred income taxes |
|
5.9 |
|
|
(7.7 |
) |
Prior service cost amortization for pension and postretirement plans |
|
(6.8 |
) |
|
(15.5 |
) |
Stock-based compensation, net of associated income taxes |
|
10.0 |
|
|
7.8 |
|
Foreign exchange |
|
0.6 |
|
|
4.3 |
|
Changes in assets and liabilities: |
|
|
||||
Accounts receivable |
|
(28.2 |
) |
|
0.2 |
|
Contracts in progress |
|
(54.1 |
) |
|
(20.1 |
) |
Advance billings on contracts |
|
62.3 |
|
|
1.6 |
|
Inventories |
|
(19.0 |
) |
|
(3.0 |
) |
Income taxes |
|
(0.2 |
) |
|
(2.1 |
) |
Accounts payable |
|
52.7 |
|
|
7.1 |
|
Accrued and other current liabilities |
|
(18.9 |
) |
|
(47.8 |
) |
Accrued contract loss |
|
6.4 |
|
|
(0.2 |
) |
Pension liabilities, accrued postretirement benefits and employee benefits |
|
(36.5 |
) |
|
(60.8 |
) |
Other, net |
|
(4.2 |
) |
|
(18.2 |
) |
Net cash used in operating activities |
|
(30.6 |
) |
|
(111.2 |
) |
Cash flows from investing activities: |
|
|
||||
Purchase of property, plant and equipment |
|
(13.2 |
) |
|
(6.7 |
) |
Acquisition of business, net of cash acquired |
|
(64.9 |
) |
|
(55.3 |
) |
Proceeds from sale of business and assets, net |
|
5.5 |
|
|
25.4 |
|
Purchases of available-for-sale securities |
|
(6.4 |
) |
|
(12.6 |
) |
Sales and maturities of available-for-sale securities |
|
9.8 |
|
|
15.7 |
|
Other, net |
|
0.5 |
|
|
— |
|
Net cash used in investing activities |
|
(68.7 |
) |
|
(33.5 |
) |
(In millions) |
Year ended |
|||||
|
|
2022 |
|
|
2021 |
|
Cash flows from financing activities: |
|
|
||||
Issuance of senior notes |
|
6.8 |
|
|
303.3 |
|
Borrowings on loan payable |
|
7.2 |
|
|
7.1 |
|
Repayments on loan payable |
|
(16.9 |
) |
|
(0.8 |
) |
Proceeds from sale lease-back financing transactions |
|
13.3 |
|
|
— |
|
Finance lease payments |
|
(2.4 |
) |
|
(2.4 |
) |
Repayments under last out term loans |
|
0 |
|
|
(75.4 |
) |
Borrowings under |
|
— |
|
|
14.5 |
|
Repayments of |
|
— |
|
|
(178.8 |
) |
Issuance of preferred stock, net |
|
— |
|
|
113.3 |
|
Payment of preferred stock dividends |
|
(14.9 |
) |
|
(9.1 |
) |
Shares of common stock returned to treasury stock |
|
(2.8 |
) |
|
(4.9 |
) |
Issuance of common stock, net |
|
— |
|
|
160.8 |
|
Debt issuance costs |
|
(1.4 |
) |
|
(24.6 |
) |
Other, net |
|
— |
|
|
(0.2 |
) |
Net cash (used in) provided by financing activities |
|
(11.2 |
) |
|
302.8 |
|
Effects of exchange rate changes on cash |
|
(2.7 |
) |
|
1.2 |
|
Net (decrease) increase in cash, cash equivalents and restricted cash |
|
(113.3 |
) |
|
159.3 |
|
Cash, cash equivalents and restricted cash at beginning of period |
|
226.7 |
|
|
67.4 |
|
Cash, cash equivalents and restricted cash at end of period |
$ |
113.5 |
|
$ |
226.7 |
|
(1) Figures may not be clerically accurate due to rounding. |
||||||
Exhibit 4
Segment Information(1) (In millions) |
||||||||||||
SEGMENT RESULTS |
Three months ended |
Year ended |
||||||||||
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
REVENUES: |
|
|
|
|
||||||||
Babcock & Wilcox Renewable |
$ |
105.7 |
|
$ |
51.6 |
|
$ |
330.6 |
|
$ |
156.8 |
|
Babcock & Wilcox Environmental |
|
43.2 |
|
|
36.1 |
|
|
154.4 |
|
|
133.8 |
|
Babcock & Wilcox Thermal |
|
105.2 |
|
|
104.9 |
|
|
415.1 |
|
|
433.3 |
|
Other |
|
(4.2 |
) |
|
(0.3 |
) |
|
(10.3 |
) |
|
(0.6 |
) |
|
$ |
249.9 |
|
$ |
192.3 |
|
$ |
889.8 |
|
$ |
723.4 |
|
|
|
|
|
|
||||||||
ADJUSTED EBITDA: |
|
|
|
|
||||||||
Babcock & Wilcox Renewable (5) |
$ |
11.2 |
|
$ |
8.2 |
|
$ |
26.1 |
|
$ |
23.2 |
|
Babcock & Wilcox Environmental |
|
4.7 |
|
|
4.5 |
|
|
9.8 |
|
|
11.8 |
|
Babcock & Wilcox Thermal |
|
15.0 |
|
|
16.7 |
|
|
56.3 |
|
|
49.1 |
|
Corporate |
|
(3.5 |
) |
|
(0.9 |
) |
|
(16.5 |
) |
|
(12.5 |
) |
Research and development costs |
|
(0.8 |
) |
|
(0.5 |
) |
|
(3.3 |
) |
|
(1.1 |
) |
|
$ |
26.5 |
|
$ |
27.9 |
|
$ |
72.4 |
|
$ |
70.6 |
|
|
|
|
|
|
||||||||
AMORTIZATION EXPENSE: |
|
|
|
|
||||||||
Babcock & Wilcox Renewable (2) |
$ |
0.9 |
|
$ |
2.1 |
|
$ |
5.8 |
|
$ |
2.7 |
|
Babcock & Wilcox Environmental |
|
0.7 |
|
|
0.7 |
|
|
4.5 |
|
|
3.0 |
|
Babcock & Wilcox Thermal (3) |
|
1.8 |
|
|
0.6 |
|
|
2.7 |
|
|
2.9 |
|
|
$ |
3.4 |
|
$ |
3.3 |
|
$ |
13.0 |
|
$ |
8.6 |
|
|
|
|
|
|
||||||||
DEPRECIATION EXPENSE: |
|
|
|
|
||||||||
Babcock & Wilcox Renewable |
$ |
1.7 |
|
$ |
0.8 |
|
$ |
6.8 |
|
$ |
3.0 |
|
Babcock & Wilcox Environmental |
|
0.2 |
|
|
0.4 |
|
|
3.4 |
|
|
1.6 |
|
Babcock & Wilcox Thermal |
|
2.0 |
|
|
1.2 |
|
|
0.7 |
|
|
5.1 |
|
|
$ |
3.9 |
|
$ |
2.4 |
|
$ |
10.9 |
|
$ |
9.7 |
|
|
|
|
|
|
||||||||
|
As of |
|
||||||||||
BACKLOG: |
|
2022 |
|
|
2021 |
|
|
|
||||
Babcock & Wilcox Renewable (4) |
$ |
265 |
|
$ |
394 |
|
|
|
||||
Babcock & Wilcox Environmental |
|
284 |
|
|
123 |
|
|
|
||||
Babcock & Wilcox Thermal |
|
148 |
|
|
126 |
|
|
|
||||
Other/Eliminations |
|
7 |
|
|
(4 |
) |
|
|
||||
|
$ |
704 |
|
$ |
639 |
|
|
|
||||
(1) |
Figures may not be clerically accurate due to rounding. |
(2) |
Amortization expense in the Babcock & Wilcox Renewable segment includes |
(3) |
Amortization expense in the Babcock & Wilcox Thermal segment includes |
(4) |
Babcock & Wilcox Renewable backlog at |
(5) |
Adjusted EBITDA for the twelve months ended |
Exhibit 5
Reconciliation of Adjusted EBITDA(3) (In millions) |
||||||||||||
|
Three months ended |
Year ended |
||||||||||
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
(Loss) income from continuing operations |
$ |
5.7 |
|
$ |
30.2 |
|
$ |
(26.6 |
) |
$ |
31.5 |
|
Interest expense, net |
|
13.6 |
|
|
9.6 |
|
|
50.8 |
|
|
41.4 |
|
Income tax expense (benefit) |
|
6.3 |
|
|
(8.9 |
) |
|
11.1 |
|
|
(2.2 |
) |
Depreciation & amortization |
|
7.2 |
|
|
5.7 |
|
|
24.0 |
|
|
18.3 |
|
EBITDA |
|
32.8 |
|
|
36.5 |
|
|
59.2 |
|
|
89.0 |
|
|
|
|
|
|
||||||||
Benefit plans, net |
|
(15.2 |
) |
|
(23.3 |
) |
|
(37.5 |
) |
|
(48.1 |
) |
(Gain) loss on sales, net |
|
(2.4 |
) |
|
(0.4 |
) |
|
(2.6 |
) |
|
(14.0 |
) |
Stock compensation |
|
3.4 |
|
|
2.4 |
|
|
8.7 |
|
|
10.5 |
|
Restructuring activities and business services transition costs |
|
2.3 |
|
|
2.8 |
|
|
8.5 |
|
|
10.7 |
|
Advisory fees for settlement costs and liquidity planning |
|
(0.4 |
) |
|
0.5 |
|
|
1.5 |
|
|
5.5 |
|
Settlement and related legal costs |
|
3.5 |
|
|
2.8 |
|
|
10.7 |
|
|
4.9 |
|
Gain on debt extinguishment |
|
— |
|
|
— |
|
|
— |
|
|
(6.5 |
) |
Acquisition pursuit and related costs |
|
0.7 |
|
|
0.8 |
|
|
5.5 |
|
|
4.8 |
|
Product development (1) |
|
1.5 |
|
|
2.0 |
|
|
4.1 |
|
|
4.7 |
|
Foreign exchange |
|
(2.6 |
) |
|
3.2 |
|
|
0.6 |
|
|
4.3 |
|
Financial advisory services |
|
0.3 |
|
|
0.2 |
|
|
1.4 |
|
|
2.7 |
|
Contract step-up purchase price adjustment |
|
— |
|
|
— |
|
|
1.7 |
|
|
— |
|
|
|
— |
|
|
— |
|
|
7.2 |
|
|
— |
|
Loss from business held for sale |
|
— |
|
|
— |
|
|
— |
|
|
0.5 |
|
Contract disposal |
|
3.0 |
|
|
— |
|
|
3.0 |
|
|
— |
|
Other - net |
|
(0.1 |
) |
|
0.4 |
|
|
0.3 |
|
|
1.6 |
|
Adjusted EBITDA(2) |
$ |
26.7 |
|
$ |
27.9 |
|
$ |
72.4 |
|
$ |
70.6 |
|
(1) |
Costs associated with development of commercially viable products that are ready to go to market. |
(2) |
Adjusted EBITDA for the twelve months ended |
(3) |
Figures may not be clerically accurate due to rounding. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20230315005416/en/
Investor Contact:
704.625.4944 | investors@babcock.com
Media Contact:
Public Relations
330.860.1345 | rscornell@babcock.com
Source:
FAQ
What were Babcock & Wilcox's revenues for Q4 2022?
What is Babcock & Wilcox's adjusted EBITDA target for 2023?
How much did bookings increase for Babcock & Wilcox in 2022?
What was Babcock & Wilcox's net income in 2022?
What was the backlog amount for Babcock & Wilcox at year-end 2022?
