Babcock & Wilcox Enterprises Reports Fourth Quarter and Full Year 2021 Results
Babcock & Wilcox (BW) reported strong financial results for Q4 and full year 2021, with Q4 revenues of $192.3 million and a net income of $30.2 million. This represents a substantial increase from the previous year. Full year revenues reached $723.4 million, with net income of $31.5 million, up from a prior loss. The company achieved its 2021 adjusted EBITDA target of $70.6 million and reported total bookings of $779 million, a 20.8% increase from 2020. BW anticipates a robust 2022, targeting adjusted EBITDA of $110-120 million, supported by a $7.5 billion project pipeline.
- Q4 2021 revenues increased by 28.3% year-over-year to $192.3 million.
- Net income in Q4 2021 was $30.2 million, up from $5.0 million in Q4 2020.
- Full year 2021 revenues rose 27.7% to $723.4 million.
- Full year net income improved to $31.5 million from a net loss of $10.3 million in 2020.
- Achieved adjusted EBITDA target of $70.6 million for 2021.
- Record total bookings of $779 million in 2021, a 20.8% increase from the previous year.
- Ending backlog increased by 19.4% to $639 million.
- Total debt amounted to $340.3 million, indicating financial leverage.
- Ongoing impacts from COVID-19 could disrupt future operations and project timelines.
- Milestone 2021 with Significant Growth in Revenue and Net Income
- Company Achieves its 2021 Adjusted EBITDA Target
- Highest Level of Annual Bookings since 2017
Q4 2021 Highlights:
- Revenues of
- Net income of
- Earnings per share of
- Consolidated adjusted EBITDA of
- Bookings of
Full Year 2021 Highlights:
- Revenues of
- Net income of
- Earnings per share of
- Consolidated adjusted EBITDA of
- Bookings of
- Ending backlog of
"Our strong results for the fourth quarter and full year 2021, combined with recent and anticipated bookings, have positioned us for an even stronger 2022," said
"Our recent acquisitions have strategically expanded our clean and renewable energy businesses," Young added. "We're excited about the substantial opportunities we see for solar installation and construction services in the
"Looking forward, we are reiterating our 2022 target of
Q4 2021 Financial Summary
Consolidated revenues in the fourth quarter of 2021 were
Babcock & Wilcox Renewable segment revenues were
Babcock & Wilcox Environmental segment revenues were
Babcock & Wilcox Thermal segment revenues were
__________________
1 The most comparable GAAP financial measure is not available without unreasonable effort.
Full Year 2021 Financial Summary
Consolidated revenues in 2021 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
Acquisitions
On
On
On
On
Liquidity and Balance Sheet
At
Conclusion of Previously Disclosed SEC Investigation
As the Company previously disclosed, the
COVID-19 Impact
The global COVID-19 pandemic has disrupted business operations including global supply chains, trade, commerce, financial and credit markets, and daily life throughout the world. The Company's business has been, and continues to be, adversely impacted by the measures taken and restrictions imposed in the countries in which it operates and by local governments and others to control the spread of this virus. These measures and restrictions have varied widely and have been subject to significant changes from time to time depending on the changes in the severity of the virus in these countries and localities. These restrictions, including travel and curtailment of other activity, negatively impact the Company's ability to conduct business.
The COVID-19 pandemic has also disrupted global supply chains including the manufacturing, supply, distribution, transportation and delivery of the Company's products. The Company could also see significant disruptions of the operations of logistics, service providers, delays in shipments and negative impacts to pricing of certain products. Disruptions and delays in the Company's supply chains as a result of the COVID-19 pandemic could adversely impact the ability to meet customers’ demands. Additionally, the prioritization of shipments of certain products as a result of the pandemic could cause delays in the shipment or delivery of the Company's products. Such disruptions could result in reduced sales.
The volatility and variability of the virus has limited the Company's ability to forecast the impact of the virus on its customers and its business. The ongoing impact of COVID-19, including new strains such as the Delta and Omicron variants, has resulted in the reimposition of certain restrictions and may lead to other restrictions being implemented in response to efforts to reduce the spread of the virus. These varying and changing events have caused many of the projects the Company had anticipated would begin in 2020 to be delayed into 2022 and beyond. Many customers and projects require B&W's employees to travel to customer and project worksites. Certain customers and significant projects are located in areas where travel restrictions have been imposed, certain customers have closed or reduced on-site activities, and timelines for completion of certain projects have, as noted above, been extended into 2022 and beyond. Additionally, out of concern for the Company's employees, even where restrictions permit employees to return to its offices and worksites, the Company has incurred additional costs to protect its employees as well as advised those who are uncomfortable returning to worksites due to the pandemic that they are not required to do so for an indefinite period of time. The resulting uncertainty concerning, among other things, the spread and economic impact of the virus has also caused significant volatility and, at times, illiquidity in global equity and credit markets. The full extent of the COVID-19 impact on the Company's operational and financial performance will depend on future developments, including the ultimate duration and spread of the pandemic and related actions taken by the
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. As previously disclosed, the Company changed its reportable segments in 2020 and has recast prior period results to account for this change. 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.
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 on asset sales, 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 due to the aspirational nature of these targets.
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 COVID-19 on the Company, the capital markets and global economic climate generally; the Company's ability to integrate acquired businesses and the impact of those acquired businesses on the Company's cash flows, results of operations and financial condition, including the Company's acquisitions of
These forward-looking statements are made based upon detailed assumptions and reflect management’s current expectations and beliefs. While the Company believes that these assumptions underlying the forward-looking statements are reasonable, the Company cautions that it is very difficult to predict the impact of known factors, and it is impossible for the Company to anticipate all factors that could affect actual results. The forward-looking statements included herein are made only as of the date hereof. The Company undertakes 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
Consolidated Statements of Operations(1) (In millions, except per share amounts) |
||||||||||||
|
Three months ended
|
Year ended
|
||||||||||
|
|
2021 |
|
2020* |
|
2021 |
|
2020* |
||||
Revenues |
$ |
192.3 |
|
$ |
149.9 |
|
$ |
723.4 |
|
$ |
566.3 |
|
Costs and expenses: |
|
|
|
|
||||||||
Cost of operations |
|
139.0 |
|
|
107.8 |
|
|
543.8 |
|
|
400.5 |
|
Selling, general and administrative expenses |
|
42.5 |
|
|
33.9 |
|
|
154.9 |
|
|
141.7 |
|
Advisory fees and settlement costs |
|
3.4 |
|
|
2.8 |
|
|
13.1 |
|
|
12.9 |
|
Restructuring activities |
|
(3.1 |
) |
|
5.1 |
|
|
4.9 |
|
|
11.8 |
|
Research and development costs |
|
0.6 |
|
|
0.5 |
|
|
1.6 |
|
|
4.4 |
|
Loss (gain) on asset disposals, net |
|
0.1 |
|
|
(2.3 |
) |
|
(15.7 |
) |
|
(3.3 |
) |
Total costs and expenses |
|
182.6 |
|
|
147.7 |
|
|
702.5 |
|
|
568.1 |
|
Operating income (loss) |
|
9.7 |
|
|
2.2 |
|
|
20.8 |
|
|
(1.7 |
) |
Other income (expense): |
|
|
|
|
||||||||
Interest expense |
|
(8.8 |
) |
|
(10.0 |
) |
|
(39.4 |
) |
|
(59.8 |
) |
Interest income |
|
0.1 |
|
|
0.2 |
|
|
0.5 |
|
|
0.6 |
|
Gain (loss) on debt extinguishment |
|
— |
|
|
— |
|
|
6.5 |
|
|
(6.2 |
) |
Gain (loss) on sale of business |
|
0.5 |
|
|
— |
|
|
(1.8 |
) |
|
(0.1 |
) |
Benefit plans, net |
|
23.3 |
|
|
(16.7 |
) |
|
48.1 |
|
|
5.6 |
|
Foreign exchange |
|
(3.2 |
) |
|
36.1 |
|
|
(4.3 |
) |
|
58.8 |
|
Other – net |
|
(0.3 |
) |
|
1.9 |
|
|
(1.3 |
) |
|
(1.1 |
) |
Total other income (expense) |
|
11.5 |
|
|
11.5 |
|
|
8.5 |
|
|
(2.2 |
) |
Income (loss) before income tax expense |
|
21.3 |
|
|
13.7 |
|
|
29.3 |
|
|
(3.9 |
) |
Income tax (benefit) expense |
|
(8.9 |
) |
|
8.6 |
|
|
(2.2 |
) |
|
8.2 |
|
Income (loss) from continuing operations |
|
30.2 |
|
|
5.0 |
|
|
31.5 |
|
|
(12.1 |
) |
Income from discontinued operations, net of tax |
|
— |
|
|
— |
|
|
— |
|
|
1.8 |
|
Net income (loss) |
|
30.2 |
|
|
5.0 |
|
|
31.5 |
|
|
(10.3 |
) |
Net income attributable to non-controlling interest |
|
(0.6 |
) |
|
(0.4 |
) |
|
(0.6 |
) |
|
— |
|
Net income (loss) attributable to stockholders |
|
29.6 |
|
|
4.6 |
|
|
30.9 |
|
|
(10.3 |
) |
Less: Dividend on Series A preferred stock |
|
3.7 |
|
|
— |
|
|
9.1 |
|
|
— |
|
Net income (loss) attributable to stockholders of common stock |
$ |
25.9 |
|
$ |
4.6 |
|
$ |
21.8 |
|
$ |
(10.3 |
) |
|
|
|
|
|
||||||||
Basic earnings (loss) per share |
|
|
|
|
||||||||
Continuing operations |
$ |
0.30 |
|
$ |
0.09 |
|
$ |
0.26 |
|
$ |
(0.25 |
) |
Discontinued operations |
|
— |
|
|
— |
|
|
— |
|
|
0.04 |
|
Basic earnings (loss) per share |
$ |
0.30 |
|
$ |
0.09 |
|
$ |
0.26 |
|
$ |
(0.21 |
) |
|
|
|
|
|
||||||||
Diluted earnings (loss) per share |
|
|
|
|
||||||||
Continuing operations |
$ |
0.30 |
|
$ |
0.09 |
|
$ |
0.26 |
|
$ |
(0.25 |
) |
Discontinued operations |
|
— |
|
|
— |
|
|
— |
|
|
0.04 |
|
Diluted earnings (loss) per share |
$ |
0.30 |
|
$ |
0.09 |
|
$ |
0.26 |
|
$ |
(0.21 |
) |
|
|
|
|
|
||||||||
Shares used in the computation of earnings (loss) per share: |
|
|
|
|||||||||
Basic |
|
86.3 |
|
|
52.1 |
|
|
82.4 |
|
|
48.7 |
|
Diluted |
|
87.1 |
|
|
53.4 |
|
|
83.6 |
|
|
48.7 |
|
(1) |
Figures may not be clerically accurate due to rounding |
|
* |
Year ended |
Exhibit 2
Consolidated Balance Sheets(1) |
||||||
(In millions, except per share amount) |
|
|
||||
Cash and cash equivalents |
$ |
224.9 |
|
$ |
57.3 |
|
Restricted cash and cash equivalents |
|
1.8 |
|
|
10.1 |
|
Accounts receivable – trade, net |
|
132.1 |
|
|
128.3 |
|
Accounts receivable – other |
|
34.6 |
|
|
35.4 |
|
Contracts in progress |
|
80.2 |
|
|
59.3 |
|
Inventories |
|
79.5 |
|
|
74.4 |
|
Other current assets |
|
29.4 |
|
|
26.4 |
|
Current assets held for sale |
|
— |
|
|
4.7 |
|
Total current assets |
|
582.4 |
|
|
396.1 |
|
Net property, plant and equipment, and finance lease |
|
85.6 |
|
|
85.1 |
|
|
|
116.5 |
|
|
47.4 |
|
Intangible assets |
|
43.8 |
|
|
23.9 |
|
Right-of-use assets |
|
30.2 |
|
|
10.8 |
|
Other assets |
|
54.8 |
|
|
24.7 |
|
Non-current assets held for sale |
|
— |
|
|
11.2 |
|
Total assets |
$ |
913.3 |
|
$ |
599.1 |
|
|
||||||
Accounts payable |
$ |
85.9 |
|
$ |
73.5 |
|
Accrued employee benefits |
|
13.0 |
|
|
13.9 |
|
Advance billings on contracts |
|
68.4 |
|
|
64.0 |
|
Accrued warranty expense |
|
12.9 |
|
|
25.4 |
|
Financing lease liabilities |
|
2.4 |
|
|
0.9 |
|
Operating lease liabilities |
|
4.0 |
|
|
4.0 |
|
Other accrued liabilities |
|
54.4 |
|
|
80.9 |
|
Loans payable |
|
12.4 |
|
|
— |
|
Current liabilities held for sale |
|
— |
|
|
8.3 |
|
Total current liabilities |
|
253.4 |
|
|
270.8 |
|
Senior notes |
|
326.4 |
|
|
— |
|
Long term loans payable |
|
1.5 |
|
|
— |
|
Last out term loans |
|
— |
|
|
183.3 |
|
Revolving credit facilities |
|
— |
|
|
164.3 |
|
Pension and other accumulated postretirement benefit liabilities |
|
182.7 |
|
|
252.3 |
|
Non-current finance lease liabilities |
|
29.4 |
|
|
29.7 |
|
Non-current operating lease liabilities |
|
26.7 |
|
|
7.0 |
|
Other non-current liabilities |
|
34.6 |
|
|
22.6 |
|
Total liabilities |
|
854.6 |
|
|
930.1 |
|
Commitments and contingencies |
|
|
||||
Stockholders' equity (deficit): |
|
|
||||
Preferred stock, par value |
|
0.1 |
|
|
— |
|
Common stock, par value |
|
5.1 |
|
|
4.8 |
|
Capital in excess of par value |
|
1,518.9 |
|
|
1,164.4 |
|
|
|
(110.9 |
) |
|
(106.0 |
) |
Accumulated deficit |
|
(1,321.2 |
) |
|
(1,342.9 |
) |
Accumulated other comprehensive loss |
|
(58.8 |
) |
|
(52.4 |
) |
Stockholders' equity (deficit) attributable to shareholders |
|
33.1 |
|
|
(332.1 |
) |
Non-controlling interest |
|
25.5 |
|
|
1.1 |
|
Total stockholders' equity (deficit) |
|
58.6 |
|
|
(331.0 |
) |
Total liabilities and stockholders' equity (deficit) |
$ |
913.3 |
|
$ |
599.1 |
|
(1) |
Figures may not be clerically accurate due to rounding. |
|
* |
Year ended |
Exhibit 3
Consolidated Statements of Cash Flows(1) |
||||||
(In millions) |
Year ended |
|||||
|
|
2021 |
|
|
2020 |
|
Cash flows from operating activities: |
|
|
||||
Net income (loss) |
$ |
31.5 |
|
$ |
(10.3 |
) |
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
||||
Depreciation and amortization of long-lived assets |
|
18.3 |
|
|
16.8 |
|
Amortization of deferred financing costs and debt discount |
|
7.9 |
|
|
16.7 |
|
Amortization of guaranty fee |
|
1.8 |
|
|
1.2 |
|
Non-cash operating lease expense |
|
4.2 |
|
|
4.8 |
|
Loss on sale of business |
|
1.8 |
|
|
0.1 |
|
(Gain) loss on debt extinguishment |
|
(6.5 |
) |
|
6.2 |
|
Gain on asset disposals |
|
(15.7 |
) |
|
(3.3 |
) |
Provision for (benefit from) deferred income taxes, including valuation allowances |
|
(7.7 |
) |
|
1.8 |
|
Mark to market, prior service cost amortization for pension and postretirement plans |
|
(15.5 |
) |
|
22.2 |
|
Stock-based compensation, net of associated income taxes |
|
7.8 |
|
|
4.6 |
|
Equitized non-cash interest expense |
|
— |
|
|
13.5 |
|
Foreign exchange |
|
4.3 |
|
|
(58.8 |
) |
Changes in assets and liabilities: |
|
|
||||
Accounts receivable |
|
0.2 |
|
|
21.7 |
|
Contracts in progress |
|
(20.1 |
) |
|
35.9 |
|
Advance billings on contracts |
|
1.6 |
|
|
(13.1 |
) |
Inventories |
|
(3.0 |
) |
|
(4.1 |
) |
Income taxes |
|
(2.1 |
) |
|
(2.4 |
) |
Accounts payable |
|
7.1 |
|
|
(42.0 |
) |
Accrued and other current liabilities |
|
(47.8 |
) |
|
9.1 |
|
Accrued contract loss |
|
(0.2 |
) |
|
(5.6 |
) |
Pension liabilities, accrued postretirement benefits and employee benefits |
|
(60.8 |
) |
|
(37.2 |
) |
Other, net |
|
(18.2 |
) |
|
(18.5 |
) |
Net cash used in operating activities |
|
(111.2 |
) |
|
(40.8 |
) |
Cash flows from investing activities: |
|
|
||||
Purchase of property, plant and equipment |
|
(6.7 |
) |
|
(8.2 |
) |
Acquisition of business, net of cash acquired |
|
(55.3 |
) |
|
— |
|
Proceeds from sale of business and assets, net |
|
25.4 |
|
|
8.0 |
|
Purchases of available-for-sale securities |
|
(12.6 |
) |
|
(29.1 |
) |
Sales and maturities of available-for-sale securities |
|
15.7 |
|
|
26.6 |
|
Other, net |
|
— |
|
|
5.0 |
|
Net cash (used in) from investing activities |
|
(33.5 |
) |
|
2.2 |
|
(In millions) |
Year ended |
|||||
|
|
2021 |
|
|
2020 |
|
Cash flows from financing activities: |
|
|
||||
Issuance of senior notes |
|
303.3 |
|
|
— |
|
Borrowings on loan payable |
|
7.1 |
|
|
— |
|
Repayments on loan payable |
|
(0.8 |
) |
|
— |
|
Borrowings under last out term loans |
|
— |
|
|
70.0 |
|
Repayments under last out term loans |
|
(75.4 |
) |
|
— |
|
Borrowings under |
|
14.5 |
|
|
158.9 |
|
Repayments of |
|
(178.8 |
) |
|
(173.6 |
) |
Issuance of preferred stock, net |
|
113.3 |
|
|
— |
|
Payment of preferred stock dividends |
|
(9.1 |
) |
|
— |
|
Shares of common stock returned to treasury stock |
|
(4.9 |
) |
|
(0.3 |
) |
Issuance of common stock, net |
|
160.8 |
|
|
— |
|
Debt issuance costs |
|
(24.6 |
) |
|
(10.6 |
) |
Other, net |
|
(2.6 |
) |
|
(0.3 |
) |
Net cash from financing activities |
|
302.8 |
|
|
44.1 |
|
Effects of exchange rate changes on cash |
|
1.2 |
|
|
5.0 |
|
Net increase (decrease) in cash, cash equivalents and restricted cash |
|
159.3 |
|
|
10.5 |
|
Cash, cash equivalents and restricted cash, beginning of period |
|
67.4 |
|
|
56.9 |
|
Cash, cash equivalents and restricted cash, end of period |
$ |
226.7 |
|
$ |
67.4 |
|
Exhibit 4
Segment Information(1) (In millions) |
||||||||||||
SEGMENT RESULTS |
Three months ended
|
Year ended
|
||||||||||
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
REVENUES: |
|
|
|
|
||||||||
Babcock & Wilcox Renewable |
$ |
51.6 |
|
$ |
37.6 |
|
$ |
156.8 |
|
$ |
156.2 |
|
Babcock & Wilcox Environmental |
|
36.1 |
|
|
31.6 |
|
|
133.8 |
|
|
108.0 |
|
Babcock & Wilcox Thermal |
|
104.9 |
|
|
81.0 |
|
|
433.3 |
|
|
305.0 |
|
Other |
|
(0.3 |
) |
|
(0.4 |
) |
|
(0.6 |
) |
|
(2.8 |
) |
|
$ |
192.3 |
|
$ |
149.9 |
|
$ |
723.4 |
|
$ |
566.3 |
|
|
|
|
|
|
||||||||
ADJUSTED EBITDA: |
|
|
|
|
||||||||
Babcock & Wilcox Renewable(2) |
$ |
8.2 |
|
$ |
3.0 |
|
$ |
23.2 |
|
$ |
25.0 |
|
Babcock & Wilcox Environmental |
|
4.5 |
|
|
2.1 |
|
|
11.8 |
|
|
3.5 |
|
Babcock & Wilcox Thermal |
|
16.7 |
|
|
12.8 |
|
|
49.1 |
|
|
36.1 |
|
Corporate |
|
(0.9 |
) |
|
(1.6 |
) |
|
(12.5 |
) |
|
(14.4 |
) |
Research and development benefit (costs) |
|
(0.5 |
) |
|
(0.5 |
) |
|
(1.1 |
) |
|
(4.4 |
) |
|
$ |
27.9 |
|
$ |
15.8 |
|
$ |
70.6 |
|
$ |
45.7 |
|
|
|
|
|
|
||||||||
AMORTIZATION EXPENSE: |
|
|
|
|
||||||||
Babcock & Wilcox Renewable (3) |
$ |
2.1 |
|
$ |
0.2 |
|
$ |
2.7 |
|
$ |
0.7 |
|
Babcock & Wilcox Environmental |
|
0.7 |
|
|
0.7 |
|
|
3.0 |
|
|
3.0 |
|
Babcock & Wilcox Thermal (4) |
|
0.6 |
|
|
0.5 |
|
|
2.9 |
|
|
1.8 |
|
|
$ |
3.3 |
|
$ |
1.4 |
|
$ |
8.6 |
|
$ |
5.5 |
|
|
|
|
|
|
||||||||
DEPRECIATION EXPENSE: |
|
|
|
|
||||||||
Babcock & Wilcox Renewable |
$ |
0.8 |
|
$ |
1.4 |
|
$ |
3.0 |
|
$ |
3.6 |
|
Babcock & Wilcox Environmental |
|
0.4 |
|
|
0.2 |
|
|
1.6 |
|
|
1.7 |
|
Babcock & Wilcox Thermal |
|
1.2 |
|
|
1.5 |
|
|
5.1 |
|
|
6.0 |
|
Corporate |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
$ |
2.4 |
|
$ |
3.1 |
|
$ |
9.7 |
|
$ |
11.3 |
|
|
|
|
|
|
||||||||
|
As of |
|
||||||||||
BACKLOG: |
|
2021 |
|
|
2020 |
|
|
|
||||
Babcock & Wilcox Renewable (5) |
$ |
394 |
|
$ |
208 |
|
|
|
||||
Babcock & Wilcox Environmental |
|
123 |
|
|
106 |
|
|
|
||||
Babcock & Wilcox Thermal |
|
126 |
|
|
226 |
|
|
|
||||
Other/Eliminations |
|
(4 |
) |
|
(5 |
) |
|
|
||||
|
$ |
639 |
|
$ |
535 |
|
|
|
||||
(1) |
Figures may not be clerically accurate due to rounding. |
|
(2) |
Adjusted EBITDA for the twelve months ended |
|
(3) |
Amortization expense in the Babcock & Wilcox Renewable segment include |
|
(4) |
Amortization expense in the Babcock & Wilcox Thermal segment include |
|
(5) |
Babcock & Wilcox Renewable backlog at |
Exhibit 5
Reconciliation of Adjusted EBITDA(2) (In millions) |
||||||||||||
|
Three months ended
|
Year ended
|
||||||||||
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
Net income (loss) |
|
30.2 |
|
|
5.0 |
|
|
31.5 |
|
|
(10.3 |
) |
Interest expense |
|
9.6 |
|
|
10.4 |
|
|
41.4 |
|
|
60.7 |
|
Income tax (benefit) expense |
|
(8.9 |
) |
|
8.6 |
|
|
(2.2 |
) |
|
8.2 |
|
Depreciation & amortization |
|
5.7 |
|
|
4.5 |
|
|
18.3 |
|
|
16.8 |
|
EBITDA |
|
36.5 |
|
|
28.5 |
|
|
89.0 |
|
|
75.4 |
|
|
|
|
|
|
||||||||
Benefit plans, net |
|
(23.3 |
) |
|
16.7 |
|
|
(48.1 |
) |
|
(5.6 |
) |
Gain on sales, net |
|
(0.4 |
) |
|
(2.3 |
) |
|
(14.0 |
) |
|
(3.2 |
) |
(Gain) loss on debt extinguishment |
|
— |
|
|
— |
|
|
(6.5 |
) |
|
6.2 |
|
Stock compensation |
|
2.4 |
|
|
1.5 |
|
|
10.5 |
|
|
4.6 |
|
Restructuring activities and business services transition costs |
|
2.8 |
|
|
5.1 |
|
|
10.7 |
|
|
11.8 |
|
Advisory fees for settlement costs and liquidity planning |
|
0.5 |
|
|
1.2 |
|
|
5.5 |
|
|
6.4 |
|
Litigation legal costs |
|
2.8 |
|
|
0.4 |
|
|
4.9 |
|
|
2.1 |
|
Acquisition pursuit and related costs |
|
0.8 |
|
|
— |
|
|
4.8 |
|
|
— |
|
Product development (1) |
|
2.0 |
|
|
— |
|
|
4.7 |
|
|
— |
|
Foreign exchange |
|
3.2 |
|
|
(36.1 |
) |
|
4.3 |
|
|
(58.8 |
) |
Financial advisory services |
|
0.2 |
|
|
1.2 |
|
|
2.7 |
|
|
4.4 |
|
Other -net |
|
0.4 |
|
|
(1.9 |
) |
|
1.5 |
|
|
1.1 |
|
Loss from business held for sale |
|
— |
|
|
0.1 |
|
|
0.5 |
|
|
0.5 |
|
Loss from a non-strategic business |
|
— |
|
|
1.4 |
|
|
0.1 |
|
|
2.6 |
|
Income from discontinued operations |
|
— |
|
|
— |
|
|
— |
|
|
(1.8 |
) |
Adjusted EBITDA (3) |
$ |
27.9 |
|
$ |
15.8 |
|
$ |
70.6 |
|
$ |
45.7 |
|
(1) |
Costs associated with development of commercially viable products that are ready to go to market. |
|
(2) |
Figures may not be clerically accurate due to rounding. |
|
(3) |
Adjusted EBITDA for the twelve months ended |
View source version on businesswire.com: https://www.businesswire.com/news/home/20220308005387/en/
Investor Contact:
Vice President, Corporate Development & Investor Relations
704.625.4944 | investors@babcock.com
Media Contact:
Public Relations
330.860.1345 | rscornell@babcock.com
Source:
FAQ
What were Babcock & Wilcox's Q4 2021 revenues and net income?
How much did Babcock & Wilcox earn in 2021?
What was Babcock & Wilcox's adjusted EBITDA for 2021?
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What was the booking trend for Babcock & Wilcox in 2021?
