Babcock & Wilcox Enterprises Reports Second Quarter 2022 Results
Babcock & Wilcox Enterprises (BW) reported a revenue of $221.0 million for Q2 2022, marking a 9% increase from Q2 2021, driven by new projects and recent acquisitions. The Renewable segment saw a remarkable 96% revenue growth to $75.2 million. Bookings rose by 46% to $245 million, with an ending backlog of $731 million, also up 46%. Despite these gains, BW reported a net loss of $6.3 million, with losses per share at $0.07, contrasting with previous net income. Adjusted EBITDA reached $20.6 million, reflecting a 35% increase. The ongoing geopolitical tensions and pandemic continue to pose challenges.
- Q2 2022 revenues increased by 9% to $221.0 million.
- Renewable segment revenues surged 96% to $75.2 million.
- Bookings improved 46% to $245 million.
- Ending backlog rose 46% to $731 million.
- Adjusted EBITDA increased by 35% to $20.6 million.
- Net loss of $6.3 million compared to net income of $1.4 million in Q2 2021.
- Loss per share of $0.07 compared to earnings per share of $0.02 in Q2 2021.
- Ongoing supply chain challenges due to COVID-19 and geopolitical tensions.
– Revenues, Adjusted EBITDA, Bookings and Backlog have improved compared to the second quarter of 2021
– Company remains positioned for milestone 2022
Q2 2022 Highlights:
– Revenues of
– B&W Renewable segment revenues of
– Bookings of
– Ending backlog of
– Net loss of
– Loss per share of
– Consolidated adjusted EBITDA of
– Establishes Senior P&L Leadership over Thermal and Renewable/Environmental Segments
"Our results for the second quarter demonstrate our continued progress against our plan and long-term growth strategy. These accomplishments, combined with our recent and anticipated bookings, position us for a milestone 2022, 2023 and beyond,” said
“We continue to make tremendous strides within our clean and renewable energy businesses, and as we advance the green initiatives within our environmental and renewable segments through technology development and strategic acquisitions, we believe we are uniquely positioned to lead the global clean energy transition. Our previously disclosed partnership with Fidelis and Kiewit to provide our ClimateBright™ decarbonization platform along with B&W’s 200-megawatt electric net-negative-carbon biomass power plant at the
“Consistent with our strategic growth plan, we continue to evaluate additional acquisition opportunities for both emerging technologies and mature markets that provide attractive economics and significant synergistic potential,” Young stated. “As we look forward to the second half of 2022, based on our first-half performance and combined with strong recent bookings and backlog, we are reiterating our 2022 target of
“To further drive our growth efforts, we have established senior leadership over our Global Thermal Segment and our Global Renewable & Environmental Segments, with direct reporting to
Additionally,
“We are excited to move Chris, Joe and Brandy into these new roles, which will further enhance our ability to react strongly and quickly to market changes and provide additional focus to not only drive development and implementation of our new technologies, but also as we continue to augment our mature Thermal technologies to support the growing needs of our customers,” said
| ______________________________ | ||
1 |
The most comparable GAAP financial measure is not available without unreasonable effort. |
|
Q2 2022 Financial Summary
Consolidated revenues in the second quarter of 2022 were
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 COVID-19 and the Russia-Ukraine Military Conflict
The ongoing COVID-19 pandemic and
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 has observed 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 continue to 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 impact of the COVID-19 pandemic and the
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. 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.
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 COVID-19 and the invasion 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
Condensed Consolidated Statements of Operations(1) (In millions, except per share amounts) |
||||||||||||
|
Three Months Ended |
Six months ended |
||||||||||
|
2022 |
2021 |
2022 |
2021 |
||||||||
Revenues |
$ |
221.0 |
|
$ |
202.9 |
|
$ |
425.1 |
|
$ |
371.1 |
|
Costs and expenses: |
|
|
|
|
||||||||
Cost of operations |
|
173.3 |
|
|
158.8 |
|
|
336.4 |
|
|
290.2 |
|
Selling, general and administrative expenses |
|
45.0 |
|
|
33.7 |
|
|
88.0 |
|
|
74.2 |
|
Advisory fees and settlement costs |
|
5.1 |
|
|
4.5 |
|
|
9.1 |
|
|
7.8 |
|
Restructuring activities |
|
(0.1 |
) |
|
2.4 |
|
|
— |
|
|
3.4 |
|
Research and development costs |
|
1.1 |
|
|
0.6 |
|
|
1.9 |
|
|
1.2 |
|
(Gain) loss on asset disposals, net |
|
(7.1 |
) |
|
— |
|
|
(7.1 |
) |
|
(2.0 |
) |
Total costs and expenses |
|
217.4 |
|
|
200.1 |
|
|
428.2 |
|
|
374.8 |
|
Operating income (loss) |
|
3.7 |
|
|
2.8 |
|
|
(3.1 |
) |
|
(3.7 |
) |
Other (expense) income: |
|
|
|
|
||||||||
Interest expense |
|
(10.7 |
) |
|
(8.0 |
) |
|
(21.9 |
) |
|
(22.2 |
) |
Interest income |
|
0.1 |
|
|
0.1 |
|
|
0.2 |
|
|
0.3 |
|
Gain (loss) on debt extinguishment |
|
— |
|
|
6.5 |
|
|
— |
|
|
6.5 |
|
Loss on sale of business |
|
— |
|
|
(2.6 |
) |
|
— |
|
|
(2.2 |
) |
Benefit plans, net |
|
7.4 |
|
|
5.9 |
|
|
14.9 |
|
|
15.0 |
|
Foreign exchange |
|
(4.3 |
) |
|
1.8 |
|
|
(1.2 |
) |
|
0.6 |
|
Other expense – net |
|
(0.6 |
) |
|
0.1 |
|
|
(0.6 |
) |
|
(0.2 |
) |
Total other (expense) income |
|
(8.0 |
) |
|
3.9 |
|
|
(8.7 |
) |
|
(2.2 |
) |
(Loss) income before income tax expense |
|
(4.3 |
) |
|
6.7 |
|
|
(11.8 |
) |
|
(5.9 |
) |
Income tax (benefit) expense |
|
(1.4 |
) |
|
3.5 |
|
|
(0.1 |
) |
|
6.4 |
|
Net (loss) income |
|
(3.0 |
) |
|
3.1 |
|
|
(11.7 |
) |
|
(12.3 |
) |
Net loss (income) attributable to non-controlling interest |
|
0.4 |
|
|
— |
|
|
0.8 |
|
|
— |
|
Net (loss) income attributable to stockholders |
|
(2.6 |
) |
|
3.1 |
|
|
(10.8 |
) |
|
(12.3 |
) |
Less: Dividend on Series A preferred stock |
|
3.7 |
|
|
1.7 |
|
|
7.4 |
|
|
1.7 |
|
Net (loss) income attributable to stockholders of common stock |
$ |
(6.3 |
) |
$ |
1.4 |
|
$ |
(18.3 |
) |
$ |
(14.1 |
) |
|
|
|
|
|
||||||||
Basic (loss) earnings per share |
$ |
(0.07 |
) |
$ |
0.02 |
|
$ |
(0.21 |
) |
$ |
(0.18 |
) |
Diluted (loss) earnings per share |
$ |
(0.07 |
) |
$ |
0.02 |
|
$ |
(0.21 |
) |
$ |
(0.18 |
) |
|
|
|
|
|
||||||||
Shares used in the computation of earnings (loss) per share: |
|
|
|
|||||||||
Basic |
|
88.0 |
|
|
85.7 |
|
|
88.0 |
|
|
78.6 |
|
Diluted |
|
88.0 |
|
|
87.0 |
|
|
88.0 |
|
|
78.6 |
|
(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 |
$ |
71.5 |
|
$ |
224.9 |
|
Restricted cash and cash equivalents |
|
8.7 |
|
|
1.8 |
|
Accounts receivable – trade, net |
|
147.5 |
|
|
132.1 |
|
Accounts receivable – other |
|
49.3 |
|
|
34.6 |
|
Contracts in progress |
|
111.9 |
|
|
80.2 |
|
Inventories, net |
|
99.1 |
|
|
79.5 |
|
Other current assets |
|
27.6 |
|
|
29.4 |
|
Total current assets |
|
515.6 |
|
|
582.4 |
|
Net property, plant and equipment, and finance lease |
|
80.5 |
|
|
85.6 |
|
|
|
164.8 |
|
|
116.5 |
|
Intangible assets, net |
|
63.6 |
|
|
43.8 |
|
Right-of-use assets |
|
29.9 |
|
|
30.2 |
|
Other assets |
|
59.6 |
|
|
54.8 |
|
Total assets |
$ |
913.9 |
|
$ |
913.3 |
|
|
||||||
Accounts payable |
$ |
109.5 |
|
$ |
85.9 |
|
Accrued employee benefits |
|
13.2 |
|
|
13.0 |
|
Advance billings on contracts |
|
95.7 |
|
|
68.4 |
|
Accrued warranty expense |
|
11.1 |
|
|
12.9 |
|
Financing lease liabilities |
|
1.5 |
|
|
2.4 |
|
Operating lease liabilities |
|
3.9 |
|
|
4.0 |
|
Other accrued liabilities |
|
63.9 |
|
|
54.4 |
|
Loans payable |
|
3.8 |
|
|
12.4 |
|
Total current liabilities |
|
302.5 |
|
|
253.4 |
|
Senior notes |
|
330.0 |
|
|
326.4 |
|
Long term loans payable |
|
0.6 |
|
|
1.5 |
|
Pension and other postretirement benefit liabilities |
|
166.1 |
|
|
182.7 |
|
Non-current finance lease liabilities |
|
28.8 |
|
|
29.4 |
|
Non-current operating lease liabilities |
|
26.8 |
|
|
26.7 |
|
Other non-current liabilities |
|
27.5 |
|
|
34.6 |
|
Total liabilities |
|
882.2 |
|
|
854.6 |
|
Commitments and contingencies |
|
|
||||
Stockholders' equity: |
|
|
||||
Preferred stock, par value |
|
0.1 |
|
|
0.1 |
|
Common stock, par value |
|
5.1 |
|
|
5.1 |
|
Capital in excess of par value |
|
1,521.9 |
|
|
1,518.9 |
|
|
|
(111.2 |
) |
|
(110.9 |
) |
Accumulated deficit |
|
(1,339.4 |
) |
|
(1,321.2 |
) |
Accumulated other comprehensive loss |
|
(69.3 |
) |
|
(58.8 |
) |
Stockholders' equity attributable to shareholders |
|
7.2 |
|
|
33.1 |
|
Non-controlling interest |
|
24.5 |
|
|
25.5 |
|
Total stockholders' equity |
|
31.7 |
|
|
58.6 |
|
Total liabilities and stockholders' equity |
$ |
913.9 |
|
$ |
913.3 |
|
(1) Figures may not be clerically accurate due to rounding. |
||||||
Exhibit 3
Condensed Consolidated Statements of Cash Flows(1) |
||||||
(In millions) |
Six Months Ended |
|||||
|
2022 |
2021 |
||||
Cash flows from operating activities: |
|
|
||||
Net loss |
$ |
(11.7 |
) |
$ |
(12.3 |
) |
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
||||
Depreciation and amortization of long-lived assets |
|
11.9 |
|
|
8.4 |
|
Amortization of deferred financing costs and debt discount |
|
2.3 |
|
|
6.5 |
|
Amortization of guaranty fee |
|
0.4 |
|
|
0.9 |
|
Non-cash operating lease expense |
|
3.9 |
|
|
2.2 |
|
(Gain) loss on sale of business |
|
— |
|
|
2.2 |
|
(Gain) loss on debt extinguishment |
|
— |
|
|
(6.5 |
) |
Gains on asset disposals |
|
(7.0 |
) |
|
(2.0 |
) |
(Benefit from) provision for deferred income taxes |
|
(3.1 |
) |
|
2.0 |
|
Prior service cost amortization for pension and postretirement plans |
|
0.4 |
|
|
0.4 |
|
Stock-based compensation, net of associated income taxes |
|
3.1 |
|
|
5.7 |
|
Foreign exchange |
|
1.2 |
|
|
(0.6 |
) |
Changes in assets and liabilities: |
|
|
||||
Accounts receivable |
|
(13.8 |
) |
|
(0.6 |
) |
Contracts in progress |
|
(31.3 |
) |
|
(5.0 |
) |
Advance billings on contracts |
|
24.6 |
|
|
(10.5 |
) |
Inventories |
|
(13.7 |
) |
|
(4.8 |
) |
Income taxes |
|
(2.0 |
) |
|
(2.0 |
) |
Accounts payable |
|
23.7 |
|
|
10.2 |
|
Accrued and other current liabilities |
|
(17.9 |
) |
|
(34.7 |
) |
Accrued contract loss |
|
1.5 |
|
|
(0.3 |
) |
Pension liabilities, accrued postretirement benefits and employee benefits |
|
(17.5 |
) |
|
(40.3 |
) |
Other, net |
|
(18.6 |
) |
|
(5.0 |
) |
Net cash used in operating activities |
|
(63.6 |
) |
|
(86.1 |
) |
Cash flows from investing activities: |
|
|
||||
Purchase of property, plant and equipment |
|
(2.7 |
) |
|
(2.2 |
) |
Acquisition of business, net of cash acquired |
|
(64.9 |
) |
|
— |
|
Proceeds from sale of business and assets, net |
|
— |
|
|
7.2 |
|
Purchases of available-for-sale securities |
|
(3.2 |
) |
|
(6.7 |
) |
Sales and maturities of available-for-sale securities |
|
5.0 |
|
|
8.3 |
|
Other, net |
|
0.2 |
|
|
— |
|
Net cash (used in) from investing activities |
|
(65.6 |
) |
|
6.6 |
|
(In millions) |
Six Months Ended |
|||||
|
2022 |
2021 |
||||
Cash flows from financing activities: |
|
|
||||
Issuance of senior notes |
|
2.4 |
|
|
138.3 |
|
Borrowings on loan payable |
|
1.3 |
|
|
2.6 |
|
Repayments on loan payable |
|
(13.4 |
) |
|
— |
|
Repayments under last out term loans |
|
— |
|
|
(75.4 |
) |
Borrowings under |
|
— |
|
|
14.5 |
|
Repayments of |
|
— |
|
|
(178.8 |
) |
Issuance of preferred stock, net |
|
— |
|
|
106.0 |
|
Payment of preferred stock dividends |
|
(7.4 |
) |
|
(1.7 |
) |
Shares of common stock returned to treasury stock |
|
(0.2 |
) |
|
(3.3 |
) |
Issuance of common stock, net |
|
— |
|
|
161.0 |
|
Debt issuance costs |
|
— |
|
|
(10.9 |
) |
Other, net |
|
1.6 |
|
|
(0.9 |
) |
Net cash (used in) from financing activities |
|
(15.6 |
) |
|
151.3 |
|
Effects of exchange rate changes on cash |
|
(1.7 |
) |
|
4.4 |
|
Net (decrease) increase in cash, cash equivalents and restricted cash |
|
(146.5 |
) |
|
76.2 |
|
Cash, cash equivalents and restricted cash, beginning of period |
|
226.7 |
|
|
67.4 |
|
Cash, cash equivalents and restricted cash, end of period |
$ |
80.2 |
|
$ |
143.6 |
|
(1) Figures may not be clerically accurate due to rounding. |
||||||
Exhibit 4
Segment Information(1) (In millions) |
||||||||||||
SEGMENT RESULTS |
Three Months Ended |
Six Months Ended |
||||||||||
|
2022 |
2021 |
2022 |
2021 |
||||||||
REVENUES: |
|
|
|
|
||||||||
Babcock & Wilcox Renewable |
$ |
75.2 |
|
$ |
38.3 |
|
$ |
143.2 |
|
$ |
67.2 |
|
Babcock & Wilcox Environmental |
|
31.6 |
|
|
28.4 |
|
|
66.6 |
|
|
59.5 |
|
Babcock & Wilcox Thermal |
|
116.3 |
|
|
136.3 |
|
|
218.5 |
|
|
244.6 |
|
Other |
|
(2.1 |
) |
|
(0.2 |
) |
|
(3.2 |
) |
|
(0.2 |
) |
|
$ |
221.0 |
|
$ |
202.9 |
|
$ |
425.1 |
|
$ |
371.1 |
|
|
|
|
|
|
||||||||
ADJUSTED EBITDA: |
|
|
|
|
||||||||
Babcock & Wilcox Renewable (5) |
$ |
8.9 |
|
$ |
3.4 |
|
$ |
10.3 |
|
$ |
3.6 |
|
Babcock & Wilcox Environmental |
|
0.6 |
|
|
2.7 |
|
|
2.0 |
|
|
3.8 |
|
Babcock & Wilcox Thermal |
|
16.4 |
|
|
12.6 |
|
|
30.5 |
|
|
23.1 |
|
Corporate |
|
(4.2 |
) |
|
(3.0 |
) |
|
(8.6 |
) |
|
(5.7 |
) |
Research and development costs |
|
(1.0 |
) |
|
(0.5 |
) |
|
(1.6 |
) |
|
(1.1 |
) |
|
$ |
20.6 |
|
$ |
15.2 |
|
$ |
32.6 |
|
$ |
23.8 |
|
|
|
|
|
|
||||||||
AMORTIZATION EXPENSE: |
|
|
|
|
||||||||
Babcock & Wilcox Renewable (2) |
$ |
0.8 |
|
$ |
0.2 |
|
$ |
2.9 |
|
$ |
0.3 |
|
Babcock & Wilcox Environmental |
|
0.7 |
|
|
0.8 |
|
|
1.4 |
|
|
1.6 |
|
Babcock & Wilcox Thermal (3) |
|
1.6 |
|
|
0.9 |
|
|
2.8 |
|
|
1.4 |
|
|
$ |
3.1 |
|
$ |
1.9 |
|
$ |
7.1 |
|
$ |
3.3 |
|
|
|
|
|
|
||||||||
DEPRECIATION EXPENSE: |
|
|
|
|
||||||||
Babcock & Wilcox Renewable |
$ |
0.5 |
|
$ |
0.7 |
|
$ |
1.1 |
|
$ |
1.4 |
|
Babcock & Wilcox Environmental |
|
0.2 |
|
|
0.4 |
|
|
0.4 |
|
|
0.9 |
|
Babcock & Wilcox Thermal |
|
1.9 |
|
|
1.3 |
|
|
3.3 |
|
|
2.8 |
|
|
$ |
2.6 |
|
$ |
2.4 |
|
$ |
4.8 |
|
$ |
5.1 |
|
|
|
|
|
|
||||||||
|
As of |
|
||||||||||
BACKLOG: |
2022 |
2021 |
|
|
||||||||
Babcock & Wilcox Renewable (4) |
$ |
412 |
|
$ |
221 |
|
|
|
||||
Babcock & Wilcox Environmental |
|
127 |
|
|
117 |
|
|
|
||||
Babcock & Wilcox Thermal |
|
193 |
|
|
166 |
|
|
|
||||
Other/Eliminations |
|
(1 |
) |
|
(4 |
) |
|
|
||||
|
$ |
731 |
|
$ |
500 |
|
|
|
||||
(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 three and six months ended |
Exhibit 5
Reconciliation of Adjusted EBITDA(3) (In millions) |
||||||||||||
|
Three Months Ended |
Six Months Ended |
||||||||||
|
2022 |
2021 |
2022 |
2021 |
||||||||
Net (loss) income |
|
(3.0 |
) |
|
3.1 |
|
|
(11.7 |
) |
|
(12.3 |
) |
Interest expense |
|
12.1 |
|
|
8.3 |
|
|
24.4 |
|
|
22.9 |
|
Income tax (benefit) expense |
|
(1.4 |
) |
|
3.5 |
|
|
(0.1 |
) |
|
6.4 |
|
Depreciation & amortization |
|
5.7 |
|
|
4.3 |
|
|
11.9 |
|
|
8.4 |
|
EBITDA |
|
13.4 |
|
|
19.3 |
|
|
24.5 |
|
|
25.3 |
|
|
|
|
|
|
||||||||
Benefit plans, net |
|
(7.4 |
) |
|
(5.9 |
) |
|
(14.9 |
) |
|
(15.0 |
) |
(Gain) loss on sales, net |
|
(0.1 |
) |
|
2.6 |
|
|
(0.1 |
) |
|
0.3 |
|
Stock compensation |
|
0.5 |
|
|
0.1 |
|
|
1.8 |
|
|
7.9 |
|
Restructuring activities and business services transition costs |
|
1.8 |
|
|
2.4 |
|
|
4.4 |
|
|
3.4 |
|
Advisory fees for settlement costs and liquidity planning |
|
0.9 |
|
|
2.1 |
|
|
1.9 |
|
|
4.0 |
|
Litigation costs |
|
3.9 |
|
|
1.2 |
|
|
6.4 |
|
|
1.5 |
|
Gain on debt extinguishment |
|
— |
|
|
(6.5 |
) |
|
— |
|
|
(6.5 |
) |
Acquisition pursuit and related costs |
|
1.4 |
|
|
— |
|
|
2.2 |
|
|
— |
|
Product development (1) |
|
1.0 |
|
|
0.3 |
|
|
1.8 |
|
|
0.3 |
|
Foreign exchange |
|
4.3 |
|
|
(1.8 |
) |
|
1.2 |
|
|
(0.6 |
) |
Financial advisory services |
|
0.4 |
|
|
1.3 |
|
|
0.7 |
|
|
2.2 |
|
Contract step-up purchase price adjustment |
|
— |
|
|
— |
|
|
1.7 |
|
|
— |
|
Loss from business held for sale |
|
— |
|
|
— |
|
|
— |
|
|
0.5 |
|
Other - net |
|
0.7 |
|
|
0.3 |
|
|
0.8 |
|
|
0.5 |
|
Adjusted EBITDA(2) |
$ |
20.6 |
|
$ |
15.2 |
|
$ |
32.6 |
|
$ |
23.8 |
|
(1) |
Costs associated with development of commercially viable products that are ready to go to market. |
|
(2) |
Adjusted EBITDA for the three and six months ended |
|
(3) |
Figures may not be clerically accurate due to rounding. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20220808005759/en/
Investor Contact:
704.625.4944 | investors@babcock.com
Media Contact:
Public Relations
330.860.1345 | rscornell@babcock.com
Source:
FAQ
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