KBR Announces Fourth Quarter and Fiscal 2022 Financial Results; Issues Fiscal 2023 Guidance
KBR, Inc. reported strong Q4 and fiscal 2022 results, highlighted by a 23% revenue increase year-over-year to $1.6 billion. The company achieved a net income of $93 million and an Adjusted EBITDA of $157 million, reflecting a 10% margin. For fiscal 2023, KBR projects revenue of $6.9 to $7.1 billion and Adjusted EBITDA of $715 to $745 million, with an increase in the quarterly dividend by 12.5% to $0.135 per share. KBR's backlog stands at $19.8 billion, with a 1.2x book-to-bill ratio. The company emphasizes its commitment to carbon neutrality and sustainable technology solutions.
- Revenue increased by 23% in Q4 2022 to $1.6 billion.
- Net income of $93 million, up from $70 million year-over-year.
- Adjusted EBITDA increased to $157 million, a 10% margin.
- Fiscal 2023 revenue guidance of $6.9B - $7.1B and Adjusted EBITDA guidance of $715M - $745M.
- 12.5% increase in quarterly dividend to $0.135 per share.
- Annual revenue decreased by 11% compared to 2021, primarily due to the completion of the Operation Allies Welcome program.
Delivered Strong Q4 and Fiscal 2022 Results
Earnings Momentum Drives Fiscal 2023 Guidance Outlook
Board Approves
"We had an excellent 2022 and finished the year strong. Our incredible people do things that matter every single day, and I wish to thank them for all that they do. Once again they delivered outstanding results across all key metrics. Our safety performance was another highlight achieving Zero Harm
"We saw organic revenue growth in line with our targets, but the real story was quality of earnings, outstanding operational performance leading to enhanced margins and cash conversion above expectations. We have been carbon neutral since 2019 and continue to make good progress on our 2030 operational net-zero carbon target. We also strengthened unique synergies across our business that enable us to seamlessly deploy our deep domain expertise and differentiated innovations and capabilities in key areas of global importance such as national security, energy security and transition, and space. As a result, we are well positioned in strategic end markets with favorable tailwinds. In 2022, we had annual bookings and options of
Looking ahead, we believe we are primed to continue driving growth and stakeholder value, with ever-growing confidence in our 2025 targets, and we are pleased to announce our fiscal 2023 earnings and cash guidance."
New Business Awards
Backlog and options for the quarter totaled
- Won two contracts totaling over
$120 million - Granted a
$157 million U.S. Army's Utility Helicopter 60 Variant fleet. - Received a
$69 million - Partnered with
Deepak Fertilizers and Petrochemicals Corporation Ltd. to help lower emissions and increase production capacity at three plants. - Engaged to provide front-end engineering design of the baseload power hub for an innovative energy storage project off the coast of
the Netherlands . - Proprietary Vinyl Acetate Monomer technology, offered in alliance with Showa Denko K.K., selected for a 100,00 ton per annum production facility in India.
- In addition, the
Court of Federal Claims upheld the Global Household Goods contract award to our joint venture,HomeSafe Alliance , byU.S. Transportation Command with a contract ceiling value of$20 billion HomeSafe Alliance is proceeding with work under the contract; however, at this time, only the transition period has been included in backlog.
1 | Consistent with our practice, book-to-bill excludes long-term |
Summarized Fourth Quarter and Fiscal 2022 Financial Results
| |||||||
Three Months Ended | Year Ended | ||||||
Dollars in millions, except share data | 2022 | 2021* | 2022 | 2021* | |||
Revenues | $ 1,608 | $ 2,499 | $ 6,564 | $ 7,339 | |||
Operating income | $ 122 | $ 129 | $ 343 | $ 231 | |||
Net income attributable to KBR | $ 93 | $ 70 | $ 190 | $ 27 | |||
Adjusted EBITDA1 | $ 157 | $ 172 | $ 668 | $ 625 | |||
Operating income margin % | 8 % | 5 % | 5 % | 3 % | |||
Adjusted EBITDA1 margin % | 10 % | 7 % | 10 % | 9 % | |||
Earnings per share: | |||||||
Diluted earnings per share | $ 0.62 | $ 0.46 | $ 1.26 | $ 0.19 | |||
Adjusted earnings per share1 | $ 0.69 | $ 0.71 | $ 2.71 | $ 2.43 | |||
Cash flows: | |||||||
Operating cash flows | $ 60 | $ 2 | $ 396 | $ 278 | |||
Adjusted operating cash flows1 | $ 88 | $ 32 | $ 424 | $ 319 | |||
Adjusted free cash flows1 | $ 56 | $ 24 | $ 353 | $ 289 | |||
*As adjusted for the adoption of ASU 2020-06 using the full retrospective method | |||||||
Financial Highlights for the Quarter Ended
- Revenue of
$1.6 billion 23% on an ex-OAW1 year-over-year-basis - Net income attributable to KBR of
$93 million $157 million 10% Adjusted EBITDA1 margin) - Diluted EPS of
$0.62 $0.69 60% on an ex-OAW1 year-over-year basis - Operating cash flows of
$60 million $88 million - Bookings and options of
$1.5 billion
Financial Highlights for the Year Ended
- Revenue of
$6.6 billion 9% on an ex-OAW1 year-over-year-basis - Net income attributable to KBR of
$190 million $668 million 10% Adjusted EBITDA1 margin) - Diluted EPS of
$1.26 $2.71 28% on an ex-OAW1 year-over-year basis - Operating cash flows of
$396 million $424 million 110% Adjusted operating cash flow1 conversion - Bookings and options of
$8.2 billion
Commentary on Fiscal 2022 Financial Results
Revenues for the year were
Net income attributable to KBR was
Adjusted EBITDA1 was
Operating cash flows were
1 As used throughout this earnings release, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted earnings per share, Adjusted operating cash flows, Adjusted free cash flows, Revenue excluding OAW and Adjusted EPS excluding OAW are non-GAAP financial measures. See additional information at the end of this release regarding non-GAAP financial information, including reconciliations to the nearest GAAP measures. | |
2 Consistent with our practice, book-to-bill excludes long-term | |
Liquidity, Capital Structure, and Dividends
Capital returned to shareholders totaled
On
Fiscal 2023 Guidance
The table below summarizes fiscal 2023 guidance and represents our views as of
Fiscal 2023 Guidance | |
Revenue | |
Adjusted EBITDA1 | |
Adjusted EPS1 | |
Effective tax rate | |
Operating cash flows | |
The company does not provide reconciliations of Adjusted EBITDA to the most comparable GAAP financial measures on a forward-looking basis because the company is unable to predict with reasonable certainty the ultimate outcome of legal proceedings, unusual gains and losses, and acquisition-related expenses without unreasonable effort, which could be material to the company's results computed in accordance with GAAP.
Conference Call Details
The company will host a conference call to discuss its fourth quarter and fiscal 2022 financial results and fiscal 2023 guidance on
About KBR
We deliver science, technology and engineering solutions to governments and companies around the world. KBR employs approximately 30,000 people worldwide with customers in more than 90 countries and operations in 34 countries. KBR is proud to work with its customers across the globe to provide technology, value-added services, and long-term operations and maintenance services to ensure consistent delivery with predictable results. At KBR, We Deliver.
Visit www.kbr.com
| |||
2022 | 2021 | ||
Government Solutions | $ 11,543 | $ 12,628 | |
Sustainable Technology Solutions | 4,012 | 2,345 | |
Total backlog | $ 15,555 | $ 14,973 | |
Award options | 4,203 | 4,732 | |
Total backlog and options | $ 19,758 | $ 19,705 | |
Government Solutions backlog for the year ended
Forward-Looking Statements
The statements in this press release that are not historical statements, including statements regarding our expectations for our future financial performance, effective tax rate, operating cash flows, contract revenues, our business strategy, and our plans for raising and deploying capital, paying dividends and settling our convertible notes at maturity, are forward-looking statements within the meaning of the federal securities laws. These statements are subject to numerous risks and uncertainties, many of which are beyond the company's control that could cause actual results to differ materially from the results expressed or implied by the statements. These risks and uncertainties include, but are not limited to: the ongoing conflict between
The company's most recently filed Annual Report on Form 10-K, any subsequent Form 10-Qs and 8-Ks, and other
| |||||||
Three Months Ended | Year Ended | ||||||
2022 | 20211 | 2022 | 20211 | ||||
Revenues: | |||||||
Government Solutions | $ 1,256 | $ 2,199 | $ 5,320 | $ 6,149 | |||
Sustainable Technology Solutions | 352 | 300 | 1,244 | 1,190 | |||
Total Revenues | 1,608 | 2,499 | 6,564 | 7,339 | |||
Gross profit | 206 | 238 | 828 | 806 | |||
Equity in earnings (losses) of unconsolidated affiliates | 23 | 5 | (80) | (170) | |||
Selling, general and administrative expenses | (105) | (110) | (420) | (393) | |||
Acquisition and integration related costs | — | (5) | (2) | (12) | |||
Gain on disposition of assets and investments | (3) | 1 | 19 | 2 | |||
Other | 1 | — | (2) | (2) | |||
Operating Income: | |||||||
Government Solutions | 90 | 137 | 441 | 414 | |||
Sustainable Technology Solutions | 65 | 41 | 47 | (30) | |||
Other | (33) | (49) | (145) | (153) | |||
Total Operating Income | 122 | 129 | 343 | 231 | |||
Interest expense | (23) | (21) | (87) | (80) | |||
Unrealized gain on cost method investment | — | 4 | 16 | 4 | |||
Other non-operating income (expense) | 9 | (7) | 12 | (9) | |||
Income before income taxes | 108 | 105 | 284 | 146 | |||
Provision for income taxes | (13) | (34) | (92) | (111) | |||
Net income (loss) | 95 | 71 | 192 | 35 | |||
Less: Net income (loss) attributable to noncontrolling interests | 2 | 1 | 2 | 8 | |||
Net income (loss) attributable to KBR | $ 93 | $ 70 | $ 190 | $ 27 | |||
Adjusted EBITDA2 | $ 157 | $ 172 | $ 668 | $ 625 | |||
Diluted EPS3 | $ 0.62 | $ 0.46 | $ 1.26 | $ 0.19 | |||
Adjusted EPS2, 3 | $ 0.69 | $ 0.71 | $ 2.71 | $ 2.43 | |||
1 As adjusted for the adoption of ASU 2020-06 using the full retrospective method 2 See additional information at the end of this release regarding non-GAAP financial information, including a reconciliation to the nearest GAAP measure 3 Diluted EPS is calculated using a share count of 154 million and 156 million for the three- and twelve-month periods ended | |||||||
| ||||
2022 | 20211 | |||
(Unaudited) | ||||
Assets | ||||
Current assets: | ||||
Cash and cash equivalents | $ 389 | $ 370 | ||
Accounts receivable, net of allowance for credit losses of | 942 | 1,411 | ||
Contract assets | 252 | 224 | ||
Other current assets | 164 | 147 | ||
Total current assets | 1,747 | 2,152 | ||
Claims and accounts receivable | 29 | 30 | ||
Pension Assets | 46 | 1 | ||
Property, plant, and equipment, net of accumulated depreciation of | 182 | 136 | ||
Operating lease right-of-use assets | 164 | 158 | ||
2,087 | 2,060 | |||
Intangible assets, net of accumulated amortization of | 645 | 708 | ||
Equity in and advances to unconsolidated affiliates | 188 | 576 | ||
Deferred income taxes | 213 | 231 | ||
Other assets | 265 | 152 | ||
Total assets | $ 5,566 | $ 6,204 | ||
Liabilities and Shareholders' Equity | ||||
Current liabilities: | ||||
Accounts payable | $ 637 | $ 1,026 | ||
Contract liabilities | 275 | 313 | ||
Accrued salaries, wages and benefits | 325 | 317 | ||
Current maturities of long-term debt | 364 | 16 | ||
Operating lease liabilities | 48 | 41 | ||
Other current liabilities | 172 | 162 | ||
Total current liabilities | 1,821 | 1,875 | ||
Pension obligations | 11 | 88 | ||
Employee compensation and benefits | 105 | 111 | ||
Income tax payable | 117 | 95 | ||
Deferred income taxes | 92 | 70 | ||
Long-term debt | 1,376 | 1,875 | ||
Operating lease liabilities | 193 | 188 | ||
Other liabilities | 219 | 219 | ||
Total liabilities | 3,934 | 4,521 | ||
Commitments and Contingencies | ||||
KBR shareholders' equity: | ||||
Preferred stock, | — | — | ||
Common stock, | — | — | ||
Paid-in capital in excess of par | 2,235 | 2,206 | ||
Retained earnings | 1,410 | 1,287 | ||
(1,143) | (943) | |||
Accumulated other comprehensive loss | (882) | (881) | ||
Total KBR shareholders' equity | 1,620 | 1,669 | ||
Noncontrolling interests | 12 | 14 | ||
Total shareholders' equity | 1,632 | 1,683 | ||
Total liabilities and shareholders' equity | $ 5,566 | $ 6,204 | ||
1 As adjusted for the adoption of ASU 2020-06 using the full retrospective method | ||||
| |||
Year Ended | |||
2022 | 20211 | ||
Cash flows from operating activities: | |||
Net income | $ 192 | $ 35 | |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 137 | 146 | |
Equity in losses of unconsolidated affiliates | 80 | 170 | |
Deferred income tax | 37 | 47 | |
Gain on disposition of assets | (19) | (2) | |
Asset impairments | — | 2 | |
Unrealized gain on cost method investment | (16) | (4) | |
Other | 33 | 48 | |
Changes in operating assets and liabilities: | |||
Accounts receivable, net of allowance for credit losses | 455 | (476) | |
Contract assets | (30) | (48) | |
Claims receivable | 1 | — | |
Accounts payable | (376) | 447 | |
Contract liabilities | (25) | (17) | |
Accrued salaries, wages and benefits | 16 | 38 | |
Payments on operating lease obligation | (63) | (59) | |
Payments from unconsolidated affiliates, net | 14 | 17 | |
Distributions of earnings from unconsolidated affiliates | 66 | 47 | |
Pension funding | (74) | (46) | |
Restructuring reserve | (13) | (26) | |
Other assets and liabilities | (19) | (41) | |
Total cash flows provided by operating activities | 396 | 278 | |
Cash flows from investing activities: | |||
Purchases of property, plant and equipment | $ (71) | $ (30) | |
Net proceeds from sale of assets or investments | 47 | 44 | |
Return of (investments in) equity method joint ventures, net | 198 | (29) | |
Acquisition of businesses, net of cash acquired | (73) | (399) | |
Investment in other investment | (61) | (7) | |
Acquisition of technology license | — | (7) | |
Other | (3) | — | |
Total cash flows provided by (used in) investing activities | 37 | (428) | |
Cash flows from financing activities: | |||
Borrowings on short-term and long term debt | — | 164 | |
Borrowings on revolving credit facility | 58 | 126 | |
Payments on short-term and long-term debt | (16) | (15) | |
Payments on revolving credit facility | (158) | (16) | |
Debt issuance costs | (6) | (3) | |
Payments of dividends to shareholders | (66) | (61) | |
Net proceeds from issuance of common stock | 5 | 12 | |
Payments to reacquire common stock | (203) | (82) | |
Investments from noncontrolling interest | 3 | — | |
Distributions to noncontrolling interests | (4) | (23) | |
Other | (12) | (15) | |
Total cash flows (used in) provided by financing activities | (399) | 87 | |
Effect of exchange rate changes on cash | (15) | (3) | |
Increase (decrease) in cash and cash equivalents | 19 | (66) | |
Cash and cash equivalents at beginning of period | 370 | 436 | |
Cash and cash equivalents at end of period | $ 389 | $ 370 | |
Supplemental disclosure of cash flows information: | |||
Cash paid for interest | $ 66 | $ 63 | |
Cash paid for income taxes (net of refunds) | $ 47 | $ 49 | |
Noncash investing activities | |||
Leasehold improvements paid by landlord | $ 6 | $ — | |
Accrued but unpaid purchases of property, plant and equipment | $ 5 | $ — | |
Noncash financing activities | |||
Dividends declared | $ 16 | $ 15 | |
1 As adjusted for the adoption of ASU 2020-06 using the full retrospective method |
Non-GAAP Financial Information
The following information provides reconciliations of certain non-GAAP financial measures presented in the press release to which this reconciliation is attached to the most directly comparable financial measures calculated and presented in accordance with generally accepted accounting principles (GAAP). The company has provided the non-GAAP financial information presented in the press release as information supplemental and in addition to the financial measures presented in the press release that are calculated and presented in accordance with GAAP. Such non-GAAP financial measures should not be considered superior to, as a substitute for or alternative to, and should be considered in conjunction with, the GAAP financial measures presented in the press release. The non-GAAP financial measures in the press release may differ from similar measures used by other companies.
EBITDA and Adjusted EBITDA
We evaluate performance based on EBITDA and Adjusted EBITDA. EBITDA is defined as Net income (loss) attributable to KBR, plus interest expense, net; provision for income taxes; other non-operating income (expense); and depreciation and amortization. Adjusted EBITDA excludes certain amounts included in EBITDA. EBITDA and Adjusted EBITDA for each of the three- and twelve-month periods ended
Three Months Ended | Year Ended | ||||||
Dollars in millions | 2022 | 20211 | 2022 | 20211 | |||
Net income attributable to KBR | $ 93 | $ 70 | $ 190 | $ 27 | |||
Adjustments | |||||||
• Interest expense, net | 23 | 21 | 87 | 80 | |||
• Provision for income taxes | 13 | 34 | 92 | 111 | |||
• Other non-operating (income) expense | (9) | 7 | (12) | 9 | |||
• Depreciation and amortization | 38 | 32 | 137 | 146 | |||
Consolidated EBITDA | $ 158 | $ 164 | $ 494 | $ 373 | |||
Adjustments | |||||||
• Acquisition, integration and restructuring | 2 | 5 | 7 | 15 | |||
• Non-cash loss on legal entity rationalization | — | 3 | — | 7 | |||
• Ichthys commercial resolution | (4) | — | 143 | 218 | |||
• Legacy legal fees | 4 | 4 | 15 | 16 | |||
• Appreciation in fair value of investments | — | (4) | (16) | (4) | |||
• Provisions related to exit from Russian commercial projects | (3) | — | 25 | — | |||
Adjusted EBITDA | $ 157 | $ 172 | $ 668 | $ 625 | |||
--------- 1 As adjusted for the adoption of ASU 2020-06 using the full retrospective method
| |||||||
Three Months Ended | Year Ended | ||||||
Dollars in millions | 2022 | 20211 | 2022 | 20211 | |||
Operating income | $ 122 | $ 129 | $ 343 | $ 231 | |||
Adjustments | |||||||
• Non-controlling interest | (2) | (1) | (2) | (8) | |||
• Unrealized gain on cost method investment | — | 4 | 16 | 4 | |||
• Depreciation and amortization | 38 | 32 | 137 | 146 | |||
Consolidated EBITDA | $ 158 | $ 164 | $ 494 | $ 373 | |||
Adjustments | |||||||
• Acquisition, integration and restructuring | 2 | 5 | 7 | 15 | |||
• Non-cash loss on legal entity rationalization | — | 3 | — | 7 | |||
• Ichthys commercial resolution | (4) | — | 143 | 218 | |||
• Legacy legal fees | 4 | 4 | 15 | 16 | |||
• Appreciation in fair value of investments | — | (4) | (16) | (4) | |||
• Provisions related to exit from Russian commercial projects | (3) | — | 25 | — | |||
Adjusted EBITDA | $ 157 | $ 172 | $ 668 | $ 625 | |||
Adjusted EPS
Adjusted earnings per share (Adjusted EPS) for each of the three- and twelve-month periods ended
We have calculated Adjusted EPS for each of the three- and twelve-month periods ended
Three Months Ended | Year Ended | ||||||
2022 | 20211 | 2022 | 20211 | ||||
Diluted EPS2 | $ 0.62 | $ 0.46 | $ 1.26 | $ 0.19 | |||
Adjustments | |||||||
• Amortization related to acquisitions | 0.04 | 0.05 | 0.19 | 0.28 | |||
• Ichthys interest and commercial dispute costs | (0.03) | 0.03 | 1.02 | 1.64 | |||
• Acquisition, integration and restructuring | 0.01 | 0.03 | 0.04 | 0.08 | |||
• Impact of new convert accounting and bond hedge | 0.05 | 0.04 | 0.07 | — | |||
• Legacy legal fees | 0.02 | 0.02 | 0.08 | 0.08 | |||
• Provisions related to exit from Russian commercial projects | (0.02) | — | 0.14 | — | |||
• Appreciation of fair value of investments | — | (0.02) | (0.09) | (0.02) | |||
• Non-cash loss on legal entity rationalization | — | 0.02 | — | 0.04 | |||
• Non-cash impact of | — | 0.08 | — | 0.14 | |||
Adjusted EPS2 | $ 0.69 | $ 0.71 | $ 2.71 | $ 2.43 | |||
--------- 1 As adjusted for the adoption of ASU 2020-06 using the full retrospective method 2 Diluted EPS is calculated using a share count of 154 million and 156 million for the three- and twelve-month periods ended | |||||||
We have calculated the 2023 guidance for Adjusted EPS by adjusting Diluted EPS for the items included in the table below.
Fiscal 2023 Guidance | |||
Diluted EPS2 guidance | |||
Adjustments | |||
• Amortization related to acquisitions | 0.17 | ||
• Ichthys interest and commercial dispute costs | 0.01 | ||
• Legacy legal fees | 0.06 | ||
• Impact of new convert accounting and bond hedge1 | 0.20 | ||
Adjusted EPS2 guidance | |||
--------- 1 Conversion option will be calculated and adjusted quarterly based on KBR trading price. 2 Diluted and Adjusted Fiscal 2023 EPS guidance is calculated using a share count of approximately 152 million and 138 million, respectively. | |||
Adjusted Cash Flows Provided by Operating Activities and Adjusted Free Cash Flows
Adjusted operating cash flows and Adjusted free cash flows are considered non-GAAP financial measures under
We have calculated Adjusted operating cash flows and Adjusted free cash flows for each of the three- and twelve-month periods ended
Three Months Ended | Year Ended | ||||||
Dollars in millions | 2022 | 2021 | 2022 | 2021 | |||
Cash flows provided by operating activities | $ 60 | $ 2 | $ 396 | $ 278 | |||
Add back: Major project advance work-off | — | — | — | 11 | |||
Remove: CARES Act temporary tax repayment (relief) | 28 | 30 | 28 | 30 | |||
Adjusted operating cash flows | $ 88 | $ 32 | $ 424 | $ 319 | |||
Less: Capital expenditures | (32) | (8) | (71) | (30) | |||
Adjusted free cash flows | $ 56 | $ 24 | $ 353 | $ 289 | |||
Adjusted operating cash flow per share1 | $ 0.63 | $ 0.23 | $ 2.99 | $ 2.26 | |||
Adjusted free cash flow per share1 | $ 0.40 | $ 0.17 | $ 2.49 | $ 2.05 | |||
Adjusted earnings per share1 | $ 0.69 | $ 0.71 | $ 2.71 | $ 2.43 | |||
Adjusted operating cash conversion | 91 % | 32 % | 110 % | 93 % | |||
Adjusted free cash conversion | 58 % | 24 % | 92 % | 84 % | |||
--------- 1 Adjusted operating cash flow, Adjusted free cash flow per share, and Adjusted EPS are calculated using a share count of 140 million and 142 million shares outstanding for the three- and twelve-month periods ended | |||||||
Revenue and Adjusted EPS excluding OAW
| |||||||||||
Three Months Ended | Year Ended | ||||||||||
Dollars in millions | 2022 | 2021 | Growth | 2022 | 2021 | Growth | |||||
Revenue (as reported) | $ 1,608 | $ 2,499 | $ 6,564 | $ 7,339 | |||||||
Revenue attributable to OAW | 4 | 1,197 | 313 | 1,583 | |||||||
Revenue ex OAW | $ 1,604 | $ 1,302 | 23 % | $ 6,251 | $ 5,756 | 9 % | |||||
Three Months Ended | Year Ended | ||||||||||
2022 | 2021 | Growth | 2022 | 2021 | Growth | ||||||
Adjusted EPS1 (as reported) | $ 0.69 | $ 0.71 | $ 2.71 | $ 2.43 | |||||||
Adjusted EPS1 attributable to | — | 0.28 | 0.03 | 0.34 | |||||||
Adjusted EPS1 ex OAW | $ 0.69 | $ 0.43 | 60 % | $ 2.68 | $ 2.09 | 28 % | |||||
--------- 1 Adjusted EPS is calculated using a share count of 140 million and 142 million shares outstanding for the three- and twelve-month periods ended |
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