Babcock & Wilcox Enterprises Inc

NYSE:BWUnited States

Nov 12, 2024

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• -- Earnings Flash (BW) BABCOCK & WILCOX ENTERPRISES Reports Q3 Revenue $209.9M, from 4:36PM ET on Tuesday Nov 12, 2024 by MT Newswires

  4:36PM ET on Tuesday Nov 12, 2024 by MT Newswires
  Companies Mentioned: BW
  04:36 PM EST, 11/12/2024 (MT Newswires) -- ...

• *DJ Babcock & Wilcox Ent 3Q Loss/Shr 10c >BW, from 4:34PM ET on Tuesday Nov 12, 2024 by Dow Jones

  4:34PM ET on Tuesday Nov 12, 2024 by Dow Jones
  Companies Mentioned: BW
  ===== ===== ===== ===== AMORTIZATION EXPENSE: Babcock & Wilcox Renewable $ 0.1 $ 0.5 $ 1.0 $ 1.6 Babcock & Wilcox Environmental 0.8 0.8 2.4 2.3 Babcock & Wilcox Thermal 1.1 1.1 3.2 3.3 ----- ----- ----- ----- $ 2.0 $ 2.4 $ 6.7 $ 7.2 ===== ===== ===== ===== DEPRECIATION EXPENSE: Babcock & Wilcox Renewable $ 0.3 $ 0.6 $ 1.2 $ 2.1 Babcock & Wilcox Environmental 0.6 0.2 1.4 0.6 Babcock & Wilcox Thermal 1.4 1.4 3.9 5.0 ----- ----- ----- ----- $ 2.2 $ 2.2 $ 6.5 $ 7.8 ===== ===== ===== ===== Three Months Ended September Nine Months Ended BOOKINGS AND BACKLOG 30, September 30, 2024 2023 2024 2023 ----- ----- ----- ----- BOOKINGS: Babcock & Wilcox Renewable $ 41 $ 33 $ 108 $ 180 Babcock & Wilcox Environmental 17 54 118 154 Babcock & Wilcox Thermal 103 105 321 299 Other/Eliminations 0 6 (3) (5) ----- ----- ----- ----- $ 161 $ 198 $ 544 $ 628 Three Months Ended September Nine Months Ended 30, September 30, 2024 2023 2024 2023 ----- ----- ----- ----- IMPLIED BOOKINGS(2) : Babcock & Wilcox Renewable $ 41 $ 33 $ 108 $ 180 Babcock & Wilcox Environmental 33 54 154 162 Babcock & Wilcox Thermal 68 105 552 299 Other/Eliminations -- 6 (3) (5) ----- ----- ----- ----- $ 142 $ 198 $ 811 $ 636 BACKLOG IMPLIED BACKLOG(3) ---------------- ------------------ As of September As of September 30, 30, 2024 2023 2024 2023 ----- ----- ----- ----- Babcock & Wilcox Renewable $ 96 $ 133 $ 96 $ 133 Babcock & Wilcox Environmental 66 173 101 181 Babcock & Wilcox Thermal 185 196 416 196 Other/Eliminations 15 5 15 5 ----- ----- ----- ----- $ 362 $ 507 $ 628 $ 515 ===== ===== ===== ===== (1) Figures may not be clerically accurate due to rounding. (2) Implied bookings are bookings plus projects that are awarded but not contracted or are under contract but not fully released for performance. (3) Implied backlog is backlog plus projects that are awarded or under contract but not fully released for performance. Exhibit 5 Babcock & Wilcox Enterprises, Inc. Reconciliation of Adjusted EBITDA(3) (In millions) Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 ----- ----- ----- ----- Income (loss) from continuing operations $(11.1) $(12.3) $ (1.6) $(24.4) Interest expense 10.3 13.4 35.1 37.1 Income tax expense 0.2 (0.3) 6.1 2.0 Depreciation & amortization 4.2 4.6 13.2 15.0 ----- ----- ----- ----- EBITDA 3.6 5.4 52.8 29.7 Gain on sale of business -- -- (40.2) -- Benefit plans, net (0.1) 0.1 (0.3) 0.3 Gain on asset sales, net 0.4 -- 0.4 -- Impairment on long-lived assets 5.8 -- 5.8 -- Stock compensation 0.9 0.4 3.6 5.9 Restructuring activities and business services transition costs 0.5 1.3 2.8 3.3 Settlement and related legal costs (0.1) -- 3.2 (2.5) Loss on debt extinguishment 0.7 -- 6.8 -- Acquisition pursuit and related costs 0.2 0.3 0.3 0.6 Product development (1) 2.1 0.9 5.1 3.3 Foreign exchange (2.3) 4.9 (1.4) 4.2 Financial advisory services 1.1 -- 1.3 -- Contract disposal (2) 6.1 4.3 10.1 8.4 Letter of credit fees 1.3 2.0 5.9 5.6 Other - net 2.2 0.4 1.7 0.8 ----- ----- ----- ----- Adjusted EBITDA $ 22.3 $ 20.0 $ 58.1 $ 59.6 Product development (1) (1.7) (0.5) (3.9) (2.6) BrightLoop(TM) and ClimateBright(TM) expenses 2.7 1.7 6.9 5.9 ----- ----- ----- ----- Adjusted EBITDA excluding BrightLoop(TM) and ClimateBright(TM) expenses $ 23.3 $ 21.2 $ 61.1 $ 62.9 (1) Costs associated with development of commercially viable products that are ready to go to market. (2) Impacts of the disposal of our O&M contracts has been adjusted in the prior period to ensure uniform presentation with the current period. (3) Figures may not be clerically accurate due to rounding. Exhibit 6 Babcock & Wilcox Enterprises, Inc. Other Non-GAAP Reconciliations(1) Three months ended (in millions) September 30, 2023 --------------------- Revenue $ 239.4 Less: BWRS Revenue 34.2 ---- --------------- Revenue, less BWRS $ 205.2 ==== =============== Three months ended (in millions) September 30, 2023 --------------------- Adjusted EBITDA $ 20.0 Less: BWRS Adjusted EBITDA 7.4 ---- --------------- Adjusted EBITDA, less BWRS $ 12.6 ==== =============== (1) Figures may not be clerically accurate due to rounding.