UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 CURRENT REPORT Date of Report (Date of earliest event reported): April 10, 2024 | --- | --- | |-----------------------------------------|-------| | | | | | | | DELAWARE | | | (State or other jurisdiction of | | | incorporation) | | 47-2783641 (IRSEmployerIdentificationNo.) Registrant's Telephone Number, including Area Code: (330) 753-4511 Securities registered pursuant to Section 12(b) of the Act: Emerging growth company ¨ On April 10, ...

Babcock & Wilcox Enterprises, Inc. (NYSE:BW) Q4 2023 Earnings Conference Call March 14, 2024 5:00 PM ET Company Participants Sharyn Brooks - Director of Communications Kenny Young - Chairman & CEO Lou Salamone - CFO Conference Call Participants Aaron Spychalla - Craig-Hallum Rob Brown - Lake Street Capital Markets Brent Thielman - D.A. Davidson Alex Rygiel - B. Riley Securities Operator Good evening. My name is Joel and I will be your conference operator today. At this time, I would like to welcome everyone ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Delaware 47-2783641 (State or other Jurisdiction of Incorporation or Organization) (I.R.S. Employer Identification No.) Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Yes ☐ No ☒ Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☒ Indicate by check mark whether the registrant (1) has file ...

Revenue Growth and Performance - Revenues from Continued Operations increased 18% Year over Year, reaching $999.4 million in 2023[23] - Full-year 2023 revenues reached $999.4 million, up from $847.9 million in 2022[41] - Total revenues for the year ended December 31, 2023, were $999.4 million, compared to $847.9 million in 2022, representing an increase of 17.9%[48] - Environmental segment revenues increased 31% to $202.9 million in 2023, driven by higher volume in SPIG[9] - Babcock & Wilcox Environmental segment revenues rose to $202.9 million in 2023 from $154.4 million in 2022, a 31.4% increase[48] - Thermal segment revenues increased 20% to $499.2 million in 2023, driven by a large construction project and increased package boiler business[31] - Babcock & Wilcox Thermal segment revenues grew to $499.2 million in 2023 from $415.1 million in 2022, a 20.3% increase[48] - Babcock & Wilcox Renewable segment revenues increased to $318.6 million in 2023 from $288.7 million in 2022, a 10.3% growth[48] Adjusted EBITDA and Financial Metrics - Adjusted EBITDA of $79.1 million in 2023, a 17% increase compared to $67.5 million in 2022[23] - Adjusted EBITDA for the year ended December 31, 2023, was $79.1 million, up from $67.5 million in 2022, reflecting a 17.2% increase[48] - Adjusted EBITDA for the year ended December 2023 was $79.1 million, up from $67.5 million in 2022[66] - Adjusted EBITDA excluding BrightLoop and ClimateBright introduced in Q4 2023 to assess performance independent of these technologies[35] - Adjusted EBITDA excluding BrightLoop and ClimateBright expenses was $84.1 million in 2023, up from $71.8 million in 2022[66] Net Loss and Operating Performance - Net loss of $78.6 million in 2023, including non-cash items of $38.0 million primarily related to pension mark-to-market adjustments[23] - Net loss for Q4 2023 was $62.7 million, compared to a net income of $5.7 million in Q4 2022[41] - Net loss from continuing operations increased to $78.6 million in 2023 from $20.0 million in 2022[62] - Operating income for Q4 2023 was $0.7 million, compared to $6.3 million in Q4 2022[41] Bookings and Backlog - Bookings in 2023 were $878.3 million, a 2% increase compared to full year 2022 bookings[29] - Ending backlog at December 31, 2023 was $530.5 million, a 3% decrease compared to December 31, 2022[29] - Backlog includes expected revenue from contracts with written customer confirmation, subject to cancellation or modification[36] - Bookings represent changes to backlog, including new business, cancellations, and foreign currency revaluation[37] - Backlog for Babcock & Wilcox Renewable increased to $134 million in 2023 from $129 million in 2022[64] Segment Performance - Renewable segment revenues decreased 33% to $62.2 million in Q4 2023, due to strategic shift away from lower margin new build projects[27] - The company is exiting its remaining fixed fee Operational and Maintenance Contract in the Renewable segment, which was completed as of December 31, 2023[55] Research and Development Costs - Research and development costs increased to $5.3 million in Q4 2023 from $1.0 million in Q4 2022[41] - Research and development costs for the year ended December 31, 2023, were $4.0 million, compared to $3.3 million in 2022, a 21.2% increase[48] - Product development expenses increased to $9.0 million in 2023 from $4.1 million in 2022[66] - BrightLoop and ClimateBright expenses totaled $12.0 million in 2023, up from $6.4 million in 2022[66] Financial Position and Liabilities - Total current assets decreased to $497.6 million as of December 31, 2023, from $557.6 million in 2022, a decline of 10.8%[43] - Total liabilities increased to $976.0 million as of December 31, 2023, from $943.8 million in 2022, a 3.4% rise[43] - The company's total stockholders' deficit increased to $200.4 million as of December 31, 2023, from $2.1 million in 2022[43] - Borrowings on loan payable increased to $252.5 million in 2023 from $7.2 million in 2022[63] - Repayments on loan payable were $226.6 million in 2023 compared to $16.9 million in 2022[63] Cash Flow and Investments - Net cash used in operating activities was $42.3 million in 2023 compared to $30.6 million in 2022[62] - Net cash used in investing activities decreased to $7.9 million in 2023 from $68.8 million in 2022[62] Strategic Initiatives and Opportunities - Company completed a new $150 million Senior Secured Credit Facility, expected to reduce interest cost by up to $5 million per year[2][11] - Pipeline expanded to over $9.0 billion in identified global project opportunities, including over $1.5 billion in BrightLoop and ClimateBright opportunities[2] Forward-Looking Statements and Risks - Forward-looking statements highlight risks including global macroeconomic conditions, integration of acquisitions, and refinancing of senior debt[38] - The company is unable to reconcile future Adjusted EBITDA targets to GAAP counterparts without unreasonable effort[35]

AKRON, Ohio--(BUSINESS WIRE)--Babcock & Wilcox Enterprises, Inc. (B&W) (NYSE: BW) announced today that its subsidiary, Babcock & Wilcox Canada Corp. (B&W Canada), has been awarded a contract for more than $13 million to supply equipment and design and engineering services to help a petroleum refinery in North America comply with environmental regulations. B&W will supply 18 high-efficiency, low-NOx burners for the reduction of nitrogen oxides (NOx) emissions for three units at the plant. B&W will also de ...

AKRON, Ohio--(BUSINESS WIRE)--Babcock & Wilcox Enterprises, Inc. (B&W) (NYSE: BW) announced today that its subsidiary, Babcock & Wilcox Solar Energy, Inc. (B&W Solar), has been awarded contracts by Cypress Creek Renewables, LLC to implement three utility-scale photovoltaic solar power installations totaling 75 megawatts in western Pennsylvania. When complete, each solar installation will be capable of generating approximately 25 megawatts of clean, zero-carbon energy – enough to power around 10,000 homes ...

AKRON, Ohio--(BUSINESS WIRE)--Babcock & Wilcox Enterprises, Inc. ("B&W" or the "Company") (NYSE: BW) today announced that, effective January 18, 2024, it has entered into a new three-year senior secured credit agreement with Axos Bank (“Axos”) under which Axos has provided an asset-based revolving credit facility of up to $150 million that can be used to support letters of credit, renewable energy growth initiatives and potential accretive business purposes. The new revolver provides for reduced interest ...

Babcock & Wilcox Enterprises, Inc. (NYSE:BW) Q3 2023 Earnings Conference Call November 9, 2023 10:00 PM ET Company Participants Sharyn Brooks - Director of Communications Kenny Young - Chairman & CEO Lou Salamone - CFO Conference Call Participants Aaron Spychalla - Craig-Hallum Brent Thielman - D.A. Davidson Rob Brown - Lake Street Capital Markets Alex Rygiel - B. Riley Securities FBR Operator Good evening. My name is Hannah and I will be your conference operator today. At this time, I would like to welcome ...

Optimus were finalized on of February 1, 2023 and February 28, 2023, respectively. These allocations resulted in several measurement period adjustments. Estimated future intangible asset amortization expense as of September 30, 2023 is as follows (in thousands): We accrue estimated expense included in Cost of operations on our Condensed Consolidated Statements of Operations to satisfy contractual warranty requirements when we recognize the associated revenues on the related contracts, or in the case of a lo ...

SAFE HARBOR STATEMENT B&W Enterprises cautions that this presentation contains forward-looking statements within the meaning of federal securities laws. All statements other than statements of historical or current fact included in this presentation are forward-looking statements, including, without limitation, statements relating to the company's business outlook and expected financial performance, including adjusted EBITDA and sales targets, expectations regarding future growth, expansion and profitabilit ...