- 4Q22 diluted GAAP EPS of $0.47, diluted non-GAAP(1) EPS of
$0.93, on revenue of $624.2 million
- 4Q22 net income of $43.0 million, adjusted EBITDA(1) of $130.1
million
- 2022 diluted GAAP EPS of $2.60, diluted non-GAAP(1) EPS of
$3.13, on revenue of $2.23 billion
- 2022 net income of $238.6 million, adjusted EBITDA(1) of $439.4
million
- 2022 operating cash flow of $244.7 million, free cash flow(1)
of $46.4 million
- Initiates 2023 guidance in-line with prior outlook
commentary
- Increases quarterly cash dividend to $0.23 per share
BWX Technologies, Inc. (NYSE: BWXT) ("BWXT", "we", "us" or the
"Company") reported fourth-quarter and full-year 2022 results. A
reconciliation of non-GAAP results are detailed in Exhibit 1.
“As we expected, BWXT closed out 2022 with solid fourth quarter
financial results," said Rex D. Geveden, president and chief
executive officer. “We benefited from our balanced and growing
portfolio this year as strong performance in Commercial Operations
largely offset headwinds in the Government Operations segment owing
to a tough labor market. Operating performance outpaced
macroeconomic and accounting headwinds, including lower pension
income and increasing interest rates, resulting in high-single
digit underlying EBITDA and positive earnings per share growth for
the year.”
“We continue to face labor pressures and expect that to detract
from our full potential in 2023 because our growth will likely be
muted by attrition and the availability of qualified workers.
Despite these macroeconomic headwinds, I am energized about the
expected future trajectory of BWXT because we see increasing demand
in every market in which we participate. We see near-term
opportunity in space-based microreactors, DOE services, commercial
small modular reactors, nuclear medicine, and potential new demand
related to the AUKUS trilateral security agreement. Accordingly, we
expect 2023 to shape up as another strategic milestone year as we
continue to drive top-line gains, accelerate EBITDA growth, and
inflect free cash flow,” said Geveden.
Financial Results Summary
Three Months Ended December
31,
Year Ended December
31,
2022
2021
$ Change
% Change
2022
2021
$ Change
% Change
(Unaudited)
(In millions, except per share
amounts)
Revenue
Government Operations
$
517.6
$
479.2
$
38.5
8%
$
1,808.5
$
1,725.1
$
83.4
5%
Commercial Operations
$
107.1
$
114.5
$
(7.4
)
(6)%
$
427.4
$
407.1
$
20.3
5%
Consolidated
$
624.2
$
592.0
$
32.2
5%
$
2,232.8
$
2,124.1
$
108.8
5%
Operating Income
Government Operations
$
102.8
$
90.9
$
11.9
13%
$
336.5
$
329.5
$
7.0
2%
Commercial Operations
$
3.7
$
18.4
$
(14.6
)
(80)%
$
27.4
$
35.2
$
(7.8
)
(22)%
Unallocated Corporate (Expense)
$
(4.6
)
$
(7.1
)
$
2.4
NM
$
(15.3
)
$
(18.9
)
$
3.6
NM
Consolidated
$
101.9
$
102.2
$
(0.3
)
—%
$
348.6
$
345.8
$
2.7
1%
Consolidated non-GAAP(1)
$
111.1
$
104.6
$
6.5
6%
$
365.6
$
349.0
$
16.6
5%
EPS (Diluted)
GAAP
$
0.47
$
1.26
$
(0.79
)
(63)%
$
2.60
$
3.24
$
(0.64
)
(20)%
Non-GAAP(1)
$
0.93
$
0.95
$
(0.02
)
(2)%
$
3.13
$
3.06
$
0.07
2%
Net Income
GAAP
$
43.0
$
116.9
$
(73.9
)
(63)%
$
238.6
$
306.3
$
(67.7
)
(22)%
Non-GAAP(1)
$
85.7
$
88.2
$
(2.5
)
(3)%
$
287.5
$
289.6
$
(2.2
)
(1)%
Adjusted EBITDA(1)
Government Operations
$
115.8
$
102.9
$
12.8
12%
$
386.5
$
372.2
$
14.3
4%
Commercial Operations
$
13.6
$
23.9
$
(10.3
)
(43)%
$
53.9
$
56.0
$
(2.1
)
(4)%
Corporate
$
0.7
$
(3.7
)
$
4.3
NM
$
(1.1
)
$
(10.2
)
$
9.1
NM
Consolidated
$
130.1
$
123.2
$
6.9
6%
$
439.4
$
418.1
$
21.3
5%
Cash Flows
Operating Cash Flow(2)
$
107.7
$
160.4
$
(52.8
)
(33)%
$
244.7
$
386.0
$
(141.3
)
(37)%
Capital Expenditures(2)
$
63.7
$
74.4
$
(10.7
)
(14)%
$
198.3
$
311.1
$
(112.7
)
(36)%
Free Cash Flow(1)
$
43.9
$
86.1
$
(42.1
)
(49)%
$
46.4
$
75.0
$
(28.6
)
(38)%
Share Repurchases(2)
$
—
$
40.0
$
(40.0
)
NM
$
20.0
$
225.8
$
(205.8
)
(91)%
Dividends Paid(2)
$
20.2
$
19.4
$
0.8
4%
$
81.1
$
79.7
$
1.4
2%
NM = Not Meaningful
(2) Items named in the Financial Results
Summary differ from names in BWXT Financial Statement. Operating
Cash Flow = Net Cash Provided by Operating Activities; Capital
Expenditures = Purchases of Property, Plant and Equipment; Share
Repurchases = Repurchases of Common Stock; Dividends Paid =
Dividends Paid to Common Shareholders
Revenue
The fourth quarter consolidated revenue increase resulted from
higher revenue in Government Operations partially offset by lower
revenue in Commercial Operations. The Government Operations
increase was driven by higher microreactor volume, uranium
processing and the DCL/Cunico acquisition, partially offset by
lower long-lead material production. The Commercial Operations
decrease resulted from lower commercial nuclear power, primarily
fuel volume, partially offset by increased medical sales.
The full year consolidated revenue increase was driven by growth
in both operating segments. The Government Operations increase was
driven by higher microreactor volume, naval reactors, uranium
processing, long-lead material production and the DCL/Cunico
acquisition, partially offset by lower missile tube production. The
Commercial Operations increase resulted from higher commercial
nuclear power, primarily field services, as well as higher medical
sales.
Operating Income and Adjusted EBITDA(1)
Fourth quarter consolidated operating income was about flat
compared with the prior-year period, as higher operating income in
Government Operations and lower unallocated corporate expense was
offset by lower operating income in Commercial Operations. The
Government Operations increase resulted from higher income in joint
venture projects, microreactors and more favorable contract
adjustments on missile tubes, partially offset by decreased labor
and cost efficiencies that resulted in fewer favorable contract
adjustments, lower recoverable CAS pension income, and higher
depreciation and acquisition amortization. The Commercial
Operations decrease was driven by lower commercial nuclear power,
primarily fuel volume. Lower unallocated corporate expense was
driven by decreases in healthcare costs and stock-based
compensation.
The fourth quarter total adjusted EBITDA(1) increase was driven
primarily by the reasons noted above as higher Government
Operations adjusted EBITDA(1) and lower unallocated corporate
expense was partially offset by lower Commercial Operations
adjusted EBITDA(1).
The 2022 consolidated operating income increase was driven by
higher operating income in Government Operations and lower
unallocated corporate expense, which was offset by lower operating
income in Commercial Operations. The Government Operations increase
was driven by higher income from joint venture projects, uranium
processing, microreactors and long-lead material production,
partially offset by decreased labor and cost efficiencies that
resulted in fewer favorable contract adjustments, lower recoverable
CAS pension income, and higher depreciation and acquisition
amortization. The Commercial Operations decrease was driven by a
less favorable business mix and the absence of CEWS COVID-19 wage
subsidy. Lower unallocated corporate expense was driven by a
decrease in healthcare costs and lower compensation related expense
inclusive of stock-based compensation.
The 2022 total adjusted EBITDA(1) increase was driven primarily
by the reasons noted above as higher Government Operations adjusted
EBITDA(1) and lower unallocated corporate expense was partially
offset by lower Commercial Operations adjusted EBITDA(1).
EPS
The fourth quarter GAAP EPS decrease was driven primarily by the
absence of gains associated with the mark-to-market of the pension
that occurred in the fourth quarter 2021, higher interest expense,
a higher effective tax rate and lower FAS/CAS pension income,
partially offset by better operational performance and a lower
share count. The fourth quarter non-GAAP EPS decrease was driven by
the items above excluding mark-to-market pension gains and losses
and restructuring and other costs and other one-time items.
The 2022 GAAP EPS decrease was driven primarily by the absence
of gains associated with the mark-to-market of the pension that
occurred in the fourth quarter 2021, higher interest expense, a
higher effective tax rate and lower FAS/CAS pension income,
partially offset by better operational performance and a lower
share count. The 2022 non-GAAP EPS(1) increase was driven by the
items above excluding mark-to-market pension gains and losses and
restructuring costs and other one-time items.
Cash Flows
The fourth quarter operating cash flow decrease was driven by
increases in working capital, primarily accounts payable. Lower
fourth quarter capital expenditures resulted from lower spending on
the two major growth capital campaigns for U.S. naval nuclear
reactors and medical radioisotopes that are nearing completion,
partially offset by an increase in capital expenditures for
microreactors.
The 2022 operating cash flow decrease was driven by the absence
of large payment that occurred in 2021, higher cash taxes for
R&D amortization and an increase in working capital. Lower 2022
capital expenditures were driven by less spending on two major
growth capital campaigns for U.S. naval nuclear reactors and
medical radioisotopes that are nearing completion.
Dividend
BWXT paid $20.2 million, or $0.22 per common share, to
shareholders in the fourth-quarter 2022 and paid $81.1 million to
shareholders for the full-year 2022. On February 22, 2023, the BWXT
Board of Directors declared an increase of $0.01 to the quarterly
cash dividend. A $0.23 cash dividend per common share will be
payable on March 28, 2023, to shareholders of record on March 10,
2023.
2023 Guidance
BWXT announced its expectations for fiscal year 2023 financial
results, providing the following guidance:
(In millions, except per share
amounts)
Year Ended
Year Ending
December 31, 2022
December 31, 2023
Results
Guidance
Revenue
$2,233
~$2,400
Adjusted EBITDA(1)
$439
~$475
Adjusted Pre-tax Income(1)
$378
~$350
Non-GAAP(1) Earnings Per Share
$3.13
$2.80 - $3.00
Free Cash Flow(1)
$46
~$200
Additional information can be found in the 2022 fourth quarter
earnings call presentation on the BWXT investor relations website
at www.bwxt.com/investors. The Company
does not provide GAAP guidance because it is unable to reliably
forecast most of the items that are excluded from GAAP to calculate
non-GAAP results. These items could cause GAAP results to differ
materially from non-GAAP results.
Conference Call to Discuss Fourth-Quarter and Full-Year 2022
Results
Date:
Thursday, February 23, 2023, at
5:00 p.m. EST
Live Webcast:
Investor Relations section of
website at www.bwxt.com
Full Earnings Release Available on BWXT Website
A full version of this earnings release is available on our
Investor Relations website at http://investors.bwxt.com/4Q2022-release
BWXT may use its website (www.bwxt.com) as a channel of
distribution of material Company information. Financial and other
important information regarding BWXT is routinely accessible
through and posted on our website. In addition, you may elect to
automatically receive e-mail alerts and other information about
BWXT by enrolling through the “Email Alerts” section of our website
at http://investors.bwxt.com.
Non-GAAP Measures
BWXT uses and makes reference to adjusted EBITDA, free cash flow
and free cash flow conversion, which are not recognized measures
under GAAP. BWXT is providing these non-GAAP measures to supplement
the results provided in accordance with GAAP and it should not be
considered superior to, or as a substitute for, the comparable GAAP
measures. BWXT believes the non-GAAP measures provide meaningful
insight and transparency into the Company’s operational performance
and provides these measures to investors to help facilitate
comparisons of operating results with prior periods and to assist
them in understanding BWXT's ongoing operations. Definitions for
the non-GAAP measures are provided below and reconciliations are
detailed in Exhibit 1, except that reconciliations of
forward-looking GAAP measures are not provided because the company
is unable to reliably forecast most of the items that are excluded
from GAAP to calculate non-GAAP results. Other companies may define
these measures differently or may utilize different non-GAAP
measures, thus impacting comparability.
Adjusted Earnings Before Interest, Taxes, Depreciation and
Amortization (EBITDA) is calculated using non-GAAP net income, plus
provision for income taxes, less other – net, less interest income,
plus interest expense, plus depreciation and amortization.
Adjusted pre-tax income is non-GAAP income before provision for
income taxes.
Free Cash Flow (FCF) is calculated using net income to derive
net cash provided by (used in) operating activities less purchases
of property, plant and equipment.
Free Cash Flow conversion is free cash flow divided by net
income.
Forward-Looking Statements
BWXT cautions that this release contains forward-looking
statements, including, without limitation, statements relating to
backlog, to the extent they may be viewed as an indicator of future
revenues; our plans and expectations for each of our reportable
segments, including the expectations, timing and revenue of our
strategic initiatives, such as medical radioisotopes, small modular
reactor components and recent acquisitions; disruptions to our
supply chain and/or operations, changes in government regulations
and other factors, including any such impacts of, or actions in
response to the COVID-19 health crisis; and our expectations and
guidance for 2023 and beyond. These forward-looking statements are
based on management’s current expectations and involve a number of
risks and uncertainties, including, among other things, our ability
to execute contracts in backlog; the lack of, or adverse changes
in, federal appropriations to government programs in which we
participate; the demand for and competitiveness of nuclear products
and services; capital priorities of power generating utilities and
other customers; the timing of technology development; the
potential recurrence of subsequent waves or strains of COVID-19 or
similar diseases; adverse changes in the industries in which we
operate; and delays, changes or termination of contracts in
backlog. If one or more of these risks or other risks materialize,
actual results may vary materially from those expressed. For a more
complete discussion of these and other risk factors, see BWXT’s
filings with the Securities and Exchange Commission, including our
annual report on Form 10-K for the year ended December 31, 2022.
BWXT cautions not to place undue reliance on these forward-looking
statements, which speak only as of the date of this release, and
undertakes no obligation to update or revise any forward-looking
statement, except to the extent required by applicable law.
About BWXT
At BWX Technologies, Inc. (NYSE: BWXT), we are People Strong,
Innovation Driven. Headquartered in Lynchburg, Va. BWXT is a
Fortune 1000 and Defense News Top 100 manufacturing and engineering
innovator that provides safe and effective nuclear solutions for
global security, clean energy, environmental remediation, nuclear
medicine and space exploration. With approximately 7,000 employees,
BWXT has 14 major operating sites in the U.S., Canada and the U.K.
In addition, BWXT joint ventures provide management and operations
at a dozen U.S. Department of Energy and NASA facilities. Follow us
on Twitter at @BWXT and learn more at www.bwxt.com
(1) A reconciliation of non GAAP results
are detailed in Exhibit 1. Additional information can be found in
the materials on the BWXT investor relations website at
www.bwxt.com/investors.
EXHIBIT 1
BWX TECHNOLOGIES, INC.
RECONCILIATION OF NON-GAAP
OPERATING INCOME AND EARNINGS PER SHARE(1)(2)(3)
(In millions, except per share
amounts)
Three Months Ended December
31, 2022
GAAP
Pension & OPEB MTM (Gain)
/ Loss
Restructuring Costs
Acquisition -related
Costs
Loss on Asset Disposal
Non-GAAP
Operating Income
$
101.9
$
—
$
2.6
$
0.3
$
6.2
$
111.1
Other Income (Expense)
(45.1
)
46.6
0.0
—
—
1.6
Income before Provision for Income
Taxes
56.8
46.6
2.7
0.3
6.2
112.6
Provision for Income Taxes
(13.8
)
(10.9
)
(0.6
)
(0.0
)
(1.6
)
(26.9
)
Net Income
43.0
35.7
2.1
0.3
4.7
85.7
Net Income Attributable to Noncontrolling
Interest
(0.1
)
—
—
—
—
(0.1
)
Net Income Attributable to BWXT
$
43.0
$
35.7
$
2.1
$
0.3
$
4.7
$
85.6
Diluted Shares Outstanding
91.8
91.8
Diluted Earnings per Common Share
$
0.47
$
0.39
$
0.02
$
0.00
$
0.05
$
0.93
Effective Tax Rate
24.3
%
23.9
%
Government Operations Operating Income
$
102.8
$
—
$
—
$
0.3
$
—
$
103.1
Commercial Operations Operating Income
$
3.7
$
—
$
(0.7
)
$
—
$
6.2
$
9.3
Unallocated Corporate Operating Income
$
(4.6
)
$
—
$
3.3
$
0.0
$
—
$
(1.3
)
Three Months Ended December
31, 2021
GAAP
Pension & OPEB MTM (Gain)
/ Loss
Restructuring and Other
Costs
Non-GAAP
Operating Income
$
102.2
$
—
$
2.4
$
104.6
Other Income (Expense)
44.9
(39.6
)
—
5.3
Income before Provision for Income
Taxes
147.1
(39.6
)
2.4
109.9
Provision for Income Taxes
(30.2
)
9.1
(0.6
)
(21.7
)
Net Income
116.9
(30.5
)
1.8
88.2
Net Income Attributable to Noncontrolling
Interest
(0.0
)
—
—
(0.0
)
Net Income Attributable to BWXT
$
116.9
$
(30.5
)
$
1.8
$
88.2
Diluted Shares Outstanding
92.5
92.5
Diluted Earnings per Common Share
$
1.26
$
(0.33
)
$
0.02
$
0.95
Effective Tax Rate
20.5
%
19.8
%
Government Operations Operating Income
$
90.9
$
—
$
—
$
90.9
Commercial Operations Operating Income
$
18.4
$
—
$
0.6
$
19.0
Unallocated Corporate Operating Income
$
(7.1
)
$
—
$
1.8
$
(5.3
)
EXHIBIT 1 (continued)
BWX TECHNOLOGIES, INC.
RECONCILIATION OF NON-GAAP
OPERATING INCOME AND EARNINGS PER SHARE(1)(2)(3)
(In millions, except per share
amounts)
Year Ended December 31,
2022
GAAP
Pension & OPEB MTM (Gain)
/ Loss
Restructuring Costs
Acquisition- related
Costs
Loss on Asset Disposal
Non-GAAP
Operating Income
$
348.6
$
—
$
8.2
$
2.6
$
6.2
$
365.6
Other Income (Expense)
(34.2
)
46.6
0.0
—
—
12.4
Income before Provision for Income
Taxes
314.4
46.6
8.2
2.6
6.2
378.0
Provision for Income Taxes
(75.8
)
(10.9
)
(1.9
)
(0.4
)
(1.6
)
(90.5
)
Net Income
238.6
35.7
6.3
2.2
4.7
287.5
Net Income Attributable to Noncontrolling
Interest
(0.4
)
—
—
—
—
(0.4
)
Net Income Attributable to BWXT
$
238.2
$
35.7
$
6.3
$
2.2
$
4.7
$
287.1
Diluted Shares Outstanding
91.7
91.7
Diluted Earnings per Common Share
$
2.60
$
0.39
$
0.07
$
0.02
$
0.05
$
3.13
Effective Tax Rate
24.1
%
23.9
%
Government Operations Operating Income
$
336.5
$
—
$
1.2
$
0.8
$
—
$
338.6
Commercial Operations Operating Income
$
27.4
$
—
$
1.5
$
—
$
6.2
$
35.1
Unallocated Corporate Operating Income
$
(15.3
)
$
—
$
5.4
$
1.8
$
—
$
(8.1
)
Year Ended December 31,
2021
GAAP
Pension & OPEB MTM (Gain)
/ Loss
Restructuring and Other
Costs
Costs Associated With Early
Bond Redemption
Non-GAAP
Operating Income
$
345.8
$
—
$
3.1
$
—
$
349.0
Other Income (Expense)
49.9
(39.6
)
—
15.0
25.3
Income before Provision for Income
Taxes
395.7
(39.6
)
3.1
15.0
374.3
Provision for Income Taxes
(89.4
)
9.1
(0.8
)
(3.5
)
(84.6
)
Net Income
306.3
(30.5
)
2.4
11.5
289.6
Net Income Attributable to Noncontrolling
Interest
(0.4
)
—
—
—
(0.4
)
Net Income Attributable to BWXT
$
305.9
$
(30.5
)
$
2.4
$
11.5
$
289.2
Diluted Shares Outstanding
94.5
94.5
Diluted Earnings per Common Share
$
3.24
$
(0.32
)
$
0.03
$
0.12
$
3.06
Effective Tax Rate
22.6
%
22.6
%
Government Operations Operating Income
$
329.5
$
—
$
0.2
$
—
$
329.7
Commercial Operations Operating Income
$
35.2
$
—
$
0.9
$
—
$
36.2
Unallocated Corporate Operating Income
$
(18.9
)
$
—
$
2.1
$
—
$
(16.9
)
EXHIBIT 1 (continued)
RECONCILIATION OF CONSOLIDATED
ADJUSTED EBITDA(1)(2)(3)
(In millions)
Three Months Ended December
31, 2022
GAAP
Pension & OPEB MTM (Gain)
/ Loss
Restructuring Costs
Acquisition- related
Costs
Loss on Asset Disposal
Non-GAAP
Net Income
$
43.0
$
35.7
$
2.1
$
0.3
$
4.7
$
85.7
Provision for Income Taxes
13.8
10.9
0.6
0.0
1.6
26.9
Other – net
33.9
(46.6
)
—
—
—
(12.6
)
Interest Expense
11.4
—
(0.0
)
—
—
11.4
Interest Income
(0.3
)
—
—
—
—
(0.3
)
Depreciation & Amortization
19.0
—
—
—
—
19.0
Adjusted EBITDA
$
120.9
$
—
$
2.6
$
0.3
$
6.2
$
130.1
Three Months Ended December
31, 2021
GAAP
Pension & OPEB MTM (Gain)
/ Loss
Restructuring and Other
Costs
Non-GAAP
Net Income
$
116.9
$
(30.5
)
$
1.8
$
88.2
Provision for Income Taxes
30.2
(9.1
)
0.6
21.7
Other – net
(51.9
)
39.6
—
(12.3
)
Interest Expense
7.0
—
—
7.0
Interest Income
(0.0
)
—
—
(0.0
)
Depreciation & Amortization
18.6
—
—
18.6
Adjusted EBITDA
$
120.8
$
—
$
2.4
$
123.2
Year Ended December 31,
2022
GAAP
Pension & OPEB MTM (Gain)
/ Loss
Restructuring Costs
Acquisition-
related Costs
Loss on Asset Disposal
Non-GAAP
Net Income
$
238.6
$
35.7
$
6.3
$
2.2
$
4.7
$
287.5
Provision for Income Taxes
75.8
10.9
1.9
0.4
1.6
90.5
Other – net
(1.5
)
(46.6
)
—
—
—
(48.0
)
Interest Expense
36.4
—
(0.0
)
—
—
36.4
Interest Income
(0.8
)
—
—
—
—
(0.8
)
Depreciation & Amortization
73.8
—
—
—
—
73.8
Adjusted EBITDA
$
422.4
$
—
$
8.2
$
2.6
$
6.2
$
439.4
Year Ended December 31,
2021
GAAP
Pension & OPEB MTM (Gain)
/ Loss
Restructuring and Other
Costs
Costs Associated With Early
Bond Redemption
Non-GAAP
Net Income
$
306.3
$
(30.5
)
$
2.4
$
11.5
$
289.6
Provision for Income Taxes
89.4
(9.1
)
0.8
3.5
84.6
Other – net
(85.2
)
39.6
—
(10.8
)
(56.4
)
Interest Expense
35.8
—
—
(4.2
)
31.5
Interest Income
(0.4
)
—
—
—
(0.4
)
Depreciation & Amortization
69.1
—
—
—
69.1
Adjusted EBITDA
$
414.9
$
—
$
3.1
$
—
$
418.1
EXHIBIT 1 (continued)
RECONCILIATION OF REPORTING
SEGMENT ADJUSTED EBITDA(1)(2)(3)
(In millions)
Three Months Ended December
31, 2022
Operating Income
(GAAP)
Non-GAAP
Adjustments(4)
Depreciation &
Amortization
Adjusted EBITDA
Government Operations
$
102.8
$
0.3
$
12.7
$
115.8
Commercial Operations
$
3.7
$
5.6
$
4.3
$
13.6
Three Months Ended December
31, 2021
Operating Income
(GAAP)
Non-GAAP
Adjustments(4)
Depreciation &
Amortization
Adjusted EBITDA
Government Operations
$
90.9
$
—
$
12.1
$
102.9
Commercial Operations
$
18.4
$
0.6
$
4.9
$
23.9
Year Ended December 31,
2022
Operating Income
(GAAP)
Non-GAAP
Adjustments(4)
Depreciation &
Amortization
Adjusted EBITDA
Government Operations
$
336.5
$
2.1
$
48.0
$
386.5
Commercial Operations
$
27.4
$
7.7
$
18.8
$
53.9
Year Ended December 31,
2021
Operating Income
(GAAP)
Non-GAAP
Adjustments(4)
Depreciation &
Amortization
Adjusted EBITDA
Government Operations
$
329.5
$
0.2
$
42.5
$
372.2
Commercial Operations
$
35.2
$
0.9
$
19.9
$
56.0
RECONCILIATION OF CONSOLIDATED
FREE CASH FLOW(1)(2)(3)
(In millions)
Three Months Ended December
31,
2022
2021
Net Cash Provided By Operating
Activities
$
107.7
$
160.4
Purchases of Property, Plant and
Equipment
(63.7
)
(74.4
)
Free Cash Flow
$
43.9
$
86.1
Year Ended December
31,
2022
2021
Net Cash Provided By Operating
Activities
$
244.7
$
386.0
Purchases of Property, Plant and
Equipment
(198.3
)
(311.1
)
Free Cash Flow
$
46.4
$
75.0
(1)
Tables may not foot due to rounding.
(2)
BWXT is providing non-GAAP information
regarding certain of its historical results and guidance on future
earnings per share to supplement the results provided in accordance
with GAAP and it should not be considered superior to, or as a
substitute for, the comparable GAAP measures. BWXT believes the
non-GAAP measures provide meaningful insight and transparency into
the Company’s operational performance and provides these measures
to investors to help facilitate comparisons of operating results
with prior periods and to assist them in understanding BWXT's
ongoing operations.
(3)
BWXT has not included a reconciliation of
provided non-GAAP guidance to the comparable GAAP measures due to
the difficulty of estimating any mark-to-market adjustments for
pension and post-retirement benefits, which are determined at the
end of the year.
(4)
For Non-GAAP adjustment details, see
reconciliation of non-GAAP operating income and earnings per
share.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230223005849/en/
Investor Contact: Mark Kratz Vice President, Investor
Relations 980-365-4300 Investors@bwxt.com Media Contact: Jud
Simmons Director, Media and Public Relations 434-522-6462
hjsimmons@bwxt.com
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