EX-99.1 2 tm239774d1_ex99-1.htm EXHIBIT 99.1

 

Exhibit 99.1

 

Exhibit 4

Babcock & Wilcox Enterprises, Inc.

Segment Information(1)

(In millions)

 

SEGMENT RESULTS  Three months ended December 31,   Year ended December 31, 
   2022   2021   2022   2021 
REVENUES:                    
Babcock & Wilcox Renewable  $105.7   $51.6   $330.6   $156.8 
Babcock & Wilcox Environmental   43.2    36.1    154.4    133.8 
Babcock & Wilcox Thermal   105.2    104.9    415.1    433.3 
Other   (4.2)   (0.3)   (10.3)   (0.6)
   $249.9   $192.3   $889.8   $723.4 
                     
ADJUSTED EBITDA:                    
Babcock & Wilcox Renewable (5)  $11.2   $8.2   $26.1   $23.2 
Babcock & Wilcox Environmental   4.7    4.5    9.8    11.8 
Babcock & Wilcox Thermal   15.0    16.7    56.3    49.1 
Corporate   (3.5)   (0.9)   (16.5)   (12.5)
Research and development costs   (0.8)   (0.5)   (3.3)   (1.1)
   $26.5   $27.9   $72.4   $70.6 
                     
AMORTIZATION EXPENSE:                    
Babcock & Wilcox Renewable (2)  $0.9   $2.1   $4.5   $2.7 
Babcock & Wilcox Environmental   0.7    0.7    2.7    3.0 
Babcock & Wilcox Thermal (3)   1.8    0.6    5.8    2.9 
   $3.4   $3.3   $13.0   $8.6 
                     
DEPRECIATION EXPENSE:                    
Babcock & Wilcox Renewable  $1.7   $0.8   $3.4   $3.0 
Babcock & Wilcox Environmental   0.2    0.4    0.7    1.6 
Babcock & Wilcox Thermal   2.0    1.2    6.8    5.1 
   $3.9   $2.4   $10.9   $9.7 

 

   As of December 31,   
BACKLOG:  2022   2021   
Babcock & Wilcox Renewable (4)  $284   $394   
Babcock & Wilcox Environmental   148    123   
Babcock & Wilcox Thermal   265    126   
Other/Eliminations   7    (4)  
   $704   $639   

 

(1)Figures may not be clerically accurate due to rounding.
(2)Amortization expense in the Babcock & Wilcox Renewable segment includes $0.3 million and $1.0 million in finance lease amortization for the three and twelve months ended December 31, 2022, respectively. Amortization expense in the Babcock & Wilcox Renewable segment includes $0.0 million and $0.6 million in finance lease amortization for the three and twelve months ended December 31, 2021, respectively.
(3)Amortization expense in the Babcock & Wilcox Thermal segment includes $0.7 million and $1.3 million in finance lease amortization for the three and twelve months ended December 31, 2022, respectively. Amortization expense in the Babcock & Wilcox Thermal segment includes $0.7 million and $2.9 million in finance lease amortization for the three and twelve months ended December 31, 2021, respectively.
(4)Babcock & Wilcox Renewable backlog at December 31, 2022, includes $55.6 million related to long-term operation and maintenance contracts for renewable energy plants, with remaining durations extending until 2034. Generally, such contracts have a duration of 10 to 20 years and include options to extend.
(5)Adjusted EBITDA for the twelve months ended December 31, 2022 includes a $6.2 million non-recurring gain on sale related to development rights of a future solar project that was sold as well as the reduction to Selling, General and Administrative Costs of $9.6 million for the twelve months ended December 31, 2022 that resulted from the reversal of the contingent consideration related to an acquisition.