UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
______________________________________________________________________________
FORM 8-K
______________________________________________________________________________
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 9, 2022
(Exact name of registrant as specified in its charter)
_____________________________________________________________________________
| (State or other jurisdiction | (Commission | (IRS Employer | |||||||||||||||||||||
| of incorporation) | File Number) | Identification No.) | |||||||||||||||||||||
| (Address of principal executive offices) | (Zip Code) | ||||||||||||||||||||||
Registrant’s telephone number, including area code: (980 ) 365-4300
____________________________________________________________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act: | ||||||||
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
| Emerging growth company | |||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On May 9, 2022, we issued a press release announcing our financial results for the first quarter ended March 31, 2022. A copy of the press release is attached as Exhibit 99.1, and the information contained in Exhibit 99.1 is incorporated by reference.
The information furnished pursuant to this Item 2.02, including Exhibit 99.1, shall not be deemed to be "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
| 99.1 | ||||||||
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) | |||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| BWX TECHNOLOGIES, INC. | |||||||||||
| By: | /s/ Jason S. Kerr | ||||||||||
| Jason S. Kerr | |||||||||||
| Vice President and Chief Accounting Officer | |||||||||||
May 9, 2022
BWX Technologies Reports First Quarter 2022 Results
•Generates 1Q22 GAAP earnings of $0.64 per share, non-GAAP(1) earnings of $0.69 per share
•Produces 1Q22 GAAP net income of $59.0 million and adjusted EBITDA(1) of $94.4 million
•Completes Tc-99m equipment testing, setting the stage for FDA registration batches
•Closes acquisition to expand and enhance core naval nuclear manufacturing business by adding highly-engineered, proprietary valves, manifolds and fittings for global shipbuilding
•Reiterates 2022 guidance
Lynchburg, VA - May 9, 2022 - BWX Technologies, Inc. (NYSE: BWXT) ("BWXT", "we", "us" or the "Company") reported first quarter 2022 revenue of $531 million, a slight increase compared with $528 million in the first quarter 2021. GAAP net income for the first quarter 2022 was $59.0 million, or $0.64 per diluted share, compared with GAAP net income of $69.7 million, or $0.73 per diluted share, in the prior-year period. Non-GAAP(1) net income for the first quarter 2022 was $63.0 million, or $0.69 per diluted share. Consolidated adjusted EBITDA(1) for the first quarter 2022 was $94.4 million, a 4% decrease compared with the prior-year period of $98.3 million, primarily driven by lower recoverable CAS pension income and fewer favorable contract adjustments due to lower productivity in the naval reactors business. A reconciliation of non-GAAP results are detailed in Exhibit 1.
“BWXT demonstrated consistent operational and financial performance in the first quarter of the year and moved forward on strategic growth initiatives," said Rex D. Geveden, president and chief executive officer. “BWXT delivered its final design for the Pele transportable microreactor to the Department of Defense and completed a comprehensive series of hot runs to fully test and optimize the new Tc-99m generator manufacturing line, setting the stage for final characterization runs and reference batches.”
“In April, we also closed a small, but strategic acquisition that expands and enhances our core mission in global security. These two acquired businesses provide additional market access to expanding nuclear and non-nuclear naval and commercial markets through the sale of highly engineered proprietary valves, manifolds and fittings and enhanced-emission maritime offerings. The acquisition will also establish a global footprint for BWXT with concentrations in the U.S. and U.K. maritime markets, which we view as increasingly important, especially given the present state of global security," said Geveden.
Segment Results
Government Operations segment revenue was $432 million for the first quarter 2022, a 2% increase compared with the prior-year period, driven by higher long-lead material volume in naval reactors, higher revenue in uranium processing and higher revenue in advanced technologies related to microreactors, partially offset by lower missile tube revenue. Government Operations segment operating income was $72.2 million in the first quarter 2022, an 8% decrease compared with the prior-year period. Government Operations segment adjusted EBITDA(1) was $84.7 million in the first quarter 2022, a 3% decrease compared with the prior-year period, primarily driven by lower recoverable CAS pension income and fewer favorable contract adjustments due to lower productivity in the naval reactors business, partially offset by higher volume.
(1) A reconciliation of non-GAAP results, including adjusted EBITDA, are detailed in Exhibit 1. Additional information can be found in the materials on the BWXT investor relations website at www.bwxt.com/investors.
Commercial Operations segment revenue was $100 million for the first quarter 2022, a 7% decrease from the prior-year period, driven by lower commercial nuclear power field services, partially offset by higher commercial nuclear power fuel handling revenue and higher BWXT Medical revenue. Commercial Operations segment operating income was $4.0 million in the first quarter 2022, a $2.3 million decrease from the prior-year period. Commercial Operations segment adjusted EBITDA(1) was $10.7 million in the first quarter 2022, a 5% decrease compared with the prior-year period, primarily driven by lower revenue.
Cash and Capital Returned to Shareholders
BWXT utilized $5.4 million of net cash in operating activities in the first quarter 2022, compared with $98.4 million of net cash generated from operating activities in the prior-year period, which can be largely explained by an $88.7 million cash receipt that typically would have been received prior to the 2020 year-end but occurred in the first quarter of 2021. The Company’s cash balance, net of restricted cash, was $23.6 million at the end of the first quarter 2022.
The Company returned $40.7 million of cash to shareholders during the first quarter 2022, including $20.0 million in share repurchases and $20.7 million in dividends. As of March 31, 2022, total remaining share repurchase authorization was $398 million.
On May 3, 2022, the BWXT Board of Directors declared a quarterly cash dividend of $0.22 per common share. The dividend will be payable on June 8, 2022, to shareholders of record on May 20, 2022.
2022 Guidance
BWXT reiterated all components of 2022 guidance
•Revenue up 3% to 4% vs. 2021
•Adjusted EBITDA up 3% to 4% vs. 2021
•Non-GAAP EPS: $3.05 to $3.25
•Cash from operations: $260 million to $290 million
•Capital expenditures: $180 million to $200 million
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. See reconciliation of non-GAAP results in Exhibit 1 for additional information.
Conference Call to Discuss First Quarter 2022 Results
Date: Monday, May 9, 2022, at 5:00 p.m. EDT
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/1Q2022-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.
(1) A reconciliation of non-GAAP results, including adjusted EBITDA, are detailed in Exhibit 1. Additional information can be found in the materials on the BWXT investor relations website at www.bwxt.com/investors.
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 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 2022 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 receipt and/or timing of government approvals; the impact of COVID-19 on our business and our employees, contractors, suppliers, customers and other partners and their business activities; 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, 2021 and subsequent Form 10-Q filings. 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 6,700 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 more than a dozen U.S. Department of Energy and NASA facilities. Follow us on Twitter at @BWXT and learn more at www.bwxt.com
| Investor Contact: | Media Contact: | |||||||||||||
| Mark Kratz | Jud Simmons | |||||||||||||
| Vice President, Investor Relations | Director, Media and Public Relations | |||||||||||||
| 980-365-4300 | Investors@bwxt.com | 434-522-6462 | hjsimmons@bwxt.com | |||||||||||
(1) A reconciliation of non-GAAP results, including adjusted EBITDA, 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 March 31, 2022 | |||||||||||||||||||||||||||||
| GAAP | Restructuring Costs | Acquisition Related Costs | Non-GAAP | ||||||||||||||||||||||||||
| Operating Income | $ | 71.6 | $ | 4.1 | $ | 1.2 | $ | 76.8 | |||||||||||||||||||||
| Other Income (Expense) | 5.9 | — | — | 5.9 | |||||||||||||||||||||||||
| Provision for Income Taxes | (18.4) | (1.0) | (0.2) | (19.6) | |||||||||||||||||||||||||
| Net Income | 59.1 | 3.1 | 0.9 | 63.1 | |||||||||||||||||||||||||
Net Income Attributable to Noncontrolling Interest | (0.1) | — | — | (0.1) | |||||||||||||||||||||||||
Net Income Attributable to BWXT | $ | 59.0 | $ | 3.1 | $ | 0.9 | $ | 63.0 | |||||||||||||||||||||
| Diluted Shares Outstanding | 91.8 | 91.8 | |||||||||||||||||||||||||||
Diluted Earnings per Common Share | $ | 0.64 | $ | 0.03 | $ | 0.01 | $ | 0.69 | |||||||||||||||||||||
| Effective Tax Rate | 23.7% | 23.7% | |||||||||||||||||||||||||||
| Government Operations Operating Income | $ | 72.2 | $ | 1.2 | $ | — | $ | 73.5 | |||||||||||||||||||||
| Commercial Operations Operating Income | $ | 4.0 | $ | 1.9 | $ | — | $ | 5.9 | |||||||||||||||||||||
| Unallocated Corporate Operating Income | $ | (4.6) | $ | 0.9 | $ | 1.2 | $ | (2.5) | |||||||||||||||||||||
RECONCILIATION OF CONSOLIDATED ADJUSTED EBITDA(1)(2)(3)
(In millions)
| Three Months Ended March 31, 2022 | |||||||||||||||||||||||||||||||||||
| GAAP | Restructuring Costs | Acquisition Related Costs | Non-GAAP | ||||||||||||||||||||||||||||||||
| Net Income | $ | 59.1 | $ | 3.1 | $ | 0.9 | $ | 63.1 | |||||||||||||||||||||||||||
| Provision for Income Taxes | 18.4 | 1.0 | 0.2 | 19.6 | |||||||||||||||||||||||||||||||
| Other - net | (12.8) | — | — | (12.8) | |||||||||||||||||||||||||||||||
| Interest Income | (0.1) | — | — | (0.1) | |||||||||||||||||||||||||||||||
| Interest Expense | 7.1 | — | — | 7.1 | |||||||||||||||||||||||||||||||
| Depreciation & Amortization | 17.6 | — | — | $ | 17.6 | ||||||||||||||||||||||||||||||
| Adjusted EBITDA | $ | 89.2 | $ | 4.1 | $ | 1.2 | $ | 94.4 | |||||||||||||||||||||||||||
| Three Months Ended March 31, 2021 | |||||||||||||||||||||||||||||||||||
| GAAP | |||||||||||||||||||||||||||||||||||
| Net Income | $ | 69.8 | |||||||||||||||||||||||||||||||||
| Provision for Income Taxes | 22.1 | ||||||||||||||||||||||||||||||||||
| Other - net | (16.4) | ||||||||||||||||||||||||||||||||||
| Interest Income | (0.1) | ||||||||||||||||||||||||||||||||||
| Interest Expense | 7.0 | ||||||||||||||||||||||||||||||||||
| Depreciation & Amortization | 15.9 | ||||||||||||||||||||||||||||||||||
| Adjusted EBITDA | $ | 98.3 | |||||||||||||||||||||||||||||||||
EXHIBIT 1 (continued)
RECONCILIATION OF REPORTING SEGMENT ADJUSTED EBITDA(1)(2)(3)
(In millions)
| Three Months Ended March 31, 2022 | |||||||||||||||||||||||||||||||||||
| Operating Income (GAAP) | Non-GAAP Adjustments(4) | Depreciation & Amortization | Adjusted EBITDA | ||||||||||||||||||||||||||||||||
| Government Operations | $ | 72.2 | $ | 1.2 | $ | 11.2 | $ | 84.7 | |||||||||||||||||||||||||||
| Commercial Operations | $ | 4.0 | $ | 1.9 | $ | 4.8 | $ | 10.7 | |||||||||||||||||||||||||||
| Three Months Ended March 31, 2021 | |||||||||||||||||||||||||||||||||||
| Operating Income (GAAP) | Non-GAAP Adjustments(4) | Depreciation & Amortization | Adjusted EBITDA | ||||||||||||||||||||||||||||||||
| Government Operations | $ | 78.2 | $ | — | $ | 9.2 | $ | 87.4 | |||||||||||||||||||||||||||
| Commercial Operations | $ | 6.3 | $ | — | $ | 4.9 | $ | 11.2 | |||||||||||||||||||||||||||
| (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. | ||||||||||||||||||||||||||||||||||||||||||||||
BWX TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
ASSETS
| March 31, 2022 | December 31, 2021 | |||||||||||||
| (Unaudited) (In thousands) | ||||||||||||||
| Current Assets: | ||||||||||||||
| Cash and cash equivalents | $ | 23,635 | $ | 33,891 | ||||||||||
| Restricted cash and cash equivalents | 2,896 | 2,896 | ||||||||||||
| Investments | 3,789 | 3,811 | ||||||||||||
| Accounts receivable – trade, net | 58,886 | 70,663 | ||||||||||||
| Accounts receivable – other | 14,501 | 16,651 | ||||||||||||
| Retainages | 77,804 | 51,507 | ||||||||||||
| Contracts in progress | 561,407 | 546,595 | ||||||||||||
| Other current assets | 49,487 | 47,718 | ||||||||||||
| Total Current Assets | 792,405 | 773,732 | ||||||||||||
| Property, Plant and Equipment, Net | 1,071,365 | 1,045,640 | ||||||||||||
| Investments | 8,997 | 9,558 | ||||||||||||
| Goodwill | 286,859 | 285,502 | ||||||||||||
| Deferred Income Taxes | 21,360 | 21,394 | ||||||||||||
| Investments in Unconsolidated Affiliates | 101,857 | 85,284 | ||||||||||||
| Intangible Assets | 184,688 | 185,551 | ||||||||||||
| Other Assets | 101,576 | 94,719 | ||||||||||||
| TOTAL | $ | 2,569,107 | $ | 2,501,380 | ||||||||||
BWX TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
LIABILITIES AND STOCKHOLDERS' EQUITY
| March 31, 2022 | December 31, 2021 | |||||||||||||
| (Unaudited) (In thousands, except share and per share amounts) | ||||||||||||||
| Current Liabilities: | ||||||||||||||
| Accounts payable | $ | 141,131 | $ | 189,842 | ||||||||||
| Accrued employee benefits | 60,071 | 71,835 | ||||||||||||
| Accrued liabilities – other | 95,282 | 80,998 | ||||||||||||
| Advance billings on contracts | 105,687 | 111,619 | ||||||||||||
| Accrued warranty expense | 6,473 | 5,321 | ||||||||||||
| Total Current Liabilities | 408,644 | 459,615 | ||||||||||||
| Long-Term Debt | 1,299,777 | 1,189,304 | ||||||||||||
| Accumulated Postretirement Benefit Obligation | 23,993 | 24,333 | ||||||||||||
| Environmental Liabilities | 92,966 | 92,642 | ||||||||||||
| Pension Liability | 52,886 | 59,388 | ||||||||||||
| Other Liabilities | 30,887 | 38,863 | ||||||||||||
| Commitments and Contingencies | ||||||||||||||
| Stockholders' Equity: | ||||||||||||||
| Common stock, par value $0.01 per share, authorized 325,000,000 shares; issued 127,591,227 and 127,311,985 shares at March 31, 2022 and December 31, 2021, respectively | 1,276 | 1,273 | ||||||||||||
| Preferred stock, par value $0.01 per share, authorized 75,000,000 shares; No shares issued | — | — | ||||||||||||
| Capital in excess of par value | 178,243 | 174,288 | ||||||||||||
| Retained earnings | 1,814,482 | 1,775,751 | ||||||||||||
| Treasury stock at cost, 36,403,902 and 35,915,747 shares at March 31, 2022 and December 31, 2021, respectively | (1,352,291) | (1,326,280) | ||||||||||||
| Accumulated other comprehensive income (loss) | 18,179 | 12,143 | ||||||||||||
| Stockholders' Equity – BWX Technologies, Inc. | 659,889 | 637,175 | ||||||||||||
| Noncontrolling interest | 65 | 60 | ||||||||||||
| Total Stockholders' Equity | 659,954 | 637,235 | ||||||||||||
| TOTAL | $ | 2,569,107 | $ | 2,501,380 | ||||||||||
BWX TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
| Three Months Ended March 31, | ||||||||||||||
| 2022 | 2021 | |||||||||||||
| (Unaudited) (In thousands, except share and per share amounts) | ||||||||||||||
| Revenues | $ | 530,738 | $ | 528,273 | ||||||||||
| Costs and Expenses: | ||||||||||||||
| Cost of operations | 404,827 | 392,806 | ||||||||||||
| Research and development costs | 2,953 | 3,116 | ||||||||||||
| Losses (gains) on asset disposals and impairments, net | 30 | (8) | ||||||||||||
| Selling, general and administrative expenses | 60,134 | 58,261 | ||||||||||||
| Total Costs and Expenses | 467,944 | 454,175 | ||||||||||||
| Equity in Income of Investees | 8,779 | 8,316 | ||||||||||||
| Operating Income | 71,573 | 82,414 | ||||||||||||
| Other Income (Expense): | ||||||||||||||
| Interest income | 117 | 132 | ||||||||||||
| Interest expense | (7,051) | (7,039) | ||||||||||||
| Other – net | 12,809 | 16,386 | ||||||||||||
| Total Other Income (Expense) | 5,875 | 9,479 | ||||||||||||
Income before Provision for Income Taxes | 77,448 | 91,893 | ||||||||||||
| Provision for Income Taxes | 18,374 | 22,078 | ||||||||||||
| Net Income | $ | 59,074 | $ | 69,815 | ||||||||||
| Net Income Attributable to Noncontrolling Interest | (64) | (66) | ||||||||||||
| Net Income Attributable to BWX Technologies, Inc. | $ | 59,010 | $ | 69,749 | ||||||||||
| Earnings per Common Share: | ||||||||||||||
| Basic: | ||||||||||||||
| Net Income Attributable to BWX Technologies, Inc. | $ | 0.64 | $ | 0.73 | ||||||||||
| Diluted: | ||||||||||||||
| Net Income Attributable to BWX Technologies, Inc. | $ | 0.64 | $ | 0.73 | ||||||||||
| Shares used in the computation of earnings per share: | ||||||||||||||
| Basic | 91,563,598 | 95,303,728 | ||||||||||||
| Diluted | 91,800,294 | 95,558,863 | ||||||||||||
BWX TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
| Three Months Ended March 31, | ||||||||||||||
| 2022 | 2021 | |||||||||||||
| (Unaudited) (In thousands) | ||||||||||||||
| CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||||
| Net Income | $ | 59,074 | $ | 69,815 | ||||||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||
| Depreciation and amortization | 17,620 | 15,897 | ||||||||||||
| Income of investees, net of dividends | (2,975) | (2,414) | ||||||||||||
| Recognition of losses for pension and postretirement plans | 814 | 737 | ||||||||||||
| Stock-based compensation expense | 3,958 | 3,981 | ||||||||||||
| Other, net | 1,413 | 1,168 | ||||||||||||
| Changes in assets and liabilities, net of effects from acquisitions: | ||||||||||||||
| Accounts receivable | 11,765 | 96,449 | ||||||||||||
| Accounts payable | (33,490) | (12,623) | ||||||||||||
| Retainages | (26,148) | (26,475) | ||||||||||||
| Contracts in progress and advance billings on contracts | (18,014) | (29,541) | ||||||||||||
| Income taxes | 11,958 | 17,134 | ||||||||||||
| Accrued and other current liabilities | (5,283) | 1,751 | ||||||||||||
| Pension liabilities, accrued postretirement benefit obligations and employee benefits | (25,714) | (42,584) | ||||||||||||
| Other, net | (362) | 5,119 | ||||||||||||
| NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES | (5,384) | 98,414 | ||||||||||||
| CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||
| Purchases of property, plant and equipment | (52,411) | (101,932) | ||||||||||||
| Purchases of securities | (1,121) | (1,384) | ||||||||||||
| Sales and maturities of securities | 1,126 | 1,252 | ||||||||||||
| Investments in equity method investees | (13,600) | — | ||||||||||||
| Other, net | 79 | 32 | ||||||||||||
| NET CASH USED IN INVESTING ACTIVITIES | (65,927) | (102,032) | ||||||||||||
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||||
| Borrowings of long-term debt | 145,300 | 205,800 | ||||||||||||
| Repayments of long-term debt | (35,300) | (50,800) | ||||||||||||
| Repayment of bank overdraft | — | (88,694) | ||||||||||||
| Repurchases of common stock | (20,000) | (20,007) | ||||||||||||
| Dividends paid to common shareholders | (20,666) | (20,322) | ||||||||||||
| Exercises of stock options | — | 1,672 | ||||||||||||
| Cash paid for shares withheld to satisfy employee taxes | (6,011) | (4,687) | ||||||||||||
| Other, net | (2,749) | (3,680) | ||||||||||||
| NET CASH PROVIDED BY FINANCING ACTIVITIES | 60,574 | 19,282 | ||||||||||||
| EFFECTS OF EXCHANGE RATE CHANGES ON CASH | 277 | (542) | ||||||||||||
| TOTAL (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS | (10,460) | 15,122 | ||||||||||||
| CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 39,775 | 48,298 | ||||||||||||
| CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ | 29,315 | $ | 63,420 | ||||||||||
| SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ||||||||||||||
| Cash paid during the period for: | ||||||||||||||
| Interest | $ | 1,900 | $ | 11,438 | ||||||||||
| Income taxes (net of refunds) | $ | 6,283 | $ | 4,386 | ||||||||||
| SCHEDULE OF NON-CASH INVESTING ACTIVITY: | ||||||||||||||
| Accrued capital expenditures included in accounts payable | $ | 11,785 | $ | 25,849 | ||||||||||
BWX TECHNOLOGIES, INC.
BUSINESS SEGMENT INFORMATION
| Three Months Ended March 31, | ||||||||||||||
| 2022 | 2021 | |||||||||||||
| (Unaudited) (In thousands) | ||||||||||||||
| REVENUES: | ||||||||||||||
| Government Operations | $ | 431,777 | $ | 423,275 | ||||||||||
| Commercial Operations | 99,950 | 107,398 | ||||||||||||
| Eliminations | (989) | (2,400) | ||||||||||||
| TOTAL | $ | 530,738 | $ | 528,273 | ||||||||||
| SEGMENT INCOME: | ||||||||||||||
| Government Operations | $ | 72,231 | $ | 78,245 | ||||||||||
| Commercial Operations | 3,962 | 6,294 | ||||||||||||
| SUBTOTAL | 76,193 | 84,539 | ||||||||||||
| Unallocated Corporate | (4,620) | (2,125) | ||||||||||||
| TOTAL | $ | 71,573 | $ | 82,414 | ||||||||||
| DEPRECIATION AND AMORTIZATION: | ||||||||||||||
| Government Operations | $ | 11,208 | $ | 9,171 | ||||||||||
| Commercial Operations | 4,829 | 4,917 | ||||||||||||
| Corporate | 1,583 | 1,809 | ||||||||||||
| TOTAL | $ | 17,620 | $ | 15,897 | ||||||||||
| CAPITAL EXPENDITURES: | ||||||||||||||
| Government Operations | $ | 27,581 | $ | 45,945 | ||||||||||
| Commercial Operations | 24,100 | 53,531 | ||||||||||||
| Corporate | 730 | 2,456 | ||||||||||||
| TOTAL | $ | 52,411 | $ | 101,932 | ||||||||||
| BACKLOG: | ||||||||||||||
| Government Operations | $ | 4,158,335 | $ | 4,495,617 | ||||||||||
| Commercial Operations | 748,101 | 697,169 | ||||||||||||
| TOTAL | $ | 4,906,436 | $ | 5,192,786 | ||||||||||
| BOOKINGS: | ||||||||||||||
| Government Operations | $ | 57,019 | $ | 1,236,546 | ||||||||||
| Commercial Operations | 204,119 | 78,685 | ||||||||||||
| TOTAL | $ | 261,138 | $ | 1,315,231 | ||||||||||