BWX Technologies Reports Fourth-Quarter and Full-Year 2022 Results, Initiates 2023 Guidance and Increases Quarterly Cash Dividend
•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
Lynchburg, VA - Feb. 23, 2023 - 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.
(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.
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
(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.
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.
(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.
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.
(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.
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
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| 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 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) | |
| | | | | | | | | | | | | |
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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. |
| | | | | | | | | | | | | | | |
BWX TECHNOLOGIES, INC.
CONSOLIDATED STATEMENTS OF INCOME
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended December 31, | | Year Ended December 31, |
| | 2022 | | 2021 | | 2022 | | 2021 |
| | (Unaudited)
(In thousands, except share and per share amounts) |
| Revenues | | $ | 624,177 | | | $ | 591,975 | | | $ | 2,232,834 | | | $ | 2,124,074 | |
| Costs and Expenses: | | | | | | | | |
| Cost of operations | | 463,791 | | | 443,644 | | | 1,680,899 | | | 1,573,797 | |
| Research and development costs | | 2,545 | | | 1,568 | | | 9,535 | | | 11,059 | |
| Losses (gains) on asset disposals and impairments, net | | 5,742 | | | (2,514) | | | 5,520 | | | (3,532) | |
| Selling, general and administrative expenses | | 61,308 | | | 54,363 | | | 234,282 | | | 230,400 | |
| Total Costs and Expenses | | 533,386 | | | 497,061 | | | 1,930,236 | | | 1,811,724 | |
| Equity in Income of Investees | | 11,092 | | | 7,301 | | | 45,973 | | | 33,498 | |
| Operating Income | | 101,883 | | | 102,215 | | | 348,571 | | | 345,848 | |
| Other Income (Expense): | | | | | | | | |
| Interest income | | 295 | | | 47 | | | 758 | | | 416 | |
| Interest expense | | (11,427) | | | (7,033) | | | (36,410) | | | (35,758) | |
| Other – net | | (33,943) | | | 51,891 | | | 1,458 | | | 85,207 | |
| Total Other Income (Expense) | | (45,075) | | | 44,905 | | | (34,194) | | | 49,865 | |
| Income before Provision for Income Taxes | | 56,808 | | | 147,120 | | | 314,377 | | | 395,713 | |
| Provision for Income Taxes | | 13,780 | | | 30,214 | | | 75,757 | | | 89,425 | |
| Net Income | | $ | 43,028 | | | $ | 116,906 | | | $ | 238,620 | | | $ | 306,288 | |
| Net Income Attributable to Noncontrolling Interest | | (63) | | | (45) | | | (429) | | | (417) | |
| Net Income Attributable to BWX Technologies, Inc. | | $ | 42,965 | | | $ | 116,861 | | | $ | 238,191 | | | $ | 305,871 | |
| Earnings per Common Share: | | | | | | | | |
| Basic: | | | | | | | | |
| Net Income Attributable to BWX Technologies, Inc. | | $ | 0.47 | | | $ | 1.27 | | | $ | 2.60 | | | $ | 3.24 | |
| Diluted: | | | | | | | | |
| Net Income Attributable to BWX Technologies, Inc. | | $ | 0.47 | | | $ | 1.26 | | | $ | 2.60 | | | $ | 3.24 | |
| Shares used in the computation of earnings per share: | | | | | | | | |
| Basic | | 91,422,303 | | | 92,179,661 | | | 91,447,088 | | | 94,278,894 | |
| Diluted | | 91,812,291 | | | 92,501,653 | | | 91,702,111 | | | 94,518,422 | |
BWX TECHNOLOGIES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
| | | | | | | | | | | | | | |
| | Year Ended December 31, |
| | 2022 | | 2021 |
| CASH FLOWS FROM OPERATING ACTIVITIES: | | (In thousands) |
| Net Income | | $ | 238,620 | | | $ | 306,288 | |
| Adjustments to reconcile net income to net cash provided by operating activities: | | | | |
| Depreciation and amortization | | 73,842 | | | 69,080 | |
| Income of investees, net of dividends | | (3,461) | | | (13,023) | |
| Provision for deferred taxes | | 5,515 | | | 40,091 | |
| Recognition of (gains) losses for pension and postretirement plans | | 49,868 | | | (36,647) | |
| Stock-based compensation expense | | 14,127 | | | 18,613 | |
| Premium for early redemption of senior notes | | — | | | 10,752 | |
| Recognition of debt issuance costs from former debt instruments | | 46 | | | 4,212 | |
| Other, net | | 7,649 | | | 1,401 | |
| Changes in assets and liabilities, net of effects from acquisitions: | | | | |
| Accounts receivable | | 15,167 | | | 84,006 | |
| Accounts payable | | (40,495) | | | 28,795 | |
| Retainages | | 4,189 | | | 3,875 | |
| Contracts in progress and advance billings on contracts | | (38,615) | | | (67,137) | |
| Income taxes | | (764) | | | 4,116 | |
| Accrued and other current liabilities | | (18,948) | | | (1,991) | |
| Pension liabilities, accrued postretirement benefit obligations and employee benefits | | (68,535) | | | (69,424) | |
| Other, net | | 6,499 | | | 3,019 | |
| NET CASH PROVIDED BY OPERATING ACTIVITIES | | 244,704 | | | 386,026 | |
| CASH FLOWS FROM INVESTING ACTIVITIES: | | | | |
| Purchases of property, plant and equipment | | (198,312) | | | (311,052) | |
| Acquisition of businesses | | (47,328) | | | — | |
| Purchases of securities | | (3,803) | | | (4,739) | |
| Sales and maturities of securities | | 3,813 | | | 5,553 | |
| Investments, net of return of capital, in equity method investees | | (11,450) | | | — | |
| Other, net | | 844 | | | 5,585 | |
| NET CASH USED IN INVESTING ACTIVITIES | | (256,236) | | | (304,653) | |
| CASH FLOWS FROM FINANCING ACTIVITIES: | | | | |
| Borrowings of long-term debt | | 978,200 | | | 1,324,300 | |
| Repayments of long-term debt | | (878,200) | | | (999,300) | |
| Premium for early redemption of senior notes | | — | | | (10,752) | |
| Payment of debt issuance costs | | (2,405) | | | (4,838) | |
| Borrowings and repayments of bank overdraft | | — | | | (88,694) | |
| Repurchases of common stock | | (20,000) | | | (225,786) | |
| Dividends paid to common shareholders | | (81,074) | | | (79,668) | |
| Cash paid for shares withheld to satisfy employee taxes | | (6,588) | | | (5,042) | |
| Settlements of forward contracts, net | | 24,013 | | | (2,030) | |
| Other, net | | 6 | | | 1,674 | |
| NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | | 13,952 | | | (90,136) | |
| EFFECTS OF EXCHANGE RATE CHANGES ON CASH | | (1,205) | | | 240 | |
| TOTAL INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS | | 1,215 | | | (8,523) | |
| 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 | | $ | 40,990 | | | $ | 39,775 | |
| SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | | | | |
| Cash paid during the period for: | | | | |
| Interest | | $ | 51,343 | | | $ | 50,840 | |
| Income taxes (net of refunds) | | $ | 71,755 | | | $ | 44,949 | |
| SCHEDULE OF NON-CASH INVESTING ACTIVITY: | | | | |
| Accrued capital expenditures included in accounts payable | | $ | 9,588 | | | $ | 27,495 | |
BWX TECHNOLOGIES, INC.
CONSOLIDATED BALANCE SHEETS
ASSETS
| | | | | | | | | | | | | | |
| | December 31, |
| | 2022 | | 2021 |
| | (In thousands) |
| Current Assets: | | | | |
| Cash and cash equivalents | | $ | 35,244 | | | $ | 33,891 | |
| Restricted cash and cash equivalents | | 2,928 | | | 2,896 | |
| Investments | | 3,804 | | | 3,811 | |
| Accounts receivable – trade, net | | 60,782 | | | 70,663 | |
| Accounts receivable – other | | 26,894 | | | 16,651 | |
| Retainages | | 48,566 | | | 51,507 | |
| Contracts in progress | | 538,365 | | | 546,595 | |
| Other current assets | | 55,036 | | | 47,718 | |
| Total Current Assets | | 771,619 | | | 773,732 | |
| Property, Plant and Equipment, Net | | 1,134,897 | | | 1,045,640 | |
| Investments | | 8,097 | | | 9,558 | |
| Goodwill | | 293,165 | | | 285,502 | |
| Deferred Income Taxes | | 20,585 | | | 21,394 | |
| Investments in Unconsolidated Affiliates | | 100,198 | | | 85,284 | |
| Intangible Assets | | 193,612 | | | 185,551 | |
| Other Assets | | 96,766 | | | 94,719 | |
| TOTAL | | $ | 2,618,939 | | | $ | 2,501,380 | |
BWX TECHNOLOGIES, INC.
CONSOLIDATED BALANCE SHEETS
LIABILITIES AND STOCKHOLDERS’ EQUITY
| | | | | | | | | | | | | | |
| | December 31, |
| | 2022 | | 2021 |
| | (In thousands, except share
and per share amounts) |
| Current Liabilities: | | | | |
| Current maturities of long-term debt | | $ | 6,250 | | | $ | — | |
| Accounts payable | | 127,112 | | | 189,842 | |
| Accrued employee benefits | | 61,079 | | | 71,835 | |
| Accrued liabilities – other | | 84,693 | | | 86,319 | |
| Advance billings on contracts | | 88,726 | | | 111,619 | |
| Total Current Liabilities | | 367,860 | | | 459,615 | |
| Long-Term Debt | | 1,282,624 | | | 1,189,304 | |
| Accumulated Postretirement Benefit Obligation | | 18,157 | | | 24,333 | |
| Environmental Liabilities | | 90,989 | | | 92,642 | |
| Pension Liability | | 57,832 | | | 59,388 | |
| Other Liabilities | | 53,122 | | | 38,863 | |
| Commitments and Contingencies | | | | |
| Stockholders' Equity: | | | | |
| Common stock, par value $0.01 per share, authorized 325,000,000 shares; issued 127,671,756 and 127,311,985 shares at December 31, 2022 and 2021, respectively | | 1,277 | | | 1,273 | |
| Preferred stock, par value $0.01 per share, authorized 75,000,000 shares; no shares issued | | — | | | — | |
| Capital in excess of par value | | 189,263 | | | 174,288 | |
| Retained earnings | | 1,932,970 | | | 1,775,751 | |
| Treasury stock at cost, 36,417,480 and 35,915,747 shares at December 31, 2022 and 2021, respectively | | (1,353,270) | | | (1,326,280) | |
| Accumulated other comprehensive income (loss) | | (21,930) | | | 12,143 | |
| Stockholders' Equity – BWX Technologies, Inc. | | 748,310 | | | 637,175 | |
| Noncontrolling interest | | 45 | | | 60 | |
| Total Stockholders' Equity | | 748,355 | | | 637,235 | |
| TOTAL | | $ | 2,618,939 | | | $ | 2,501,380 | |
BWX TECHNOLOGIES, INC.
BUSINESS SEGMENT INFORMATION
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended December 31, | | Year Ended December 31, |
| | 2022 | | 2021 | | 2022 | | 2021 |
| | (Unaudited)
(In thousands) |
| REVENUES: | | | | | | | | |
| Government Operations | | $ | 517,648 | | | $ | 479,186 | | | $ | 1,808,483 | | | $ | 1,725,097 | |
| Commercial Operations | | 107,092 | | | 114,460 | | | 427,358 | | | 407,082 | |
| Eliminations | | (563) | | | (1,671) | | | (3,007) | | | (8,105) | |
| TOTAL | | $ | 624,177 | | | $ | 591,975 | | | $ | 2,232,834 | | | $ | 2,124,074 | |
| | | | | | | | | |
| SEGMENT INCOME: | | | | | | | | |
| Government Operations | | $ | 102,752 | | | $ | 90,891 | | | $ | 336,501 | | | $ | 329,549 | |
| Commercial Operations | | 3,745 | | | 18,384 | | | 27,418 | | | 35,243 | |
| SUBTOTAL | | $ | 106,497 | | | $ | 109,275 | | | $ | 363,919 | | | $ | 364,792 | |
| Unallocated Corporate | | (4,614) | | | (7,060) | | | (15,348) | | | (18,944) | |
| TOTAL | | $ | 101,883 | | | $ | 102,215 | | | $ | 348,571 | | | $ | 345,848 | |
| | | | | | | | | |
| DEPRECIATION AND AMORTIZATION: | | | | | | | | |
| Government Operations | | $ | 12,724 | | | $ | 12,052 | | | $ | 47,982 | | | $ | 42,485 | |
| Commercial Operations | | 4,340 | | | 4,945 | | | 18,805 | | | 19,884 | |
| Corporate | | 1,970 | | | 1,607 | | | 7,055 | | | 6,711 | |
| TOTAL | | $ | 19,034 | | | $ | 18,604 | | | $ | 73,842 | | | $ | 69,080 | |
| | | | | | | | | |
| CAPITAL EXPENDITURES: | | | | | | | | |
| Government Operations | | $ | 36,898 | | | $ | 36,878 | | | $ | 103,093 | | | $ | 147,051 | |
| Commercial Operations | | 25,294 | | | 35,130 | | | 88,853 | | | 153,571 | |
| Corporate | | 1,529 | | | 2,388 | | | 6,366 | | | 10,430 | |
| TOTAL | | $ | 63,721 | | | $ | 74,396 | | | $ | 198,312 | | | $ | 311,052 | |
| | | | | | | | |
| BACKLOG: | | | | | | | | |
| Government Operations | | $ | 3,515,377 | | | $ | 4,532,170 | | | $ | 3,515,377 | | | $ | 4,532,170 | |
| Commercial Operations | | 628,933 | | | 643,866 | | | 628,933 | | | 643,866 | |
| TOTAL | | $ | 4,144,310 | | | $ | 5,176,036 | | | $ | 4,144,310 | | | $ | 5,176,036 | |
| | | | | | | | |
| BOOKINGS: | | | | | | | | |
| Government Operations | | $ | 345,220 | | | $ | 1,196,527 | | | $ | 743,452 | | | $ | 2,569,813 | |
| Commercial Operations | | 103,609 | | | 70,387 | | | 412,359 | | | 324,468 | |
| TOTAL | | $ | 448,829 | | | $ | 1,266,914 | | | $ | 1,155,811 | | | $ | 2,894,281 | |
