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. |