Slide 1: First-Quarter 2023 Earnings Call Presentation
Our Purpose: We employ nuclear technology to solve some of the world’s most important problems Our Mission: We provide safe and effective nuclear solutions for global security, clean First-Quarter 2023 Earnings Call energy, environmental remediation, nuclear medicine, and space exploration Presentat
Slide 2: Forward-Looking Statements Disclaimer
Forward-Looking Statements Disclaimer BWX Technologies, Inc. (“BWXT”) cautions that statements in this presentation that are forward-looking and provide other than historical information involve risks and uncertainties that may impact actual results and any future performance suggested in the forwar
Slide 3: First Quarter 2023 and Outlook Highlights
First Quarter 2023 and Outlook Highlights o 1Q23 financial performance ‒ Revenue up 7%, adjusted EBITDA(1) up 17%, non-GAAP EPS(1) up 2% ‒ Strong revenue growth and operational performance, offset macro headwinds including hiring challenges, lower Our Purpose: We employ nuclear technology pension in
Slide 4: 1Q23 financial summary
1Q23 financial summary ($million, except per share amounts) Net income & Revenue adj. EBITDA(1) / margin o 1Q23 revenue up 7% from higher revenue in Government Net 59 61 Operations and Commercial Operations 568 7% Our Purpose: 111 income We employonuclear technology 1Q23 adj. EBITDA(1) up 17% from h
Slide 5: 1Q22 to 1Q23 non-GAAP EPS bridge
1Q22 to 1Q23 non-GAAP(1) EPS bridge ($ per diluted share) 17% adj. EBITDA(1) growth Our Purpose: We employ nuclear technology to solve 0.12 some of the (0.09)world’s most important 0.69 problems 0.70 (0.03) Our Mission: Gov. Ops. revenue We provide safe and effective nuclear solutions for global sec
Slide 6: 1Q23 segment summary
1Q23 segment summary Government Operations Commercial Operations ($million) 460 432 Our 1Q23 7%Purpose: revenue up We 7% fromemploy nuclear technology 109 higher volume of naval nuclear to solve component some of the world’s most important manufacturing, 100 9% 1Q23 revenue up 9% from Revenue Revenu
Slide 7: Reaffirming 2023 Guidance
Reaffirming 2023 Guidance BWXT consolidated guidance Guidance assumptions o Modest labor progress including hiring/attrition Revenue ~$2.4B o Interest rates at current levels up mid-to-high-single digits o Continued minimal supply chain disruptions o Equitable adjustment to certain contracts Adj. EB
Slide 8: 2022 to 2023 non-GAAP EPS bridge
2022 to 2023 non-GAAP(1) EPS bridge ($ per diluted share) High-single digit adj. EBITDA(1) growth Our Purpose: We employ nuclear technology 3.13 to solve ~0.21 some of the world’s most important ~(0.32) problems Our Mission: We provide safe and effective Gov. Ops. revenue ~(0.12) 2.80 - 3.00 nuclear
Slide 9: Appendix: Pension summary and non-GAAP reconciliations
Appendix Pension summary and non-GAAP reconciliations
Slide 10: Pension summary
Pension summary ($millions) 2018 2019 2020 2021 2022 2023E Benefit obligation at end of period 1,186 1,309 1,414 1,308 927 Our Purpose: We employ Fair value of plan assets at end of period 1,024 nuclear 1,150 technology 1,281 1,257 876 Funded status over (under) (162) (158) (133) (51) (51) % Funded
Slide 11: Non-GAAP definitions
Non-GAAP definitions Non-GAAP figures exclude any mark-to-market adjustment for pension and postretirement benefits Our recognized and other Purpose: one-time items. We employ nuclear technology to solve some of the world’s most important problems Other non-GAAP definitions and calculations Our Miss
Slide 12: 1Q 2023 non-GAAP reconciliations
1Q 2023 non-GAAP reconciliations BWX TECHNOLOGIES, INC. RECONCILIATION OF NON-GAAP OPERATING INCOME AND EARNINGS PER SHARE(1)(2)(3) (In millions, except per share amounts) RECONCILIATION OF REPORTING SEGMENT ADJUSTED EBITDA(1)(2)(3) Three Months Ended March 31, 2023 (In millions) Restructuring Acqui
Slide 13: 1Q 2022 non-GAAP reconciliations
1Q 2022 non-GAAP reconciliations 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 Restructuring Acquisition- Our Purpose: We employ nuclear technology GAAP Costs related Costs