Slide 1: Fourth-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 Fourth-Quarter 2023 Earnings energy, environmental remediation, nuclear medicine, and space exploration Call Presenta
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: Fourth Quarter 2023 and Outlook Highlights
Fourth Quarter 2023 and Outlook Highlights o 4Q23 Y/Y financial performance ‒ Revenue up 16%, driven by strong organic revenue growth in Government Operations and Commercial Operations Our Purpose: We employ nuclear technology ‒ Adjusted EBITDA(1) up 13%, driven by CO margin expansion, including imp
Slide 4: 4Q23 financial summary
4Q23 financial summary ($million, except per share amounts) Net income & Revenue adj. EBITDA(1) / margin o 4Q23 revenue up 16% from higher revenue in Government Net 43 64 Operations and Commercial Operations 726 16% Our Purpose: 148 income We employonuclear technology 4Q23 adj. EBITDA(1) up 13% from
Slide 5: 4Q22 to 4Q23 non-GAAP EPS bridge
4Q22 to 4Q23 non-GAAP(1) EPS bridge ($ per diluted share) 1.01 Our Purpose: We employ (0.07) nuclear technology 0.02 0.13 to solve some of the world’s most important 0.93 problems Our Mission: Gov. Ops. revenue We provide safe and effective nuclear solutions for global security, clean Com. Ops. reve
Slide 6: 2022 to 2023 non-GAAP EPS bridge
2022 to 2023 non-GAAP(1) EPS bridge ($ per diluted share) 7.4% adj. EBITDA(1) growth Our Purpose: We employ nuclear technology 0.23 3.13 to solve some(0.28) of the world’s most important problems 0.03 3.02 Gov. Ops. revenue (0.08) Our Mission: Wein ‘other provide safe and effective (0.32) - pension
Slide 7: 4Q23 segment summary
4Q23 segment summary Government Operations Commercial Operations ($million) 602 Our 4Q23 16%Purpose: We revenue up 16% from employ nuclear technology 124 16% 4Q23 revenue up 16% from 518 to solve some of the world’s most important higher volume of naval nuclear 107 higher commercial nuclear Revenue
Slide 8: Initiating 2024 Guidance
Initiating 2024 Guidance BWXT consolidated guidance Other information (vs. 2023) o Revenue Revenue >$2.6B ‒ ‒ Government Operations: up low-to-mid single digits Commercial Operations: up high-single to low-double digits Up mid-single digits o Adj. EBITDA(1) ‒ Government Operations Margin: slightly l
Slide 9: 2023 to 2024 non-GAAP EPS bridge
2023 to 2024 non-GAAP(1,2) EPS bridge ($ per diluted share) Our Purpose: We employ nuclear technology Mid-single digit adj. to solve some of the world’s EBITDA(1) growth most important 0.02 - 0.04 0.05 - 0.18 ~(0.03) ~(0.01) problems 3.05 – 3.20 3.02 Our Mission: We provide safe and effective nuclea
Slide 10: Appendix: Pension summary and non-GAAP reconciliations
Appendix Pension summary and non-GAAP reconciliations
Slide 11: Pension summary
Pension summary ($millions) 2018 2019 2020 2021 2022 2023 Benefit obligation at end of period 1,186 1,309 1,414 1,308 927 955 Our Purpose: We employ Fair value of plan assets at end of period 1,024 nuclear 1,150 technology 1,281 1,257 876 879 Funded status over (under) (162) (158) (133) (51) (51) (7
Slide 12: 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 Non-GAAP
Slide 13: 4Q 2023 non-GAAP reconciliations
4Q 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) Three Months Ended December 31, 2023 RECONCILIATION OF REPORTING SEGMENT ADJUSTED EBITDA(1)(2)(3) Restructuring (In millions) Ou
Slide 14: 4Q 2022 non-GAAP reconciliations
4Q 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 December 31, 2022 RECONCILIATION OF REPORTING SEGMENT ADJUSTED EBITDA(1)(2)(3) Our Purpose: We employ nuclear
Slide 15: 2023 non-GAAP reconciliations
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) Year Ended December 31, 2023 (In millions) Restructuring Year Ended De
Slide 16: 2022 non-GAAP reconciliations
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) RECONCILIATION OF REPORTING SEGMENT ADJUSTED EBITDA(1)(2)(3) Year Ended December 31, 2022 (In millions) Our Purpose: We employ nucl