Slide 1: First Quarter 2022 Results Conference Call
First Quarter 2022 Results Conference Call Investor Presentation
Slide 2: Safe-Harbor Statement
SAFE-HARBOR STATEMENT This release contains “forward looking statements”—that is, statements related to future, not past, events—as defined in Section 21E of the Securities Exchange Act of 1934, as amended, that reflect our current expectations regarding our future growth, results of operations, fin
Slide 3: Performance Overview
PERFORMANCE OVERVIEW
Slide 4: Executive Summary
EXECUTIVE SUMMARY Market update, recent results and outlook Market Update 1Q22 Results Management Outlook As of May 2022 Performance Overview As of May 2022 Acceleration in customer quoting activity Ongoing discussions with customers re: remaining Heavy Fabrications segment update 2Q22 Adjusted EBIT
Slide 5: Consolidated Financial Data
CONSOLIDATED FINANCIAL DATA Broad-based commercial demand, execution on revenue diversification strategy Total Revenue Gross Profit • Total revenue increased ($MM) ($MM) 28% y/y to $41.8 million, supported by y/y growth in $41.8 $2.0 Heavy Fabrications and $32.7 Gearing $26.0 $1.0 • Excluding the im
Slide 6: Heavy Fabrications Segment
HEAVY FABRICATIONS SEGMENT Improved repowering demand, accelerating quoting activity on new tower section orders Segment Revenue Segment Adjusted EBITDA(1) • Segment revenue ($MM) ($MM) increased 20% y/y to $27.3 $27.3 million due to stronger $22.8 repowering demand $14.7 $1.8 • Segment orders incre
Slide 7: Heavy Fabrications Segment
HEAVY FABRICATIONS SEGMENT Wind tower sections sold were flat y/y in 1Q22, signaling gradual stabilization in demand Tracking Wind Tower Production vs. Segment EBITDA Number of Sections vs. Heavy Fabrications EBITDA $16.0 1,400 $14.0 1,200 $12.0 1,000 $10.0 800 $8.0 600 $6.0 400 $4.0 $2.0 200 $0.0 -
Slide 8: Gearing Segment
GEARING SEGMENT Improved energy, commercial and industrial demand for gearing components • Revenue increased 98% y/y Segment Revenue Segment Adjusted EBITDA(1) in 1Q22; customer activity ($MM) ($MM) continues to accelerate within the energy sector, $10.6 $0.5 given recent commodity price escalation
Slide 9: Industrial Solutions Segment
INDUSTRIAL SOLUTIONS SEGMENT Impacted by supply chain challenges and project timing Segment Revenue Segment Adjusted EBITDA(1) • Revenue declined 12% y/y ($MM) driven by project timing and ($MM) $4.6 supply-chain challenges $4.1 $0.5 $3.0 • Strong aftermarket order intake to support margin realizati
Slide 10: Balance Sheet Update
BALANCE SHEET UPDATE $14.7 million of cash and availability to support growth as of 3/31/22 Quarter-End Total Cash and Availability on Credit Facility ($MM) $24.1 $23.7 $21.9 $21.8 $21.6 $21.1 $19.0 $14.9 $14.7 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 Cash and credit availability is consistent w
Slide 11: U.S. Wind Power Installation Forecast
U.S. WIND POWER INSTALLATION FORECAST Potential multi-year extension of the PTC and ITC remains a key catalyst for new wind installations U.S. Onshore Wind Capacity Installations U.S. Offshore Wind Capacity Installations (Annual On-Shore GW Installed)(1) (Annual Off-Shore GW Installed)(1) 13.9 13.7
Slide 12: Customer Diversification Initiative
CUSTOMER DIVERSIFICATION INITIATIVE Balanced revenue mix supports long-term growth and profitability Wind vs. Non-Wind Revenue Concentration Fastest Growing Non-Wind Sectors in 1Q22 (% of Total Revenue)(1) (Absolute Growth in Revenue) Wind Revenue Non-Wind Revenue 8% 28% 34% 31% Power 39% Industrial
Slide 13: Appendix
APPENDIX
Slide 14: Exhibit A
EXHIBIT A Orders, Revenues and Operating Income (Loss) Consolidated and by Segment Three Months Ended March 31, 2022 2021 ORDERS: Heavy Fabrications……………………………………………………………… $ 34,161 $ 20,797 Gearing……………………………………………………………… 14,061 9,921 Industrial Solutions……………………………………………………………… 4,471 3,496 Total o
Slide 15: Exhibit B
EXHIBIT B GAAP to Non-GAAP Consolidated Adjusted EBITDA Reconciliation 15 | Investor Presentation
Slide 16: Exhibit B
EXHIBIT B GAAP to Non-GAAP Consolidated Adjusted EBITDA Reconciliation 16 | Investor Presentation
Slide 17: Exhibit C
EXHIBIT C Consolidated Statement of Cash Flows 17 | Investor Presentation
Slide 18: Exhibit D
EXHIBIT D Consolidated Balance Sheet 18 | Investor Presentation
Slide 19: IR Contact
IR CONTACT Please contact our investor relations team at Investor@BWEN.com