Slide 1: Second-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 Second-Quarter 2023 Earnings Call energy, environmental remediation, nuclear medicine, and space exploration 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: Second Quarter 2023 and Outlook Highlights
Second Quarter 2023 and Outlook Highlights o 2Q23 financial performance ‒ Revenue up 11%, adjusted EBITDA(1) down 7%, and FCF(1) up $6M ‒ Strong organic revenue growth in Government Operations was absorbed by expected transitory impacts of onboarding inefficiencies; Our Purpose: We employ nuclear te
Slide 4: 2Q23 financial summary
2Q23 financial summary ($million, except per share amounts) Net income & Revenue adj. EBITDA(1) / margin o 2Q23 revenue up 11% from higher revenue in Government Net 75 59 Operations and Commercial Operations 612 Our Purpose: We employonuclear income technology 2Q23 adj. EBITDA(1) down 7% as higher r
Slide 5: 2Q22 to 2Q23 non-GAAP EPS bridge
2Q22 to 2Q23 non-GAAP(1) EPS bridge ($ per diluted share) 0.82 Our Purpose: We employ nuclear technology (0.07) to solve some of the world’s most important problems (0.07) Our Mission: Gov. Ops. revenue We provide safe and effective (0.03) 0.65 nuclear solutions for global security, clean Com. Ops.
Slide 6: 2Q23 segment summary
2Q23 segment summary Government Operations Commercial Operations ($million) 492 Our 2Q23 13%Purpose: We employ nuclear technology revenue up 13% from 119 121 2% 437 2Q23 revenue up 2% from to solve some of the world’s most important higher volume of naval nuclear Revenue Revenue higher commercial nu
Slide 7: Raising Low-End of 2023 EPS Guidance
Raising Low-End of 2023 EPS Guidance BWXT consolidated guidance Guidance assumptions o Modest labor progress including hiring/attrition Revenue >$2.4B o Interest rates at current levels Up high-single digits o Continued minimal supply chain disruptions o Equitable adjustment to certain contracts Adj
Slide 8: 2022 to 2023 non-GAAP EPS bridge
2022 to 2023 non-GAAP(1) EPS bridge ($ 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: Gov. Ops. revenue We provide safe and effective 2.85 - 3.00 ~(0.12) 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: 2Q 2023 non-GAAP reconciliations
2Q 2023 non-GAAP reconciliations BWX TECHNOLOGIES, INC. RECONCILIATION OF REPORTING SEGMENT ADJUSTED EBITDA(1)(2)(3) RECONCILIATION OF NON-GAAP OPERATING INCOME AND EARNINGS PER SHARE(1)(2)(3) (In millions) (In millions, except per share amounts) Three Months Ended June 30, 2023 Three Months Ended J
Slide 13: 2Q 2022 non-GAAP reconciliations
2Q 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 June 30, 2022 RECONCILIATION OF REPORTING SEGMENT ADJUSTED EBITDA(1)(2)(3) (In millions) Restructuring Acquis