Slide 1: Second Quarter 2022 Results Conference Call
Second 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 2Q22 Results Management Outlook As of August 2022 Performance Overview As of August 2022 Inflation Reduction Act (IRA) a potential catalyst Heavy Fabrications segment update Demand within non-wind markets accelerating In late
Slide 5: Consolidated Financial Data
CONSOLIDATED FINANCIAL DATA Acceleration in non-wind demand offset temporary pause in wind tower orders • Total revenue increased 8% Total Revenue Gross Profit y/y to $50.0 million, ($MM) ($MM) supported by y/y growth in Gearing and Industrial $50.0 Solutions $46.5 $2.4 • Excluding the impact of the
Slide 6: Heavy Fabrications Segment
HEAVY FABRICATIONS SEGMENT Await potential PTC extension as a multi-year catalyst for wind tower demand • Segment revenue declined Segment Revenue Segment Adjusted EBITDA(1) 1% y/y to $35.6 million due ($MM) ($MM) to pause in tower demand $35.8 $35.6 • Allocating spare tower $27.3 section capacity t
Slide 7: Gearing Segment
GEARING SEGMENT Improved energy, industrial and mining demand for gearing components • Revenue increased 37% y/y Segment Revenue Segment Adjusted EBITDA(1) in 2Q22; customer activity ($MM) ($MM) continues to accelerate within the energy sector, $10.6 $10.1 given elevated commodity prices $7.4 $2.9 •
Slide 8: Industrial Solutions Segment
INDUSTRIAL SOLUTIONS SEGMENT Benefiting from increased natural gas turbine demand Segment Revenue Segment Adjusted EBITDA(1) • Revenue increased 43% y/y ($MM) driven by increased ($MM) demand for natural gas turbine content $5.0 $0.7 $4.1 • Strong aftermarket order $3.5 intake to support margin $0.2
Slide 9: Balance Sheet Update
BALANCE SHEET UPDATE $10.2 million of cash and availability; Debt and lease finance obligations of $23.0 million Quarter-End Total Cash and Availability on Credit Facility ($MM) $24.1 $23.7 $21.9 $21.8 $21.6 $21.1 $14.9 $14.7 $10.2 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 Anticipate improved cas
Slide 10: Appendix
APPENDIX
Slide 11: Exhibit A: Orders, Revenues and Operating Income by Segment
EXHIBIT A Orders, Revenues and Operating Income (Loss) Consolidated and by Segment 11 | Investor Presentation
Slide 12: Exhibit B: GAAP to Non-GAAP Adjusted EBITDA Reconciliation
EXHIBIT B GAAP to Non-GAAP Consolidated Adjusted EBITDA Reconciliation Consolidated Three Months Ended June 30, S ix Months Ended June 30, 2022 2021 2022 2021 Net (Loss) Income……………..…………...………………… $ (2,703) $ 10,252 $ (5,107) $ 9,042 Interest Expense…………………….………………………… 776 318 1,121 547 Income Tax
Slide 13: Exhibit B: GAAP to Non-GAAP Adjusted EBITDA Reconciliation
EXHIBIT B GAAP to Non-GAAP Consolidated Adjusted EBITDA Reconciliation 13 | Investor Presentation
Slide 14: Exhibit C: Consolidated Statement of Cash Flows
EXHIBIT C Consolidated Statement of Cash Flows 14 | Investor Presentation
Slide 15: Exhibit D: Consolidated Balance Sheet
EXHIBIT D Consolidated Balance Sheet 15 | Investor Presentation
Slide 16: IR Contact
IR CONTACT Please contact our investor relations team at Investor@BWEN.com