Slide 1: Third-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 Third-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: Third Quarter 2023 and Outlook Highlights
Third Quarter 2023 and Outlook Highlights o 3Q23 Y/Y financial performance ‒ Revenue up 13%, adjusted EBITDA(1) up 6%, and FCF(1) up $18M, ‒ Strong organic revenue growth in Government Operations and Commercial Operations Our Purpose: We employ nuclear technology ‒ EBITDA growth driven by CO margin
Slide 4: 3Q23 financial summary
3Q23 financial summary ($million, except per share amounts) Net income & Revenue adj. EBITDA(1) / margin o 3Q23 revenue up 13% from higher revenue in Government Net 62 60 Operations and Commercial Operations 590 Our Purpose: We employonuclear income technology 3Q23 adj. EBITDA(1) up 6% as higher rev
Slide 5: 3Q22 to 3Q23 non-GAAP EPS bridge
3Q22 to 3Q23 non-GAAP(1) EPS bridge ($ per diluted share) Our Purpose: We employ nuclear technology 0.69 to solve some of the world’s most important 0.04 (0.06) 0.67 problems 0.02 (0.02) Our Mission: We provide safe and effective Gov. Ops. revenue Com. Ops. revenue nuclear Gov. Ops solutions for glo
Slide 6: 3Q23 segment summary
3Q23 segment summary Government Operations Commercial Operations ($million) 478 Our 3Q23 Purpose: 13% We revenue up 13% from employ nuclear technology 102 112 10% 3Q23 revenue up 10% from 423 to solve some of the higher volume of naval nuclear world’s most important higher commercial nuclear Revenue
Slide 7: 2022 to 2023 non-GAAP EPS bridge
2022 to 2023 non-GAAP(1) EPS bridge ($ 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 2.90 – 2.95 ~(0.12) nuclear
Slide 8: Narrowing 2023 Guidance; Preliminary 2024 Outlook
Narrowing 2023 Guidance; Preliminary 2024 Outlook Organic Revenue Growth and Solid Execution Expected to Lead to Mid-Single-Digit Earnings Growth in 2024 Our 2023 Purpose: Guidance We employ nuclearPreliminary technology 2024 Outlook(2) to solve some of the world’s most important o Mid-single digit
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: 3Q 2023 non-GAAP reconciliations
3Q 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) (In millions) Three Months Ended September 30, 2023 Restructuring &
Slide 13: 3Q 2022 non-GAAP reconciliations
3Q 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) Three Months Ended September 30, 2022 (In millions) Three Months En