Babcock & Wilcox Enterprises, Inc. Q4 FY2021 Earnings Call

· Earnings call transcript and AI-powered summary

Babcock & Wilcox Enterprises Q4 & Full-Year 2021 Earnings Summary

Overview: B&W reported strong growth in 2021 driven by execution on renewable waste-to-energy projects, strategic acquisitions, and expansion of its ClimateBright decarbonization platform. The company achieved its $70M+ adjusted EBITDA target and posted its highest annual bookings since 2017.

Full-Year 2021 vs. 2020
  • Revenues: $723.4 million, +28% (driven by higher thermal/environmental activity, geographic expansion, COVID mitigation, and acquisitions of Fosler and VODA)
  • Net Income: $31.5 million vs. net loss of $10.3 million
  • GAAP Operating Income: $20.8 million vs. operating loss of $1.7 million (prior year included one-time $26M insurer settlement)
  • Adjusted EBITDA: $70.6 million vs. $19.7 million (excluding the $26M settlement in 2020)
  • Bookings: $779 million, +21% (highest since 2017)
  • Backlog (Dec 31): $639 million, +19%
Q4 2021 vs. Q4 2020
  • Revenues: $192 million, +28% (higher project activity across all segments, including four large waste-to-energy projects, plus acquisitions)
  • Net Income: $30.2 million vs. $5 million (more than 6x increase)
  • GAAP Operating Income: $9.7 million vs. $2.2 million (more than 4x increase, aided by revenue growth and favorable project execution)
  • Adjusted EBITDA: $27.9 million vs. $15.8 million, +77%

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Disclaimer*: This transcript is designed to be used alongside the freely available audio recording on this page. Timestamps within the transcript are designed to help you navigate the audio should the corresponding text be unclear. The machine-assisted output provided is partly edited and is designed as a guide.: Operator: 00:00 Hello, everyone, and welcome to the Babcock & Wilcox Enterprises Fourth Quarter and Full-Year 2021 Earnings Conference Call. My name is Victoria and I will be coordinating the call today. 0:25 I'll now pass over to your host, Megan Wilson, Chief Strategy Officer to begin. Please go ahead. Megan Wilson: 0:33 Thank you, Victoria and good morning everyone. Welcome to Babcock & Wilcox Enterprises fourth quarter and full-year 2021 earnings conference call. I am Megan Wilson, Chief Strategy Officer and Senior Vice President of Corporate Development Chief Financial Officer to discuss our fourth quarter and full-year results. 0:50 During this call, certain statements we make will be forward-looking. These statements are subject to risks and uncertainties, including those set forth in our Safe Harbor provision for forward-looking statements that can be found at the end of our earnings press release and in our Annual Report on Form 10-K it is on file with the SEC and provide further detail about the risks related to our business. 1:10 Additionally, except as required by law, we undertake no obligation to update any forward-looking statements. We also provide

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