EX-99.1 2 bwxt_123121xerexhibit991.htm EX-99.1 Document
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BWX Technologies Reports Fourth Quarter and Full-Year 2021 Results
•Generates 4Q21 EPS of $1.26 (GAAP), $0.95 (non-GAAP); up 83% and 28%, respectively vs. 4Q20
•Reports 2021 EPS of $3.24 (GAAP), $3.06 (non-GAAP); up 11% and 1%, respectively vs. 2020
•Produces 4Q21 adjusted EBITDA of $123 million, full-year 2021 adjusted EBITDA of $418 million
•Announces consolidation of three reporting business segments into two: Government Operations and Commercial Operations
•Reiterates 2022 non-GAAP EPS outlook and provides additional 2022 guidance including:
◦Consolidated revenue and adjusted EBITDA growth of 3% to 4%
◦Non-GAAP EPS range of $3.05 to $3.25
◦Cash from operations of $260 million to $290 million
Lynchburg, VA - Feb. 22, 2022 - BWX Technologies, Inc. (NYSE: BWXT) ("BWXT", "we", "us" or the "Company") reported fourth quarter 2021 revenue of $592 million, a 6% increase compared with $557 million in the fourth quarter 2020. GAAP net income for the fourth quarter 2021 was $117 million, or $1.26 per diluted share, compared with GAAP net income of $65.7 million, or $0.69 per diluted share, in the prior-year period. Non-GAAP net income for the fourth quarter 2021 was $88.2 million, or $0.95 per diluted share, compared with non-GAAP net income of $70.9 million, or $0.74 per diluted share, in the prior-year period.
Full-year 2021 revenue was over $2.1 billion, a slight increase compared with 2020 revenue. GAAP net income in 2021 was $306 million, or $3.24 per diluted share, compared with GAAP net income of $279 million, or $2.91 per diluted share, in 2020. Non-GAAP net income in 2021 was $289 million, or $3.06 per diluted share, compared with non-GAAP net income of $290 million, or $3.03 per diluted share, in 2020. A reconciliation of non-GAAP results is detailed in Exhibit 1.
“Despite business challenges, including persistence of the pandemic, we delivered another year of solid earnings and set the table for further expansion of the business,” said Rex D. Geveden, president and chief executive officer. “Although we reported at the lower end of our initial range, 2021 was marked by several key milestone achievements. BWXT secured a new sole-source nuclear materials contract, won and began transition of a new flagship contract for the Department of Energy nuclear restoration project at Savannah River, strengthened our beachhead in therapeutic radiopharmaceuticals, and continued to mature new technology and designs for microreactor programs.”
“We expect to build on these successes in 2022 to deliver the medium-term financial targets set forth at our recent Investor Day. Additionally, we are announcing a new organization of our reporting segments to reflect the way we are running the business, which we expect to result in meaningful strategic and cost synergies."



"We remain focused on driving our multi-faceted growth strategy by using nuclear technology to solve some of our customers' most challenging problems through two distinct customer-based reporting segments: Government Operations and Commercial Operations,” said Geveden.

Segment Results
Nuclear Operations Group (NOG) segment revenue was $453 million for the fourth quarter 2021, a 6% increase from the prior-year period, driven by higher long-lead material production and labor volume. Full-year 2021 segment revenue was over $1.6 billion, a 1% decrease compared with 2020 revenue, as a result of higher labor volume and higher naval nuclear fuel and uranium downblending, which was more than offset by lower long-lead material production.
NOG operating income was $85.8 million in the fourth quarter 2021, a 6% increase compared with the prior-year period, primarily driven by higher revenue. Full-year segment operating income was $309 million, a 5% decrease compared with the prior year, primarily driven by less government-reimbursed pension costs and negative operational efficiency impacts related to COVID-19 resulting in lower levels of net favorable contract adjustments. Fourth quarter and full-year 2021 segment operating margins were 18.9% and 19.0%, respectively.
Nuclear Power Group (NPG) segment revenue was $114 million for the fourth quarter 2021, a 7% increase from the prior-year period, driven by higher fuel production and fuel handling, higher nuclear power field service activity and higher nuclear medicine demand, partially offset by lower component manufacturing volume. Full-year segment revenue was $407 million, a 10% increase compared with the prior year, driven by higher fuel production and fuel handling, higher nuclear power field service activity and higher nuclear medicine demand, partially offset by lower component manufacturing volume.
NPG fourth quarter GAAP and non-GAAP operating income was $22.4 million and $23.0 million, respectively, both a 70% respective increase compared with the prior-year period, driven primarily by increased revenue, partially offset by a reduction in funds received under the CEWS program to offset incurred expenses related to the headwinds created by the pandemic. Full-year 2021 segment GAAP and non-GAAP operating income was $52.5 million and $53.5 million, respectively, a 1% increase and a 1% decrease, respectively, compared with the prior year, driven primarily by a reduction in funds received in under the CEWS program to offset expenses incurred due to the pandemic, nearly offset by increased operating income associated with higher revenue. Fourth quarter and full-year 2021 GAAP segment operating margins were 19.6% and 12.9%, respectively. Fourth quarter and full-year 2021 non-GAAP segment operating margins were 20.1% and 13.1%, respectively.
Nuclear Services Group (NSG) segment operating income was $6.1 million in the fourth quarter 2021, compared with $8.4 million of operating income for the fourth quarter 2020 primarily driven by lower contract fees and higher costs. Full-year 2021 segment operating income was $27.9 million, compared with $26.4 million GAAP operating income and $27.4 million non-GAAP operating income in the prior year, a 6% and 2% respective increase, driven by better contract performance and lower costs that were offset by higher business development expense and lower income from completed contracts.
Beginning in the first quarter 2022, our reportable segments will be Government Operations and Commercial Operations to reflect the manner in which resources will be allocated and operating performance will be assessed going forward. Government Operations includes the legacy Nuclear Operations and Nuclear Services Groups, while Commercial Operations includes the legacy Nuclear Power Group. New segment financial information for 2020 and 2021 is detailed in Exhibit 2.


Cash and Capital Returned to Shareholders
The Company generated $160 million of cash from operating activities in the fourth quarter 2021, compared with $48.3 million of cash generated from operating activities in the prior-year period, which did not include an $88.7 million cash receipt typically received at year-end which was received on January 4, 2021. The Company generated $386 million of cash from operating activities for the full year 2021. The Company’s cash balance, net of restricted cash, was $34 million at the end of the year.
The Company returned $59.4 million to shareholders during the fourth quarter 2021, bringing the total to $305 million of cash returned for the full year, including $226 million in share repurchases and $79.7 million in dividends. As of December 31, 2021, total remaining share repurchase authorization was $418 million.
On February 18, 2022, the BWXT Board of Directors declared a quarterly cash dividend of $0.22 per common share, an increase from the prior quarterly cash dividend. The dividend will be payable on March 29, 2022, to shareholders of record on March 10, 2022.
2022 Guidance
•Revenue up 3% to 4% vs. 2021
•Adjusted EBITDA up 3% to 4% vs. 2021
•Non-GAAP EPS range of $3.05 to $3.25
•Cash from operations of $260 million to $290 million
•Capital expenditures of $180 million to $200 million
The Company does not provide GAAP guidance because it is unable to reliably forecast most of the items that are excluded from GAAP to calculate non-GAAP results. These items could cause GAAP results to differ materially from non-GAAP results. See reconciliation of non-GAAP results in Exhibit 1 for additional information.
Conference Call to Discuss Fourth Quarter and Full Year 2021 Results
Date:            Tuesday, February 22, 2022, at 5:00 p.m. EST
Live Webcast:    Investor Relations section of website at www.bwxt.com
Full Earnings Release Available on BWXT Website
A full version of this earnings release is available on our Investor Relations website at http://investors.bwxt.com/q42021-release
BWXT may use its website (www.bwxt.com) as a channel of distribution of material Company information. Financial and other important information regarding BWXT is routinely accessible through and posted on our website. In addition, you may elect to automatically receive e-mail alerts and other information about BWXT by enrolling through the “Email Alerts” section of our website at http://investors.bwxt.com.
Forward-Looking Statements
BWXT cautions that this release contains forward-looking statements, including, without limitation, statements relating to backlog, to the extent they may be viewed as an indicator of future revenues; our plans and expectations for each of our reportable segments, and planned changes to such segments in 2022, including the expectations, timing and revenue of our strategic initiatives, such as medical radioisotopes; disruptions to our supply chain and/or operations, changes in government regulations and


other factors, including any such impacts of, or actions in response to the COVID-19 health crisis; and our expectations and guidance for 2022 and beyond. These forward-looking statements are based on management’s current expectations and involve a number of risks and uncertainties, including, among other things, our ability to execute contracts in backlog; the lack of, or adverse changes in, federal appropriations to government programs in which we participate; the demand for and competitiveness of nuclear products and services; capital priorities of power generating utilities and other customers; the impact of COVID-19 on our business and our employees, contractors, suppliers, customers and other partners and their business activities; the extent to which the length and severity of the COVID-19 health crisis exceeds our current expectations; the potential recurrence of subsequent waves or strains of COVID-19 or similar diseases; adverse changes in the industries in which we operate; and delays, changes or termination of contracts in backlog. If one or more of these risks or other risks materialize, actual results may vary materially from those expressed. For a more complete discussion of these and other risk factors, see BWXT’s filings with the Securities and Exchange Commission, including our annual report on Form 10-K for the year ended December 31, 2021. BWXT cautions not to place undue reliance on these forward-looking statements, which speak only as of the date of this release, and undertakes no obligation to update or revise any forward-looking statement, except to the extent required by applicable law.
About BWXT
At BWX Technologies, Inc. (NYSE: BWXT), we are People Strong, Innovation Driven. Headquartered in Lynchburg, Virginia, BWXT is a Fortune 1000 and Defense News Top 100 manufacturing and engineering innovator that provides safe and effective nuclear solutions for global security, clean energy, environmental remediation, nuclear medicine and space exploration. With approximately 6,600 employees, BWXT has 12 major operating sites in the U.S. and Canada. In addition, BWXT joint ventures provide management and operations at more than a dozen U.S. Department of Energy and NASA facilities. Follow us on Twitter at @BWXT and learn more at www.bwxt.com.
Investor Contact:Media Contact:
Mark KratzJud Simmons
Director, Investor RelationsDirector, Media and Public Relations
980-365-4300Investors@bwxt.com434-522-6462hjsimmons@bwxt.com



EXHIBIT 1

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 December 31, 2021
 GAAPPension & OPEB MTM (Gain) / LossRestructuring and Other CostsNon-GAAP
 
Operating Income
$102.2 $— $2.4 $104.6 
Other Income (Expense)
44.9 (39.6)— 5.3 
Provision for Income Taxes(30.2)9.1 (0.6)(21.7)
Net Income
116.9 (30.5)1.8 88.2 
Net Income Attributable to Noncontrolling Interest
(0.0)— — (0.0)
Net Income Attributable to BWXT
$116.9 $(30.5)$1.8 $88.2 
Diluted Shares Outstanding
92.5 92.5 
Diluted Earnings per Common Share
$1.26 $(0.33)$0.02 $0.95 
Effective Tax Rate
20.5%19.8%
NPG Operating Income$22.4 $0.6 $23.0 
Unallocated Corporate Operating Income$(7.1)$1.8 $(5.3)
Three Months Ended December 31, 2020
GAAPPension & OPEB MTM (Gain) / LossRestructuring CostsCosts Associated with Sale of BusinessNon-GAAP
Operating Income
$89.1 $— $0.4 $0.2 $89.6 
Other Income (Expense)
(1.3)6.4 — — 5.1 
Provision for Income Taxes(21.8)(1.6)(0.1)(0.0)(23.5)
Net Income
66.0 4.8 0.3 0.2 71.2 
Net Income Attributable to Noncontrolling Interest
(0.2)— — — (0.2)
Net Income Attributable to BWXT
$65.7 $4.8 $0.3 $0.2 $70.9 
Diluted Shares Outstanding
95.8 95.8 
Diluted Earnings per Common Share
$0.69 $0.05 $0.00 $0.00 $0.74 
Effective Tax Rate
24.8%24.8%
NPG Operating Income$13.2 $0.4 $13.6 
(1)
Tables may not foot due to rounding.
(2)BWXT is providing non-GAAP information regarding certain of its historical results and guidance on future earnings per share to supplement the results provided in accordance with GAAP and it should not be considered superior to, or as a substitute for, the comparable GAAP measures. BWXT believes the non-GAAP measures provide meaningful insight and transparency into the Company’s operational performance and provides these measures to investors to help facilitate comparisons of operating results with prior periods and to assist them in understanding BWXT's ongoing operations.
(3)BWXT has not included a reconciliation of provided non-GAAP guidance to the comparable GAAP measures due to the difficulty of estimating any mark-to-market adjustments for pension and post-retirement benefits, which are determined at the end of the year.




EXHIBIT 1 (continued)

BWX TECHNOLOGIES, INC.
RECONCILIATION OF NON-GAAP OPERATING INCOME AND EARNINGS PER SHARE(1)(2)(3)
(In millions, except per share amounts)
Year Ended December 31, 2021
 GAAPPension & OPEB MTM (Gain) / LossRestructuring and Other CostsCosts Associated With Early Bond RedemptionNon-GAAP
 
Operating Income
$345.8 $— $3.1 $— $349.0 
Other Income (Expense)
49.9 (39.6)— 15.0 25.3 
Provision for Income Taxes(89.4)9.1 (0.8)(3.5)(84.6)
Net Income
306.3 (30.5)2.4 11.5 289.6 
Net Income Attributable to Noncontrolling Interest
(0.4)— — — (0.4)
Net Income Attributable to BWXT
$305.9 $(30.5)$2.4 $11.5 289.2 
Diluted Shares Outstanding
94.5 94.5 
Diluted Earnings per Common Share
$3.24 $(0.32)$0.03 $0.12 $3.06 
Effective Tax Rate
22.6%22.6%
NOG Operating Income$308.6 $0.2 $308.8 
NPG Operating Income$52.5 $0.9 $53.5 
Unallocated Corporate Operating Income$(18.9)$2.1 $(16.9)
Year Ended December 31, 2020
GAAPPension & OPEB MTM (Gain) / LossRestructuring CostsCosts Associated with Sale of BusinessDebt Issuance CostsOne-time Franchise Tax Audit ExpenseNon-GAAP
Operating Income
$358.6 $— $2.3 $2.9 $— $2.6 $366.3 
Other Income (Expense)
3.6 6.4 — — 0.5— 10.5 
Provision for Income Taxes(83.0)(1.6)(0.6)(0.7)(0.1)(0.6)(86.5)
Net Income
279.2 4.8 1.7 2.2 0.4 2.0 290.3 
Net Income Attributable to Noncontrolling Interest
(0.5)— — — — — (0.5)
Net Income Attributable to BWXT
$278.7 $4.8 $1.7 $2.2 $0.4 $2.0 289.8 
Diluted Shares Outstanding
95.7 95.7 
Diluted Earnings per Common Share
$2.91 $0.05 $0.02 $0.02 $0.00 $0.02 $3.03 
Effective Tax Rate
22.9%23.0%
NPG Operating Income
$52.0 $2.3 $54.2 
NSG Operating Income
$26.4 $1.0 $27.4 
(1)
Tables may not foot due to rounding.
(2)BWXT is providing non-GAAP information regarding certain of its historical results and guidance on future earnings per share to supplement the results provided in accordance with GAAP and it should not be considered superior to, or as a substitute for, the comparable GAAP measures. BWXT believes the non-GAAP measures provide meaningful insight and transparency into the Company’s operational performance and provides these measures to investors to help facilitate comparisons of operating results with prior periods and to assist them in understanding BWXT's ongoing operations.
(3)BWXT has not included a reconciliation of provided non-GAAP guidance to the comparable GAAP measures due to the difficulty of estimating any mark-to-market adjustments for pension and post-retirement benefits, which are determined at the end of the year.




EXHIBIT 1 (continued)
BWX TECHNOLOGIES, INC.
RECONCILIATION OF EBITDA(1)(2)(3)
(In millions, except per share amounts)

Three Months Ended December 31, 2021
 GAAPPension & OPEB MTM (Gain) / LossRestructuring and Other CostsNon-GAAP
 
Net Income$116.9 $(30.5)$1.8 $88.2 
Provision for Income Taxes30.2 (9.1)0.6 21.7 
Other - net(51.9)39.6 — (12.3)
Interest Income(0.0)— — — 
Interest Expense7.0 — — 7.0 
Depreciation & Amortization18.6 — — $18.6 
Adjusted EBITDA$120.8 $— $2.4 $123.2 

Year Ended December 31, 2021
 GAAPPension & OPEB MTM (Gain) / LossRestructuring and Other CostsCosts Associated With Early Bond RedemptionNon-GAAP
 
Net Income$306.3 $(30.5)$2.4 $11.5 $289.6 
Provision for Income Taxes89.4 (9.1)0.8 3.5 84.6 
Other - net(85.2)39.6 — (10.8)(56.4)
Interest Income(0.4)— — — (0.4)
Interest Expense35.8 — — (4.2)31.5 
Depreciation & Amortization69.1 — — — $69.1 
Adjusted EBITDA$414.9 $— $3.1 $— $418.1 
(1)
Tables may not foot due to rounding.
(2)BWXT is providing non-GAAP information regarding certain of its historical results and guidance on future earnings per share to supplement the results provided in accordance with GAAP and it should not be considered superior to, or as a substitute for, the comparable GAAP measures. BWXT believes the non-GAAP measures provide meaningful insight and transparency into the Company’s operational performance and provides these measures to investors to help facilitate comparisons of operating results with prior periods and to assist them in understanding BWXT's ongoing operations.
(3)BWXT has not included a reconciliation of provided non-GAAP guidance to the comparable GAAP measures due to the difficulty of estimating any mark-to-market adjustments for pension and post-retirement benefits, which are determined at the end of the year.


BWX TECHNOLOGIES, INC.
CONSOLIDATED BALANCE SHEETS
ASSETS
December 31,
20212020
(In thousands)
Current Assets:
Cash and cash equivalents$33,891 $42,610 
Restricted cash and cash equivalents2,896 3,070 
Investments3,811 3,707 
Accounts receivable – trade, net70,663 153,368 
Accounts receivable – other16,651 22,239 
Retainages51,507 55,172 
Contracts in progress546,595 449,176 
Other current assets47,718 44,256 
Total Current Assets773,732 773,598 
Property, Plant and Equipment, Net1,045,640 816,471 
Investments9,558 9,356 
Goodwill285,502 283,708 
Deferred Income Taxes21,394 49,415 
Investments in Unconsolidated Affiliates85,284 71,806 
Intangible Assets185,551 192,751 
Other Assets94,719 96,398 
TOTAL$2,501,380 $2,293,503 



BWX TECHNOLOGIES, INC.
CONSOLIDATED BALANCE SHEETS
LIABILITIES AND STOCKHOLDERS’ EQUITY
December 31,
20212020
(In thousands, except share
and per share amounts)
Current Liabilities:
Bank overdraft$— $88,694 
Accounts payable189,842 184,392 
Accrued employee benefits71,835 89,740 
Accrued liabilities – other80,998 78,028 
Advance billings on contracts111,619 83,581 
Accrued warranty expense5,321 5,292 
Total Current Liabilities459,615 529,727 
Long-Term Debt
1,189,304 862,731 
Accumulated Postretirement Benefit Obligation
24,333 25,689 
Environmental Liabilities
92,642 84,153 
Pension Liability
59,388 144,859 
Other Liabilities
38,863 28,576 
Commitments and Contingencies
Stockholders' Equity:
Common stock, par value $0.01 per share, authorized 325,000,000 shares; issued 127,311,985 and 127,009,536 shares at December 31, 2021 and 2020, respectively1,273 1,270 
Preferred stock, par value $0.01 per share, authorized 75,000,000 shares; no shares issued— — 
Capital in excess of par value174,288 153,800 
Retained earnings1,775,751 1,549,950 
Treasury stock at cost, 35,915,747 and 31,698,747 shares at December 31, 2021 and 2020, respectively(1,326,280)(1,095,452)
Accumulated other comprehensive income (loss)12,143 8,198 
Stockholders' Equity – BWX Technologies, Inc.637,175 617,766 
Noncontrolling interest60 2 
Total Stockholders' Equity637,235 617,768 
TOTAL
$2,501,380 $2,293,503 



BWX TECHNOLOGIES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Ended December 31,Year Ended December 31,
2021202020212020
(Unaudited)
(In thousands, except share and per share amounts)
Revenues
$591,975 $556,910 $2,124,074 $2,123,516 
Costs and Expenses:
Cost of operations
443,644 414,359 1,573,797 1,548,119 
Research and development costs
1,568 2,624 11,059 14,189 
Losses (gains) on asset disposals and impairments, net
(2,514)(1,685)(3,532)(1,361)
Selling, general and administrative expenses
54,363 60,436 230,400 231,169 
Total Costs and Expenses
497,061 475,734 1,811,724 1,792,116 
Equity in Income of Investees
7,301 7,905 33,498 27,152 
Operating Income
102,215 89,081 345,848 358,552 
Other Income (Expense):
Interest income
47 65 416 518 
Interest expense
(7,033)(7,481)(35,758)(31,014)
Other – net
51,891 6,097 85,207 34,116 
Total Other Income (Expense)
44,905 (1,319)49,865 3,620 
Income before Provision for Income Taxes
147,120 87,762 395,713 362,172 
Provision for Income Taxes
30,214 21,777 89,425 82,976 
Net Income
$116,906 $65,985 $306,288 $279,196 
Net Income Attributable to Noncontrolling Interest
(45)(243)(417)(526)
Net Income Attributable to BWX Technologies, Inc.
$116,861 $65,742 $305,871 $278,670 
Earnings per Common Share:
Basic:
Net Income Attributable to BWX Technologies, Inc.$1.27 $0.69 $3.24 $2.92 
Diluted:
Net Income Attributable to BWX Technologies, Inc.$1.26 $0.69 $3.24 $2.91 
Shares used in the computation of earnings per share:
Basic
92,179,661 95,475,788 94,278,894 95,457,193 
Diluted
92,501,653 95,785,349 94,518,422 95,726,497 



BWX TECHNOLOGIES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Year Ended December 31,
20212020
(In thousands)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income$306,288 $279,196 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization69,080 60,674 
Income of investees, net of dividends(13,023)(2,147)
Provision for deferred taxes40,091 7,890 
Recognition of (gains) losses for pension and postretirement plans(36,647)9,548 
Stock-based compensation expense18,613 16,844 
Premium for early redemption of senior notes10,752 — 
Recognition of debt issuance costs from former debt instruments4,212 665 
Other, net1,401 (1,457)
Changes in assets and liabilities, net of effects from acquisitions:
Accounts receivable84,006 (98,302)
Accounts payable28,795 (1,241)
Retainages3,875 (8,578)
Contracts in progress and advance billings on contracts(67,137)(53,242)
Income taxes4,116 1,157 
Accrued and other current liabilities(1,991)6,843 
Pension liabilities, accrued postretirement benefit obligations and employee benefits(69,424)(29,311)
Other, net3,019 7,903 
NET CASH PROVIDED BY OPERATING ACTIVITIES386,026 196,442 
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant and equipment(311,052)(255,027)
Acquisition of businesses— (15,905)
Purchases of securities(4,739)(4,232)
Sales and maturities of securities5,553 6,360 
Other, net5,585 3,485 
NET CASH USED IN INVESTING ACTIVITIES(304,653)(265,319)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings of long-term debt1,324,300 844,500 
Repayments of long-term debt(999,300)(794,676)
Premium for early redemption of senior notes(10,752)— 
Payment of debt issuance costs(4,838)(6,803)
Borrowings and repayments of bank overdraft(88,694)88,694 
Repurchases of common stock(225,786)(21,960)
Dividends paid to common shareholders(79,668)(72,940)
Exercises of stock options2,033 2,812 
Cash paid for shares withheld to satisfy employee taxes(5,042)(5,249)
Other, net(2,389)(9,332)
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES(90,136)25,046 
EFFECTS OF EXCHANGE RATE CHANGES ON CASH240 (271)
TOTAL (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS(8,523)(44,102)
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD48,298 92,400 
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS AT END OF PERIOD$39,775 $48,298 
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid during the period for:
Interest$50,840 $38,267 
Income taxes (net of refunds)$44,949 $73,589 
SCHEDULE OF NON-CASH INVESTING ACTIVITY:
Accrued capital expenditures included in accounts payable$27,495 $51,492 


BWX TECHNOLOGIES, INC.
BUSINESS SEGMENT INFORMATION
Three Months Ended December 31,Year Ended December 31,
2021202020212020
(Unaudited)
(In thousands)
REVENUES:
Nuclear Operations Group$452,570 $425,728 $1,622,598 $1,646,257 
Nuclear Power Group114,460 107,265 407,082 371,269 
Nuclear Services Group32,182 32,693 123,538 136,493 
Eliminations(7,237)(8,776)(29,144)(30,503)
TOTAL$591,975 $556,910 $2,124,074 $2,123,516 
 
SEGMENT INCOME:
Nuclear Operations Group$85,756 $81,258 $308,645 $326,049 
Nuclear Power Group22,413 13,218 52,548 51,989 
Nuclear Services Group6,121 8,357 27,932 26,436 
Other(5,015)(5,636)(24,333)(22,309)
SUBTOTAL109,275 97,197 364,792 382,165 
Unallocated Corporate(7,060)(8,116)(18,944)(23,613)
TOTAL$102,215 $89,081 $345,848 $358,552 
 
DEPRECIATION AND AMORTIZATION:
Nuclear Operations Group$11,535 $8,258 $40,514 $33,174 
Nuclear Power Group4,918 4,736 19,774 18,325 
Nuclear Services Group274 212 1,005 1,685 
Other270 295 1,076 645 
Corporate1,607 1,715 6,711 6,845 
TOTAL$18,604 $15,216 $69,080 $60,674 
 
CAPITAL EXPENDITURES:
Nuclear Operations Group$36,433 $41,954 $143,945 $135,637 
Nuclear Power Group35,130 30,199 153,571 106,596 
Nuclear Services Group445 251 2,940 1,326 
Other— 17 166 252 
Corporate2,388 2,634 10,430 11,216 
TOTAL$74,396 $75,055 $311,052 $255,027 



BWX TECHNOLOGIES, INC.
BUSINESS SEGMENT INFORMATION
Three Months Ended December 31,Year Ended December 31,
2021202020212020
(Unaudited)
(In thousands)
BACKLOG:
Nuclear Operations Group$4,510,928 $3,659,126 $4,510,928 $3,659,126 
Nuclear Power Group643,866 725,702 643,866 725,702 
Nuclear Services Group21,242 21,000 21,242 21,000 
TOTAL$5,176,036 $4,405,828 $5,176,036 $4,405,828 
BOOKINGS:
Nuclear Operations Group$1,178,575 $473,395 $2,468,998 $786,821 
Nuclear Power Group70,387 106,662 324,468 239,104 
Nuclear Services Group17,952 17,667 100,815 103,023 
TOTAL$1,266,914 $597,724 $2,894,281 $1,128,948 



EXHIBIT 2
BWX TECHNOLOGIES, INC.
NEW BUSINESS SEGMENT INFORMATION
Three Months Ended December 31,Year Ended December 31,
3/31/20216/30/20219/30/202112/31/202120212020
(Unaudited)
(In thousands)
REVENUES:
Government Operations$423,275 $405,497 $417,139 $479,186 $1,725,097 $1,763,127 
Commercial Operations107,398 101,842 83,382 114,460 407,082 371,269 
Eliminations(2,400)(2,240)(1,794)(1,671)(8,105)(10,880)
TOTAL$528,273 $505,099 $498,727 $591,975 $2,124,074 $2,123,516 
 
SEGMENT INCOME:
Government Operations$78,245 $72,871 $87,542 $90,891 $329,549 $345,250 
Commercial Operations6,294 5,640 4,925 18,384 35,243 36,915 
SUBTOTAL84,539 78,511 92,467 109,275 364,792 382,165 
Unallocated Corporate(2,125)(4,760)(4,999)(7,060)(18,944)(23,613)
TOTAL$82,414 $73,751 $87,468 $102,215 $345,848 $358,552 
 
NON-GAAP SEGMENT INCOME:
Government Operations$78,245 $72,871 $87,707 $90,891 $329,714 $346,206 
Commercial Operations6,294 5,640 5,244 18,974 36,152 39,168 
SUBTOTAL84,539 78,511 92,951 109,865 365,866 385,374 
Unallocated Corporate(2,125)(4,760)(4,719)(5,265)(16,869)(19,046)
TOTAL$82,414 $73,751 $88,232 $104,600 $348,997 $366,328 
DEPRECIATION AND AMORTIZATION:
Government Operations$9,171 $10,334 $10,928 $12,052 $42,485 $35,398 
Commercial Operations4,917 5,037 4,985 4,945 19,884 18,431 
Corporate1,809 1,724 1,571 1,607 6,711 6,845 
TOTAL$15,897 $17,095 $17,484 $18,604 $69,080 $60,674 
 
CAPITAL EXPENDITURES:
Government Operations$45,945 $30,073 $34,155 $36,878 $147,051 $137,197 
Commercial Operations53,531 34,364 30,546 35,130 153,571 106,614 
Corporate2,456 3,801 1,785 2,388 10,430 11,216 
TOTAL$101,932 $68,238 $66,486 $74,396 $311,052 $255,027 
BACKLOG:
Government Operations$4,495,617 $4,174,767 $3,813,289 $4,532,170 $4,532,170 $3,680,126 
Commercial Operations697,169 674,287 687,806 643,866 643,866 725,702 
TOTAL$5,192,786 $4,849,054 $4,501,095 $5,176,036 $5,176,036 $4,405,828 
BOOKINGS:
Government Operations$1,236,546 $82,751 $53,989 $1,196,527 $2,569,813 $889,844 
Commercial Operations78,685 78,616 96,780 70,387 324,468 239,104 
TOTAL$1,315,231 $161,367 $150,769 $1,266,914 $2,894,281 $1,128,948