Company: BWXT
Filing Date: 2025-05-05
Form Type: 10-Q
Source: 0001486957-25-000026
Chunk: 43

Company: BWX Technologies, Inc.
Filing Date: 2025-05-05
Form: 10-Q
Item: Part I, Item 1
Chunk 43
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 31, 2024 were as follows:

March 31,2025December 31,2024 (In thousands)Domestic$57,189 $69,595 Foreign13,276 21,585 Total$70,465 $91,180 

Our working capital increased by $36.0 million to $491.8 million at March 31, 2025 from $455.8 million at December 31, 2024, primarily due to net changes in contracts in progress and advance billings on contracts due to the timing of project cash flows and a decrease in current liabilities associated with the payment of accrued incentives.

Our net cash provided by operating activities increased by $17.6 million to $50.7 million in the three months ended March 31, 2025, compared to cash provided by operating activities of $33.0 million in the three months ended March 31, 2024. The increase in cash provided by operating activities was primarily attributable to the timing of project cash flows.

Our net cash used in investing activities increased by $126.0 million to $156.4 million in the three months ended March 31, 2025, compared to cash used in investing activities $30.3 million in the three months ended March 31, 2024. The increase in cash used in investing activities was primarily attributable to the $103.3 million acquisition of A.O.T. and $26.4 million investments in equity method investees.

Our net cash provided by financing activities increased by $116.9 million to $84.8 million in the three months ended March 31, 2025, compared to cash used in financing activities of $32.2 million in the three months ended March 31, 2024. The increase in cash used in financing activities was primarily due to an increase in net borrowings of long-term debt of $123.4 million which was partially offset by a $10.0 million increase in repurchases of common stock when compared to the corresponding period of the prior year.

At March 31, 2025, we had restricted cash and cash equivalents totaling $6.5 million, $3.7 million of which was held for future decommissioning of facilities (which is included in Other Assets on our condensed consolidated balance sheets) and $2.8 million of which was held to meet reinsurance reserve requirements of our captive insurer.

At March 31, 2025, we had long-term investments