Company: BWNB
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001630805-25-000019
Chunk: 94

Company: Babcock & Wilcox Enterprises, Inc.
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 8
Chunk 94
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 pursuit and related costs(84)Product development(1,619)Foreign exchange(716)Letter of credit fees(2,282)Other-net(35)Loss from continuing operations before income tax expense$(11,888)(1) General & administrative expense excludes corporate/eliminations of $4.0 million and $6.7 million for the three months ended March 31, 2025 and 2024, respectively. We had no selling & marketing expenses excluded from corporate/eliminations for the three months ended March 31, 2025 and 2024.(2) Other corporate expenses include certain R&D expenses and other costs not allocated to our segments.

NOTE 5 – REVENUE RECOGNITION AND CONTRACTS 

Revenue RecognitionWe generate the vast majority of our revenues from the supply of, and aftermarket services for, steam-generating, environmental and auxiliary equipment.A performance obligation is a contractual promise to transfer a distinct product or service to the customer. A contract's transaction price is allocated to each distinct performance obligation and is recognized as revenue when (point in time) or as (over time) the performance obligation is satisfied.Revenue from products and services transferred to customers at a point in time, which includes certain aftermarket parts and services, accounted for 22% and 24% of revenue for the three months ended March 31, 2025 and 2024, respectively. Revenue from products and services transferred to customers over time, which primarily relates to customized, engineered solutions and construction services, accounted for 78% and 76% of revenue for the three months ended March 31, 2025 and 2024, respectively.Refer to Note 4 to the Condensed Consolidated Financial Statements for further disaggregation of revenue.

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Contract BalancesThe following represents the components of the Contracts in progress and Advance billings on contracts included in the Condensed Consolidated Balance Sheets:(in thousands)March 31, 2025December 31, 2024$ Change% ChangeContract assets - included in contracts in progress:Costs incurred less costs of revenue recognized$25,734 $31,691 $(5,957)(19)%Revenues recognized less billings to customers39,912 50,712 (10,800)(21)%Contracts in progress$65,646 $82,403 $(16,757)(20)%Contract liabilities - included in advance billings on contracts:Billings to customers less revenues recognized$53,636 $57