Company: BWNB
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001630805-25-000007
Chunk: 7

Company: Babcock & Wilcox Enterprises, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 7
Chunk 7
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Bookings include additions related to new business or increases in project scope, subtractions due to customer cancellations or reductions in project scope, changes in estimates that affect selling price and revaluation of backlog denominated in foreign currency. We believe comparing bookings on a quarterly basis or for periods less than one year is less meaningful than for longer periods, and that shorter-term changes in bookings may not necessarily indicate a material trend.

Total bookings as of December 31, 2024 and 2023 was as follows:

Year ended December 31,(in millions)20242023B&W Renewable$108.1 $130.1 B&W Environmental65.2 108.3 B&W Thermal716.6 409.9 Other/eliminations(0.3)(9.6)Total bookings$889.6 $638.7 

Our backlog as of December 31, 2024 and 2023 was as follows:

 December 31,(in millions)20242023B&W Renewable$53.6 $62.7 B&W Environmental42.1 87.8 B&W Thermal437.2 210.6 Other/eliminations7.2 7.1 Backlog$540.1 $368.2 

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Of the backlog as of December 31, 2024, we expect to recognize revenues as follows:

(In millions)20252026ThereafterTotalB&W Renewable$32.6 $19.8 $1.2 $53.6 B&W Environmental25.6 15.6 0.9 42.1 B&W Thermal287.8 140.7 8.7 437.2 Other/eliminations7.2 — — 7.2 Expected revenue from backlog$353.2 $176.1 $10.8 $540.1 

Non-GAAP Financial Measures

We use non-GAAP financial measures internally to evaluate our performance and make financial and operational decisions. When viewed in conjunction with GAAP results and the accompanying reconciliations, we believe that the presentation of these measures provides investors with greater transparency and a greater understanding of factors affecting our financial position and results of operations than GAAP measures alone. The presentation of non-GAAP financial measures should not be considered in isolation or as a substitute for the related financial results prepared in accordance with GAAP.

The following discussion of our business segment results of