Company: BWXT
Filing Date: 2025-05-05
Form Type: 10-Q
Source: 0001486957-25-000026
Chunk: 93

Company: BWX Technologies, Inc.
Filing Date: 2025-05-05
Form: 10-Q
Item: Part I, Item 2
Chunk 93
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.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 with a fair value of $8.5 million and our investment portfolio consisted entirely of mutual funds. These equity securities are carried at fair value with the unrealized gains and losses reported in earnings.

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Cash Requirements

As discussed in Note 2 to our condensed consolidated financial statements, on December 27, 2024, we entered into an agreement to acquire Kinectrics for approximately CAD 782.7 million, including the assumption of Kinectrics' net pension and debt liabilities, and estimated transaction expenses. This acquisition is expected to close in the middle of 2025.

We believe we have sufficient cash and cash equivalents and borrowing capacity, along with cash generated from operations and continued access to capital markets, to satisfy our cash requirements for the next 12 months and beyond.

Item 3.    QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Our exposures to market risks have not changed materially from those disclosed in Item 7A of our 2024 10-K.

Item 4.    CONTROLS AND PROCEDURES

As of the end of