Company: BWNB
Filing Date: 2025-04-11
Form Type: PRE 14A
Source: 0001104659-25-034242
Chunk: 37

Company: Babcock & Wilcox Enterprises, Inc.
Filing Date: 2025-04-11
Form: PRE 14A
Chunk 37
---
 entitled to vote on this proposal, even though they are considered present for purposes of determining a quorum and may be entitled to vote on other matters. As a result, broker non-votes will not have any effect on this proposal. 27 TABLE OF CONTENTS COMPENSATION DISCUSSION AND ANALYSIS Table of Contents • Executive Summary • We are Committed to Compensation Best Practices • Compensation Philosophy and Process • Key 2023 Compensation Decisions • Other Compensation Practices and Policies Executive Summary 2024 PERFORMANCE For 2024, consolidated revenues were $717.3 million, which remained stable compared to 2023. Net loss from continuing operations in 2024 was $73.0 million compared to a net loss from continuing operations of $75.8 million in 2023. Operating income in 2024 was $25.1 million, compared to operating income of $16.6 million in 2023 and consolidated Adjusted EBITDA was $68.9 million, an increase of 13% compared to $60.8 million in 2023. Total bookings in 2024 were $889.6 million, a 39% increase compared to full year 2023 bookings, and backlog at December 31, 2024 was $540.1 million, a 47% increase compared to December 31, 2023. Additional information regarding adjusted EBITDA, a non-GAAP financial measure, can be found in Appendix A. We believe that expected industry tailwinds provide a strong foundation to grow in 2025 and beyond as we continue to drive for higher margins and improved cash flows. Overall, we continue to see strong demand for our diverse portfolio of technologies, and we expect this will further drive increases to our backlog and bookings. We also remain dedicated to our development, engineering and construction activities around our several BrightLoop projects and are intently focused on our strategic investments to enhance our ClimateBright decarbonization platform and BrightLoop hydrogen generation technology. 2024 PAY-FOR-PERFORMANCE Our executive compensation programs are based on a strong alignment between pay and performance. Decisions by the Compensation Committee of the Board, which we refer to in this discussion as the “Compensation Committee,” in 2024 also took into account prior feedback from our stockholders and concern for retention of key personnel while we address operational issues. The strong alignment between pay and performance in our executive compensation program is reflected in the payout amounts under our cash incentive program. We again did not perform as expected in