Company: BWXT
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0001486957-25-000059
Chunk: 96

Company: BWX Technologies, Inc.
Filing Date: 2025-11-03
Form: 10-Q
Item: Part I, Item 8
Chunk 96
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 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, as well as increases in accounts receivable and retainages which were offset by increases in accounts payable and accrued liabilities.

Our net cash provided by operating activities increased by $221.3 million to $352.9 million in the nine months ended September 30, 2025, compared to cash provided by operating activities of $131.5 million in the nine months ended September 30, 2024. The increase in cash provided by operating activities was primarily attributable to the timing of project cash flows as well as increases in income taxes payable and accrued liabilities.

Our net cash used in investing activities increased by $573.0 million to $673.9 million in the nine months ended September 30, 2025, compared to cash used in investing activities $100.9 million in the nine months ended September 30, 2024. The increase in cash used in investing activities was primarily attributable to the acquisitions of A.O.T. and Kinectrics for $101.1 million and $434.9 million, respectively, net of cash acquired. We also experienced an increase in investments in equity method investees of $31.0 million.

Our net cash provided by financing activities increased by $409.5 million to $339.6 million in the nine months ended September 30, 2025, compared to cash used in financing activities of $69.9 million in the nine months ended September 30, 2024. The increase in cash used in financing activities was primarily due to an increase in net borrowings of long-term debt of $430.3 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 September 30, 2025, we had restricted cash and cash equivalents totaling $7.4 million, $4.3 million of which was held for future decommissioning of facilities (which is included in Other Assets on our condensed consolidated balance sheets) and $3.1 million of which was held to meet reinsurance reserve requirements of our captive insurer.

At September 30, 2025, we had long-term investments with a fair value of $8.0 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.

Cash Requirements

We believe we