Company: BWNB
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001630805-25-000019
Chunk: 69

Company: Babcock & Wilcox Enterprises, Inc.
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 1
Chunk 69
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 included movements in certain operating assets and liabilities such as accounts receivable trade, net of $(14.3) million, contracts in progress of $11.0 million, and advanced billings on contracts of $(7.5) million which are primarily impacted by timing differences related to progress made on ongoing projects, billings, and collections, and may fluctuate significantly period to period. Operating cash flow increases from accounts payable of $19.6 million and accrued and other current liabilities of $8.9 million is the result of timing of payments to vendors.

Cash flows used in operating activities was $14.9 million in the three months ended March 31, 2024, which was primarily attributed to the year-to-date net loss of $16.8 million. Non-cash expenses including the loss on the debt extinguishment of $5.1 million, depreciation and amortization of long-lived assets of $4.8 million, deferred taxes of $2.5 million and operating lease expenses of $1.8 million were primarily offset by movements in certain operating assets and liabilities such as accounts receivable - trade, net of $16.8 million, contracts in progress of $(21.5) million, advanced billings on contracts of $(6.4) million, and accrued and other current liabilities of $(8.4) million due to the same factors noted for the first quarter of 2025.

Cash flows used in investing activities was $3.9 million and $2.8 million in the three months ended March 31, 2025 and 2024, respectively, primarily due to capital expenditures associated with BrightLoop™ projects.

Cash flows used in financing activities of $0.4 million in the three months ended March 31, 2025 were primarily due to the payment of preferred dividends of $3.7 million and net payments on the Axos Credit Agreement of $1.4 million, partially offset by the issuance of common stock of $5.2 million. Cash flows provided by financing activities of $51.3 million in the three months ended March 31, 2024 were primarily due to net borrowings on the Axos Credit Agreement of $61.6 million, partially offset by the payment of the preferred stock dividend of $3.7 million.

Debt and Credit Facilities

As described in Note 12 to our Condensed Consolidated Financial Statements included in Item 1 of this Quarterly Report, we entered into a Credit Agreement in January 2024. B. Riley,