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

Company: Babcock & Wilcox Enterprises, Inc.
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 2
Chunk 10
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 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.

Three Months Ended March 31,(in approximate millions)20252024B&W Renewable$31.7 $34.7 B&W Environmental11.1 11.5 B&W Thermal124.7 106.5 Other/eliminations(0.5)(2.9)Bookings$167.0 $149.8 

Backlog as of March 31, 2025 and 2024 was as follows:

As of March 31,(in approximate millions)20252024B&W Renewable$56.7 $67.8 B&W Environmental38.7 72.6 B&W Thermal424.6 209.1 Other/eliminations6.8 9.6 Backlog$526.8 $359.1 

Of the backlog at March 31, 2025, we expect to recognize revenues as follows:

(in approximate millions)20252026ThereafterTotalB&W Renewable$34.0 $21.1 $1.6 $56.7 B&W Environmental23.2 14.4 1.1 38.7 B&W Thermal271.1 142.9 10.7 424.7 Other/eliminations6.7 — — 6.7 Expected revenue from backlog$335.0 $178.4 $13.4 $526.8 

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 

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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 operations includes a discussion of EBITDA and Adjusted EBITDA. EBITDA focuses on the earnings generated from core business operations, without considering the effects of financing, accounting decisions or tax. Adjusted EBITDA differs from the most directly comparable measure calculated in accordance with GAAP. A reconciliation of net