# EDGAR Filing Document

**Accession Number:** 0001630805
**File Stem:** 0001104659-23-033360
**Filing Date:** 2023-3
**Character Count:** 9537
**Document Hash:** c7f960ab2f03c248fc1ddb760aff9781
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-23-033360.hdr.sgml**: 20230316

**ACCESSION NUMBER**: 0001104659-23-033360

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20230315

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230316

**DATE AS OF CHANGE**: 20230316

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Babcock & Wilcox Enterprises, Inc.
- **CENTRAL INDEX KEY:** 0001630805
- **STANDARD INDUSTRIAL CLASSIFICATION:** HEATING EQUIPMENT, EXCEPT ELECTRIC & WARM AIR FURNACES [3433]
- **IRS NUMBER:** 472783641
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-36876
- **FILM NUMBER:** 23739562

**BUSINESS ADDRESS:**
- **STREET 1:** 1200 E. MARKET STREET, SUITE 650
- **CITY:** AKRON
- **STATE:** OH
- **ZIP:** 44305
- **BUSINESS PHONE:** 3308606205

**MAIL ADDRESS:**
- **STREET 1:** 1200 E. MARKET STREET, SUITE 650
- **CITY:** AKRON
- **STATE:** OH
- **ZIP:** 44305

?xml version="1.0" encoding="utf-8"?

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM 8-K**

CURRENT REPORT

Pursuant to Section 13 or 15 (d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): March 15, 2023

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| |
|:---|
| **BABCOCK & WILCOX ENTERPRISES, INC.** |
| (Exact name of registrant as specified in its charter) |

---

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-36876** | **47-2783641** |
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |

---

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| | |
|:---|:---|
| **1200 East Market Street<br> Suite 650<br> Akron, Ohio** | **44305** |
| (Address of Principal Executive Offices) | (Zip Code) |

---

Registrant's Telephone Number, including Area Code: <u>(330) 753-4511</u>

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

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| | |
|:---|:---|
| ◻ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ◻ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |

---

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| Title of Each Class | Trading Symbol | Name of Each Exchange on which Registered |
| Common stock, $0.01 par value per share | BW | New York Stock Exchange |
| 8.125% Senior Notes due 2026 | BWSN | New York Stock Exchange |
| 6.50% Senior Notes due 2026 | BWNB | New York Stock Exchange |
| 7.75% Series A Cumulative Perpetual Preferred Stock | BW PRA | New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ◻

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻

**Item 7.01** **Regulation FD Disclosure.**

On March 15, 2023, the Company issued a press release announcing our financial results for the fourth quarter and year ended December 31, 2022, which contained scrivener's errors in Exhibit 4 attached thereto. In particular, amortization expense, depreciation expense and backlog amounts for the Company's renewable, environmental and thermal segments for the year ended December 31, 2022 were transposed. A revised copy of Exhbibit 4, which corrects the scrivener's errors, is attached as Exhibit 99.1. The information contained in Exhibit 99.1 is incorporated herein by reference.

The information furnished pursuant to this Item 7.01, including Exhibit 99.1, shall not be deemed "filed" for purposes of Section 18 of the Exchange Act or incorporated by reference in any filing under the Securities Act or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

**Item 9.01 Financial Statements and Exhibits**

(d) Exhibits

Exhibit No. Description <br> [99.1](tm239774d1_ex99-1.htm) [Exhibit 4 to Press Release dated March 15, 2023.](tm239774d1_ex99-1.htm) <br> <u>104</u>   <u>Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)</u>

**Signatures**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

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| | | |
|:---|:---|:---|
|  | **BABCOCK & WILCOX ENTERPRISES, INC.** | **BABCOCK & WILCOX ENTERPRISES, INC.** |
| March 16, 2023 | By: | /s/ Louis Salamone |
|  |  | Louis Salamone |
|  |  | Executive Vice President, Chief Financial Officer and Chief Accounting Officer |
|  |  | (Principal Accounting Officer and Duly Authorized Representative) |

---

## Exhibit 99.1

**Exhibit 99.1**

***Exhibit 4***

***Babcock & Wilcox Enterprises, Inc.***

***Segment Information<sup>(1)</sup>***

*(In millions)*

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| | | | | |
|:---|:---|:---|:---|:---|
| **SEGMENT RESULTS** | **Three months ended December 31,** | **Three months ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
|  | **2022** | **2021** | **2022** | **2021** |
| REVENUES: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Babcock & Wilcox Renewable | $105.7 | $51.6 | $330.6 | $156.8 |
| &nbsp;&nbsp;&nbsp;Babcock & Wilcox Environmental | 43.2 | 36.1 | 154.4 | 133.8 |
| &nbsp;&nbsp;&nbsp;Babcock & Wilcox Thermal | 105.2 | 104.9 | 415.1 | 433.3 |
| &nbsp;&nbsp;&nbsp;Other | (4.2) | (0.3) | (10.3) | (0.6) |
|  | $249.9 | $192.3 | $889.8 | $723.4 |
| ADJUSTED EBITDA: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Babcock & Wilcox Renewable <sup>(5)</sup> | $11.2 | $8.2 | $26.1 | $23.2 |
| &nbsp;&nbsp;&nbsp;Babcock & Wilcox Environmental | 4.7 | 4.5 | 9.8 | 11.8 |
| &nbsp;&nbsp;&nbsp;Babcock & Wilcox Thermal | 15.0 | 16.7 | 56.3 | 49.1 |
| &nbsp;&nbsp;&nbsp;Corporate | (3.5) | (0.9) | (16.5) | (12.5) |
| &nbsp;&nbsp;&nbsp;Research and development costs | (0.8) | (0.5) | (3.3) | (1.1) |
|  | $26.5 | $27.9 | $72.4 | $70.6 |
| AMORTIZATION EXPENSE: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Babcock & Wilcox Renewable <sup>(2)</sup> | $0.9 | $2.1 | $4.5 | $2.7 |
| &nbsp;&nbsp;&nbsp;Babcock & Wilcox Environmental | 0.7 | 0.7 | 2.7 | 3.0 |
| &nbsp;&nbsp;&nbsp;Babcock & Wilcox Thermal <sup>(3)</sup> | 1.8 | 0.6 | 5.8 | 2.9 |
|  | $3.4 | $3.3 | $13.0 | $8.6 |
| DEPRECIATION EXPENSE: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Babcock & Wilcox Renewable | $1.7 | $0.8 | $3.4 | $3.0 |
| &nbsp;&nbsp;&nbsp;Babcock & Wilcox Environmental | 0.2 | 0.4 | 0.7 | 1.6 |
| &nbsp;&nbsp;&nbsp;Babcock & Wilcox Thermal | 2.0 | 1.2 | 6.8 | 5.1 |
|  | $3.9 | $2.4 | $10.9 | $9.7 |

---

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| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
| BACKLOG: | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp;Babcock & Wilcox Renewable <sup>(4)</sup> | $284 | $394 |
| &nbsp;&nbsp;&nbsp;Babcock & Wilcox Environmental | 148 | 123 |
| &nbsp;&nbsp;&nbsp;Babcock & Wilcox Thermal | 265 | 126 |
| &nbsp;&nbsp;&nbsp;Other/Eliminations | 7 | (4) |
|  | $704 | $639 |

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<sup>(1)</sup> Figures may not be clerically accurate due to rounding.

<sup>(2)</sup> Amortization expense in the Babcock & Wilcox Renewable segment includes $0.3 million and $1.0 million in finance lease amortization for the three and twelve months ended December 31, 2022, respectively. Amortization expense in the Babcock & Wilcox Renewable segment includes $0.0 million and $0.6 million in finance lease amortization for the three and twelve months ended December 31, 2021, respectively.

<sup>(3)</sup> Amortization expense in the Babcock & Wilcox Thermal segment includes $0.7 million and $1.3 million in finance lease amortization for the three and twelve months ended December 31, 2022, respectively. Amortization expense in the Babcock & Wilcox Thermal segment includes $0.7 million and $2.9 million in finance lease amortization for the three and twelve months ended December 31, 2021, respectively.

<sup>(4)</sup> Babcock & Wilcox Renewable backlog at December 31, 2022, includes $55.6 million related to long-term operation and maintenance contracts for renewable energy plants, with remaining durations extending until 2034. Generally, such contracts have a duration of 10 to 20 years and include options to extend.

<sup>(5)</sup> Adjusted EBITDA for the twelve months ended December 31, 2022 includes a $6.2 million non-recurring gain on sale related to development rights of a future solar project that was sold as well as the reduction to Selling, General and Administrative Costs of $9.6 million for the twelve months ended December 31, 2022 that resulted from the reversal of the contingent consideration related to an acquisition.