Babcock & Wilcox Enterprises, Inc. Files 2023 Annual Report on Form 10-K

Ticker: BW-PA · Form: 10-K · Filed: Mar 15, 2024 · CIK: 1630805

Babcock & Wilcox Enterprises, INC. 10-K Filing Summary
FieldDetail
CompanyBabcock & Wilcox Enterprises, INC. (BW-PA)
Form Type10-K
Filed DateMar 15, 2024
Risk Levelmedium
Pages15
Reading Time18 min
Key Dollar Amounts$0.01
Sentimentneutral

Sentiment: neutral

Topics: 10-K, Annual Report, Babcock & Wilcox, Financials, Heating Equipment

TL;DR

<b>Babcock & Wilcox Enterprises, Inc. has submitted its 2023 annual report (10-K) detailing its financial performance and business operations.</b>

AI Summary

Babcock & Wilcox Enterprises, Inc. (BW-PA) filed a Annual Report (10-K) with the SEC on March 15, 2024. Babcock & Wilcox Enterprises, Inc. filed its 2023 Form 10-K on March 15, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal business is in the HEATING EQUIPMENT, EXCEPT ELECTRIC & WARM AIR FURNACES sector (SIC 3433). The company is incorporated in Delaware. The filing includes financial data for the fiscal years 2021, 2022, and 2023.

Why It Matters

For investors and stakeholders tracking Babcock & Wilcox Enterprises, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Babcock & Wilcox's financial health and operational status for the fiscal year 2023, crucial for investors assessing the company's performance and future prospects. The detailed financial statements and risk factors within the report offer insights into the company's market position, revenue streams, and potential challenges in the heating equipment sector.

Risk Assessment

Risk Level: medium — Babcock & Wilcox Enterprises, Inc. shows moderate risk based on this filing. The company operates in the HEATING EQUIPMENT, EXCEPT ELECTRIC & WARM AIR FURNACES sector, which can be subject to economic cycles and regulatory changes, as indicated by its SIC code and the nature of a 10-K filing.

Analyst Insight

Review the detailed financial statements and risk factors in the 10-K to understand Babcock & Wilcox's performance and outlook for the upcoming fiscal year.

Key Numbers

Key Players & Entities

FAQ

When did Babcock & Wilcox Enterprises, Inc. file this 10-K?

Babcock & Wilcox Enterprises, Inc. filed this Annual Report (10-K) with the SEC on March 15, 2024.

What is a 10-K filing?

A 10-K is a comprehensive annual financial report required by the SEC, covering audited financials, business operations, risk factors, and management discussion. This particular 10-K was filed by Babcock & Wilcox Enterprises, Inc. (BW-PA).

Where can I read the original 10-K filing from Babcock & Wilcox Enterprises, Inc.?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by Babcock & Wilcox Enterprises, Inc..

What are the key takeaways from Babcock & Wilcox Enterprises, Inc.'s 10-K?

Babcock & Wilcox Enterprises, Inc. filed this 10-K on March 15, 2024. Key takeaways: Babcock & Wilcox Enterprises, Inc. filed its 2023 Form 10-K on March 15, 2024.. The filing covers the fiscal year ending December 31, 2023.. The company's principal business is in the HEATING EQUIPMENT, EXCEPT ELECTRIC & WARM AIR FURNACES sector (SIC 3433)..

Is Babcock & Wilcox Enterprises, Inc. a risky investment based on this filing?

Based on this 10-K, Babcock & Wilcox Enterprises, Inc. presents a moderate-risk profile. The company operates in the HEATING EQUIPMENT, EXCEPT ELECTRIC & WARM AIR FURNACES sector, which can be subject to economic cycles and regulatory changes, as indicated by its SIC code and the nature of a 10-K filing.

What should investors do after reading Babcock & Wilcox Enterprises, Inc.'s 10-K?

Review the detailed financial statements and risk factors in the 10-K to understand Babcock & Wilcox's performance and outlook for the upcoming fiscal year. The overall sentiment from this filing is neutral.

How does Babcock & Wilcox Enterprises, Inc. compare to its industry peers?

Babcock & Wilcox operates within the heating equipment manufacturing industry, a sector that can be influenced by industrial demand, energy policies, and technological advancements.

Are there regulatory concerns for Babcock & Wilcox Enterprises, Inc.?

The company's operations are subject to various regulations pertinent to manufacturing and environmental standards, as is typical for companies in the industrial sector.

Industry Context

Babcock & Wilcox operates within the heating equipment manufacturing industry, a sector that can be influenced by industrial demand, energy policies, and technological advancements.

Regulatory Implications

The company's operations are subject to various regulations pertinent to manufacturing and environmental standards, as is typical for companies in the industrial sector.

What Investors Should Do

  1. Analyze the financial statements for revenue trends, profitability, and debt levels.
  2. Examine the risk factors section for potential challenges and mitigation strategies.
  3. Assess management's discussion and analysis for insights into operational performance and future outlook.

Key Dates

Year-Over-Year Comparison

This filing represents the annual report for the fiscal year 2023, providing updated financial and operational data compared to previous filings.

Filing Stats: 4,402 words · 18 min read · ~15 pages · Grade level 18.9 · Accepted 2024-03-15 16:25:31

Key Financial Figures

Filing Documents

Business

Business 6 Item 1A.

Risk Factors

Risk Factors 11 Item 1B. Unresolved Staff Comments 29 Item 1C. Cybersecurity 29 Item 2.

Properties

Properties 30 Item 3.

Legal Proceedings

Legal Proceedings 30 Item 4. Mine Safety Disclosures 30 PART II. Item 5. Market for Registrant's Common Equity, Related Stockholder Matter and Issuer Purchase of Equity Securities 31 Item 6. Reserved 32 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operation

Management's Discussion and Analysis of Financial Condition and Results of Operation 32 Overview 32 Results of Operations - Years Ended December 31, 202 3 , 202 2 and 2021 34 Liquidity and Capital Resources 42 Critical Accounting Policies and Estimates 44 Item 7A.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 46 Item 8. Consolidated Financial Statements and Supplemental Data 47 Report of Independent Registered Public Accounting Firm 47 Consolidated Statements of Operations for the Years Ended December 31, 2023, 2022, and 2021 50 Consolidated Statements of Comprehensive (Loss) Income for the Years Ended December 31, 2023, 2022, and 2021 51 Consolidated Balance Sheets as of December 31, 2023 and 2022 52 Consolidated Statement of Stockholders' Equity for the Years Ended December 31, 2023, 2022, and 2021 53 Consolidated Statements of Cash Flows for the Years Ended December 31, 2023, 2022, and 2021 54

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 56 Item 9A.

Controls and Procedures

Controls and Procedures 105 Disclosure Controls and Procedures 105 Management's Report on Internal Control Over Financial Reporting 106 Attestation Report of Independent Registered Public Accounting Firm 106 Changes in Internal Control Over Financial Reporting 107 Report of Independent Registered Public Accounting Firm 106 Item 9B. Other Information 109 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 109 PART III Item 10. Directors, Executive Officers, and Corporate Governance 109 Item 11.

Executive Compensation

Executive Compensation 110 Item 12.

Security Ownership of Beneficial Owners and Related Stockholder Matters

Security Ownership of Beneficial Owners and Related Stockholder Matters 111 Item 13. Certain Relationships and Related Transactions, and Director Independence 111 Item 14. Principal Accountant Fees and Services 111 PART IV Item 15. Exhibits and Financial Statement Schedules 111 Item 16. Form 10-K Summary 119

Signatures

Signatures 119 2 Definitions In this Annual Report on Form 10-K, or this "Annual Report", unless the context otherwise indicates, "B&W," "we," "us," "our" or the "Company" mean Babcock & Wilcox Enterprises, Inc. and its consolidated subsidiaries. Unless otherwise noted, discussion of our business and results of operations in this Annual Report on Form 10-K refers to our continuing operations. Abbreviation or acronym Term 2021 Plan Babcock & Wilcox Enterprises, Inc. 2021 Long-Term Incentive Plan 6.50% Senior Notes 6.50% Senior Notes due December 31, 2026 issued by Babcock & Wilcox Enterprises, Inc. in 2021 8.125% Senior Notes 8.125% Senior Notes due February 28, 2026 issued by Babcock & Wilcox Enterprises, Inc. in 2021 Amended Revolving Credit Agreement Amended Revolving Credit Agreement with PNC AOCI Accumulated Other Comprehensive Income (loss) ASC Accounting Standards Codification ASU Accounting Standards Update B&W Chanute Babcock & Wilcox Chanute, LLC, formerly known as Optimus Industries, LLC B&W Renewable A/S Babcock & Wilcox Renewable Service A/S, formerly known as VODA A/S B&W Solar Babcock & Wilcox Solar Energy, Inc., formerly known as Fosler Construction Company, Inc. B. Riley B. Riley Financial, Inc and its affiliates, a related party BWX or BWXT BWX Technologies, Inc., NYSE Ticker "BWXT" Debt Documents Collectively, the Revolving Credit Agreement, Letter of Credit Agreement and Reimbursement Agreement Debt Facilities The facilities available under the Debt Documents DTAs Deferred Tax Assets EBITDA Earnings before interest, taxes, depreciation and amortization Exchange Act The Securities Exchange Act of 1934, as amended FASB Financial Accounting Standards Board FPS Fossil Power Systems, Inc. GAAP Generally Accepted Accounting Principles in the United States of America Hamon Hamon Research-Cottrell, Inc., a subsidiary of Hamon Holdings Corporation Hamon Holdings Hamon Holdings Corporation, parent company of Hamon Resea

Business

ITEM 1. Business We are a growing, globally-focused renewable, environmental and thermal technologies provider with over 155 years of experience providing diversified energy and emissions control solutions to a broad range of industrial, electrical utility, municipal and other customers. Our innovative products and services are organized into three market-facing segments. Our reportable segments are as follows: Babcock & Wilcox Renewable: Our innovative hydrogen generation technology (BrightLoop TM ) supports global climate goals including the decarbonization of industrial and utility steam and power producers. BrightLoo p TM offers significant advantages over other hydrogen generation technologies as it generates competitively priced hydrogen from a wide range of fuels (including solid fuels such as biomass and coal) with a high rate of carbon captured resulting in low (or even negative) carbon intensity hydrogen. We also offer best-in-class technologies for efficient and environmentally sustainable power and heat generation, including waste-to-energy, oxygen-fired biomass-to-energy (OxyBright TM ), and black liquor systems for the pulp and paper industry. Our leading waste-to-energy technologies support a circular economy, diverting waste from landfills to use for power generation or district heating, while recovering metals and reducing emissions. To date, we have installed approximately 500 waste-to-energy and biomass-to-energy units at more than 300 facilities in approximately 30 countries which serve a wide variety of utility, waste management, municipality and investment firm customers. Babcock & Wilcox Environmental: Our full suite of best-in-class emissions control and environmental technology solutions for utility, waste-to-energy, biomass-to-energy, carbon black, and industrial steam generation applications supports environmental stewardship around the world. Our broad experience includes systems for cooling, ash handling, particulate control, nitrog

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