BWX Technologies Reports Third Quarter 2025 Results

LYNCHBURG, Va.--( BUSINESS WIRE)--BWX Technologies, Inc. (NYSE: BWXT) ("BWXT", "we", "us" or the "Company") reported third quarter 2025 results. A reconciliation of non-GAAP results is detailed in Exhibit 1.

“We delivered strong financial results in the third quarter of 2025 including double-digit organic revenue growth and healthy free cash flow,” said Rex D. Geveden president and chief executive officer. “Further, we posted another quarter of robust bookings, driven by large, multi-year special materials contracts highlighting the trust our customers put in BWXT and the power in our differentiating nuclear credentials.”

“The demand environment for nuclear solutions in defense, clean energy, and medical markets is unprecedented,” continued Geveden. “With that demand, we are seeing new opportunities across the market spectrum for BWXT, including for our new business lines at A.O.T. and Kinectrics.”

“We are firmly on track to achieve our financial targets in 2025,” said Geveden. “Our deep backlog and optimistic demand outlook position us well for solid growth in 2026. Our preliminary 2026 outlook calls for low-double-digit to low-teens adjusted EBITDA growth which positions us to meet or exceed our medium-term financial targets.”

(1)

A reconciliation of non-GAAP results are detailed in Exhibit 1. Additional information can be found in the materials on the BWXT investor relations website at www.bwxt.com/investors.

Financial Results Summary

Three Months Ended September 30,

2025

2024

$ Change

% Change

(Unaudited)

(In millions, except per share amounts)

Revenues

Government Operations

616.7

560.1

56.6

Commercial Operations

251.0

113.1

137.9

122

Consolidated

866.3

672.0

194.3

Operating Income

Government Operations

97.4

101.6

(4.2

)

Commercial Operations

24.0

6.7

17.2

256

Unallocated Corporate (Expense)

(8.0

)

(11.8

)

3.8

Consolidated

113.3

96.6

16.8

Consolidated non-GAAP (1)

125.9

105.7

20.2

EPS (Diluted)

GAAP

0.89

0.76

0.13

Non-GAAP (1)

1.00

0.83

0.17

Net Income

GAAP

82.2

69.6

12.6

Non-GAAP (1)

91.7

76.7

15.0

Adjusted EBITDA (1)

Government Operations

118.3

117.0

1.3

Commercial Operations

35.5

13.5

22.0

163

Unallocated Corporate

(2.8

)

(3.6

)

0.8

Consolidated

151.1

127.0

24.1

Cash Flows

Operating Cash Flow (2)

143.2

32.6

110.5

339

Capital Expenditures (2)

48.3

40.3

8.0

Free Cash Flow (1)

94.9

(7.7

)

102.6

Dividends Paid (2)

22.9

22.0

1.0

NM = Not Meaningful

(2)

Items named in the Financial Results Summary differ from names in BWXT Financial Statement. Operating Cash Flow = Net Cash Provided by Operating Activities; Capital Expenditures = Purchases of Property, Plant and Equipment; Dividends Paid = Dividends Paid to Common Shareholders

Revenues

Third quarter revenue increased in both operating segments. The Government Operations increase was driven by higher naval nuclear component production, special materials processing, and contribution from the acquisition of A.O.T., partially offset by lower microreactor volumes. The Commercial Operations increase was driven by higher revenue associated with commercial nuclear components, field services, and fuel and fuel handling, as well as higher medical sales, and contribution from the acquisition of Kinectrics.

Operating Income and Adjusted EBITDA (1)

Third quarter GAAP operating income increased primarily due to an increase in Commercial Operations and lower corporate expense, partially offset by modestly lower Government Operations operating income and slightly higher restructuring and transformation and acquisition-related costs.

Third quarter non-GAAP (1) operating income increased driven by an increase in Commercial Operations and lower corporate expense, while Government Operations was down modestly. The Commercial Operations increase was driven by higher revenue and partially offset by growth investment. The slight decrease in Government Operations was due to a lower level of favorable contract adjustments when compared to the same period of last year, which was mostly offset by solid operational performance in naval propulsion and higher technical services equity income.

Third quarter adjusted EBITDA (1) increased due to higher non-GAAP (1) operating income and higher depreciation and amortization.

EPS

Third quarter GAAP EPS increased as higher GAAP operating income, was partially offset by a higher tax rate and interest expense. Non-GAAP EPS (1) increased as higher Non-GAAP (1) higher operating income was partially offset by a slightly higher tax rate and interest expense.

Cash Flows

Third quarter operating cash flow increased driven by higher net income, working capital management, and timing of awards. Capital expenditures increased slightly due to timing of select growth investments, including the previously announced expansion of the Cambridge manufacturing plant that supports the commercial nuclear market.

Dividend

BWXT paid $22.9 million, or $0.25 per common share, to shareholders in the third quarter of 2025. On October 28, 2025, the BWXT Board of Directors declared a quarterly cash dividend of $0.25 per common share payable on December 10, 2025, to shareholders of record on November 19, 2025.

2025 Guidance

BWXT raised its 2025 guidance for revenue, non-GAAP EPS (1), and free cash flow (1), and narrowed its guidance for adjusted EBITDA (1) to the mid-point of the previous range.

(In millions, except per share amounts)

Year Ended

December 31, 2024

Results

Year Ending

December 31, 2025

Current Guidance

Year Ending

December 31, 2025

Prior Guidance

Revenue

$2,704

$3,100+

~$3,100

Adjusted EBITDA (1)

$499

~$570

~$565 - $575

Non-GAAP (1) Earnings Per Share

$3.33

$3.75 - $3.80

$3.65 - $3.75

Free Cash Flow (1)

$255

~$285M

$275 - $285

Additional information can be found in the third quarter 2025 earnings call presentation on the BWXT investor relations website at www.bwxt.com/investors. The Company does not provide GAAP guidance because it is unable to reliably forecast most of the items that are excluded from GAAP to calculate non-GAAP results. These items could cause GAAP results to differ materially from non-GAAP results.

Conference Call to Discuss Third Quarter 2025 Results

Date:

Monday, November 3, 2025, at 5:00 p.m. EDT

Live Webcast:

Investor Relations section of website at www.bwxt.com

Full Earnings Release Available on BWXT Website

A full version of this earnings release is available on our Investor Relations website at http://investors.bwxt.com/3Q2025-release.

BWXT may use its website ( www.bwxt.com) as a channel of distribution of material Company information. Financial and other important information regarding BWXT is routinely accessible through and posted on our website. In addition, you may elect to automatically receive e-mail alerts and other information about BWXT by enrolling through the “Email Alerts” section of our website at http://investors.bwxt.com.

Non-GAAP Measures

BWXT uses and makes reference to adjusted EBITDA, non-GAAP EPS, free cash flow and free cash flow conversion, which are not recognized measures under GAAP. BWXT is providing these non-GAAP measures to supplement the results provided in accordance with GAAP and it should not be considered superior to, or as a substitute for, the comparable GAAP measures. BWXT believes the non-GAAP measures provide meaningful insight and transparency into the Company’s operational performance and provides these measures to investors to help facilitate comparisons of operating results with prior periods and to assist them in understanding BWXT's ongoing operations. Definitions for the non-GAAP measures are provided below and reconciliations are detailed in Exhibit 1, except that reconciliations of forward-looking GAAP measures are not provided because the company is unable to reliably forecast most of the items that are excluded from GAAP to calculate non-GAAP results. Other companies may define these measures differently or may utilize different non-GAAP measures, thus impacting comparability.

Non-GAAP Earnings Per Share (EPS) is calculated using GAAP EPS less the non-operational tax effected per share impact of pension & OPEB mark-to-market gains or losses and other one-time items, such as restructuring, transformation, acquisition-related costs, and acquisition-related amortization.

Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) is calculated using non-GAAP net income, plus provision for income taxes, less other – net, less interest income, plus interest expense, plus depreciation and amortization.

Adjusted pre-tax income is non-GAAP income before provision for income taxes.

Free Cash Flow (FCF) is calculated using net income to derive net cash provided by (used in) operating activities less purchases of property, plant and equipment.

Free Cash Flow conversion is free cash flow divided by net income.

Non-GAAP Adjustments

Our GAAP financial results detailed in Exhibit 1 have been adjusted for the following items:

Restructuring and Transformation Costs: Restructuring and transformation costs include restructuring charges as well as costs associated with our efforts to optimize underlying business processes through investments in information technology, process improvements and the implementation of strategic actions and initiatives which we deem to be incremental and non-recurring in nature.

Acquisition-related Costs: Acquisition-related costs relate to third-party professional service costs and one-time incremental costs associated with due diligence activities and efforts to integrate the acquired business with our legacy operations.

Forward-Looking Statements

BWXT cautions that this release contains forward-looking statements, including, without limitation, statements relating to backlog, to the extent they may be viewed as an indicator of future revenues; our plans and expectations for each of our reportable segments, including growth opportunities and the expectations, timing and revenue of our strategic initiatives, such as medical radioisotopes, SMR components and recent acquisitions; disruptions to our supply chain and/or operations, changes in government regulations and other factors; and our expectations and guidance for 2025 and beyond. These forward-looking statements are based on management’s current expectations and involve a number of risks and uncertainties, including, among other things, our ability to execute contracts in backlog; federal budget uncertainty, the risk of future budget cuts, the impact of continuing resolution funding mechanisms and the debt ceiling, the potential for government shutdowns and changing funding and acquisition priorities; the demand for and competitiveness of nuclear products and services; capital priorities of power generating utilities and other customers; the timing of technology development, regulatory approvals and automation of production; the receipt and/or timing of government approvals; the potential recurrence of subsequent waves or strains of COVID-19 or similar diseases; labor market challenges, including employee retention and recruitment; adverse changes in the industries in which we operate; and delays, changes or termination of contracts in backlog. If one or more of these risks or other risks materialize, actual results may vary materially from those expressed. For a more complete discussion of these and other risk factors, see BWXT’s filings with the Securities and Exchange Commission, including our annual report on Form 10-K for the year ended December 31, 2024 and subsequent Form 10-Q filings. BWXT cautions not to place undue reliance on these forward-looking statements, which speak only as of the date of this release, and undertakes no obligation to update or revise any forward-looking statement, except to the extent required by applicable law.

About BWXT

At BWX Technologies, Inc. (NYSE: BWXT), we are People Strong, Innovation Driven. A U.S.-based company with nearly 10,000 employees, BWXT is a Fortune 1000 and Defense News Top 100 manufacturing and engineering innovator that provides safe and effective nuclear solutions for global security, clean energy, nuclear medicine, space exploration and environmental restoration. In addition, BWXT and its industry partners support the U.S. Department of Energy and National Nuclear Security Administration across numerous sites. For more information, visit www.bwxt.com. Follow us on LinkedIn, X , Facebook and Instagram.

EXHIBIT 1

BWX TECHNOLOGIES, INC.

RECONCILIATION OF NON-GAAP OPERATING INCOME AND EARNINGS PER SHARE (1)(2)(3)

(In millions, except per share amounts)

Three Months Ended September 30, 2025

GAAP

Restructuring & Transformation Costs

Acquisition-Related Costs

Acquisition-Related Amortization

Non-GAAP

Government Operations Operating Income

97.4

—

2.2

1.8

101.4

Commercial Operations Operating Income

24.0

3.1

0.6

1.5

29.1

Unallocated Corporate Operating Income

(8.0

)

2.0

1.4

—

(4.6

)

Operating Income

113.3

5.1

4.2

3.3

125.9

Other Income (Expense)

(5.8

)

—

(5.8

)

Income Before Provision for Income Taxes

107.6

5.1

4.2

3.3

120.1

Provision for Income Taxes

(25.4

)

(1.3

)

(0.9

)

(0.8

)

(28.4

)

Net Income

82.2

3.8

3.3

2.4

91.7

Net Income Attributable to Noncontrolling Interest

(0.1

)

—

(0.1

)

Net Income Attributable to BWXT

82.1

3.8

3.3

2.4

91.6

Diluted Shares Outstanding

91.8

Diluted Earnings per Common Share

0.89

0.04

0.03

1.00

Effective Tax Rate

23.6

Three Months Ended September 30, 2024

GAAP

Restructuring Costs

Acquisition-Related Costs

Non-GAAP

Government Operations Operating Income

101.6

0.1

—

101.7

Commercial Operations Operating Income

6.7

1.7

0.8

9.2

Unallocated Corporate Operating Income

(11.8

)

4.2

2.3

(5.2

)

Operating Income

96.6

6.0

3.1

105.7

Other Income (Expense)

(6.0

)

—

(6.0

)

Income Before Provision for Income Taxes

90.6

6.0

3.1

99.8

Provision for Income Taxes

(21.0

)

(1.4

)

(0.7

)

(23.0

)

Net Income

69.6

4.7

2.4

76.7

Net Income Attributable to Noncontrolling Interest

(0.2

)

—

(0.2

)

Net Income Attributable to BWXT

69.5

4.7

2.4

76.6

Diluted Shares Outstanding

91.9

Diluted Earnings per Common Share

0.76

0.05

0.03

0.83

Effective Tax Rate

23.2

23.1

EXHIBIT 1 (continued)

RECONCILIATION OF CONSOLIDATED ADJUSTED EBITDA (1)(2)(3)

(In millions)

Three Months Ended September 30, 2025

GAAP

Restructuring & Transformation Costs

Acquisition-related Costs

Acquisition-related Amortization

Non-GAAP

Net Income

82.2

3.8

3.3

2.4

91.7

Provision for Income Taxes

25.4

1.3

0.9

0.8

28.4

Other – net

(7.2

)

—

(7.2

)

Interest Expense

14.0

—

14.0

Interest Income

(1.0

)

—

(1.0

)

Depreciation & Amortization

28.5

—

(3.3

)

25.2

Adjusted EBITDA

141.8

5.1

4.2

—

151.1

Three Months Ended September 30, 2024

GAAP

Restructuring Costs

Acquisition-related Costs

Non-GAAP

Net Income

69.6

4.7

2.4

76.7

Provision for Income Taxes

21.0

1.4

0.7

23.0

Other – net

(3.3

)

—

(3.3

)

Interest Expense

9.9

—

9.9

Interest Income

(0.7

)

—

(0.7

)

Depreciation & Amortization

21.3

—

21.3

Adjusted EBITDA

117.8

6.0

3.1

127.0

RECONCILIATION OF REPORTING SEGMENT ADJUSTED EBITDA (1)(2)(3)(4)

(In millions)

Three Months Ended September 30, 2025

Operating Income (GAAP)

Non-GAAP Adjustments (3,4)

Acquisition-related Amortization

Depreciation & Amortization

Adjusted EBITDA

Government Operations

97.4

2.2

1.8

17.0

118.3

Commercial Operations

24.0

3.7

1.5

6.4

35.5

Unallocated Corporate

(8.0

)

3.4

—

1.8

(2.8

)

Three Months Ended September 30, 2024

Operating Income (GAAP)

Non-GAAP Adjustments (3)

Depreciation & Amortization

Adjusted EBITDA

Government Operations

101.6

0.1

15.3

117.0

Commercial Operations

6.7

2.5

4.3

13.5

Unallocated Corporate

(11.8

)

6.5

1.7

(3.6

)

EXHIBIT 1 (continued)

RECONCILIATION OF CONSOLIDATED FREE CASH FLOW (1)(2)(3)

(In millions)

Three Months Ended September 30, 2025

Net Cash Provided By Operating Activities

143.2

Purchases of Property, Plant and Equipment

(48.3

)

Free Cash Flow

94.9

Three Months Ended September 30, 2024

Net Cash Provided By Operating Activities

32.6

Purchases of Property, Plant and Equipment

(40.3

)

Free Cash Flow

(7.7

)

(1)

Tables may not foot due to rounding.

(2)

BWXT is providing non-GAAP information regarding certain of its historical results and guidance on future earnings per share to supplement the results provided in accordance with GAAP and it should not be considered superior to, or as a substitute for, the comparable GAAP measures. BWXT believes the non-GAAP measures provide meaningful insight and transparency into the Company’s operational performance and provides these measures to investors to help facilitate comparisons of operating results with prior periods and to assist them in understanding BWXT's ongoing operations.

(3)

For Non-GAAP adjustment details, see reconciliation of non-GAAP operating income and earnings per share.

(4)

Excludes acquisition-related amortization

BWX TECHNOLOGIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

Three Months Ended September 30,

Nine Months Ended September 30,

2025

2024

2025

2024

(Unaudited)

(In thousands, except share and per share amounts)

Revenues

866,286

671,956

2,312,583

1,957,387

Costs and Expenses:

Cost of operations

677,292

508,000

1,766,999

1,476,553

Research and development costs

3,479

2,081

10,057

4,842

(Gains) Losses on asset disposals and impairments, net

—

(4,417

)

Selling, general and administrative expenses

93,381

80,829

283,890

227,970

Total Costs and Expenses

774,153

590,910

2,056,529

1,709,361

Equity in Income of Investees

21,216

15,532

56,349

40,319

Operating Income

113,349

96,578

312,403

288,345

Other Income (Expense):

Interest income

1,016

663

2,289

2,049

Interest expense

(14,019

)

(9,907

)

(33,754

)

(30,190

)

Other – net

7,222

3,290

16,206

10,426

Total Other Income (Expense)

(5,781

)

(5,954

)

(15,259

)

(17,715

)

Income before Provision for Income Taxes

107,568

90,624

297,144

270,630

Provision for Income Taxes

25,377

20,983

60,965

59,410

Net Income

82,191

69,641

236,179

211,220

Net Income Attributable to Noncontrolling Interest

(85

)

(158

)

(223

)

(297

)

Net Income Attributable to BWX Technologies, Inc.

82,106

69,483

235,956

210,923

Earnings per Common Share:

Basic:

Net Income Attributable to BWX Technologies, Inc.

0.90

0.76

2.58

2.30

Diluted:

Net Income Attributable to BWX Technologies, Inc.

0.89

0.76

2.57

2.30

Shares used in the computation of earnings per share:

Basic

91,565,095

91,574,531

91,567,382

91,564,726

Diluted

91,787,602

91,886,710

91,788,002

91,849,724

BWX TECHNOLOGIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Nine Months Ended September 30,

2025

2024

(Unaudited) (In thousands)

CASH FLOWS FROM OPERATING ACTIVITIES:

Net Income

236,179

211,220

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

79,629

63,429

Income of investees, net of dividends

(5,744

)

(9,778

)

(Gains) Losses on asset disposals and impairments - net

(4,417

)

Recognition of losses for pension and postretirement plans

2,442

2,494

Stock-based compensation expense

20,720

14,852

Other, net

2,908

(629

)

Changes in assets and liabilities, net of effects from acquisitions:

Accounts receivable

(30,051

)

(30,238

)

Accounts payable

32,040

48,306

Retainages

(34,284

)

(37,114

)

Contracts in progress and advance billings on contracts

21,315

(120,829

)

Income taxes

43,935

15,654

Accrued and other current liabilities

28,032

5,174

Pension liabilities, accrued postretirement benefit obligations and employee benefits

(31,021

)

(20,217

)

Other, net

(8,830

)

(10,772

)

NET CASH PROVIDED BY OPERATING ACTIVITIES

352,853

131,548

CASH FLOWS FROM INVESTING ACTIVITIES:

Purchases of property, plant and equipment

(114,365

)

(101,128

)

Acquisition of businesses, net of cash acquired

(536,000

)

—

Sales and maturities of securities

3,396

—

Investments, net of return of capital, in equity method investees

(30,990

)

—

Other, net

4,066

203

NET CASH USED IN INVESTING ACTIVITIES

(673,893

)

(100,925

)

CASH FLOWS FROM FINANCING ACTIVITIES:

Borrowings of long-term debt

871,600

396,800

Repayments of long-term debt

(420,975

)

(376,488

)

Repurchases of common stock

(30,000

)

(20,000

)

Dividends paid to common shareholders

(69,704

)

(66,326

)

Cash paid for shares withheld to satisfy employee taxes

(13,400

)

(7,244

)

Settlements of forward contracts, net

782

2,954

Other, net

1,305

409

NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES

339,608

(69,895

)

EFFECTS OF EXCHANGE RATE CHANGES ON CASH

(12,186

)

(379

)

TOTAL INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS

6,382

(39,651

)

CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD

80,571

81,615

CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS AT END OF PERIOD

86,953

41,964

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:

Cash paid during the period for:

Interest

42,224

48,360

Income taxes (net of refunds)

28,235

43,547

SCHEDULE OF NON-CASH INVESTING ACTIVITY:

Accrued capital expenditures included in accounts payable

20,499

15,114

BWX TECHNOLOGIES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

ASSETS

September 30,

2025

December 31,

2024

(Unaudited)

(In thousands)

Current Assets:

Cash and cash equivalents

79,592

74,109

Restricted cash and cash equivalents

3,058

2,785

Accounts receivable – trade, net

181,174

99,112

Accounts receivable – other

29,715

53,199

Retainages

67,951

33,667

Contracts in progress

636,711

577,745

Inventories

57,799

40,288

Other current assets

48,023

49,092

Total Current Assets

1,104,023

929,997

Property, Plant and Equipment, Net

1,536,351

1,278,161

Investments

8,008

10,609

Goodwill

501,575

287,362

Deferred Income Taxes

3,377

6,569

Investments in Unconsolidated Affiliates

175,739

99,403

Intangible Assets

330,290

165,325

Other Assets

122,174

92,498

TOTAL ASSETS

3,781,537

2,869,924

BWX TECHNOLOGIES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

LIABILITIES AND STOCKHOLDERS' EQUITY

September 30,

2025

December 31,

2024

(Unaudited)

(In thousands, except share

and per share amounts)

Current Liabilities:

Current portion of long-term debt

12,500

Accounts payable

211,695

158,077

Accrued employee benefits

90,559

77,234

Accrued liabilities – other

120,410

65,100

Advance billings on contracts

211,399

161,290

Total Current Liabilities

646,563

474,201

Long-Term Debt

1,497,070

1,042,970

Accumulated Postretirement Benefit Obligation

85,867

16,515

Environmental Liabilities

98,290

94,225

Pension Liability

91,052

82,602

Other Liabilities

121,210

79,007

Commitments and Contingencies

Stockholders' Equity:

Common stock, par value $0.01 per share, authorized 325,000,000 shares; issued 128,708,443 and 128,320,295 shares at September 30, 2025 and December 31, 2024, respectively

1,287

1,283

Preferred stock, par value $0.01 per share, authorized 75,000,000 shares; No shares issued

—

Capital in excess of par value

251,917

228,889

Retained earnings

2,453,696

2,287,151

Treasury stock at cost, 37,286,948 and 36,869,498 shares at September 30, 2025 and December 31, 2024, respectively

(1,432,633

)

(1,388,432

)

Accumulated other comprehensive loss

(32,523

)

(48,211

)

Stockholders' Equity – BWX Technologies, Inc.

1,241,744

1,080,680

Noncontrolling interest

(259

)

(276

)

Total Stockholders' Equity

1,241,485

1,080,404

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

3,781,537

2,869,924

BWX TECHNOLOGIES, INC.

BUSINESS SEGMENT INFORMATION

Three Months Ended September 30,

Nine Months Ended September 30,

2025

2024

2025

2024

(Unaudited)

(In thousands)

REVENUES:

Government Operations

616,697

560,073

1,760,943

1,588,040

Commercial Operations

250,971

113,112

555,420

371,641

Eliminations

(1,382

)

(1,229

)

(3,780

)

(2,294

)

TOTAL

866,286

671,956

2,312,583

1,957,387

SEGMENT INCOME:

Government Operations

97,371

101,609

304,536

279,815

Commercial Operations

23,959

6,728

37,301

31,947

SUBTOTAL

121,330

108,337

341,837

311,762

Unallocated Corporate

(7,981

)

(11,759

)

(29,434

)

(23,417

)

TOTAL

113,349

96,578

312,403

288,345

DEPRECIATION AND AMORTIZATION:

Government Operations

18,762

15,284

56,080

44,948

Commercial Operations

7,865

4,313

18,127

13,154

Corporate

1,831

1,672

5,422

5,327

TOTAL

28,458

21,269

79,629

63,429

CAPITAL EXPENDITURES:

Government Operations

25,703

22,429

59,973

53,013

Commercial Operations

21,368

14,073

51,278

43,153

Corporate

1,196

3,799

3,114

4,962

TOTAL

48,267

40,301

114,365

101,128

BACKLOG:

Government Operations

5,905,020

2,745,333

5,905,020

2,745,333

Commercial Operations

1,484,111

635,356

1,484,111

635,356

TOTAL

7,389,131

3,380,689

7,389,131

3,380,689

BOOKINGS:

Government Operations

2,086,092

440,146

3,724,775

1,116,580

Commercial Operations

159,342

78,252

880,957

223,850

TOTAL

2,245,434

518,398

4,605,732

1,340,430