Broadwind, Inc. (Nasdaq: BWEN, “Broadwind” or the “Company”), a
diversified precision manufacturer of specialized components and
solutions serving global markets, today announced results for the
first quarter 2023.
FIRST QUARTER 2023 RESULTS (As
compared to the first quarter 2022)
- Total revenue of $48.9 million, +17% y/y
- Total gross profit of $7.0 million, +$5.0 million y/y
- Total GAAP Net Income of $0.8 million, +$3.2 million
y/y
- Total Non-GAAP Adjusted EBITDA of $4.1 million, +$4.1 million
y/y
- Total backlog of $287.8 million, +$170.7 million y/y
FULL-YEAR 2023 FINANCIAL
GUIDANCE
- Broadwind provided updated full-year 2023 financial guidance on
April 20, 2023
- Total revenue of between $205 million to $220 million
- Anticipate positive GAAP net income for the full-year 2023
- Total non-GAAP adjusted EBITDA of between $16 million to $18
million
For the three months ended March 31, 2023,
Broadwind reported total revenue of $48.9 million, an increase of
17% when compared to the prior-year period. The Company reported
GAAP net income of $0.8 million, or $0.04 per diluted share, in the
first quarter 2023, compared to a net loss of ($2.4) million, or
($0.12) per basic share, in the first quarter 2022. After excluding
proxy contest-related expenses, the Company had net income of $1.5
million, or $0.07 per diluted share in the first quarter 2023. The
Company reported adjusted EBITDA, a non-GAAP measure, of $4.1
million in the first quarter 2023, an increase of $4.1 million when
compared to the prior-year period.
First quarter results benefited from a
combination of sustained demand strength and strong operational
execution across the Company’s diverse end-markets, with each
reporting segment generating year-over-year growth in both revenue
and operating income. Total gross margin increased 950 basis points
on a year-over-year basis to a record 14.3%, primarily driven by
improved sales mix, continued price discipline, benefits derived
from advanced manufacturing credits associated with the Inflation
Reduction Act (the “IRA”), and consistent asset optimization. Total
backlog increased by $170.7 million on a year-over-year basis to
$287.8 million, supported by growth across the Heavy Fabrications,
Gearing and Industrial Solutions segments.
As of March 31, 2023, Broadwind had total cash
on hand and availability under the Company’s credit facility of
$12.3 million, down from $40.1 million at the end of the fourth
quarter 2022. During the first quarter of 2023, the Company
invested heavily in working capital to support incremental wind
tower demand, contributing to a sequential decline in total
liquidity, as expected.
BUSINESS UPDATE
Broadwind has continued to demonstrate strong
operational excellence and commercial execution, consistent with a
multi-year focus on building a market-leading precision
manufacturing platform. Broadwind remains focused on organic growth
within both existing and adjacent markets; further revenue mix
diversification beyond its core wind business; improved asset
optimization; ratable growth in orders and backlog; and disciplined
capital management to support the requirements of the business.
- New business
development. During the last three years, Broadwind
has pursued an aggressive strategy designed to both increase its
share-of-wallet with existing customers, while expanding into
complementary adjacent markets – and new customer relationships. In
April 2023, the Company announced an $8 million order for its
proprietary Mobile Pressure Reducing Systems (“PRS”) and related
accessories, including both its legacy medium flow and newly
introduced high flow PRS model. First launched in 2021, Broadwind’s
mobile natural gas decompression systems are a key component
utilized in “virtual pipelines”, an alternative method for
supplying compressed natural gas to regions without established
pipeline infrastructure. The Company anticipates that its clean
fuels product offering, which carries a higher margin profile than
its legacy fabrication services, has the potential to be 10% of
total revenue by 2025.
- Revenue mix
diversification. Since 2018, Broadwind has grown its
non-wind precision manufacturing revenue by nearly 45% and expanded
relationships with both new and existing customers. In the full
year 2022, non-wind revenue increased by nearly 60% on a
year-over-year basis to a record $91.6 million, supported by
broad-based share gains across most end-markets. During the first
quarter 2023, total non-wind revenue increased 23% on a
year-over-year basis to $24.3 million, driven primarily by
commercial growth across existing end-markets, together with
organic, greenfield expansion in PRS sales.
- Drive asset
optimization. As of March 31, 2023, Broadwind has secured
over 50% of its optimal tower production capacity across its
facilities for the full-year 2023. During 2023, the Company expects
to further optimize plant utilization, resulting in improved
economies of scale. Broadwind has deployed a lean operating
approach across all divisions which includes continuous improvement
efforts designed to improve throughput and asset optimization. The
base load of orders in backlog allows the Company to focus these
efforts on specific manufacturing processes offering the highest
return on resources invested.
- Capitalize on IRA
tailwinds. The IRA passed into law in 2022 provides
critical industries, including those supporting the energy
transition, with tax credits designed to accelerate a generational
shift in the energy production mix from fossil fuels toward
renewable energy, including wind. Included within section 45x
of the IRA is a provision for a new advanced manufacturing
production tax credit (”AMP credit”) for which all new tower orders
will qualify.
MANAGEMENT COMMENTARY
“Our first quarter results demonstrate a strong
start to the year, as sustained demand across our diverse
end-markets, improved margin realization, and consistent
operational execution contributed to significant year-over-year
growth in volume and profitability,” stated Eric Blashford,
President and CEO of Broadwind. “We delivered first quarter
non-GAAP adjusted EBITDA of $4.1 million, ahead of our preliminary
first quarter guided range of $3.0 to $4.0 million, while non-GAAP
adjusted EBITDA margin increased by more than 800 basis points
versus the prior-year period. We generated net income of $0.8
million in the first quarter, or $0.04 per diluted share, and
currently expect to deliver positive net income for the full-year
2023.”
“Early into 2023, we’ve announced several
significant new business wins, including $175 million in new tower
orders received in late 2022, followed by a record $8 million order
for our proprietary mobile PRS and related accessories in April,”
continued Blashford. “These new orders reflect positive business
momentum within our legacy wind business, together with significant
traction within new, higher-margin adjacent markets that leverage
our unique intellectual property, consistent with our long-term
focus on driving profitable growth across a broader continuum of
addressable energy transition and clean tech opportunities. As we
further expand our product and service capabilities, we expect to
drive improved asset utilization and unit economics, consistent
with our focus on driving profitable growth through the cycle.”
“Our backlog remains near a record-high entering
the second quarter 2023,” continued Blashford. “As before, assuming
full utilization of our wind tower manufacturing facilities, we
believe the IRA could provide up to an estimated $30 million in
incremental annual gross profit in future years.”
“As of March 31, 2023, we had over $12 million
of available cash and liquidity,” continued Blashford. “For the
final nine months of 2023, we expect to generate positive free cash
flow, given a normalization in working capital levels and total
anticipated capital expenditures of approximately $6 million for
the full-year 2023.”
“Entering the second quarter, we remain on-pace
to achieve our full-year 2023 guidance,” stated Blashford. “At a
strategic level, we remain focused on organic commercial growth,
improved asset optimization, margin expansion and sustained
profitability. Our first quarter results demonstrate focused
execution on these priorities, while creating a strong foundation
for long-term value creation.”
SEGMENT RESULTS
Heavy Fabrications Segment
Broadwind provides large, complex and precision fabrications to
customers in a broad range of industrial markets. Key products
include wind towers, PRS units and other industrial fabrications,
including mining and material handling components and other
frames/structures.
Heavy Fabrications segment sales increased 16%
to $31.6 million in the first quarter 2023 as compared to the
prior-year period primarily driven by increased raw material
content and less customer supplied materials on tower sections
sold, as well as improved industrial fabrication volumes primarily
driven by increased demand for our PRS units. The segment reported
operating income of $2.8 million in the first quarter 2023, as
compared to an operating loss of ($0.5) million in the prior-year
period. Segment non-GAAP adjusted EBITDA was $3.9 million in the
first quarter 2023, as compared to $0.6 million in the prior-year
period.
Gearing Segment Broadwind
provides custom gearboxes, loose gearing and heat treat services to
a broad set of customers in diverse markets, including oil &
gas production, surface and underground mining, wind energy, steel,
material handling and other infrastructure markets.
Gearing segment sales increased by 13% to $12.0
million in the first quarter 2023, as compared to the prior-year
period, primarily driven by increased demand from industrial
customers. The segment reported operating income of $0.6 million in
the first quarter 2023, compared to an operating loss of ($0.1)
million in the prior-year period. The segment reported non-GAAP
adjusted EBITDA of $1.3 million in the first quarter 2023, versus
$0.5 million in the prior-year period.
Industrial Solutions Segment
Broadwind provides supply chain solutions, light fabrication,
inventory management, kitting and assembly services, primarily
serving the combined cycle natural gas turbine market as well as
other clean technology markets.
Industrial Solutions segment sales increased 33%
to $5.4 million in the first quarter 2023, as compared to the
prior-year period, primarily driven by increased demand for natural
gas turbine content, as industry gas turbine unit sales reached
multi-year highs. The segment reported operating income of $0.6
million in the first quarter 2023, compared to an operating loss of
($0.2) million in the prior-year period. The segment reported
non-GAAP adjusted EBITDA of $0.8 million in the first quarter 2023,
as compared to ($0.0) million in the prior-year period.
FINANCIAL GUIDANCE
The following financial guidance for the full
year 2023 reflects the Company’s current expectations and beliefs.
All guidance is current as of the time provided and is subject to
change.
|
|
|
|
|
|
|
$ in Millions |
|
Previous Full-Year 2023 Guidance |
|
New Full-Year 2023 Guidance |
|
|
Low |
High |
|
Low |
High |
Revenue |
|
$200 |
$220 |
|
$205 |
$220 |
|
|
|
|
|
|
|
Non-GAAP Adjusted EBITDA |
|
$14 |
$16 |
|
$16 |
$18 |
|
|
|
|
|
|
|
FIRST QUARTER 2023 CONFERENCE CALL
Broadwind will host a conference call today at
11:00 A.M. ET to review the Company’s financial results, discuss
recent events and conduct a question-and-answer session.
A webcast of the conference call and
accompanying presentation materials will be available in the
Investor Relations section of the Company’s corporate website
at https://investors.bwen.com/investors. To listen to a live
broadcast, go to the site at least 15 minutes prior to the
scheduled start time in order to register, download, and install
any necessary audio software.
To participate in the live
teleconference:
Domestic Live Call: |
1-877-407-9716 |
International Live Call: |
1-201-493-6779 |
To listen to a replay of the teleconference, which
will be available through May 18, 2023:
Domestic Call Replay: |
1-844-512-2921 |
International Call Replay: |
1-412-317-6671 |
Access Code: |
13737950 |
ABOUT BROADWIND
Broadwind (NASDAQ: BWEN) is a precision
manufacturer of structures, equipment and components for clean tech
and other specialized applications. With facilities throughout the
U.S., our talented team is committed to helping customers maximize
performance of their investments—quicker, easier and smarter. Find
out more at www.bwen.com.
NON-GAAP FINANCIAL MEASURES The
Company provides non-GAAP adjusted EBITDA (earnings before
interest, income taxes, depreciation, amortization, share-based
compensation and other stock payments, restructuring costs,
impairment charges, proxy contest-related expenses and other
non-cash gains and losses) as supplemental information regarding
the Company’s business performance. The Company’s management uses
this supplemental information when it internally evaluates its
performance, reviews financial trends and makes operating and
strategic decisions. The Company believes that this non-GAAP
financial measure is useful to investors because it provides
investors with a better understanding of the Company’s past
financial performance and future results, which allows investors to
evaluate the Company’s performance using the same methodology and
information as used by the Company’s management. The Company's
definition of adjusted EBITDA may be different from similar
non-GAAP financial measures used by other companies and/or
analysts.
FORWARD-LOOKING STATEMENTS
This release contains “forward-looking
statements”—that is, statements related to future, not past,
events—as defined in Section 21E of the Securities Exchange Act of
1934, as amended, that reflect our current expectations regarding
our future growth, results of operations, financial condition, cash
flows, performance, business prospects and opportunities, as well
as assumptions made by, and information currently available to, our
management. Forward-looking statements include any statement that
does not directly relate to a current or historical fact. We have
tried to identify forward-looking statements by using words such as
“anticipate,” “believe,” “expect,” “intend,” “will,” “should,”
“may,” “plan” and similar expressions, but these words are not the
exclusive means of identifying forward looking statements. Our
forward-looking statements may include or relate to our beliefs,
expectations, plans and/or assumptions with respect to the
following: (i) the impact of global health concerns on the
economies and financial markets and the demand for our products;
(ii) state, local and federal regulatory frameworks affecting the
industries in which we compete, including the wind energy industry,
and the related extension, continuation or renewal of federal tax
incentives and grants, including the advanced manufacturing tax
credits (which remain subject to further technical guidance and
regulations), and state renewable portfolio standards as well as
new or continuing tariffs on steel or other products imported into
the United States; (iii) our customer relationships and our
substantial dependency on a few significant customers and our
efforts to diversify our customer base and sector focus and
leverage relationships across business units; (iv) the economic and
operational stability of our significant customers and suppliers,
including their respective supply chains, and the ability to source
alternative suppliers as necessary; (v) our ability to continue to
grow our business organically and through acquisitions; (vi) the
production, sales, collections, customer deposits and revenues
generated by new customer orders and our ability to realize the
resulting cash flows; (vii) information technology failures,
network disruptions, cybersecurity attacks or breaches in data
security; (viii) the sufficiency of our liquidity and alternate
sources of funding, if necessary; (ix) our ability to realize
revenue from customer orders and backlog; (x) our ability to
operate our business efficiently, comply with our debt obligations,
manage capital expenditures and costs effectively, and generate
cash flow; (xi) the economy and the potential impact it may have on
our business, including our customers; (xii) the state of the wind
energy market and other energy and industrial markets generally and
the impact of competition and economic volatility in those markets;
(xiii) the effects of market disruptions and regular market
volatility, including fluctuations in the price of oil, gas and
other commodities; (xiv) competition from new or existing industry
participants including, in particular, increased competition from
foreign tower manufacturers; (xv) the effects of the change of
administrations in the U.S. federal government; (xvi) our ability
to successfully integrate and operate acquired companies and to
identify, negotiate and execute future acquisitions; (xvii) the
potential loss of tax benefits if we experience an “ownership
change” under Section 382 of the Internal Revenue Code of 1986, as
amended; (xviii) the limited trading market for our securities and
the volatility of market price for our securities; and (xix) the
impact of future sales of our common stock or securities
convertible into our common stock on our stock price. These
statements are based on information currently available to us and
are subject to various risks, uncertainties and other factors that
could cause our actual growth, results of operations, financial
condition, cash flows, performance, business prospects and
opportunities to differ materially from those expressed in, or
implied by, these statements including, but not limited to, those
set forth under the caption “Risk Factors” in Part I, Item 1A of
our most recently filed Form 10-K and our other filings with the
Securities and Exchange Commission (the “SEC”). We are under no
duty to update any of these statements. You should not consider any
list of such factors to be an exhaustive statement of all of the
risks, uncertainties or other factors that could cause our current
beliefs, expectations, plans and/or assumptions to change.
Accordingly, forward-looking statements should not be relied upon
as a predictor of actual results.
IR CONTACT
Noel Ryan, IRC BWEN@val-adv.com
BROADWIND, INC. AND SUBSIDIARIES CONDENSED
CONSOLIDATED BALANCE SHEETS (IN THOUSANDS) (UNAUDITED)
|
|
March 31, |
|
December 31, |
|
|
|
|
2023 |
|
|
|
2022 |
|
|
ASSETS |
|
|
|
|
|
CURRENT ASSETS: |
|
|
|
|
|
Cash |
|
$ |
1,729 |
|
|
$ |
12,732 |
|
|
Accounts receivable, net |
|
|
25,845 |
|
|
|
17,018 |
|
|
Contract assets |
|
|
1,909 |
|
|
|
1,955 |
|
|
Inventories, net |
|
|
48,543 |
|
|
|
44,262 |
|
|
Prepaid expenses and other current assets |
|
|
3,160 |
|
|
|
3,291 |
|
|
Total current assets |
|
|
81,186 |
|
|
|
79,258 |
|
|
LONG-TERM ASSETS: |
|
|
|
|
|
Property and equipment, net |
|
|
45,270 |
|
|
|
45,319 |
|
|
Operating lease right-of-use assets, net |
|
|
15,946 |
|
|
|
16,396 |
|
|
AMP credit receivable |
|
|
3,162 |
|
|
|
- |
|
|
Intangible assets, net |
|
|
2,560 |
|
|
|
2,728 |
|
|
Other assets |
|
|
834 |
|
|
|
839 |
|
|
TOTAL ASSETS |
|
|
$ |
148,958 |
|
|
$ |
144,540 |
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
CURRENT LIABILITIES: |
|
|
|
|
|
Line of credit and current portion of long-term debt |
|
$ |
18,089 |
|
|
$ |
1,170 |
|
|
Current portion of finance lease obligations |
|
|
1,663 |
|
|
|
2,008 |
|
|
Current portion of operating lease obligations |
|
|
1,824 |
|
|
|
1,882 |
|
|
Accounts payable |
|
|
25,794 |
|
|
|
26,255 |
|
|
Accrued liabilities |
|
|
5,160 |
|
|
|
4,313 |
|
|
Customer deposits |
|
|
21,751 |
|
|
|
34,550 |
|
|
Total current liabilities |
|
|
74,281 |
|
|
|
70,178 |
|
|
LONG-TERM LIABILITIES: |
|
|
|
|
|
Long-term debt, net of current maturities |
|
|
6,863 |
|
|
|
7,141 |
|
|
Long-term finance lease obligations, net of current portion |
|
|
3,976 |
|
|
|
4,226 |
|
|
Long-term operating lease obligations, net of current portion |
|
|
16,296 |
|
|
|
16,696 |
|
|
Other |
|
|
20 |
|
|
|
26 |
|
|
Total long-term liabilities |
|
|
27,155 |
|
|
|
28,089 |
|
|
COMMITMENTS AND CONTINGENCIES |
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS' EQUITY: |
|
|
|
|
|
Preferred stock, $0.001 par value; 10,000,000 shares authorized; no
shares issued |
|
|
|
|
|
or outstanding |
|
|
- |
|
|
|
- |
|
|
Common stock, $0.001 par value; 30,000,000 shares authorized;
21,191,937 |
|
|
|
|
|
and 21,127,130 shares issued as of March 31, 2023 and |
|
|
|
|
|
December 31, 2022, respectively |
|
|
21 |
|
|
|
21 |
|
|
Treasury stock, at cost, 273,937 shares as of March 31, 2023 and
December 31, 2022, |
|
|
|
|
|
respectively |
|
|
(1,842 |
) |
|
|
(1,842 |
) |
|
Additional paid-in capital |
|
|
397,720 |
|
|
|
397,240 |
|
|
Accumulated deficit |
|
|
(348,377 |
) |
|
|
(349,146 |
) |
|
Total stockholders' equity |
|
|
47,522 |
|
|
|
46,273 |
|
|
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
|
$ |
148,958 |
|
|
$ |
144,540 |
|
|
|
|
|
|
|
|
BROADWIND, INC. AND SUBSIDIARIES CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS (IN THOUSANDS, EXCEPT PER
SHARE DATA) (UNAUDITED)
|
|
Three Months Ended March 31, |
|
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
$ |
48,873 |
|
|
$ |
41,844 |
|
|
Cost of sales |
|
|
41,897 |
|
|
|
39,832 |
|
|
Gross profit |
|
|
6,976 |
|
|
|
2,012 |
|
|
|
|
|
|
|
|
OPERATING EXPENSES: |
|
|
|
|
|
Selling, general and administrative |
|
|
5,526 |
|
|
|
3,902 |
|
|
Intangible amortization |
|
|
168 |
|
|
|
183 |
|
|
Total operating expenses |
|
|
5,694 |
|
|
|
4,085 |
|
|
Operating income (loss) |
|
|
1,282 |
|
|
|
(2,073 |
) |
|
|
|
|
|
|
|
OTHER (EXPENSE) INCOME, net: |
|
|
|
|
|
Interest expense, net |
|
|
(488 |
) |
|
|
(345 |
) |
|
Other, net |
|
|
(2 |
) |
|
|
21 |
|
|
Total other (expense) income, net |
|
|
(490 |
) |
|
|
(324 |
) |
|
|
|
|
|
|
|
Net income (loss) before provision for income taxes |
|
|
792 |
|
|
|
(2,397 |
) |
|
Provision for income taxes |
|
|
23 |
|
|
|
7 |
|
|
NET INCOME (LOSS) |
|
$ |
769 |
|
|
$ |
(2,404 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME (LOSS) PER COMMON SHARE - BASIC: |
|
|
|
|
|
Net income (loss) |
|
$ |
0.04 |
|
|
$ |
(0.12 |
) |
|
|
|
|
|
|
|
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING -
BASIC |
|
|
20,869 |
|
|
|
19,708 |
|
|
|
|
|
|
|
|
NET INCOME (LOSS) PER COMMON SHARE - DILUTED: |
|
|
|
|
|
Net income (loss) |
|
$ |
0.04 |
|
|
$ |
(0.12 |
) |
|
|
|
|
|
|
|
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING -
DILUTED |
|
|
21,387 |
|
|
|
19,708 |
|
|
|
|
|
|
|
|
BROADWIND, INC. AND SUBSIDIARIES CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS (IN THOUSANDS)
(UNAUDITED)
|
|
Three Months Ended March 31, |
|
|
|
|
2023 |
|
|
2022 |
|
|
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
|
Net income (loss) |
|
$ |
769 |
|
$ |
(2,404 |
) |
|
|
|
|
|
|
Adjustments to reconcile net cash used in operating
activities: |
|
|
|
|
Depreciation and amortization expense |
|
|
1,605 |
|
|
1,519 |
|
|
Deferred income taxes |
|
|
(5 |
) |
|
(7 |
) |
|
Change in fair value of interest rate swap agreements |
|
|
- |
|
|
2 |
|
|
Share-based compensation |
|
|
178 |
|
|
192 |
|
|
Allowance for doubtful accounts |
|
|
14 |
|
|
(23 |
) |
|
Common stock issued under defined contribution 401(k) plan |
|
|
302 |
|
|
282 |
|
|
Loss (gain) on disposal of assets |
|
|
- |
|
|
3 |
|
|
Changes in operating assets and liabilities: |
|
|
|
|
Accounts receivable |
|
|
(8,841 |
) |
|
(5,073 |
) |
|
AMP credit receivable |
|
|
(3,162 |
) |
|
- |
|
|
Employee retention credit receivable |
|
|
- |
|
|
497 |
|
|
Contract assets |
|
|
46 |
|
|
(2,038 |
) |
|
Inventories |
|
|
(4,281 |
) |
|
(5,690 |
) |
|
Prepaid expenses and other current assets |
|
|
130 |
|
|
179 |
|
|
Accounts payable |
|
|
(784 |
) |
|
10,538 |
|
|
Accrued liabilities |
|
|
847 |
|
|
(254 |
) |
|
Customer deposits |
|
|
(12,799 |
) |
|
(3,683 |
) |
|
Other non-current assets and liabilities |
|
|
(3 |
) |
|
(45 |
) |
|
Net cash used in operating activities |
|
|
(25,984 |
) |
|
(6,005 |
) |
|
|
|
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
|
Purchases of property and equipment |
|
|
(1,065 |
) |
|
(492 |
) |
|
Net cash used in investing activities |
|
|
(1,065 |
) |
|
(492 |
) |
|
|
|
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
|
Proceeds from line of credit, net |
|
|
16,945 |
|
|
7,207 |
|
|
Proceeds from long-term debt |
|
|
- |
|
|
125 |
|
|
Payments on long-term debt |
|
|
(634 |
) |
|
(8 |
) |
|
Principal payments on finance leases |
|
|
(265 |
) |
|
(495 |
) |
|
Shares withheld for taxes in connection with issuance of restricted
stock |
|
|
- |
|
|
(411 |
) |
|
Net cash provided by financing activities |
|
|
16,046 |
|
|
6,418 |
|
|
|
|
|
|
|
NET DECREASE IN CASH |
|
|
(11,003 |
) |
|
(79 |
) |
|
CASH beginning of the period |
|
|
12,732 |
|
|
852 |
|
|
CASH end of the period |
|
$ |
1,729 |
|
$ |
773 |
|
|
|
|
|
|
|
BROADWIND, INC. AND SUBSIDIARIESSELECTED SEGMENT
FINANCIAL INFORMATION(IN THOUSANDS)(UNAUDITED)
|
|
|
Three Months Ended |
|
|
|
|
March 31, |
|
|
|
|
|
2023 |
|
|
|
2022 |
|
|
ORDERS: |
|
|
|
|
Heavy Fabrications |
|
$ |
20,236 |
|
|
$ |
34,161 |
|
|
|
Gearing |
|
|
12,393 |
|
|
|
14,061 |
|
|
|
Industrial Solutions |
|
|
6,973 |
|
|
|
4,471 |
|
|
|
Total orders |
|
$ |
39,602 |
|
|
$ |
52,693 |
|
|
|
|
|
|
|
|
|
REVENUES: |
|
|
|
|
Heavy Fabrications |
|
$ |
31,593 |
|
|
$ |
27,272 |
|
|
|
Gearing |
|
|
11,965 |
|
|
|
10,584 |
|
|
|
Industrial Solutions |
|
|
5,423 |
|
|
|
4,073 |
|
|
|
Corporate and Other |
|
|
(108 |
) |
|
|
(85 |
) |
|
|
Total revenues |
|
$ |
48,873 |
|
|
$ |
41,844 |
|
|
|
|
|
|
|
|
|
OPERATING PROFIT/(LOSS): |
|
|
|
|
Heavy Fabrications |
|
$ |
2,790 |
|
|
$ |
(461 |
) |
|
|
Gearing |
|
|
581 |
|
|
|
(112 |
) |
|
|
Industrial Solutions |
|
|
622 |
|
|
|
(209 |
) |
|
|
Corporate and Other |
|
|
(2,711 |
) |
|
|
(1,291 |
) |
|
|
Total operating profit (loss) |
|
$ |
1,282 |
|
|
$ |
(2,073 |
) |
|
|
|
|
|
|
|
|
BROADWIND, INC. AND SUBSIDIARIESRECONCILIATION OF
NON-GAAP FINANCIAL MEASURES(IN THOUSANDS)(UNAUDITED)
Consolidated |
|
Three Months Ended March 31, |
|
|
|
|
|
2023 |
|
|
2022 |
|
|
Net Income (Loss) |
|
|
$ |
769 |
|
$ |
(2,404 |
) |
|
Interest Expense |
|
|
|
488 |
|
|
345 |
|
|
Income Tax Provision |
|
|
|
23 |
|
|
7 |
|
|
Depreciation and Amortization |
|
|
|
1,605 |
|
|
1,519 |
|
|
Share-based Compensation and Other Stock Payments |
|
|
|
493 |
|
|
525 |
|
|
Proxy Contest-Related Expenses |
|
|
720 |
|
|
- |
|
|
Adjusted EBITDA (Non-GAAP) |
|
$ |
4,098 |
|
$ |
(8 |
) |
|
|
|
|
|
|
|
|
Heavy Fabrications Segment |
|
Three Months Ended March 31, |
|
|
|
|
2023 |
|
|
2022 |
|
|
Net Income (Loss) |
|
$ |
2,590 |
|
$ |
(476 |
) |
|
Interest Expense |
|
|
140 |
|
|
140 |
|
|
Income Tax (Benefit) Provision |
|
|
60 |
|
|
(126 |
) |
|
Depreciation |
|
|
858 |
|
|
879 |
|
|
Share-based Compensation and Other Stock Payments |
|
|
210 |
|
|
215 |
|
|
Adjusted EBITDA (Non-GAAP) |
|
$ |
3,858 |
|
$ |
632 |
|
|
|
|
|
|
|
|
Gearing Segment |
|
Three Months Ended March 31, |
|
|
|
|
2023 |
|
|
2022 |
|
|
Net Income (Loss) |
|
$ |
501 |
|
$ |
(136 |
) |
|
Interest Expense |
|
|
73 |
|
|
47 |
|
|
Income Tax Provision |
|
|
8 |
|
|
- |
|
|
Depreciation and Amortization |
|
|
595 |
|
|
476 |
|
|
Share-based Compensation and Other Stock Payments |
|
|
117 |
|
|
118 |
|
|
Adjusted EBITDA (Non-GAAP) |
$ |
1,294 |
|
$ |
505 |
|
|
|
|
|
|
|
|
Industrial Solutions Segment |
|
Three Months Ended March 31, |
|
|
|
|
2023 |
|
|
2022 |
|
|
Net Income (Loss) |
|
$ |
529 |
|
$ |
(225 |
) |
|
Interest Expense |
|
|
83 |
|
|
14 |
|
|
Income Tax Provision |
|
|
8 |
|
|
2 |
|
|
Depreciation and Amortization |
|
|
94 |
|
|
103 |
|
|
Share-based Compensation and Other Stock Payments |
|
|
43 |
|
|
60 |
|
|
Adjusted EBITDA (Non-GAAP) |
|
$ |
757 |
|
$ |
(46 |
) |
|
|
|
|
|
|
|
Corporate and Other |
|
Three Months Ended March 31, |
|
|
|
|
2023 |
|
|
|
2022 |
|
|
Net Loss |
|
$ |
(2,851 |
) |
|
$ |
(1,567 |
) |
|
Interest Expense |
|
|
192 |
|
|
|
144 |
|
|
Income Tax (Benefit) Provision |
|
|
(53 |
) |
|
|
131 |
|
|
Depreciation and Amortization |
|
|
58 |
|
|
|
61 |
|
|
Share-based Compensation and Other Stock Payments |
|
|
123 |
|
|
|
132 |
|
|
Proxy Contest-Related Expenses |
|
|
720 |
|
|
|
- |
|
|
Adjusted EBITDA (Non-GAAP) |
|
$ |
(1,811 |
) |
|
$ |
(1,099 |
) |
|
|
|
|
|
|
|
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