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KBR Reports Fourth Quarter and Fiscal Year 2024 Results

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Delivered Strong Financial Performance with Solid Bookings Momentum

Issues Fiscal Year 2025 Guidance for Revenues, Adj. EBITDA, Adj. EPS, and Operating Cash Flows

Fourth Quarter 2024 Highlights
(All comparisons versus prior year period unless noted.)

Revenues of $2.1 billion, up 23% (15% organic)Net income attributable to KBR of $76 million; Adjusted EBITDA2 of $228 million, up 21% with an Adjusted EBITDA2 margin of 10.7%Diluted EPS of $0.57; Adjusted EPS2 of $0.91, up 32%Bookings and options1 of $2.0 billion with 1.0x book-to-bill1

Fiscal Year 2024 Highlights
(All comparisons versus prior year period unless noted.)

Revenues of $7.7 billion, up 11% (9% organic)Net income attributable to KBR of $375 million; Adjusted EBITDA2 of $870 million, up 16% with an Adjusted EBITDA2 margin of 11.2%Diluted EPS of $2.79; Adjusted EPS2 of $3.34, up 15%Operating cash flows of $462 million, 103% Operating cash conversion2Bookings and options1 of $8.8 billion with 1.1x book-to-bill1Returned $297 million of value to shareholders through share repurchases and dividends

HOUSTON, Feb. 24, 2025 /PRNewswire/ — KBR, Inc. (NYSE: KBR) today announced its fourth quarter and fiscal year 2024 results.

“KBR delivered sustained performance throughout the year culminating in a strong fourth quarter, with significant revenue and earnings growth as well as margin expansion,” said Stuart Bradie, President and CEO. “During 2024, we maintained our industry-leading safety record, met or exceeded our full year guidance, and advanced our strategy. In addition, we executed a realignment of our segments to better serve our customers and end markets, reduce costs, and open a larger pipeline of opportunities. We also expanded our capabilities with the acquisition of LinQuest, a leading provider of advanced engineering, data analytics and digital capabilities for national security and military space missions.”

Mr. Bradie continued, “We believe our business portfolio is well aligned with the priorities of the new administration in the U.S., especially in the areas of national security and energy policy. Our unique and diverse global portfolio, which serves both commercial and government clients in mission critical and key operational functions, offers resilience given issues present in the world today. As measured from our fiscal year 2024 results, more than 60% of Adj. EBITDA contribution is from non-U.S. government customers. This positioning enables us to approach our fiscal year 2025 outlook with a high degree of confidence, with more than 75% of our projected Revenues already under contract across our global, diversified contract base.”

Summarized Fourth Quarter and Fiscal Year 2024 Consolidated Results

Three Months Ended

Year Ended

January 3,

December 29,

January 3,

December 29,

Dollars in millions, except share data

2025

2023

2025

2023

Revenues

$          2,122

$          1,730

$          7,742

$          6,956

Operating income

142

147

662

448

Net income (loss) attributable to KBR

76

21

375

(265)

Adjusted EBITDA2

228

188

870

747

Operating income margin

6.7 %

8.5 %

8.6 %

6.4 %

Adjusted EBITDA2 margin

10.7 %

10.9 %

11.2 %

10.7 %

Earnings per share:

  Diluted earnings per share

0.57

0.15

2.79

(1.96)

  Adjusted earnings per share2

0.91

0.69

3.34

2.91

Cash flows:

  Operating cash flows

40

83

462

331

  Adjusted operating cash flows2

40

83

462

463

Return of capital to shareholders:

Payments to reacquire common stock

51

1

218

138

Payments of dividends to shareholders

20

19

79

72

Leverage:

Total gross debt

2,594

1,851

Cash

350

304

Net leverage (Net debt / Adjusted EBITDA2)

2.6x

2.1x

 

Fourth Quarter 2024 Consolidated Results Review
(All comparisons against the fourth quarter 2023 unless noted.)

Revenues were $2.1 billion, up 23% or $392 million, primarily driven by on-contract growth across all Government Solutions business units, contributions from the LinQuest acquisition, and growing demand in Sustainable Technology Solutions from engineering and professional services and technology licensing.

Operating income was $142 million, down 4% or $5 million, primarily due to a $26 million resolution of an outstanding contract dispute associated with a legacy U.S. government project.

Net income attributable to KBR was $76 million, up 262% or $55 million, primarily due to a $66 million non-cash charge in the prior year period related to the election of cash as the settlement method for our Convertible Notes that did not recur in the current year period.

Diluted earnings per share were $0.57, up 280% or $0.42, primarily due to higher Net income attributable to KBR noted above and lower diluted weighted average common shares outstanding in the current year period.

Adjusted EBITDA2 was $228 million, up 21% or $40 million, generally in line with the growth in Revenues. Adjusted EBITDA2 margin was 10.7%, generally in line with the prior period.

Adjusted earnings per share2 were $0.91, up 32% or $0.22, due to the increase in Adjusted EBITDA2 noted above, favorable Other non-operating income results from foreign exchange, and lower adjusted weighted average common shares outstanding; partially offset by higher interest expense. 

Backlog and options as of the fiscal year end totaled $21.2 billion. Book-to-bill1 was 1.0x for the quarter and 1.1x on a trailing-twelve-months basis.

Summarized Fourth Quarter and Fiscal Year 2024 Segment Results

Three Months Ended

Year Ended

January 3,

December 29,

January 3,

December 29,

Dollars in millions, Backlog in billions

2025

2023

2025

2023

Revenues

$          2,122

$          1,730

$          7,742

$          6,956

  Government Solutions

1,598

1,328

5,871

5,353

Sustainable Technology Solutions

524

402

1,871

1,603

Adjusted EBITDA2

228

188

870

747

Government Solutions

150

128

587

536

Sustainable Technology Solutions

108

85

398

336

Corporate

(30)

(25)

(115)

(125)

Adjusted EBITDA2 margin

10.7 %

10.9 %

11.2 %

10.7 %

Government Solutions

9.4 %

9.6 %

10.0 %

10.0 %

Sustainable Technology Solutions

20.6 %

21.1 %

21.3 %

21.0 %

Backlog

17,264

17,335

Government Solutions

13,554

12,790

Sustainable Technology Solutions

3,710

4,545

Backlog and options

21,239

21,732

Government Solutions

17,529

17,187

Sustainable Technology Solutions

3,710

4,545

 

Fourth Quarter 2024 Segment Results Review
(All comparisons against the fourth quarter 2023 unless noted.)

Government Solutions (GS)
Revenues were $1,598 million, up 20% or $270 million, driven by new and on-contract growth across all business units and $140 million from the LinQuest acquisition.

Operating income was $91 million, down 12% or $12 million, primarily due to a $26 million resolution of an outstanding contract dispute associated with a legacy U.S. government project. Operating income margin was 5.7%.

Adjusted EBITDA2 was $150 million, up 17% or $22 million, generally in line with the growth in Revenues. Adjusted EBITDA2 margin was 9.4%, generally in line with the prior year period.

Backlog and options as of the fiscal year end totaled $17.5 billion. Book-to-bill1 was 0.9x for the quarter and 1.1x on a trailing-twelve months basis.

The following new business awards were announced:

Awarded $187 million U.S. State Department Task Order for Medical Support Services in IraqAwarded $445 million DoD Contract for Joint Mission Environment Test Capability ProgramAwarded $88 million Contract to Provide Rapid Prototyping for Naval Air Systems Command

Sustainable Technology Solutions (STS)
Revenues were $524 million, up 30% or $122 million, driven by increasing demand for sustainable technologies and services.

Operating income was $93 million, up 15% or $12 million, generally in line with the growth in Revenues but partially offset by a $10 million non-cash charge recorded in Equity in earnings (losses) of unconsolidated affiliates in the current quarter related to foreign currency remeasurement of a contingent liability on the legacy Ichthys project. Operating income margin was 17.7%.

Adjusted EBITDA2 was $108 million, up 27% or $23 million, generally in line with the growth in Revenues. Adjusted EBITDA2 margin was 20.6%, generally in line with the prior year period.

Backlog as of the fiscal year end totaled $3.7 billion. Book-to-bill1 was 1.3x for the quarter and 1.1x on a trailing-twelve months basis.

The following new business awards were announced:

Selected to Provide Technology Licensing and Proprietary Engineering Design for Lithium Extraction Demonstration Plant in the UKAwarded Contract to Support Sustainable Energy Production in Saudi ArabiaAwarded Global Agreement with BP to Provide EPCM ServicesAwarded FEED Contract for LNG Project in Sur, OmanAmmonia Technology Selected by KazAzot, KazakhstanAmmonia Technology Selected by AMUFERT, Angola

Balance Sheet, Cash Flow, and Capital Deployment
Liquidity as of January 3, 2025, totaled approximately $1 billion, comprising $655 million in borrowing capacity under the revolving credit facility and $350 million cash on hand. Net leverage ratio as of  January 3, 2025, was 2.6x.

Operating cash flows for the fiscal year were $462 million with Operating cash conversion2 of 103%. Operating cash flows in the fourth quarter and fiscal year were reduced due to a pre-funding of our 2025 pension obligation to our U.K pension plan for approximately £17 million ($21 million at exchange rate as of January 3, 2025).

During the fiscal year, KBR returned $297 million in capital to shareholders, consisting of $218 million in share repurchases and $79 million in regular dividends.

On February 20, 2025, the Board of Directors approved a 10% increase to the dividend, resulting in a quarterly dividend of $0.165 per share, or $0.66 per share annualized. The dividend is payable April 15, 2025, to shareholders of record on March 14, 2025. In addition, the Board increased the total amount authorized and available for repurchase under the share repurchase program to $750 million.

Segment Realignment
To streamline and optimize our processes, we realigned our segments effective for fiscal 2025. As part of this realignment, our Government Solutions reportable segment has been renamed Mission Technology Solutions, while Sustainable Technology Solutions has retained its name. The international business contained within Government Solutions has been integrated into both Mission Technology Solutions and Sustainable Technology Solutions. The Company will begin reporting the new segment information beginning the first fiscal quarter of 2025.

Fiscal Year 2025 Guidance
KBR issues the following outlook for fiscal year 2025:

Fiscal Year 2025 Guidance

Growth

Revenues

$8.7B – $9.1B

+ 12%  – 18%, up 15% at the midpoint

Adjusted EBITDA

$950M – $990M

+ 9%  – 14%, up 11% at the midpoint

Adjusted EPS

$3.71 – $3.95

+ 11%  – 18%, up 15% at the midpoint

Operating cash flows

$500M – $550M

+ 8%  – 19%, up 14% at the midpoint

 

The company does not provide reconciliations of Adjusted EBITDA and Adjusted EPS to the most comparable GAAP financial measures on a forward-looking basis because the company is unable to predict with reasonable certainty the ultimate outcome of legal proceedings, unusual gains and losses, and acquisition-related expenses without unreasonable effort, which could be material to the company’s results computed in accordance with GAAP. 

Management has provided the following assumptions related to fiscal year 2025 guidance:

Adjusted weighted average common shares outstanding: ~133 millionDepreciation & amortization: ~$165 million (includes ~$45 million purchased intangibles amortization)Capital expenditures: ~$50 – 65 millionEffective tax rate: 25% – 27%Adjusted EPS phasing: 47% 1H / 53% 2H

Conference Call Details
The company will host a conference call to discuss its fourth quarter and fiscal year 2024 results on Monday, February 24, 2025, at 3:00 p.m. Central Time. The conference call will be webcast simultaneously through the Investor Relations section of KBR’s website at investors.kbr.com. A replay of the webcast will be available shortly after the call on KBR’s website or by telephone at +1.866.813.9403, passcode: 718317.

About KBR
We deliver science, technology and engineering solutions to governments and companies around the world. KBR employs approximately 38,000 people worldwide with customers in more than 80 countries and operations in over 29 countries. KBR is proud to work with its customers across the globe to provide technology, value-added services, and long-term operations and maintenance services to ensure consistent delivery with predictable results. At KBR, We Deliver.
Visit www.kbr.com

Forward-Looking Statements
The statements in this press release that are not historical statements, including statements regarding our expectations for our future financial performance, effective tax rate, operating cash flows, contract revenues, award activity and backlog, program activity, our business strategy, business opportunities, interest expense, our plans for raising and deploying capital and paying dividends, are forward-looking statements within the meaning of the federal securities laws. These statements are subject to numerous risks and uncertainties, many of which are beyond the company’s control that could cause actual results to differ materially from the results expressed or implied by the statements. These risks and uncertainties include, but are not limited to: uncertainty, delays or reductions in government funding, appropriations and payments, including as a result of continuing resolution funding mechanisms, government shutdowns or changing budget priorities; developments and changes in government laws, regulations and regulatory requirements and policies that may require us to pause, delay or abandon new and existing projects; changes in the priorities, focus, authority and budgets of government agencies under the new administration that may impact our existing projects and/or our ability to win new contracts; the ongoing conflict between Russia and Ukraine and volatility and continued unrest in the Middle East and the related impacts on our business; potential adverse economic and market conditions, such as interest rate and currency exchange rate fluctuations, the company’s ability to manage its liquidity; the outcome of and the publicity surrounding audits and investigations by domestic and foreign government agencies and legislative bodies; potential adverse proceedings by such agencies and potential adverse results and consequences from such proceedings; changes in capital spending by the company’s customers; the company’s ability to obtain contracts from existing and new customers and perform under those contracts; structural changes in the industries in which the company operates; escalating costs associated with and the performance of fixed-fee projects and the company’s ability to control its cost under its contracts; claims negotiations and contract disputes with the company’s customers; changes in the demand for or price of oil and/or natural gas; protection of intellectual property rights; compliance with environmental laws; compliance with laws related to income taxes; unsettled political conditions, war and the effects of terrorism; foreign operations and foreign exchange rates and controls; the development and installation of financial systems; the possibility of cyber and malware attacks; increased competition for employees; the ability to successfully complete and integrate acquisitions; investment decisions by project owners; and operations of joint ventures, including joint ventures that are not controlled by the company.

The company’s most recently filed Annual Report on Form 10-K, any subsequent 8-Ks, and other U.S. Securities and Exchange Commission filings discuss some of the important risk factors that the company has identified that may affect its business, results of operations and financial condition. Except as required by law, the company undertakes no obligation to revise or update publicly any forward-looking statements for any reason.

For further information, please contact:

Investors
Jamie DuBray
Vice President, Investor Relations
713-753-2133
Investors@kbr.com

Media
Philip Ivy
Vice President, Global Communications
713-753-3800
Mediarelations@kbr.com

1

As used throughout this release, book-to-bill and bookings and options exclude long-term UK PFIs and the Plaquemines LNG project.

2

As used throughout this earnings release, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted earnings per share, Operating cash conversion, and Adjusted operating cash flows and conversion are non-GAAP financial measures.  See additional information at the end of this release regarding non-GAAP financial information, including reconciliations to the nearest GAAP measures.  

 

KBR, Inc.

Consolidated Statements of Operations

(In millions, except for per share data)

(Unaudited)

Three Months Ended

Year Ended

January 3,

December 29,

January 3,

December 29,

2025

2023

2025

2023

Revenues:

Government Solutions

$            1,598

$            1,328

$          5,871

$          5,353

Sustainable Technology Solutions

524

402

1,871

1,603

Total revenues

2,122

1,730

7,742

6,956

Gross profit

293

237

1,103

977

Equity in earnings (losses) of unconsolidated affiliates

10

36

107

114

Selling, general and administrative expenses

(154)

(118)

(544)

(488)

Legal settlement of legacy matter

(144)

Gain (loss) on disposition of assets and investments

(7)

7

(7)

Other

(7)

(1)

(11)

(4)

Operating income:

Government Solutions

91

103

453

285

Sustainable Technology Solutions

93

81

370

324

Corporate

(42)

(37)

(161)

(161)

Total operating income

142

147

662

448

Interest expense

(44)

(30)

(144)

(115)

Charges associated with Convertible Notes

(66)

(494)

Other non-operating income (expense)

3

(4)

(7)

(5)

Income (loss) before income taxes

101

47

511

(166)

Provision for income taxes

(23)

(26)

(130)

(95)

Net income (loss)

78

21

381

(261)

Less: Net income attributable to noncontrolling interests

2

6

4

Net income (loss) attributable to KBR

$                  76

$                  21

$              375

$            (265)

Adjusted EBITDA1

$                228

$                188

$              870

$              747

Diluted EPS

$               0.57

$               0.15

$             2.79

$           (1.96)

Adjusted EPS1

$               0.91

$               0.69

$             3.34

$             2.91

Diluted weighted average common shares outstanding

133

137

134

135

Adjusted weighted average common shares outstanding

133

135

134

136

1 See additional information at the end of this release regarding non-GAAP financial information, including a reconciliation to the nearest GAAP measure

 

KBR, Inc.

Consolidated Balance Sheets         

(In millions, except share data)

January 3,

December 29,

2025

2023

(Unaudited)

Assets

Current assets:

Cash and cash equivalents

$               350

$               304

Accounts receivable, net of allowance for credit losses of $9 and $8

1,071

981

Contract assets

273

177

Other current assets

179

189

Total current assets

1,873

1,651

Pension Assets

82

Property, plant, and equipment, net of accumulated depreciation of $474 and $458 (including
net PPE of $57 and $36 owned by a variable interest entity)

289

239

Operating lease right-of-use assets

203

138

Goodwill

2,630

2,109

Intangible assets, net of accumulated amortization of $427 and $382

763

618

Equity in and advances to unconsolidated affiliates

192

206

Deferred income taxes

209

239

Other assets

422

365

Total assets

$           6,663

$           5,565

Liabilities and Shareholders’ Equity

Current liabilities:

Accounts payable

$               777

$               593

Contract liabilities

336

359

Accrued salaries, wages and benefits

353

340

Current maturities of long-term debt

36

31

Other current liabilities

280

249

Total current liabilities

1,782

1,572

Employee compensation and benefits

135

120

Income tax payable

122

106

Deferred income taxes

83

106

Long-term debt

2,533

1,801

Operating lease liabilities

228

176

Other liabilities

313

290

Total liabilities

5,196

4,171

Commitments and Contingencies

KBR shareholders’ equity:

Preferred stock, $0.001 par value, 50,000,000 shares authorized, none issued

Common stock, $0.001 par value 300,000,000 shares authorized, 182,469,230 and
181,713,586 shares issued, and 132,435,609 and 135,067,562 shares outstanding, respectively

Paid-in capital in excess of par

2,526

2,505

Retained earnings

1,367

1,072

Treasury stock, 50,033,621 shares and 46,646,024 shares, at cost, respectively

(1,494)

(1,279)

Accumulated other comprehensive loss

(946)

(915)

Total KBR shareholders’ equity

1,453

1,383

Noncontrolling interests

14

11

Total shareholders’ equity

1,467

1,394

Total liabilities and shareholders’ equity

$           6,663

$           5,565

 

KBR, Inc.

Consolidated Statements of Cash Flows

(In millions)(Unaudited)

Year Ended

January 3,

December 29,

2025

2023

Cash flows from operating activities:

Net income (loss)

$                    381

$                   (261)

Adjustments to reconcile net income (loss) to net cash provided by operating activities:

Charges associated with Convertible Notes

494

Depreciation and amortization

156

141

Equity in (earnings) losses of unconsolidated affiliates

(107)

(114)

Deferred income tax expense

1

14

Loss (gain) on disposition of assets

(7)

7

Other

41

46

Changes in operating assets and liabilities, net of acquired businesses:

Accounts receivable, net of allowance for credit losses

(1)

(32)

Contract assets

(96)

44

Accounts payable

148

(49)

Contract liabilities

(27)

82

Accrued salaries, wages and benefits

(6)

22

Payments on operating lease liabilities

(71)

(65)

Payments from unconsolidated affiliates, net

9

18

Distributions of earnings from unconsolidated affiliates

163

74

Pension funding

(62)

(9)

Other assets and liabilities

(60)

(81)

Total cash flows provided by operating activities

$                    462

$                     331

Cash flows from investing activities:

Purchases of property, plant and equipment

$                     (77)

$                     (80)

Net proceeds from sale of assets or investments

7

Return of equity method investments, net

36

60

Acquisition of business, net of cash acquired

(738)

Funding in other investment

(5)

(39)

Other

1

(11)

Total cash flows (used in) provided by investing activities

$                  (776)

$                     (70)

Cash flows from financing activities:

Borrowings on short-term and long-term debt

574

Borrowings on Revolver

393

785

Payments on short-term and long-term debt

(124)

(17)

Payments on Revolver

(98)

(340)

Payments on settlement of warrants

(33)

(217)

Proceeds from the settlement of note hedge

493

Payments to settle Convertible Notes

(843)

Debt issuance costs

(18)

Payments of dividends to shareholders

(79)

(72)

Payments to reacquire common stock

(218)

(138)

Acquisition of noncontrolling interest

(10)

Other

(13)

(10)

Total cash flows provided by (used in) financing activities

$                    374

$                   (359)

Effect of exchange rate changes on cash

(14)

13

Increase (decrease) in cash and cash equivalents

46

(85)

Cash and cash equivalents at beginning of period

304

389

Cash and equivalents at end of period

$                    350

$                     304

Supplemental disclosure of cash flows information:

Noncash financing activities

Dividends declared

$                       20

$                       18

 

Unaudited Non-GAAP Financial Information
The following information provides reconciliations of certain non-GAAP financial measures presented in the press release to which this reconciliation is attached to the most directly comparable financial measures calculated and presented in accordance with generally accepted accounting principles (GAAP). The company has provided the non-GAAP financial information presented in the press release as information supplemental and in addition to the financial measures presented in the press release that are calculated and presented in accordance with GAAP. Such non-GAAP financial measures should not be considered superior to, as a substitute for or alternative to, and should be considered in conjunction with, the GAAP financial measures presented in the press release. The non-GAAP financial measures in the press release may differ from similar measures used by other companies.

Adjusted EBITDA
We evaluate performance based on Adjusted EBITDA and Adjusted EBITDA margin. Adjusted EBITDA is defined as Net income (loss) attributable to KBR, plus Interest expense; Accretion of Convertible Notes debt discounts;  Other non-operating expense (income); Provision for income taxes; Depreciation and amortization; and certain discrete items as identified by Management to be non-recurring in nature as set forth below. Adjusted EBITDA can also be defined as Operating income less Net income attributable to noncontrolling interests; plus Depreciation and amortization;  and certain discrete items as identified by Management to be non-recurring in nature as set forth below. Adjusted EBITDA margin is calculated as Adjusted EBITDA divided by Revenues. Adjusted EBITDA and Adjusted EBITDA margin for each of the three- and twelve-month periods ended January 3, 2025 and December 29, 2023 are considered non-GAAP financial measures under SEC rules because Adjusted EBITDA excludes certain amounts included in the calculation of Net income (loss) attributable to KBR in accordance with GAAP for such periods. Management believes Adjusted EBITDA and Adjusted EBITDA margin afford investors a view of what management considers KBR’s core performance for each of the three- and twelve-month periods ended January 3, 2025 and December 29, 2023 and also affords investors the ability to make a more informed assessment of such core performance for the comparable periods. 

Three Months Ended

Year Ended

January 3,

December 29,

January 3,

December 29,

Dollars in millions

2025

2023

2025

2023

Net income (loss) attributable to KBR

$                  76

$                  21

$                375

$              (265)

•          Interest expense

44

30

144

115

•          Accretion of Convertible Notes debt discounts

40

282

•          Other non-operating expense (income)

(3)

4

7

5

•          Provision for income taxes

23

26

130

95

•          Depreciation and amortization

44

37

156

141

•          Acquisition, integration and restructuring

8

4

23

10

•          Ichthys commercial dispute cost

10

(5)

11

1

•          Legacy legal fees and settlements

26

1

24

155

•          (Benefits) Provisions related to exit from Russian commercial projects

4

(4)

•          Loss on derivative bifurcation

104

•          Loss on debt extinguishment

70

•          Loss on settlement of warrants

26

38

Adjusted EBITDA

$                228

$                188

$                870

$                747

Three Months Ended

Year Ended

January 3,

December 29,

January 3,

December 29,

Dollars in millions

2025

2023

2025

2023

Operating income – GS

$                  91

$                103

$                453

$                285

•          Depreciation and amortization

31

24

105

96

•          Acquisition, integration and restructuring

2

5

•          Legacy legal fees and settlements

26

1

24

155

Adjusted EBITDA – GS

$                150

$                128

$                587

$                536

Operating income – STS

$                  93

$                  81

$                370

$                324

•          Net income attributable to noncontrolling interests

(2)

(6)

(4)

•          Depreciation and amortization

5

5

21

19

•          Acquisition, integration and restructuring

2

2

•          Ichthys commercial dispute cost

10

(5)

11

1

•          (Benefits) provisions related to exit from Russian commercial projects

4

(4)

Adjusted EBITDA – STS

$                108

$                  85

$                398

$                336

Operating income – Corporate

$                (42)

$                (37)

$              (161)

$              (161)

•          Depreciation and amortization

8

8

30

26

•          Acquisition, integration and restructuring

4

4

16

10

Adjusted EBITDA – Corporate

$                (30)

$                (25)

$              (115)

$              (125)

Operating income – KBR

$                142

$                147

$                662

$                448

•          Noncontrolling interest

(2)

(6)

(4)

•          Depreciation and amortization

44

37

156

141

•          Acquisition, integration and restructuring

8

4

23

10

•          Legacy legal fee and settlements

26

1

24

155

•          Ichthys commercial dispute cost

10

(5)

11

1

•          (Benefits) provisions related to exit from Russian commercial projects

4

(4)

Adjusted EBITDA – KBR

$                228

$                188

$                870

$                747

 

Adjusted EPS
Adjusted earnings per share (Adjusted EPS) for each of the three- and twelve-month periods ended January 3, 2025 and December 29, 2023 is considered a non-GAAP financial measure under SEC rules because Adjusted EPS excludes certain amounts included in the Diluted EPS calculated in accordance with GAAP for such periods. The most directly comparable financial measure calculated in accordance with GAAP is Diluted EPS for the same periods. Management believes that Adjusted EPS affords investors a view of what management considers KBR’s core earnings performance for each of the three- and twelve-month periods ended January 3, 2025 and December 29, 2023 and also affords investors the ability to make a more informed assessment of such core earnings performance for the comparable periods.

Three Months Ended

Year Ended

January 3,

December 29,

January 3,

December 29,

2025

2023

2025

2023

Diluted EPS

$           0.57

$           0.15

$           2.79

$         (1.96)

   Adjustments

•          Amortization related to acquisitions

0.07

0.04

0.20

0.17

•          Ichthys commercial dispute cost

0.08

(0.03)

0.09

0.01

•          Acquisition, integration and restructuring

0.05

0.02

0.13

0.06

•          Impact of convert accounting and Diluted EPS share count1

0.01

•          Legacy legal fees and settlements

0.14

0.13

1.03

•          Benefits related to exit from Russian commercial projects

0.02

(0.03)

•          Charges associated with Convertible Notes

0.49

3.62

Adjusted EPS

$           0.91

$           0.69

$           3.34

$           2.91

Diluted weighted average common shares outstanding

133

137

134

135

Adjusted weighted average common shares outstanding

133

135

134

136

1

For the Year Ended December 29, 2023, adjusted share count includes anti-dilutive shares for warrants excluded from Diluted EPS share count.

 

Adjusted Operating Cash Flows
Adjusted operating cash flows, Operating cash conversion, and Adjusted operating cash conversion are considered non-GAAP financial measures under SEC rules. Adjusted operating cash flows exclude certain amounts included in the cash flows provided by operating activities calculated in accordance with GAAP. Operating cash conversion and Adjusted operating cash conversion are calculated as Operating cash flows or Adjusted operating cash flows divided by Adjusted weighted average common shares outstanding, which is then divided by Adjusted earnings per share. The most directly comparable financial measure calculated in accordance with GAAP is cash flows provided by operating activities. Management believes that Adjusted operating cash flows afford investors a view of what management considers KBR’s core operating cash flow performance for each of the three- and twelve-month periods ended January 3, 2025 and December 29, 2023 and also afford investors the ability to make a more informed assessment of such core operating cash generation performance.

Three Months Ended

Year Ended

January 3,

December 29,

January 3,

December 29,

Dollars in millions

2025

2023

2025

2023

Cash flows provided by operating activities

$           40

$           83

$         462

$         331

Add: Legacy legal settlement (after tax)

132

Adjusted operating cash flows

$           40

$           83

$         462

$         463

Operating cash flow per adjusted share

$        0.30

$        0.61

$        3.45

$        2.43

Adjusted operating cash flow per adjusted share

0.30

0.61

3.45

3.40

Adjusted earnings per share

0.91

0.69

3.34

2.91

Operating cash conversion

33 %

88 %

103 %

84 %

Adjusted operating cash conversion

33 %

88 %

103 %

117 %

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/kbr-reports-fourth-quarter-and-fiscal-year-2024-results-302383670.html

SOURCE KBR, Inc.

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BinBase Launches 2026 BIN Database Featuring 6-11 Digit Waterfall Lookup for High-Precision Payment Routing

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BinBase introduces its upgraded 2026 BIN Database, offering 3.2M+ card ranges, 29 granular data attributes, and extended 8-11 digit accuracy to eliminate false-positives and optimize routing for global fintechs.

MIAMI, July 21, 2026 /PRNewswire-PRWeb/ — BinBase, a provider of payment intelligence and card issuing data, has announced the official release of its updated 2026 BIN Database. Engineered for payment gateways, acquiring banks, fraud prevention platforms, and e-commerce platforms, the updated dataset solves critical routing inaccuracies caused by the industry-wide shift from legacy 6-digit BINs to extended 8-to-11-digit card ranges.

Relying solely on 6-digit BINs in 2026 means misclassifying card products and losing money on interchange fees. Our 2026 release provides the surgical precision developers need for cost-effective payment routing.

Since ISO/IEC 7812 expanded the standard Bank Identification Number (BIN) length to 8 digits, traditional 6-digit lookup tables have struggled to correctly identify modern card profiles. This leads to false positives, misidentified interchange fees, and failed transactions. BinBase addresses this challenge by introducing a multi-tiered database structure supporting up to 11-digit precision, alongside a recommended “Waterfall Lookup Algorithm.”

To ensure 100% routing and verification accuracy, the Waterfall method executes a descending search sequence: checking 11-digit BIN ranges down through 10, 9, 8, 7, and 6 digits until an exact match is resolved.

Key technical specifications of the 2026 BinBase release include:

Over 3.2 Million Card Ranges: Full global coverage including Visa, Mastercard, Amex, Discover, UnionPay, JCB, and regional networks.Extended Precision: Over 88% of the dataset consists of high-precision ranges (8–11 digits) to accurately isolate sub-brands, currencies, and card tiers.29 Granular Attributes: Beyond core issuer data, the database features advanced parameters including Durbin Regulation status, US Debit/ATM network routing (STAR, NYCE), Fast Funds (Visa Direct / Mastercard MoneySend indicators), commercial Level 2/Level 3 data, and digital wallet token ranges (Apple Pay / Google Pay).

“Modern payment processing requires surgical precision,” said a spokesperson for Damiko Inc. “Relying solely on 6-digit BINs in 2026 means misclassifying card products and losing money on interchange fees. Our 2026 release provides the underlying intelligence developers need to build resilient, cost-effective payment infrastructure.”

Developers and payment teams can evaluate the full 29-field database schema, review integration examples, and download a free 2026 sample dataset on the official GitHub repository.

To learn more about full commercial licensing options, instant CSV downloads, and custom API delivery, visit BinBase.

About Damiko Inc

Damiko Inc is a US-based fintech data provider specializing in card issuer analytics, payment routing data, and global BIN database solutions. Operating through its flagship product, BinBase.com, the company supplies high-precision transaction intelligence to help merchants and payment facilitators worldwide optimize approval rates and mitigate fraud.

Media Contact

Fedor Lavrikoff, BinBase, 1 +17866133333, sales@binbase.com, htttps://www.binbase.com 

View original content:https://www.prweb.com/releases/binbase-launches-2026-bin-database-featuring-6-11-digit-waterfall-lookup-for-high-precision-payment-routing-302829291.html

SOURCE BinBase

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Redington Limited and AutomationEdge Announce Strategic Partnership to Accelerate Enterprise Automation and Agentic AI Adoption

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MUMBAI, India, July 22, 2026 /PRNewswire/ — Redington, a leading technology aggregator and innovation catalyst, and AutomationEdge, a leading Agentic Process Automation platform for global enterprises, have announced a strategic partnership to accelerate the adoption of enterprise automation and Agentic AI. The collaboration brings together Redington’s extensive distribution ecosystem and partner network with AutomationEdge’s enterprise-grade Agentic Process Automation platform to enable faster, scalable, and outcome-driven digital transformation for organizations.

As a part of the partnership, AutomationEdge’s portfolio of AI Agents and automation solutions is now available through the Redington AI Exchange Marketplace, enabling partners and customers to easily discover, evaluate, and deploy enterprise-ready AI solutions. This availability significantly reduces the time required to adopt AI-driven automation and provides organizations with access to proven use cases that can deliver measurable business outcomes.

The partnership is focused on delivering solution-led automation offerings that simplify adoption for enterprises and channel partners. By combining Redington’s go-to-market reach with AutomationEdge’s 10x automation capabilities, the two organizations aim to help businesses move from fragmented automation initiatives to enterprise-wide orchestration—driving efficiency, agility, and operational excellence.

Through this collaboration, both companies will jointly promote pre-built automation and AI Agent solutions across key business functions, including banking operations, insurance processes, IT / HR operations, customer service, and finance functions. These solutions include ready-to-deploy workflows, AI Agents, demonstration environments, and implementation frameworks designed to accelerate deployment and reduce complexity.

The partnership will also include joint go-to-market initiatives such as partner enablement programs, co-branded workshops, solution showcases, and proof-of-concept (PoC) engagements. These initiatives are designed to equip Redington partners with the knowledge, tools, and support needed to successfully position, sell, and implement AI-powered automation solutions for enterprise and mid-market customers.

Sayantan Dev, Global Head, Software Solutions Group, Redington, said, “The next phase of AI adoption will be defined by execution. Through the Redington AI Exchange Marketplace, we are bringing together the technologies and ecosystem needed to help partners deliver real business outcomes at scale. AutomationEdge’s Agentic AI and automation capabilities strengthen our ability to enable customers to accelerate AI adoption with greater speed, governance, and confidence.”

Prasad Likhite, Chief Sales Officer of AutomationEdge, said, “We are delighted to strengthen our partnership with Redington and accelerate the adoption of next-generation enterprise automation and Agentic AI solutions across the market. The availability of AutomationEdge AI Agents through the Redington AI Exchange Marketplace marks an important milestone in democratizing AI-led transformation, enabling enterprises to rapidly scale intelligent automation initiatives with speed, agility, and measurable business impact. At the same time, it creates significant opportunities for partners to drive innovation, unlock new revenue streams, and deliver greater value to their customers.”

The collaboration also emphasizes localized support, implementation expertise, and customer success services, ensuring that organizations can seamlessly deploy, manage, and scale automation initiatives. By leveraging Redington’s strong partner ecosystem and AutomationEdge’s deep expertise in automation and Agentic AI, the partnership is well-positioned to address the evolving needs of modern enterprises.

As organizations increasingly prioritize productivity, operational efficiency, and AI-led transformation, this partnership marks a significant step toward making enterprise automation and Agentic AI more accessible, scalable, and impactful across industries.

 About Redington

Redington Limited (NSE: REDINGTON) (BSE: 532805), a leading technology solutions provider, empowers businesses in their digital transformation journeys. Guided by its brand narrative “Unlock Next”, Redington goes beyond distribution to remove barriers, accelerate digital adoption, and unlock access, growth, trust, efficiency, and impact—helping businesses, communities, and societies embrace what’s next in technology

About AutomationEdge

AutomationEdge is a leading Agentic Process Automation platform for global enterprises. Its platform enables organizations to automate complex business processes, deploy AI Agents at scale, improve operational efficiency, and accelerate digital transformation initiatives across industries.

Media Contact:
Rahul Wandile
rahul.wandile@automationedge.com

 

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Applied Intuition Launches Dana, the Agentic Platform for Physical AI

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New platform pairs agentic AI with the tooling, data, infrastructure and domain expertise Applied Intuition has built over nearly a decade to speed the safe development of intelligent machines for the physical world.

Dana is the first agentic platform for building, testing, deploying and operating physical AI systems across industries.Built on nearly a decade of Applied Intuition’s tooling, infrastructure, workflows and engineering expertise, Dana is purpose-built for safety-critical systems operating in the physical world.Dana helps companies build physical AI applications for any industry or use case, from autonomy and software-defined vehicles to fleet operations, robotics, construction, mining and intelligent in-vehicle experiences.Dana has already reduced critical phases of vehicle development from months to days in internal and select customer deployments.

SUNNYVALE, Calif., July 22, 2026 /PRNewswire/ — Applied Intuition, Inc., a leader in physical AI, today announced the launch of Dana, the first agentic platform for building, testing, deploying and operating physical AI systems across industries. Dana combines the power of agentic AI and rapid application development with nearly a decade of Applied Intuition’s tooling, infrastructure and engineering knowledge. The result is a unified system that accelerates the development of intelligent machines in the physical world.

“We believe physical AI will become one of the defining technologies of this century,” said Qasar Younis, co-founder and CEO of Applied Intuition. “Our ambition is to help bring intelligence to a billion machines, and Dana is the platform we built to make that possible.”

Unlike general-purpose AI tools designed primarily for digital workflows, Dana is built for the complexities of machines operating in the physical world. Dana comes with all the platform capabilities needed to build and deploy safety-critical physical AI applications, including data, visualization and tooling, as well as the evaluation, traceability and governance these systems require. The platform was designed to work across industries and with a wide range of use cases, from software-defined vehicle development and advanced driver assistance systems (ADAS) to mining and construction operations, truck fleet management, robotics and intelligent in-vehicle experiences. With Dana, customers can:

Deploy Applied Intuition’s reference applications — spanning autonomy, fleet operations, and more — or build their own.Use both natural language and command-line interfaces to complete complex development tasks more intuitively and accelerate iteration cycles across teams and systems.Integrate the platform with enterprise systems and collaboration tools, like Slack and Jira, helping organizations connect fragmented engineering and operational workflows while embedding agentic capabilities across the development process.

Applied Intuition has used Dana internally since last year, building and delivering solutions on the platform for long-standing customers across automotive, trucking, mining, and agriculture. Dana’s agent-driven workflows have reduced critical phases of vehicle development timelines from months to days in some cases. Applied Intuition has offered limited, early access to select customers, including heavy-equipment manufacturer Komatsu and Isuzu Motors, who is using the platform to accelerate L4 autonomy for its fleet of commercial trucks.

“We’ve been impressed by how Dana can streamline complex engineering workflows and accelerate development,” said Yasuhiro Yazawa, Director, Isuzu Motors Limited, Japan. “Dana gives our engineering teams greater confidence to develop, track and deploy safe autonomous-vehicle capabilities at a much faster pace.”

“Applied Intuition has been a valuable technology partner as we continue advancing the digital capabilities that support the next generation of mining equipment and solutions,” said Peter Salditt, CEO, Komatsu Mining. “Dana represents another step forward, bringing intelligent, agentic capabilities into our engineering workflows to help our teams innovate faster, improve efficiency and ultimately create greater value for our customers’ operations.”

Dana is designed to help companies keep up with the fundamental shift now underway across industries. As autonomous vehicles, robots and industrial systems become more capable, manufacturers need a more integrated way to build, validate and deploy them safely. Dana gives teams a faster path from idea to production, and the confidence to put increasingly intelligent machines into the real world.

The future of AI is physical. Dana was built for it.

To learn more about Dana and Applied Intuition’s physical AI platform, visit AppliedIntuition.com.

About Applied Intuition
Applied Intuition, Inc. is powering the future of physical AI. Founded in 2017 and now valued at $15 billion, the Silicon Valley company is creating the digital infrastructure needed to bring intelligence to every moving machine on the planet. Applied Intuition services the automotive, defense, trucking, construction, mining and agriculture industries in three core areas: tools and infrastructure, operating systems, and autonomy. Eighteen of the top 20 global automakers, as well as the United States military and its allies, trust the company’s solutions to deliver physical intelligence. Applied Intuition is headquartered in Sunnyvale, California, with nearly two dozen offices across the globe, including in London, Munich, Tokyo, Seoul, and the Washington, D.C. metro area. Learn more at applied.co or press@applied.co.

View original content:https://www.prnewswire.com/apac/news-releases/applied-intuition-launches-dana-the-agentic-platform-for-physical-ai-302831516.html

SOURCE Applied Intuition, Inc.

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