EX-99.1 2 a201606308-kex991.htm EXHIBIT 99.1 Exhibit
Exhibit 99.1


 
 
 
 
 
NEWS RELEASE
 
 
 
 
 
For Immediate Release:
 
 
July 27, 2016
 
 
 
 
 
Investors: Scott Lamb, +1 832 513 1068, Scott.Lamb@CBI.com
 
 
Media: Gentry Brann, +1 832 513 1031, Gentry.Brann@CBI.com
 
 


CB&I Reports Second-Quarter 2016 Financial Results;
86% Increase in Net Cash from Operating Activities Versus Year-Ago Quarter

THE WOODLANDS, Texas, July 27, 2016, CB&I (NYSE: CBI) today reported net income of $123.8 million, or $1.17 per diluted share, for the second quarter of 2016, as compared to $169.5 million, or $1.55 per diluted share for the second quarter of 2015. On an adjusted basis, net income for the second quarter of 2015 was $125.7 million, or $1.15 per diluted share.
Revenues for the second quarter of 2016 were $2.7 billion, as compared to $3.2 billion in the second quarter of 2015, or $2.6 billion on an adjusted basis.
Net cash provided by operating activities during the second quarter of 2016 increased by 86 percent, to $177 million, as compared to $95 million of net cash provided by operating activities in the second quarter of 2015.
At the end of the second quarter of 2016, the company's total debt was $2.3 billion, down 10 percent from the end of 2015.
New awards for the second quarter of 2016 totaled $1.8 billion, as compared to $2.8 billion for the second quarter of 2015, or $2.3 billion on an adjusted basis. The company’s backlog at the end of the second quarter of 2016 was $19.6 billion.
“Our sound performance for the second quarter was highlighted by impressive cash flow, solid earnings, reduced debt and continued progress in lowering our effective tax rate,” said Philip K. Asherman, CB&I’s President and Chief Executive Officer. “We also resumed our stock repurchase program earlier this month and to date have purchased approximately 3.6 million shares, and we will continue to be active in the market until we reach our $200 million limit.
“Despite ongoing market uncertainty delaying the timing of final investment decisions, we were encouraged to see a meaningful rebound in new awards in our Technology operating group, which is often a leading indicator for subsequent EPC awards,” said Mr. Asherman.
Although CB&I’s unique business model and backlog position the company well for the long term, energy customers continue to defer the timing of new projects. As a result, the company is lowering its 2016 guidance as follows:
Revenue: $10.6 - $11.0 billion
Earnings Per Diluted Share: $4.70 - $5.00



Earnings Conference Call
CB&I will host a webcast on July 27 at 4:00 p.m. Central time (5:00 p.m. Eastern time) to discuss financial and operating results and answer questions from investors. The webcast will be available on the Investor Relations page of www.CBI.com.
About CB&I
CB&I (NYSE:CBI) is a leading provider of technology and infrastructure for the energy industry. With over 125 years of experience and the expertise of more than 40,000 employees, CB&I provides reliable solutions to our customers around the world while maintaining a relentless focus on safety and an uncompromising standard of quality. For more information, visit www.CBI.com.
Important Information For Investors And Shareholders
Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking statements regarding CB&I and represents our expectations and beliefs concerning future events. These forward-looking statements are intended to be covered by the safe harbor for forward-looking statements provided by the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties. When considering any statements that are predictive in nature, depend upon or refer to future events or conditions, or use or contain words, terms, phrases or expressions such as “achieve,” “forecast,” “plan,” “propose,” “strategy,” “envision,” “hope,” “will,” “continue,” “potential,” “expect,” “believe,” “anticipate,” “project,” “estimate,” “predict,” “intend,” “should,” “could,” “may,” “might” or similar forward-looking statements, we refer you to the cautionary statements concerning risk factors and “Forward-Looking Statements” described under “Risk Factors” in Item 1A of our Annual Report filed on Form 10-K filed with the SEC for the year ended December 31, 2015, and any updates to those risk factors or “Forward-Looking Statements” included in our subsequent Quarterly Reports on Form 10-Q filed with the SEC, which cautionary statements are incorporated herein by reference.
Non-GAAP Financial Measures
To supplement CB&I's consolidated financial statements, which are prepared and presented in accordance with U.S. generally accepted accounting principles (GAAP), this press release and the accompanying tables contain certain non-GAAP financial measures, including: adjusted revenue, adjusted income from operations, adjusted net income attributable to CB&I, adjusted net income attributable to CB&I per share (diluted), and adjusted operating cash flows. These non-GAAP financial measures exclude the results of CB&I's nuclear operations and non-cash charges related to the disposition of such operations. These non-GAAP financial measures are presented to enhance investors' understanding of the results of CB&I's core business operations. CB&I considers these non-GAAP financial measures to be useful measures of the operating performance of the company, because they contain adjustments for unusual events or factors that do not directly affect what management considers to be CB&I's core operating performance, and are used by the company's management for that purpose. Management also believes that these non-GAAP financial measures allow for a better evaluation of the company's performance by facilitating a meaningful comparison of the company's core operating results in a given period to those in prior and future periods. In addition, investors often use similar measures to evaluate the operating performance of a company.
Non-GAAP financial measures are presented for supplemental informational purposes only to aid an understanding of the company's operating results. The presentation of these non-GAAP financial measures and key metrics is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP, and may be different from non-GAAP financial measures presented by other companies. For more information on these non-GAAP financial measures and key metrics, please see the tables captioned “Non-GAAP Supplemental Adjusted Financial Data”, “Non-GAAP Supplemental Adjusted Segment Information” and “Reconciliation of Non-GAAP Supplemental Adjusted Segment Information to GAAP Information” which are included at the end of this release.


Chicago Bridge & Iron Company N.V.
Segment Information
(in thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
 
2016
 
2015
 
2016
 
2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
NEW AWARDS (1)
 
 
 
% of 
 
 
 
% of 
 
 
 
% of 
 
 
 
% of 
 
 
 
Total 
 
 
 
Total 
 
 
 
Total 
 
 
 
Total 
Engineering & Construction
 
$
963,391

 
55%
 
$
1,305,951

 
46%
 
$
1,286,809

 
44%
 
$
2,515,358

 
43%
Fabrication Services
 
252,978

 
14%
 
844,715

 
30%
 
626,667

 
21%
 
1,772,089

 
30%
Technology
 
107,769

 
6%
 
81,087

 
3%
 
191,389

 
6%
 
158,109

 
3%
Capital Services
 
434,701

 
25%
 
612,763

 
21%
 
851,373

 
29%
 
1,430,143

 
24%
Total 
 
$
1,758,839

 
 
 
$
2,844,516

 
 
 
$
2,956,238

 
 
 
$
5,875,699

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
REVENUE
 
 
 
% of 
 
 
 
% of 
 
 
 
% of 
 
 
 
% of 
 
 
 
Total 
 
 
 
Total 
 
 
 
Total 
 
 
 
Total 
Engineering & Construction
 
$
1,543,126

 
57%
 
$
1,916,122

 
60%
 
$
3,059,454

 
57%
 
$
3,734,708

 
59%
Fabrication Services
 
526,624

 
20%
 
611,330

 
19%
 
1,044,200

 
20%
 
1,249,139

 
20%
Technology
 
64,512

 
2%
 
92,975

 
3%
 
129,074

 
2%
 
192,336

 
3%
Capital Services
 
561,353

 
21%
 
586,686

 
18%
 
1,130,620

 
21%
 
1,156,675

 
18%
Total 
 
$
2,695,615

 
 
 
$
3,207,113

 
 
 
$
5,363,348

 
 
 
$
6,332,858

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
INCOME FROM OPERATIONS
 
 
 
% of 
 
 
 
% of 
 
 
 
% of 
 
 
 
% of 
 
 
 
Revenue 
 
 
 
Revenue 
 
 
 
Revenue 
 
 
 
Revenue 
Engineering & Construction
 
$
95,638

 
6.2%
 
$
176,467

 
9.2%
 
$
207,558

 
6.8%
 
$
312,885

 
8.4%
Fabrication Services
 
66,853

 
12.7%
 
55,937

 
9.2%
 
105,102

 
10.1%
 
108,336

 
8.7%
Technology
 
23,127

 
35.8%
 
36,741

 
39.5%
 
49,408

 
38.3%
 
84,765

 
44.1%
Capital Services
 
16,515

 
2.9%
 
14,962

 
2.6%
 
28,005

 
2.5%
 
24,919

 
2.2%
Total
 
$
202,133

 
7.5%
 
$
284,107

 
8.9%
 
$
390,073

 
7.3%
 
$
530,905

 
8.4%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
BACKLOG (2)
 
 
June 30, 2016
 
% of Total
 
December 31, 2015
 
% of Total
Engineering & Construction
 
$
11,159,593
 
 
57%
 
$
12,892,804
 
 
57%
Fabrication Services
 
2,606,646
 
 
13%
 
3,107,500
 
 
14%
Technology
 
977,125
 
 
5%
 
963,058
 
 
4%
Capital Services
 
4,892,596
 
 
25%
 
5,680,577
 
 
25%
Total
 
$
19,635,960
 
 
 
 
 
 
$
22,643,939
 
 
 
 
 
 
(1)   New awards represent the value of new project commitments received by the Company during a given period, as well as scope growth on existing commitments.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(2)   Backlog includes the value of new award commitments until work is performed and revenue is recognized or until cancellation. Backlog may also fluctuate with currency movements.


Chicago Bridge & Iron Company N.V. 
Consolidated Statements of Operations 
(in thousands, except per share data)
 
 
 
 
 
 
 
 
 
Three Months
 
Six Months
 
 
Ended June 30,
 
Ended June 30,
 
 
2016
 
2015
 
2016
 
2015
 
 
 
 
 
 
 
 
 
Revenue
 
$
2,695,615

 
$
3,207,113

 
$
5,363,348

 
$
6,332,858

Cost of revenue
 
2,401,089

 
2,823,990

 
4,781,217

 
5,579,564

Gross profit
 
294,526

 
383,123

 
582,131

 
753,294

% of Revenue
 
10.9
%
 
11.9
%

10.9
%
 
11.9
%
 
 
 
 
 
 
 
 
 
Selling and administrative expense
 
82,731

 
85,153

 
175,328

 
194,254

% of Revenue
 
3.1
%
 
2.7
%

3.3
%
 
3.1
%
 
 
 
 
 
 
 
 
 
Intangibles amortization
 
10,494

 
14,942

 
21,771

 
30,594

Equity earnings
 
(1,985
)
 
(394
)
 
(5,975
)
 
(4,596
)
Other operating expense (income), net
 
1,153

 
(685
)
 
934

 
2,137

Income from operations
 
202,133

 
284,107

 
390,073

 
530,905

% of Revenue
 
7.5
%
 
8.9
%

7.3
%
 
8.4
%
 
 
 
 
 
 
 
 
 
Interest expense
 
(26,073
)
 
(21,114
)
 
(51,971
)
 
(43,400
)
Interest income
 
3,059

 
2,184

 
5,548

 
4,232

Income before taxes
 
179,119

 
265,177

 
343,650

 
491,737

 
 
 
 
 
 
 
 
 
Income tax expense
 
(46,571
)
 
(79,289
)
 
(91,140
)
 
(149,100
)
Net income
 
132,548

 
185,888

 
252,510

 
342,637

 
 
 
 
 
 
 
 
 
Less: Net income attributable to noncontrolling interests
 
(8,709
)
 
(16,373
)
 
(21,746
)
 
(40,894
)
Net income attributable to CB&I
 
$
123,839

 
$
169,515

 
$
230,764

 
$
301,743

 
 
 
 
 
 
 
 
 
Net income attributable to CB&I per share:
 
 
 
 
 
 
 
 
Basic
 
$
1.18

 
$
1.56

 
$
2.20

 
$
2.78

Diluted
 
$
1.17

 
$
1.55

 
$
2.18

 
$
2.76

 
 
 
 
 
 
 
 
 
Weighted average shares outstanding:
 
 
 
 
 
 
 
 
Basic
 
105,298

 
108,700

 
105,051

 
108,450

Diluted
 
106,091

 
109,533

 
105,925

 
109,386

 
 
 
 
 
 
 
 
 
Cash dividends on shares:
 
 
 
 
 
 
 
 
Amount
 
$
7,372

 
$
7,610

 
$
14,731

 
$
15,207

Per share
 
$
0.07

 
$
0.07

 
$
0.14

 
$
0.14




Chicago Bridge & Iron Company N.V.
Condensed Consolidated Balance Sheets
(in thousands)
 
 
 
 
 
 
 
June 30,
 
December 31,
 
 
2016
 
2015
ASSETS
 
 
 
 
 
 
 
 
 
Current assets
 
$
3,649,294

 
$
3,367,299

Equity investments
 
149,043

 
136,845

Property and equipment, net
 
587,059

 
604,043

Goodwill and other intangibles, net
 
4,101,555

 
4,122,455

Other non-current assets
 
895,547

 
961,418

Total assets
 
$
9,382,498

 
$
9,192,060

 
 
 
 
 
LIABILITIES AND SHAREHOLDERS' EQUITY
 
 
 
 
 
 
 
 
 
Current maturities of long-term debt and other borrowings, net
 
$
863,270

 
$
800,871

Other current liabilities
 
4,272,183

 
4,056,077

Long-term debt, net
 
1,474,498

 
1,791,832

Other non-current liabilities
 
382,584

 
379,690

 
 
 
 
 
Shareholders' equity
 
2,389,963

 
2,163,590

Total liabilities and shareholders’ equity
 
$
9,382,498

 
$
9,192,060

 
 
Condensed Consolidated Statements of Cash Flows and Other Financial Data
(in thousands)
 
 
 
 
 
Six Months
 
 
Ended June 30,
 
 
2016
 
2015
CASH FLOWS
 
 
 
 
 
 
 
 
 
Cash flows from operating activities
 
$
319,264

 
$
(194,704
)
Cash flows from investing activities
 
(115,668
)
 
(189,644
)
Cash flows from financing activities
 
(137,736
)
 
422,223

Effect of exchange rate changes on cash and cash equivalents
 
(13,169
)
 
(34,110
)
Increase in cash and cash equivalents
 
52,691

 
3,765

Cash and cash equivalents, beginning of the year
 
550,221

 
351,323

Cash and cash equivalents, end of the period
 
$
602,912

 
$
355,088

 
 
 
 
 
OTHER FINANCIAL DATA
 
 
 
 
 
 
 
 
 
Increase in receivables, net
 
$
(113,662
)
 
$
(20,291
)
Change in contracts in progress, net
 
87,405

 
(626,450
)
Decrease (increase) in inventory
 
15,334

 
(6,089
)
Decrease in accounts payable
 
(53,637
)
 
(77,798
)
Change in contract capital
 
$
(64,560
)
 
$
(730,628
)
 
 
 
 
 
Depreciation and amortization
 
$
62,853

 
$
86,699

Capital expenditures
 
$
25,276

 
$
33,717



Chicago Bridge & Iron Company N.V.
Non-GAAP Supplemental Adjusted Financial Data
(amounts adjusted to exclude the results of our nuclear operations and non-cash charges related to the disposition of our nuclear operations)
(in thousands, except per share data)
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended March 31, 2015 (1)
 
 
As Reported
 
Disposition Charges
 
Removal of Divested Business
 
Excluding Divested Business
 
 
 
 
 
 
 
 
 
Revenue
 
$
3,125,745

 
$
—

 
$
(488,259
)
 
$
2,637,486

Income from operations
 
$
246,798

 
$
—

 
$
(45,600
)
 
$
201,198

Net income attributable to CB&I
 
$
132,228

 
$
—

 
$
(27,816
)
 
$
104,412

Net income attributable to CB&I per share (diluted) (2)
 
$
1.21

 
$
—

 
$
(0.25
)
 
$
0.96

New Awards
 
$
3,031,183

 
$
—

 
$
(5,206
)
 
$
3,025,977

Backlog
 
$
29,934,182

 
$
—

 
$
(8,193,792
)
 
$
21,740,390

Operating Cash Flows
 
$
(289,871
)
 
$
—

 
$
303,600

 
$
13,729

 
 
 
Three Months Ended June 30, 2015 (1)
 
 
As Reported
 
Disposition Charges
 
Removal of Divested Business
 
Excluding Divested Business
 
 
 
 
 
 
 
 
 
Revenue
 
$
3,207,113

 
$
—

 
$
(564,327
)
 
$
2,642,786

Income from operations
 
$
284,107

 
$
—

 
$
(71,800
)
 
$
212,307

Net income attributable to CB&I
 
$
169,515

 
$
—

 
$
(43,798
)
 
$
125,717

Net income attributable to CB&I per share (diluted) (2)
 
$
1.55

 
$
—

 
$
(0.40
)
 
$
1.15

New Awards
 
$
2,844,516

 
$
—

 
$
(574,719
)
 
$
2,269,797

Backlog
 
$
29,432,933

 
$
—

 
$
(8,204,184
)
 
$
21,228,749

Operating Cash Flows
 
$
95,167

 
$
—

 
$
271,200

 
$
366,367

 
 
 
Three Months Ended September 30, 2015 (1)
 
 
As Reported
 
Disposition Charges
 
Removal of Divested Business
 
Excluding Divested Business
 
 
 
 
 
 
 
 
 
Revenue
 
$
3,321,682

 
$
—

 
$
(502,922
)
 
$
2,818,760

(Loss) income from operations
 
$
(889,962
)
 
$
1,160,480

 
$
(45,715
)
 
$
224,803

Net (loss) income attributable to CB&I
 
$
(740,433
)
 
$
904,230

 
$
(27,886
)
 
$
135,911

Net (loss) income attributable to CB&I per share (diluted) (3)
 
$
(7.02
)
 
$
8.56

 
$
(0.26
)
 
$
1.28

New Awards
 
$
4,000,302

 
$
—

 
$
(84,289
)
 
$
3,916,013

Backlog
 
$
29,928,616

 
$
—

 
$
(7,785,551
)
 
$
22,143,065

Operating Cash Flows
 
$
21,282

 
$
—

 
$
305,685

 
$
326,967

 
 
 
Three Months Ended December 31, 2015 (1)
 
 
As Reported
 
Disposition Charges
 
Removal of Divested Business
 
Excluding Divested Business
 
 
 
 
 
 
 
 
 
Revenue
 
$
3,274,964

 
$
—

 
$
(505,659
)
 
$
2,769,305

(Loss) income from operations
 
$
(66,060
)
 
$
345,371

 
$
(52,035
)
 
$
227,276

Net (loss) income attributable to CB&I
 
$
(65,725
)
 
$
230,910

 
$
(31,741
)
 
$
133,444

Net (loss) income attributable to CB&I per share (diluted) (3)
 
$
(0.63
)
 
$
2.19

 
$
(0.30
)
 
$
1.26

New Awards
 
$
3,262,497

 
$
—

 
$
(8,151
)
 
$
3,254,346

Backlog
 
$
22,643,939

 
$
—

 
$
—

 
$
22,643,939

Operating Cash Flows
 
$
117,208

 
$
—

 
$
252,865

 
$
370,073

 
 
 
 
 
Twelve Months Ended December 31, 2015 (1)
 
 
As Reported
 
Disposition Charges
 
Removal of Divested Business
 
Excluding Divested Business
 
 
 
 
 
 
 
 
 
Revenue
 
$
12,929,504

 
$
—

 
$
(2,061,167
)
 
$
10,868,337

(Loss) income from operations
 
$
(425,117
)
 
$
1,505,851

 
$
(215,150
)
 
$
865,584

Net (loss) income attributable to CB&I
 
$
(504,415
)
 
$
1,135,140

 
$
(131,241
)
 
$
499,484

Net (loss) income attributable to CB&I per share (diluted) (3)
 
$
(4.72
)
 
$
10.58

 
$
(1.22
)
 
$
4.64

New Awards
 
$
13,138,498

 
$
—

 
$
(672,365
)
 
$
12,466,133

Backlog
 
$
22,643,939

 
$
—

 
$
—

 
$
22,643,939

Operating Cash Flows
 
$
(56,214
)
 
$
—

 
$
1,133,350

 
$
1,077,136

 
(1)  The summary unaudited adjusted financial information presented in the tables above is for illustrative purposes only and is based on assumptions and estimates considered appropriate by CB&I management; however, it is not necessarily indicative of what CB&I’s consolidated financial position or results of operations actually would have been assuming the transaction was completed on January 1, 2015, and does not purport to represent CB&I’s consolidated financial position or results of operations for future periods. The above should be read together with the historical financial statements, including the related notes thereto, included in CB&I’s Annual Report on Form 10-K for the year ended December 31, 2015, and its Quarterly Reports on Form 10-Q for the quarters ended March 31, 2015, June 30, 2015, and September 30, 2015.
 
 
 
 
 
 
 
 
 
 
 
(2)   The unadjusted and adjusted per share amounts for the three months ended March 31, 2015, and June 30, 2015, are based upon diluted weighted average shares of 109,261 and 109,533, respectively.
 
 
 
 
 
 
 
 
 
 
 
(3)   The unadjusted per share amounts for the three months ended September 30, 2015, and December 31, 2015, and twelve months ended December 31, 2015, are based upon diluted weighted average shares that are equivalent to our basic weighted average shares of 105,454, 104,763 and 106,766, respectively, due to the net loss for the periods, and the adjusted per share amounts are based upon diluted weighted average shares of 106,322,105,926 and 107,719, respectively.



Chicago Bridge & Iron Company N.V.
Non-GAAP Supplemental Adjusted Segment Information
(amounts adjusted to exclude the results of our nuclear operations and non-cash charges related to the disposition of our nuclear operations)
(in thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended
 
Twelve Months Ended
 
 
March 31, 2015 (1)
 
June 30, 2015 (1)
 
September 30, 2015 (1)
 
December 31, 2015 (1)
 
December 31, 2015 (1)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
NEW AWARDS
 
 
 
% of 
 
 
 
% of 
 
 
 
% of 
 
 
 
% of 
 
 
 
% of 
 
 
 
Total 
 
 
 
Total 
 
 
 
Total 
 
 
 
Total 
 
 
 
Total 
Engineering & Construction
 
$
1,204,201

 
40%
 
$
731,232

 
32%
 
$
2,323,546

 
60%
 
$
1,778,520

 
55%
 
$
6,037,499

 
48%
Fabrication Services
 
927,374

 
31%
 
844,715

 
37%
 
840,658

 
21%
 
493,816

 
15%
 
3,106,563

 
25%
Technology
 
77,022

 
2%
 
81,087

 
4%
 
97,539

 
2%
 
321,892

 
10%
 
577,540

 
5%
Capital Services
 
817,380

 
27%
 
612,763

 
27%
 
654,270

 
17%
 
660,118

 
20%
 
2,744,531

 
22%
Total 
 
$
3,025,977

 
 
 
$
2,269,797

 
 
 
$
3,916,013

 
 
 
$
3,254,346

 
 
 
$
12,466,133

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
REVENUE
 
 
 
% of 
 
 
 
% of 
 
 
 
% of 
 
 
 
% of 
 
 
 
% of 
 
 
 
Total 
 
 
 
Total 
 
 
 
Total 
 
 
 
Total 
 
 
 
Total 
Engineering & Construction
 
$
1,330,327

 
50%
 
$
1,351,795

 
51%
 
$
1,443,504

 
51%
 
$
1,510,891

 
55%
 
$
5,636,517

 
52%
Fabrication Services
 
637,809

 
24%
 
611,330

 
23%
 
640,201

 
23%
 
553,350

 
20%
 
2,442,690

 
22%
Technology
 
99,361

 
4%
 
92,975

 
4%
 
118,269

 
4%
 
88,494

 
3%
 
399,099

 
4%
Capital Services
 
569,989

 
22%
 
586,686

 
22%
 
616,786

 
22%
 
616,570

 
22%
 
2,390,031

 
22%
Total 
 
$
2,637,486

 
 
 
$
2,642,786

 
 
 
$
2,818,760

 
 
 
$
2,769,305

 
 
 
$
10,868,337

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
INCOME FROM OPERATIONS
 
 
 
% of 
 
 
 
% of 
 
 
 
% of 
 
 
 
% of 
 
 
 
% of 
 
 
 
Revenue 
 
 
 
Revenue 
 
 
 
Revenue 
 
 
 
Revenue 
 
 
 
Revenue 
Engineering & Construction
 
$
90,818

 
6.8%
 
$
104,667

 
7.7%
 
$
107,411

 
7.4%
 
$
112,484

 
7.4%
 
$
415,380

 
7.4%
Fabrication Services
 
52,399

 
8.2%
 
55,937

 
9.2%
 
61,408

 
9.6%
 
55,523

 
10.0%
 
225,267

 
9.2%
Technology
 
48,024

 
48.3%
 
36,741

 
39.5%
 
31,911

 
27.0%
 
34,201

 
38.6%
 
150,877

 
37.8%
Capital Services
 
9,957

 
1.7%
 
14,962

 
2.6%
 
24,073

 
3.9%
 
25,068

 
4.1%
 
74,060

 
3.1%
Total 
 
$
201,198

 
7.6%
 
$
212,307

 
8.0%
 
$
224,803

 
8.0%
 
$
227,276

 
8.2%
 
$
865,584

 
8.0%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1)   The summary unaudited adjusted financial information reflects the removal of the results of our nuclear power construction business sold on December 31, 2015, and reflects the removal of the related disposition charges incurred as a result of the sale, as quantified below. The information presented in the tables above is for illustrative purposes only. The exclusion of our nuclear power construction business and the $1,160,480 and $345,371 of charges related to the disposition of our nuclear operations for the three months ended September 30, 2015, and December 31, 2015, respectively, are non-GAAP financial measures, which we believe provides users a better indication of our operating performance. See “Reconciliation of Non-GAAP Supplemental Adjusted Segment Information to GAAP Information” table.


Chicago Bridge & Iron Company N.V.
Reconciliation of Non-GAAP Supplemental Adjusted Segment Information to GAAP Information
(in thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended
 
Twelve Months Ended
 
 
 
March 31, 2015
 
June 30, 2015
 
September 30, 2015
 
December 31, 2015
 
December 31, 2015
NEW AWARDS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Engineering & Construction
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Excluding Nuclear Operations
 
$
1,204,201

 
 
 
$
731,232

 
 
 
$
2,323,546

 
 
 
$
1,778,520

 
 
 
$
6,037,499

 
 
Nuclear Operations
 
5,206

 
 
 
574,719

 
 
 
84,289

 
 
 
8,151

 
 
 
672,365

 
 
Total
 
 
$
1,209,407

 
 
 
$
1,305,951

 
 
 
$
2,407,835

 
 
 
$
1,786,671

 
 
 
$
6,709,864

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
CB&I
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Excluding Nuclear Operations
 
$
3,025,977

 
 
 
$
2,269,797

 
 
 
$
3,916,013

 
 
 
$
3,254,346

 
 
 
$
12,466,133

 
 
Nuclear Operations
 
5,206

 
 
 
574,719

 
 
 
84,289

 
 
 
8,151

 
 
 
672,365

 
 
Total
 
 
$
3,031,183

 
 
 
$
2,844,516

 
 
 
$
4,000,302

 
 
 
$
3,262,497

 
 
 
$
13,138,498

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
REVENUE
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Engineering & Construction
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Excluding Nuclear Operations
 
$
1,330,327

 
 
 
$
1,351,795

 
 
 
$
1,443,504

 
 
 
$
1,510,891

 
 
 
$
5,636,517

 
 
Nuclear Operations
 
488,259

 
 
 
564,327

 
 
 
502,922

 
 
 
505,659

 
 
 
2,061,167

 
 
Total
 
 
$
1,818,586

 
 
 
$
1,916,122

 
 
 
$
1,946,426

 
 
 
$
2,016,550

 
 
 
$
7,697,684

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
CB&I
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Excluding Nuclear Operations
 
$
2,637,486

 
 
 
$
2,642,786

 
 
 
$
2,818,760

 
 
 
$
2,769,305

 
 
 
$
10,868,337

 
 
Nuclear Operations
 
488,259

 
 
 
564,327

 
 
 
502,922

 
 
 
505,659

 
 
 
2,061,167

 
 
Total
 
 
$
3,125,745

 
 
 
$
3,207,113

 
 
 
$
3,321,682

 
 
 
$
3,274,964

 
 
 
$
12,929,504

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
INCOME (LOSS) FROM OPERATIONS
 
 
 
% of
 
 
 
% of
 
 
 
% of
 
 
 
% of
 
 
 
% of
 
 
 
Revenue
 
 
 
Revenue
 
 
 
Revenue
 
 
 
Revenue
 
 
 
Revenue
Engineering & Construction
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Excluding Nuclear Operations
 
$
90,818

 
6.8%
 
$
104,667

 
7.7%
 
$
107,411

 
7.4%
 
$
112,484

 
7.4%
 
$
415,380

 
7.4%
Nuclear Operations
 
45,600

 
 
 
71,800

 
 
 
(1,114,765
)
 
 
 
(293,336
)
 
 
 
(1,290,701
)
 
 
Total
 
 
$
136,418

 
7.5%
 
$
176,467

 
9.2%
 
$
(1,007,354
)
 
(51.8)%
 
$
(180,852
)
 
(9.0)%
 
$
(875,321
)
 
(11.4)%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
CB&I
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Excluding Nuclear Operations
 
$
201,198

 
7.6%
 
$
212,307

 
8.0%
 
$
224,803

 
8.0%
 
$
227,276

 
8.2%
 
$
865,584

 
8.0%
Nuclear Operations
 
45,600

 
 
 
71,800

 
 
 
(1,114,765
)
 
 
 
(293,336
)
 
 
 
(1,290,701
)
 
 
Total
 
 
$
246,798

 
7.9%
 
$
284,107

 
8.9%
 
$
(889,962
)
 
(26.8)%
 
$
(66,060
)
 
(2.0)%
 
$
(425,117
)
 
(3.3)%





Investors: Scott Lamb, +1 832 513 1068, Scott.Lamb@CBI.com
Media: Gentry Brann, +1 832 513 1031, Gentry.Brann@CBI.com