Oceaneering Reports First Quarter 2024 Results
Summary of Results |
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(in thousands, except per share amounts) |
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For the Three Months Ended |
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2024 |
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2023 |
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2023 |
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Revenue |
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$ |
599,092 |
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$ |
536,987 |
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$ |
654,629 |
Gross Margin |
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|
92,384 |
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|
77,565 |
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|
105,629 |
Income (Loss) from Operations |
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36,693 |
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|
26,750 |
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|
47,450 |
Net Income (Loss) |
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15,135 |
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|
4,060 |
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|
44,529 |
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Diluted Earnings (Loss) Per Share |
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$ |
0.15 |
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$ |
0.04 |
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$ |
0.43 |
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For the first quarter of 2024:
-
Net income was
$15.1 million and consolidated adjusted EBITDA was$61.7 million -
Consolidated operating income was
$36.7 million -
Cash flow used in operating activities was
$69.7 million and free cash flow was$(95.2) million , with an ending cash position of$355 million
As of
-
Remotely Operated Vehicles (ROV): fleet count was 250; Q1 utilization was 64%; and Q1 average revenue per day on hire was
$10,009 -
Manufactured Products backlog was
$597 million
Confirmed prior guidance for 2024:
-
Net income is expected in the range of
$125 million to$155 million -
Consolidated EBITDA is expected in the range of
$330 million to$380 million -
Free cash flow generation is expected in the range of
$110 million to$150 million -
Capital expenditures are expected in the range of
$110 million to$130 million
First Quarter 2024 Segment Results v. First Quarter 2023 Segment Results
Subsea Robotics (SSR) first quarter 2024 operating income of
Average ROV revenue per day on hire of
Manufactured Products operating income improved 17% on a 15% increase in revenue compared to the first quarter of 2023, while operating income margin remained flat at 10%. Backlog was
OPG operating income declined as expected due to drydock expenses incurred during the first quarter of 2024, on an increase in revenue compared to the first quarter of 2023. Operating income margin declined to 1% in the first quarter, from 5% in the first quarter of 2023.
Integrity Management and Digital Solutions (IMDS) operating income improved year over year on a 16% increase in revenue. Operating income margin of 5% was flat.
Aerospace and Defense Technologies (ADTech) operating income increased by
At the corporate level, Unallocated Expenses of
Second Quarter 2024 Guidance
For the second quarter of 2024, as compared to the first quarter 2024:
- OPG activity levels and operating profitability are expected to be significantly higher;
- SSR and Manufactured Products activity levels and operating profitability are expected to be higher;
- IMDS and ADTech activity levels are expected to be flat and operating profitability is expected to be slightly lower; and
-
Unallocated Expenses are forecasted to be in the
$40 million range, consistent with prior guidance.
On a consolidated basis, second quarter 2024 operating results are expected to improve, with EBITDA in the range of
Updated Full-Year 2024 Guidance
Full-year 2024 consolidated and segment guidance remains the same as provided in the fourth quarter 2023 earnings release, inclusive of the following clarification and addition:
- SSR revenue increase is expected to be in the low- to mid-teens percentage range; and
- Manufactured Products book-to-bill ratio is expected to be in the range of 1.1 to 1.3 for the full year.
Non-GAAP Financial Measures
Adjusted net income (loss) and earnings (loss) per share; EBITDA and adjusted EBITDA (as well as EBITDA and adjusted EBITDA margins); and free cash flow are non-GAAP measures that exclude the impacts of certain identified items. Reconciliations to the corresponding GAAP measures are shown in the tables Adjusted Net Income (Loss) and Diluted Earnings (Loss) per Share (EPS), EBITDA and Adjusted EBITDA and Margins, Free Cash Flow, 2024 Adjusted EBITDA and Free Cash Flow Estimates, and EBITDA and Adjusted EBITDA and Margins by Segment. These tables are included below under the caption Reconciliations of Non-GAAP to GAAP Financial Information.
Conference Call Details
Oceaneering has scheduled a conference call and webcast on
This release contains "forward-looking statements," as defined in the Private Securities Litigation Reform Act of 1995, including, without limitation, statements as to the expectations, beliefs, future expected business and financial performance and prospects of Oceaneering. More specifically, the forward-looking statements in this press release include the statements concerning Oceaneering’s: full-year 2024 guidance ranges for net income, consolidated EBITDA, free cash flow generation, capital expenditures, SSR revenue, and Manufactured Products book-to-bill ratio; second-quarter 2024 guidance for consolidated EBITDA, operating segment revenues, operating results, operating profitability, segment activity levels, and Unallocated Expenses; full-year 2024 sequential activity and operating performance across each operating segment, led by OPG, SSR, and Manufactured Products; expectation that 2024 will generate substantial free cash flow; expectations for improved financial performance and condition in 2024, including activity levels by segment; and the characterization, whether positive or otherwise, of market fundamentals, conditions, and dynamics, robotics markets, offshore energy activity levels (including by geographic location), pricing levels, day rates, ROV days on hire, average ROV revenue per day on hire, vessel utilization, growth, bidding activity, outlook, performance, opportunities, and future financials, including as increasing, favorable, positive, encouraging, improving, seasonal, strong, supportive, robust, meaningful, healthy, or significant (which is used herein to indicate a change of 20% or greater).
The forward-looking statements included in this release are based on Oceaneering's current expectations and are subject to certain risks, assumptions, trends, and uncertainties that could cause actual results to differ materially
from those indicated by the forward-looking statements. Among the factors that could cause actual results to differ materially include: factors affecting the level of activity in the oil and gas industry, including worldwide demand for and prices of oil and natural gas, oil and natural gas production growth, and the supply and demand of offshore
drilling rigs; the indirect consequences of climate change and climate-related business trends; actions by
members of
Oceaneering is a global technology company delivering engineered services and products and robotic solutions to the offshore energy, defense, aerospace, manufacturing, and entertainment industries.
For more information on Oceaneering, please visit www.oceaneering.com.
- Tables follow on next page -
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CONDENSED CONSOLIDATED BALANCE SHEETS |
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(in thousands) |
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ASSETS |
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Current assets (including cash and cash equivalents of |
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$ |
1,237,492 |
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$ |
1,305,659 |
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Net property and equipment |
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422,089 |
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424,293 |
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Other assets |
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569,296 |
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509,054 |
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Total Assets |
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$ |
2,228,877 |
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$ |
2,239,006 |
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LIABILITIES AND EQUITY |
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Current liabilities |
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$ |
703,378 |
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$ |
732,476 |
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Long-term debt |
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478,173 |
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477,058 |
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Other long-term liabilities |
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418,183 |
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395,389 |
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Equity |
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629,143 |
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|
634,083 |
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Total Liabilities and Equity |
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$ |
2,228,877 |
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$ |
2,239,006 |
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
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For the Three Months Ended |
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(in thousands, except per share amounts) |
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Revenue |
$ |
599,092 |
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$ |
536,987 |
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$ |
654,629 |
|
Cost of services and products |
|
506,708 |
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|
459,422 |
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|
549,000 |
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Gross margin |
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92,384 |
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|
77,565 |
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|
105,629 |
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Selling, general and administrative expense |
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55,691 |
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50,815 |
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|
58,179 |
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Income (loss) from operations |
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36,693 |
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26,750 |
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|
47,450 |
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Interest income |
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3,040 |
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|
4,466 |
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3,081 |
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Interest expense |
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(9,204 |
) |
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|
(9,283 |
) |
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(7,921 |
) |
Equity in income (losses) of unconsolidated affiliates |
|
169 |
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|
639 |
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|
445 |
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Other income (expense), net |
|
1,480 |
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|
78 |
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3,564 |
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Income (loss) before income taxes |
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32,178 |
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|
22,650 |
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|
46,619 |
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Provision (benefit) for income taxes |
|
17,043 |
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|
18,590 |
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|
2,090 |
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Net Income (Loss) |
$ |
15,135 |
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$ |
4,060 |
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$ |
44,529 |
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Weighted average diluted shares outstanding |
|
102,250 |
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|
102,029 |
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|
102,366 |
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Diluted earnings (loss) per share |
$ |
0.15 |
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$ |
0.04 |
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$ |
0.43 |
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The above Condensed Consolidated Balance Sheets and Condensed Consolidated Statements of Operations should be read in conjunction with the Company's latest Annual Report on Form 10-K and Quarterly Report on Form 10-Q. |
SEGMENT INFORMATION |
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For the Three Months Ended |
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($ in thousands) |
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Subsea Robotics |
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Revenue |
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$ |
186,932 |
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$ |
169,161 |
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$ |
199,505 |
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Gross margin |
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$ |
56,776 |
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$ |
44,631 |
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$ |
64,085 |
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Operating income (loss) |
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$ |
44,237 |
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$ |
33,654 |
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$ |
50,594 |
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Operating income (loss) % |
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24 |
% |
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20 |
% |
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25 |
% |
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ROV days available |
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22,750 |
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22,500 |
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23,000 |
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ROV days utilized |
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14,536 |
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14,228 |
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15,682 |
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ROV utilization |
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64 |
% |
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63 |
% |
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68 |
% |
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Manufactured Products |
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Revenue |
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$ |
129,453 |
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$ |
112,939 |
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$ |
132,994 |
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Gross margin |
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$ |
22,461 |
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$ |
19,754 |
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$ |
13,923 |
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Operating income (loss) |
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|
$ |
13,190 |
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$ |
11,280 |
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$ |
5,435 |
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Operating income (loss) % |
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10 |
% |
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10 |
% |
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4 |
% |
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Backlog at end of period |
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$ |
597,000 |
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$ |
446,000 |
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$ |
622,000 |
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Revenue |
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$ |
115,054 |
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$ |
104,307 |
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$ |
161,239 |
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Gross margin |
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$ |
8,968 |
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$ |
13,024 |
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$ |
26,269 |
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Operating income (loss) |
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|
$ |
844 |
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$ |
5,514 |
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$ |
15,155 |
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Operating income (loss) % |
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1 |
% |
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5 |
% |
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9 |
% |
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Integrity Management & Digital Solutions |
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Revenue |
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$ |
69,690 |
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$ |
60,083 |
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$ |
65,977 |
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Gross margin |
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$ |
9,896 |
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$ |
8,849 |
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$ |
9,914 |
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Operating income (loss) |
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$ |
3,615 |
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|
$ |
3,082 |
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|
$ |
3,205 |
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Operating income (loss) % |
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|
5 |
% |
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|
5 |
% |
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5 |
% |
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Aerospace and Defense Technologies |
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Revenue |
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|
$ |
97,963 |
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|
$ |
90,497 |
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|
$ |
94,914 |
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Gross margin |
|
|
$ |
18,803 |
|
|
$ |
15,100 |
|
|
$ |
17,350 |
|
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Operating income (loss) |
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|
$ |
12,808 |
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|
$ |
8,496 |
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|
$ |
11,010 |
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Operating income (loss) % |
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|
13 |
% |
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|
9 |
% |
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|
12 |
% |
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Unallocated Expenses |
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Gross margin |
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$ |
(24,520 |
) |
|
$ |
(23,793 |
) |
|
$ |
(25,912 |
) |
|
Operating income (loss) |
|
|
$ |
(38,001 |
) |
|
$ |
(35,276 |
) |
|
$ |
(37,949 |
) |
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Total |
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Revenue |
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$ |
599,092 |
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$ |
536,987 |
|
|
$ |
654,629 |
|
|
Gross margin |
|
|
$ |
92,384 |
|
|
$ |
77,565 |
|
|
$ |
105,629 |
|
|
Operating income (loss) |
|
|
$ |
36,693 |
|
|
$ |
26,750 |
|
|
$ |
47,450 |
|
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Operating income (loss) % |
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|
6 |
% |
|
|
5 |
% |
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|
7 |
% |
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The above Segment Information does not include adjustments for non-recurring transactions. See the tables below under the caption "Reconciliations of Non-GAAP to GAAP Financial Information" for financial measures that our management considers in evaluating our ongoing operations. |
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SELECTED CASH FLOW INFORMATION |
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For the Three Months Ended |
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(in thousands) |
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Capital Expenditures, including Acquisitions |
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|
$ |
25,518 |
|
$ |
18,308 |
|
$ |
34,045 |
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Depreciation and Amortization: |
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|
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Energy Services and Products |
|
|
|
|
|
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|
|||
Subsea Robotics |
|
|
$ |
12,810 |
|
$ |
14,940 |
|
$ |
13,264 |
Manufactured Products |
|
|
|
3,175 |
|
|
3,044 |
|
|
3,096 |
|
|
|
|
6,435 |
|
|
7,128 |
|
|
6,921 |
Integrity Management & Digital Solutions |
|
|
|
1,259 |
|
|
858 |
|
|
902 |
Total Energy Services and Products |
|
|
|
23,679 |
|
|
25,970 |
|
|
24,183 |
Aerospace and Defense Technologies |
|
|
|
603 |
|
|
653 |
|
|
619 |
Unallocated Expenses |
|
|
|
2,776 |
|
|
1,198 |
|
|
695 |
Total Depreciation and Amortization |
|
|
$ |
27,058 |
|
$ |
27,821 |
|
$ |
25,497 |
|
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RECONCILIATIONS OF NON-GAAP TO GAAP FINANCIAL INFORMATION
In addition to financial results determined in accordance with
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Adjusted Net Income (Loss) and Diluted Earnings (Loss) per Share (EPS) |
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For the Three Months Ended |
|
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|
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|
|||||||||||||||||
|
|
Net Income
|
|
Diluted EPS |
|
Net Income
|
|
Diluted EPS |
|
Net Income
|
|
Diluted EPS |
|
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(in thousands, except per share amounts) |
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Net income (loss) and diluted EPS as reported in accordance with GAAP |
|
$ |
15,135 |
|
|
$ |
0.15 |
|
$ |
4,060 |
|
|
$ |
0.04 |
|
$ |
44,529 |
|
|
$ |
0.43 |
|
Pre-tax adjustments for the effects of: |
|
|
|
|
|
|
|
|
|
|
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Foreign currency (gains) losses |
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|
(2,197 |
) |
|
|
|
|
(267 |
) |
|
|
|
|
(2,275 |
) |
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|
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Total pre-tax adjustments |
|
|
(2,197 |
) |
|
|
|
|
(267 |
) |
|
|
|
|
(2,275 |
) |
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|
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Tax effect on pre-tax adjustments at the applicable jurisdictional statutory rate in effect for respective periods |
|
|
790 |
|
|
|
|
|
84 |
|
|
|
|
|
851 |
|
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|
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Discrete tax items: |
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|
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Share-based compensation |
|
|
(1,926 |
) |
|
|
|
|
(1,367 |
) |
|
|
|
|
(58 |
) |
|
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|
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Uncertain tax positions |
|
|
(149 |
) |
|
|
|
|
89 |
|
|
|
|
|
(2,036 |
) |
|
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|
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Valuation allowances |
|
|
4,571 |
|
|
|
|
|
3,576 |
|
|
|
|
|
(20,350 |
) |
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|
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Other |
|
|
(2,336 |
) |
|
|
|
|
(793 |
) |
|
|
|
|
(1,230 |
) |
|
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|
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Total discrete tax adjustments |
|
|
160 |
|
|
|
|
|
1,505 |
|
|
|
|
|
(23,674 |
) |
|
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|
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Total of adjustments |
|
|
(1,247 |
) |
|
|
|
|
1,322 |
|
|
|
|
|
(25,098 |
) |
|
|
|
|||
Adjusted Net Income (Loss) |
|
$ |
13,888 |
|
|
$ |
0.14 |
|
$ |
5,382 |
|
|
$ |
0.05 |
|
$ |
19,431 |
|
|
$ |
0.19 |
|
Weighted average diluted shares outstanding utilized for Adjusted Net Income (Loss) |
|
|
|
|
102,250 |
|
|
|
|
102,029 |
|
|
|
|
102,366 |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
EBITDA and Adjusted EBITDA and Margins |
|||||||||||||
|
|
|
|
|
|
|
|
||||||
|
|
|
For the Three Months Ended |
||||||||||
|
|
|
|
|
|
|
|
||||||
|
|
|
($ in thousands) |
||||||||||
|
|
|
|
|
|
|
|
||||||
Net income (loss) |
|
|
$ |
15,135 |
|
|
$ |
4,060 |
|
|
$ |
44,529 |
|
Depreciation and amortization |
|
|
|
27,058 |
|
|
|
27,821 |
|
|
|
25,497 |
|
Subtotal |
|
|
|
42,193 |
|
|
|
31,881 |
|
|
|
70,026 |
|
Interest expense, net of interest income |
|
|
6,164 |
|
|
|
4,817 |
|
|
|
4,840 |
|
|
Amortization included in interest expense |
|
|
(1,479 |
) |
|
|
26 |
|
|
|
460 |
|
|
Provision (benefit) for income taxes |
|
|
|
17,043 |
|
|
|
18,590 |
|
|
|
2,090 |
|
EBITDA |
|
|
|
63,921 |
|
|
|
55,314 |
|
|
|
77,416 |
|
Adjustments for the effects of: |
|
|
|
|
|
|
|
||||||
Foreign currency (gains) losses |
|
|
|
(2,197 |
) |
|
|
(267 |
) |
|
|
(2,275 |
) |
Total of adjustments |
|
|
|
(2,197 |
) |
|
|
(267 |
) |
|
|
(2,275 |
) |
Adjusted EBITDA |
|
|
$ |
61,724 |
|
|
$ |
55,047 |
|
|
$ |
75,141 |
|
|
|
|
|
|
|
|
|
||||||
Revenue |
|
|
$ |
599,092 |
|
|
$ |
536,987 |
|
|
$ |
654,629 |
|
|
|
|
|
|
|
|
|
||||||
EBITDA margin % |
|
|
|
11 |
% |
|
|
10 |
% |
|
|
12 |
% |
Adjusted EBITDA margin % |
|
|
|
10 |
% |
|
|
10 |
% |
|
|
11 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Free Cash Flow |
||||||||||||
|
|
|
|
|
|
|
||||||
|
|
For the Three Months Ended |
||||||||||
|
|
|
|
|
|
|
||||||
|
|
(in thousands) |
||||||||||
Net Income (loss) |
|
$ |
15,135 |
|
|
$ |
4,060 |
|
|
$ |
44,529 |
|
Non-cash adjustments: |
|
|
|
|
|
|||||||
Depreciation and amortization |
|
|
27,058 |
|
|
|
27,821 |
|
|
|
25,497 |
|
Other non-cash |
|
|
2,682 |
|
|
|
(188 |
) |
|
|
(22,486 |
) |
Other increases (decreases) in cash from operating activities |
|
(114,592 |
) |
|
|
(74,612 |
) |
|
|
105,275 |
|
|
Cash flow provided by (used in) operating activities |
|
(69,717 |
) |
|
|
(42,919 |
) |
|
|
152,815 |
|
|
Purchases of property and equipment |
|
(25,518 |
) |
|
|
(18,308 |
) |
|
|
(34,045 |
) |
|
Free Cash Flow |
$ |
(95,235 |
) |
|
$ |
(61,227 |
) |
|
$ |
118,770 |
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
||||||
2024 EBITDA Estimates |
||||||||||||
|
|
|
|
|
|
|
||||||
|
|
|
|
For the Three Months Ended |
||||||||
|
|
|
|
|
||||||||
|
|
|
|
Low |
|
High |
||||||
|
|
|
|
(in thousands) |
||||||||
Income (loss) before income taxes |
|
|
|
$ |
50,000 |
|
|
$ |
56,000 |
|
||
Depreciation and amortization |
|
|
|
|
24,000 |
|
|
|
27,000 |
|
||
Subtotal |
|
|
|
|
74,000 |
|
|
|
83,000 |
|
||
Interest expense, net of interest income |
|
|
|
|
6,000 |
|
|
|
7,000 |
|
||
EBITDA |
|
|
|
$ |
80,000 |
|
|
$ |
90,000 |
|
||
|
|
|
|
|
|
|
||||||
|
|
|
|
For the Year Ended |
||||||||
|
|
|
|
|
||||||||
|
|
|
|
Low |
|
High |
||||||
|
|
|
|
(in thousands) |
||||||||
Income (loss) before income taxes |
|
|
|
$ |
206,000 |
|
|
$ |
242,000 |
|
||
Depreciation and amortization |
|
|
|
|
100,000 |
|
|
|
110,000 |
|
||
Subtotal |
|
|
|
|
306,000 |
|
|
|
352,000 |
|
||
Interest expense, net of interest income |
|
|
|
|
24,000 |
|
|
|
28,000 |
|
||
EBITDA |
|
|
|
$ |
330,000 |
|
|
$ |
380,000 |
|
||
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
||||||
2024 Free Cash Flow Estimate |
||||||||||||
|
|
|
|
|
|
|
||||||
|
|
|
|
For the Year Ended |
||||||||
|
|
|
|
|
||||||||
|
|
|
|
Low |
|
High |
||||||
|
|
|
|
(in thousands) |
||||||||
Net income (loss) |
|
|
|
$ |
125,000 |
|
|
$ |
155,000 |
|
||
Depreciation and amortization |
|
|
|
|
100,000 |
|
|
|
110,000 |
|
||
Other increases (decreases) in cash from operating activities |
|
|
(5,000 |
) |
|
|
15,000 |
|
||||
Cash flow provided by (used in) operating activities |
|
|
220,000 |
|
|
|
280,000 |
|
||||
Purchases of property and equipment |
|
|
|
|
(110,000 |
) |
|
|
(130,000 |
) |
||
Free Cash Flow |
|
|
|
$ |
110,000 |
|
|
$ |
150,000 |
|
||
|
|
|
|
|
|
|
||||||||||||||||||||||||||||
EBITDA and Adjusted EBITDA and Margins by Segment |
||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||
|
|
For the Three Months Ended |
||||||||||||||||||||||||||
|
|
SSR |
|
MP |
|
OPG |
|
IMDS |
|
ADTech |
|
Unallocated
|
|
Total |
||||||||||||||
|
|
($ in thousands) |
||||||||||||||||||||||||||
Operating Income (Loss) as reported in accordance with GAAP |
|
$ |
44,237 |
|
|
$ |
13,190 |
|
|
$ |
844 |
|
|
$ |
3,615 |
|
|
$ |
12,808 |
|
|
$ |
(38,001 |
) |
|
$ |
36,693 |
|
Adjustments for the effects of: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Depreciation and amortization |
|
|
12,810 |
|
|
|
3,175 |
|
|
|
6,435 |
|
|
|
1,259 |
|
|
|
603 |
|
|
|
2,776 |
|
|
|
27,058 |
|
Other pre-tax |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
170 |
|
|
|
170 |
|
EBITDA |
|
|
57,047 |
|
|
|
16,365 |
|
|
|
7,279 |
|
|
|
4,874 |
|
|
|
13,411 |
|
|
|
(35,055 |
) |
|
|
63,921 |
|
Adjustments for the effects of: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Foreign currency (gains) losses |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(2,197 |
) |
|
|
(2,197 |
) |
Total of adjustments |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(2,197 |
) |
|
|
(2,197 |
) |
Adjusted EBITDA |
|
$ |
57,047 |
|
|
$ |
16,365 |
|
|
$ |
7,279 |
|
|
$ |
4,874 |
|
|
$ |
13,411 |
|
|
$ |
(37,252 |
) |
|
$ |
61,724 |
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Revenue |
|
$ |
186,932 |
|
|
$ |
129,453 |
|
|
$ |
115,054 |
|
|
$ |
69,690 |
|
|
$ |
97,963 |
|
|
|
|
$ |
599,092 |
|
||
Operating income (loss) % as reported in accordance with GAAP |
|
|
24 |
% |
|
|
10 |
% |
|
|
1 |
% |
|
|
5 |
% |
|
|
13 |
% |
|
|
|
6 |
% |
|||
EBITDA Margin |
|
|
31 |
% |
|
|
13 |
% |
|
|
6 |
% |
|
|
7 |
% |
|
|
14 |
% |
|
|
|
11 |
% |
|||
Adjusted EBITDA Margin |
|
|
31 |
% |
|
|
13 |
% |
|
|
6 |
% |
|
|
7 |
% |
|
|
14 |
% |
|
|
10 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
|
For the Three Months Ended |
||||||||||||||||||||||||||
|
|
SSR |
|
MP |
|
OPG |
|
IMDS |
|
ADTech |
|
Unallocated Expenses and other |
|
Total |
||||||||||||||
|
|
($ in thousands) |
||||||||||||||||||||||||||
Operating Income (Loss) as reported in accordance with GAAP |
|
$ |
33,654 |
|
|
$ |
11,280 |
|
|
$ |
5,514 |
|
|
$ |
3,082 |
|
|
$ |
8,496 |
|
|
$ |
(35,276 |
) |
|
$ |
26,750 |
|
Adjustments for the effects of: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Depreciation and amortization |
|
|
14,940 |
|
|
|
3,044 |
|
|
|
7,128 |
|
|
|
858 |
|
|
|
653 |
|
|
|
1,198 |
|
|
|
27,821 |
|
Other pre-tax |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
743 |
|
|
|
743 |
|
EBITDA |
|
|
48,594 |
|
|
|
14,324 |
|
|
|
12,642 |
|
|
|
3,940 |
|
|
|
9,149 |
|
|
|
(33,335 |
) |
|
|
55,314 |
|
Adjustments for the effects of: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Foreign currency (gains) losses |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(267 |
) |
|
|
(267 |
) |
Total of adjustments |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(267 |
) |
|
|
(267 |
) |
Adjusted EBITDA |
|
$ |
48,594 |
|
|
$ |
14,324 |
|
|
$ |
12,642 |
|
|
$ |
3,940 |
|
|
$ |
9,149 |
|
|
$ |
(33,602 |
) |
|
$ |
55,047 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Revenue |
|
$ |
169,161 |
|
|
$ |
112,939 |
|
|
$ |
104,307 |
|
|
$ |
60,083 |
|
|
$ |
90,497 |
|
|
|
|
$ |
536,987 |
|
||
Operating income (loss) % as reported in accordance with GAAP |
|
|
20 |
% |
|
|
10 |
% |
|
|
5 |
% |
|
|
5 |
% |
|
|
9 |
% |
|
|
|
|
5 |
% |
||
EBITDA Margin |
|
|
29 |
% |
|
|
13 |
% |
|
|
12 |
% |
|
|
7 |
% |
|
|
10 |
% |
|
|
|
|
10 |
% |
||
Adjusted EBITDA Margin |
|
|
29 |
% |
|
|
13 |
% |
|
|
12 |
% |
|
|
7 |
% |
|
|
10 |
% |
|
|
|
|
10 |
% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||
EBITDA and Adjusted EBITDA and Margins by Segment |
||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||
|
|
For the Three Months Ended |
||||||||||||||||||||||||||
|
|
SSR |
|
MP |
|
OPG |
|
IMDS |
|
ADTech |
|
Unallocated
|
|
Total |
||||||||||||||
|
|
($ in thousands) |
||||||||||||||||||||||||||
Operating Income (Loss) as reported in accordance with GAAP |
|
$ |
50,594 |
|
|
$ |
5,435 |
|
|
$ |
15,155 |
|
|
$ |
3,205 |
|
|
$ |
11,010 |
|
|
$ |
(37,949 |
) |
|
$ |
47,450 |
|
Adjustments for the effects of: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Depreciation and amortization |
|
|
13,264 |
|
|
|
3,096 |
|
|
|
6,921 |
|
|
|
902 |
|
|
|
619 |
|
|
|
695 |
|
|
|
25,497 |
|
Other pre-tax |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
4,469 |
|
|
|
4,469 |
|
EBITDA |
|
|
63,858 |
|
|
|
8,531 |
|
|
|
22,076 |
|
|
|
4,107 |
|
|
|
11,629 |
|
|
|
(32,785 |
) |
|
|
77,416 |
|
Adjustments for the effects of: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Foreign currency (gains) losses |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(2,275 |
) |
|
|
(2,275 |
) |
Total of adjustments |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(2,275 |
) |
|
|
(2,275 |
) |
Adjusted EBITDA |
|
$ |
63,858 |
|
|
$ |
8,531 |
|
|
$ |
22,076 |
|
|
$ |
4,107 |
|
|
$ |
11,629 |
|
|
$ |
(35,060 |
) |
|
$ |
75,141 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Revenue |
|
$ |
199,505 |
|
|
$ |
132,994 |
|
|
$ |
161,239 |
|
|
$ |
65,977 |
|
|
$ |
94,914 |
|
|
|
|
$ |
654,629 |
|
||
Operating income (loss) % as reported in accordance with GAAP |
|
|
25 |
% |
|
|
4 |
% |
|
|
9 |
% |
|
|
5 |
% |
|
|
12 |
% |
|
|
|
|
7 |
% |
||
EBITDA Margin |
|
|
32 |
% |
|
|
6 |
% |
|
|
14 |
% |
|
|
6 |
% |
|
|
12 |
% |
|
|
|
|
12 |
% |
||
Adjusted EBITDA Margin |
|
|
32 |
% |
|
|
6 |
% |
|
|
14 |
% |
|
|
6 |
% |
|
|
12 |
% |
|
|
|
|
11 |
% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20240424424956/en/
investorrelations@oceaneering.com
Senior Director, Investor Relations
713-329-4755
Vice President, Corporate Development and Investor Relations
713-329-4507
Source: