Oceaneering International, Inc. ("Oceaneering") (NYSE:OII) today
reported net income of $35.0 million, or $0.34 per share, on
revenue of $669 million for the three months ended June 30, 2024.
Adjusted net income was $28.6 million, or $0.28 per share,
reflecting the impact of $(1.0) million of pre-tax adjustments
associated with foreign exchange gains recognized during the
quarter, along with $(5.5) million of expenses related to discrete
tax adjustments.
Summary of Results
(in thousands, except per share
amounts)
For the Three Months Ended
For the Six Months Ended
Jun 30,
Mar 31,
Jun 30,
2024
2023
2024
2024
2023
Revenue
$
668,808
$
597,910
$
599,092
$
1,267,900
$
1,134,897
Income (Loss) from Operations
60,364
49,199
36,693
97,057
75,949
Net Income (Loss)
34,997
19,002
15,135
50,132
23,062
Diluted Earnings (Loss) Per Share
$
0.34
$
0.19
$
0.15
$
0.49
$
0.23
For the second quarter of 2024:
- Net income was $35.0 million and consolidated adjusted EBITDA
was $85.9 million
- Consolidated operating income was $60.4 million
- Cash flow provided by operating activities was $52.6 million
and free cash flow was $29.8 million, with an ending cash position
of $383 million
As of June 30, 2024:
- Remotely Operated Vehicles (ROV): fleet count was 250; Q2
utilization was 70%; and Q2 average revenue per day utilized was
$10,528
- Manufactured Products backlog was $713 million
Roderick A. Larson, President and Chief Executive Officer of
Oceaneering, stated, "Activity levels in our energy-related
businesses, led by Subsea Robotics (SSR), increased and
outperformed our expectations. Our adjusted EBITDA was in line with
our guidance and consensus estimates. Compared to the same quarter
last year, our consolidated second quarter operating income was 23%
higher on a 12% increase in revenue, with higher revenue in all of
our business segments and improved operating income in SSR and
Manufactured Products.
"As evidenced by our recently announced contract awards, we
anticipate continued high levels of activity in our offshore
markets throughout the remainder of the year, partially offset by
lower expectations in our Aerospace and Defense Technologies
(ADTech) segment. As a result, we are narrowing our consolidated
adjusted EBITDA guidance range to $340 million to $370 million. We
continue to expect positive free cash flow generation for 2024 in
the range of $110 million to $150 million."
Second Quarter 2024 Segment Results v. Second Quarter 2023
Segment Results
SSR second quarter 2024 operating income of $61.8 million was
46% higher than the second quarter of 2023. EBITDA margin improved
to 34%, as compared to the 30% margin for the same period in
2023.
ROV revenue per day utilized of $10,528 was 16% higher,
utilization was flat at 70%, and ROV days utilized were relatively
flat at 15,839. ROV fleet use during the quarter was 64% in drill
support and 36% in vessel-based activity, compared to 61% and 39%,
respectively, in the second quarter of 2023.
Manufactured Products operating income for the second quarter
improved 35% on a 12% increase in revenue, with operating income
margin improving to 10%. Backlog was $713 million on June 30, 2024,
an increase of $295 million year-over-year. The book-to-bill ratio
was 1.56 for the 12-month period ending June 30, 2024, as compared
to the book-to-bill ratio of 1.19 for the same period last
year.
Offshore Projects Group (OPG) operating income for the second
quarter declined 23% on a 10% increase in revenue compared to the
second quarter of 2023, due to the timing of pre-contract award
costs that were expensed during the quarter and changes in project
mix. Operating income margin declined to 9% from 13% in the same
period in 2023.
As compared to the second quarter of 2023, Integrity Management
and Digital Solutions (IMDS) operating income and operating income
margin decreased on a 16% increase in revenue.
While ADTech experienced a 4% increase in revenue in the second
quarter, operating income declined significantly as compared to the
same period last year, due to a reserve taken during the quarter
for a contract dispute as well as lower activity levels in our
space systems business.
At the corporate level, Unallocated Expenses of $39.7 million
were in line with guidance for the quarter but higher than the same
period last year.
Third Quarter 2024 Guidance
On a consolidated basis, third quarter 2024 operating results
are expected to continue to improve sequentially, with EBITDA in
the range of $95 million to $105 million on a low- to mid-single
digit percentage increase in revenue. At the segment level, for the
third quarter of 2024, as compared to the second quarter 2024:
- SSR activity levels and operating profitability are expected to
improve slightly;
- Manufactured Products revenue is forecasted to be higher with
lower operating profitability;
- OPG revenue is expected to be similar to the second quarter of
2024 while generating significantly higher operating
profitability;
- IMDS activity levels and operating profitability are expected
to be relatively flat;
- ADTech revenue is projected to be flat with significantly
higher operating profitability; and
- Unallocated Expenses are forecasted to be in the $40 million
range.
Updated Full-Year 2024 Guidance
Full-year 2024 consolidated and segment guidance remains the
same as previously provided, except as follows:
- Consolidated adjusted EBITDA is expected in the range of $340
million to $370 million,
- Net income is expected in the range of $130 million to $150
million; and
- ADTech operating income and margins are expected to be lower as
compared to 2023.
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
Thursday, July 25, 2024 at 10:00 a.m. Central Time, to discuss its
results for the second quarter of 2024, as well as more detailed
guidance for the full year and third quarter of 2024. Interested
parties may listen to the call through a webcast link posted in the
Investor Relations section of Oceaneering's website. A replay of
the conference call will be made available on the website
approximately two hours following the conclusion of the live
call.
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 range for consolidated
adjusted EBITDA, free cash flow, net income, and ADTech operating
income and margins; third-quarter 2024 guidance for consolidated
EBITDA, operating segment revenues, operating results, operating
profitability, segment activity levels, and Unallocated Expenses;
expectation that 2024 will generate positive free cash flow;
expectations for improved financial performance and conditions in
2024, including activity levels by segment; and the
characterization, whether positive or otherwise, of market
fundamentals, conditions, and dynamic, robotics markets, offshore
energy activity levels (including by geographic location), pricing
levels, day rates, ROV days utilized, 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 OPEC and
other oil exporting countries; decisions about offshore
developments to be made by oil and gas exploration, development and
production companies; the use of subsea completions and our ability
to capture associated market share; general economic and business
conditions and industry trends; the strength of the industry
segments in which we are involved; cancellations of contracts,
change orders and other contractual modifications, force majeure
declarations and the exercise of contractual suspension rights and
the resulting adjustments to our backlog; collections from our
customers; our future financial performance, including as a result
of the availability, terms and deployment of capital; the
consequences of significant changes in currency exchange rates; the
volatility and uncertainties of credit markets; changes in data
privacy and security laws, regulations and standards; changes in
tax laws, regulations, and interpretation by taxing authorities;
changes in, or our ability to comply with, other laws and
governmental regulations, including those relating to the
environment; the continued availability of qualified personnel; our
ability to obtain raw materials and parts on a timely basis and, in
some cases, from limited sources; operating risks normally incident
to offshore exploration, development and production operations;
hurricanes and other adverse weather and sea conditions; cost and
time associated with drydocking of our vessels; the highly
competitive nature of our businesses; adverse outcomes from legal
or regulatory proceedings; the risks associated with integrating
businesses we acquire; rapid technological changes; and social,
political, military and economic situations in foreign countries
where we do business and the possibilities of civil disturbances,
war, other armed conflicts or terrorist attacks. For a more
complete discussion of these and other risk factors, please see
Oceaneering’s latest annual report on Form 10-K and subsequent
quarterly reports on Form 10-Q filed with the Securities and
Exchange Commission. You should not place undue reliance on
forward-looking statements. Except to the extent required by
applicable law, Oceaneering undertakes no obligation to update or
revise any forward-looking statement.
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 -
OCEANEERING INTERNATIONAL,
INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE
SHEETS
Jun 30, 2024
Dec 31, 2023
(in thousands)
ASSETS
Current assets (including cash and cash
equivalents of $382,873 and $461,566)
$
1,337,130
$
1,305,659
Net property and equipment
416,490
424,293
Other assets
551,246
509,054
Total Assets
$
2,304,866
$
2,239,006
LIABILITIES AND EQUITY
Current liabilities
$
776,945
$
732,476
Long-term debt
479,378
477,058
Other long-term liabilities
391,448
395,389
Equity
657,095
634,083
Total Liabilities and Equity
$
2,304,866
$
2,239,006
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
For the Three Months Ended
For the Six Months Ended
Jun 30, 2024
Jun 30, 2023
Mar 31, 2024
Jun 30, 2024
Jun 30, 2023
(in thousands, except per share
amounts)
Revenue
$
668,808
$
597,910
$
599,092
$
1,267,900
$
1,134,897
Cost of services and products
548,597
496,830
506,708
1,055,305
956,252
Gross margin
120,211
101,080
92,384
212,595
178,645
Selling, general and administrative
expense
59,847
51,881
55,691
115,538
102,696
Income (loss) from operations
60,364
49,199
36,693
97,057
75,949
Interest income
2,402
4,154
3,040
5,442
8,620
Interest expense
(9,516
)
(9,517
)
(9,204
)
(18,720
)
(18,800
)
Equity in income (losses) of
unconsolidated affiliates
295
479
169
464
1,118
Other income (expense), net
1,759
(5,846
)
1,480
3,239
(5,768
)
Income (loss) before income taxes
55,304
38,469
32,178
87,482
61,119
Provision (benefit) for income taxes
20,307
19,467
17,043
37,350
38,057
Net Income (Loss)
$
34,997
$
19,002
$
15,135
$
50,132
$
23,062
Weighted average diluted shares
outstanding
102,472
102,004
102,250
102,361
102,017
Diluted earnings (loss) per share
$
0.34
$
0.19
$
0.15
$
0.49
$
0.23
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
For the Three Months Ended
For the Six Months Ended
Jun 30, 2024
Jun 30, 2023
Mar 31, 2024
Jun 30, 2024
Jun 30, 2023
($ in thousands)
Subsea Robotics
Revenue
$
214,985
$
186,512
$
186,932
$
401,917
$
355,673
Operating income (loss)
$
61,750
$
42,227
$
44,237
$
105,987
$
75,881
Operating income (loss) %
29
%
23
%
24
%
26
%
21
%
ROV days available
22,750
22,750
22,750
45,500
45,250
ROV days utilized
15,839
16,032
14,536
30,375
30,260
ROV utilization
70
%
70
%
64
%
67
%
67
%
Manufactured Products
Revenue
$
139,314
$
124,882
$
129,453
$
268,767
$
237,821
Operating income (loss)
$
14,369
$
10,607
$
13,190
$
27,559
$
21,887
Operating income (loss) %
10
%
8
%
10
%
10
%
9
%
Backlog at end of period
$
713,000
$
418,000
$
597,000
$
713,000
$
418,000
Offshore Projects Group
Revenue
$
144,058
$
130,547
$
115,054
$
259,112
$
234,854
Operating income (loss)
$
13,248
$
17,132
$
844
$
14,092
$
22,646
Operating income (loss) %
9
%
13
%
1
%
5
%
10
%
Integrity Management & Digital
Solutions
Revenue
$
73,492
$
63,166
$
69,690
$
143,182
$
123,249
Operating income (loss)
$
3,473
$
3,844
$
3,615
$
7,088
$
6,926
Operating income (loss) %
5
%
6
%
5
%
5
%
6
%
Aerospace and Defense Technologies
Revenue
$
96,959
$
92,803
$
97,963
$
194,922
$
183,300
Operating income (loss)
$
7,244
$
11,357
$
12,808
$
20,052
$
19,853
Operating income (loss) %
7
%
12
%
13
%
10
%
11
%
Unallocated Expenses
Operating income (loss)
$
(39,720
)
$
(35,968
)
$
(38,001
)
$
(77,721
)
$
(71,244
)
Total
Revenue
$
668,808
$
597,910
$
599,092
$
1,267,900
$
1,134,897
Operating income (loss)
$
60,364
$
49,199
$
36,693
$
97,057
$
75,949
Operating income (loss) %
9
%
8
%
6
%
8
%
7
%
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.
SELECTED CASH FLOW
INFORMATION
For the Three Months Ended
For the Six Months Ended
Jun 30, 2024
Jun 30, 2023
Mar 31, 2024
Jun 30, 2024
Jun 30, 2023
(in thousands)
Capital Expenditures, including
Acquisitions
$
22,858
$
22,428
$
25,518
$
48,376
$
40,736
Depreciation and Amortization:
Energy Services and Products
Subsea Robotics
$
11,981
$
13,356
$
12,810
$
24,791
$
28,296
Manufactured Products
3,237
3,013
3,175
6,412
6,057
Offshore Projects Group
5,584
6,976
6,435
12,019
14,104
Integrity Management & Digital
Solutions
1,803
939
1,259
3,062
1,797
Total Energy Services and Products
22,605
24,284
23,679
46,284
50,254
Aerospace and Defense Technologies
616
632
603
1,219
1,285
Unallocated Expenses
2,759
1,130
2,776
5,535
2,328
Total Depreciation and Amortization
$
25,980
$
26,046
$
27,058
$
53,038
$
53,867
RECONCILIATIONS OF NON-GAAP TO GAAP
FINANCIAL INFORMATION
In addition to financial results determined in accordance with
U.S. generally accepted accounting principles ("GAAP"), this Press
Release also includes non-GAAP financial measures (as defined under
certain rules and regulations promulgated by the Securities and
Exchange Commission). We have included Adjusted Net Income (Loss)
and Diluted Earnings (Loss) per Share, each of which excludes the
effects of certain specified items, as set forth in the tables that
follow. As a result, these amounts are non-GAAP financial measures.
We believe these are useful measures for investors to review
because they provide consistent measures of the underlying results
of our ongoing business. Furthermore, our management uses these
measures as measures of the performance of our operations. We have
also included disclosures of Earnings Before Interest, Taxes,
Depreciation and Amortization (EBITDA), EBITDA Margins, 2023
Adjusted EBITDA Estimates, and Free Cash Flow, as well as the
following by segment: EBITDA, EBITDA Margins, Adjusted EBITDA and
Adjusted EBITDA Margins. We define EBITDA Margin as EBITDA divided
by revenue. Adjusted EBITDA and Adjusted EBITDA Margins and related
information by segment exclude the effects of certain specified
items, as set forth in the tables that follow. EBITDA and EBITDA
Margins, Adjusted EBITDA and Adjusted EBITDA Margins, and related
information by segment are each non-GAAP financial measures. We
define Free Cash Flow as cash flow provided by operating activities
less organic capital expenditures (i.e., purchases of property and
equipment other than those in business acquisitions). We have
included these disclosures in this press release because EBITDA,
EBITDA Margins and Free Cash Flow are widely used by investors for
valuation purposes and for comparing our financial performance with
the performance of other companies in our industry, and the
adjusted amounts thereof provide more consistent measures than the
unadjusted amounts. Furthermore, our management uses these measures
for purposes of evaluating our financial performance. Our
presentation of EBITDA, EBITDA Margins and Free Cash Flow (and the
Adjusted amounts thereof) may not be comparable to similarly titled
measures other companies report. Non-GAAP financial measures should
be viewed in addition to and not as substitutes for our reported
operating results, cash flows or any other measure prepared and
reported in accordance with GAAP. The tables that follow provide
reconciliations of the non-GAAP measures used in this press release
to the most directly comparable GAAP measures.
Adjusted Net Income (Loss) and
Diluted Earnings (Loss) per Share (EPS)
For the Three Months Ended
Jun 30, 2024
Jun 30, 2023
Mar 31, 2024
Net Income (Loss)
Diluted EPS
Net Income (Loss)
Diluted EPS
Net Income (Loss)
Diluted EPS
(in thousands, except per share
amounts)
Net income (loss) and diluted EPS as
reported in accordance with GAAP
$
34,997
$
0.34
$
19,002
$
0.19
$
15,135
$
0.15
Pre-tax adjustments for the effects
of:
Foreign currency (gains) losses
(1,034
)
4,845
(2,197
)
Total pre-tax adjustments
(1,034
)
4,845
(2,197
)
Tax effect on pre-tax adjustments at the
applicable jurisdictional statutory rate in effect for respective
periods
70
(2,387
)
790
Discrete tax items:
Share-based compensation
(48
)
(3
)
(1,926
)
Uncertain tax positions
1,706
4,312
(149
)
Valuation allowances
520
(8,678
)
4,571
Other
(7,645
)
1,563
(2,336
)
Total discrete tax adjustments
(5,467
)
(2,806
)
160
Total of adjustments
(6,431
)
(348
)
(1,247
)
Adjusted Net Income (Loss)
$
28,566
$
0.28
$
18,654
$
0.18
$
13,888
$
0.14
Weighted average diluted shares
outstanding utilized for Adjusted Net Income (Loss)
102,472
102,004
102,250
For the Six Months Ended
Jun 30, 2024
Jun 30, 2023
Net Income (Loss)
Diluted EPS
Net Income (Loss)
Diluted EPS
(in thousands, except per share
amounts)
Net income (loss) and diluted EPS as
reported in accordance with GAAP
$
50,132
$
0.49
$
23,062
$
0.23
Pre-tax adjustments for the effects
of:
Foreign currency (gains) losses
(3,231
)
4,578
Total pre-tax adjustments
(3,231
)
4,578
Tax effect on pre-tax adjustments at the
applicable jurisdictional statutory rate in effect for respective
periods
860
(2,303
)
Discrete tax items:
Share-based compensation
(1,974
)
(1,370
)
Uncertain tax positions
1,557
4,401
Valuation allowances
5,091
(5,102
)
Other
(9,981
)
770
Total discrete tax adjustments
(5,307
)
(1,301
)
Total of adjustments
(7,678
)
974
Adjusted Net Income (Loss)
$
42,454
$
0.41
$
24,036
$
0.24
Weighted average diluted shares
outstanding utilized for Adjusted Net Income (Loss)
102,361
102,017
EBITDA and Adjusted EBITDA and
Margins
For the Three Months Ended
For the Six Months Ended
Jun 30, 2024
Jun 30, 2023
Mar 31, 2024
Jun 30, 2024
Jun 30, 2023
($ in thousands)
Net income (loss)
$
34,997
$
19,002
$
15,135
$
50,132
$
23,062
Depreciation and amortization
25,980
26,046
27,058
53,038
53,867
Subtotal
60,977
45,048
42,193
103,170
76,929
Interest expense, net of interest
income
7,114
5,363
6,164
13,278
10,180
Amortization included in interest
expense
(1,504
)
37
(1,479
)
(2,983
)
63
Provision (benefit) for income taxes
20,307
19,467
17,043
37,350
38,057
EBITDA
86,894
69,915
63,921
150,815
125,229
Adjustments for the effects of:
Foreign currency (gains) losses
(1,034
)
4,845
(2,197
)
(3,231
)
4,578
Total of adjustments
(1,034
)
4,845
(2,197
)
(3,231
)
4,578
Adjusted EBITDA
$
85,860
$
74,760
$
61,724
$
147,584
$
129,807
Revenue
$
668,808
$
597,910
$
599,092
$
1,267,900
$
1,134,897
EBITDA margin %
13
%
12
%
11
%
12
%
11
%
Adjusted EBITDA margin %
13
%
13
%
10
%
12
%
11
%
Free Cash Flow
For the Three Months Ended
For the Six Months Ended
Jun 30, 2024
Jun 30, 2023
Mar 31, 2024
Jun 30, 2024
Jun 30, 2023
(in thousands)
Net Income (loss)
$
34,997
$
19,002
$
15,135
$
50,132
$
23,062
Non-cash adjustments:
Depreciation and amortization
25,980
26,046
27,058
53,038
53,867
Other non-cash
1,744
2,923
2,682
4,426
2,735
Other increases (decreases) in cash from
operating activities
(10,098
)
(27,520
)
(114,592
)
(124,690
)
(102,132
)
Cash flow provided by (used in) operating
activities
52,623
20,451
(69,717
)
(17,094
)
(22,468
)
Purchases of property and equipment
(22,858
)
(22,428
)
(25,518
)
(48,376
)
(40,736
)
Free Cash Flow
$
29,765
$
(1,977
)
$
(95,235
)
$
(65,470
)
$
(63,204
)
2024 Adjusted EBITDA
Estimates
For the Three Months Ending
September 30, 2024
Low
High
(in thousands)
Income (loss) before income taxes
$
65,000
$
70,000
Depreciation and amortization
24,000
28,000
Subtotal
89,000
98,000
Interest expense, net of interest
income
6,000
7,000
Adjusted EBITDA
$
95,000
$
105,000
For the Year Ending
December 31, 2024
Low
High
(in thousands)
Income (loss) before income taxes
$
215,000
$
232,000
Depreciation and amortization
100,000
110,000
Subtotal
315,000
342,000
Interest expense, net of interest
income
25,000
28,000
Adjusted EBITDA
$
340,000
$
370,000
2024 Free Cash Flow
Estimate
For the Year Ending
December 31, 2024
Low
High
(in thousands)
Net income (loss)
$
130,000
$
150,000
Depreciation and amortization
100,000
110,000
Other increases (decreases) in cash from
operating activities
(10,000
)
20,000
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 June
30, 2024
SSR
MP
OPG
IMDS
ADTech
Unallocated Expenses and
other
Total
($ in thousands)
Operating Income (Loss) as reported in
accordance with GAAP
$
61,750
$
14,369
$
13,248
$
3,473
$
7,244
$
(39,720
)
$
60,364
Adjustments for the effects of:
Depreciation and amortization
11,981
3,237
5,584
1,803
616
2,759
25,980
Other pre-tax
—
—
—
—
—
550
550
EBITDA
73,731
17,606
18,832
5,276
7,860
(36,411
)
86,894
Adjustments for the effects of:
Foreign currency (gains) losses
—
—
—
—
—
(1,034
)
(1,034
)
Total of adjustments
—
—
—
—
—
(1,034
)
(1,034
)
Adjusted EBITDA
$
73,731
$
17,606
$
18,832
$
5,276
$
7,860
$
(37,445
)
$
85,860
Revenue
$
214,985
$
139,314
$
144,058
$
73,492
$
96,959
$
668,808
Operating income (loss) % as reported in
accordance with GAAP
29
%
10
%
9
%
5
%
7
%
9
%
EBITDA Margin
34
%
13
%
13
%
7
%
8
%
13
%
Adjusted EBITDA Margin
34
%
13
%
13
%
7
%
8
%
13
%
For the Three Months Ended June
30, 2023
SSR
MP
OPG
IMDS
ADTech
Unallocated Expenses and
other
Total
($ in thousands)
Operating Income (Loss) as reported in
accordance with GAAP
$
42,227
$
10,607
$
17,132
$
3,844
$
11,357
$
(35,968
)
$
49,199
Adjustments for the effects of:
Depreciation and amortization
13,356
3,013
6,976
939
632
1,130
26,046
Other pre-tax
—
—
—
—
—
(5,330
)
(5,330
)
EBITDA
55,583
13,620
24,108
4,783
11,989
(40,168
)
69,915
Adjustments for the effects of:
Foreign currency (gains) losses
—
—
—
—
—
4,845
4,845
Total of adjustments
—
—
—
—
—
4,845
4,845
Adjusted EBITDA
$
55,583
$
13,620
$
24,108
$
4,783
$
11,989
$
(35,323
)
$
74,760
Revenue
$
186,512
$
124,882
$
130,547
$
63,166
$
92,803
$
597,910
Operating income (loss) % as reported in
accordance with GAAP
23
%
8
%
13
%
6
%
12
%
8
%
EBITDA Margin
30
%
11
%
18
%
8
%
13
%
12
%
Adjusted EBITDA Margin
30
%
11
%
18
%
8
%
13
%
13
%
For the Three Months Ended March
31, 2024
SSR
MP
OPG
IMDS
ADTech
Unallocated Expenses and
other
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
%
EBITDA and Adjusted EBITDA and
Margins by Segment
For the Six Months Ended June 30,
2024
SSR
MP
OPG
IMDS
ADTech
Unallocated Expenses and
other
Total
($ in thousands)
Operating Income (Loss) as reported in
accordance with GAAP
$
105,987
$
27,559
$
14,092
$
7,088
$
20,052
$
(77,721
)
$
97,057
Adjustments for the effects of:
Depreciation and amortization
24,791
6,412
12,019
3,062
1,219
5,535
53,038
Other pre-tax
—
—
—
—
—
720
720
EBITDA
130,778
33,971
26,111
10,150
21,271
(71,466
)
150,815
Adjustments for the effects of:
Foreign currency (gains) losses
—
—
—
—
—
(3,231
)
(3,231
)
Total of adjustments
—
—
—
—
—
(3,231
)
(3,231
)
Adjusted EBITDA
$
130,778
$
33,971
$
26,111
$
10,150
$
21,271
$
(74,697
)
$
147,584
Revenue
$
401,917
$
268,767
$
259,112
$
143,182
$
194,922
$
1,267,900
Operating income (loss) % as reported in
accordance with GAAP
26
%
10
%
5
%
5
%
10
%
8
%
EBITDA Margin
33
%
13
%
10
%
7
%
11
%
12
%
Adjusted EBITDA Margin
33
%
13
%
10
%
7
%
11
%
12
%
For the Six Months Ended June 30,
2023
SSR
MP
OPG
IMDS
ADTech
Unallocated Expenses and
other
Total
($ in thousands)
Operating Income (Loss) as reported in
accordance with GAAP
$
75,881
$
21,887
$
22,646
$
6,926
$
19,853
$
(71,244
)
$
75,949
Adjustments for the effects of:
Depreciation and amortization
28,296
6,057
14,104
1,797
1,285
2,328
53,867
Other pre-tax
—
—
—
—
—
(4,587
)
(4,587
)
EBITDA
104,177
27,944
36,750
8,723
21,138
(73,503
)
125,229
Adjustments for the effects of:
Foreign currency (gains) losses
—
—
—
—
—
4,578
4,578
Total of adjustments
—
—
—
—
—
4,578
4,578
Adjusted EBITDA
$
104,177
$
27,944
$
36,750
$
8,723
$
21,138
$
(68,925
)
$
129,807
Revenue
$
355,673
$
237,821
$
234,854
$
123,249
$
183,300
$
1,134,897
Operating income (loss) % as reported in
accordance with GAAP
21
%
9
%
10
%
6
%
11
%
7
%
EBITDA Margin
29
%
12
%
16
%
7
%
12
%
11
%
Adjusted EBITDA Margin
29
%
12
%
16
%
7
%
12
%
11
%
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240724752461/en/
investorrelations@oceaneering.com
Hilary Frisbie Senior Director, Investor Relations Oceaneering
International, Inc. 713-329-4755
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