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    Oceaneering Reports First Quarter 2025 Results

    4/23/25 5:01:00 PM ET
    $OII
    Oilfield Services/Equipment
    Energy
    Get the next $OII alert in real time by email

    Oceaneering International, Inc. ("Oceaneering") (NYSE:OII) today reported first quarter 2025 results.

    • Revenue of $675 million, a 13% increase year over year
    • Operating income of $73.5 million, a 100% increase year over year
    • Net income of $50.4 million, a 233% increase year over year
    • Adjusted EBITDA of $96.7 million, a 57% increase year over year, which has not been adjusted for a $10.4 million inventory reserve taken in our Manufactured Products segment
    • Cash flow used in operating activities of $(80.7) million and free cash flow of $(107) million, with an ending cash position of $382 million
    • Share repurchases of 479,154 for approximately $10.0 million

    Rod Larson, President and Chief Executive Officer of Oceaneering, stated, "Oceaneering outperformed expectations this quarter due to resilient utilization of remotely operated vehicles (ROVs), and strong vessel activity predominately in the Gulf of Mexico and West Africa. We generated adjusted EBITDA of $96.7 million, exceeding both our guidance range and consensus estimates for the quarter. Compared to the same quarter last year, our consolidated first quarter 2025 operating income doubled on a 13% increase in revenue, driven by strong performances from our Subsea Robotics (SSR) and Offshore Projects Group (OPG) segments. In addition, our Aerospace and Defense Technologies (ADTech) segment was awarded the largest initial contract in Oceaneering's history, which is foundational to our 2025 guidance for significant growth in this segment. On behalf of our leadership team, I want to thank our Oceaneers worldwide who made these results possible."

    Updated 2025 guidance

    Mr. Larson continued, "We reiterate our prior full-year 2025 guidance of EBITDA in the range of $380 million to $430 million. As discussed during our fourth quarter 2024 earnings call, we lowered the bottom end of our guidance range to $380 million, in acknowledgment of potential market uncertainties. Given our strong start to 2025, we still believe this range is appropriate, even with recent market developments."

    Full-year 2025 consolidated and segment guidance remains the same as provided in the fourth quarter 2024 earnings release and call, with the addition that the Manufactured Products book-to-bill ratio is expected to be in the range of 0.9 to 1.0 for the full year.

    First Quarter 2025 Segment Results

    As compared to the first quarter of 2024:

    • SSR operating income improved 35% to $59.6 million on a 10% increase in revenue. EBITDA margin expanded to 35%, representing a year-over-year improvement of 413 basis points. ROV fleet utilization was 67% and ROV revenue per day utilized was $10,788, reflecting year-over-year improvements.
    • Manufactured Products operating income of $8.7 million declined 34% on a 4% increase in revenue, with operating income margin declining year over year to 6%. These results were impacted by a $10.4 million adjustment taken during the quarter related to an inventory reserve associated with our theme park ride business. Backlog was $543 million on March 31, 2025, a 9% decrease compared with the same period in 2024. The book-to-bill ratio was 0.90 for the 12-month period ending on March 31, 2025.
    • OPG results improved significantly year over year, due to the continuation of international projects that commenced in the fourth quarter of 2024, improved vessel utilization in the Gulf of Mexico, and the reduction in drydock costs and the associated loss of vessel days that impacted the first quarter of 2024. Operating income grew to $35.7 million, revenue increased to $165 million, and operating income margin expanded to 22%.
    • Integrity Management and Digital Solutions (IMDS) operating income of $3.5 million, operating income margin of 5%, and revenue of $71.4 million were relatively flat.
    • ADTech revenue was relatively flat at $97.2 million. Operating income decreased $2.1 million to $10.7 million and operating income margin declined to 11%, due to readiness costs to enable our role as a prime contractor on the recently announced large contract award.
    • At the corporate level, Unallocated Expenses of $44.6 million were in line with guidance for the quarter.

    Second Quarter 2025 Guidance

    As compared to the second quarter of 2024, consolidated second quarter 2025 revenue is expected to increase and EBITDA is projected to increase to be in the range of $95 million to $105 million.

    At the segment level, for the second quarter of 2025, as compared to the second quarter of 2024:

    • SSR revenue and operating profitability are expected to increase.
    • Manufactured Products revenue is projected to be relatively flat and operating profitability is expected to improve.
    • OPG revenue is forecasted to be relatively flat and operating profitability is forecast to improve significantly.
    • IMDS revenue is expected to be relatively flat and operating profitability is expected to improve.
    • ADTech revenue is projected to increase and operating profitability is projected to improve significantly.
    • Unallocated Expenses are expected to be in the $45 million range.

    Non-GAAP Financial Measures

    Adjusted net income (loss) and earnings (loss) per share; EBITDA and adjusted EBITDA on a consolidated and on a segment basis (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, 2025 Consolidated 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, April 24, 2025 at 10:00 a.m. Central Time, to discuss its results for the first quarter of 2025 and guidance for the second quarter and full year of 2025. 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.

    Forward-Looking Statements

    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 2025 guidance range for net income, consolidated EBITDA, free cash flow generation, capital expenditures, and Manufactured Products book-to-bill ratio; second quarter 2025 guidance for consolidated revenue and consolidated EBITDA; second quarter 2025 guidance for revenue and operating profitability by segment and for Unallocated Expenses; 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 utilized, average ROV revenue per day utilized, 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. 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 and uncertainty, including those related to tariffs and retaliatory tariffs; 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.

    About Oceaneering

    Oceaneering is a global technology company delivering engineered services and products and robotic solutions to the offshore energy, defense, aerospace, and manufacturing industries.

    For more information, please visit www.oceaneering.com.

     

     

     

     

     

     

     

     

     

     

     

    OCEANEERING INTERNATIONAL, INC. AND SUBSIDIARIES

     

     

     

     

     

     

     

     

     

     

     

    CONDENSED CONSOLIDATED BALANCE SHEETS

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Mar 31, 2025

     

    Dec 31, 2024

     

     

     

     

     

     

     

     

    (in thousands)

     

    ASSETS

     

     

     

     

     

     

     

    Current assets (including cash and cash equivalents of $381,984 and $497,516)

     

    $

    1,335,606

     

     

    $

    1,387,896

     

     

     

    Net property and equipment

     

     

     

    431,935

     

     

     

    420,098

     

     

     

    Other assets

     

     

     

    507,482

     

     

     

    528,353

     

     

     

     

     

    Total Assets

     

    $

    2,275,023

     

     

    $

    2,336,347

     

     

     

     

     

     

     

     

     

     

     

     

     

    LIABILITIES AND EQUITY

     

     

     

     

     

     

    Current liabilities

     

     

    $

    706,424

     

     

    $

    796,938

     

     

     

    Long-term debt

     

     

     

    483,312

     

     

     

    482,009

     

     

     

    Other long-term liabilities

     

     

    306,159

     

     

     

    337,078

     

     

     

    Equity

     

     

     

    779,128

     

     

     

    720,322

     

     

     

     

     

    Total Liabilities and Equity

     

    $

    2,275,023

     

     

    $

    2,336,347

     

     

     

     

     

     

     

     

     

     

     

     

     

    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    For the Three Months Ended

     

     

     

     

     

     

    Mar 31, 2025

     

    Mar 31, 2024

     

    Dec 31, 2024

     

     

     

     

     

     

    (in thousands, except per share amounts)

     

     

     

     

     

     

     

     

     

     

     

     

     

    Revenue

    $

    674,523

     

     

    $

    599,092

     

     

    $

    713,450

     

     

     

    Cost of services and products

     

    539,512

     

     

     

    506,708

     

     

     

    571,513

     

     

     

     

    Gross margin

     

    135,011

     

     

     

    92,384

     

     

     

    141,937

     

     

     

    Selling, general and administrative expense

     

    61,539

     

     

     

    55,691

     

     

     

    64,057

     

     

     

     

    Operating income (loss)

     

    73,472

     

     

     

    36,693

     

     

     

    77,880

     

     

     

    Interest income

     

    3,644

     

     

     

    3,040

     

     

     

    3,407

     

     

     

    Interest expense, net of amounts capitalized

     

    (9,075

    )

     

     

    (9,204

    )

     

     

    (9,741

    )

     

     

    Equity in income (losses) of unconsolidated affiliates

     

    362

     

     

     

    169

     

     

     

    142

     

     

     

    Other income (expense), net

     

    975

     

     

     

    1,480

     

     

     

    (2,862

    )

     

     

     

    Income (loss) before income taxes

     

    69,378

     

     

     

    32,178

     

     

     

    68,826

     

     

     

    Provision (benefit) for income taxes

     

    19,001

     

     

     

    17,043

     

     

     

    12,727

     

     

     

     

    Net Income (Loss)

    $

    50,377

     

     

    $

    15,135

     

     

    $

    56,099

     

     

     

     

     

     

     

     

     

     

     

     

     

    Weighted average diluted shares outstanding

     

    101,903

     

     

     

    102,250

     

     

     

    102,140

     

     

    Diluted earnings (loss) per share

    $

    0.49

     

     

    $

    0.15

     

     

    $

    0.55

     

     

     

     

     

     

     

     

     

     

     

     

     

    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

     

     

     

     

     

     

     

    Mar 31, 2025

     

    Mar 31, 2024

     

    Dec 31, 2024

     

     

     

     

     

     

    ($ in thousands)

    Subsea Robotics

     

     

     

     

     

     

     

     

     

     

    Revenue

     

     

    $

    205,976

     

     

    $

    186,932

     

     

    $

    212,190

     

     

    Operating income (loss)

     

     

    $

    59,632

     

     

    $

    44,237

     

     

    $

    63,526

     

     

    Operating income (loss) %

     

     

     

    29

    %

     

     

    24

    %

     

     

    30

    %

     

     

    ROV days available

     

     

     

    22,500

     

     

     

    22,750

     

     

     

    23,000

     

     

     

    ROV days utilized

     

     

     

    15,093

     

     

     

    14,536

     

     

     

    15,211

     

     

     

    ROV utilization

     

     

     

    67

    %

     

     

    64

    %

     

     

    66

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

    Manufactured Products

     

     

     

     

     

     

     

     

     

     

    Revenue

     

     

    $

    135,037

     

     

    $

    129,453

     

     

    $

    142,999

     

     

    Operating income (loss)

     

     

    $

    8,667

     

     

    $

    13,190

     

     

    $

    4,163

     

     

    Operating income (loss) %

     

     

     

    6

    %

     

     

    10

    %

     

     

    3

    %

     

    Backlog at end of period

     

     

    $

    543,000

     

     

    $

    597,000

     

     

    $

    604,000

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Offshore Projects Group

     

     

     

     

     

     

     

     

     

     

    Revenue

     

     

    $

    164,941

     

     

    $

    115,054

     

     

    $

    184,386

     

     

    Operating income (loss)

     

     

    $

    35,666

     

     

    $

    844

     

     

    $

    39,313

     

     

    Operating income (loss) %

     

     

     

    22

    %

     

     

    1

    %

     

     

    21

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

    Integrity Management & Digital Solutions

     

     

     

     

     

     

     

     

     

     

    Revenue

     

     

    $

    71,418

     

     

    $

    69,690

     

     

    $

    75,062

     

     

    Operating income (loss)

     

     

    $

    3,462

     

     

    $

    3,615

     

     

    $

    2,025

     

     

    Operating income (loss) %

     

     

     

    5

    %

     

     

    5

    %

     

     

    3

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

    Aerospace and Defense Technologies

     

     

     

     

     

     

     

     

     

     

    Revenue

     

     

    $

    97,151

     

     

    $

    97,963

     

     

    $

    98,813

     

     

    Operating income (loss)

     

     

    $

    10,665

     

     

    $

    12,808

     

     

    $

    9,930

     

     

    Operating income (loss) %

     

     

     

    11

    %

     

     

    13

    %

     

     

    10

    %

     

     

     

     

     

     

     

     

     

     

     

     

    Unallocated Expenses

     

     

     

     

     

     

     

     

    Operating income (loss)

     

     

    $

    (44,620

    )

     

    $

    (38,001

    )

     

    $

    (41,077

    )

     

     

     

     

     

     

     

     

     

     

     

    Total

     

     

     

     

     

     

     

     

     

     

     

    Revenue

     

     

    $

    674,523

     

     

    $

    599,092

     

     

    $

    713,450

     

     

    Operating income (loss)

     

     

    $

    73,472

     

     

    $

    36,693

     

     

    $

    77,880

     

     

    Operating income (loss) %

     

     

     

    11

    %

     

     

    6

    %

     

     

    11

    %

     

     

    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

     

     

     

     

     

     

     

    Mar 31, 2025

     

    Mar 31, 2024

     

    Dec 31, 2024

     

     

     

     

     

     

     

    (in thousands)

     

     

     

     

     

     

     

     

     

    Purchases of property and equipment

     

     

    $

    26,088

     

    $

    25,518

     

    $

    61,023

     

    Capitalized cloud-based service contract costs

     

     

     

    1,727

     

     

    -

     

     

    -

     

     

    Total Capital Expenditures

     

     

    $

    27,815

     

    $

    25,518

     

    $

    61,023

     

     

     

     

     

     

     

     

     

     

     

     

     

    Depreciation and Amortization:

     

     

     

     

     

     

     

     

    Energy Services and Products

     

     

     

     

     

     

     

     

     

    Subsea Robotics

     

     

    $

    11,736

     

    $

    12,810

     

    $

    12,049

     

     

    Manufactured Products

     

     

     

    2,650

     

     

    3,175

     

     

    2,979

     

     

    Offshore Projects Group

     

     

     

    4,689

     

     

    6,435

     

     

    5,033

     

     

    Integrity Management & Digital Solutions

     

     

     

    1,730

     

     

    1,259

     

     

    1,615

     

    Total Energy Services and Products

     

     

     

    20,805

     

     

    23,679

     

     

    21,676

     

    Aerospace and Defense Technologies

     

     

     

    833

     

     

    603

     

     

    705

     

    Unallocated Expenses

     

     

     

    2,810

     

     

    2,776

     

     

    2,761

     

     

    Total Depreciation and Amortization

     

     

    $

    24,448

     

    $

    27,058

     

    $

    25,142

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    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, 2024 Consolidated Adjusted EBITDA and Free Cash Flow, and 2025 Consolidated EBITDA and Free Cash Flow Estimates, 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. Due to the forward-looking nature of EBITDA for the second quarter of 2025 and for the full year of 2025, we cannot reliably predict certain of the necessary line-items for the reconciliations to net income and, accordingly, have excluded such line-items in the reconciliation. 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.

    RECONCILIATIONS OF NON-GAAP TO GAAP FINANCIAL INFORMATION

     

    (continued)

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Adjusted Net Income (Loss) and Diluted Earnings (Loss) per Share (EPS)

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    For the Three Months Ended

     

     

     

     

     

     

    Mar 31, 2025

    Mar 31, 2024

    Dec 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

     

    $

    50,377

     

     

    $

    0.49

     

    $

    15,135

     

     

    $

    0.15

     

    $

    56,099

     

     

    $

    0.55

     

    Pre-tax adjustments for the effects of:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Foreign currency (gains) losses

     

     

    (1,050

    )

     

     

     

     

    (2,197

    )

     

     

     

     

    2,789

     

     

     

     

    Total pre-tax adjustments

     

     

    (1,050

    )

     

     

     

     

    (2,197

    )

     

     

     

     

    2,789

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Tax effect on pre-tax adjustments at the applicable jurisdictional statutory rate in effect for respective periods

     

     

    685

     

     

     

     

     

    790

     

     

     

     

     

    77

     

     

     

     

    Discrete tax items:

     

     

     

     

     

     

     

     

     

     

     

     

     

    Share-based compensation

     

     

    (1,103

    )

     

     

     

     

    (1,926

    )

     

     

     

     

    (9

    )

     

     

     

    Uncertain tax positions

     

     

    (2,411

    )

     

     

     

     

    (149

    )

     

     

     

     

    2,744

     

     

     

     

    Valuation allowances

     

     

    (3,261

    )

     

     

     

     

    4,571

     

     

     

     

     

    (24,058

    )

     

     

     

    Other

     

     

    780

     

     

     

     

     

    (2,336

    )

     

     

     

     

    (182

    )

     

     

     

     

    Total discrete tax adjustments

     

     

    (5,995

    )

     

     

     

     

    160

     

     

     

     

     

    (21,505

    )

     

     

     

     

    Total of adjustments

     

     

    (6,360

    )

     

     

     

     

    (1,247

    )

     

     

     

     

    (18,639

    )

     

     

     

    Adjusted Net Income (Loss)

     

    $

    44,017

     

     

    $

    0.43

     

    $

    13,888

     

     

    $

    0.14

     

    $

    37,460

     

     

    $

    0.37

     

    Weighted average diluted shares outstanding utilized for Adjusted Net Income (Loss)

     

     

     

     

    101,903

     

     

     

     

    102,250

     

     

     

     

    102,140

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    EBITDA and Adjusted EBITDA and Margins

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    For the Three Months Ended

     

     

     

     

     

     

    Mar 31, 2025

     

    Mar 31, 2024

     

    Dec 31, 2024

     

     

     

     

     

     

    ($ in thousands)

     

     

     

     

     

     

     

     

     

     

     

    Net income (loss)

     

     

    $

    50,377

     

     

    $

    15,135

     

     

    $

    56,099

     

     

    Depreciation and amortization

     

     

     

    24,448

     

     

     

    27,058

     

     

     

    25,142

     

     

     

    Subtotal

     

     

     

    74,825

     

     

     

    42,193

     

     

     

    81,241

     

     

    Interest expense, net of interest income

     

     

    5,431

     

     

     

    6,164

     

     

     

    6,334

     

     

    Amortization included in interest expense

     

     

    (1,556

    )

     

     

    (1,479

    )

     

     

    (1,555

    )

     

    Provision (benefit) for income taxes

     

     

     

    19,001

     

     

     

    17,043

     

     

     

    12,727

     

     

     

    EBITDA

     

     

     

    97,701

     

     

     

    63,921

     

     

     

    98,747

     

     

    Adjustments for the effects of:

     

     

     

     

     

     

     

     

     

    Foreign currency (gains) losses

     

     

     

    (1,050

    )

     

     

    (2,197

    )

     

     

    2,789

     

     

     

     

    Total of adjustments

     

     

     

    (1,050

    )

     

     

    (2,197

    )

     

     

    2,789

     

     

     

    Adjusted EBITDA

     

     

    $

    96,651

     

     

    $

    61,724

     

     

    $

    101,536

     

     

     

     

     

     

     

     

     

     

     

     

     

    Revenue

     

     

    $

    674,523

     

     

    $

    599,092

     

     

    $

    713,450

     

     

     

     

     

     

     

     

     

     

     

     

     

    EBITDA margin %

     

     

     

    14

    %

     

     

    11

    %

     

     

    14

    %

     

    Adjusted EBITDA margin %

     

     

     

    14

    %

     

     

    10

    %

     

     

    14

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Free Cash Flow

     

     

     

     

     

     

     

     

     

     

     

     

    For the Three Months Ended

     

     

     

     

    Mar 31, 2025

     

    Mar 31, 2024

     

    Dec 31, 2024

     

     

     

     

    (in thousands)

    Net Income (loss)

     

    $

    50,377

     

     

    $

    15,135

     

     

    $

    56,099

     

     

    Non-cash adjustments:

     

     

     

     

     

     

     

     

    Depreciation and amortization

     

     

    24,448

     

     

     

    27,058

     

     

     

    25,142

     

     

     

    Other non-cash

     

     

    14,429

     

     

     

    2,682

     

     

     

    (8,575

    )

     

    Other increases (decreases) in cash from operating activities

     

     

    (169,972

    )

     

     

    (114,592

    )

     

     

    55,711

     

     

    Cash flow provided by (used in) operating activities

     

     

    (80,718

    )

     

     

    (69,717

    )

     

     

    128,377

     

     

    Purchases of property and equipment

     

     

    (26,088

    )

     

     

    (25,518

    )

     

     

    (33,874

    )

     

    Free Cash Flow

     

    $

    (106,806

    )

     

    $

    (95,235

    )

     

    $

    94,503

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    2025 Consolidated EBITDA Estimates

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    For the Three Months Ending

     

     

     

     

     

     

    June 30, 2025

     

     

     

     

     

     

    Low

     

    High

     

     

     

     

     

     

    (in thousands)

     

    Income (loss) before income taxes

     

     

     

    $

    63,000

     

     

    $

    72,000

     

     

    Depreciation and amortization

     

     

     

     

    25,000

     

     

     

    26,000

     

     

     

    Subtotal

     

     

     

     

    88,000

     

     

     

    98,000

     

     

    Interest expense, net of interest income

     

     

     

     

    7,000

     

     

     

    7,000

     

     

     

    Consolidated EBITDA

     

     

     

    $

    95,000

     

     

    $

    105,000

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    For the Year Ending

     

     

     

     

     

     

    December 31, 2025

     

     

     

     

     

     

    Low

     

    High

     

     

     

     

     

     

    (in thousands)

     

    Income (loss) before income taxes

     

     

     

    $

    254,000

     

     

    $

    295,000

     

     

    Depreciation and amortization

     

     

     

     

    100,000

     

     

     

    105,000

     

     

     

    Subtotal

     

     

     

     

    354,000

     

     

     

    400,000

     

     

    Interest expense, net of interest income

     

     

     

     

    26,000

     

     

     

    30,000

     

     

     

    Consolidated EBITDA

     

     

     

    $

    380,000

     

     

    $

    430,000

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    2025 Free Cash Flow Estimate

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    For the Year Ending

     

     

     

     

     

     

    December 31, 2025

     

     

     

     

     

     

    Low

     

    High

     

     

     

     

     

     

    (in thousands)

     

    Net income (loss)

     

     

     

    $

    160,000

     

     

    $

    190,000

     

     

    Depreciation and amortization

     

     

     

     

    100,000

     

     

     

    105,000

     

     

    Other increases (decreases) in cash from operating activities

     

     

    (35,000

    )

     

     

    (45,000

    )

     

    Cash flow provided by (used in) operating activities

     

     

    225,000

     

     

     

    250,000

     

     

    Purchases of property and equipment

     

     

     

     

    (115,000

    )

     

     

    (120,000

    )

     

    Free Cash Flow

     

     

     

    $

    110,000

     

     

    $

    130,000

     

     

     

    EBITDA and Adjusted EBITDA and Margins by Segment

     

     

     

     

     

    For the Three Months Ended March 31, 2025

     

     

     

     

    SSR

     

    MP

     

    OPG

     

    IMDS

     

    ADTech

     

    Unallocated

    Expenses

    and other

     

    Total

     

     

     

     

    ($ in thousands)

    Operating Income (Loss) as reported in accordance with GAAP

     

    $

    59,632

     

     

    $

    8,667

     

     

    $

    35,666

     

     

    $

    3,462

     

     

    $

    10,665

     

     

    $

    (44,620

    )

     

    $

    73,472

     

    Adjustments for the effects of:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Depreciation and amortization

     

     

    11,736

     

     

     

    2,650

     

     

     

    4,689

     

     

     

    1,730

     

     

     

    833

     

     

     

    2,810

     

     

     

    24,448

     

     

    Other pre-tax

     

     

    -

     

     

     

    -

     

     

     

    -

     

     

     

    -

     

     

     

    -

     

     

     

    (219

    )

     

     

    (219

    )

     

    EBITDA

     

     

    71,368

     

     

     

    11,317

     

     

     

    40,355

     

     

     

    5,192

     

     

     

    11,498

     

     

     

    (42,029

    )

     

     

    97,701

     

    Adjustments for the effects of:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Foreign currency (gains) losses

     

     

    -

     

     

     

    -

     

     

     

    -

     

     

     

    -

     

     

     

    -

     

     

     

    (1,050

    )

     

     

    (1,050

    )

     

     

    Total of adjustments

     

     

    -

     

     

     

    -

     

     

     

    -

     

     

     

    -

     

     

     

    -

     

     

     

    (1,050

    )

     

     

    (1,050

    )

    Adjusted EBITDA

     

    $

    71,368

     

     

    $

    11,317

     

     

    $

    40,355

     

     

    $

    5,192

     

     

    $

    11,498

     

     

    $

    (43,079

    )

     

    $

    96,651

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Revenue

     

    $

    205,976

     

     

    $

    135,037

     

     

    $

    164,941

     

     

    $

    71,418

     

     

    $

    97,151

     

     

     

     

    $

    674,523

     

    Operating income (loss) % as reported in accordance with GAAP

     

     

    29

    %

     

     

    6

    %

     

     

    22

    %

     

     

    5

    %

     

     

    11

    %

     

     

     

     

    11

    %

    EBITDA Margin

     

     

    35

    %

     

     

    8

    %

     

     

    24

    %

     

     

    7

    %

     

     

    12

    %

     

     

     

     

    14

    %

    Adjusted EBITDA Margin

     

     

    35

    %

     

     

    8

    %

     

     

    24

    %

     

     

    7

    %

     

     

    12

    %

     

     

     

     

    14

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    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

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    For the Three Months Ended December 31, 2024

     

     

     

     

    SSR

     

    MP

     

    OPG

     

    IMDS

     

    ADTech

     

    Unallocated

    Expenses

    and other

     

    Total

     

     

     

     

    ($ in thousands)

    Operating Income (Loss) as reported in accordance with GAAP

     

    $

    63,526

     

     

    $

    4,163

     

     

    $

    39,313

     

     

    $

    2,025

     

     

    $

    9,930

     

     

    $

    (41,077

    )

     

    $

    77,880

     

    Adjustments for the effects of:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Depreciation and amortization

     

     

    12,049

     

     

     

    2,979

     

     

     

    5,033

     

     

     

    1,615

     

     

     

    705

     

     

     

    2,761

     

     

     

    25,142

     

     

    Other pre-tax

     

     

    -

     

     

     

    -

     

     

     

    -

     

     

     

    -

     

     

     

    -

     

     

     

    (4,275

    )

     

     

    (4,275

    )

     

    EBITDA

     

     

    75,575

     

     

     

    7,142

     

     

     

    44,346

     

     

     

    3,640

     

     

     

    10,635

     

     

     

    (42,591

    )

     

     

    98,747

     

    Adjustments for the effects of:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Foreign currency (gains) losses

     

     

    -

     

     

     

    -

     

     

     

    -

     

     

     

    -

     

     

     

    -

     

     

     

    2,789

     

     

     

    2,789

     

     

     

    Total of adjustments

     

     

    -

     

     

     

    -

     

     

     

    -

     

     

     

    -

     

     

     

    -

     

     

     

    2,789

     

     

     

    2,789

     

    Adjusted EBITDA

     

    $

    75,575

     

     

    $

    7,142

     

     

    $

    44,346

     

     

    $

    3,640

     

     

    $

    10,635

     

     

    $

    (39,802

    )

     

    $

    101,536

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Revenue

     

    $

    212,190

     

     

    $

    142,999

     

     

    $

    184,386

     

     

    $

    75,062

     

     

    $

    98,813

     

     

     

     

    $

    713,450

     

    Operating income (loss) % as reported in accordance with GAAP

     

     

    30

    %

     

     

    3

    %

     

     

    21

    %

     

     

    3

    %

     

     

    10

    %

     

     

     

     

    11

    %

    EBITDA Margin

     

     

    36

    %

     

     

    5

    %

     

     

    24

    %

     

     

    5

    %

     

     

    11

    %

     

     

     

     

    14

    %

    Adjusted EBITDA Margin

     

     

    36

    %

     

     

    5

    %

     

     

    24

    %

     

     

    5

    %

     

     

    11

    %

     

     

     

     

    14

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    View source version on businesswire.com: https://www.businesswire.com/news/home/20250423114328/en/

    [email protected]

    Hilary Frisbie

    Senior Director, Investor Relations

    Oceaneering International, Inc.

    713-329-4755

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