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    Oceaneering Reports Second Quarter 2024 Results

    7/24/24 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 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/

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    • Oceaneering Reports First Quarter 2025 Results

      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

      4/23/25 5:01:00 PM ET
      $OII
      Oilfield Services/Equipment
      Energy
    • Oceaneering Announces Dates for First Quarter 2025 Earnings Release and Conference Call

      Oceaneering International, Inc. ("Oceaneering") (NYSE:OII) announces that it will report financial results for the first quarter of 2025 on Wednesday, April 23, 2025, after the close of trading on the New York Stock Exchange. The earnings release will be available on Oceaneering's website at oceaneering.com. Oceaneering has scheduled a conference call and webcast related to its first quarter results for Thursday, April 24, 2025, at 10:00 a.m. Central Time. 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 t

      3/27/25 5:01:00 PM ET
      $OII
      Oilfield Services/Equipment
      Energy
    • Oceaneering Reports Fourth Quarter 2024 and Full Year 2024 Results

      Oceaneering International, Inc. ("Oceaneering") (NYSE:OII) today reported fourth quarter and full year 2024 results. Fourth Quarter 2024 Results Revenue of $713 million, a 9% increase year over year Operating income of $77.9 million, a 64% increase year over year Net income of $56.1 million, a 26% increase year over year Adjusted EBITDA of $102 million, a 35% increase year over year Cash flow provided by operating activities of $128 million and free cash flow of $94.5 million, with an ending cash position of $498 million Full Year 2024 Results Revenue of $2.7 billion, a 10% increase year over year Operating income of $246 million, a 36% increase year over year Net income

      2/19/25 5:01:00 PM ET
      $OII
      Oilfield Services/Equipment
      Energy
    • Oceaneering Announces Award of Inspection, Maintenance, and Repair Contract by bp Mauritania Investments Limited

      Oceaneering International, Inc. ("Oceaneering") (NYSE:OII) announced that its Offshore Projects Group ("OPG") has been awarded a multi-year contract by bp Mauritania Investments Limited for the provision of subsea inspection, maintenance, and repair (IMR) services and remotely operated vehicle (ROV) services in the Greater Tortue Ahmeyim field. Oceaneering will support this contract with one of its multi-purpose vessels outfitted with two Oceaneering work class ROVs. The scope of work will also include project management, engineering, and integration services provided by Oceaneering's local and international personnel. Engineering and pre-mobilization activities have commenced, with field

      5/7/25 5:01:00 PM ET
      $OII
      Oilfield Services/Equipment
      Energy
    • Oceaneering Reports First Quarter 2025 Results

      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

      4/23/25 5:01:00 PM ET
      $OII
      Oilfield Services/Equipment
      Energy
    • Oceaneering Announces Dates for First Quarter 2025 Earnings Release and Conference Call

      Oceaneering International, Inc. ("Oceaneering") (NYSE:OII) announces that it will report financial results for the first quarter of 2025 on Wednesday, April 23, 2025, after the close of trading on the New York Stock Exchange. The earnings release will be available on Oceaneering's website at oceaneering.com. Oceaneering has scheduled a conference call and webcast related to its first quarter results for Thursday, April 24, 2025, at 10:00 a.m. Central Time. 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 t

      3/27/25 5:01:00 PM ET
      $OII
      Oilfield Services/Equipment
      Energy
    • Oceaneering Appoints William Merz to Succeed Philip Beierl as Senior Vice President, Aerospace and Defense Technologies

      Oceaneering International, Inc. ("Oceaneering") (NYSE:OII) announced the appointment of William Merz to succeed Philip Beierl as Senior Vice President, Aerospace and Defense Technologies ("ADTech"), effective January 1, 2025. In his new role, Mr. Merz will have global responsibility for Oceaneering's ADTech business segment. Mr. Merz joined Oceaneering in January 2024 as Vice President of Operations, Aerospace and Defense Technologies. Prior to joining Oceaneering, Mr. Merz had a distinguished career in the U.S. Navy that included command of the U.S. Seventh Fleet and senior financial, requirements, and operations positions at the Pentagon. Mr. Merz currently serves on the Center for Nava

      12/19/24 5:01:00 PM ET
      $OII
      Oilfield Services/Equipment
      Energy
    • Oceaneering Acquires Global Design Innovation Ltd.

      Oceaneering International, Inc. (NYSE:OII) announced today that it has acquired Global Design Innovation Ltd. (GDi), a UK-based provider of digital and software services. This acquisition is a key step in Oceaneering's strategy to advance its digital capabilities and broaden the solutions available to its global clients. As the only provider certified by the United Kingdom Accreditation Service (UKAS) to perform remote visual inspection using point cloud data and photographic images, GDi brings advanced algorithms and data solutions that, when combined with Oceaneering's engineering expertise, will strengthen Oceaneering's ability to optimize asset management for clients in industries incl

      10/29/24 5:01:00 PM ET
      $OII
      Oilfield Services/Equipment
      Energy
    • Oceaneering Appoints New Member to Its Board of Directors

      Oceaneering International, Inc. (NYSE:OII) today announced that Ms. Reema Poddar has been elected to its Board of Directors as an independent, non-executive director in Class I, effective as of February 22, 2024. Ms. Poddar has also been appointed to the Nominating, Corporate Governance and Sustainability Committee of the Board. Her initial term of office will extend until Oceaneering's Annual Meeting of Shareholders in 2026. Ms. Poddar has 30 years of software industry experience, including product strategy, product development and digital business transformation. She has been recognized as a leader in data analytics, machine learning, artificial intelligence, cloud services, cyber secur

      2/27/24 5:01:00 PM ET
      $OII
      Oilfield Services/Equipment
      Energy
    • SEC Form SC 13G/A filed by Oceaneering International Inc. (Amendment)

      SC 13G/A - OCEANEERING INTERNATIONAL INC (0000073756) (Subject)

      3/11/24 5:33:38 PM ET
      $OII
      Oilfield Services/Equipment
      Energy
    • SEC Form SC 13G/A filed by Oceaneering International Inc. (Amendment)

      SC 13G/A - OCEANEERING INTERNATIONAL INC (0000073756) (Subject)

      2/13/24 5:09:45 PM ET
      $OII
      Oilfield Services/Equipment
      Energy
    • SEC Form SC 13G/A filed by Oceaneering International Inc. (Amendment)

      SC 13G/A - OCEANEERING INTERNATIONAL INC (0000073756) (Subject)

      10/6/23 4:28:15 PM ET
      $OII
      Oilfield Services/Equipment
      Energy
    • SEC Form 10-Q filed by Oceaneering International Inc.

      10-Q - OCEANEERING INTERNATIONAL INC (0000073756) (Filer)

      4/24/25 4:30:16 PM ET
      $OII
      Oilfield Services/Equipment
      Energy
    • Oceaneering International Inc. filed SEC Form 8-K: Results of Operations and Financial Condition, Financial Statements and Exhibits

      8-K - OCEANEERING INTERNATIONAL INC (0000073756) (Filer)

      4/23/25 5:05:07 PM ET
      $OII
      Oilfield Services/Equipment
      Energy
    • SEC Form DEFA14A filed by Oceaneering International Inc.

      DEFA14A - OCEANEERING INTERNATIONAL INC (0000073756) (Filer)

      3/28/25 4:30:29 PM ET
      $OII
      Oilfield Services/Equipment
      Energy