Oceaneering International, Inc. ("Oceaneering") (NYSE:OII) today
reported net income of $41.2 million, or $0.40 per share, on
revenue of $680 million for the three months ended September 30,
2024. Adjusted net income was $37.2 million, or $0.36 per share,
reflecting the impact of $(0.4) million of pre-tax adjustments
associated with foreign exchange gains recognized during the
quarter, $0.6 million tax effect on adjustments associated with
foreign exchange gains, and $(4.2) million of discrete tax
adjustments.
Summary of Results
(in thousands, except per share
amounts)
For the Three Months Ended
For the Nine Months Ended
Sep 30,
Jun 30,
Sep 30,
2024
2023
2024
2024
2023
Revenue
$
679,811
$
635,180
$
668,808
$
1,947,711
$
1,770,077
Operating Income (Loss)
71,333
57,929
60,364
168,390
133,878
Net Income (Loss)
41,237
29,812
34,997
91,369
52,874
Diluted Earnings (Loss) Per Share
$
0.40
$
0.29
$
0.34
$
0.89
$
0.52
For the third quarter of 2024:
- Net income was $41.2 million and adjusted EBITDA was $98.1
million
- Consolidated operating income was $71.3 million
- Cash flow provided by operating activities was $91.9 million
and free cash flow was $67.0 million, with an ending cash position
of $452 million
- The company repurchased 422,229 shares for approximately $10
million
As of September 30, 2024:
- Remotely Operated Vehicles (ROV): fleet count was 250; Q3
utilization was 69%; and Q3 average revenue per day utilized was
$10,576
- Manufactured Products backlog was $671 million
Revised full-year 2024 guidance and initial full-year 2025
guidance:
- 2024 consolidated adjusted EBITDA in the range of $340 million
to $350 million
- 2025 consolidated EBITDA in the range of $400 million to $430
million
- 2025 free cash flow to exceed that generated in 2024
Roderick A. Larson, President and Chief Executive Officer of
Oceaneering, stated, “During the quarter, we saw consistent
activity levels in our energy-focused businesses, with notable
operating performance improvements year-over-year in our Subsea
Robotics (SSR) and Manufactured Products segments. Compared to the
same quarter last year, our consolidated third quarter operating
income was 23% higher on a 7% increase in revenue. We also
repurchased shares during the quarter for the first time since
2015.
“We have updated our full-year 2024 consolidated adjusted EBITDA
range, which at the midpoint of $345 million represents a 19%
increase over our 2023 adjusted EBITDA. Our initial consolidated
EBITDA guidance for 2025, at the $415 million midpoint, represents
a 20% year-over-year increase to the guided full-year 2024
midpoint.”
Third Quarter 2024 Segment Results v. Third Quarter 2023 Segment
Results
As compared to the third quarter of 2023:
- SSR third quarter 2024 operating income of $65.7 was 37%
higher. EBITDA margin was 36%, as compared to 31% for the same
period last year. ROV revenue per day utilized of $10,576 was 13%
higher and fleet utilization was essentially flat at 69%. ROV fleet
use during the quarter was 66% in drill support and 34% in
vessel-based activity, compared to 61% and 39%.
- Manufactured Products operating income improved 37% on a 17%
increase in revenue, with operating income margin improving to 8%.
Backlog was $671 million on September 30, 2024, an increase of $115
million, compared to the same period in 2023. The book-to-bill
ratio was 1.21 for the 12-month period ending September 30, 2024,
as compared to 1.41 for the trailing 12-month period ending
September 30, 2023.
- Offshore Projects Group (OPG) operating income declined 24% on
a 2% decrease in revenue due to changes in project mix in our
international markets, vessel crane repair costs, and
associated vessel downtime. Operating income margin declined
to 14% from 18%.
- Integrity Management and Digital Solutions (IMDS) operating
income and operating income margin decreased on a 11% increase in
revenue. The decline in operating income was due to the one-time,
non-cash charge associated with the divestiture of the Maritime
Intelligence division in September 2024.
- Aerospace and Defense Technologies (ADTech) revenue was
relatively flat. Operating income declined 14% due to increased
project proposal costs and changes in project mix.
- At the corporate level, Unallocated Expenses of $38.9 million
were in line with guidance for the quarter and lower than for the
same period last year.
Fourth Quarter 2024 Guidance v. Third Quarter 2024 Guidance
On a consolidated basis, fourth quarter 2024 revenue is expected
to increase slightly as compared to the third quarter of 2024, and
fourth quarter 2024 adjusted EBITDA is expected to be in line with
third quarter 2024 results. At the segment level, for the fourth
quarter of 2024, as compared to the third quarter of 2024:
- SSR revenue and operating profitability are forecasted to
decrease slightly due to normal seasonality;
- Manufactured Products operating profitability is expected to be
significantly lower on higher revenue;
- OPG revenue is projected to increase and generate significantly
higher operating profitability;
- IMDS operating profitability is expected to improve on a
decline in revenue;
- ADTech revenue and operating profitability are expected to
decrease; and
- Unallocated Expenses are expected to be in the $40 million
range.
Initial 2025 Guidance
For 2025, year over year, Oceaneering anticipates increased
revenue and improved operating performance across all segments, led
by gains from SSR, Manufactured Products, and ADTech. Consolidated
EBITDA for 2025 is forecasted to be in the range of $400 million to
$430 million. Oceaneering currently expects to generate positive
free cash flow in excess of that forecasted for 2024. Oceaneering
will provide more specific guidance on its expectations for 2025 in
its fourth quarter 2024 earnings release and conference call.
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, 2024 Consolidated Adjusted EBITDA and Free Cash
Flow Estimates, 2025 Consolidated EBITDA 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, October 24, 2024 at 10:00 a.m. Central Time, to discuss
its results for the third quarter of 2024, as well as more detailed
guidance for the full year and fourth quarter of 2024 and initial
guidance for the 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.
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; fourth-quarter 2024 guidance for consolidated
revenue, consolidated adjusted EBITDA, operating segment revenue
and operating profitability, and Unallocated Expenses; full-year
2025 guidance for consolidated EBITDA and expectation that 2025
will generate positive free cash flow in excess of that generated
in 2024; expectations for improved financial performance in 2025,
led by gains in SSR, Manufactured Products, and ADTech; 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
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; 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
Sep 30, 2024
Dec 31, 2023
(in thousands)
ASSETS
Current assets (including cash and cash
equivalents of $451,858 and $461,566)
$
1,411,099
$
1,305,659
Net property and equipment
423,579
424,293
Other assets
521,815
509,054
Total Assets
$
2,356,493
$
2,239,006
LIABILITIES AND EQUITY
Current liabilities
$
800,143
$
732,476
Long-term debt
480,706
477,058
Other long-term liabilities
371,603
395,389
Equity
704,041
634,083
Total Liabilities and Equity
$
2,356,493
$
2,239,006
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
For the Three Months Ended
For the Nine Months Ended
Sep 30, 2024
Sep 30, 2023
Jun 30, 2024
Sep 30, 2024
Sep 30, 2023
(in thousands, except per share
amounts)
Revenue
$
679,811
$
635,180
$
668,808
$
1,947,711
$
1,770,077
Cost of services and products
548,849
520,483
548,597
1,604,154
1,476,735
Gross margin
130,962
114,697
120,211
343,557
293,342
Selling, general and administrative
expense
59,629
56,768
59,847
175,167
159,464
Operating income (loss)
71,333
57,929
60,364
168,390
133,878
Interest income
3,275
3,724
2,402
8,717
12,344
Interest expense
(9,456
)
(9,802
)
(9,516
)
(28,176
)
(28,602
)
Equity in income (losses) of
unconsolidated affiliates
323
498
295
787
1,616
Other income (expense), net
3,133
968
1,759
6,372
(4,800
)
Income (loss) before income taxes
68,608
53,317
55,304
156,090
114,436
Provision (benefit) for income taxes
27,371
23,505
20,307
64,721
61,562
Net Income (Loss)
$
41,237
$
29,812
$
34,997
$
91,369
$
52,874
Weighted average diluted shares
outstanding
102,613
102,206
102,472
102,445
102,086
Diluted earnings (loss) per share
$
0.40
$
0.29
$
0.34
$
0.89
$
0.52
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 Nine Months Ended
Sep 30, 2024
Sep 30, 2023
Jun 30, 2024
Sep 30, 2024
Sep 30, 2023
($ in thousands)
Subsea Robotics
Revenue
$
215,715
$
197,343
$
214,985
$
617,632
$
553,016
Operating income (loss)
$
65,698
$
47,818
$
61,750
$
171,685
$
123,699
Operating income (loss) %
30
%
24
%
29
%
28
%
22
%
ROV days available
23,000
23,000
22,750
68,500
68,250
ROV days utilized
15,796
15,932
15,839
46,171
46,192
ROV utilization
69
%
69
%
70
%
67
%
68
%
Manufactured Products
Revenue
$
143,734
$
122,877
$
139,314
$
412,501
$
360,698
Operating income (loss)
$
11,278
$
8,229
$
14,369
$
38,837
$
30,116
Operating income (loss) %
8
%
7
%
10
%
9
%
8
%
Backlog at end of period
$
671,000
$
556,000
$
713,000
$
671,000
$
556,000
Offshore Projects Group
Revenue
$
147,539
$
150,273
$
144,058
$
406,651
$
385,127
Operating income (loss)
$
20,294
$
26,745
$
13,248
$
34,386
$
49,391
Operating income (loss) %
14
%
18
%
9
%
8
%
13
%
Integrity Management & Digital
Solutions
Revenue
$
73,622
$
66,056
$
73,492
$
216,804
$
189,305
Operating income (loss)
$
714
$
3,242
$
3,473
$
7,802
$
10,168
Operating income (loss) %
1
%
5
%
5
%
4
%
5
%
Aerospace and Defense Technologies
Revenue
$
99,201
$
98,631
$
96,959
$
294,123
$
281,931
Operating income (loss)
$
12,219
$
14,140
$
7,244
$
32,271
$
33,993
Operating income (loss) %
12
%
14
%
7
%
11
%
12
%
Unallocated Expenses
Operating income (loss)
$
(38,870
)
$
(42,245
)
$
(39,720
)
$
(116,591
)
$
(113,489
)
Total
Revenue
$
679,811
$
635,180
$
668,808
$
1,947,711
$
1,770,077
Operating income (loss)
$
71,333
$
57,929
$
60,364
$
168,390
$
133,878
Operating income (loss) %
10
%
9
%
9
%
9
%
8
%
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 Nine Months Ended
Sep 30, 2024
Sep 30, 2023
Jun 30, 2024
Sep 30, 2024
Sep 30, 2023
(in thousands)
Capital Expenditures, including
Acquisitions
$
24,886
$
25,945
$
22,858
$
73,262
$
66,681
Depreciation and Amortization:
Energy Services and Products
Subsea Robotics
$
12,076
$
12,805
$
11,981
$
36,867
$
41,101
Manufactured Products
3,061
3,067
3,237
9,473
9,124
Offshore Projects Group
5,399
6,931
5,584
17,418
21,035
Integrity Management & Digital
Solutions
1,348
909
1,803
4,410
2,706
Total Energy Services and Products
21,884
23,712
22,605
68,168
73,966
Aerospace and Defense Technologies
696
600
616
1,915
1,885
Unallocated Expenses
2,683
1,284
2,759
8,218
3,612
Total Depreciation and Amortization
$
25,263
$
25,596
$
25,980
$
78,301
$
79,463
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 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. 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
Adjusted Net Income (Loss) and
Diluted Earnings (Loss) per Share (EPS)
For the Three Months Ended
Sep 30, 2024
Sep 30, 2023
Jun 30, 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
$
41,237
$
0.40
$
29,812
$
0.29
$
34,997
$
0.34
Pre-tax adjustments for the effects
of:
Foreign currency (gains) losses
(424
)
(944
)
(1,034
)
Total pre-tax adjustments
(424
)
(944
)
(1,034
)
Tax effect on pre-tax adjustments at the
applicable jurisdictional statutory rate in effect for respective
periods
603
615
70
Discrete tax items:
Share-based compensation
(2
)
—
(48
)
Uncertain tax positions
(1,178
)
13,076
1,706
Valuation allowances
(1,759
)
9,353
520
Other
(1,247
)
(13,430
)
(7,645
)
Total discrete tax adjustments
(4,186
)
8,999
(5,467
)
Total of adjustments
(4,007
)
8,670
(6,431
)
Adjusted Net Income (Loss)
$
37,230
$
0.36
$
38,482
$
0.38
$
28,566
$
0.28
Weighted average diluted shares
outstanding utilized for Adjusted Net Income (Loss)
102,613
102,206
102,472
Adjusted Net Income (Loss) and
Diluted Earnings (Loss) per Share (EPS)
For the Nine Months Ended
Sep 30, 2024
Sep 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
$
91,369
$
0.89
$
52,874
$
0.52
Pre-tax adjustments for the effects
of:
Foreign currency (gains) losses
(3,655
)
3,634
Total pre-tax adjustments
(3,655
)
3,634
Tax effect on pre-tax adjustments at the
applicable jurisdictional statutory rate in effect for respective
periods
1,463
(1,688
)
Discrete tax items:
Share-based compensation
(1,976
)
(1,370
)
Uncertain tax positions
379
17,477
Valuation allowances
3,332
4,251
Other
(11,228
)
(12,660
)
Total discrete tax adjustments
(9,493
)
7,698
Total of adjustments
(11,685
)
9,644
Adjusted Net Income (Loss)
$
79,684
$
0.78
$
62,518
$
0.61
Weighted average diluted shares
outstanding utilized for Adjusted Net Income (Loss)
102,445
102,086
EBITDA and Adjusted EBITDA and
Margins
For the Three Months Ended
For the Nine Months Ended
Sep 30, 2024
Sep 30, 2023
Jun 30, 2024
Sep 30, 2024
Sep 30, 2023
($ in thousands)
Net income (loss)
$
41,237
$
29,812
$
34,997
$
91,369
$
52,874
Depreciation and amortization
25,263
25,596
25,980
78,301
79,463
Subtotal
66,500
55,408
60,977
169,670
132,337
Interest expense, net of interest
income
6,181
6,078
7,114
19,459
16,258
Amortization included in interest
expense
(1,537
)
51
(1,504
)
(4,520
)
114
Provision (benefit) for income taxes
27,371
23,505
20,307
64,721
61,562
EBITDA
98,515
85,042
86,894
249,330
210,271
Adjustments for the effects of:
Foreign currency (gains) losses
(424
)
(944
)
(1,034
)
(3,655
)
$
3,634
Total of adjustments
(424
)
(944
)
(1,034
)
(3,655
)
3,634
Adjusted EBITDA
$
98,091
$
84,098
$
85,860
$
245,675
$
213,905
Revenue
$
679,811
$
635,180
$
668,808
$
1,947,711
$
1,770,077
EBITDA margin %
14
%
13
%
13
%
13
%
12
%
Adjusted EBITDA margin %
14
%
13
%
13
%
13
%
12
%
Free Cash Flow
For the Three Months Ended
For the Nine Months Ended
Sep 30, 2024
Sep 30, 2023
Jun 30, 2024
Sep 30, 2024
Sep 30, 2023
(in thousands)
Net Income (loss)
$
41,237
$
29,812
$
34,997
$
91,369
$
52,874
Non-cash adjustments:
Depreciation and amortization
25,263
25,596
25,980
78,301
79,463
Other non-cash
7,440
6,381
1,744
11,866
9,116
Other increases (decreases) in cash from
operating activities
17,991
17,819
(10,098
)
(106,699
)
(84,313
)
Cash flow provided by (used in) operating
activities
91,931
79,608
52,623
74,837
57,140
Purchases of property and equipment
(24,886
)
(25,945
)
(22,858
)
(73,262
)
(66,681
)
Free Cash Flow
$
67,045
$
53,663
$
29,765
$
1,575
$
(9,541
)
2024 Consolidated Adjusted
EBITDA Estimate
For the Year Ending
December 31, 2024
Low
High
(in thousands)
Income (loss) before income taxes
$
219,000
$
225,000
Depreciation and amortization
100,000
103,000
Subtotal
319,000
328,000
Interest expense, net of interest
income
25,000
26,000
Foreign currency (gains) losses
(4,000
)
(4,000
)
Consolidated Adjusted EBITDA
$
340,000
$
350,000
2024 Free Cash Flow
Estimate
For the Year Ending
December 31, 2024
Low
High
(in thousands)
Net income (loss)
$
130,000
$
132,000
Depreciation and amortization
100,000
103,000
Other increases (decreases) in cash from
operating activities
(10,000
)
45,000
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
2025 Consolidated EBITDA
Estimate
For the Year Ending
December 31, 2025
Low
High
(in thousands)
Income (loss) before income taxes
$
285,000
$
307,000
Depreciation and amortization
95,000
100,000
Subtotal
380,000
407,000
Interest expense, net of interest
income
20,000
23,000
Consolidated EBITDA
$
400,000
$
430,000
EBITDA and Adjusted EBITDA and
Margins by Segment
For the Three Months Ended
September 30, 2024
SSR
MP
OPG
IMDS
ADTech
Unallocated Expenses and
other
Total
($ in thousands)
Operating Income (Loss) as reported in
accordance with GAAP
$
65,698
$
11,278
$
20,294
$
714
$
12,219
$
(38,870
)
$
71,333
Adjustments for the effects of:
Depreciation and amortization
12,076
3,061
5,399
1,348
696
2,683
25,263
Other pre-tax
—
—
—
—
—
1,919
1,919
EBITDA
77,774
14,339
25,693
2,062
12,915
(34,268
)
98,515
Adjustments for the effects of:
Foreign currency (gains) losses
—
—
—
—
—
(424
)
(424
)
Total of adjustments
—
—
—
—
—
(424
)
(424
)
Adjusted EBITDA
$
77,774
$
14,339
$
25,693
$
2,062
$
12,915
$
(34,692
)
$
98,091
Revenue
$
215,715
$
143,734
$
147,539
$
73,622
$
99,201
$
679,811
Operating income (loss) % as reported in
accordance with GAAP
30
%
8
%
14
%
1
%
12
%
10
%
EBITDA Margin
36
%
10
%
17
%
3
%
13
%
14
%
Adjusted EBITDA Margin
36
%
10
%
17
%
3
%
13
%
14
%
For the Three Months Ended
September 30, 2023
SSR
MP
OPG
IMDS
ADTech
Unallocated Expenses and
other
Total
($ in thousands)
Operating Income (Loss) as reported in
accordance with GAAP
$
47,818
$
8,229
$
26,745
$
3,242
$
14,140
$
(42,245
)
$
57,929
Adjustments for the effects of:
Depreciation and amortization
12,805
3,067
6,931
909
600
1,284
25,596
Other pre-tax
—
—
—
—
—
1,517
1,517
EBITDA
60,623
11,296
33,676
4,151
14,740
(39,444
)
85,042
Adjustments for the effects of:
Foreign currency (gains) losses
—
—
—
—
—
(944
)
(944
)
Total of adjustments
—
—
—
—
—
(944
)
(944
)
Adjusted EBITDA
$
60,623
$
11,296
$
33,676
$
4,151
$
14,740
$
(40,388
)
$
84,098
Revenue
$
197,343
$
122,877
$
150,273
$
66,056
$
98,631
$
635,180
Operating income (loss) % as reported in
accordance with GAAP
24
%
7
%
18
%
5
%
14
%
9
%
EBITDA Margin
31
%
9
%
22
%
6
%
15
%
13
%
Adjusted EBITDA Margin
31
%
9
%
22
%
6
%
15
%
13
%
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
%
EBITDA and Adjusted EBITDA and
Margins by Segment
For the Nine Months Ended
September 30, 2024
SSR
MP
OPG
IMDS
ADTech
Unallocated Expenses and
other
Total
($ in thousands)
Operating Income (Loss) as reported in
accordance with GAAP
$
171,685
$
38,837
$
34,386
$
7,802
$
32,271
$
(116,591
)
$
168,390
Adjustments for the effects of:
Depreciation and amortization
36,867
9,473
17,418
4,410
1,915
8,218
78,301
Other pre-tax
—
—
—
—
—
2,639
2,639
EBITDA
208,552
48,310
51,804
12,212
34,186
(105,734
)
249,330
Adjustments for the effects of:
Foreign currency (gains) losses
—
—
—
—
—
(3,655
)
(3,655
)
Total of adjustments
—
—
—
—
—
(3,655
)
(3,655
)
Adjusted EBITDA
$
208,552
$
48,310
$
51,804
$
12,212
$
34,186
$
(109,389
)
$
245,675
Revenue
$
617,632
$
412,501
$
406,651
$
216,804
$
294,123
$
1,947,711
Operating income (loss) % as reported in
accordance with GAAP
28
%
9
%
8
%
4
%
11
%
9
%
EBITDA Margin
34
%
12
%
13
%
6
%
12
%
13
%
Adjusted EBITDA Margin
34
%
12
%
13
%
6
%
12
%
13
%
For the Nine Months Ended
September 30, 2023
SSR
MP
OPG
IMDS
ADTech
Unallocated Expenses and
other
Total
($ in thousands)
Operating Income (Loss) as reported in
accordance with GAAP
$
123,699
$
30,116
$
49,391
$
10,168
$
33,993
$
(113,489
)
$
133,878
Adjustments for the effects of:
Depreciation and amortization
41,101
9,124
21,035
2,706
1,885
3,612
79,463
Other pre-tax
—
—
—
—
—
(3,070
)
(3,070
)
EBITDA
164,800
39,240
70,426
12,874
35,878
(112,947
)
210,271
Adjustments for the effects of:
Foreign currency (gains) losses
—
—
—
—
—
3,634
3,634
Total of adjustments
—
—
—
—
—
3,634
3,634
Adjusted EBITDA
$
164,800
$
39,240
$
70,426
$
12,874
$
35,878
$
(109,313
)
$
213,905
Revenue
$
553,016
$
360,698
$
385,127
$
189,305
$
281,931
$
1,770,077
Operating income (loss) % as reported in
accordance with GAAP
22
%
8
%
13
%
5
%
12
%
8
%
EBITDA Margin
30
%
11
%
18
%
7
%
13
%
12
%
Adjusted EBITDA Margin
30
%
11
%
18
%
7
%
13
%
12
%
View source
version on businesswire.com: https://www.businesswire.com/news/home/20241023731451/en/
investorrelations@oceaneering.com
Hilary Frisbie Senior Director, Investor Relations Oceaneering
International, Inc. 713-329-4755
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