Oceaneering International, Inc. ("Oceaneering") (NYSE:OII) today
reported net income of $19.0 million, or $0.19 per share, on
revenue of $598 million for the three months ended June 30, 2023.
Adjusted net income was $18.7 million, or $0.18 per share,
reflecting the impact of $4.8 million of pre-tax adjustments
associated with foreign exchange losses recognized during the
quarter, $(2.3) million tax effect on adjustments associated with
foreign exchange losses and $(2.8) million of discrete tax
adjustments, primarily due to changes in valuation allowances and
uncertain tax positions.
During the prior quarter ended March 31, 2023, Oceaneering
reported net income of $4.1 million, or $0.04 per share, on revenue
of $537 million. Adjusted net income was $5.4 million, or $0.05 per
share, reflecting the impact of $0.3 million of pre-tax adjustments
associated with foreign exchange gains recognized during the
quarter and $1.5 million of discrete tax adjustments, primarily due
to changes in valuation allowances and share-based
compensation.
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, 2023 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.
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,
2023
2022
2023
2023
2022
Revenue
$
597,910
$
524,031
$
536,987
$
1,134,897
$
970,190
Gross Margin
101,080
76,041
77,565
178,645
121,521
Income (Loss) from Operations
49,199
22,850
26,750
75,949
21,811
Net Income (Loss)
19,002
3,720
4,060
23,062
(15,490
)
Diluted Earnings (Loss) Per Share
$
0.19
$
0.04
$
0.04
$
0.23
$
(0.15
)
For the second quarter of 2023:
- Net income was $19.0 million and consolidated adjusted EBITDA
was $74.8 million
- Consolidated operating income was $49.2 million
- Cash position decreased by $1.0 million, from $505 million to
$504 million
As of June 30, 2023:
- Remotely Operated Vehicles (ROV): fleet count was 250; Q2
utilization was 70%; and Q2 average revenue per day on hire was
$9,077
- Manufactured Products backlog was $418 million
Revised guidance for 2023:
- Net income in the range of $75 million to $90 million
- Consolidated adjusted EBITDA in the range of $275 million to
$310 million
- Free cash flow generation in the range of $90 million to $130
million
- Capital expenditures in the range of $90 million to $110
million
Roderick A. Larson, President and Chief Executive Officer of
Oceaneering, stated, "Our energy-focused activity levels continue
to increase, and we remain confident that the resurgence in
offshore activity remains firmly in place. Based on our
year-to-date results and our current expectations for the second
half of 2023, we are narrowing our adjusted EBITDA guidance by
raising the lower bound of the previous range and adjusting the
range higher for our projected free cash flow. We now expect to
generate between $275 million and $310 million of adjusted EBITDA
and $90 million to $130 million of free cash flow for the full
year.
“We produced operating income of $49.2 million in the second
quarter of 2023, our highest quarterly operating income since 2015.
Our energy-focused businesses are demonstrating quantifiable
improvements from accelerating deepwater fundamentals. For the
first half of 2023, our energy segments generated an 18% increase
in revenue and nearly a 100% increase in operating income as
compared with the first half of 2022. We expect these strong
offshore market dynamics to continue for the foreseeable future,
with robust bidding activity supporting our expectation for growing
backlog and increasing activity in our energy segments. Market
dynamics are also favorable for our Aerospace and Defense
Technologies (ADTech) segment.
“Our second quarter 2023 results increased significantly
compared to the first quarter of 2023, as we generated adjusted
EBITDA of $74.8 million. This result was slightly outside the low
end of the guidance range provided at the beginning of the quarter,
primarily due to negative impacts from higher project costs in our
entertainment business and project delays in our Offshore Projects
Group (OPG) segment. During the second quarter of 2023, all of our
operating segments generated higher revenue and, with the exception
of our Manufactured Products segment, each of our operating
segments reported operating income growth, led by the increases in
our OPG and Subsea Robotics (SSR) segments.
Segment Results
"Sequentially, SSR revenue increased over 10% and operating
income increased significantly as expected, with healthy demand for
ROV and tooling services being slightly offset by some project
delays and related vessel preparation costs in our survey business.
SSR EBITDA margin of 30% improved slightly as compared to the first
quarter of 2023.
"Second quarter 2023 ROV days on hire were sequentially higher
by 13% with increases for both drill support and vessel-based
services. Fleet utilization rose, averaging 70% for the quarter as
compared to 63% during the first quarter. Average ROV revenue per
day on hire of $9,077 for the quarter was 2% lower than the first
quarter of 2023. The decline in average ROV revenue per day on hire
was primarily due to increased equipment standby rates, which do
not include crewing charges. This slight decline in average revenue
per day on hire does not change our expectation for continued
growth in average revenue per day on hire for 2023.
"Manufactured Products generated second quarter 2023 operating
income of $10.6 million on an 11% sequential increase in revenue.
Revenue increased primarily due to the receipt of certain umbilical
materials that did not contribute to current quarter operating
results. Operating results declined modestly as compared to the
first quarter of 2023 with project losses in our entertainment
business offsetting consistent positive energy-related
manufacturing performance. Our Manufactured Products backlog on
June 30, 2023 declined to $418 million, compared to our March 31,
2023 backlog of $446 million. Bidding activity remains strong in
our energy and autonomous mobile robotics (AMR) businesses. Our
book-to-bill ratio was 0.79 for the six months ended June 30, 2023,
and 1.19 for the trailing 12 months.
"Second quarter 2023 OPG revenue and operating income increased
significantly compared to the first quarter of 2023, primarily due
to greater activity and utilization across all geographic regions
and partially offset by certain planned installation work in the
Gulf of Mexico shifting into the third quarter of 2023. Operating
income margin improved, from 5% in the first quarter of 2023 to 13%
in the second quarter of 2023, as a result of higher overall
utilization driven by seasonal demand.
"Integrity Management and Digital Solutions (IMDS) second
quarter 2023 operating income was higher on a 5% increase in
revenue as compared to the previous quarter. An increase in scope
on several international projects contributed to the revenue
increase. Operating income margin of 6% improved slightly from 5%
recorded in the first quarter of 2023.
"ADTech second quarter 2023 operating income increased as
compared to the first quarter of 2023 on a 3% increase in revenue.
Operating income margin of 12% increased as expected from the 9%
margin achieved in the first quarter of 2023. At the corporate
level for the second quarter of 2023, Unallocated Expenses of $36.0
million remained relatively flat as compared to the first quarter
of 2023.
Third Quarter Outlook
"On a consolidated basis, we expect a sequential increase in
third quarter 2023 results, with Adjusted EBITDA in the range of
$75 million to $85 million on a high-single digit percentage
increase in revenue. For the third quarter, as compared to the
second quarter, we anticipate increased revenue and operating
results in our SSR and OPG segments on continuing robust offshore
activity. Operating income margin for Manufactured Products is
projected to be in the mid-single digit range on a mid-teens
percentage increase in revenue. IMDS revenue is forecast to be
relatively flat with operating income margin remaining in the
mid-single digit range. We expect improved operating income and
operating income margin for ADTech on a modest improvement in
revenue. Unallocated Expenses, based on our improved outlook, are
forecast to be in the mid-$40 million range as we anticipate higher
accruals for performance-based incentive compensation to be booked
during the third quarter of 2023.
Full Year 2023 Guidance
"For the full year of 2023, at the segment level, as compared to
2022:
- For SSR, we expect operating income to improve significantly on
a high-teens percentage increase in revenue, and EBITDA margin to
average in the low 30% range. ROV fleet utilization is expected to
average in the mid- to high-60% range for the year.
- For Manufactured Products, we forecast a significant increase
in revenue and operating income, as compared to 2022. Although we
expect lower operating income margin during the second half of the
year as a result of changes in project mix, we continue to expect
operating margin for the full year to improve over 2022, averaging
in the mid-single digit percentage range for the year. Bidding
activity in our energy and AMR businesses remains robust and we
continue to expect our full-year book-to-bill ratio to be in the
range of 1.2 to 1.4.
- For OPG, we expect slightly higher revenue, significantly
higher operating income results and improved operating income
margin to the low- to mid-teens percentage range, driven by more
efficient vessel utilization and increased international activity.
Robust offshore activity is expected to continue through the fourth
quarter.
- For IMDS, we forecast relatively flat operating income results
on modestly higher revenue, with operating income margin remaining
in the mid-single digit percentage range for the year.
- For ADTech, we expect higher operating income results on
increased revenue with an annual operating income margin in the
low-teens percentage range.
"We expect Unallocated Expenses to be in the high-$30 million
range for the fourth quarter of 2023. We forecast our 2023 cash tax
payments to be in the range of $65 million to $70 million, and
continue to expect our organic capital expenditures to total
between $90 million and $110 million. Based on our first half
performance, current backlog and prospects for the remainder of the
year, we are narrowing our adjusted EBITDA guidance for full-year
2023 by raising the lower bound of the previous range, and now
expect to generate between $275 million and $310 million of
adjusted EBITDA.
Free Cash Flow
"Our cash balance at quarter-end was relatively unchanged from
the prior quarter at $504 million. During the quarter, we received
a CARES Act tax refund of $22.7 million during the quarter, which
was offset by increased working capital usage. We are increasing
our free cash flow generation guidance range to $90 million to $130
million for the full year. This guidance change reflects the
inclusion of the CARES Act tax refund, which is partially offset by
a higher amount of working capital required as a result of our
improved outlook for the fourth quarter of 2023. We expect
meaningful free cash generation during the second half of 2023
which is consistent with the last several years."
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 guidance for net income, consolidated adjusted EBITDA,
free cash flow generation, and capital expenditures; third quarter
guidance for consolidated adjusted EBITDA and revenue, operating
segment revenues and operating results and operating margins;
guidance range for Unallocated Expenses and the anticipated basis
for such; expected second half of 2023 Manufactured Products’
operating margin result and the basis for such; expected full-year
2023 operating segments’ performance, including operating income,
operating margins, EBITDA margins, revenues, ROV fleet utilization
rate, Manufactured Products book-to-bill ratio, and directional OPG
vessel utilization; expected Unallocated Expenses for the fourth
quarter of 2023; forecasted 2023 cash tax payments; expected second
half of 2023 free cash generation; higher amount of working capital
anticipated to move into 2024; and characterization of market
fundamentals, conditions and dynamics, offshore energy activity
levels, pricing levels, day rates, average ROV revenue per day on
hire, bidding activity, outlook, performance, opportunities,
results, and financials as increasing, favorable, positive,
encouraging, improving, seasonal, strong, supportive, robust,
meaningful, significant (which is used herein to indicate a change
of 20% or greater), or healthy.
The forward-looking statements included in this release are
based on our 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; 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; the continuing effects of the COVID-19 pandemic and
variants thereof, and the governmental, customer, supplier, and
other responses thereto; 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 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.
OCEANEERING INTERNATIONAL,
INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE
SHEETS
Jun 30, 2023
Dec 31, 2022
(in thousands)
ASSETS
Current assets (including cash and cash
equivalents of $504,019 and $568,745)
$
1,375,321
$
1,297,060
Net property and equipment
426,054
438,449
Other assets
363,493
296,174
Total Assets
$
2,164,868
$
2,031,683
LIABILITIES AND EQUITY
Current liabilities
$
615,044
$
568,414
Long-term debt
700,404
700,973
Other long-term liabilities
297,938
236,492
Equity
551,482
525,804
Total Liabilities and Equity
$
2,164,868
$
2,031,683
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
For the Three Months Ended
For the Six Months Ended
Jun 30, 2023
Jun 30, 2022
Mar 31, 2023
Jun 30, 2023
Jun 30, 2022
(in thousands, except per share
amounts)
Revenue
$
597,910
$
524,031
$
536,987
$
1,134,897
$
970,190
Cost of services and products
496,830
447,990
459,422
956,252
848,669
Gross margin
101,080
76,041
77,565
178,645
121,521
Selling, general and administrative
expense
51,881
53,191
50,815
102,696
99,710
Income (loss) from operations
49,199
22,850
26,750
75,949
21,811
Interest income
4,154
767
4,466
8,620
1,563
Interest expense
(9,517
)
(9,619
)
(9,283
)
(18,800
)
(19,062
)
Equity in income (losses) of
unconsolidated affiliates
479
318
639
1,118
612
Other income (expense), net
(5,846
)
583
78
(5,768
)
1,027
Income (loss) before income taxes
38,469
14,899
22,650
61,119
5,951
Provision (benefit) for income taxes
19,467
11,179
18,590
38,057
21,441
Net Income (Loss)
$
19,002
$
3,720
$
4,060
$
23,062
$
(15,490
)
Weighted average diluted shares
outstanding
102,004
101,430
102,029
102,017
100,110
Diluted earnings (loss) per share
$
0.19
$
0.04
$
0.04
$
0.23
$
(0.15
)
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, 2023
Jun 30, 2022
Mar 31, 2023
Jun 30, 2023
Jun 30, 2022
($ in thousands)
Subsea Robotics
Revenue
$
186,512
$
157,123
$
169,161
$
355,673
$
285,112
Gross margin
$
53,204
$
37,004
$
44,631
$
97,835
$
58,962
Operating income (loss)
$
42,227
$
25,938
$
33,654
$
75,881
$
37,490
Operating income (loss) %
23
%
17
%
20
%
21
%
13
%
ROV days available
22,750
22,750
22,500
45,250
45,250
ROV days utilized
16,032
14,631
14,228
30,260
26,473
ROV utilization
70
%
64
%
63
%
67
%
59
%
Manufactured Products
Revenue
$
124,882
$
105,456
$
112,939
$
237,821
$
188,148
Gross margin
$
19,020
$
7,918
$
19,754
$
38,774
$
18,920
Operating income (loss)
$
10,607
$
(1,365
)
$
11,280
$
21,887
$
1,278
Operating income (loss) %
8
%
(1
)%
10
%
9
%
1
%
Backlog at end of period
$
418,000
$
335,000
$
446,000
$
418,000
$
335,000
Offshore Projects Group
Revenue
$
130,547
$
116,457
$
104,307
$
234,854
$
213,854
Gross margin
$
24,602
$
25,441
$
13,024
$
37,626
$
33,178
Operating income (loss)
$
17,132
$
17,535
$
5,514
$
22,646
$
18,201
Operating income (loss) %
13
%
15
%
5
%
10
%
9
%
Integrity Management & Digital
Solutions
Revenue
$
63,166
$
59,438
$
60,083
$
123,249
$
116,008
Gross margin
$
10,264
$
9,222
$
8,849
$
19,113
$
18,421
Operating income (loss)
$
3,844
$
3,436
$
3,082
$
6,926
$
6,944
Operating income (loss) %
6
%
6
%
5
%
6
%
6
%
Aerospace and Defense Technologies
Revenue
$
92,803
$
85,557
$
90,497
$
183,300
$
167,068
Gross margin
$
17,675
$
15,744
$
15,100
$
32,775
$
32,614
Operating income (loss)
$
11,357
$
8,961
$
8,496
$
19,853
$
20,805
Operating income (loss) %
12
%
10
%
9
%
11
%
12
%
Unallocated Expenses
Gross margin
$
(23,685
)
$
(19,288
)
$
(23,793
)
$
(47,478
)
$
(40,574
)
Operating income (loss)
$
(35,968
)
$
(31,655
)
$
(35,276
)
$
(71,244
)
$
(62,907
)
Total
Revenue
$
597,910
$
524,031
$
536,987
$
1,134,897
$
970,190
Gross margin
$
101,080
$
76,041
$
77,565
$
178,645
$
121,521
Operating income (loss)
$
49,199
$
22,850
$
26,750
$
75,949
$
21,811
Operating income (loss) %
8
%
4
%
5
%
7
%
2
%
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, 2023
Jun 30, 2022
Mar 31, 2023
Jun 30, 2023
Jun 30, 2022
(in thousands)
Capital Expenditures, including
Acquisitions
$
22,428
$
16,495
$
18,308
$
40,736
$
35,814
Depreciation and Amortization:
Energy Services and Products
Subsea Robotics
$
13,356
$
17,531
$
14,940
$
28,296
$
36,532
Manufactured Products
3,013
3,020
3,044
6,057
6,092
Offshore Projects Group
6,976
7,107
7,128
14,104
14,404
Integrity Management & Digital
Solutions
939
1,034
858
1,797
2,064
Total Energy Services and Products
24,284
28,692
25,970
50,254
59,092
Aerospace and Defense Technologies
632
821
653
1,285
1,477
Unallocated Expenses
1,130
1,347
1,198
2,328
2,310
Total Depreciation and Amortization
$
26,046
$
30,860
$
27,821
$
53,867
$
62,879
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.
RECONCILIATIONS OF NON-GAAP TO
GAAP FINANCIAL INFORMATION
(continued)
Adjusted Net Income (Loss) and
Diluted Earnings (Loss) per Share (EPS)
For the Three Months Ended
Jun 30, 2023
Jun 30, 2022
Mar 31, 2023
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
$
19,002
$
0.19
$
3,720
$
0.04
$
4,060
$
0.04
Pre-tax adjustments for the effects
of:
Foreign currency (gains) losses
4,845
(928
)
(267
)
Total pre-tax adjustments
4,845
(928
)
(267
)
Tax effect on pre-tax adjustments at the
applicable jurisdictional statutory rate in effect for respective
periods
(2,387
)
142
84
Discrete tax items:
Share-based compensation
(3
)
(3
)
(1,367
)
Uncertain tax positions
4,312
(593
)
89
Valuation allowances
(8,678
)
3,419
3,576
Other
1,563
1,689
(793
)
Total discrete tax adjustments
(2,806
)
4,512
1,505
Total of adjustments
(348
)
3,726
1,322
Adjusted Net Income (Loss)
$
18,654
$
0.18
$
7,446
$
0.07
$
5,382
$
0.05
Weighted average diluted shares
outstanding utilized for Adjusted Net Income (Loss)
102,004
101,430
102,029
Adjusted Net Income (Loss) and
Diluted Earnings (Loss) per Share (EPS)
For the Six Months Ended
Jun 30, 2023
Jun 30, 2022
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
$
23,062
$
0.23
$
(15,490
)
$
(0.15
)
Pre-tax adjustments for the effects
of:
Foreign currency (gains) losses
4,578
(1,334
)
Total pre-tax adjustments
4,578
(1,334
)
Tax effect on pre-tax adjustments at the
applicable jurisdictional statutory rate in effect for respective
periods
(2,303
)
232
Discrete tax items:
Share-based compensation
(1,370
)
137
Uncertain tax positions
4,401
(1,225
)
Valuation allowances
(5,102
)
18,346
Other
770
367
Total discrete tax adjustments
(1,301
)
17,625
Total of adjustments
974
16,523
Adjusted Net Income (Loss)
$
24,036
$
0.24
$
1,033
$
0.01
Weighted average diluted shares
outstanding utilized for Adjusted Net Income (Loss)
102,017
101,409
EBITDA and Adjusted EBITDA and
Margins
For the Three Months Ended
For the Six Months Ended
Jun 30, 2023
Jun 30, 2022
Mar 31, 2023
Jun 30, 2023
Jun 30, 2022
($ in thousands)
Net income (loss)
$
19,002
$
3,720
$
4,060
$
23,062
$
(15,490
)
Depreciation and amortization
26,046
30,860
27,821
53,867
62,879
Subtotal
45,048
34,580
31,881
76,929
47,389
Interest expense, net of interest
income
5,363
8,852
4,817
10,180
17,499
Amortization included in interest
expense
37
(166
)
26
63
34
Provision (benefit) for income taxes
19,467
11,179
18,590
38,057
21,441
EBITDA
69,915
54,445
55,314
125,229
86,363
Adjustments for the effects of:
Foreign currency (gains) losses
4,845
(928
)
(267
)
4,578
(1,334
)
Total of adjustments
4,845
(928
)
(267
)
4,578
(1,334
)
Adjusted EBITDA
$
74,760
$
53,517
$
55,047
$
129,807
$
85,029
Revenue
$
597,910
$
524,031
$
536,987
$
1,134,897
$
970,190
EBITDA margin %
12
%
10
%
10
%
11
%
9
%
Adjusted EBITDA margin %
13
%
10
%
10
%
11
%
9
%
Free Cash Flow
For the Three Months Ended
For the Six Months Ended
Jun 30, 2023
Jun 30, 2022
Mar 31, 2023
Jun 30, 2023
Jun 30, 2022
(in thousands)
Net Income (loss)
$
19,002
$
3,720
$
4,060
$
23,062
$
(15,490
)
Non-cash adjustments:
Depreciation and amortization
26,046
30,860
27,821
53,867
62,879
Other non-cash
2,923
788
(188
)
2,735
1,380
Other increases (decreases) in cash from
operating activities
(27,520
)
(79,349
)
(74,612
)
(102,132
)
(173,251
)
Cash flow provided by (used in) operating
activities
20,451
(43,981
)
(42,919
)
(22,468
)
(124,482
)
Purchases of property and equipment
(22,428
)
(16,495
)
(18,308
)
(40,736
)
(35,814
)
Free Cash Flow
$
(1,977
)
$
(60,476
)
$
(61,227
)
$
(63,204
)
$
(160,296
)
2023 Adjusted EBITDA
Estimates
For the Three Months Ending
September 30, 2023
Low
High
(in thousands)
Income (loss) before income taxes
$
47,000
$
51,000
Depreciation and amortization
23,000
29,000
Subtotal
70,000
80,000
Interest expense, net of interest
income
5,000
5,000
Adjusted EBITDA
$
75,000
$
85,000
For the Year Ending
December 31, 2023
Low
High
(in thousands)
Income (loss) before income taxes
$
145,000
$
175,000
Depreciation and amortization
110,000
115,000
Subtotal
255,000
290,000
Interest expense, net of interest
income
20,000
20,000
Adjusted EBITDA
$
275,000
$
310,000
2023 Free Cash Flow
Estimate
For the Year Ending
December 31, 2023
Low
High
(in thousands)
Net income (loss)
$
75,000
$
90,000
Depreciation and amortization
110,000
115,000
Other increases (decreases) in cash from
operating activities
(5,000
)
35,000
Cash flow provided by (used in) operating
activities
180,000
240,000
Purchases of property and equipment
(90,000
)
(110,000
)
Free Cash Flow
$
90,000
$
130,000
EBITDA and Adjusted EBITDA and
Margins by Segment
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 June
30, 2022
SSR
MP
OPG
IMDS
ADTech
Unallocated Expenses and
other
Total
($ in thousands)
Operating Income (Loss) as reported in
accordance with GAAP
$
25,938
$
(1,365
)
$
17,535
$
3,436
$
8,961
$
(31,655
)
$
22,850
Adjustments for the effects of:
Depreciation and amortization
17,531
3,020
7,107
1,034
821
1,347
30,860
Other pre-tax
—
—
—
—
—
735
735
EBITDA
43,469
1,655
24,642
4,470
9,782
(29,573
)
54,445
Adjustments for the effects of:
Foreign currency (gains) losses
—
—
—
—
—
(928
)
(928
)
Total of adjustments
—
—
—
—
—
(928
)
(928
)
Adjusted EBITDA
$
43,469
$
1,655
$
24,642
$
4,470
$
9,782
$
(30,501
)
$
53,517
Revenue
$
157,123
$
105,456
$
116,457
$
59,438
$
85,557
$
524,031
Operating income (loss) % as reported in
accordance with GAAP
17
%
(1
)%
15
%
6
%
10
%
4
%
EBITDA Margin
28
%
2
%
21
%
8
%
11
%
10
%
Adjusted EBITDA Margin
28
%
2
%
21
%
8
%
11
%
10
%
EBITDA and Adjusted EBITDA and
Margins by Segment
For the Three Months Ended March
31, 2023
SSR
MP
OPG
IMDS
ADTech
Unallocated Expenses and
other
Total
($ in thousands)
Operating Income (Loss) as reported in
accordance with GAAP
$
33,654
$
11,280
$
5,514
$
3,082
$
8,496
$
(35,276
)
$
26,750
Adjustments for the effects of:
Depreciation and amortization
14,940
3,044
7,128
858
653
1,198
27,821
Other pre-tax
—
—
—
—
—
743
743
EBITDA
48,594
14,324
12,642
3,940
9,149
(33,335
)
55,314
Adjustments for the effects of:
Foreign currency (gains) losses
—
—
—
—
—
(267
)
(267
)
Total of adjustments
—
—
—
—
—
(267
)
(267
)
Adjusted EBITDA
$
48,594
$
14,324
$
12,642
$
3,940
$
9,149
$
(33,602
)
$
55,047
Revenue
$
169,161
$
112,939
$
104,307
$
60,083
$
90,497
$
536,987
Operating income (loss) % as reported in
accordance with GAAP
20
%
10
%
5
%
5
%
9
%
5
%
EBITDA Margin
29
%
13
%
12
%
7
%
10
%
10
%
Adjusted EBITDA Margin
29
%
13
%
12
%
7
%
10
%
10
%
EBITDA and Adjusted EBITDA and
Margins by Segment
For the 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
%
For the Six Months Ended June 30,
2022
SSR
MP
OPG
IMDS
ADTech
Unallocated Expenses and
other
Total
($ in thousands)
Operating Income (Loss) as reported in
accordance with GAAP
$
37,490
$
1,278
$
18,201
$
6,944
$
20,805
$
(62,907
)
$
21,811
Adjustments for the effects of:
Depreciation and amortization
36,532
6,092
14,404
2,064
1,477
2,310
62,879
Other pre-tax
—
—
—
—
—
1,673
1,673
EBITDA
74,022
7,370
32,605
9,008
22,282
(58,924
)
86,363
Adjustments for the effects of:
Foreign currency (gains) losses
—
—
—
—
—
(1,334
)
(1,334
)
Total of adjustments
—
—
—
—
—
(1,334
)
(1,334
)
Adjusted EBITDA
$
74,022
$
7,370
$
32,605
$
9,008
$
22,282
$
(60,258
)
$
85,029
Revenue
$
285,112
$
188,148
$
213,854
$
116,008
$
167,068
$
970,190
Operating income (loss) % as reported in
accordance with GAAP
13
%
1
%
9
%
6
%
12
%
2
%
EBITDA Margin
26
%
4
%
15
%
8
%
13
%
9
%
Adjusted EBITDA Margin
26
%
4
%
15
%
8
%
13
%
9
%
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230726696149/en/
Mark Peterson Vice President, Corporate Development and Investor
Relations Oceaneering International, Inc. 713-329-4507
investorrelations@oceaneering.com
Oceaneering (NYSE:OII)
Gráfico Histórico do Ativo
De Abr 2024 até Mai 2024
Oceaneering (NYSE:OII)
Gráfico Histórico do Ativo
De Mai 2023 até Mai 2024