OII Oceaneering International Inc

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