HOUSTON,
July 26, 2017 /PRNewswire/ -- Oceaneering International,
Inc. ("Oceaneering") (NYSE:OII) today reported net income of
$2.1 million, or $0.02 per share, on revenue of $515 million for the three months ended
June 30, 2017. During the prior quarter ended
March 31, 2017, Oceaneering reported a net loss of
$7.5 million, or $(0.08) per share, on revenue of $446 million, and an adjusted net loss of
$4.0 million, or $(0.04) per share.
Adjusted operating income, operating margin, 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 which 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 EBITDA Margins,
Free Cash Flow, Adjusted Operating Income and Margins by Segment,
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)
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
|
|
Jun 30,
|
|
Mar 31,
|
|
Jun 30,
|
|
|
|
|
|
|
|
|
|
2017
|
|
2016
|
|
2017
|
|
2017
|
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
|
515,036
|
|
|
$
|
625,539
|
|
|
$
|
446,176
|
|
|
$
|
961,212
|
|
|
$
|
1,233,883
|
|
Gross Margin
|
|
53,571
|
|
|
95,233
|
|
|
44,855
|
|
|
98,426
|
|
|
192,713
|
|
Income (Loss) from Operations
|
|
9,390
|
|
|
38,380
|
|
|
(150)
|
|
|
9,240
|
|
|
86,479
|
|
Net Income (Loss)
|
|
$
|
2,132
|
|
|
$
|
22,309
|
|
|
$
|
(7,534)
|
|
|
$
|
(5,402)
|
|
|
$
|
47,412
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted Earnings (Loss) Per Share
(EPS)
|
|
$
|
0.02
|
|
|
$
|
0.23
|
|
|
$
|
(0.08)
|
|
|
$
|
(0.06)
|
|
|
$
|
0.48
|
|
Sequentially, operating income increased by $9.5 million on improved profit contributions
from all of our business segments, except for Subsea Products,
which was slightly lower.
Roderick A. Larson,
President and Chief Executive Officer of Oceaneering, stated, "Our
overall operating results during the quarter were in line with
expectations. We were pleased that each of our operating
segments remained profitable. On a consolidated basis, for
the first half of 2017, we have generated $112 million of EBITDA and
$61 million of free cash
flow. We believe our cash flow and liquidity position us well
to manage our business through the continuing industry downturn; at
the end of the quarter, we had $482
million in cash and an undrawn $500
million revolving credit facility. Based on these
strengths, the Board maintained our current dividend
rate and declared a $0.15 per share
dividend to be paid during the third quarter of 2017.
"Compared to the first quarter, ROV operating income
increased on higher activity for vessel based services. Our
fleet mix during the quarter was 61% in drill support and 39% for
vessel-based activity, compared to 69% and 31%, for the prior
quarter. Revenue grew 10% on increased days on hire and
revenue per day on hire, and ROV EBITDA margin of 38% improved
slightly from 37% for the first quarter.
"During the second quarter, we put one new ROV into
service and retired four. At the end of June 2017, we had 279 vehicles in our
fleet. Our fleet utilization for the second quarter was 48%,
up from 46% in the first quarter. We held our share of the
contracted floating drill support market, with 53% of the 153
floating rigs under contract.
"Sequentially, Subsea Products operating income was
slightly lower than expected, due to the continued weakness and
competitive nature of the service and rental market. Our
Subsea Products backlog at June 30, 2017 was $328 million, compared to our March 31, 2017
backlog of $407 million. The
backlog decline was primarily related to umbilicals. Our
book-to-bill ratio year-to-date was 0.69.
"Compared to the first quarter, Subsea Projects revenue
and operating income increased driven by seasonal improvements in
U.S. Gulf of Mexico deepwater
vessel work and survey services. Asset Integrity revenue and
operating income were up due to seasonality. Advanced
Technologies revenue and operating income improved, primarily due
to continued increased commercial activity and work for the U.S.
Navy. Unallocated Expenses were essentially flat.
"For the third quarter of 2017, we are expecting a
sequential increase in our overall quarterly operating
income. This improvement should be led by Subsea Products and
Subsea Projects, with slight declines in profit contributions from
our other operating segments and flat Unallocated
Expenses.
"Relative to the first half of 2017, during the second
half we expect to generate higher consolidated operating income on
relatively flat revenue. Subsea Products profit contribution
is expected to be higher, as projected increases in service and
rental activity more than offset lower manufactured products
throughput. We continue to project our Subsea Products
operating margins to be in the mid- to high-single digit
range. We expect operating income contributions from ROV and
Asset Integrity during the second half to be similar to the first
half. For Subsea Projects, we anticipate our results to be
considerably lower due to the completion of vessel work offshore
Angola, projected low levels of
vessel activity, and vessel oversupply. With respect to
Advanced Technologies, we expect improved operating income due to a
projected uptick in our commercial businesses.
"Our overall outlook for the full year of 2017 has not
changed. We continue to project that we will be marginally
profitable at the operating income line on a consolidated
basis.
"Beyond 2017, we believe that the oil and gas
industry will continue its investment in deepwater projects,
and foresee improving demand for our services and
products. Meanwhile, we continue to look for opportunities
that may emerge to grow our company, with more focus on our
customers' operating expenditures in the production phase of the
offshore oilfield life cycle, while providing a dividend to
shareholders."
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 and future expected business, financial performance and
prospects of Oceaneering. More specifically, the forward-looking
statements in this press release include the statements concerning
Oceaneering's: belief that its cash flow and liquidity position it
well to manage its business through the continuing industry
downturn; Subsea Products backlog; outlook for the third quarter of
2017, and expected contributions of its segments to the third
quarter results; expectations of Subsea Products margins;
expectation of higher consolidated operating income on relatively
flat revenue in the second half of 2017, relative to the first half
of 2017, and expected contributions of its segments to those
operating results; expectation for the full year of 2017 to
be marginally profitable at the operating income line on a
consolidated basis; beliefs about deepwater investment and
improving demand for its services and products; and intention to
look for opportunities that may emerge to grow our company, with
more focus on our customers' operating expenditures in the
production phase of the offshore oilfield life cycle, while
providing a dividend to shareholders. 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; supply and demand of drilling rigs; oil and
natural gas demand and production growth; oil and natural gas
prices; fluctuations in currency markets worldwide; future global
economic conditions; the loss of major contracts or alliances;
future performance under our customer contracts; and the effects of
competition. For a more complete discussion of these and other risk
factors, please see Oceaneering's latest annual report on Form 10-K
and quarterly reports on Form 10-Q filed with the Securities and
Exchange Commission.
Oceaneering is a global provider of engineered services
and products, primarily to the offshore oil and gas industry, with
a focus on deepwater applications. Through the use of its
applied technology expertise, Oceaneering also serves the defense,
entertainment, and aerospace industries.
For more
information on Oceaneering, please visit
www.oceaneering.com.
Contact:
Suzanne
Spera
Director, Investor
Relations
Oceaneering International,
Inc.
713-329-4707
investorrelations@oceaneering.com
OCEANEERING INTERNATIONAL, INC. AND
SUBSIDIARIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONDENSED CONSOLIDATED BALANCE
SHEETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Jun 30, 2017
|
|
Dec 31, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands)
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Assets (including cash and cash equivalents
of $482,339 and $450,193)
|
|
$
|
1,261,705
|
|
|
$
|
1,262,595
|
|
|
Net Property and Equipment
|
|
|
|
|
|
|
1,100,190
|
|
|
1,153,258
|
|
|
Other Assets
|
|
|
|
|
|
|
|
|
|
729,906
|
|
|
714,462
|
|
|
|
|
TOTAL ASSETS
|
|
|
|
|
|
$
|
3,091,801
|
|
|
$
|
3,130,315
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
Current Liabilities
|
|
|
|
|
|
|
|
|
|
$
|
482,906
|
|
|
$
|
508,364
|
|
|
Long-term Debt
|
|
|
|
|
|
|
|
|
|
794,099
|
|
|
793,058
|
|
|
Other Long-term Liabilities
|
|
|
|
|
|
323,651
|
|
|
312,250
|
|
|
Shareholders' Equity
|
|
|
|
|
|
|
|
|
|
1,491,145
|
|
|
1,516,643
|
|
|
|
|
TOTAL LIABILITIES AND SHAREHOLDERS'
EQUITY
|
|
$
|
3,091,801
|
|
|
$
|
3,130,315
|
|
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended
|
|
For the Six Months Ended
|
|
|
|
|
|
|
|
|
|
Jun 30, 2017
|
|
Jun 30, 2016
|
|
Mar 31, 2017
|
|
Jun 30, 2017
|
|
Jun 30, 2016
|
|
|
|
|
|
|
|
|
|
(in thousands, except per share
amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
|
|
|
$
|
515,036
|
|
|
$
|
625,539
|
|
|
$
|
446,176
|
|
|
$
|
961,212
|
|
|
$
|
1,233,883
|
|
|
Cost of services and products
|
|
461,465
|
|
|
530,306
|
|
|
401,321
|
|
|
862,786
|
|
|
1,041,170
|
|
|
|
Gross Margin
|
|
53,571
|
|
|
95,233
|
|
|
44,855
|
|
|
98,426
|
|
|
192,713
|
|
|
Selling, general and administrative
expense
|
|
44,181
|
|
|
56,853
|
|
|
45,005
|
|
|
89,186
|
|
|
106,234
|
|
|
|
Income (loss) from Operations
|
|
|
|
9,390
|
|
|
38,380
|
|
|
(150)
|
|
|
9,240
|
|
|
86,479
|
|
|
Interest income
|
|
|
|
|
|
2,045
|
|
|
1,442
|
|
|
1,337
|
|
|
3,382
|
|
|
1,737
|
|
|
Interest expense
|
|
|
|
|
|
(7,599)
|
|
|
(6,207)
|
|
|
(6,268)
|
|
|
(13,867)
|
|
|
(12,599)
|
|
|
Equity earnings (losses) of unconsolidated
affiliates
|
|
(394)
|
|
|
263
|
|
|
(980)
|
|
|
(1,374)
|
|
|
789
|
|
|
Other income (expense), net
|
|
(58)
|
|
|
(1,405)
|
|
|
(2,556)
|
|
|
(2,614)
|
|
|
(7,393)
|
|
|
|
Income before Income Taxes
|
|
3,384
|
|
|
32,473
|
|
|
(8,617)
|
|
|
(5,233)
|
|
|
69,013
|
|
|
Provision for income taxes
(benefit)
|
|
1,252
|
|
|
10,164
|
|
|
(1,083)
|
|
|
169
|
|
|
21,601
|
|
|
|
Net Income (loss)
|
|
$
|
2,132
|
|
|
$
|
22,309
|
|
|
$
|
(7,534)
|
|
|
$
|
(5,402)
|
|
|
$
|
47,412
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average diluted shares
outstanding
|
|
98,751
|
|
|
98,424
|
|
|
98,138
|
|
|
98,201
|
|
|
98,355
|
|
Diluted Earnings (Loss) per Share
|
|
$
|
0.02
|
|
|
$
|
0.23
|
|
|
$
|
(0.08)
|
|
|
$
|
(0.06)
|
|
|
$
|
0.48
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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, 2017
|
|
Jun 30, 2016
|
|
Mar 31, 2017
|
|
Jun 30, 2017
|
|
Jun 30, 2016
|
|
|
|
|
|
($ in thousands)
|
|
|
|
|
|
|
|
|
|
|
Remotely Operated Vehicles
|
|
Revenue
|
|
$
|
103,432
|
|
|
$
|
139,641
|
|
|
$
|
94,022
|
|
|
$
|
197,454
|
|
|
$
|
287,262
|
|
|
Gross Margin
|
|
$
|
16,659
|
|
|
$
|
26,925
|
|
|
$
|
13,022
|
|
|
$
|
29,681
|
|
|
$
|
62,247
|
|
Operating Income
|
|
$
|
10,376
|
|
|
$
|
18,020
|
|
|
$
|
5,925
|
|
|
$
|
16,301
|
|
|
$
|
45,007
|
|
Operating Income %
|
|
10
|
%
|
|
13
|
%
|
|
6
|
%
|
|
8
|
%
|
|
16
|
%
|
|
Days available
|
|
25,300
|
|
|
28,959
|
|
|
25,219
|
|
|
50,519
|
|
|
57,778
|
|
|
Days utilized
|
|
12,267
|
|
|
16,057
|
|
|
11,488
|
|
|
23,755
|
|
|
32,062
|
|
|
Utilization
|
|
48
|
%
|
|
55
|
%
|
|
46
|
%
|
|
47
|
%
|
|
55
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsea Products
|
|
Revenue
|
|
$
|
174,893
|
|
|
$
|
190,897
|
|
|
$
|
150,639
|
|
|
$
|
325,532
|
|
|
$
|
385,709
|
|
|
Gross Margin
|
|
$
|
22,762
|
|
|
$
|
42,728
|
|
|
$
|
24,991
|
|
|
$
|
47,753
|
|
|
$
|
98,864
|
|
Operating Income
|
|
$
|
10,552
|
|
|
$
|
25,121
|
|
|
$
|
11,483
|
|
|
$
|
22,035
|
|
|
$
|
65,761
|
|
Operating Income %
|
|
6
|
%
|
|
13
|
%
|
|
8
|
%
|
|
7
|
%
|
|
17
|
%
|
Backlog at end of period
|
|
$
|
328,000
|
|
|
$
|
503,000
|
|
|
$
|
407,000
|
|
|
$
|
328,000
|
|
|
$
|
503,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsea Projects
|
|
Revenue
|
|
$
|
75,545
|
|
|
$
|
138,662
|
|
|
$
|
62,956
|
|
|
$
|
138,501
|
|
|
$
|
268,084
|
|
|
Gross Margin
|
|
$
|
6,462
|
|
|
$
|
14,317
|
|
|
$
|
4,024
|
|
|
$
|
10,486
|
|
|
$
|
25,826
|
|
Operating Income
|
|
$
|
3,000
|
|
|
$
|
10,237
|
|
|
$
|
187
|
|
|
$
|
3,187
|
|
|
$
|
17,026
|
|
Operating Income %
|
|
4
|
%
|
|
7
|
%
|
|
—
|
%
|
|
2
|
%
|
|
6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Integrity
|
|
|
Revenue
|
|
$
|
58,192
|
|
|
$
|
73,864
|
|
|
$
|
52,658
|
|
|
$
|
110,850
|
|
|
$
|
143,464
|
|
|
Gross Margin
|
|
$
|
10,004
|
|
|
$
|
10,096
|
|
|
$
|
8,381
|
|
|
$
|
18,385
|
|
|
$
|
17,439
|
|
Operating Income (Loss)
|
|
$
|
3,755
|
|
|
$
|
(805)
|
|
|
$
|
2,267
|
|
|
$
|
6,022
|
|
|
$
|
(371)
|
|
Operating Income (Loss) %
|
|
6
|
%
|
|
(1)
|
%
|
|
4
|
%
|
|
5
|
%
|
|
—
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Advanced Technologies
|
|
Revenue
|
|
$
|
102,974
|
|
|
$
|
82,475
|
|
|
$
|
85,901
|
|
|
$
|
188,875
|
|
|
$
|
149,364
|
|
|
Gross Margin
|
|
$
|
14,133
|
|
|
$
|
10,600
|
|
|
$
|
10,072
|
|
|
$
|
24,205
|
|
|
$
|
16,427
|
|
Operating Income
|
|
$
|
7,632
|
|
|
$
|
5,528
|
|
|
$
|
5,026
|
|
|
$
|
12,658
|
|
|
$
|
6,121
|
|
Operating Income %
|
|
7
|
%
|
|
7
|
%
|
|
6
|
%
|
|
7
|
%
|
|
4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unallocated Expenses
|
|
|
|
|
|
|
|
|
|
|
Gross margin
|
|
$
|
(16,449)
|
|
|
$
|
(9,433)
|
|
|
$
|
(15,635)
|
|
|
$
|
(32,084)
|
|
|
$
|
(28,090)
|
|
Operating income
|
|
$
|
(25,925)
|
|
|
$
|
(19,721)
|
|
|
$
|
(25,038)
|
|
|
$
|
(50,963)
|
|
|
$
|
(47,065)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
|
|
|
Revenue
|
|
$
|
515,036
|
|
|
$
|
625,539
|
|
|
$
|
446,176
|
|
|
$
|
961,212
|
|
|
$
|
1,233,883
|
|
|
Gross Margin
|
|
$
|
53,571
|
|
|
$
|
95,233
|
|
|
$
|
44,855
|
|
|
$
|
98,426
|
|
|
$
|
192,713
|
|
Operating Income (Loss)
|
|
$
|
9,390
|
|
|
$
|
38,380
|
|
|
$
|
(150)
|
|
|
$
|
9,240
|
|
|
$
|
86,479
|
|
Operating Income %
|
|
2
|
%
|
|
6
|
%
|
|
—
|
%
|
|
1
|
%
|
|
7
|
%
|
SELECTED CASH FLOW INFORMATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended
|
|
For the Six Months Ended
|
|
|
|
|
|
|
Jun 30, 2017
|
|
Jun 30, 2016
|
|
Mar 31, 2017
|
|
Jun 30, 2017
|
|
Jun 30, 2016
|
|
|
|
|
|
|
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital expenditures, including
acquisitions
|
|
|
$
|
23,493
|
|
|
$
|
31,738
|
|
|
$
|
17,807
|
|
|
$
|
41,300
|
|
|
$
|
52,944
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and Amortization:
|
|
|
|
|
|
|
|
|
|
|
|
Oilfield
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Remotely Operated Vehicles
|
|
|
$
|
29,036
|
|
|
$
|
34,026
|
|
|
$
|
29,229
|
|
|
$
|
58,265
|
|
|
$
|
67,710
|
|
|
Subsea Products
|
|
|
12,785
|
|
|
12,952
|
|
|
12,999
|
|
|
25,784
|
|
|
25,759
|
|
|
Subsea Projects
|
|
|
7,781
|
|
|
8,353
|
|
|
8,080
|
|
|
15,861
|
|
|
16,872
|
|
|
Asset Integrity
|
|
|
1,780
|
|
|
2,843
|
|
|
1,460
|
|
|
3,240
|
|
|
5,756
|
|
Total Oilfield
|
|
|
|
51,382
|
|
|
58,174
|
|
|
51,768
|
|
|
103,150
|
|
|
116,097
|
|
Advanced Technologies
|
|
|
784
|
|
|
806
|
|
|
797
|
|
|
1,581
|
|
|
1,540
|
|
Unallocated Expenses
|
|
|
1,138
|
|
|
999
|
|
|
1,098
|
|
|
2,236
|
|
|
2,123
|
|
Total depreciation and amortization
|
|
|
$
|
53,304
|
|
|
$
|
59,979
|
|
|
$
|
53,663
|
|
|
$
|
106,967
|
|
|
$
|
119,760
|
|
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 SEC Regulation G). We have included Adjusted Net Income
and Diluted Earnings 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 and Free Cash Flow, as well as the following by
segment: Adjusted Operating Income and Margins, EBITDA,
Adjusted EBITDA and Adjusted EBITDA Margins. We define EBITDA
margin as EBITDA divided by revenue. Adjusted EBITDA and
Adjusted EBITDA Margins as well as Adjusted Operating Income and
Margin 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 Adjusted Operating Income and Margin
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 and comparing
our financial performance with the performance of other companies
in our industry, and the adjusted amounts thereof (as well as
Adjusted Operating Income and Margin by Segment) provide more
consistent measures than the unadjusted amounts. Furthermore,
our management uses these measures for purposes of evaluating our
financial performance. Our presentation of EBITDA, EBITDA
margins and Free Cash Flow (and the Adjusted amounts thereof) may
not be comparable to similarly titled measures other companies
report. Non-GAAP financial measures should be viewed in
addition to and not as substitutes for our reported operating
results, cash flows or any other measure prepared and reported in
accordance with GAAP. The tables that follow provide
reconciliations of the non-GAAP measures used in this press release
to the most directly comparable GAAP measures.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Net Income (Loss) and Diluted Earnings
(Loss) per Share (EPS)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended
|
|
|
|
|
|
Jun 30, 2017
|
Jun 30, 2016
|
Mar 31, 2017
|
|
|
|
|
|
Net Income
|
|
Diluted EPS
|
|
Net Income
|
|
Diluted EPS
|
|
Net Income
|
|
Diluted EPS
|
|
|
|
|
|
(in thousands, except per share
amounts)
|
|
|
|
|
|
|
|
Net Income (Loss) and Diluted EPS as reported in
accordance with GAAP
|
|
$
|
2,132
|
|
|
$
|
0.02
|
|
|
$
|
22,309
|
|
|
$
|
0.23
|
|
|
$
|
(7,534)
|
|
|
$
|
(0.08)
|
|
Pre tax adjustments for the effects
of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for bad debts
|
|
—
|
|
|
|
|
5,757
|
|
|
|
|
—
|
|
|
|
|
Foreign currency (gains) losses
|
|
(20)
|
|
|
|
|
1,218
|
|
|
|
|
2,153
|
|
|
|
Total pre tax adjustments
|
|
(20)
|
|
|
|
|
6,975
|
|
|
|
|
2,153
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax effect on pre tax adjustments at the 35%
statutory rate
|
|
|
|
7
|
|
|
|
|
(2,441)
|
|
|
|
|
(754)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discrete tax items
|
|
—
|
|
|
|
|
|
|
|
|
2,106
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total of adjustments
|
|
(13)
|
|
|
|
|
4,534
|
|
|
|
|
3,505
|
|
|
|
|
Adjusted amounts
|
|
$
|
2,119
|
|
|
$
|
0.02
|
|
|
$
|
26,843
|
|
|
$
|
0.27
|
|
|
$
|
(4,029)
|
|
|
$
|
(0.04)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA and EBITDA Margins
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended
|
|
For the Six Months Ended
|
|
|
|
|
|
Jun 30, 2017
|
|
Jun 30, 2016
|
|
Mar 31, 2017
|
|
Jun 30, 2017
|
|
Jun 30, 2016
|
|
|
|
|
|
($ in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (Loss)
|
|
$
|
2,132
|
|
|
$
|
22,309
|
|
|
$
|
(7,534)
|
|
|
$
|
(5,402)
|
|
|
$
|
47,412
|
|
Depreciation and Amortization
|
|
53,304
|
|
|
59,979
|
|
|
53,663
|
|
|
106,967
|
|
|
119,760
|
|
|
Subtotal
|
|
55,436
|
|
|
82,288
|
|
|
46,129
|
|
|
101,565
|
|
|
167,172
|
|
Interest Expense, net of Interest
Income
|
|
5,554
|
|
|
4,765
|
|
|
4,931
|
|
|
10,485
|
|
|
10,862
|
|
Amortization included in Interest
Expense
|
|
(283)
|
|
|
(286)
|
|
|
(283)
|
|
|
(566)
|
|
|
(573)
|
|
Provision for Income Taxes
(Benefit)
|
|
1,252
|
|
|
10,164
|
|
|
(1,083)
|
|
|
169
|
|
|
21,601
|
|
|
EBITDA
|
|
$
|
61,959
|
|
|
$
|
96,931
|
|
|
$
|
49,694
|
|
|
$
|
111,653
|
|
|
$
|
199,062
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
|
515,036
|
|
|
$
|
625,539
|
|
|
$
|
446,176
|
|
|
$
|
961,212
|
|
|
$
|
1,233,883
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA margin %
|
|
12
|
%
|
|
15
|
%
|
|
11
|
%
|
|
12
|
%
|
|
16
|
%
|
Free Cash Flow
|
|
|
|
|
|
|
|
|
|
|
|
For the Six Months Ended
|
|
|
|
|
Jun 30, 2017
|
|
Jun 30, 2016
|
|
|
|
|
(in thousands)
|
Net Income
|
|
$
|
(5,402)
|
|
$
|
47,412
|
Depreciation and amortization
|
|
106,967
|
|
119,760
|
Other increases (decreases) in cash from operating
activities
|
|
1,039
|
|
(22,571)
|
Cash flow provided by operating
activities
|
|
102,604
|
|
144,601
|
Purchases of property and equipment
|
|
(41,300)
|
|
(52,944)
|
Free Cash Flow
|
|
$
|
61,304
|
|
$
|
91,657
|
|
|
|
Adjusted Operating Income and Margins by
Segment
|
|
|
|
|
|
For the Three Months Ended June 30,
2017
|
|
|
|
|
Remotely
Operated
Vehicles
|
|
Subsea
Products
|
|
Subsea
Projects
|
|
Asset
Integrity
|
|
Advanced
Tech.
|
|
Unalloc.
Expenses
|
|
Total
|
|
|
|
|
($ in thousands)
|
Operating income as reported in accordance with
GAAP
|
|
$
|
10,376
|
|
|
$
|
10,552
|
|
|
$
|
3,000
|
|
|
$
|
3,755
|
|
|
$
|
7,632
|
|
|
$
|
(25,925)
|
|
|
$
|
9,390
|
|
Adjusted amounts
|
|
$
|
10,376
|
|
|
$
|
10,552
|
|
|
$
|
3,000
|
|
|
$
|
3,755
|
|
|
$
|
7,632
|
|
|
$
|
(25,925)
|
|
|
$
|
9,390
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
|
103,432
|
|
|
$
|
174,893
|
|
|
$
|
75,545
|
|
|
$
|
58,192
|
|
|
$
|
102,974
|
|
|
|
|
$
|
515,036
|
|
Operating income % as reported in accordance with
GAAP
|
|
10
|
%
|
|
6
|
%
|
|
4
|
%
|
|
6
|
%
|
|
7
|
%
|
|
|
|
2
|
%
|
Operating income % using adjusted
amounts
|
|
10
|
%
|
|
6
|
%
|
|
4
|
%
|
|
6
|
%
|
|
7
|
%
|
|
|
|
2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended June 30,
2016
|
|
|
|
|
Remotely
Operated
Vehicles
|
|
Subsea
Products
|
|
Subsea
Projects
|
|
Asset
Integrity
|
|
Advanced
Tech.
|
|
Unalloc.
Expenses
|
|
Total
|
|
|
|
|
($ in thousands)
|
Operating income (loss) as reported in accordance
with GAAP
|
|
$
|
18,020
|
|
|
$
|
25,121
|
|
|
$
|
10,237
|
|
|
$
|
(805)
|
|
|
$
|
5,528
|
|
|
$
|
(19,721)
|
|
|
$
|
38,380
|
|
Adjustments for the effects of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for bad debts
|
|
479
|
|
|
1,826
|
|
|
108
|
|
|
3,344
|
|
|
—
|
|
|
—
|
|
|
5,757
|
|
|
|
Total of adjustments
|
|
479
|
|
|
1,826
|
|
|
108
|
|
|
3,344
|
|
|
—
|
|
|
—
|
|
|
5,757
|
|
Adjusted amounts
|
|
$
|
18,499
|
|
|
$
|
26,947
|
|
|
$
|
10,345
|
|
|
$
|
2,539
|
|
|
$
|
5,528
|
|
|
$
|
(19,721)
|
|
|
$
|
44,137
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
|
139,641
|
|
|
$
|
190,897
|
|
|
$
|
138,662
|
|
|
$
|
73,864
|
|
|
$
|
82,475
|
|
|
|
|
$
|
625,539
|
|
Operating income (loss) % as reported in accordance
with GAAP
|
|
13
|
%
|
|
13
|
%
|
|
7
|
%
|
|
(1)
|
%
|
|
7
|
%
|
|
|
|
6
|
%
|
Operating income % using adjusted
amounts
|
|
13
|
%
|
|
14
|
%
|
|
7
|
%
|
|
3
|
%
|
|
7
|
%
|
|
|
|
7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended March 31,
2017
|
|
|
|
|
Remotely
Operated
Vehicles
|
|
Subsea
Products
|
|
Subsea
Projects
|
|
Asset
Integrity
|
|
Advanced
Tech.
|
|
Unalloc.
Expenses
|
|
Total
|
|
|
|
|
($ in thousands)
|
Operating income (loss) as reported in accordance
with GAAP
|
|
$
|
5,925
|
|
|
$
|
11,483
|
|
|
$
|
187
|
|
|
$
|
2,267
|
|
|
$
|
5,026
|
|
|
$
|
(25,038)
|
|
|
$
|
(150)
|
|
Adjusted amounts
|
|
$
|
5,925
|
|
|
$
|
11,483
|
|
|
$
|
187
|
|
|
$
|
2,267
|
|
|
$
|
5,026
|
|
|
$
|
(25,038)
|
|
|
$
|
(150)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
|
94,022
|
|
|
$
|
150,639
|
|
|
$
|
62,956
|
|
|
$
|
52,658
|
|
|
$
|
85,901
|
|
|
|
|
$
|
446,176
|
|
Operating income (loss) % as reported in accordance
with GAAP
|
|
6
|
%
|
|
8
|
%
|
|
—
|
%
|
|
4
|
%
|
|
6
|
%
|
|
|
|
—
|
%
|
Operating income % using adjusted
amounts
|
|
6
|
%
|
|
8
|
%
|
|
—
|
%
|
|
4
|
%
|
|
6
|
%
|
|
|
|
—
|
%
|
|
|
|
Adjusted Operating Income and Margins by
Segment
|
|
|
|
|
|
For the Six Months Ended June 30,
2017
|
|
|
|
|
Remotely
Operated
Vehicles
|
|
Subsea
Products
|
|
Subsea
Projects
|
|
Asset
Integrity
|
|
Advanced
Tech.
|
|
Unalloc.
Expenses
|
|
Total
|
|
|
|
|
($ in thousands)
|
Operating income as reported in accordance with
GAAP
|
|
$
|
16,301
|
|
|
$
|
22,035
|
|
|
$
|
3,187
|
|
|
$
|
6,022
|
|
|
$
|
12,658
|
|
|
$
|
(50,963)
|
|
|
$
|
9,240
|
|
Adjusted amounts
|
|
$
|
16,301
|
|
|
$
|
22,035
|
|
|
$
|
3,187
|
|
|
$
|
6,022
|
|
|
$
|
12,658
|
|
|
$
|
(50,963)
|
|
|
$
|
9,240
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
|
197,454
|
|
|
$
|
325,532
|
|
|
$
|
138,501
|
|
|
$
|
110,850
|
|
|
$
|
188,875
|
|
|
|
|
$
|
961,212
|
|
Operating income % as reported in accordance with
GAAP
|
|
8
|
%
|
|
7
|
%
|
|
2
|
%
|
|
5
|
%
|
|
7
|
%
|
|
|
|
1
|
%
|
Operating income % using adjusted
amounts
|
|
8
|
%
|
|
7
|
%
|
|
2
|
%
|
|
5
|
%
|
|
7
|
%
|
|
|
|
1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Six Months Ended June 30,
2016
|
|
|
|
|
Remotely
Operated
Vehicles
|
|
Subsea
Products
|
|
Subsea
Projects
|
|
Asset
Integrity
|
|
Advanced
Tech.
|
|
Unalloc.
Expenses
|
|
Total
|
|
|
|
|
($ in thousands)
|
Operating income (loss) as reported in accordance
with GAAP
|
|
$
|
45,007
|
|
|
$
|
65,761
|
|
|
$
|
17,026
|
|
|
$
|
(371)
|
|
|
$
|
6,121
|
|
|
$
|
(47,065)
|
|
|
$
|
86,479
|
|
Adjustments for the effects of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for bad debts
|
|
479
|
|
|
1,826
|
|
|
108
|
|
|
3,344
|
|
|
—
|
|
|
—
|
|
|
5,757
|
|
|
Fixed asset write-offs
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
Total of adjustments
|
|
479
|
|
|
1,826
|
|
|
108
|
|
|
3,344
|
|
|
—
|
|
|
—
|
|
|
5,757
|
|
Adjusted amounts
|
|
$
|
45,486
|
|
|
$
|
67,587
|
|
|
$
|
17,134
|
|
|
$
|
2,973
|
|
|
$
|
6,121
|
|
|
$
|
(47,065)
|
|
|
$
|
92,236
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
|
287,262
|
|
|
$
|
385,709
|
|
|
$
|
268,084
|
|
|
$
|
143,464
|
|
|
$
|
149,364
|
|
|
|
|
$
|
1,233,883
|
|
Operating income % as reported in accordance with
GAAP
|
|
16
|
%
|
|
17
|
%
|
|
6
|
%
|
|
—
|
%
|
|
4
|
%
|
|
|
|
7
|
%
|
Operating income % using adjusted
amounts
|
|
16
|
%
|
|
18
|
%
|
|
6
|
%
|
|
2
|
%
|
|
4
|
%
|
|
|
|
7
|
%
|
|
|
|
EBITDA and Adjusted EBITDA and Margins by
Segment
|
|
|
|
|
|
For the Three Months Ended June 30,
2017
|
|
|
|
|
Remotely
Operated
Vehicles
|
|
Subsea
Products
|
|
Subsea
Projects
|
|
Asset
Integrity
|
|
Advanced
Tech.
|
|
Unalloc.
Expenses
and other
|
|
Total
|
|
|
|
|
($ in thousands)
|
Operating income as reported in accordance with
GAAP
|
|
$
|
10,376
|
|
|
$
|
10,552
|
|
|
$
|
3,000
|
|
|
$
|
3,755
|
|
|
$
|
7,632
|
|
|
$
|
(25,925)
|
|
|
$
|
9,390
|
|
Adjustments for the effects of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
29,036
|
|
|
12,785
|
|
|
7,781
|
|
|
1,780
|
|
|
784
|
|
|
1,138
|
|
|
53,304
|
|
|
Other pre-tax
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(735)
|
|
|
(735)
|
|
|
EBITDA
|
|
39,412
|
|
|
23,337
|
|
|
10,781
|
|
|
5,535
|
|
|
8,416
|
|
|
(25,522)
|
|
|
61,959
|
|
Adjustments for the effects of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency (gains) losses
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(20)
|
|
|
(20)
|
|
|
|
Total of adjustments
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(20)
|
|
|
(20)
|
|
Adjusted EBITDA
|
|
$
|
39,412
|
|
|
$
|
23,337
|
|
|
$
|
10,781
|
|
|
$
|
5,535
|
|
|
$
|
8,416
|
|
|
$
|
(25,542)
|
|
|
$
|
61,939
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
|
103,432
|
|
|
$
|
174,893
|
|
|
$
|
75,545
|
|
|
$
|
58,192
|
|
|
$
|
102,974
|
|
|
|
|
$
|
515,036
|
|
Operating income % as reported in accordance with
GAAP
|
|
10
|
%
|
|
6
|
%
|
|
4
|
%
|
|
6
|
%
|
|
7
|
%
|
|
|
|
2
|
%
|
EBITDA Margin
|
|
38
|
|
13
|
|
14
|
|
10
|
|
8
|
|
|
|
12
|
|
Adjusted EBITDA Margin
|
|
38
|
|
13
|
|
14
|
|
10
|
|
8
|
|
|
|
12
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended June 30,
2016
|
|
Remotely
Operated
Vehicles
|
|
Subsea
Products
|
|
Subsea
Projects
|
|
Asset
Integrity
|
|
Advanced
Tech.
|
|
Unalloc.
Expenses
and other
|
|
Total
|
|
|
($ in thousands)
|
Operating income (loss) as reported in accordance
with GAAP
|
|
$
|
18,020
|
|
|
$
|
25,121
|
|
|
$
|
10,237
|
|
|
$
|
(805)
|
|
|
$
|
5,528
|
|
|
$
|
(19,721)
|
|
|
$
|
38,380
|
|
Adjustments for the effects of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
34,026
|
|
|
12,952
|
|
|
8,353
|
|
|
2,843
|
|
|
806
|
|
|
999
|
|
|
59,979
|
|
|
Other pre-tax
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,428)
|
|
|
(1,428)
|
|
|
EBITDA
|
|
52,046
|
|
|
38,073
|
|
|
18,590
|
|
|
2,038
|
|
|
6,334
|
|
|
(20,150)
|
|
|
96,931
|
|
Adjustments for the effects of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for bad debts
|
|
479
|
|
|
1,826
|
|
|
108
|
|
|
3,344
|
|
|
—
|
|
|
—
|
|
|
5,757
|
|
|
Foreign currency (gains) losses
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,219
|
|
|
1,219
|
|
|
|
Total of adjustments
|
|
479
|
|
|
1,826
|
|
|
108
|
|
|
3,344
|
|
|
—
|
|
|
1,219
|
|
|
6,976
|
|
Adjusted EBITDA
|
|
$
|
52,525
|
|
|
$
|
39,899
|
|
|
$
|
18,698
|
|
|
$
|
5,382
|
|
|
$
|
6,334
|
|
|
$
|
(18,931)
|
|
|
$
|
103,907
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
|
139,641
|
|
|
$
|
190,897
|
|
|
$
|
138,662
|
|
|
$
|
73,864
|
|
|
$
|
82,475
|
|
|
|
|
$
|
625,539
|
|
Operating income (loss) % as reported in accordance
with GAAP
|
|
13
|
%
|
|
13
|
%
|
|
7
|
%
|
|
(1)
|
%
|
|
7
|
%
|
|
|
6
|
%
|
EBITDA Margin
|
|
37
|
%
|
|
20
|
%
|
|
13
|
%
|
|
3
|
%
|
|
8
|
%
|
|
|
15
|
%
|
Adjusted EBITDA Margin
|
|
38
|
%
|
|
21
|
%
|
|
13
|
%
|
|
7
|
%
|
|
8
|
%
|
|
|
17
|
%
|
|
|
EBITDA and Adjusted EBITDA and Margins by
Segment
|
|
|
|
|
For the Three Months Ended March 31,
2017
|
|
|
Remotely
Operated
Vehicles
|
|
Subsea
Products
|
|
Subsea
Projects
|
|
Asset
Integrity
|
|
Advanced
Tech.
|
|
Unalloc.
Expenses
and other
|
|
Total
|
|
|
|
|
($ in thousands)
|
|
|
|
|
Operating income (loss) as reported in accordance
with GAAP
|
|
$
|
5,925
|
|
|
$
|
11,483
|
|
|
$
|
187
|
|
|
$
|
2,267
|
|
|
$
|
5,026
|
|
|
$
|
(25,038)
|
|
$
|
(150)
|
|
Adjustments for the effects of:
|
|
|
|
Depreciation and amortization
|
|
29,229
|
|
|
12,999
|
|
|
8,080
|
|
|
1,460
|
|
|
797
|
|
|
1,098
|
|
53,663
|
|
|
Other pre-tax
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,819)
|
|
(3,819)
|
|
|
EBITDA
|
|
35,154
|
|
|
24,482
|
|
|
8,267
|
|
|
3,727
|
|
|
5,823
|
|
|
(27,759)
|
|
49,694
|
|
Adjustments for the effects of:
|
|
|
|
Foreign currency (gains) losses
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,153
|
|
2,153
|
|
Adjusted EBITDA
|
|
$
|
35,154
|
|
|
$
|
24,482
|
|
|
$
|
8,267
|
|
|
$
|
3,727
|
|
|
$
|
5,823
|
|
|
$
|
(25,606)
|
|
$
|
51,847
|
|
|
|
|
Revenue
|
|
$
|
94,022
|
|
|
$
|
150,639
|
|
|
$
|
62,956
|
|
|
$
|
52,658
|
|
|
$
|
85,901
|
|
|
|
|
$
|
446,176
|
|
Operating income % as reported in accordance with
GAAP
|
|
6
|
%
|
|
8
|
%
|
|
—
|
%
|
|
4
|
%
|
|
6
|
%
|
|
|
|
—
|
%
|
EBITDA Margin
|
|
37
|
%
|
|
16
|
%
|
|
13
|
%
|
|
7
|
%
|
|
7
|
%
|
|
|
|
11
|
%
|
Adjusted EBITDA Margin
|
|
37
|
%
|
|
16
|
%
|
|
13
|
%
|
|
7
|
%
|
|
7
|
%
|
|
|
|
12
|
%
|
|
EBITDA and Adjusted EBITDA and Margins by
Segment
|
|
|
For the Six Months Ended June 30,
2017
|
|
Remotely
Operated
Vehicles
|
|
Subsea
Products
|
|
Subsea
Projects
|
|
Asset
Integrity
|
|
Advanced
Tech.
|
|
Unalloc.
Expenses
and other
|
|
Total
|
|
|
($ in thousands)
|
Operating income as reported in accordance with
GAAP
|
|
$
|
16,301
|
|
|
$
|
22,035
|
|
|
$
|
3,187
|
|
|
$
|
6,022
|
|
|
$
|
12,658
|
|
|
$
|
(50,963)
|
|
$
|
9,240
|
|
Adjustments for the effects of:
|
|
|
Depreciation and amortization
|
|
58,265
|
|
|
25,784
|
|
|
15,861
|
|
|
3,240
|
|
|
1,581
|
|
|
2,236
|
|
106,967
|
|
|
Other pre-tax
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4,554)
|
|
(4,554)
|
|
|
EBITDA
|
|
74,566
|
|
|
47,819
|
|
|
19,048
|
|
|
9,262
|
|
|
14,239
|
|
|
(53,281)
|
|
111,653
|
|
Adjustments for the effects of:
|
|
|
Foreign currency (gains) losses
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,133
|
|
2,133
|
|
|
|
Total of adjustments
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,133
|
|
2,133
|
|
Adjusted EBITDA
|
|
$
|
74,566
|
|
|
$
|
47,819
|
|
|
$
|
19,048
|
|
|
$
|
9,262
|
|
|
$
|
14,239
|
|
|
$
|
(51,148)
|
|
$
|
113,786
|
|
|
Revenue
|
|
$
|
197,454
|
|
|
$
|
325,532
|
|
|
$
|
138,501
|
|
|
$
|
110,850
|
|
|
$
|
188,875
|
|
|
|
|
$
|
961,212
|
|
Operating income % as reported in accordance with
GAAP
|
|
8
|
%
|
|
7
|
%
|
|
2
|
%
|
|
5
|
%
|
|
7
|
%
|
|
|
|
1
|
%
|
EBITDA Margin
|
|
38
|
%
|
|
15
|
%
|
|
14
|
%
|
|
8
|
%
|
|
8
|
%
|
|
|
|
12
|
%
|
Adjusted EBITDA Margin
|
|
38
|
%
|
|
15
|
%
|
|
14
|
%
|
|
8
|
%
|
|
8
|
%
|
|
|
|
12
|
%
|
|
|
For the Six Months Ended June 30,
2016
|
|
Remotely
Operated
Vehicles
|
|
Subsea
Products
|
|
Subsea
Projects
|
|
Asset
Integrity
|
|
Advanced
Tech.
|
|
Unalloc.
Expenses
and other
|
|
Total
|
|
|
($ in thousands)
|
Operating income (loss) as reported in accordance
with GAAP
|
|
$
|
45,007
|
|
|
$
|
65,761
|
|
|
$
|
17,026
|
|
|
$
|
(371)
|
|
|
$
|
6,121
|
|
|
$
|
(47,065)
|
|
$
|
86,479
|
|
Adjustments for the effects of:
|
|
|
Depreciation and amortization
|
|
67,710
|
|
|
25,759
|
|
|
16,872
|
|
|
5,756
|
|
|
1,540
|
|
|
2,123
|
|
119,760
|
|
|
Other pre-tax
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(7,177)
|
|
(7,177)
|
|
|
EBITDA
|
|
112,717
|
|
|
91,520
|
|
|
33,898
|
|
|
5,385
|
|
|
7,661
|
|
|
(52,119)
|
|
199,062
|
|
Adjustments for the effects of:
|
|
|
Allowance for bad debts
|
|
479
|
|
|
1,826
|
|
|
108
|
|
|
3,344
|
|
|
—
|
|
|
—
|
|
5,757
|
|
|
Foreign currency (gains) losses
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7,103
|
|
7,103
|
|
|
|
Total of adjustments
|
|
479
|
|
|
1,826
|
|
|
108
|
|
|
3,344
|
|
|
—
|
|
|
7,103
|
|
12,860
|
|
Adjusted EBITDA
|
|
$
|
113,196
|
|
|
$
|
93,346
|
|
|
$
|
34,006
|
|
|
$
|
8,729
|
|
|
$
|
7,661
|
|
|
$
|
(45,016)
|
|
$
|
211,922
|
|
|
Revenue
|
|
$
|
287,262
|
|
|
$
|
385,709
|
|
|
$
|
268,084
|
|
|
$
|
143,464
|
|
|
$
|
149,364
|
|
|
|
|
$
|
1,233,883
|
|
Operating income % as reported in accordance with
GAAP
|
|
16
|
%
|
|
17
|
%
|
|
6
|
%
|
|
—
|
%
|
|
4
|
%
|
|
|
|
7
|
%
|
EBITDA Margin
|
|
39
|
%
|
|
24
|
%
|
|
13
|
%
|
|
4
|
%
|
|
5
|
%
|
|
|
|
16
|
%
|
Adjusted EBITDA Margin
|
|
39
|
%
|
|
24
|
%
|
|
13
|
%
|
|
6
|
%
|
|
5
|
%
|
|
|
|
17
|
%
|
View original
content:http://www.prnewswire.com/news-releases/oceaneering-reports-second-quarter-2017-results-300494632.html
SOURCE Oceaneering International, Inc.