HOUSTON, July 28, 2021 /PRNewswire/ -- Oceaneering
International, Inc. ("Oceaneering") (NYSE:OII) today reported net
income of $6.2 million, or
$0.06 per share, on revenue of
$498 million for the three
months ended June 30, 2021. Adjusted net income was
$10.4 million, or $0.10 per share, reflecting the impact of
$3.2 million of pre-tax adjustments
associated with a loss on the sale of an asset and foreign exchange
losses recognized during the quarter, and $1.6 million of discrete tax adjustments,
primarily due to changes in valuation allowances.
During the prior quarter ended March 31, 2021, Oceaneering
reported a net loss of $9.4 million,
or $(0.09) per share, on revenue of
$438 million. Adjusted net
income was $2.8 million, or
$0.03 per share, reflecting the
impact of $3.2 million of
pre-tax adjustments associated with restructuring and other
expenses and foreign exchange losses recognized during the quarter,
and $9.6 million of discrete tax
adjustments.
Adjusted operating income (loss), operating margins, 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, 2021 Adjusted EBITDA Estimates,
Adjusted Operating Income (Loss) 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,
|
|
|
|
|
|
|
|
|
|
2021
|
|
2020
|
|
2021
|
|
2021
|
|
2020
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
|
498,199
|
|
|
$
|
427,216
|
|
|
$
|
437,553
|
|
|
$
|
935,752
|
|
|
$
|
963,884
|
|
Gross
Margin
|
|
68,397
|
|
|
42,537
|
|
|
56,657
|
|
|
125,054
|
|
|
89,289
|
|
Income (Loss) from
Operations
|
|
22,819
|
|
|
(5,182)
|
|
|
13,783
|
|
|
36,602
|
|
|
(385,939)
|
|
Net Income
(Loss)
|
|
6,241
|
|
|
(24,788)
|
|
|
(9,365)
|
|
|
(3,124)
|
|
|
(392,386)
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted Earnings
(Loss) Per Share
|
|
$
|
0.06
|
|
|
$
|
(0.25)
|
|
|
$
|
(0.09)
|
|
|
$
|
(0.03)
|
|
|
$
|
(3.96)
|
|
|
|
|
|
|
For the second quarter of 2021:
- Consolidated Adjusted EBITDA was $60.6 million
- Consolidated Adjusted Operating Income was $24.2 million
- Cash flow generated from operations was $50.5 million and free cash flow was $37.9 million
- Cash position increased by $13.3
million, from $443 million to
$456 million
- We retired $30.5 million of
our 2024 senior notes through open market repurchases
Roderick A. Larson, President and
Chief Executive Officer of Oceaneering, stated, "Based on our first
half financial performance and expectations for the second half of
2021, we are raising our adjusted EBITDA guidance to a range of
$200 million to $225 million for the full year. This
confidence, despite ongoing uncertainties associated with COVID-19,
stems from positive client interactions, supportive oil price
expectations, and growing backlog.
"Our second quarter 2021 results returned positive net income,
and we produced adjusted EBITDA of $60.6
million, which exceeded consensus estimates. These
positive results were attributable to the increased seasonal demand
for our services and products in our energy businesses, growth in
our government focused business segment, and forfeitures of
long-term incentive accruals in Unallocated Expenses.
Segment Results:
"Sequentially, Subsea Robotics (SSR) revenue and adjusted
operating income both increased as expected due to higher seasonal
activity for ROV, survey, and tooling services. SSR adjusted
EBITDA margin of 31% was relatively consistent with the first
quarter of 2021, with pricing remaining stable across our SSR
business lines.
"Second quarter 2021 ROV days on hire were sequentially higher
for both drill support and vessel-based services as compared to
first quarter 2021. Fleet utilization rose significantly,
averaging 62% for the quarter, as compared to 53% for the first
quarter. Our fleet use during the quarter was 58% in drill
support and 42% in vessel-based activity, compared to 64% and 36%,
respectively, during the first quarter. Second quarter 2021
average ROV revenue per day on hire of $8,056 was 2% higher than the first quarter of
2021.
"Manufactured Products (MP) second quarter 2021 adjusted
operating income declined from the first quarter of 2021 on lower
revenue. Sequentially, adjusted operating income margin
decreased to 1% from 4% in the first quarter of 2021 as lower
segment revenue decreased the ability to leverage our cost
base. Our Manufactured Products backlog on June 30, 2021 was $315
million, compared to our March 31,
2021 backlog of $248
million. Our book-to-bill ratio was 1.3 for the six
months ended June 30, 2021 and 0.8
for the trailing 12 months.
"The second quarter 2021 Offshore Projects Group (OPG) adjusted
operating income declined as compared to the first quarter of 2021
despite a meaningful increase in revenue. Revenue benefited
from ongoing field activities on several projects in Angola and a seasonal increase in
intervention, maintenance and repair (IMR) work in the Gulf of Mexico. The sequential decline
in adjusted operating income margin, from 10% in the first quarter
of 2021 to 7% in the second quarter of 2021, was primarily due to
unplanned downtime and related costs associated with the
Angola riserless light well
intervention project, which was partially offset by higher IMR
activity levels in the Gulf of
Mexico.
"Integrity Management and Digital Solutions (IMDS) sequential
adjusted operating income was higher on a 19% increase in
revenue. Higher seasonal activity and the start-up of several
new projects contributed to the revenue increase. Continuing
efficiency improvements, including utilization of field personnel,
resulted in adjusted operating income margin increasing to 7% in
the second quarter 2021 from 5% in the first quarter of 2021.
"Aerospace and Defense Technologies (ADTech) second quarter 2021
adjusted operating income improved from the first quarter of 2021
on a 20% increase in revenue. Adjusted operating income
margin of 18% was better than forecast due to project mix and
favorable rate-based adjustments. At the corporate level for
the second quarter of 2021, adjusted Unallocated Expenses of
$30.3 million were slightly lower as
compared to the first quarter of 2021 due to lower expense accruals
related to incentive-based compensation forfeitures.
Third Quarter Outlook:
"For the third quarter, compared to the second quarter, we
anticipate relatively flat activity and operating profitability in
our SSR, Manufactured Products, and IMDS segments, lower activity
levels and relatively flat operating profitability in our OPG
segment, and lower activity levels and lower operating
profitability in our ADTech segment. Unallocated Expenses are
forecast to be in the mid-$30 million
range due primarily to increased information technology
infrastructure costs and normalized accruals for incentive-based
compensation. On a consolidated basis, we expect a sequential
decline in third quarter 2021 results, with adjusted EBITDA in the
range of $50 million to $55 million on slightly lower revenue.
Cash and Liquidity:
"Our cash balance of $456 million,
coupled with improved debt markets and our expectation to generate
meaningful free cash flow in 2021, will provide us with improved
flexibility to address our 2024 debt maturity while we continue to
leverage our technologies and core competencies into energy
transition opportunities."
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 expectations about: full year
2021 adjusted EBITDA range and the bases for that range;
characterization of demand or activity levels as seasonal;
references to backlog, to the extent backlog may be an indicator of
future revenue or profitability; anticipated third quarter segment
activity levels and operating profitability as compared to second
quarter 2021; forecasted Unallocated Expenses and the bases for
that forecast; expectations about consolidated third quarter 2021
sequential results and revenue, and adjusted EBITDA range;
characterization of debt markets and expectation to generate
meaningful free cash flow in 2021; and the expectation of improved
flexibility to address the 2024 debt maturity.
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 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 provider of engineered services and
products, primarily to the offshore energy industry. Through the
use of its applied technology expertise, Oceaneering also serves
the defense, aerospace, and entertainment industries.
For more information on Oceaneering, please visit
www.oceaneering.com.
Contact:
Mark Peterson
Vice President, Corporate Development and Investor Relations
Oceaneering International, Inc.
713-329-4507
investorrelations@oceaneering.com
|
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|
OCEANEERING
INTERNATIONAL, INC. AND SUBSIDIARIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Jun 30,
2021
|
|
Dec 31,
2020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in
thousands)
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current assets
(including cash and cash equivalents of $456,087 and
$452,016)
|
|
|
|
|
|
$
|
1,228,876
|
|
|
$
|
1,170,263
|
|
|
|
Net property and
equipment
|
|
|
|
|
|
|
537,909
|
|
|
591,107
|
|
|
|
Other
assets
|
|
|
|
|
|
|
|
|
|
294,764
|
|
|
284,472
|
|
|
|
|
|
Total
Assets
|
|
|
|
|
|
$
|
2,061,549
|
|
|
$
|
2,045,842
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
|
|
|
|
$
|
479,523
|
|
|
$
|
437,116
|
|
|
|
Long-term
debt
|
|
|
|
|
|
|
|
|
|
773,423
|
|
|
805,251
|
|
|
|
Other long-term
liabilities
|
|
|
|
|
|
245,871
|
|
|
245,318
|
|
|
|
Equity
|
|
|
|
|
|
|
|
|
|
562,732
|
|
|
558,157
|
|
|
|
|
|
Total Liabilities and
Equity
|
|
|
|
|
|
$
|
2,061,549
|
|
|
$
|
2,045,842
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months
Ended
|
|
For the Six Months
Ended
|
|
|
|
|
|
|
|
|
|
Jun 30,
2021
|
|
Jun 30,
2020
|
|
Mar 31,
2021
|
|
Jun 30,
2021
|
|
Jun 30,
2020
|
|
|
|
|
|
|
|
|
|
|
(in thousands,
except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
|
|
|
$
|
498,199
|
|
|
$
|
427,216
|
|
|
$
|
437,553
|
|
|
$
|
935,752
|
|
|
$
|
963,884
|
|
|
|
Cost of services and
products
|
|
429,802
|
|
|
384,679
|
|
|
380,896
|
|
|
810,698
|
|
|
874,595
|
|
|
|
|
Gross
margin
|
|
68,397
|
|
|
42,537
|
|
|
56,657
|
|
|
125,054
|
|
|
89,289
|
|
|
|
Selling, general and
administrative expense
|
|
45,578
|
|
|
47,719
|
|
|
42,874
|
|
|
88,452
|
|
|
103,460
|
|
|
|
Long-lived assets
impairments
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
68,763
|
|
|
|
Goodwill
impairment
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
303,005
|
|
|
|
|
Income (loss) from
operations
|
|
|
|
22,819
|
|
|
(5,182)
|
|
|
13,783
|
|
|
36,602
|
|
|
(385,939)
|
|
|
|
Interest
income
|
|
|
|
|
|
683
|
|
|
511
|
|
|
519
|
|
|
1,202
|
|
|
1,788
|
|
|
|
Interest expense, net
of amounts capitalized
|
|
(9,729)
|
|
|
(11,611)
|
|
|
(10,407)
|
|
|
(20,136)
|
|
|
(24,073)
|
|
|
|
Equity in income
(losses) of unconsolidated affiliates
|
|
378
|
|
|
674
|
|
|
534
|
|
|
912
|
|
|
1,871
|
|
|
|
Other income
(expense), net
|
|
(1,955)
|
|
|
(3,660)
|
|
|
(1,453)
|
|
|
(3,408)
|
|
|
(10,788)
|
|
|
|
|
Income (loss) before
income taxes
|
|
12,196
|
|
|
(19,268)
|
|
|
2,976
|
|
|
15,172
|
|
|
(417,141)
|
|
|
|
Provision (benefit)
for income taxes
|
|
5,955
|
|
|
5,520
|
|
|
12,341
|
|
|
18,296
|
|
|
(24,755)
|
|
|
|
|
Net Income
(Loss)
|
|
$
|
6,241
|
|
|
$
|
(24,788)
|
|
|
$
|
(9,365)
|
|
|
$
|
(3,124)
|
|
|
$
|
(392,386)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
diluted shares outstanding
|
|
100,847
|
|
|
99,273
|
|
|
99,461
|
|
|
99,613
|
|
|
99,164
|
|
|
Diluted earnings
(loss) per share
|
|
$
|
0.06
|
|
|
$
|
(0.25)
|
|
|
$
|
(0.09)
|
|
|
$
|
(0.03)
|
|
|
$
|
(3.96)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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,
2021
|
|
Jun 30, 2020
*
|
|
Mar 31,
2021
|
|
Jun 30,
2021
|
|
Jun 30, 2020
*
|
|
|
|
|
|
($ in
thousands)
|
Subsea
Robotics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
$
|
141,371
|
|
|
$
|
119,234
|
|
|
$
|
119,119
|
|
|
$
|
260,490
|
|
|
$
|
259,004
|
|
|
Gross
margin
|
|
|
$
|
31,767
|
|
|
$
|
21,324
|
|
|
$
|
24,078
|
|
|
$
|
55,845
|
|
|
$
|
40,797
|
|
Operating income
(loss)
|
|
|
$
|
21,710
|
|
|
$
|
11,662
|
|
|
$
|
14,619
|
|
|
$
|
36,329
|
|
|
$
|
(82,421)
|
|
Operating income
(loss) %
|
|
|
15
|
%
|
|
10
|
%
|
|
12
|
%
|
|
14
|
%
|
|
(32)
|
%
|
|
ROV days
available
|
|
|
22,750
|
|
|
22,750
|
|
|
22,469
|
|
|
45,219
|
|
|
45,500
|
|
|
ROV days
utilized
|
|
|
14,005
|
|
|
13,501
|
|
|
11,887
|
|
|
25,892
|
|
|
28,354
|
|
|
ROV
utilization
|
|
|
62
|
%
|
|
59
|
%
|
|
53
|
%
|
|
57
|
%
|
|
62
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Manufactured
Products
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
$
|
79,127
|
|
|
$
|
100,570
|
|
|
$
|
86,825
|
|
|
$
|
165,952
|
|
|
$
|
267,104
|
|
|
Gross
margin
|
|
|
$
|
8,391
|
|
|
$
|
13,679
|
|
|
$
|
10,004
|
|
|
$
|
18,395
|
|
|
$
|
31,628
|
|
Operating income
(loss)
|
|
|
$
|
790
|
|
|
$
|
3,865
|
|
|
$
|
2,753
|
|
|
$
|
3,543
|
|
|
$
|
(62,273)
|
|
Operating income
(loss) %
|
|
|
1
|
%
|
|
4
|
%
|
|
3
|
%
|
|
2
|
%
|
|
(23)
|
%
|
Backlog at end of
period
|
|
|
$
|
315,000
|
|
|
$
|
380,000
|
|
|
$
|
248,000
|
|
|
$
|
315,000
|
|
|
$
|
380,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Offshore Projects
Group
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
$
|
107,951
|
|
|
$
|
73,840
|
|
|
$
|
89,234
|
|
|
$
|
197,185
|
|
|
$
|
148,094
|
|
|
Gross
margin
|
|
|
$
|
14,566
|
|
|
$
|
3,170
|
|
|
$
|
15,111
|
|
|
$
|
29,677
|
|
|
$
|
5,265
|
|
Operating income
(loss)
|
|
|
$
|
7,996
|
|
|
$
|
(4,135)
|
|
|
$
|
8,813
|
|
|
$
|
16,809
|
|
|
$
|
(83,458)
|
|
Operating income
(loss) %
|
|
|
7
|
%
|
|
(6)
|
%
|
|
10
|
%
|
|
9
|
%
|
|
(56)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Integrity Management
& Digital Solutions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
$
|
64,070
|
|
|
$
|
53,969
|
|
|
$
|
54,048
|
|
|
$
|
118,118
|
|
|
$
|
118,698
|
|
|
Gross
margin
|
|
|
$
|
10,462
|
|
|
$
|
5,455
|
|
|
$
|
8,209
|
|
|
$
|
18,671
|
|
|
$
|
15,247
|
|
Operating income
(loss)
|
|
|
$
|
4,721
|
|
|
$
|
(1,825)
|
|
|
$
|
2,474
|
|
|
$
|
7,195
|
|
|
$
|
(123,360)
|
|
Operating income
(loss) %
|
|
|
7
|
%
|
|
(3)
|
%
|
|
5
|
%
|
|
6
|
%
|
|
(104)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aerospace and Defense
Technologies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
$
|
105,680
|
|
|
$
|
79,603
|
|
|
$
|
88,327
|
|
|
$
|
194,007
|
|
|
$
|
170,984
|
|
|
Gross
margin
|
|
|
$
|
24,603
|
|
|
$
|
17,313
|
|
|
$
|
22,110
|
|
|
$
|
46,713
|
|
|
$
|
34,798
|
|
Operating income
(loss)
|
|
|
$
|
19,340
|
|
|
$
|
13,430
|
|
|
$
|
16,839
|
|
|
$
|
36,179
|
|
|
$
|
26,401
|
|
Operating income
(loss) %
|
|
|
18
|
%
|
|
17
|
%
|
|
19
|
%
|
|
19
|
%
|
|
15
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unallocated
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
margin
|
|
|
$
|
(21,392)
|
|
|
$
|
(18,404)
|
|
|
$
|
(22,855)
|
|
|
$
|
(44,247)
|
|
|
$
|
(38,446)
|
|
Operating income
(loss)
|
|
|
$
|
(31,738)
|
|
|
$
|
(28,179)
|
|
|
$
|
(31,715)
|
|
|
$
|
(63,453)
|
|
|
$
|
(60,828)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
$
|
498,199
|
|
|
$
|
427,216
|
|
|
$
|
437,553
|
|
|
$
|
935,752
|
|
|
$
|
963,884
|
|
|
Gross
margin
|
|
|
$
|
68,397
|
|
|
$
|
42,537
|
|
|
$
|
56,657
|
|
|
$
|
125,054
|
|
|
$
|
89,289
|
|
Operating income
(loss)
|
|
|
$
|
22,819
|
|
|
$
|
(5,182)
|
|
|
$
|
13,783
|
|
|
$
|
36,602
|
|
|
$
|
(385,939)
|
|
Operating income
(loss) %
|
|
|
5
|
%
|
|
(1)
|
%
|
|
3
|
%
|
|
4
|
%
|
|
(40)
|
%
|
|
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.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Recast to reflect
segment changes.
|
|
|
|
|
|
|
|
|
|
|
|
SELECTED CASH FLOW
INFORMATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months
Ended
|
|
For the Six Months
Ended
|
|
|
|
|
|
|
Jun 30,
2021
|
|
Jun 30,
2020
|
|
Mar 31,
2021
|
|
Jun 30,
2021
|
|
Jun 30,
2020
|
|
|
|
|
|
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital Expenditures,
including Acquisitions
|
|
|
$
|
12,629
|
|
|
$
|
10,631
|
|
|
$
|
10,699
|
|
|
$
|
23,328
|
|
|
$
|
37,860
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months
Ended
|
|
For the Six Months
Ended
|
|
|
|
|
|
|
Jun 30,
2021
|
|
Jun 30, 2020
*
|
|
Mar 31,
2021
|
|
Jun 30,
2021
|
|
Jun 30, 2020
*
|
|
|
|
|
|
|
(in
thousands)
|
Depreciation and
amortization:
|
|
|
|
|
|
|
|
|
|
|
|
Energy Services and
Products
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsea
Robotics
|
|
|
$
|
22,436
|
|
|
$
|
25,080
|
|
|
$
|
22,952
|
|
|
$
|
45,388
|
|
|
$
|
164,267
|
|
|
Manufactured
Products
|
|
|
3,248
|
|
|
3,587
|
|
|
3,227
|
|
|
6,475
|
|
|
19,551
|
|
|
Offshore Projects
Group
|
|
|
6,862
|
|
|
8,255
|
|
|
7,125
|
|
|
13,987
|
|
|
83,162
|
|
|
Integrity Management
& Digital Solutions
|
|
|
1,091
|
|
|
757
|
|
|
1,124
|
|
|
2,215
|
|
|
125,100
|
|
Total Energy Services
and Products
|
|
|
33,637
|
|
|
37,679
|
|
|
34,428
|
|
|
68,065
|
|
|
392,080
|
|
Aerospace and Defense
Technologies
|
|
|
1,404
|
|
|
658
|
|
|
1,276
|
|
|
2,680
|
|
|
1,345
|
|
Unallocated
Expenses
|
|
|
184
|
|
|
361
|
|
|
767
|
|
|
951
|
|
|
1,469
|
|
|
Total Depreciation
and Amortization
|
|
|
$
|
35,225
|
|
|
$
|
38,698
|
|
|
$
|
36,471
|
|
|
$
|
71,696
|
|
|
$
|
394,894
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill and
long-lived asset impairment expense, reflected in the depreciation
and amortization expense above, was $310 million
in the six months
ended June 30, 2020.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Recast to reflect
segment changes.
|
|
|
|
|
|
|
|
|
|
|
|
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
(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, 2021 Adjusted EBITDA
Estimates, and Free Cash Flow, as well as the following by
segment: Adjusted Operating Income and Margins, EBITDA,
EBITDA Margins, 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.
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,
2021
|
Jun 30,
2020
|
Mar 31,
2021
|
|
|
|
|
|
|
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
|
|
$
|
6,241
|
|
|
$
|
0.06
|
|
|
$
|
(24,788)
|
|
|
$
|
(0.25)
|
|
|
$
|
(9,365)
|
|
|
$
|
(0.09)
|
|
|
Pre-tax adjustments
for the effects of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss on sale of
asset
|
|
|
|
1,415
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
|
Restructuring
expenses and other
|
|
—
|
|
|
|
|
5,708
|
|
|
|
|
1,308
|
|
|
|
|
|
Foreign currency
(gains) losses
|
|
1,800
|
|
|
|
|
3,908
|
|
|
|
|
1,861
|
|
|
|
|
Total pre-tax
adjustments
|
|
3,215
|
|
|
|
|
9,616
|
|
|
|
|
3,169
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax effect on pre-tax
adjustments at the applicable jurisdictional statutory rate in
effect for respective periods
|
|
(674)
|
|
|
|
|
(2,331)
|
|
|
|
|
(605)
|
|
|
|
|
Discrete tax
items:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based compensation
|
|
(4)
|
|
|
|
|
16
|
|
|
|
|
577
|
|
|
|
|
Uncertain tax positions
|
|
186
|
|
|
|
|
735
|
|
|
|
|
(16)
|
|
|
|
|
U.S. CARES Act
|
|
—
|
|
|
|
|
1,159
|
|
|
|
|
—
|
|
|
|
|
Valuation allowances
|
|
3,525
|
|
|
|
|
3,245
|
|
|
|
|
6,758
|
|
|
|
|
Other
|
|
(2,136)
|
|
|
|
|
(1,887)
|
|
|
|
|
2,275
|
|
|
|
|
|
Total discrete tax
adjustments
|
|
1,571
|
|
|
|
|
3,268
|
|
|
|
|
9,594
|
|
|
|
|
|
Total of
adjustments
|
|
4,112
|
|
|
|
|
10,553
|
|
|
|
|
12,158
|
|
|
|
|
Adjusted Net Income
(Loss)
|
|
$
|
10,353
|
|
|
$
|
0.10
|
|
|
$
|
(14,235)
|
|
|
$
|
(0.14)
|
|
|
$
|
2,793
|
|
|
$
|
0.03
|
|
|
Weighted average
diluted shares outstanding utilized for Adjusted Net Income
(Loss)
|
|
|
|
100,847
|
|
|
|
|
99,273
|
|
|
|
|
100,480
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Net
Income (Loss) and Diluted Earnings (Loss) per Share
(EPS)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Six Months
Ended
|
|
|
|
|
|
|
Jun 30,
2021
|
Jun 30,
2020
|
|
|
|
|
|
|
|
|
|
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
|
|
|
|
|
|
$
|
(3,124)
|
|
|
$
|
(0.03)
|
|
|
$
|
(392,386)
|
|
|
$
|
(3.96)
|
|
Pre-tax adjustments
for the effects of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-lived assets
impairments
|
|
|
|
|
|
—
|
|
|
|
|
68,763
|
|
|
|
|
Long-lived assets
write-offs
|
|
|
|
|
|
—
|
|
|
|
|
7,328
|
|
|
|
|
Goodwill
impairment
|
|
|
|
|
|
—
|
|
|
|
|
303,005
|
|
|
|
|
Loss on sale of
asset
|
|
|
|
|
|
|
|
1,415
|
|
|
|
|
—
|
|
|
|
|
Restructuring
expenses and other
|
|
|
|
|
|
1,308
|
|
|
|
|
12,338
|
|
|
|
|
Foreign currency
(gains) losses
|
|
|
|
|
|
3,661
|
|
|
|
|
10,958
|
|
|
|
Total pre-tax
adjustments
|
|
|
|
|
|
6,384
|
|
|
|
|
402,392
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax effect on pre-tax
adjustments at the applicable jurisdictional statutory rate in
effect for respective periods
|
|
|
|
|
|
(1,279)
|
|
|
|
|
(47,686)
|
|
|
|
Discrete tax
items:
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based
compensation
|
|
|
|
|
|
573
|
|
|
|
|
1,003
|
|
|
|
Uncertain tax
positions
|
|
|
|
|
|
170
|
|
|
|
|
(8,917)
|
|
|
|
U.S. CARES
Act
|
|
|
|
|
|
—
|
|
|
|
|
(32,625)
|
|
|
|
Valuation
allowances
|
|
|
|
|
|
10,283
|
|
|
|
|
68,453
|
|
|
|
Other
|
|
|
|
|
|
139
|
|
|
|
|
(937)
|
|
|
|
|
Total discrete tax
adjustments
|
|
|
|
|
|
11,165
|
|
|
|
|
26,977
|
|
|
|
|
Total of
adjustments
|
|
|
|
|
|
16,270
|
|
|
|
|
381,683
|
|
|
|
Adjusted Net Income
(Loss)
|
|
|
|
|
|
$
|
13,146
|
|
|
$
|
0.13
|
|
|
$
|
(10,703)
|
|
|
$
|
(0.11)
|
|
Weighted average
diluted shares outstanding utilized for Adjusted Net Income
(Loss)
|
|
|
|
|
|
|
|
100,672
|
|
|
|
|
99,164
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA and
Adjusted EBITDA and Margins
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months
Ended
|
|
For the Six Months
Ended
|
|
|
|
|
|
Jun 30,
2021
|
|
Jun 30,
2020
|
|
Mar 31,
2021
|
|
Jun 30,
2021
|
|
Jun 30,
2020
|
|
|
|
|
|
($ in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
|
$
|
6,241
|
|
|
$
|
(24,788)
|
|
|
$
|
(9,365)
|
|
|
$
|
(3,124)
|
|
|
$
|
(392,386)
|
|
Depreciation and
amortization
|
|
|
35,225
|
|
|
38,698
|
|
|
36,471
|
|
|
71,696
|
|
|
394,894
|
|
|
Subtotal
|
|
|
41,466
|
|
|
13,910
|
|
|
27,106
|
|
|
68,572
|
|
|
2,508
|
|
Interest expense, net
of interest income
|
|
9,046
|
|
|
11,100
|
|
|
9,888
|
|
|
18,934
|
|
|
22,285
|
|
Amortization included
in interest expense
|
|
907
|
|
|
333
|
|
|
303
|
|
|
1,210
|
|
|
—
|
|
Provision (benefit)
for income taxes
|
|
|
5,955
|
|
|
5,520
|
|
|
12,341
|
|
|
18,296
|
|
|
(24,755)
|
|
|
EBITDA
|
|
|
57,374
|
|
|
30,863
|
|
|
49,638
|
|
|
107,012
|
|
|
38
|
|
Adjustments for the
effects of:
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-lived assets
impairments
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
68,763
|
|
|
Loss on sale of
asset
|
|
|
1,415
|
|
|
—
|
|
|
—
|
|
|
1,415
|
|
|
—
|
|
|
Restructuring
expenses and other
|
|
|
—
|
|
|
5,708
|
|
|
1,308
|
|
|
1,308
|
|
|
12,338
|
|
|
Foreign currency
(gains) losses
|
|
|
1,800
|
|
|
3,908
|
|
|
1,861
|
|
|
3,661
|
|
|
10,958
|
|
|
|
Total of
adjustments
|
|
|
3,215
|
|
|
9,616
|
|
|
3,169
|
|
|
6,384
|
|
|
92,059
|
|
|
Adjusted
EBITDA
|
|
|
$
|
60,589
|
|
|
$
|
40,479
|
|
|
$
|
52,807
|
|
|
$
|
113,396
|
|
|
$
|
92,097
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
$
|
498,199
|
|
|
$
|
427,216
|
|
|
$
|
437,553
|
|
|
$
|
935,752
|
|
|
$
|
963,884
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA margin
%
|
|
|
12
|
%
|
|
7
|
%
|
|
11
|
%
|
|
11
|
%
|
|
—
|
%
|
Adjusted EBITDA
margin %
|
|
|
12
|
%
|
|
9
|
%
|
|
12
|
%
|
|
12
|
%
|
|
10
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Free Cash
Flow
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months
Ended
|
|
For the Six Months
Ended
|
|
|
|
Jun 30,
2021
|
|
Jun 30,
2020
|
|
Mar 31,
2021
|
|
Jun 30,
2021
|
|
Jun 30,
2020
|
|
|
|
(in
thousands)
|
Net Income
(loss)
|
|
$
|
6,241
|
|
|
$
|
(24,788)
|
|
|
$
|
(9,365)
|
|
|
$
|
(3,124)
|
|
|
$
|
(392,386)
|
|
Non-cash
adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization, including goodwill impairment
|
|
35,225
|
|
|
38,698
|
|
|
36,471
|
|
|
71,696
|
|
|
394,894
|
|
|
Long-lived asset
impairments
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
68,763
|
|
|
Other
non-cash
|
|
(1,294)
|
|
|
41
|
|
|
(365)
|
|
|
(1,659)
|
|
|
(4,585)
|
|
Other increases
(decreases) in cash from operating activities
|
|
10,374
|
|
|
23,567
|
|
|
(28,464)
|
|
|
(18,090)
|
|
|
(61,318)
|
|
Cash flow provided by
(used in) operating activities
|
|
50,546
|
|
|
37,518
|
|
|
(1,723)
|
|
|
48,823
|
|
|
5,368
|
|
Purchases of property
and equipment
|
|
(12,629)
|
|
|
(10,631)
|
|
|
(10,699)
|
|
|
(23,328)
|
|
|
(37,860)
|
|
Free Cash
Flow
|
|
$
|
37,917
|
|
|
$
|
26,887
|
|
|
$
|
(12,422)
|
|
|
$
|
25,495
|
|
|
$
|
(32,492)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2021 Adjusted
EBITDA Estimates
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months
Ended
|
|
|
|
|
|
|
|
|
|
September 30,
2021
|
|
|
|
|
|
|
|
|
|
Low
|
|
High
|
|
|
|
|
|
|
|
|
|
(in
thousands)
|
Income (loss) before
income taxes
|
|
|
|
|
|
|
|
$
|
4,000
|
|
|
$
|
7,000
|
|
Depreciation and
amortization
|
|
|
|
|
|
|
|
36,000
|
|
|
38,000
|
|
|
Subtotal
|
|
|
|
|
|
|
|
40,000
|
|
|
45,000
|
|
Interest expense, net
of interest income
|
|
|
|
|
|
|
|
10,000
|
|
|
10,000
|
|
|
Adjusted
EBITDA
|
|
|
|
|
|
|
|
$
|
50,000
|
|
|
$
|
55,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Year
Ended
|
|
|
|
|
|
|
|
|
|
December 31,
2021
|
|
|
|
|
|
|
|
|
|
Low
|
|
High
|
|
|
|
|
|
|
|
|
|
(in
thousands)
|
Income (loss) before
income taxes
|
|
|
|
|
|
|
|
$
|
15,000
|
|
|
$
|
35,000
|
|
Depreciation and
amortization
|
|
|
|
|
|
|
|
145,000
|
|
|
150,000
|
|
|
Subtotal
|
|
|
|
|
|
|
|
160,000
|
|
|
185,000
|
|
Interest expense, net
of interest income
|
|
|
|
|
|
|
|
40,000
|
|
|
40,000
|
|
|
Adjusted
EBITDA
|
|
|
|
|
|
|
|
$
|
200,000
|
|
|
$
|
225,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Operating
Income (Loss) and Margins by Segment
|
|
|
|
|
|
For the Three Months
Ended June 30, 2021
|
|
|
|
|
SSR
|
|
MP
|
|
OPG
|
|
IMDS
|
|
ADTech
|
|
Unallocated
Expenses
|
|
Total
|
|
|
|
|
($ in
thousands)
|
Operating Income
(Loss) as reported in accordance with GAAP
|
|
$
|
21,710
|
|
|
$
|
790
|
|
|
$
|
7,996
|
|
|
$
|
4,721
|
|
|
$
|
19,340
|
|
|
$
|
(31,738)
|
|
|
$
|
22,819
|
|
Adjustments for the
effects of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss on sale of
asset
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,415
|
|
|
1,415
|
|
|
|
Total of
adjustments
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,415
|
|
|
1,415
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Operating
Income (Loss)
|
|
$
|
21,710
|
|
|
$
|
790
|
|
|
$
|
7,996
|
|
|
$
|
4,721
|
|
|
$
|
19,340
|
|
|
$
|
(30,323)
|
|
|
$
|
24,234
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
|
141,371
|
|
|
$
|
79,127
|
|
|
$
|
107,951
|
|
|
$
|
64,070
|
|
|
$
|
105,680
|
|
|
|
|
$
|
498,199
|
|
Operating income
(loss) % as reported in accordance with GAAP
|
|
15
|
%
|
|
1
|
%
|
|
7
|
%
|
|
7
|
%
|
|
18
|
%
|
|
|
|
5
|
%
|
Operating income
(loss) % using adjusted amounts
|
|
15
|
%
|
|
1
|
%
|
|
7
|
%
|
|
7
|
%
|
|
18
|
%
|
|
|
|
5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months
Ended June 30, 2020 *
|
|
|
|
|
SSR
|
|
MP
|
|
OPG
|
|
IMDS
|
|
ADTech
|
|
Unallocated
Expenses
|
|
Total
|
|
|
|
|
($ in
thousands)
|
Operating Income
(Loss) as reported in accordance with GAAP
|
|
$
|
11,662
|
|
|
$
|
3,865
|
|
|
$
|
(4,135)
|
|
|
$
|
(1,825)
|
|
|
$
|
13,430
|
|
|
$
|
(28,179)
|
|
|
$
|
(5,182)
|
|
Adjustments for the
effects of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring
expenses and other
|
|
1,380
|
|
|
1,212
|
|
|
1,405
|
|
|
1,536
|
|
|
—
|
|
|
175
|
|
|
5,708
|
|
|
|
Total of
adjustments
|
|
1,380
|
|
|
1,212
|
|
|
1,405
|
|
|
1,536
|
|
|
—
|
|
|
175
|
|
|
5,708
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Operating
Income (Loss)
|
|
$
|
13,042
|
|
|
$
|
5,077
|
|
|
$
|
(2,730)
|
|
|
$
|
(289)
|
|
|
$
|
13,430
|
|
|
$
|
(28,004)
|
|
|
$
|
526
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
|
119,234
|
|
|
$
|
100,570
|
|
|
$
|
73,840
|
|
|
$
|
53,969
|
|
|
$
|
79,603
|
|
|
|
|
$
|
427,216
|
|
Operating income
(loss) % as reported in accordance with GAAP
|
|
10
|
%
|
|
4
|
%
|
|
(6)
|
%
|
|
(3)
|
%
|
|
17
|
%
|
|
|
|
(1)
|
%
|
Operating income
(loss) % using adjusted amounts
|
|
11
|
%
|
|
5
|
%
|
|
(4)
|
%
|
|
(1)
|
%
|
|
17
|
%
|
|
|
|
—
|
%
|
|
* Recast to reflect
segment changes.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months
Ended March 31, 2021
|
|
|
|
|
SSR
|
|
MP
|
|
OPG
|
|
IMDS
|
|
ADTech
|
|
Unallocated
Expenses
|
|
Total
|
|
|
|
|
($ in
thousands)
|
Operating Income
(Loss) as reported in accordance with GAAP
|
|
$
|
14,619
|
|
|
$
|
2,753
|
|
|
$
|
8,813
|
|
|
$
|
2,474
|
|
|
$
|
16,839
|
|
|
$
|
(31,715)
|
|
|
$
|
13,783
|
|
Adjustments for the
effects of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring
expenses and other
|
|
395
|
|
|
537
|
|
|
149
|
|
|
217
|
|
|
10
|
|
|
—
|
|
|
1,308
|
|
|
|
Total of
adjustments
|
|
395
|
|
|
537
|
|
|
149
|
|
|
217
|
|
|
10
|
|
|
—
|
|
|
1,308
|
|
Adjusted Operating
Income (Loss)
|
|
$
|
15,014
|
|
|
$
|
3,290
|
|
|
$
|
8,962
|
|
|
$
|
2,691
|
|
|
$
|
16,849
|
|
|
$
|
(31,715)
|
|
|
$
|
15,091
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
|
119,119
|
|
|
$
|
86,825
|
|
|
$
|
89,234
|
|
|
$
|
54,048
|
|
|
$
|
88,327
|
|
|
|
|
$
|
437,553
|
|
Operating income
(loss) % as reported in accordance with GAAP
|
|
12
|
%
|
|
3
|
%
|
|
10
|
%
|
|
5
|
%
|
|
19
|
%
|
|
|
|
3
|
%
|
Operating income
(loss) % using adjusted amounts
|
|
13
|
%
|
|
4
|
%
|
|
10
|
%
|
|
5
|
%
|
|
19
|
%
|
|
|
|
3
|
%
|
|
|
|
|
Adjusted Operating
Income (Loss) and Margins by Segment
|
|
|
|
|
|
For the Six Months
Ended June 30, 2021
|
|
|
|
|
SSR
|
|
MP
|
|
OPG
|
|
IMDS
|
|
ADTech
|
|
Unallocated
Expenses
|
|
Total
|
|
|
|
|
($ in
thousands)
|
Operating Income
(Loss) as reported in accordance with GAAP
|
|
$
|
36,329
|
|
|
$
|
3,543
|
|
|
$
|
16,809
|
|
|
$
|
7,195
|
|
|
$
|
36,179
|
|
|
$
|
(63,453)
|
|
|
$
|
36,602
|
|
Adjustments for the
effects of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss on sale of
asset
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,415
|
|
|
1,415
|
|
|
Restructuring
expenses and other
|
|
395
|
|
|
537
|
|
|
149
|
|
|
217
|
|
|
10
|
|
|
—
|
|
|
1,308
|
|
|
|
Total of
adjustments
|
|
395
|
|
|
537
|
|
|
149
|
|
|
217
|
|
|
10
|
|
|
1,415
|
|
|
2,723
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Operating
Income (Loss)
|
|
$
|
36,724
|
|
|
$
|
4,080
|
|
|
$
|
16,958
|
|
|
$
|
7,412
|
|
|
$
|
36,189
|
|
|
$
|
(62,038)
|
|
|
$
|
39,325
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
|
260,490
|
|
|
$
|
165,952
|
|
|
$
|
197,185
|
|
|
$
|
118,118
|
|
|
$
|
194,007
|
|
|
|
|
$
|
935,752
|
|
Operating income
(loss) % as reported in accordance with GAAP
|
|
14
|
%
|
|
2
|
%
|
|
9
|
%
|
|
6
|
%
|
|
19
|
%
|
|
|
|
4
|
%
|
Operating income
(loss) % using adjusted amounts
|
|
14
|
%
|
|
2
|
%
|
|
9
|
%
|
|
6
|
%
|
|
19
|
%
|
|
|
|
4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Six Months
Ended June 30, 2020 *
|
|
|
|
|
SSR
|
|
MP
|
|
OPG
|
|
IMDS
|
|
ADTech
|
|
Unallocated
Expenses
|
|
Total
|
|
|
|
|
($ in
thousands)
|
Operating Income
(Loss) as reported in accordance with GAAP
|
|
$
|
(82,421)
|
|
|
$
|
(62,273)
|
|
|
$
|
(83,458)
|
|
|
$
|
(123,360)
|
|
|
$
|
26,401
|
|
|
$
|
(60,828)
|
|
|
$
|
(385,939)
|
|
Adjustments for the
effects of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-lived assets
impairments
|
|
—
|
|
|
61,074
|
|
|
7,522
|
|
|
167
|
|
|
—
|
|
|
—
|
|
|
68,763
|
|
|
Long-lived assets
write-offs
|
|
7,328
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7,328
|
|
|
Goodwill
impairment
|
|
102,118
|
|
|
11,388
|
|
|
66,285
|
|
|
123,214
|
|
|
—
|
|
|
—
|
|
|
303,005
|
|
|
Restructuring
expenses and other
|
|
2,299
|
|
|
3,196
|
|
|
2,621
|
|
|
3,767
|
|
|
—
|
|
|
455
|
|
|
12,338
|
|
|
|
Total of
adjustments
|
|
111,745
|
|
|
75,658
|
|
|
76,428
|
|
|
127,148
|
|
|
—
|
|
|
455
|
|
|
391,434
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Operating
Income (Loss)
|
|
$
|
29,324
|
|
|
$
|
13,385
|
|
|
$
|
(7,030)
|
|
|
$
|
3,788
|
|
|
$
|
26,401
|
|
|
$
|
(60,373)
|
|
|
$
|
5,495
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
|
259,004
|
|
|
$
|
267,104
|
|
|
$
|
148,094
|
|
|
$
|
118,698
|
|
|
$
|
170,984
|
|
|
|
|
$
|
963,884
|
|
Operating income
(loss) % as reported in accordance with GAAP
|
|
(32)
|
%
|
|
(23)
|
%
|
|
(56)
|
%
|
|
(104)
|
%
|
|
15
|
%
|
|
|
|
(40)
|
%
|
Operating income
(loss) % using adjusted amounts
|
|
11
|
%
|
|
5
|
%
|
|
(5)
|
%
|
|
3
|
%
|
|
15
|
%
|
|
|
|
1
|
%
|
|
* Recast to reflect
segment changes.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA and
Adjusted EBITDA and Margins by Segment
|
|
|
|
|
|
For the Three Months
Ended June 30, 2021
|
|
|
|
|
SSR
|
|
MP
|
|
OPG
|
|
IMDS
|
|
ADTech
|
|
Unallocated
Expenses
and other
|
|
Total
|
|
|
|
|
($ in
thousands)
|
Operating Income
(Loss) as reported in accordance with GAAP
|
|
$
|
21,710
|
|
|
$
|
790
|
|
|
$
|
7,996
|
|
|
$
|
4,721
|
|
|
$
|
19,340
|
|
|
$
|
(31,738)
|
|
|
$
|
22,819
|
|
Adjustments for the
effects of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
22,436
|
|
|
3,248
|
|
|
6,862
|
|
|
1,091
|
|
|
1,404
|
|
|
184
|
|
|
35,225
|
|
|
Other
pre-tax
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(670)
|
|
|
(670)
|
|
|
EBITDA
|
|
44,146
|
|
|
4,038
|
|
|
14,858
|
|
|
5,812
|
|
|
20,744
|
|
|
(32,224)
|
|
|
57,374
|
|
Adjustments for the
effects of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss on sale of
asset
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,415
|
|
|
1,415
|
|
|
Foreign currency
(gains) losses
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,800
|
|
|
1,800
|
|
|
|
Total of
adjustments
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,215
|
|
|
3,215
|
|
Adjusted
EBITDA
|
|
$
|
44,146
|
|
|
$
|
4,038
|
|
|
$
|
14,858
|
|
|
$
|
5,812
|
|
|
$
|
20,744
|
|
|
$
|
(29,009)
|
|
|
$
|
60,589
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
|
141,371
|
|
|
$
|
79,127
|
|
|
$
|
107,951
|
|
|
$
|
64,070
|
|
|
$
|
105,680
|
|
|
|
|
$
|
498,199
|
|
Operating income
(loss) % as reported in accordance with GAAP
|
|
15
|
%
|
|
1
|
%
|
|
7
|
%
|
|
7
|
%
|
|
18
|
%
|
|
|
|
5
|
%
|
EBITDA
Margin
|
|
31
|
%
|
|
5
|
%
|
|
14
|
%
|
|
9
|
%
|
|
20
|
%
|
|
|
|
12
|
%
|
Adjusted EBITDA
Margin
|
|
31
|
%
|
|
5
|
%
|
|
14
|
%
|
|
9
|
%
|
|
20
|
%
|
|
|
|
12
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months
Ended June 30, 2020 *
|
|
|
|
|
SSR
|
|
MP
|
|
OPG
|
|
IMDS
|
|
ADTech
|
|
Unallocated
Expenses
and other
|
|
Total
|
|
|
|
|
($ in
thousands)
|
Operating Income
(Loss) as reported in accordance with GAAP
|
|
$
|
11,662
|
|
|
$
|
3,865
|
|
|
$
|
(4,135)
|
|
|
$
|
(1,825)
|
|
|
$
|
13,430
|
|
|
$
|
(28,179)
|
|
|
$
|
(5,182)
|
|
Adjustments for the
effects of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
25,080
|
|
|
3,587
|
|
|
8,255
|
|
|
757
|
|
|
658
|
|
|
361
|
|
|
38,698
|
|
|
Other
pre-tax
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,653)
|
|
|
(2,653)
|
|
|
EBITDA
|
|
36,742
|
|
|
7,452
|
|
|
4,120
|
|
|
(1,068)
|
|
|
14,088
|
|
|
(30,471)
|
|
|
30,863
|
|
Adjustments for the
effects of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring
expenses and other
|
|
1,380
|
|
|
1,212
|
|
|
1,405
|
|
|
1,536
|
|
|
—
|
|
|
175
|
|
|
5,708
|
|
|
Foreign currency
(gains) losses
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,908
|
|
|
3,908
|
|
|
|
Total of
adjustments
|
|
1,380
|
|
|
1,212
|
|
|
1,405
|
|
|
1,536
|
|
|
—
|
|
|
4,083
|
|
|
9,616
|
|
Adjusted
EBITDA
|
|
$
|
38,122
|
|
|
$
|
8,664
|
|
|
$
|
5,525
|
|
|
$
|
468
|
|
|
$
|
14,088
|
|
|
$
|
(26,388)
|
|
|
$
|
40,479
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
|
119,234
|
|
|
$
|
100,570
|
|
|
$
|
73,840
|
|
|
$
|
53,969
|
|
|
$
|
79,603
|
|
|
|
|
$
|
427,216
|
|
Operating income
(loss) % as reported in accordance with GAAP
|
|
10
|
%
|
|
4
|
%
|
|
(6)
|
%
|
|
(3)
|
%
|
|
17
|
%
|
|
|
|
(1)
|
%
|
EBITDA
Margin
|
|
31
|
%
|
|
7
|
%
|
|
6
|
%
|
|
(2)
|
%
|
|
18
|
%
|
|
|
|
7
|
%
|
Adjusted EBITDA
Margin
|
|
32
|
%
|
|
9
|
%
|
|
7
|
%
|
|
1
|
%
|
|
18
|
%
|
|
|
|
9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Recast to reflect
segment changes.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months
Ended March 31, 2021
|
|
|
|
|
SSR
|
|
MP
|
|
OPG
|
|
IMDS
|
|
ADTech
|
|
Unallocated
Expenses
and other
|
|
Total
|
|
|
|
|
($ in
thousands)
|
Operating Income
(Loss) as reported in accordance with GAAP
|
|
$
|
14,619
|
|
|
$
|
2,753
|
|
|
$
|
8,813
|
|
|
$
|
2,474
|
|
|
$
|
16,839
|
|
|
$
|
(31,715)
|
|
|
$
|
13,783
|
|
Adjustments for the
effects of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
22,952
|
|
|
3,227
|
|
|
7,125
|
|
|
1,124
|
|
|
1,276
|
|
|
767
|
|
|
36,471
|
|
|
Other
pre-tax
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(616)
|
|
|
(616)
|
|
|
EBITDA
|
|
37,571
|
|
|
5,980
|
|
|
15,938
|
|
|
3,598
|
|
|
18,115
|
|
|
(31,564)
|
|
|
49,638
|
|
Adjustments for the
effects of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring
expenses and other
|
|
395
|
|
|
537
|
|
|
149
|
|
|
217
|
|
|
10
|
|
|
—
|
|
|
1,308
|
|
|
Foreign currency
(gains) losses
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,861
|
|
|
1,861
|
|
|
|
Total of
adjustments
|
|
395
|
|
|
537
|
|
|
149
|
|
|
217
|
|
|
10
|
|
|
1,861
|
|
|
3,169
|
|
Adjusted
EBITDA
|
|
$
|
37,966
|
|
|
$
|
6,517
|
|
|
$
|
16,087
|
|
|
$
|
3,815
|
|
|
$
|
18,125
|
|
|
$
|
(29,703)
|
|
|
$
|
52,807
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
|
119,119
|
|
|
$
|
86,825
|
|
|
$
|
89,234
|
|
|
$
|
54,048
|
|
|
$
|
88,327
|
|
|
|
|
$
|
437,553
|
|
Operating income
(loss) % as reported in accordance with GAAP
|
|
12
|
%
|
|
3
|
%
|
|
10
|
%
|
|
5
|
%
|
|
19
|
%
|
|
|
|
3
|
%
|
EBITDA
Margin
|
|
32
|
%
|
|
7
|
%
|
|
18
|
%
|
|
7
|
%
|
|
21
|
%
|
|
|
|
11
|
%
|
Adjusted EBITDA
Margin
|
|
32
|
%
|
|
8
|
%
|
|
18
|
%
|
|
7
|
%
|
|
21
|
%
|
|
|
|
12
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA and
Adjusted EBITDA and Margins by Segment
|
|
|
|
|
|
For the Six Months
Ended June 30, 2021
|
|
|
|
|
SSR
|
|
MP
|
|
OPG
|
|
IMDS
|
|
ADTech
|
|
Unallocated
Expenses
and other
|
|
Total
|
|
|
|
|
($ in
thousands)
|
Operating Income
(Loss) as reported in accordance with GAAP
|
|
$
|
36,329
|
|
|
$
|
3,543
|
|
|
$
|
16,809
|
|
|
$
|
7,195
|
|
|
$
|
36,179
|
|
|
$
|
(63,453)
|
|
|
$
|
36,602
|
|
Adjustments for the
effects of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
45,388
|
|
|
6,475
|
|
|
13,987
|
|
|
2,215
|
|
|
2,680
|
|
|
951
|
|
|
71,696
|
|
|
Other
pre-tax
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,286)
|
|
|
(1,286)
|
|
|
EBITDA
|
|
81,717
|
|
|
10,018
|
|
|
30,796
|
|
|
9,410
|
|
|
38,859
|
|
|
(63,788)
|
|
|
107,012
|
|
Adjustments for the
effects of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss on sale of
asset
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,415
|
|
|
1,415
|
|
|
Restructuring
expenses and other
|
|
395
|
|
|
537
|
|
|
149
|
|
|
217
|
|
|
10
|
|
|
—
|
|
|
1,308
|
|
|
Foreign currency
(gains) losses
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,661
|
|
|
3,661
|
|
|
|
Total of
adjustments
|
|
395
|
|
|
537
|
|
|
149
|
|
|
217
|
|
|
10
|
|
|
5,076
|
|
|
6,384
|
|
Adjusted
EBITDA
|
|
$
|
82,112
|
|
|
$
|
10,555
|
|
|
$
|
30,945
|
|
|
$
|
9,627
|
|
|
$
|
38,869
|
|
|
$
|
(58,712)
|
|
|
$
|
113,396
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
|
260,490
|
|
|
$
|
165,952
|
|
|
$
|
197,185
|
|
|
$
|
118,118
|
|
|
$
|
194,007
|
|
|
|
|
$
|
935,752
|
|
Operating income
(loss) % as reported in accordance with GAAP
|
|
14
|
%
|
|
2
|
%
|
|
9
|
%
|
|
6
|
%
|
|
19
|
%
|
|
|
|
4
|
%
|
EBITDA
Margin
|
|
31
|
%
|
|
6
|
%
|
|
16
|
%
|
|
8
|
%
|
|
20
|
%
|
|
|
|
11
|
%
|
Adjusted EBITDA
Margin
|
|
32
|
%
|
|
6
|
%
|
|
16
|
%
|
|
8
|
%
|
|
20
|
%
|
|
|
|
12
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Six Months
Ended June 30, 2020 *
|
|
|
|
|
SSR
|
|
MP
|
|
OPG
|
|
IMDS
|
|
ADTech
|
|
Unallocated
Expenses
and other
|
|
Total
|
|
|
|
|
($ in
thousands)
|
Operating Income
(Loss) as reported in accordance with GAAP
|
|
$
|
(82,421)
|
|
|
$
|
(62,273)
|
|
|
$
|
(83,458)
|
|
|
$
|
(123,360)
|
|
|
$
|
26,401
|
|
|
$
|
(60,828)
|
|
|
$
|
(385,939)
|
|
Adjustments for the
effects of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
164,267
|
|
|
19,551
|
|
|
83,162
|
|
|
125,100
|
|
|
1,345
|
|
|
1,469
|
|
|
394,894
|
|
|
Other
pre-tax
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(8,917)
|
|
|
(8,917)
|
|
|
EBITDA
|
|
81,846
|
|
|
(42,722)
|
|
|
(296)
|
|
|
1,740
|
|
|
27,746
|
|
|
(68,276)
|
|
|
38
|
|
Adjustments for the
effects of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-lived assets
impairments
|
|
—
|
|
|
61,074
|
|
|
7,522
|
|
|
167
|
|
|
—
|
|
|
—
|
|
|
68,763
|
|
|
Restructuring
expenses and other
|
|
2,299
|
|
|
3,196
|
|
|
2,621
|
|
|
3,767
|
|
|
—
|
|
|
455
|
|
|
12,338
|
|
|
Foreign currency
(gains) losses
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
10,958
|
|
|
10,958
|
|
|
|
Total of
adjustments
|
|
2,299
|
|
|
64,270
|
|
|
10,143
|
|
|
3,934
|
|
|
—
|
|
|
11,413
|
|
|
92,059
|
|
Adjusted
EBITDA
|
|
$
|
84,145
|
|
|
$
|
21,548
|
|
|
$
|
9,847
|
|
|
$
|
5,674
|
|
|
$
|
27,746
|
|
|
$
|
(56,863)
|
|
|
$
|
92,097
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
|
259,004
|
|
|
$
|
267,104
|
|
|
$
|
148,094
|
|
|
$
|
118,698
|
|
|
$
|
170,984
|
|
|
|
|
$
|
963,884
|
|
Operating income
(loss) % as reported in accordance with GAAP
|
|
(32)
|
%
|
|
(23)
|
%
|
|
(56)
|
%
|
|
(104)
|
%
|
|
15
|
%
|
|
|
|
(40)
|
%
|
EBITDA
Margin
|
|
32
|
%
|
|
(16)
|
%
|
|
—
|
%
|
|
1
|
%
|
|
16
|
%
|
|
|
|
—
|
%
|
Adjusted EBITDA
Margin
|
|
32
|
%
|
|
8
|
%
|
|
7
|
%
|
|
5
|
%
|
|
16
|
%
|
|
|
|
10
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Recast to reflect
segment changes.
|
|
|
|
|
|
|
|
|
|
|
|
|
View original
content:https://www.prnewswire.com/news-releases/oceaneering-reports-second-quarter-2021-results-301343520.html
SOURCE Oceaneering International, Inc.