Oceaneering Reports First Quarter 2025 Results
-
Revenue of
, a$675 million 13% increase year over year -
Operating income of
, a$73.5 million 100% increase year over year -
Net income of
, a$50.4 million 233% increase year over year -
Adjusted EBITDA of
, a$96.7 million 57% increase year over year, which has not been adjusted for a inventory reserve taken in our Manufactured Products segment$10.4 million -
Cash flow used in operating activities of
and free cash flow of$(80.7) million , with an ending cash position of$(107) million $382 million -
Share repurchases of 479,154 for approximately
$10.0 million
Rod Larson, President and Chief Executive Officer of Oceaneering, stated, "Oceaneering outperformed expectations this quarter due to resilient utilization of remotely operated vehicles (ROVs), and strong vessel activity predominately in the Gulf of
Updated 2025 guidance
Mr. Larson continued, "We reiterate our prior full-year 2025 guidance of EBITDA in the range of
Full-year 2025 consolidated and segment guidance remains the same as provided in the fourth quarter 2024 earnings release and call, with the addition that the Manufactured Products book-to-bill ratio is expected to be in the range of 0.9 to 1.0 for the full year.
First Quarter 2025 Segment Results
As compared to the first quarter of 2024:
-
SSR operating income improved
35% to on a$59.6 million 10% increase in revenue. EBITDA margin expanded to35% , representing a year-over-year improvement of 413 basis points. ROV fleet utilization was67% and ROV revenue per day utilized was , reflecting year-over-year improvements.$10,788 -
Manufactured Products operating income of
declined$8.7 million 34% on a4% increase in revenue, with operating income margin declining year over year to6% . These results were impacted by a adjustment taken during the quarter related to an inventory reserve associated with our theme park ride business. Backlog was$10.4 million on March 31, 2025, a$543 million 9% decrease compared with the same period in 2024. The book-to-bill ratio was 0.90 for the 12-month period ending on March 31, 2025. -
OPG results improved significantly year over year, due to the continuation of international projects that commenced in the fourth quarter of 2024, improved vessel utilization in the Gulf of
Mexico , and the reduction in drydock costs and the associated loss of vessel days that impacted the first quarter of 2024. Operating income grew to , revenue increased to$35.7 million , and operating income margin expanded to$165 million 22% . -
Integrity Management and Digital Solutions (IMDS) operating income of
, operating income margin of$3.5 million 5% , and revenue of were relatively flat.$71.4 million -
ADTech revenue was relatively flat at
. Operating income decreased$97.2 million to$2.1 million and operating income margin declined to$10.7 million 11% , due to readiness costs to enable our role as a prime contractor on the recently announced large contract award. -
At the corporate level, Unallocated Expenses of
were in line with guidance for the quarter.$44.6 million
Second Quarter 2025 Guidance
As compared to the second quarter of 2024, consolidated second quarter 2025 revenue is expected to increase and EBITDA is projected to increase to be in the range of
At the segment level, for the second quarter of 2025, as compared to the second quarter of 2024:
- SSR revenue and operating profitability are expected to increase.
- Manufactured Products revenue is projected to be relatively flat and operating profitability is expected to improve.
- OPG revenue is forecasted to be relatively flat and operating profitability is forecast to improve significantly.
- IMDS revenue is expected to be relatively flat and operating profitability is expected to improve.
- ADTech revenue is projected to increase and operating profitability is projected to improve significantly.
-
Unallocated Expenses are expected to be in the
range.$45 million
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, 2025 Consolidated EBITDA and Free Cash Flow Estimates, and EBITDA and Adjusted EBITDA and Margins by Segment. These tables are included below under the caption Reconciliations of Non-GAAP to GAAP Financial Information.
Conference Call Details
Oceaneering has scheduled a conference call and webcast on Thursday, April 24, 2025 at 10:00 a.m. Central Time, to discuss its results for the first quarter of 2025 and guidance for the second quarter and 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.
Forward-Looking Statements
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 2025 guidance range for net income, consolidated EBITDA, free cash flow generation, capital expenditures, and Manufactured Products book-to-bill ratio; second quarter 2025 guidance for consolidated revenue and consolidated EBITDA; second quarter 2025 guidance for revenue and operating profitability by segment and for Unallocated Expenses; and the characterization, whether positive or otherwise, of market fundamentals, conditions, and dynamics, 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
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 and uncertainty, including those related to tariffs and retaliatory tariffs; 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.
About Oceaneering
Oceaneering is a global technology company delivering engineered services and products and robotic solutions to the offshore energy, defense, aerospace, and manufacturing industries.
For more information, please visit www.oceaneering.com.
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OCEANEERING INTERNATIONAL, INC. AND SUBSIDIARIES |
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CONDENSED CONSOLIDATED BALANCE SHEETS |
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Mar 31, 2025 |
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Dec 31, 2024 |
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(in thousands) |
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ASSETS |
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Current assets (including cash and cash equivalents of |
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$ |
1,335,606 |
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$ |
1,387,896 |
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Net property and equipment |
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431,935 |
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420,098 |
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Other assets |
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507,482 |
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528,353 |
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Total Assets |
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$ |
2,275,023 |
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$ |
2,336,347 |
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LIABILITIES AND EQUITY |
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Current liabilities |
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$ |
706,424 |
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$ |
796,938 |
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Long-term debt |
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483,312 |
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482,009 |
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Other long-term liabilities |
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306,159 |
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337,078 |
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Equity |
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779,128 |
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720,322 |
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Total Liabilities and Equity |
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$ |
2,275,023 |
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$ |
2,336,347 |
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
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For the Three Months Ended |
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Mar 31, 2025 |
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Mar 31, 2024 |
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Dec 31, 2024 |
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(in thousands, except per share amounts) |
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Revenue |
$ |
674,523 |
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$ |
599,092 |
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$ |
713,450 |
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Cost of services and products |
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539,512 |
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506,708 |
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571,513 |
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Gross margin |
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135,011 |
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92,384 |
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141,937 |
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Selling, general and administrative expense |
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61,539 |
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55,691 |
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64,057 |
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Operating income (loss) |
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73,472 |
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36,693 |
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77,880 |
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Interest income |
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3,644 |
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3,040 |
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3,407 |
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Interest expense, net of amounts capitalized |
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(9,075 |
) |
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(9,204 |
) |
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(9,741 |
) |
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Equity in income (losses) of unconsolidated affiliates |
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362 |
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169 |
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142 |
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Other income (expense), net |
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975 |
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1,480 |
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(2,862 |
) |
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Income (loss) before income taxes |
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69,378 |
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32,178 |
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68,826 |
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Provision (benefit) for income taxes |
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19,001 |
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17,043 |
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12,727 |
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Net Income (Loss) |
$ |
50,377 |
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$ |
15,135 |
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$ |
56,099 |
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Weighted average diluted shares outstanding |
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101,903 |
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102,250 |
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102,140 |
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Diluted earnings (loss) per share |
$ |
0.49 |
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$ |
0.15 |
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$ |
0.55 |
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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 |
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For the Three Months Ended |
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Mar 31, 2025 |
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Mar 31, 2024 |
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Dec 31, 2024 |
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($ in thousands) |
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Subsea Robotics |
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Revenue |
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$ |
205,976 |
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$ |
186,932 |
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$ |
212,190 |
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Operating income (loss) |
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$ |
59,632 |
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$ |
44,237 |
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$ |
63,526 |
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Operating income (loss) % |
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29 |
% |
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24 |
% |
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30 |
% |
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ROV days available |
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22,500 |
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22,750 |
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23,000 |
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ROV days utilized |
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15,093 |
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14,536 |
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15,211 |
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ROV utilization |
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67 |
% |
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64 |
% |
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66 |
% |
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Manufactured Products |
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Revenue |
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$ |
135,037 |
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$ |
129,453 |
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$ |
142,999 |
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Operating income (loss) |
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$ |
8,667 |
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$ |
13,190 |
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$ |
4,163 |
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Operating income (loss) % |
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6 |
% |
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10 |
% |
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3 |
% |
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Backlog at end of period |
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$ |
543,000 |
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$ |
597,000 |
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$ |
604,000 |
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Offshore Projects Group |
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Revenue |
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$ |
164,941 |
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$ |
115,054 |
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$ |
184,386 |
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Operating income (loss) |
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$ |
35,666 |
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$ |
844 |
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$ |
39,313 |
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Operating income (loss) % |
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22 |
% |
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1 |
% |
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21 |
% |
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Integrity Management & Digital Solutions |
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Revenue |
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$ |
71,418 |
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$ |
69,690 |
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$ |
75,062 |
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Operating income (loss) |
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$ |
3,462 |
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$ |
3,615 |
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$ |
2,025 |
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Operating income (loss) % |
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5 |
% |
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5 |
% |
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3 |
% |
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Aerospace and Defense Technologies |
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Revenue |
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$ |
97,151 |
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$ |
97,963 |
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$ |
98,813 |
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Operating income (loss) |
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$ |
10,665 |
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$ |
12,808 |
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$ |
9,930 |
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Operating income (loss) % |
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11 |
% |
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13 |
% |
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10 |
% |
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Unallocated Expenses |
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Operating income (loss) |
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$ |
(44,620 |
) |
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$ |
(38,001 |
) |
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$ |
(41,077 |
) |
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Total |
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Revenue |
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$ |
674,523 |
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$ |
599,092 |
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$ |
713,450 |
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Operating income (loss) |
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$ |
73,472 |
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$ |
36,693 |
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$ |
77,880 |
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Operating income (loss) % |
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11 |
% |
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6 |
% |
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11 |
% |
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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. |
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SELECTED CASH FLOW INFORMATION |
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For the Three Months Ended |
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Mar 31, 2025 |
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Mar 31, 2024 |
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Dec 31, 2024 |
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(in thousands) |
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Purchases of property and equipment |
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$ |
26,088 |
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$ |
25,518 |
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$ |
61,023 |
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Capitalized cloud-based service contract costs |
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|
1,727 |
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- |
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- |
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Total Capital Expenditures |
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$ |
27,815 |
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$ |
25,518 |
|
$ |
61,023 |
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Depreciation and Amortization: |
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Energy Services and Products |
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Subsea Robotics |
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$ |
11,736 |
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$ |
12,810 |
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$ |
12,049 |
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Manufactured Products |
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|
2,650 |
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|
3,175 |
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|
2,979 |
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Offshore Projects Group |
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|
4,689 |
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|
6,435 |
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|
5,033 |
|
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Integrity Management & Digital Solutions |
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|
1,730 |
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|
1,259 |
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|
1,615 |
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Total Energy Services and Products |
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|
20,805 |
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|
23,679 |
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21,676 |
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Aerospace and Defense Technologies |
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|
833 |
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|
603 |
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|
705 |
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Unallocated Expenses |
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|
2,810 |
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|
2,776 |
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|
2,761 |
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Total Depreciation and Amortization |
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$ |
24,448 |
|
$ |
27,058 |
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$ |
25,142 |
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RECONCILIATIONS OF NON-GAAP TO GAAP FINANCIAL INFORMATION
In addition to financial results determined in accordance with
RECONCILIATIONS OF NON-GAAP TO GAAP FINANCIAL INFORMATION |
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(continued)
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Adjusted Net Income (Loss) and Diluted Earnings (Loss) per Share (EPS) |
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For the Three Months Ended |
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Mar 31, 2025 |
Mar 31, 2024 |
Dec 31, 2024 |
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Net Income (Loss) |
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Diluted EPS |
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Net Income (Loss) |
|
Diluted EPS |
|
Net Income (Loss) |
|
Diluted EPS |
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(in thousands, except per share amounts) |
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Net income (loss) and diluted EPS as reported in accordance with GAAP |
|
$ |
50,377 |
|
|
$ |
0.49 |
|
$ |
15,135 |
|
|
$ |
0.15 |
|
$ |
56,099 |
|
|
$ |
0.55 |
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Pre-tax adjustments for the effects of: |
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|
|
|
|
|
|
|
|
|
||||||||||||
|
Foreign currency (gains) losses |
|
|
(1,050 |
) |
|
|
|
|
(2,197 |
) |
|
|
|
|
2,789 |
|
|
|
|
|||||
Total pre-tax adjustments |
|
|
(1,050 |
) |
|
|
|
|
(2,197 |
) |
|
|
|
|
2,789 |
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Tax effect on pre-tax adjustments at the applicable jurisdictional statutory rate in effect for respective periods |
|
|
685 |
|
|
|
|
|
790 |
|
|
|
|
|
77 |
|
|
|
|
||||||
Discrete tax items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Share-based compensation |
|
|
(1,103 |
) |
|
|
|
|
(1,926 |
) |
|
|
|
|
(9 |
) |
|
|
|
||||||
Uncertain tax positions |
|
|
(2,411 |
) |
|
|
|
|
(149 |
) |
|
|
|
|
2,744 |
|
|
|
|
||||||
Valuation allowances |
|
|
(3,261 |
) |
|
|
|
|
4,571 |
|
|
|
|
|
(24,058 |
) |
|
|
|
||||||
Other |
|
|
780 |
|
|
|
|
|
(2,336 |
) |
|
|
|
|
(182 |
) |
|
|
|
||||||
|
Total discrete tax adjustments |
|
|
(5,995 |
) |
|
|
|
|
160 |
|
|
|
|
|
(21,505 |
) |
|
|
|
|||||
|
Total of adjustments |
|
|
(6,360 |
) |
|
|
|
|
(1,247 |
) |
|
|
|
|
(18,639 |
) |
|
|
|
|||||
Adjusted Net Income (Loss) |
|
$ |
44,017 |
|
|
$ |
0.43 |
|
$ |
13,888 |
|
|
$ |
0.14 |
|
$ |
37,460 |
|
|
$ |
0.37 |
|
|||
Weighted average diluted shares outstanding utilized for Adjusted Net Income (Loss) |
|
|
|
|
101,903 |
|
|
|
|
102,250 |
|
|
|
|
102,140 |
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA and Adjusted EBITDA and Margins |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
For the Three Months Ended |
|
||||||||||
|
|
|
|
|
Mar 31, 2025 |
|
Mar 31, 2024 |
|
Dec 31, 2024 |
|
||||||
|
|
|
|
|
($ in thousands) |
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||
Net income (loss) |
|
|
$ |
50,377 |
|
|
$ |
15,135 |
|
|
$ |
56,099 |
|
|
||
Depreciation and amortization |
|
|
|
24,448 |
|
|
|
27,058 |
|
|
|
25,142 |
|
|
||
|
Subtotal |
|
|
|
74,825 |
|
|
|
42,193 |
|
|
|
81,241 |
|
|
|
Interest expense, net of interest income |
|
|
5,431 |
|
|
|
6,164 |
|
|
|
6,334 |
|
|
|||
Amortization included in interest expense |
|
|
(1,556 |
) |
|
|
(1,479 |
) |
|
|
(1,555 |
) |
|
|||
Provision (benefit) for income taxes |
|
|
|
19,001 |
|
|
|
17,043 |
|
|
|
12,727 |
|
|
||
|
EBITDA |
|
|
|
97,701 |
|
|
|
63,921 |
|
|
|
98,747 |
|
|
|
Adjustments for the effects of: |
|
|
|
|
|
|
|
|
||||||||
|
Foreign currency (gains) losses |
|
|
|
(1,050 |
) |
|
|
(2,197 |
) |
|
|
2,789 |
|
|
|
|
|
Total of adjustments |
|
|
|
(1,050 |
) |
|
|
(2,197 |
) |
|
|
2,789 |
|
|
|
Adjusted EBITDA |
|
|
$ |
96,651 |
|
|
$ |
61,724 |
|
|
$ |
101,536 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Revenue |
|
|
$ |
674,523 |
|
|
$ |
599,092 |
|
|
$ |
713,450 |
|
|
||
|
|
|
|
|
|
|
|
|
|
|
||||||
EBITDA margin % |
|
|
|
14 |
% |
|
|
11 |
% |
|
|
14 |
% |
|
||
Adjusted EBITDA margin % |
|
|
|
14 |
% |
|
|
10 |
% |
|
|
14 |
% |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
||||||
Free Cash Flow |
||||||||||||||
|
|
|
|
|
|
|
|
|
||||||
|
|
|
For the Three Months Ended |
|
||||||||||
|
|
|
Mar 31, 2025 |
|
Mar 31, 2024 |
|
Dec 31, 2024 |
|
||||||
|
|
|
(in thousands) |
|||||||||||
Net Income (loss) |
|
$ |
50,377 |
|
|
$ |
15,135 |
|
|
$ |
56,099 |
|
|
|
Non-cash adjustments: |
|
|
|
|
|
|
|
|||||||
|
Depreciation and amortization |
|
|
24,448 |
|
|
|
27,058 |
|
|
|
25,142 |
|
|
|
Other non-cash |
|
|
14,429 |
|
|
|
2,682 |
|
|
|
(8,575 |
) |
|
Other increases (decreases) in cash from operating activities |
|
|
(169,972 |
) |
|
|
(114,592 |
) |
|
|
55,711 |
|
|
|
Cash flow provided by (used in) operating activities |
|
|
(80,718 |
) |
|
|
(69,717 |
) |
|
|
128,377 |
|
|
|
Purchases of property and equipment |
|
|
(26,088 |
) |
|
|
(25,518 |
) |
|
|
(33,874 |
) |
|
|
Free Cash Flow |
|
$ |
(106,806 |
) |
|
$ |
(95,235 |
) |
|
$ |
94,503 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
||||||
2025 Consolidated EBITDA Estimates |
||||||||||||||
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
For the Three Months Ending |
|
||||||||
|
|
|
|
|
June 30, 2025 |
|
||||||||
|
|
|
|
|
Low |
|
High |
|
||||||
|
|
|
|
|
(in thousands) |
|
||||||||
Income (loss) before income taxes |
|
|
|
$ |
63,000 |
|
|
$ |
72,000 |
|
|
|||
Depreciation and amortization |
|
|
|
|
25,000 |
|
|
|
26,000 |
|
|
|||
|
Subtotal |
|
|
|
|
88,000 |
|
|
|
98,000 |
|
|
||
Interest expense, net of interest income |
|
|
|
|
7,000 |
|
|
|
7,000 |
|
|
|||
|
Consolidated EBITDA |
|
|
|
$ |
95,000 |
|
|
$ |
105,000 |
|
|
||
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
For the Year Ending |
|
||||||||
|
|
|
|
|
December 31, 2025 |
|
||||||||
|
|
|
|
|
Low |
|
High |
|
||||||
|
|
|
|
|
(in thousands) |
|
||||||||
Income (loss) before income taxes |
|
|
|
$ |
254,000 |
|
|
$ |
295,000 |
|
|
|||
Depreciation and amortization |
|
|
|
|
100,000 |
|
|
|
105,000 |
|
|
|||
|
Subtotal |
|
|
|
|
354,000 |
|
|
|
400,000 |
|
|
||
Interest expense, net of interest income |
|
|
|
|
26,000 |
|
|
|
30,000 |
|
|
|||
|
Consolidated EBITDA |
|
|
|
$ |
380,000 |
|
|
$ |
430,000 |
|
|
||
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
||||||
2025 Free Cash Flow Estimate |
||||||||||||||
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
For the Year Ending |
|
||||||||
|
|
|
|
|
December 31, 2025 |
|
||||||||
|
|
|
|
|
Low |
|
High |
|
||||||
|
|
|
|
|
(in thousands) |
|
||||||||
Net income (loss) |
|
|
|
$ |
160,000 |
|
|
$ |
190,000 |
|
|
|||
Depreciation and amortization |
|
|
|
|
100,000 |
|
|
|
105,000 |
|
|
|||
Other increases (decreases) in cash from operating activities |
|
|
(35,000 |
) |
|
|
(45,000 |
) |
|
|||||
Cash flow provided by (used in) operating activities |
|
|
225,000 |
|
|
|
250,000 |
|
|
|||||
Purchases of property and equipment |
|
|
|
|
(115,000 |
) |
|
|
(120,000 |
) |
|
|||
Free Cash Flow |
|
|
|
$ |
110,000 |
|
|
$ |
130,000 |
|
|
|||
|
EBITDA and Adjusted EBITDA and Margins by Segment |
||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||
|
|
|
|
For the Three Months Ended March 31, 2025 |
||||||||||||||||||||||||||
|
|
|
|
SSR |
|
MP |
|
OPG |
|
IMDS |
|
ADTech |
|
Unallocated
|
|
Total |
||||||||||||||
|
|
|
|
($ in thousands) |
||||||||||||||||||||||||||
Operating Income (Loss) as reported in accordance with GAAP |
|
$ |
59,632 |
|
|
$ |
8,667 |
|
|
$ |
35,666 |
|
|
$ |
3,462 |
|
|
$ |
10,665 |
|
|
$ |
(44,620 |
) |
|
$ |
73,472 |
|
||
Adjustments for the effects of: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Depreciation and amortization |
|
|
11,736 |
|
|
|
2,650 |
|
|
|
4,689 |
|
|
|
1,730 |
|
|
|
833 |
|
|
|
2,810 |
|
|
|
24,448 |
|
|
|
Other pre-tax |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(219 |
) |
|
|
(219 |
) |
|
|
EBITDA |
|
|
71,368 |
|
|
|
11,317 |
|
|
|
40,355 |
|
|
|
5,192 |
|
|
|
11,498 |
|
|
|
(42,029 |
) |
|
|
97,701 |
|
|
Adjustments for the effects of: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Foreign currency (gains) losses |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(1,050 |
) |
|
|
(1,050 |
) |
|
|
|
Total of adjustments |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(1,050 |
) |
|
|
(1,050 |
) |
Adjusted EBITDA |
|
$ |
71,368 |
|
|
$ |
11,317 |
|
|
$ |
40,355 |
|
|
$ |
5,192 |
|
|
$ |
11,498 |
|
|
$ |
(43,079 |
) |
|
$ |
96,651 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Revenue |
|
$ |
205,976 |
|
|
$ |
135,037 |
|
|
$ |
164,941 |
|
|
$ |
71,418 |
|
|
$ |
97,151 |
|
|
|
|
$ |
674,523 |
|
||||
Operating income (loss) % as reported in accordance with GAAP |
|
|
29 |
% |
|
|
6 |
% |
|
|
22 |
% |
|
|
5 |
% |
|
|
11 |
% |
|
|
|
|
11 |
% |
||||
EBITDA Margin |
|
|
35 |
% |
|
|
8 |
% |
|
|
24 |
% |
|
|
7 |
% |
|
|
12 |
% |
|
|
|
|
14 |
% |
||||
Adjusted EBITDA Margin |
|
|
35 |
% |
|
|
8 |
% |
|
|
24 |
% |
|
|
7 |
% |
|
|
12 |
% |
|
|
|
|
14 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
|
|
For the Three Months Ended March 31, 2024 |
||||||||||||||||||||||||||
|
|
|
|
SSR |
|
MP |
|
OPG |
|
IMDS |
|
ADTech |
|
Unallocated
|
|
Total |
||||||||||||||
|
|
|
|
($ in thousands) |
||||||||||||||||||||||||||
Operating Income (Loss) as reported in accordance with GAAP |
|
$ |
44,237 |
|
|
$ |
13,190 |
|
|
$ |
844 |
|
|
$ |
3,615 |
|
|
$ |
12,808 |
|
|
$ |
(38,001 |
) |
|
$ |
36,693 |
|
||
Adjustments for the effects of: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Depreciation and amortization |
|
|
12,810 |
|
|
|
3,175 |
|
|
|
6,435 |
|
|
|
1,259 |
|
|
|
603 |
|
|
|
2,776 |
|
|
|
27,058 |
|
|
|
Other pre-tax |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
170 |
|
|
|
170 |
|
|
|
EBITDA |
|
|
57,047 |
|
|
|
16,365 |
|
|
|
7,279 |
|
|
|
4,874 |
|
|
|
13,411 |
|
|
|
(35,055 |
) |
|
|
63,921 |
|
|
Adjustments for the effects of: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Foreign currency (gains) losses |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(2,197 |
) |
|
|
(2,197 |
) |
|
|
|
Total of adjustments |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(2,197 |
) |
|
|
(2,197 |
) |
Adjusted EBITDA |
|
$ |
57,047 |
|
|
$ |
16,365 |
|
|
$ |
7,279 |
|
|
$ |
4,874 |
|
|
$ |
13,411 |
|
|
$ |
(37,252 |
) |
|
$ |
61,724 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Revenue |
|
$ |
186,932 |
|
|
$ |
129,453 |
|
|
$ |
115,054 |
|
|
$ |
69,690 |
|
|
$ |
97,963 |
|
|
|
|
$ |
599,092 |
|
||||
Operating income (loss) % as reported in accordance with GAAP |
|
|
24 |
% |
|
|
10 |
% |
|
|
1 |
% |
|
|
5 |
% |
|
|
13 |
% |
|
|
|
|
6 |
% |
||||
EBITDA Margin |
|
|
31 |
% |
|
|
13 |
% |
|
|
6 |
% |
|
|
7 |
% |
|
|
14 |
% |
|
|
|
|
11 |
% |
||||
Adjusted EBITDA Margin |
|
|
31 |
% |
|
|
13 |
% |
|
|
6 |
% |
|
|
7 |
% |
|
|
14 |
% |
|
|
|
|
10 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended December 31, 2024 |
||||||||||||||||||||||||||
|
|
|
|
SSR |
|
MP |
|
OPG |
|
IMDS |
|
ADTech |
|
Unallocated
|
|
Total |
||||||||||||||
|
|
|
|
($ in thousands) |
||||||||||||||||||||||||||
Operating Income (Loss) as reported in accordance with GAAP |
|
$ |
63,526 |
|
|
$ |
4,163 |
|
|
$ |
39,313 |
|
|
$ |
2,025 |
|
|
$ |
9,930 |
|
|
$ |
(41,077 |
) |
|
$ |
77,880 |
|
||
Adjustments for the effects of: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Depreciation and amortization |
|
|
12,049 |
|
|
|
2,979 |
|
|
|
5,033 |
|
|
|
1,615 |
|
|
|
705 |
|
|
|
2,761 |
|
|
|
25,142 |
|
|
|
Other pre-tax |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(4,275 |
) |
|
|
(4,275 |
) |
|
|
EBITDA |
|
|
75,575 |
|
|
|
7,142 |
|
|
|
44,346 |
|
|
|
3,640 |
|
|
|
10,635 |
|
|
|
(42,591 |
) |
|
|
98,747 |
|
|
Adjustments for the effects of: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Foreign currency (gains) losses |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
2,789 |
|
|
|
2,789 |
|
|
|
|
Total of adjustments |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
2,789 |
|
|
|
2,789 |
|
Adjusted EBITDA |
|
$ |
75,575 |
|
|
$ |
7,142 |
|
|
$ |
44,346 |
|
|
$ |
3,640 |
|
|
$ |
10,635 |
|
|
$ |
(39,802 |
) |
|
$ |
101,536 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Revenue |
|
$ |
212,190 |
|
|
$ |
142,999 |
|
|
$ |
184,386 |
|
|
$ |
75,062 |
|
|
$ |
98,813 |
|
|
|
|
$ |
713,450 |
|
||||
Operating income (loss) % as reported in accordance with GAAP |
|
|
30 |
% |
|
|
3 |
% |
|
|
21 |
% |
|
|
3 |
% |
|
|
10 |
% |
|
|
|
|
11 |
% |
||||
EBITDA Margin |
|
|
36 |
% |
|
|
5 |
% |
|
|
24 |
% |
|
|
5 |
% |
|
|
11 |
% |
|
|
|
|
14 |
% |
||||
Adjusted EBITDA Margin |
|
|
36 |
% |
|
|
5 |
% |
|
|
24 |
% |
|
|
5 |
% |
|
|
11 |
% |
|
|
|
|
14 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20250423114328/en/
investorrelations@oceaneering.com
Hilary Frisbie
Senior Director, Investor Relations
Oceaneering International, Inc.
713-329-4755
Source: Oceaneering International, Inc.