OII
$16.79
Oceaneering International
($.13)
(.77%)
Earnings Details
1st Quarter March 2019
Monday, April 29, 2019 5:01:00 PM
Tweet Share Watch
Summary

Oceaneering International (OII) Recent Earnings

Oceaneering International (OII) reported a 1st Quarter March 2019 loss of $0.24 per share on revenue of $493.9 million. The consensus estimate was a loss of $0.45 per share on revenue of $464.2 million. Revenue grew 18.6% on a year-over-year basis.

Oceaneering International Inc is an oilfield provider of engineered services and products to the offshore oil and gas industry, with a focus on deepwater applications.

Results
Reported Earnings
($0.24)
Earnings Whisper
-
Consensus Estimate
($0.45)
Reported Revenue
$493.9 Mil
Revenue Estimate
$464.2 Mil
Growth
Earnings Growth
Revenue Growth
Power Rating
Grade
Earnings Release

Oceaneering Reports First Quarter 2019 Results

HOUSTON, April 29, 2019 /PRNewswire/ -- Oceaneering International, Inc. ("Oceaneering") (NYSE:OII) today reported a net loss of $24.8 million, or $(0.25) per share, on revenue of $494 million for the three months ended March 31, 2019.  Excluding the impacts of $0.9 million of adjustments, comprised of foreign currency exchange gains and tax adjustments related to discrete tax items, adjusted net loss was $23.9 million, or $(0.24) per share.

For the fourth quarter of 2018, Oceaneering reported a net loss of $64.1 million, or $(0.65) per share, on revenue of $495 million.  Adjusted net income was $7.3 million, or $0.07 per share, reflecting the impact of $71.4 million of adjustments, primarily a $76.4 million pre-tax goodwill impairment in its Subsea Projects segment.

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 forecasted 2019 EBITDA) 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 EBITDA Margins, 2019 EBITDA Estimates, Free Cash Flow, 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



Mar 31,


Dec 31,






2019


2018


2018








Revenue


$

493,886



$

416,413



$

495,095


Gross Margin


27,587



18,828



33,035


Income (Loss) from Operations


(21,714)



(27,149)



(97,144)


Net Income (Loss)


(24,827)



(49,133)



(64,139)









Diluted Earnings (Loss) Per Share


$

(0.25)



$

(0.50)



$

(0.65)


Roderick A. Larson, President and Chief Executive Officer of Oceaneering, stated, "We are very pleased that our first quarter results exceeded expectations.  Higher than expected activity and good execution within our energy-focused businesses were key factors in achieving this performance.  Each of our operating segments generated positive EBITDA, and our consolidated adjusted EBITDA of $30.4 million surpassed published consensus estimates.

"Based on our first quarter results and our expectations for the remainder of 2019, we are narrowing our adjusted EBITDA guidance by raising the low end of the previous range, and now expect to generate between $150 million and $180 million of adjusted EBITDA in 2019.  We continue to project positive free cash flow for the year.

"Sequentially, our first quarter ROV revenues and operating results increased.  ROV EBITDA margin increased to 29% and utilization increased to 53%.  Average ROV revenues per day on hire increased 5% due largely to reimbursement of costs associated with mobilizations and installations.  At the end of March, our ROV fleet count remained at 275 vehicles.  Our fleet use during the quarter was 69% in drill support and 31% in vessel-based activity.  At the end of March, we had ROV contracts on 97 of the 159 floating rigs under contract, resulting in a drill support market share of 61%.

"Compared to the fourth quarter, Subsea Products first quarter operating results improved on flat quarterly revenues.  This improvement was largely due to higher levels of service and rental activity at improved margins achieved by good execution.  Our Subsea Products backlog at March 31, 2019 was $464 million, compared to our December 31, 2018 backlog of $332 million.  The backlog increase was largely attributable to umbilical and related hardware order intake.  Our book-to-bill ratio for the trailing twelve months was 1.4.

"Sequentially, Subsea Projects operating results improved on flat revenue due to favorable project mix and good execution. Asset Integrity operating income was near breakeven on slightly lower revenue.

"For our non-energy segment, Advanced Technologies, first quarter 2019 operating results declined sequentially, due primarily to a lower number of job completions and contract close-outs in our commercial businesses.  In addition, as anticipated, Unallocated Expenses were higher in the first quarter of 2019 compared to the fourth quarter of 2018.

"During the quarter, we generated $19.1 million of cash flow provided by operating activities, and utilized $30.0 million of cash for maintenance and growth capital expenditures, resulting in a use of $10.8 million in cash during the quarter.

"For the second quarter, compared to the first quarter, we anticipate quarterly operating profitability and improvement in our ROV, Subsea Projects, and Advanced Technologies segments and relatively flat quarter-to-quarter results in our Subsea Products and Asset Integrity segments.  Unallocated Expenses are forecast to be in the mid-$30 million range, consistent with the first quarter.  On a consolidated basis, we expect the sequential quarterly results to improve substantially, with EBITDA being in line with current published consensus estimates.

"For the full year of 2019, at the segment level, we forecast overall ROV fleet utilization in the upper 50% range and ROV EBITDA margin to remain relatively flat. For Subsea Products, we continue to expect: good order intake during the first half of 2019 driving increased activity in the second half of 2019; a book-to-bill ratio in the range of 1.25 to 1.4 for the full year; and operating margins in the mid-single digit range.  We expect good activity levels in our Subsea Projects segment for the remainder of 2019.  For Asset Integrity, we expect a slight increase in activity during the second half of 2019 and operating margins in the low-single digit range.

"Our outlook for the energy segments, along with projected improvement in Advanced Technologies' operating results, give us confidence to narrow our 2019 EBITDA guidance.  Our 2019 income tax payments are anticipated to be approximately $25 million, net."

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:  outlook and EBITDA guidance for the full year and second quarter of 2019; projected positive free cash flow; anticipated consolidated EBITDA and segment EBITDA contributions; expected segment contributions to 2019 operating results; forecasted ROV fleet utilization and EBITDA margins; Subsea Products backlog and expectations of Subsea Products margins and book-to-bill ratio; forecasted Unallocated Expenses; and overall view of the markets.  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; decisions about offshore developments to be made by oil and gas exploration, development and production companies; the use of subsea completions and our ability to capture associated market share; general economic and business conditions and industry trends; the strength of the industry segments in which we are involved; cancellations of contracts, change orders and other contractual modifications 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 filed with the Securities and Exchange Commission.

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, entertainment, and aerospace 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 

OCEANEERING INTERNATIONAL, INC. AND SUBSIDIARIES


CONDENSED CONSOLIDATED BALANCE SHEETS


























Mar 31, 2019


Dec 31, 2018












(in thousands)

ASSETS






Current Assets (including cash and cash equivalents of $341,763 and $354,259)


$

1,220,392



$

1,244,889



Net Property and Equipment


955,739



964,670



Other Assets


795,387



615,439





TOTAL ASSETS


$

2,971,518



$

2,824,998
















LIABILITIES AND EQUITY


Current Liabilities


$

500,311



$

494,741



Long-Term Debt


790,969



786,580



Other Long-Term Liabilities


288,738



128,379



Equity


1,391,500



1,415,298





TOTAL LIABILITIES AND EQUITY


$

2,971,518



$

2,824,998
















CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
























For the Three Months Ended










Mar 31, 2019


Mar 31, 2018


Dec 31, 2018










(in thousands, except per share amounts)
















Revenue


$

493,886



$

416,413



$

495,095



Cost of services and products


466,299



397,585



462,060




Gross Margin


27,587



18,828



33,035



Selling, general and administrative expense


49,301



45,977



53,730



Goodwill impairment






76,449




Income (loss) from Operations


(21,714)



(27,149)



(97,144)



Interest income


2,604



2,592



1,775



Interest expense


(9,424)



(9,371)



(9,684)



Equity earnings (losses) of unconsolidated affiliates


(164)



(843)



(519)



Other income (expense), net


719



(8,474)



(2,390)




Income (loss) before Income Taxes


(27,979)



(43,245)



(107,962)



Provision (benefit) for income taxes


(3,152)



5,888



(43,823)




Net Income (loss)


$

(24,827)



$

(49,133)



$

(64,139)









Weighted average diluted shares outstanding


98,714



98,383



98,534


Diluted Earnings (Loss) per Share


$

(0.25)



$

(0.50)



$

(0.65)



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





Mar 31, 2019


Mar 31, 2018


Dec 31, 2018





($ in thousands)






Remotely Operated Vehicles

Revenue


$

100,346



$

85,594



$

96,736




Gross Margin


$

9,421



$

4,955



$

6,764




Operating Income (Loss)


$

1,418



$

(2,398)



$

(1,275)




Operating Income (Loss)%


1

%


(3)

%


(1)

%



Days available


24,506



25,138



25,272




Days utilized


12,942



11,034



13,147




Utilization


53

%


44

%


52

%











Subsea Products

Revenue


$

128,844



$

126,688



$

129,509




Gross Margin


$

12,315



$

15,005



$

10,156




Operating Income (Loss)


$

(476)



$

1,755



$

(3,803)




Operating Income (Loss)%


%


1

%


(3)

%



Backlog at end of period


$

464,000



$

240,000



$

332,000












Subsea Projects

Revenue


$

89,728



$

56,860



$

89,295




Gross Margin


$

9,033



$

1,117



$

2,795




Operating Income (Loss)


$

2,892



$

(2,359)



$

(79,379)




Operating Income (Loss) %


3

%


(4)

%


(89)

%











Asset Integrity

Revenue


$

60,689



$

61,288



$

62,830




Gross Margin


$

6,272



$

8,018



$

8,086




Operating Income (Loss)


$

(713)



$

1,679



$

1,349




Operating Income (Loss)%


(1)

%


3

%


2

%











Advanced Technologies

Revenue


$

114,279



$

85,983



$

116,725




Gross Margin


$

15,248



$

7,822



$

22,314




Operating Income (Loss)


$

9,599



$

1,668



$

15,406




Operating Income (Loss)%


8

%


2

%


13

%











Unallocated Expenses










Gross Margin


$

(24,702)



$

(18,089)



$

(17,080)




Operating Income (Loss)


$

(34,434)



$

(27,494)



$

(29,442)












TOTAL

Revenue


$

493,886



$

416,413



$

495,095




Gross Margin


$

27,587



$

18,828



$

33,035




Operating Income (Loss)


$

(21,714)



$

(27,149)



$

(97,144)




Operating Income (Loss) %


(4)

%


(7)

%


(20)

%


 

SELECTED CASH FLOW INFORMATION






For the Three Months Ended






Mar 31, 2019


Mar 31, 2018


Dec 31, 2018






(in thousands)








Capital expenditures, including acquisitions


$

36,487



$

94,130



$

25,721









Depreciation and Amortization:







Energy Services and Products








Remotely Operated Vehicles


$

27,990



$

27,642



$

27,972



Subsea Products


12,991



14,025



11,797



Subsea Projects


7,882



8,313



85,651



Asset Integrity


1,634



1,848



1,585


Total Energy Services and Products


50,497



51,828



127,005


Advanced Technologies


830



766



786


Unallocated Expenses


1,159



1,534



1,125


Total depreciation and amortization


$

52,486



$

54,128



$

128,916


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, 2019 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.

Adjusted Net Income (Loss) and Diluted Earnings (Loss) per Share (EPS)






















For the Three Months Ended






Mar 31, 2019

Mar 31, 2018

Dec 31, 2018






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


$

(24,827)



$

(0.25)



$

(49,133)



$

(0.50)



$

(64,139)



$

(0.65)


Pre tax adjustments for the effects of:














Goodwill impairment










76,449





Foreign currency (gains) losses


(614)





8,315





2,559




Total pre-tax adjustments


(614)





8,315





79,008




















Tax effect on pre-tax adjustments at the applicable jurisdictional statutory rate in effect for respective periods (1)


129





(1,746)





(11,914)




Discrete tax items













    Share-based compensation


986





1,806








    Uncertain tax positions


1,022





(96)





7,811




    Tax reform










560




    Valuation allowances


1,539









(3,784)




    Other


(2,141)





690





(241)





Total discrete tax adjustments


1,406





2,400





4,346









$

921





$

8,969





$

71,440




Adjusted Net Income (Loss)


$

(23,906)



$

(0.24)



$

(40,164)



$

(0.41)



$

7,301



$

0.07


















Weighted average diluted shares outstanding utilized for Adjusted Net Income (Loss)




98,714





98,383





99,331



Notes:










(1)

For the three months ended December 31, 2018, $22.3 million of goodwill impairment is not deductible for tax purposes.

 

EBITDA and EBITDA Margins





















For the Three Months Ended









Mar 31, 2019


Mar 31, 2018


Dec 31, 2018









($ in thousands)














Net income (loss)

$

(24,827)



$

(49,133)



$

(64,139)



Depreciation and amortization

52,486



54,128



128,916




Subtotal

27,659



4,995



64,777



Interest expense, net of interest income

6,820



6,779



7,909



Amortization included in interest expense

(340)



(774)



(333)



Provision (benefit) for income taxes

(3,152)



5,888



(43,823)




EBITDA

$

30,987



$

16,888



$

28,530
















Revenue

$

493,886



$

416,413



$

495,095
















EBITDA margin %

6

%


4

%


6

%


 

2019 EBITDA Estimates























Low


High











(in thousands)


Income (loss) before income taxes


$

(100,000)



(70,000)



Depreciation and amortization

212,000



212,000





Subtotal







112,000



142,000



Interest expense, net of interest income


38,000



38,000





EBITDA



$

150,000



$

180,000





























Free Cash Flow






















For the Three Months Ended











Mar 31, 2019


Mar 31, 2018









(in thousands)


Net Income (loss)


$

(24,827)



$

(49,133)



Depreciation and amortization


52,486



54,128



Other increases (decreases) in cash from operating activities

(8,535)



623



Cash flow provided by operating activities


19,124



5,618



Purchases of property and equipment


(29,964)



(25,732)



Free Cash Flow




$

(10,840)



$

(20,114)



 

Adjusted Operating Income (Loss) and Margins by Segment






For the Three Months Ended March 31, 2019





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


$

1,418



$

(476)



$

2,892



$

(713)



$

9,599



$

(34,434)



$

(21,714)



















Adjusted operating income (loss)


$

1,418



$

(476)



$

2,892



$

(713)



$

9,599



$

(34,434)



$

(21,714)



















Revenue


$

100,346



$

128,844



$

89,728



$

60,689



$

114,279





$

493,886


Operating income (loss) % as reported in accordance with GAAP


1

%


%


3

%


(1)

%


8

%




(4)

%

Operating income (loss)% using adjusted amounts


1

%


%


3

%


(1)

%


8

%




(4)

%







































For the Three Months Ended March 31, 2018





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


$

(2,398)



$

1,755



$

(2,359)



$

1,679



$

1,668



$

(27,494)



$

(27,149)


Adjusted operating income (loss)


$

(2,398)



$

1,755



$

(2,359)



$

1,679



$

1,668



$

(27,494)



$

(27,149)



















Revenue


$

85,594



$

126,688



$

56,860



$

61,288



$

85,983





$

416,413


Operating income (loss) % as reported in accordance with GAAP


(3)

%


1

%


(4)

%


3

%


2

%




(7)

%

Operating income (loss)% using adjusted amounts


(3)

%


1

%


(4)

%


3

%


2

%




(7)

%























For the Three Months Ended December 31, 2018





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


$

(1,275)



$

(3,803)



$

(79,379)



$

1,349



$

15,406



$

(29,442)



$

(97,144)


Adjustments for the effects of:
















Goodwill impairment






76,449









76,449




Total of adjustments






76,449









76,449


Adjusted operating income (loss)


$

(1,275)



$

(3,803)



$

(2,930)



$

1,349



$

15,406



$

(29,442)



$

(20,695)




































Revenue


$

96,736



$

129,509



$

89,295



$

62,830



$

116,725





$

495,095


Operating income (loss) % as reported in accordance with GAAP


(1)

%


(3)

%


(89)

%


2

%


13

%




(20)

%

Operating income (loss) % using adjusted amounts


(1)

%


(3)

%


(3)

%


2

%


13

%




(4)

%

 

EBITDA and Adjusted EBITDA and Margins by Segment






For the Three Months Ended March 31, 2019





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


$

1,418



$

(476)



$

2,892



$

(713)



$

9,599



$

(34,434)



$

(21,714)


Adjustments for the effects of:















Depreciation and amortization


27,990



12,991



7,882



1,634



830



1,159



52,486



Other pre-tax












215



215



EBITDA


29,408



12,515



10,774



921



10,429



(33,060)



30,987


Adjustments for the effects of:















Foreign currency (gains) losses












(614)



(614)




Total of adjustments












(614)



(614)


Adjusted EBITDA


$

29,408



$

12,515



$

10,774



$

921



$

10,429



$

(33,674)



$

30,373



















Revenue


$

100,346



$

128,844



$

89,728



$

60,689



$

114,279





$

493,886


Operating income (loss) % as reported in accordance with GAAP


1

%


%


3

%


(1)

%


8

%




(4)

%

EBITDA Margin


29

%


10

%


12

%


2

%


9

%




6

%

Adjusted EBITDA Margin


29

%


10

%


12

%


2

%


9

%




6

%






















For the Three Months Ended March 31, 2018





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


$

(2,398)



$

1,755



$

(2,359)



$

1,679



$

1,668



$

(27,494)



$

(27,149)


Adjustments for the effects of:















Depreciation and amortization


27,642



14,025



8,313



1,848



766



1,534



54,128



Other pre-tax












(10,091)



(10,091)



EBITDA


25,244



15,780



5,954



3,527



2,434



(36,051)



16,888


Adjustments for the effects of:















Foreign currency (gains) losses












8,315



8,315




Total of adjustments












8,315



8,315


Adjusted EBITDA


$

25,244



$

15,780



$

5,954



$

3,527



$

2,434



$

(27,736)



$

25,203



















Revenue


$

85,594



$

126,688



$

56,860



$

61,288



$

85,983





$

416,413


Operating income (loss) % as reported in accordance with GAAP


(3)

%


1

%


(4)

%


3

%


2

%




(7)

%

EBITDA Margin


29

%


12

%


10

%


6

%


3

%




4

%

Adjusted EBITDA Margin


29

%


12

%


10

%


6

%


3

%




6

%






For the Three Months Ended December 31, 2018





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


$

(1,275)



$

(3,803)



$

(79,379)



$

1,349



$

15,406



$

(29,442)



$

(97,144)


Adjustments for the effects of:















Depreciation and amortization


27,972



11,797



85,651



1,585



786



1,125



128,916



Other pre-tax












(3,242)



(3,242)



EBITDA


26,697



7,994



6,272



2,934



16,192



(31,559)



28,530


Adjustments for the effects of:















Foreign currency (gains) losses












2,559



2,559
















2,559



2,559


Adjusted EBITDA


$

26,697



$

7,994



$

6,272



$

2,934



$

16,192



$

(29,000)



$

31,089



















Revenue


$

96,736



$

129,509



$

89,295



$

62,830



$

116,725





$

495,095


Operating income (loss) % as reported in accordance with GAAP


(1)

%


(3)

%


(89)

%


2

%


13

%




(20)

%

EBITDA Margin


28

%


6

%


7

%


5

%


14

%




6

%

Adjusted EBITDA Margin


28

%


6

%


7

%


5

%


14

%




6

%

 

Cision View original content:http://www.prnewswire.com/news-releases/oceaneering-reports-first-quarter-2019-results-300839844.html

SOURCE Oceaneering International, Inc.