OII
$22.18
Oceaneering International
($.53)
(2.33%)
Earnings Details
2nd Quarter June 2017
Wednesday, July 26, 2017 5:02:00 PM
Tweet Share Watch
Summary

Oceaneering International (OII) Recent Earnings

Oceaneering International (OII) reported 2nd Quarter June 2017 earnings of $0.02 per share on revenue of $515.0 million. The consensus estimate was a loss of $0.02 per share on revenue of $481.0 million. Revenue fell 17.7% compared to the same quarter a year ago.

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
$0.02
Earnings Whisper
-
Consensus Estimate
($0.02)
Reported Revenue
$515.0 Mil
Revenue Estimate
$481.0 Mil
Growth
Earnings Growth
Revenue Growth
Power Rating
Grade
Earnings Release

Oceaneering Reports Second Quarter 2017 Results

Oceaneering International, Inc. ("Oceaneering") (OII) today reported net income of $2.1 million, or $0.02 per share, on revenue of $515 million for the three months ended June 30, 2017. During the prior quarter ended March 31, 2017, Oceaneering reported a net loss of $7.5 million, or $(0.08) per share, on revenue of $446 million, and an adjusted net loss of $4.0 million, or $(0.04) per share.

Adjusted operating income, operating margin, net income (loss) and earnings (loss) per share, EBITDA and adjusted EBITDA (as well as EBITDA and adjusted EBITDA margins) and free cash flow are non-GAAP measures which exclude the impacts of certain identified items. Reconciliations to the corresponding GAAP measures are shown in the tables Adjusted Net Income (Loss) and Diluted Earnings (Loss) per Share (EPS), EBITDA and EBITDA Margins, Free Cash Flow, Adjusted Operating Income and Margins by Segment, and EBITDA and Adjusted EBITDA and Margins by Segment. These tables are included below under the caption Reconciliations of Non-GAAP to GAAP Financial Information.

Summary of Results
(in thousands, except per share amounts)
Three Months Ended
Six Months Ended
Jun 30,
Mar 31,
Jun 30,
2017
2016
2017
2017
2016
Revenue
$
515,036
$
625,539
$
446,176
$
961,212
$
1,233,883
Gross Margin
53,571
95,233
44,855
98,426
192,713
Income (Loss) from Operations
9,390
38,380
(150)
9,240
86,479
Net Income (Loss)
$
2,132
$
22,309
$
(7,534)
$
(5,402)
$
47,412
Diluted Earnings (Loss) Per Share (EPS)
$
0.02
$
0.23
$
(0.08)
$
(0.06)
$
0.48

Sequentially, operating income increased by $9.5 million on improved profit contributions from all of our business segments, except for Subsea Products, which was slightly lower.

Roderick A. Larson, President and Chief Executive Officer of Oceaneering, stated, "Our overall operating results during the quarter were in line with expectations. We were pleased that each of our operating segments remained profitable. On a consolidated basis, for the first half of 2017, we have generated $112 million of EBITDA and $61 million of free cash flow. We believe our cash flow and liquidity position us well to manage our business through the continuing industry downturn; at the end of the quarter, we had $482 million in cash and an undrawn $500 million revolving credit facility. Based on these strengths, the Board maintained our current dividend rate and declared a $0.15 per share dividend to be paid during the third quarter of 2017.

"Compared to the first quarter, ROV operating income increased on higher activity for vessel based services. Our fleet mix during the quarter was 61% in drill support and 39% for vessel-based activity, compared to 69% and 31%, for the prior quarter. Revenue grew 10% on increased days on hire and revenue per day on hire, and ROV EBITDA margin of 38% improved slightly from 37% for the first quarter.

"During the second quarter, we put one new ROV into service and retired four. At the end of June 2017, we had 279 vehicles in our fleet. Our fleet utilization for the second quarter was 48%, up from 46% in the first quarter. We held our share of the contracted floating drill support market, with 53% of the 153 floating rigs under contract.

"Sequentially, Subsea Products operating income was slightly lower than expected, due to the continued weakness and competitive nature of the service and rental market. Our Subsea Products backlog at June 30, 2017 was $328 million, compared to our March 31, 2017 backlog of $407 million. The backlog decline was primarily related to umbilicals. Our book-to-bill ratio year-to-date was 0.69.

"Compared to the first quarter, Subsea Projects revenue and operating income increased driven by seasonal improvements in U.S. Gulf of Mexico deepwater vessel work and survey services. Asset Integrity revenue and operating income were up due to seasonality. Advanced Technologies revenue and operating income improved, primarily due to continued increased commercial activity and work for the U.S. Navy. Unallocated Expenses were essentially flat.

"For the third quarter of 2017, we are expecting a sequential increase in our overall quarterly operating income. This improvement should be led by Subsea Products and Subsea Projects, with slight declines in profit contributions from our other operating segments and flat Unallocated Expenses.

"Relative to the first half of 2017, during the second half we expect to generate higher consolidated operating income on relatively flat revenue. Subsea Products profit contribution is expected to be higher, as projected increases in service and rental activity more than offset lower manufactured products throughput. We continue to project our Subsea Products operating margins to be in the mid- to high-single digit range. We expect operating income contributions from ROV and Asset Integrity during the second half to be similar to the first half. For Subsea Projects, we anticipate our results to be considerably lower due to the completion of vessel work offshore Angola, projected low levels of vessel activity, and vessel oversupply. With respect to Advanced Technologies, we expect improved operating income due to a projected uptick in our commercial businesses.

"Our overall outlook for the full year of 2017 has not changed. We continue to project that we will be marginally profitable at the operating income line on a consolidated basis.

"Beyond 2017, we believe that the oil and gas industry will continue its investment in deepwater projects, and foresee improving demand for our services and products. Meanwhile, we continue to look for opportunities that may emerge to grow our company, with more focus on our customers’ operating expenditures in the production phase of the offshore oilfield life cycle, while providing a dividend to shareholders."

This release contains "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995, including, without limitation, statements as to the expectations, beliefs and future expected business, financial performance and prospects of Oceaneering. More specifically, the forward-looking statements in this press release include the statements concerning Oceaneering’s: belief that its cash flow and liquidity position it well to manage its business through the continuing industry downturn; Subsea Products backlog; outlook for the third quarter of 2017, and expected contributions of its segments to the third quarter results; expectations of Subsea Products margins; expectation of higher consolidated operating income on relatively flat revenue in the second half of 2017, relative to the first half of 2017, and expected contributions of its segments to those operating results; expectation for the full year of 2017 to be marginally profitable at the operating income line on a consolidated basis; beliefs about deepwater investment and improving demand for its services and products; and intention to look for opportunities that may emerge to grow our company, with more focus on our customers’ operating expenditures in the production phase of the offshore oilfield life cycle, while providing a dividend to shareholders. The forward-looking statements included in this release are based on our current expectations and are subject to certain risks, assumptions, trends and uncertainties that could cause actual results to differ materially from those indicated by the forward-looking statements. Among the factors that could cause actual results to differ materially include: factors affecting the level of activity in the oil and gas industry; supply and demand of drilling rigs; oil and natural gas demand and production growth; oil and natural gas prices; fluctuations in currency markets worldwide; future global economic conditions; the loss of major contracts or alliances; future performance under our customer contracts; and the effects of competition. For a more complete discussion of these and other risk factors, please see Oceaneering’s latest annual report on Form 10-K and quarterly reports on Form 10-Q filed with the Securities and Exchange Commission.

Oceaneering is a global provider of engineered services and products, primarily to the offshore oil and gas industry, with a focus on deepwater applications. Through the use of its applied technology expertise, Oceaneering also serves the defense, entertainment, and aerospace industries. For more information on Oceaneering, please visit www.oceaneering.com.

Contact: Suzanne Spera Director, Investor Relations Oceaneering International, Inc. 713-329-4707 investorrelations@oceaneering.com

OCEANEERING INTERNATIONAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
Jun 30, 2017
Dec 31, 2016
(in thousands)
ASSETS
Current Assets (including cash and cash equivalents of $482,339 and $450,193)
$
1,261,705
$
1,262,595
Net Property and Equipment
1,100,190
1,153,258
Other Assets
729,906
714,462
TOTAL ASSETS
$
3,091,801
$
3,130,315
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities
$
482,906
$
508,364
Long-term Debt
794,099
793,058
Other Long-term Liabilities
323,651
312,250
Shareholders’ Equity
1,491,145
1,516,643
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
$
3,091,801
$
3,130,315
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
For the Three Months Ended
For the Six Months Ended
Jun 30, 2017
Jun 30, 2016
Mar 31, 2017
Jun 30, 2017
Jun 30, 2016
(in thousands, except per share amounts)
Revenue
$
515,036
$
625,539
$
446,176
$
961,212
$
1,233,883
Cost of services and products
461,465
530,306
401,321
862,786
1,041,170
Gross Margin
53,571
95,233
44,855
98,426
192,713
Selling, general and administrative expense
44,181
56,853
45,005
89,186
106,234
Income (loss) from Operations
9,390
38,380
(150)
9,240
86,479
Interest income
2,045
1,442
1,337
3,382
1,737
Interest expense
(7,599)
(6,207)
(6,268)
(13,867)
(12,599)
Equity earnings (losses) of unconsolidated affiliates
(394)
263
(980)
(1,374)
789
Other income (expense), net
(58)
(1,405)
(2,556)
(2,614)
(7,393)
Income before Income Taxes
3,384
32,473
(8,617)
(5,233)
69,013
Provision for income taxes (benefit)
1,252
10,164
(1,083)
169
21,601
Net Income (loss)
$
2,132
$
22,309
$
(7,534)
$
(5,402)
$
47,412
Weighted average diluted shares outstanding
98,751
98,424
98,138
98,201
98,355
Diluted Earnings (Loss) per Share
$
0.02
$
0.23
$
(0.08)
$
(0.06)
$
0.48
The above Condensed Consolidated Balance Sheets and Condensed Consolidated Statements of Operations should be read in conjunction with the Company’s latest Annual Report on Form 10-K and Quarterly Report on Form 10-Q.
SEGMENT INFORMATION
For the Three Months Ended
For the Six Months Ended
Jun 30, 2017
Jun 30, 2016
Mar 31, 2017
Jun 30, 2017
Jun 30, 2016
($ in thousands)
Remotely Operated Vehicles
Revenue
$
103,432
$
139,641
$
94,022
$
197,454
$
287,262
Gross Margin
$
16,659
$
26,925
$
13,022
$
29,681
$
62,247
Operating Income
$
10,376
$
18,020
$
5,925
$
16,301
$
45,007
Operating Income %
10
%
13
%
6
%
8
%
16
%
Days available
25,300
28,959
25,219
50,519
57,778
Days utilized
12,267
16,057
11,488
23,755
32,062
Utilization
48
%
55
%
46
%
47
%
55
%
Subsea Products
Revenue
$
174,893
$
190,897
$
150,639
$
325,532
$
385,709
Gross Margin
$
22,762
$
42,728
$
24,991
$
47,753
$
98,864
Operating Income
$
10,552
$
25,121
$
11,483
$
22,035
$
65,761
Operating Income %
6
%
13
%
8
%
7
%
17
%
Backlog at end of period
$
328,000
$
503,000
$
407,000
$
328,000
$
503,000
Subsea Projects
Revenue
$
75,545
$
138,662
$
62,956
$
138,501
$
268,084
Gross Margin
$
6,462
$
14,317
$
4,024
$
10,486
$
25,826
Operating Income
$
3,000
$
10,237
$
187
$
3,187
$
17,026
Operating Income %
4
%
7
%
--
%
2
%
6
%
Asset Integrity
Revenue
$
58,192
$
73,864
$
52,658
$
110,850
$
143,464
Gross Margin
$
10,004
$
10,096
$
8,381
$
18,385
$
17,439
Operating Income (Loss)
$
3,755
$
(805)
$
2,267
$
6,022
$
(371)
Operating Income (Loss) %
6
%
(1)
%
4
%
5
%
--
%
Advanced Technologies
Revenue
$
102,974
$
82,475
$
85,901
$
188,875
$
149,364
Gross Margin
$
14,133
$
10,600
$
10,072
$
24,205
$
16,427
Operating Income
$
7,632
$
5,528
$
5,026
$
12,658
$
6,121
Operating Income %
7
%
7
%
6
%
7
%
4
%
Unallocated Expenses
Gross margin
$
(16,449)
$
(9,433)
$
(15,635)
$
(32,084)
$
(28,090)
Operating income
$
(25,925)
$
(19,721)
$
(25,038)
$
(50,963)
$
(47,065)
TOTAL
Revenue
$
515,036
$
625,539
$
446,176
$
961,212
$
1,233,883
Gross Margin
$
53,571
$
95,233
$
44,855
$
98,426
$
192,713
Operating Income (Loss)
$
9,390
$
38,380
$
(150)
$
9,240
$
86,479
Operating Income %
2
%
6
%
--
%
1
%
7
%
SELECTED CASH FLOW INFORMATION
For the Three Months Ended
For the Six Months Ended
Jun 30, 2017
Jun 30, 2016
Mar 31, 2017
Jun 30, 2017
Jun 30, 2016
(in thousands)
Capital expenditures, including acquisitions
$
23,493
$
31,738
$
17,807
$
41,300
$
52,944
Depreciation and Amortization:
Oilfield
Remotely Operated Vehicles
$
29,036
$
34,026
$
29,229
$
58,265
$
67,710
Subsea Products
12,785
12,952
12,999
25,784
25,759
Subsea Projects
7,781
8,353
8,080
15,861
16,872
Asset Integrity
1,780
2,843
1,460
3,240
5,756
Total Oilfield
51,382
58,174
51,768
103,150
116,097
Advanced Technologies
784
806
797
1,581
1,540
Unallocated Expenses
1,138
999
1,098
2,236
2,123
Total depreciation and amortization
$
53,304
$
59,979
$
53,663
$
106,967
$
119,760

RECONCILIATIONS OF NON-GAAP TO GAAP FINANCIAL INFORMATION

In addition to financial results determined in accordance with U.S. generally accepted accounting principles ("GAAP"), this Press Release also includes non-GAAP financial measures (as defined under SEC Regulation G). We have included Adjusted Net Income and Diluted Earnings per Share, each of which excludes the effects of certain specified items, as set forth in the tables that follow. As a result, these amounts are non-GAAP financial measures. We believe these are useful measures for investors to review because they provide consistent measures of the underlying results of our ongoing business. Furthermore, our management uses these measures as measures of the performance of our operations. We have also included disclosures of Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA), EBITDA Margins and Free Cash Flow, as well as the following by segment: Adjusted Operating Income and Margins, EBITDA, Adjusted EBITDA and Adjusted EBITDA Margins. We define EBITDA margin as EBITDA divided by revenue. Adjusted EBITDA and Adjusted EBITDA Margins as well as Adjusted Operating Income and Margin and related information by segment exclude the effects of certain specified items, as set forth in the tables that follow. EBITDA and EBITDA margins, Adjusted EBITDA and Adjusted EBITDA margins, and Adjusted Operating Income and Margin and related information by segment are each non-GAAP financial measures. We define Free Cash Flow as cash flow provided by operating activities less organic capital expenditures (i.e., purchases of property and equipment other than those in business acquisitions). We have included these disclosures in this press release because EBITDA, EBITDA margins and Free Cash Flow are widely used by investors for valuation and comparing our financial performance with the performance of other companies in our industry, and the adjusted amounts thereof (as well as Adjusted Operating Income and Margin by Segment) provide more consistent measures than the unadjusted amounts. Furthermore, our management uses these measures for purposes of evaluating our financial performance. Our presentation of EBITDA, EBITDA margins and Free Cash Flow (and the Adjusted amounts thereof) may not be comparable to similarly titled measures other companies report. Non-GAAP financial measures should be viewed in addition to and not as substitutes for our reported operating results, cash flows or any other measure prepared and reported in accordance with GAAP. The tables that follow provide reconciliations of the non-GAAP measures used in this press release to the most directly comparable GAAP measures.

Adjusted Net Income (Loss) and Diluted Earnings (Loss) per Share (EPS)
For the Three Months Ended
Jun 30, 2017
Jun 30, 2016
Mar 31, 2017
Net Income
Diluted EPS
Net Income
Diluted EPS
Net Income
Diluted EPS
(in thousands, except per share amounts)
Net Income (Loss) and Diluted EPS as reported in accordance with GAAP
$
2,132
$
0.02
$
22,309
$
0.23
$
(7,534)
$
(0.08)
Pre tax adjustments for the effects of:
Allowance for bad debts
--
5,757
--
Foreign currency (gains) losses
(20)
1,218
2,153
Total pre tax adjustments
(20)
6,975
2,153
Tax effect on pre tax adjustments at the 35% statutory rate
7
(2,441)
(754)
Discrete tax items
--
2,106
Total of adjustments
(13)
4,534
3,505
Adjusted amounts
$
2,119
$
0.02
$
26,843
$
0.27
$
(4,029)
$
(0.04)
EBITDA and EBITDA Margins
For the Three Months Ended
For the Six Months Ended
Jun 30, 2017
Jun 30, 2016
Mar 31, 2017
Jun 30, 2017
Jun 30, 2016
($ in thousands)
Net Income (Loss)
$
2,132
$
22,309
$
(7,534)
$
(5,402)
$
47,412
Depreciation and Amortization
53,304
59,979
53,663
106,967
119,760
Subtotal
55,436
82,288
46,129
101,565
167,172
Interest Expense, net of Interest Income
5,554
4,765
4,931
10,485
10,862
Amortization included in Interest Expense (283)
(286)
(283)
(566)
(573)
Provision for Income Taxes (Benefit)
1,252
10,164
(1,083)
169
21,601
EBITDA
$
61,959
$
96,931
$
49,694
$
111,653
$
199,062
Revenue
$
515,036
$
625,539
$
446,176
$
961,212
$
1,233,883
EBITDA margin %
12
%
15
%
11
%
12
%
16
%
Free Cash Flow
For the Six Months Ended
Jun 30, 2017
Jun 30, 2016
(in thousands)
Net Income
$
(5,402)
$
47,412
Depreciation and amortization
106,967
119,760
Other increases (decreases) in cash from operating activities
1,039
(22,571)
Cash flow provided by operating activities
102,604
144,601
Purchases of property and equipment
(41,300)
(52,944)
Free Cash Flow
$
61,304
$
91,657
Adjusted Operating Income and Margins by Segment
For the Three Months Ended June 30, 2017
Remotely
Subsea
Subsea
Asset
Advanced
Unalloc.
Total
Operated
Products
Projects
Integrity
Tech.
Expenses
Vehicles
($ in thousands)
Operating income as reported in accordance with GAAP
$
10,376
$
10,552
$
3,000
$
3,755
$
7,632
$
(25,925)
$
9,390
Adjusted amounts
$
10,376
$
10,552
$
3,000
$
3,755
$
7,632
$
(25,925)
$
9,390
Revenue
$
103,432
$
174,893
$
75,545
$
58,192
$
102,974
$
515,036
Operating income % as reported in accordance with GAAP
10
%
6
%
4
%
6
%
7
%
2
%
Operating income % using adjusted amounts
10
%
6
%
4
%
6
%
7
%
2
%
For the Three Months Ended June 30, 2016
Remotely
Subsea
Subsea
Asset
Advanced
Unalloc.
Total
Operated
Products
Projects
Integrity
Tech.
Expenses
Vehicles
($ in thousands)
Operating income (loss) as reported in accordance with GAAP
$
18,020
$
25,121
$
10,237
$
(805)
$
5,528
$
(19,721)
$
38,380
Adjustments for the effects of:
Allowance for bad debts
479
1,826
108
3,344
--
--
5,757
Total of adjustments
479
1,826
108
3,344
--
--
5,757
Adjusted amounts
$
18,499
$
26,947
$
10,345
$
2,539
$
5,528
$
(19,721)
$
44,137
Revenue
$
139,641
$
190,897
$
138,662
$
73,864
$
82,475
$
625,539
Operating income (loss) % as reported in accordance with GAAP
13
%
13
%
7
%
(1)
%
7
%
6
%
Operating income % using adjusted amounts
13
%
14
%
7
%
3
%
7
%
7
%
For the Three Months Ended March 31, 2017
Remotely
Subsea
Subsea
Asset
Advanced
Unalloc.
Total
Operated
Products
Projects
Integrity
Tech.
Expenses
Vehicles
($ in thousands)
Operating income (loss) as reported in accordance with GAAP
$
5,925
$
11,483
$
187
$
2,267
$
5,026
$
(25,038)
$ (150)
Adjusted amounts
$
5,925
$
11,483
$
187
$
2,267
$
5,026
$
(25,038)
$ (150)
Revenue
$
94,022
$
150,639
$
62,956
$
52,658
$
85,901
$ 446,176
Operating income (loss) % as reported in accordance with GAAP
6
%
8
%
--
%
4
%
6
%
--
%
Operating income % using adjusted amounts
6
%
8
%
--
%
4
%
6
%
--
%
Adjusted Operating Income and Margins by Segment
For the Six Months Ended June 30, 2017
Remotely
Subsea
Subsea
Asset
Advanced
Unalloc.
Total
Operated
Products
Projects
Integrity
Tech.
Expenses
Vehicles
($ in thousands)
Operating income as reported in accordance with GAAP
$
16,301
$
22,035
$
3,187
$
6,022
$
12,658
$
(50,963)
$
9,240
Adjusted amounts
$
16,301
$
22,035
$
3,187
$
6,022
$
12,658
$
(50,963)
$
9,240
Revenue
$
197,454
$
325,532
$
138,501
$
110,850
$
188,875
$
961,212
Operating income % as reported in accordance with GAAP
8
%
7
%
2
%
5
%
7
%
1
%
Operating income % using adjusted amounts
8
%
7
%
2
%
5
%
7
%
1
%
For the Six Months Ended June 30, 2016
Remotely
Subsea
Subsea
Asset
Advanced
Unalloc.
Total
Operated
Products
Projects
Integrity
Tech.
Expenses
Vehicles
($ in thousands)
Operating income (loss) as reported in accordance with GAAP
$
45,007
$
65,761
$
17,026
$
(371)
$
6,121
$
(47,065)
$
86,479
Adjustments for the effects of:
Allowance for bad debts
479
1,826
108
3,344
--
--
5,757
Fixed asset write-offs
--
--
--
--
--
--
--
Total of adjustments
479
1,826
108
3,344
--
--
5,757
Adjusted amounts
$
45,486
$
67,587
$
17,134
$
2,973
$
6,121
$
(47,065)
$
92,236
Revenue
$
287,262
$
385,709
$
268,084
$
143,464
$
149,364
$
1,233,883
Operating income % as reported in accordance with GAAP
16
%
17
%
6
%
--
%
4
%
7
%
Operating income % using adjusted amounts
16
%
18
%
6
%
2
%
4
%
7
%
EBITDA and Adjusted EBITDA and Margins by Segment
For the Three Months Ended June 30, 2017
Remotely
Subsea
Subsea
Asset
Advanced
Unalloc.
Total
Operated
Products
Projects
Integrity
Tech.
Expenses
Vehicles
and other
($ in thousands)
Operating income as reported in accordance with GAAP
$
10,376
$
10,552
$
3,000
$
3,755
$
7,632
$
(25,925)
$
9,390
Adjustments for the effects of:
Depreciation and amortization
29,036
12,785
7,781
1,780
784
1,138
53,304
Other pre-tax
--
--
--
--
--
(735)
(735)
EBITDA
39,412
23,337
10,781
5,535
8,416
(25,522)
61,959
Adjustments for the effects of:
Foreign currency (gains) losses
--
--
--
--
--
(20)
(20)
Total of adjustments
--
--
--
--
--
(20)
(20)
Adjusted EBITDA
$
39,412
$
23,337
$
10,781
$
5,535
$
8,416
$
(25,542)
$
61,939
Revenue
$
103,432
$
174,893
$
75,545
$
58,192
$
102,974
$
515,036
Operating income % as reported in accordance with GAAP
10
%
6
%
4
%
6
%
7
%
2
%
EBITDA Margin
38
13
14
10
8
12
Adjusted EBITDA Margin
38
13
14
10
8
12
For the Three Months Ended June 30, 2016
Remotely
Subsea
Subsea
Asset
Advanced
Unalloc.
Total
Operated
Products
Projects
Integrity
Tech.
Expenses
Vehicles
and other
($ in thousands)
Operating income (loss) as reported in accordance with GAAP
$
18,020
$
25,121
$
10,237
$
(805)
$
5,528
$
(19,721)
$
38,380
Adjustments for the effects of:
Depreciation and amortization
34,026
12,952
8,353
2,843
806
999
59,979
Other pre-tax
--
--
--
--
--
(1,428)
(1,428)
EBITDA
52,046
38,073
18,590
2,038
6,334
(20,150)
96,931
Adjustments for the effects of:
Allowance for bad debts
479
1,826
108
3,344
--
--
5,757
Foreign currency (gains) losses
--
--
--
--
--
1,219
1,219
Total of adjustments
479
1,826
108
3,344
--
1,219
6,976
Adjusted EBITDA
$
52,525
$
39,899
$
18,698
$
5,382
$
6,334
$
(18,931)
$
103,907
Revenue
$
139,641
$
190,897
$
138,662
$
73,864
$
82,475
$
625,539
Operating income (loss) % as reported in accordance with GAAP
13
%
13
%
7
%
(1)
%
7
%
6
%
EBITDA Margin
37
%
20
%
13
%
3
%
8
%
15
%
Adjusted EBITDA Margin
38
%
21
%
13
%
7
%
8
%
17
%
EBITDA and Adjusted EBITDA and Margins by Segment
For the Three Months Ended March 31, 2017
Remotely
Subsea
Subsea
Asset
Advanced
Unalloc.
Total
Operated
Products
Projects
Integrity
Tech.
Expenses
Vehicles
and other
($ in thousands)
Operating income (loss) as reported in accordance with GAAP
$
5,925
$
11,483
$
187
$
2,267
$
5,026
$
(25,038)
$
(150)
Adjustments for the effects of:
Depreciation and amortization
29,229
12,999
8,080
1,460
797
1,098
53,663
Other pre-tax
--
--
--
--
--
(3,819)
(3,819)
EBITDA
35,154
24,482
8,267
3,727
5,823
(27,759)
49,694
Adjustments for the effects of:
Foreign currency (gains) losses
--
--
--
--
--
2,153
2,153
Adjusted EBITDA
$
35,154
$
24,482
$
8,267
$
3,727
$
5,823
$
(25,606)
$
51,847
Revenue
$
94,022
$
150,639
$
62,956
$
52,658
$
85,901
$
446,176
Operating income % as reported in accordance with GAAP
6
%
8
%
--
%
4
%
6
%
--
%
EBITDA Margin
37
%
16
%
13
%
7
%
7
%
11
%
Adjusted EBITDA Margin
37
%
16
%
13
%
7
%
7
%
12
%
EBITDA and Adjusted EBITDA and Margins by Segment
For the Six Months Ended June 30, 2017
Remotely
Subsea
Subsea
Asset
Advanced
Unalloc.
Total
Operated
Products
Projects
Integrity
Tech.
Expenses
Vehicles
and other
($ in thousands)
Operating income as reported in accordance with GAAP
$
16,301
$
22,035
$
3,187
$
6,022
$
12,658
$
(50,963)
$
9,240
Adjustments for the effects of:
Depreciation and amortization
58,265
25,784
15,861
3,240
1,581
2,236
106,967
Other pre-tax
--
--
--
--
--
(4,554)
(4,554)
EBITDA
74,566
47,819
19,048
9,262
14,239
(53,281)
111,653
Adjustments for the effects of:
Foreign currency (gains) losses
--
--
--
--
--
2,133
2,133
Total of adjustments
--
--
--
--
--
2,133
2,133
Adjusted EBITDA
$
74,566
$
47,819
$
19,048
$
9,262
$
14,239
$
(51,148)
$
113,786
Revenue
$
197,454
$
325,532
$
138,501
$
110,850
$
188,875
$
961,212
Operating income % as reported in accordance with GAAP
8
%
7
%
2
%
5
%
7
%
1
%
EBITDA Margin
38
%
15
%
14
%
8
%
8
%
12
%
Adjusted EBITDA Margin
38
%
15
%
14
%
8
%
8
%
12
%
For the Six Months Ended June 30, 2016
Remotely
Subsea
Subsea
Asset
Advanced
Unalloc.
Total
Operated
Products
Projects
Integrity
Tech.
Expenses
Vehicles
and other
($ in thousands)
Operating income (loss) as reported in accordance with GAAP
$
45,007
$
65,761
$
17,026
$
(371)
$
6,121
$
(47,065)
$
86,479
Adjustments for the effects of:
Depreciation and amortization
67,710
25,759
16,872
5,756
1,540
2,123
119,760
Other pre-tax
--
--
--
--
--
(7,177)
(7,177)
EBITDA
112,717
91,520
33,898
5,385
7,661
(52,119)
199,062
Adjustments for the effects of:
Allowance for bad debts
479
1,826
108
3,344
--
--
5,757
Foreign currency (gains) losses
--
--
--
--
--
7,103
7,103
Total of adjustments
479
1,826
108
3,344
--
7,103
12,860
Adjusted EBITDA
$
113,196
$
93,346
$
34,006
$
8,729
$
7,661
$
(45,016)
$
211,922
Revenue
$
287,262
$
385,709
$
268,084
$
143,464
$
149,364
$
1,233,883
Operating income % as reported in accordance with GAAP
16
%
17
%
6
%
--
%
4
%
7
%
EBITDA Margin
39
%
24
%
13
%
4
%
5
%
16
%
Adjusted EBITDA Margin
39
%
24
%
13
%
6
%
5
%
17
%

View original content:http://www.prnewswire.com/news-releases/oceaneering-reports-second-quarter-2017-results-300494632.ht

SOURCE Oceaneering International, Inc.

https://rt.prnewswire.com/rt.gif?NewsItemId=DA50784&Transmission_Id=201707261702PR_NEWS_USPR_____DA50784&DateId=20170726