Delaware (State or other jurisdiction of incorporation) | 1-10945 (Commission File Number) | 95-2628227 (IRS Employer Identification No.) |
11911 FM 529 Houston, TX (Address of principal executive offices) | 77041 (Zip Code) |
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
OCEANEERING INTERNATIONAL, INC. | |||
Date: | April 26, 2017 | By: | /S/ ROBERT P. MINGOIA |
Robert P. Mingoia | |||
Vice President and Treasurer |
Exhibit No. | Description | |
Exhibit 99.1 | ||
Exhibit 99.2 |
Three Months Ended | ||||||||||||
Mar 31, | Dec 31, | |||||||||||
2017 | 2016 | 2016 | ||||||||||
Revenue | $ | 446,176 | $ | 608,344 | $ | 488,445 | ||||||
Gross Margin | 44,855 | 97,480 | 51,071 | |||||||||
Income (Loss) from Operations | (150 | ) | 48,099 | (3,859 | ) | |||||||
Net Income (Loss) | $ | (7,534 | ) | $ | 25,103 | $ | (11,028 | ) | ||||
Diluted Earnings (Loss) Per Share (EPS) | $ | (0.08 | ) | $ | 0.26 | $ | (0.11 | ) | ||||
OCEANEERING INTERNATIONAL, INC. AND SUBSIDIARIES | |||||||||||||||||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||||||||||||||||||||
Mar 31, 2017 | Dec 31, 2016 | ||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||
Current Assets (including cash and cash equivalents of $462,516 and $450,193) | $ | 1,246,730 | $ | 1,262,595 | |||||||||||||||||||||
Net Property and Equipment | 1,123,431 | 1,153,258 | |||||||||||||||||||||||
Other Assets | 720,835 | 714,462 | |||||||||||||||||||||||
TOTAL ASSETS | $ | 3,090,996 | $ | 3,130,315 | |||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||||||||||||||
Current Liabilities | $ | 477,528 | $ | 508,364 | |||||||||||||||||||||
Long-term Debt | 793,908 | 793,058 | |||||||||||||||||||||||
Other Long-term Liabilities | 330,427 | 312,250 | |||||||||||||||||||||||
Shareholders' Equity | 1,489,133 | 1,516,643 | |||||||||||||||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 3,090,996 | $ | 3,130,315 | |||||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||||||||||||
For the Three Months Ended | |||||||||||||||||||||||||
Mar 31, 2017 | Mar 31, 2016 | Dec 31, 2016 | |||||||||||||||||||||||
(in thousands, except per share amounts) | |||||||||||||||||||||||||
Revenue | $ | 446,176 | $ | 608,344 | $ | 488,445 | |||||||||||||||||||
Cost of services and products | 401,321 | 510,864 | 437,374 | ||||||||||||||||||||||
Gross Margin | 44,855 | 97,480 | 51,071 | ||||||||||||||||||||||
Selling, general and administrative expense | 45,005 | 49,381 | 54,930 | ||||||||||||||||||||||
Income (loss) from Operations | (150 | ) | 48,099 | (3,859 | ) | ||||||||||||||||||||
Interest income | 1,337 | 295 | 1,479 | ||||||||||||||||||||||
Interest expense | (6,268 | ) | (6,392 | ) | (6,394 | ) | |||||||||||||||||||
Equity earnings (losses) of unconsolidated affiliates | (980 | ) | 526 | (299 | ) | ||||||||||||||||||||
Other income (expense), net | (2,556 | ) | (5,988 | ) | 579 | ||||||||||||||||||||
Income (loss) before Income Taxes | (8,617 | ) | 36,540 | (8,494 | ) | ||||||||||||||||||||
Provision for income taxes (benefit) | (1,083 | ) | 11,437 | 2,534 | |||||||||||||||||||||
Net Income (loss) | $ | (7,534 | ) | $ | 25,103 | $ | (11,028 | ) | |||||||||||||||||
Weighted average diluted shares outstanding | 98,138 | 98,286 | 98,064 | ||||||||||||||||||||||
Diluted Earnings (Loss) per Share | $ | (0.08 | ) | $ | 0.26 | $ | (0.11 | ) | |||||||||||||||||
The above Condensed Consolidated Balance Sheets and Condensed Consolidated Statements of Operations should be read in conjunction with Oceaneering's latest Annual Report on Form 10-K and Quarterly Report on Form 10-Q. |
SEGMENT INFORMATION | ||||||||||||||||
For the Three Months Ended | ||||||||||||||||
Mar 31, 2017 | Mar 31, 2016 | Dec 31, 2016 | ||||||||||||||
($ in thousands) | ||||||||||||||||
Remotely Operated Vehicles | Revenue | $ | 94,022 | $ | 147,621 | $ | 108,352 | |||||||||
Gross Margin | $ | 13,022 | $ | 35,322 | $ | 13,079 | ||||||||||
Operating Income | $ | 5,925 | $ | 26,987 | $ | 4,031 | ||||||||||
Operating Income % | 6 | % | 18 | % | 4 | % | ||||||||||
Days available | 25,219 | 28,819 | 25,684 | |||||||||||||
Days utilized | 11,488 | 16,005 | 12,745 | |||||||||||||
Utilization % | 46 | % | 56 | % | 50 | % | ||||||||||
Subsea Products | Revenue | $ | 150,639 | $ | 194,812 | $ | 149,052 | |||||||||
Gross Margin | $ | 24,991 | $ | 56,136 | $ | 20,988 | ||||||||||
Operating Income | $ | 11,483 | $ | 40,640 | $ | 4,068 | ||||||||||
Operating Income % | 8 | % | 21 | % | 3 | % | ||||||||||
Backlog at end of period | $ | 407,000 | $ | 576,000 | $ | 431,000 | ||||||||||
Subsea Projects | Revenue | $ | 62,956 | $ | 129,422 | $ | 94,096 | |||||||||
Gross Margin | $ | 4,024 | $ | 11,509 | $ | 6,245 | ||||||||||
Operating Income | $ | 187 | $ | 6,789 | $ | 2,421 | ||||||||||
Operating Income % | — | % | 5 | % | 3 | % | ||||||||||
Asset Integrity | Revenue | $ | 52,658 | $ | 69,600 | $ | 59,938 | |||||||||
Gross Margin | $ | 8,381 | $ | 7,343 | $ | 12,428 | ||||||||||
Operating Income | $ | 2,267 | $ | 434 | $ | 3,197 | ||||||||||
Operating Income % | 4 | % | 1 | % | 5 | % | ||||||||||
Advanced Technologies | Revenue | $ | 85,901 | $ | 66,889 | $ | 77,007 | |||||||||
Gross Margin | $ | 10,072 | $ | 5,827 | $ | 7,692 | ||||||||||
Operating Income | $ | 5,026 | $ | 593 | $ | 1,331 | ||||||||||
Operating Income % | 6 | % | 1 | % | 2 | % | ||||||||||
Unallocated Expenses | ||||||||||||||||
Gross Margin | $ | (15,635 | ) | $ | (18,657 | ) | $ | (9,361 | ) | |||||||
Operating Income | $ | (25,038 | ) | $ | (27,344 | ) | $ | (18,907 | ) | |||||||
TOTAL | Revenue | $ | 446,176 | $ | 608,344 | $ | 488,445 | |||||||||
Gross Margin | $ | 44,855 | $ | 97,480 | $ | 51,071 | ||||||||||
Operating Income (Loss) | $ | (150 | ) | $ | 48,099 | $ | (3,859 | ) | ||||||||
Operating Income (Loss) % | — | % | 8 | % | (1 | )% | ||||||||||
SELECTED CASH FLOW INFORMATION | ||||||||||||||||||||
For the Three Months Ended | ||||||||||||||||||||
Mar 31, 2017 | Mar 31, 2016 | Dec 31, 2016 | ||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Capital expenditures, including acquisitions | $ | 17,807 | $ | 21,206 | $ | 56,624 | ||||||||||||||
Depreciation and Amortization: | ||||||||||||||||||||
Oilfield | ||||||||||||||||||||
Remotely Operated Vehicles | $ | 29,229 | $ | 33,684 | $ | 29,552 | ||||||||||||||
Subsea Products | 12,999 | 12,807 | 13,795 | |||||||||||||||||
Subsea Projects | 8,080 | 8,519 | 8,595 | |||||||||||||||||
Asset Integrity | 1,460 | 2,913 | 2,600 | |||||||||||||||||
Total Oilfield | 51,768 | 57,923 | 54,542 | |||||||||||||||||
Advanced Technologies | 797 | 734 | 791 | |||||||||||||||||
Unallocated Expenses | 1,098 | 1,124 | 954 | |||||||||||||||||
Total depreciation and amortization | $ | 53,663 | $ | 59,781 | $ | 56,287 | ||||||||||||||
RECONCILIATIONS OF NON-GAAP TO GAAP FINANCIAL INFORMATION | |||||||||||||||||||||||||||
(continued) | |||||||||||||||||||||||||||
Adjusted Net Income (Loss) and Diluted Earnings (Loss) per Share (EPS) | |||||||||||||||||||||||||||
For the Three Months Ended | |||||||||||||||||||||||||||
Mar 31, 2017 | Mar 31, 2016 | Dec 31, 2016 | |||||||||||||||||||||||||
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 | $ | (7,534 | ) | $ | (0.08 | ) | $ | 25,103 | $ | 0.26 | $ | (11,028 | ) | $ | (0.11 | ) | |||||||||||
Pre tax adjustments for the effects of: | |||||||||||||||||||||||||||
Restructuring expenses | — | — | 11,809 | ||||||||||||||||||||||||
Allowance for bad debts | — | — | 2,827 | ||||||||||||||||||||||||
Foreign currency (gains) losses | 2,153 | 5,884 | (1,689 | ) | |||||||||||||||||||||||
Total pre tax adjustments | 2,153 | 5,884 | 12,947 | ||||||||||||||||||||||||
Tax effect on pre tax adjustments at the 35% statutory rate | (754 | ) | (2,059 | ) | (4,531 | ) | |||||||||||||||||||||
Discrete tax items | 2,106 | — | — | ||||||||||||||||||||||||
Difference in tax provision on income before taxes in accordance with GAAP (exclusive of discrete items) | — | — | 5,193 | ||||||||||||||||||||||||
Total of adjustments | 3,505 | 3,825 | 13,609 | ||||||||||||||||||||||||
Adjusted amounts | $ | (4,029 | ) | $ | (0.04 | ) | $ | 28,928 | $ | 0.29 | $ | 2,581 | $ | 0.03 | |||||||||||||
Notes: | |||||||||||||||||||||||||||
The primary discrete tax item in the three months ended March, 31, 2017 relates to accounting for the book and tax amounts of share-based compensation expense. Effective January 1, 2017, the tax effects on this book and tax difference are recognized in our income statement as a discrete tax item. In the other periods presented above, these tax effects were reflected on our balance sheet as adjustments to additional paid-in capital. The additional income tax expense in the period ended March 31, 2017 related to this item was $2.9 million. | |||||||||||||||||||||||||||
For consistency in presentation, for the period ended December 31, 2016, the difference in tax provision on income before taxes, before discrete items, in accordance with GAAP is computed using our historical effective rate, before discrete items, of 31.3% before the period ended December 31, 2016. | |||||||||||||||||||||||||||
Weighted average number of diluted shares in each period presented is the same for each adjusting item as used in accordance with GAAP for that period, except for the three-month period ended December 31, 2016, where we used 98,542,000, instead of the GAAP shares of 98,064,000, as our share equivalents became dilutive based on the amount of adjusted net income. | |||||||||||||||||||||||||||
RECONCILIATIONS OF NON-GAAP TO GAAP FINANCIAL INFORMATION | |||||||||||||||||||||||||||
(continued) | |||||||||||||||||||||||||||
EBITDA and EBITDA Margins | |||||||||||||||||||||||||||
For the Three Months Ended | |||||||||||||||||||||||||||
Mar 31, 2017 | Mar 31, 2016 | Dec 31, 2016 | |||||||||||||||||||||||||
($ in thousands) | |||||||||||||||||||||||||||
Net Income (Loss) | $ | (7,534 | ) | $ | 25,103 | $ | (11,028 | ) | |||||||||||||||||||
Depreciation and Amortization | 53,663 | 59,781 | 56,287 | ||||||||||||||||||||||||
Subtotal | 46,129 | 84,884 | 45,259 | ||||||||||||||||||||||||
Interest Expense, net of Interest Income | 4,931 | 6,097 | 4,915 | ||||||||||||||||||||||||
Amortization included in Interest Expense | (283 | ) | (287 | ) | (285 | ) | |||||||||||||||||||||
Provision for Income Taxes (Benefit) | (1,083 | ) | 11,437 | 2,534 | |||||||||||||||||||||||
EBITDA | $ | 49,694 | $ | 102,131 | $ | 52,423 | |||||||||||||||||||||
Revenue | $ | 446,176 | $ | 608,344 | $ | 488,445 | |||||||||||||||||||||
EBITDA margin % | 11 | % | 17 | % | 11 | % | |||||||||||||||||||||
Free Cash Flow | |||||||||||||||
For the Three Months Ended | |||||||||||||||
Mar 31, 2017 | Mar 31, 2016 | ||||||||||||||
(in thousands) | |||||||||||||||
Net Income (Loss) | $ | (7,534 | ) | $ | 25,103 | ||||||||||
Depreciation and amortization | 53,663 | 59,781 | |||||||||||||
Other increases (decreases) in cash from operating activities | 12,876 | (32,246 | ) | ||||||||||||
Cash flow provided by operating activities | 59,005 | 52,638 | |||||||||||||
Purchases of property and equipment | (17,807 | ) | (21,206 | ) | |||||||||||
Free Cash Flow | $ | 41,198 | $ | 31,432 | |||||||||||
RECONCILIATIONS OF NON-GAAP TO GAAP FINANCIAL INFORMATION | ||||||||||||||||||||||||||||||
(continued) | ||||||||||||||||||||||||||||||
Adjusted Operating Income and Margins by Segment | ||||||||||||||||||||||||||||||
For the Three Months Ended March 31, 2017 | ||||||||||||||||||||||||||||||
Remotely Operated Vehicles | Subsea Products | Subsea Projects | Asset Integrity | Advanced Tech. | Unalloc. Expenses | Total | ||||||||||||||||||||||||
($ in thousands) | ||||||||||||||||||||||||||||||
Operating income (loss) as reported in accordance with GAAP | $ | 5,925 | $ | 11,483 | $ | 187 | $ | 2,267 | $ | 5,026 | $ | (25,038 | ) | $ | (150 | ) | ||||||||||||||
Adjusted amounts | $ | 5,925 | $ | 11,483 | $ | 187 | $ | 2,267 | $ | 5,026 | $ | (25,038 | ) | $ | (150 | ) | ||||||||||||||
Revenue | $ | 94,022 | $ | 150,639 | $ | 62,956 | $ | 52,658 | $ | 85,901 | $ | 446,176 | ||||||||||||||||||
Operating income (loss) % as reported in accordance with GAAP | 6 | % | 8 | % | — | % | 4 | % | 6 | % | — | % | ||||||||||||||||||
Operating income % using adjusted amounts | 6 | % | 8 | % | — | % | 4 | % | 6 | % | — | % | ||||||||||||||||||
For the Three Months Ended March 31, 2016 | ||||||||||||||||||||||||||||||
Remotely Operated Vehicles | Subsea Products | Subsea Projects | Asset Integrity | Advanced Tech. | Unalloc. Expenses | Total | ||||||||||||||||||||||||
($ in thousands) | ||||||||||||||||||||||||||||||
Operating income as reported in accordance with GAAP | $ | 26,987 | $ | 40,640 | $ | 6,789 | $ | 434 | $ | 593 | $ | (27,344 | ) | $ | 48,099 | |||||||||||||||
Adjusted amounts | $ | 26,987 | $ | 40,640 | $ | 6,789 | $ | 434 | $ | 593 | $ | (27,344 | ) | $ | 48,099 | |||||||||||||||
Revenue | $ | 147,621 | $ | 194,812 | $ | 129,422 | $ | 69,600 | $ | 66,889 | $ | 608,344 | ||||||||||||||||||
Operating income % as reported in accordance with GAAP | 18 | % | 21 | % | 5 | % | 1 | % | 1 | % | 8 | % | ||||||||||||||||||
Operating income % using adjusted amounts | 18 | % | 21 | % | 5 | % | 1 | % | 1 | % | 8 | % | ||||||||||||||||||
RECONCILIATIONS OF NON-GAAP TO GAAP FINANCIAL INFORMATION | ||||||||||||||||||||||||||||||
(continued) | ||||||||||||||||||||||||||||||
Adjusted Operating Income and Margins by Segment | ||||||||||||||||||||||||||||||
For the Three Months Ended December 31, 2016 | ||||||||||||||||||||||||||||||
Remotely Operated Vehicles | Subsea Products | Subsea Projects | Asset Integrity | Advanced Tech. | Unalloc. Expenses | Total | ||||||||||||||||||||||||
($ in thousands) | ||||||||||||||||||||||||||||||
Operating income (loss) as reported in accordance with GAAP | $ | 4,031 | $ | 4,068 | $ | 2,421 | $ | 3,197 | $ | 1,331 | $ | (18,907 | ) | $ | (3,859 | ) | ||||||||||||||
Adjustments for the effects of: | ||||||||||||||||||||||||||||||
Restructuring expenses | 3,786 | 3,730 | 2,054 | 1,388 | 532 | 319 | 11,809 | |||||||||||||||||||||||
Allowance for bad debts | 855 | 97 | 194 | 1,681 | — | — | 2,827 | |||||||||||||||||||||||
Total of adjustments | 4,641 | 3,827 | 2,248 | 3,069 | 532 | 319 | 14,636 | |||||||||||||||||||||||
Adjusted amounts | $ | 8,672 | $ | 7,895 | $ | 4,669 | $ | 6,266 | $ | 1,863 | $ | (18,588 | ) | $ | 10,777 | |||||||||||||||
Revenue | $ | 108,352 | $ | 149,052 | $ | 94,096 | $ | 59,938 | $ | 77,007 | $ | 488,445 | ||||||||||||||||||
Operating income (loss) % as reported in accordance with GAAP | 4 | % | 3 | % | 3 | % | 5 | % | 2 | % | (1 | )% | ||||||||||||||||||
Operating income % using adjusted amounts | 8 | % | 5 | % | 5 | % | 10 | % | 2 | % | 2 | % | ||||||||||||||||||
RECONCILIATIONS OF NON-GAAP TO GAAP FINANCIAL INFORMATION | ||||||||||||||||||||||||||||||
(continued) | ||||||||||||||||||||||||||||||
EBITDA and Adjusted EBITDA and Margins by Segment | ||||||||||||||||||||||||||||||
For the Three Months Ended March 31, 2017 | ||||||||||||||||||||||||||||||
Remotely Operated Vehicles | Subsea Products | Subsea Projects | Asset Integrity | Advanced Tech. | Unalloc. Expenses and other | Total | ||||||||||||||||||||||||
($ in thousands) | ||||||||||||||||||||||||||||||
Operating income (loss) as reported in accordance with GAAP | $ | 5,925 | $ | 11,483 | $ | 187 | $ | 2,267 | $ | 5,026 | $ | (25,038 | ) | $ | (150 | ) | ||||||||||||||
Adjustments for the effects of: | ||||||||||||||||||||||||||||||
Depreciation and amortization | 29,229 | 12,999 | 8,080 | 1,460 | 797 | 1,098 | 53,663 | |||||||||||||||||||||||
Other pre-tax | — | — | — | — | — | (3,819 | ) | (3,819 | ) | |||||||||||||||||||||
EBITDA | 35,154 | 24,482 | 8,267 | 3,727 | 5,823 | (27,759 | ) | 49,694 | ||||||||||||||||||||||
Adjustments for the effects of: | ||||||||||||||||||||||||||||||
Foreign currency (gains) losses | — | — | — | — | — | 2,153 | 2,153 | |||||||||||||||||||||||
Adjusted EBITDA | $ | 35,154 | $ | 24,482 | $ | 8,267 | $ | 3,727 | $ | 5,823 | $ | (25,606 | ) | $ | 51,847 | |||||||||||||||
Revenue | $ | 94,022 | $ | 150,639 | $ | 62,956 | $ | 52,658 | $ | 85,901 | $ | 446,176 | ||||||||||||||||||
Operating income (loss) % 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 | % | ||||||||||||||||||
For the Three Months Ended March 31, 2016 | ||||||||||||||||||||||||||||||
Remotely Operated Vehicles | Subsea Products | Subsea Projects | Asset Integrity | Advanced Tech. | Unalloc. Expenses and other | Total | ||||||||||||||||||||||||
($ in thousands) | ||||||||||||||||||||||||||||||
Operating income as reported in accordance with GAAP | $ | 26,987 | $ | 40,640 | $ | 6,789 | $ | 434 | $ | 593 | $ | (27,344 | ) | $ | 48,099 | |||||||||||||||
Adjustments for the effects of: | ||||||||||||||||||||||||||||||
Depreciation and amortization | 33,684 | 12,807 | 8,519 | 2,913 | 734 | 1,124 | 59,781 | |||||||||||||||||||||||
Other pre-tax | — | — | — | — | — | (5,749 | ) | (5,749 | ) | |||||||||||||||||||||
EBITDA | 60,671 | 53,447 | 15,308 | 3,347 | 1,327 | (31,969 | ) | 102,131 | ||||||||||||||||||||||
Adjustments for the effects of: | ||||||||||||||||||||||||||||||
Foreign currency (gains) losses | — | — | — | — | — | 5,884 | 5,884 | |||||||||||||||||||||||
Adjusted EBITDA | $ | 60,671 | $ | 53,447 | $ | 15,308 | $ | 3,347 | $ | 1,327 | $ | (26,085 | ) | $ | 108,015 | |||||||||||||||
Revenue | $ | 147,621 | $ | 194,812 | $ | 129,422 | $ | 69,600 | $ | 66,889 | $ | 608,344 | ||||||||||||||||||
Operating income % as reported in accordance with GAAP | 18 | % | 21 | % | 5 | % | 1 | % | 1 | % | 8 | % | ||||||||||||||||||
EBITDA Margin | 41 | % | 27 | % | 12 | % | 5 | % | 2 | % | 17 | % | ||||||||||||||||||
Adjusted EBITDA Margin | 41 | % | 27 | % | 12 | % | 5 | % | 2 | % | 18 | % |
RECONCILIATIONS OF NON-GAAP TO GAAP FINANCIAL INFORMATION | ||||||||||||||||||||||||||||||
(continued) | ||||||||||||||||||||||||||||||
EBITDA and Adjusted EBITDA and Margins by Segment | ||||||||||||||||||||||||||||||
For the Three Months Ended December 31, 2016 | ||||||||||||||||||||||||||||||
Remotely Operated Vehicles | Subsea Products | Subsea Projects | Asset Integrity | Advanced Tech. | Unalloc. Expenses and other | Total | ||||||||||||||||||||||||
($ in thousands) | ||||||||||||||||||||||||||||||
Operating income (loss) as reported in accordance with GAAP | $ | 4,031 | $ | 4,068 | $ | 2,421 | $ | 3,197 | $ | 1,331 | $ | (18,907 | ) | $ | (3,859 | ) | ||||||||||||||
Adjustments for the effects of: | ||||||||||||||||||||||||||||||
Depreciation and amortization | 29,552 | 13,795 | 8,595 | 2,600 | 791 | 954 | 56,287 | |||||||||||||||||||||||
Other pre-tax | — | — | — | — | — | (5 | ) | (5 | ) | |||||||||||||||||||||
EBITDA | 33,583 | 17,863 | 11,016 | 5,797 | 2,122 | (17,958 | ) | 52,423 | ||||||||||||||||||||||
Adjustments for the effects of: | ||||||||||||||||||||||||||||||
Restructuring expenses | 3,786 | 3,730 | 2,054 | 1,388 | 532 | 319 | 11,809 | |||||||||||||||||||||||
Allowance for bad debts | 855 | 97 | 194 | 1,681 | — | — | 2,827 | |||||||||||||||||||||||
Foreign currency (gains) losses | — | — | — | — | — | (1,689 | ) | (1,689 | ) | |||||||||||||||||||||
Total of adjustments | 4,641 | 3,827 | 2,248 | 3,069 | 532 | (1,370 | ) | 12,947 | ||||||||||||||||||||||
Adjusted EBITDA | $ | 38,224 | $ | 21,690 | $ | 13,264 | $ | 8,866 | $ | 2,654 | $ | (19,328 | ) | $ | 65,370 | |||||||||||||||
Revenue | $ | 108,352 | $ | 149,052 | $ | 94,096 | $ | 59,938 | $ | 77,007 | $ | 488,445 | ||||||||||||||||||
Operating income (loss) % as reported in accordance with GAAP | 4 | % | 3 | % | 3 | % | 5 | % | 2 | % | (1 | )% | ||||||||||||||||||
EBITDA Margin | 31 | % | 12 | % | 12 | % | 10 | % | 3 | % | 11 | % | ||||||||||||||||||
Adjusted EBITDA Margin | 35 | % | 15 | % | 14 | % | 15 | % | 3 | % | 13 | % | ||||||||||||||||||
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