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 29, 2019 | By: | /S/ WITLAND J. LEBLANC, JR. |
Witland J. LeBlanc, Jr. | |||
Vice President and Chief Accounting Officer |
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 | ) | ||||
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 | ||||||||||||||||||||||||||||
(continued) | ||||||||||||||||||||||||||||
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, $22.3 million of goodwill impairment is not deductible for tax purposes. | ||||||||||||||||||||||||||
RECONCILIATIONS OF NON-GAAP TO GAAP FINANCIAL INFORMATION | ||||||||||||||||||
(continued) | ||||||||||||||||||
EBITDA and EBITDA Margins | ||||||||||||||||||
For the Three Months Ended | ||||||||||||||||||
Mar 31, 2019 | Mar 31, 2018 | Dec 31, 2018 | ||||||||||||||||
($ 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 | ) |
RECONCILIATIONS OF NON-GAAP TO GAAP FINANCIAL INFORMATION | ||||||||||||||||||||||||||||||
(continued) | ||||||||||||||||||||||||||||||
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 | )% | ||||||||||||||||||
RECONCILIATIONS OF NON-GAAP TO GAAP FINANCIAL INFORMATION | ||||||||||||||||||||||||||||||
(continued) | ||||||||||||||||||||||||||||||
Adjusted Operating Income (Loss) and Margins by Segment | ||||||||||||||||||||||||||||||
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 | )% | ||||||||||||||||||
RECONCILIATIONS OF NON-GAAP TO GAAP FINANCIAL INFORMATION | ||||||||||||||||||||||||||||||
(continued) | ||||||||||||||||||||||||||||||
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 | % |
RECONCILIATIONS OF NON-GAAP TO GAAP FINANCIAL INFORMATION | ||||||||||||||||||||||||||||||
(continued) | ||||||||||||||||||||||||||||||
EBITDA and Adjusted EBITDA and Margins by Segment | ||||||||||||||||||||||||||||||
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 | % | ||||||||||||||||||
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end