HOUSTON, Oct. 28, 2020
/PRNewswire/ -- Oceaneering International, Inc.
("Oceaneering") (NYSE:OII) today reported a net loss of
$79.4 million, or $(0.80) per
share, on revenue of $440
million for the three months ended September 30,
2020. Adjusted net loss was $17.6
million, or $(0.18) per share,
reflecting the impact of $68.7 of pre-tax adjustments
associated with goodwill impairment, write-offs of fixed assets,
inventory write-downs, restructuring expenses, and foreign exchange
losses recognized during the quarter and $6.3 million of discrete tax adjustments.
During the prior quarter ended June 30, 2020, Oceaneering
reported a net loss of $24.8 million,
or $(0.25) per share, on revenue of
$427 million. Adjusted net loss
was $14.2 million, or $(0.14) per share, reflecting the impact of
$9.6 million of pre-tax
adjustments associated with restructuring expenses and foreign
exchange losses recognized during the quarter and $3.3 million of discrete tax adjustments.
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 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,
2020 Adjusted 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
|
|
Nine Months
Ended
|
|
|
Sep 30,
|
|
Jun 30,
|
|
Sep 30,
|
|
|
|
|
|
|
|
|
|
2020
|
|
2019
|
|
2020
|
|
2020
|
|
2019
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
|
439,743
|
|
|
$
|
497,647
|
|
|
$
|
427,216
|
|
|
$
|
1,403,627
|
|
|
$
|
1,487,314
|
|
Gross
Margin
|
|
29,651
|
|
|
49,061
|
|
|
42,537
|
|
|
118,940
|
|
|
118,631
|
|
Income (Loss) from
Operations
|
|
(60,620)
|
|
|
(5,194)
|
|
|
(5,182)
|
|
|
(446,559)
|
|
|
(36,543)
|
|
Net Income
(Loss)
|
|
(79,365)
|
|
|
(25,523)
|
|
|
(24,788)
|
|
|
(471,751)
|
|
|
(85,532)
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted Earnings
(Loss) Per Share
|
|
$
|
(0.80)
|
|
|
$
|
(0.26)
|
|
|
$
|
(0.25)
|
|
|
$
|
(4.76)
|
|
|
$
|
(0.87)
|
|
|
|
|
|
|
Roderick A. Larson, President and
Chief Executive Officer of Oceaneering, stated, "In September, we
announced a realignment of our operating segments, and this is our
first quarter to announce earnings under this new structure.
The primary reason for adopting the new operating segments was to
better leverage common synergies, thereby enabling productivity in
how work is performed. We are seeing the results of these
changes in our consolidated third quarter 2020 results.
Despite continuing energy and entertainment market headwinds, we
generated positive free cash flow, and both adjusted EBITDA and
adjusted operating income improved as compared to the second
quarter 2020. Overall, we were encouraged by the performance
of our energy businesses and the stable contribution from our
Aerospace and Defense Technologies (ADTech) segment.
"On a consolidated basis, we generated adjusted EBITDA of
$45.1 million, exceeding the
consensus estimate. Our consolidated adjusted operating income for
the third quarter 2020 improved as efficiency gains from our
cost-out efforts are meaningfully enhancing our bottom-line
results. Sequentially, the adjusted operating results for each of
our segments, except Subsea Robotics (SSR), improved as compared to
the second quarter 2020. Each operating segment reported
positive adjusted operating income and adjusted EBITDA. Our
cash position of $359 million at
September 30, 2020 increased by
$25.3 million from June 30, 2020, as we generated $19.0 million of free cash flow, largely driven
by positive contributions from operations and working capital, and
ongoing capital conservation.
"Operationally, for the third quarter 2020, our SSR adjusted
operating income decreased on flat revenue, primarily due to lower
contributions from our tooling and survey businesses. Due to
this lower contribution, SSR adjusted EBITDA margins declined
slightly to 31% in the third quarter 2020 as compared to 32% in the
second quarter 2020.
"Our third quarter 2020 remotely operated vehicle (ROV)
performance was comparable with the second quarter 2020. As
of September 30, 2020, our ROV fleet
count was 250 systems, the same as June 30,
2020. Our fleet utilization during the third quarter 2020
was 59%, the same as the prior quarter. Sequentially, ROV
days on hire were flat as well. Average ROV revenue per day
on hire was marginally lower, declining 1% sequentially, primarily
due to changes in geographic mix.
"Our ROV fleet use during the quarter was 56% in drill support
and 44% in vessel-based activity. The decline in the number
of working floating drilling rigs from the second quarter 2020 to
third quarter 2020 led to fewer days on hire for our drill support
services, which were offset by an increase in days on hire for
vessel-based services. As of September
30, 2020, we had ROV contracts on 76 of the 133 floating
rigs under contract, or 57%. As of June 30, 2020, we had ROV contracts on 86 of the
139 floating rigs under contract, or 62%. Subject to
quarterly variances, we continue to expect our drill support market
share to generally remain in the 60% range.
"Manufactured Products (MP) adjusted operating income during the
third quarter 2020 was up slightly as compared to the second
quarter 2020, on a 10% increase in revenue. Much of the
revenue increase was attributable to percentage-of-completion
revenue recognition on certain lower margin project components in
our umbilical manufacturing business. During the third
quarter, COVID-19 had limited impact on our energy manufacturing
business, but continued to adversely affect manufacturing timing in
our non-energy entertainment business.
"Overall, for year-to-date 2020, reduced order intake in our
energy-related manufacturing business is primarily attributable to
the significant decrease in final investment decisions undertaken
by our oil and gas customers, due to low oil demand and
pricing. Our MP backlog as of September 30, 2020 was $318 million, compared to our recast June 30, 2020 backlog of $380 million. Our book-to-bill ratio, year to
date, was 0.4 and for the past twelve months was 0.5.
"Sequentially, Offshore Projects Group (OPG) third quarter
adjusted operating results improved on flat revenue. Call-out
work during the third quarter was relatively consistent with the
second quarter 2020, with the improved operating results benefiting
from the cost-outs and operating synergies implemented in
connection with our new operating model. The impacts of
COVID-19 continue to delay the Angola light well intervention project, but we
are optimistic that this work will begin to move forward either
late in the fourth quarter 2020 or early in the first quarter
2021. Integrity Management and Digital Solutions (IMDS)
adjusted operating results were higher sequentially on flat revenue
and improved execution.
"Our government-focused business, ADTech, reported slightly
higher sequential adjusted operating income for the third quarter
2020 on slightly higher revenues. ADTech represented
approximately 19% of our consolidated revenues during the third
quarter of 2020 and we appreciate the relative stability of this
business, considering the challenges we currently face in our
energy businesses. Unallocated Expenses for the third quarter
2020 declined sequentially, due primarily to lower accruals for
incentive-based compensation.
"Looking forward, we believe our fourth quarter 2020 results
will decline sequentially with the onset of lower seasonal offshore
activity and customer budget exhaustion negatively affecting our
energy businesses. Sequentially, we are projecting lower
operating results in each of our segments, except Manufactured
Products, which is expected to recognize higher revenue and
operating income as a result of percentage-of-completion revenue
and operating income recognition on certain projects.
Unallocated Expenses are expected to approximate $30 million.
"For the full year of 2020, we expect to generate adjusted
EBITDA in the range of $165 million
to $175 million. We are
narrowing our guidance range for capital expenditures to
$50 million to $60 million. We affirm guidance for cash
tax payments in the range of $30
million to $35 million, and
our expectation of CARES Act and other tax refunds in the range of
$16 million to $34 million. We continue to expect to
generate positive free cash flow for the full year of 2020 and
expect the fourth quarter of 2020 to benefit from positive working
capital changes and the tax refunds mentioned above.
"We announced a plan at the end of the first quarter 2020 to
reduce annualized expenses in the range of $125 million to $160
million by the end of 2020, inclusive of $35 million to $40
million of reduced depreciation expense. We estimate
that, since launching this plan, approximately $100 million of annualized cost reductions have
been initiated, exclusive of depreciation, with additional savings
expected to be achieved through the fourth quarter of 2020.
We continue to estimate the cash costs associated with these
actions to approximate $15 million in
2020.
"We anticipate the oil sector will face continuing headwinds in
2021, due to uncertainties around demand recovery and the resulting
softness in energy commodity prices. Despite this backdrop,
we currently expect our consolidated activity levels and EBITDA
performance in 2021 will closely resemble 2020. We also
expect to generate significant free cash flow in 2021, which will
also benefit from working capital release associated with final
project milestone payments in our Manufactured Products
segment. We will continue to review our forecast as we
develop a definitive operating plan for 2021 and will update our
expectations during the year-end reporting process.
"Preserving and improving our liquidity and balance sheet remain
high priorities. The firm capital discipline policy we adopted in
2020 is showing tangible results which we expect will provide
meaningful free cash flow in the future."
This release contains "forward-looking statements" as defined
in the Private Securities Litigation Reform Act of 1995, including,
without limitation, statements as to the expectations, beliefs,
future expected business and financial performance and prospects of
Oceaneering. More specifically, the forward-looking
statements in this press release include the statements concerning
Oceaneering's: estimated timing of commencement of the Angola light well intervention project;
estimated future drill support market share; fourth quarter 2020
and full year 2020 segment operating results; forecasted fourth
quarter Unallocated Expenses and annual guidance ranges for
adjusted EBITDA, capital expenditures, cash tax payments, and CARES
Act tax refunds; belief in generating positive free cash flow
during 2020 with the fourth quarter benefiting from CARES Act tax
refunds and positive working capital changes; estimate of
annualized cost reductions initiated, expected additional savings
to be achieved through the fourth quarter of 2020, and estimated
cash costs associated with its 2020 plan to reduce annualized
expenses; anticipated oil sector outlook; expected 2021
consolidated activity levels, EBITDA, and free cash flow; continued
review and update of its forecast; and expectation of future free
cash flow.
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; actions by members of OPEC and other oil
exporting countries; decisions about offshore developments to be
made by oil and gas exploration, development and production
companies; the use of subsea completions and our ability to capture
associated market share; general economic and business conditions
and industry trends; the strength of the industry segments in which
we are involved; the continuing effects of the COVID-19 pandemic
and the governmental, customer, supplier, and other responses
thereto; 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 subsequent quarterly reports on Form 10Q filed with the
Securities and Exchange Commission. You should not place undue
reliance on forward-looking statements. Except to the extent
required by applicable law, Oceaneering undertakes no obligation to
update or revise any forward-looking statement.
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, aerospace, and entertainment 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
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
OCEANEERING
INTERNATIONAL, INC. AND SUBSIDIARIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sep 30,
2020
|
|
Dec 31,
2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in
thousands)
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current assets
(including cash and cash equivalents of $358,777 and
$373,655)
|
|
|
|
|
|
$
|
1,125,820
|
|
|
$
|
1,244,436
|
|
|
Net property and
equipment
|
|
|
|
|
|
|
609,426
|
|
|
776,532
|
|
|
Other
assets
|
|
|
|
|
|
|
|
|
|
302,454
|
|
|
719,695
|
|
|
|
|
Total
Assets
|
|
|
|
|
|
$
|
2,037,700
|
|
|
$
|
2,740,663
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
|
|
|
|
$
|
431,175
|
|
|
$
|
600,956
|
|
|
Long-term
debt
|
|
|
|
|
|
|
|
|
|
805,631
|
|
|
796,516
|
|
|
Other long-term
liabilities
|
|
|
|
|
|
241,475
|
|
|
267,782
|
|
|
Equity
|
|
|
|
|
|
|
|
|
|
559,419
|
|
|
1,075,409
|
|
|
|
|
Total Liabilities and
Equity
|
|
|
|
|
|
$
|
2,037,700
|
|
|
$
|
2,740,663
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months
Ended
|
|
For the Nine Months
Ended
|
|
|
|
|
|
|
|
|
|
Sep 30,
2020
|
|
Sep 30,
2019
|
|
Jun 30,
2020
|
|
Sep 30,
2020
|
|
Sep 30,
2019
|
|
|
|
|
|
|
|
|
|
(in thousands,
except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
|
|
|
$
|
439,743
|
|
|
$
|
497,647
|
|
|
$
|
427,216
|
|
|
$
|
1,403,627
|
|
|
$
|
1,487,314
|
|
|
Cost of services and
products
|
|
410,092
|
|
|
448,586
|
|
|
384,679
|
|
|
1,284,687
|
|
|
1,368,683
|
|
|
|
Gross
margin
|
|
29,651
|
|
|
49,061
|
|
|
42,537
|
|
|
118,940
|
|
|
118,631
|
|
|
Selling, general and
administrative expense
|
|
49,396
|
|
|
54,255
|
|
|
47,719
|
|
|
152,856
|
|
|
155,174
|
|
|
Long-lived assets
impairments
|
|
—
|
|
|
—
|
|
|
—
|
|
|
68,763
|
|
|
—
|
|
|
Goodwill
impairment
|
|
40,875
|
|
|
—
|
|
|
—
|
|
|
343,880
|
|
|
—
|
|
|
|
Income (loss) from
operations
|
|
|
|
(60,620)
|
|
|
(5,194)
|
|
|
(5,182)
|
|
|
(446,559)
|
|
|
(36,543)
|
|
|
Interest
income
|
|
|
|
|
|
414
|
|
|
2,089
|
|
|
511
|
|
|
2,202
|
|
|
6,541
|
|
|
Interest expense, net
of amounts capitalized
|
|
(9,250)
|
|
|
(11,382)
|
|
|
(11,611)
|
|
|
(33,323)
|
|
|
(31,005)
|
|
|
Equity in income
(losses) of unconsolidated affiliates
|
|
131
|
|
|
554
|
|
|
674
|
|
|
2,002
|
|
|
390
|
|
|
Other income
(expense), net
|
|
(2,836)
|
|
|
(3,660)
|
|
|
(3,660)
|
|
|
(13,624)
|
|
|
(2,934)
|
|
|
|
Income (loss) before
income taxes
|
|
(72,161)
|
|
|
(17,593)
|
|
|
(19,268)
|
|
|
(489,302)
|
|
|
(63,551)
|
|
|
Provision (benefit)
for income taxes
|
|
7,204
|
|
|
7,930
|
|
|
5,520
|
|
|
(17,551)
|
|
|
21,981
|
|
|
|
Net Income
(Loss)
|
|
$
|
(79,365)
|
|
|
$
|
(25,523)
|
|
|
$
|
(24,788)
|
|
|
$
|
(471,751)
|
|
|
$
|
(85,532)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
diluted shares outstanding
|
|
99,297
|
|
|
98,930
|
|
|
99,273
|
|
|
99,209
|
|
|
98,858
|
|
Diluted earnings
(loss) per share
|
|
$
|
(0.80)
|
|
|
$
|
(0.26)
|
|
|
$
|
(0.25)
|
|
|
$
|
(4.76)
|
|
|
$
|
(0.87)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 Nine Months
Ended
|
|
|
|
|
Sep 30,
2020
|
|
Sep 30, 2019
*
|
|
Jun 30, 2020
*
|
|
Sep 30,
2020
|
|
Sep 30, 2019
*
|
|
|
|
($ in
thousands)
|
Subsea
Robotics
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
|
119,617
|
|
|
$
|
151,492
|
|
|
$
|
119,234
|
|
|
$
|
378,621
|
|
|
$
|
432,548
|
|
|
Gross
margin
|
|
$
|
13,378
|
|
|
$
|
26,783
|
|
|
$
|
21,324
|
|
|
$
|
54,175
|
|
|
$
|
65,829
|
|
Operating income
(loss)
|
|
$
|
2,127
|
|
|
$
|
15,457
|
|
|
$
|
11,662
|
|
|
$
|
(80,294)
|
|
|
$
|
33,277
|
|
Operating income
(loss) %
|
|
2
|
%
|
|
10
|
%
|
|
10
|
%
|
|
(21)
|
%
|
|
8
|
%
|
|
ROV Days
available
|
|
23,000
|
|
|
25,392
|
|
|
22,750
|
|
|
68,500
|
|
|
74,904
|
|
|
ROV Days
utilized
|
|
13,601
|
|
|
15,146
|
|
|
13,501
|
|
|
41,955
|
|
|
43,511
|
|
|
ROV
Utilization
|
|
59
|
%
|
|
60
|
%
|
|
59
|
%
|
|
61
|
%
|
|
58
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Manufactured
Products
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
|
110,416
|
|
|
$
|
114,487
|
|
|
$
|
100,570
|
|
|
$
|
377,520
|
|
|
$
|
334,488
|
|
|
Gross
margin
|
|
$
|
11,242
|
|
|
$
|
9,145
|
|
|
$
|
13,679
|
|
|
$
|
42,870
|
|
|
$
|
32,076
|
|
Operating income
(loss)
|
|
$
|
(38,198)
|
|
|
$
|
(2,158)
|
|
|
$
|
3,865
|
|
|
$
|
(100,471)
|
|
|
$
|
1,070
|
|
Operating income
(loss) %
|
|
(35)
|
%
|
|
(2)
|
%
|
|
4
|
%
|
|
(27)
|
%
|
|
—
|
%
|
Backlog at end of
period
|
|
$
|
318,000
|
|
|
$
|
582,000
|
|
|
$
|
380,000
|
|
|
$
|
318,000
|
|
|
$
|
582,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Offshore Projects
Group
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
|
73,212
|
|
|
$
|
89,115
|
|
|
$
|
73,840
|
|
|
$
|
221,306
|
|
|
$
|
289,193
|
|
|
Gross
margin
|
|
$
|
(1,633)
|
|
|
$
|
8,337
|
|
|
$
|
3,170
|
|
|
$
|
3,632
|
|
|
$
|
20,163
|
|
Operating income
(loss)
|
|
$
|
(12,282)
|
|
|
$
|
(34)
|
|
|
$
|
(4,135)
|
|
|
$
|
(95,740)
|
|
|
$
|
(2,792)
|
|
Operating income
(loss) %
|
|
(17)
|
%
|
|
—
|
%
|
|
(6)
|
%
|
|
(43)
|
%
|
|
(1)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Integrity Management
& Digital Solutions
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
|
53,933
|
|
|
$
|
65,332
|
|
|
$
|
53,969
|
|
|
$
|
172,631
|
|
|
$
|
198,057
|
|
|
Gross
margin
|
|
$
|
7,129
|
|
|
$
|
6,612
|
|
|
$
|
5,455
|
|
|
$
|
22,376
|
|
|
$
|
21,494
|
|
Operating income
(loss)
|
|
$
|
793
|
|
|
$
|
(1,721)
|
|
|
$
|
(1,825)
|
|
|
$
|
(122,567)
|
|
|
$
|
(3,669)
|
|
Operating income
(loss) %
|
|
1
|
%
|
|
(3)
|
%
|
|
(3)
|
%
|
|
(71)
|
%
|
|
(2)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aerospace and Defense
Technologies
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
|
82,565
|
|
|
$
|
77,221
|
|
|
$
|
79,603
|
|
|
$
|
253,549
|
|
|
$
|
233,028
|
|
|
Gross
margin
|
|
$
|
16,668
|
|
|
$
|
15,960
|
|
|
$
|
17,313
|
|
|
$
|
51,466
|
|
|
$
|
43,234
|
|
Operating income
(loss)
|
|
$
|
13,097
|
|
|
$
|
11,709
|
|
|
$
|
13,430
|
|
|
$
|
39,498
|
|
|
$
|
30,214
|
|
Operating income
(loss) %
|
|
16
|
%
|
|
15
|
%
|
|
17
|
%
|
|
16
|
%
|
|
13
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Unallocated
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
margin
|
|
$
|
(17,133)
|
|
|
$
|
(17,776)
|
|
|
$
|
(18,404)
|
|
|
$
|
(55,579)
|
|
|
$
|
(64,165)
|
|
Operating income
(loss)
|
|
$
|
(26,157)
|
|
|
$
|
(28,447)
|
|
|
$
|
(28,179)
|
|
|
$
|
(86,985)
|
|
|
$
|
(94,643)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
|
439,743
|
|
|
$
|
497,647
|
|
|
$
|
427,216
|
|
|
$
|
1,403,627
|
|
|
$
|
1,487,314
|
|
|
Gross
margin
|
|
$
|
29,651
|
|
|
$
|
49,061
|
|
|
$
|
42,537
|
|
|
$
|
118,940
|
|
|
$
|
118,631
|
|
Operating income
(loss)
|
|
$
|
(60,620)
|
|
|
$
|
(5,194)
|
|
|
$
|
(5,182)
|
|
|
$
|
(446,559)
|
|
|
$
|
(36,543)
|
|
Operating income
(loss) %
|
|
(14)
|
%
|
|
(1)
|
%
|
|
(1)
|
%
|
|
(32)
|
%
|
|
(2)
|
%
|
|
The above Segment
Information does not include adjustments for non-recurring
transactions. See the tables in our Reconciliations of
Non-GAAP to GAAP Financial Information section for financial
measures that management considers representative of our ongoing
operations.
|
|
* Recast to reflect
segment changes.
|
SELECTED CASH FLOW
INFORMATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months
Ended
|
|
For the Nine Months
Ended
|
|
|
|
|
|
|
Sep 30,
2020
|
|
Sep 30,
2019
|
|
Jun 30,
2020
|
|
Sep 30,
2020
|
|
Sep 30,
2019
|
|
|
|
|
|
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital Expenditures,
including Acquisitions
|
|
|
$
|
7,980
|
|
|
$
|
57,985
|
|
|
$
|
10,631
|
|
|
$
|
45,840
|
|
|
128,847
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months
Ended
|
|
For the Nine Months
Ended
|
|
|
|
|
|
|
Sep 30,
2020
|
|
Sep 30, 2019
*
|
|
Jun 30, 2020
*
|
|
Sep 30,
2020
|
|
Sep 30,
2019
|
|
|
|
|
|
|
(in
thousands)
|
Depreciation and
amortization:
|
|
|
|
|
|
|
|
|
|
|
|
Energy Services and
Products
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsea
Robotics
|
|
|
$
|
25,144
|
|
|
$
|
31,090
|
|
|
$
|
25,080
|
|
|
$
|
189,411
|
|
|
$
|
95,917
|
|
|
Manufactured
Products
|
|
|
44,028
|
|
|
4,920
|
|
|
3,587
|
|
|
63,579
|
|
|
14,953
|
|
|
Offshore Projects
Group
|
|
|
15,147
|
|
|
10,610
|
|
|
8,255
|
|
|
98,309
|
|
|
30,758
|
|
|
Integrity Management
& Digital Solutions
|
|
|
866
|
|
|
2,087
|
|
|
757
|
|
|
125,966
|
|
|
6,170
|
|
Total Energy Services
and Products
|
|
|
85,185
|
|
|
48,707
|
|
|
37,679
|
|
|
477,265
|
|
|
147,798
|
|
Aerospace and Defense
Technologies
|
|
|
654
|
|
|
640
|
|
|
658
|
|
|
1,999
|
|
|
1,998
|
|
Unallocated
Expenses
|
|
|
1,712
|
|
|
1,220
|
|
|
361
|
|
|
3,181
|
|
|
3,561
|
|
Total
Depreciation and Amortization
|
|
|
$
|
87,551
|
|
|
$
|
50,567
|
|
|
$
|
38,698
|
|
|
$
|
482,445
|
|
|
$
|
153,357
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In the three and nine
months ended September 30, 2020, goodwill and long-lived asset
impairment expense, reflected in the depreciation and amortization
expense above, was $48 million and $358 million,
respectively.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Recast to reflect
segment changes.
|
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, 2020 Adjusted 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.
RECONCILIATIONS OF
NON-GAAP TO GAAP FINANCIAL INFORMATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Net
Income (Loss) and Diluted Earnings (Loss) per Share
(EPS)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months
Ended
|
|
|
|
|
|
Sep 30,
2020
|
Sep 30,
2019
|
Jun 30,
2020
|
|
|
|
|
|
Net Income
(Loss)
|
|
Diluted
EPS
|
|
Net Income
(Loss)
|
|
Diluted
EPS
|
|
Net Income
(Loss)
|
|
Diluted
EPS
|
|
|
|
|
|
(in thousands,
except per share amounts)
|
|
|
|
|
|
|
|
Net income (loss) and
diluted EPS as reported in accordance with GAAP
|
|
$
|
(79,365)
|
|
|
$
|
(0.80)
|
|
|
$
|
(25,523)
|
|
|
$
|
(0.26)
|
|
|
$
|
(24,788)
|
|
|
$
|
(0.25)
|
|
Pre-tax adjustments
for the effects of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-lived assets
write-offs
|
|
7,243
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
Inventory
write-downs
|
|
7,038
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
Goodwill
impairment
|
|
40,875
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
Restructuring
expenses and other
|
|
11,048
|
|
|
|
|
—
|
|
|
|
|
5,708
|
|
|
|
|
Foreign currency
(gains) losses
|
|
2,462
|
|
|
|
|
3,516
|
|
|
|
|
3,908
|
|
|
|
Total pre-tax
adjustments
|
|
68,666
|
|
|
|
|
3,516
|
|
|
|
|
9,616
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax effect on pre-tax
adjustments at the applicable jurisdictional statutory rate in
effect for respective periods
|
|
(13,211)
|
|
|
|
|
(738)
|
|
|
|
|
(2,331)
|
|
|
|
Discrete tax
items:
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based compensation
|
|
16
|
|
|
|
|
—
|
|
|
|
|
16
|
|
|
|
Uncertain tax positions
|
|
(55)
|
|
|
|
|
(520)
|
|
|
|
|
735
|
|
|
|
U.S. CARES Act
|
|
—
|
|
|
|
|
—
|
|
|
|
|
1,159
|
|
|
|
Tax reform
|
|
—
|
|
|
|
|
(8,492)
|
|
|
|
|
—
|
|
|
|
Valuation allowances
|
|
6,599
|
|
|
|
|
(32)
|
|
|
|
|
3,245
|
|
|
|
Other
|
|
(278)
|
|
|
|
|
2,079
|
|
|
|
|
(1,887)
|
|
|
|
|
Total discrete tax
adjustments
|
|
6,282
|
|
|
|
|
(6,965)
|
|
|
|
|
3,268
|
|
|
|
|
Total of
adjustments
|
|
61,737
|
|
|
|
|
(4,187)
|
|
|
|
|
10,553
|
|
|
|
Adjusted Net Income
(Loss)
|
|
$
|
(17,628)
|
|
|
$
|
(0.18)
|
|
|
$
|
(29,710)
|
|
|
$
|
(0.30)
|
|
|
$
|
(14,235)
|
|
|
$
|
(0.14)
|
|
Weighted average
diluted shares outstanding utilized for Adjusted Net Income
(Loss)
|
|
|
|
99,297
|
|
|
|
|
98,930
|
|
|
|
|
99,273
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Net
Income (Loss) and Diluted Earnings (Loss) per Share
(EPS)
|
|
|
|
|
|
|
|
|
|
|
For the Nine Months
Ended
|
|
|
|
|
|
|
Sep 30,
2020
|
Sep 30,
2019
|
|
|
|
|
|
|
|
|
|
Net Income
(Loss)
|
|
Diluted
EPS
|
|
Net Income
(Loss)
|
|
Diluted
EPS
|
|
|
|
|
|
|
|
|
|
(in thousands,
except per share amounts)
|
|
|
|
|
|
|
|
Net income (loss) and
diluted EPS as reported in accordance with GAAP
|
|
|
|
|
|
$
|
(471,751)
|
|
|
$
|
(4.76)
|
|
|
$
|
(85,532)
|
|
|
$
|
(0.87)
|
|
Pre-tax adjustments
for the effects of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-lived assets
impairments
|
|
|
|
|
|
68,763
|
|
|
|
|
—
|
|
|
|
|
Long-lived assets
write-offs
|
|
|
|
|
|
14,571
|
|
|
|
|
—
|
|
|
|
|
Inventory
write-downs
|
|
|
|
|
|
7,038
|
|
|
|
|
—
|
|
|
|
|
Goodwill
impairment
|
|
|
|
|
|
343,880
|
|
|
|
|
—
|
|
|
|
|
Restructuring
expenses and other
|
|
|
|
|
|
23,386
|
|
|
|
|
—
|
|
|
|
|
Foreign currency
(gains) losses
|
|
|
|
|
|
13,420
|
|
|
|
|
2,843
|
|
|
|
Total pre-tax
adjustments
|
|
|
|
|
|
471,058
|
|
|
|
|
2,843
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax effect on pre-tax
adjustments at the applicable jurisdictional statutory rate in
effect for respective periods
|
|
|
|
|
|
(60,897)
|
|
|
|
|
(597)
|
|
|
|
Discrete tax
items:
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based compensation
|
|
|
|
|
|
1,019
|
|
|
|
|
987
|
|
|
|
Uncertain tax positions
|
|
|
|
|
|
(8,972)
|
|
|
|
|
1,770
|
|
|
|
U.S. CARES Act
|
|
|
|
|
|
(32,625)
|
|
|
|
|
—
|
|
|
|
Tax reform
|
|
|
|
|
|
—
|
|
|
|
|
(8,492)
|
|
|
|
Valuation allowances
|
|
|
|
|
|
75,052
|
|
|
|
|
1,507
|
|
|
|
Other
|
|
|
|
|
|
(1,215)
|
|
|
|
|
2,374
|
|
|
|
|
Total discrete tax
adjustments
|
|
|
|
|
|
33,259
|
|
|
|
|
(1,854)
|
|
|
|
|
Total of
adjustments
|
|
|
|
|
|
443,420
|
|
|
|
|
392
|
|
|
|
Adjusted Net Income
(Loss)
|
|
|
|
|
|
$
|
(28,331)
|
|
|
$
|
(0.29)
|
|
|
$
|
(85,140)
|
|
|
$
|
(0.86)
|
|
Weighted average
diluted shares outstanding utilized for Adjusted Net Income
(Loss)
|
|
|
|
|
|
|
|
99,209
|
|
|
|
|
98,858
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RECONCILIATIONS OF
NON-GAAP TO GAAP FINANCIAL INFORMATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA and
Adjusted EBITDA and Margins
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months
Ended
|
|
For the Nine Months
Ended
|
|
|
|
|
|
Sep 30,
2020
|
|
Sep 30,
2019
|
|
Jun 30,
2020
|
|
Sep 30,
2020
|
|
Sep 30,
2019
|
|
|
|
|
|
($ in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
|
$
|
(79,365)
|
|
|
$
|
(25,523)
|
|
|
$
|
(24,788)
|
|
|
$
|
(471,751)
|
|
|
$
|
(85,532)
|
|
Depreciation and
amortization
|
|
|
87,551
|
|
|
50,567
|
|
|
38,698
|
|
|
482,445
|
|
|
153,357
|
|
|
Subtotal
|
|
|
8,186
|
|
|
25,044
|
|
|
13,910
|
|
|
10,694
|
|
|
67,825
|
|
Interest expense, net
of interest income
|
|
8,836
|
|
|
9,293
|
|
|
11,100
|
|
|
31,121
|
|
|
24,464
|
|
Amortization included
in interest expense
|
|
317
|
|
|
(335)
|
|
|
333
|
|
|
317
|
|
|
(1,010)
|
|
Provision (benefit)
for income taxes
|
|
|
7,204
|
|
|
7,930
|
|
|
5,520
|
|
|
(17,551)
|
|
|
21,981
|
|
|
EBITDA
|
|
|
24,543
|
|
|
41,932
|
|
|
30,863
|
|
|
24,581
|
|
|
113,260
|
|
Adjustments for the
effects of:
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-lived assets
impairments
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
68,763
|
|
|
—
|
|
|
Inventory
write-downs
|
|
|
7,038
|
|
|
—
|
|
|
—
|
|
|
7,038
|
|
|
—
|
|
|
Restructuring
expenses and other
|
|
|
11,048
|
|
|
—
|
|
|
5,708
|
|
|
23,386
|
|
|
—
|
|
|
Foreign currency
(gains) losses
|
|
|
2,462
|
|
|
3,516
|
|
|
3,908
|
|
|
13,420
|
|
|
2,843
|
|
|
|
Total of
adjustments
|
|
|
20,548
|
|
|
3,516
|
|
|
9,616
|
|
|
112,607
|
|
|
2,843
|
|
|
Adjusted
EBITDA
|
|
|
$
|
45,091
|
|
|
$
|
45,448
|
|
|
$
|
40,479
|
|
|
$
|
137,188
|
|
|
$
|
116,103
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
$
|
439,743
|
|
|
$
|
497,647
|
|
|
$
|
427,216
|
|
|
$
|
1,403,627
|
|
|
$
|
1,487,314
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA margin
%
|
|
|
6
|
%
|
|
8
|
%
|
|
7
|
%
|
|
2
|
%
|
|
8
|
%
|
Adjusted EBITDA
margin %
|
|
|
10
|
%
|
|
9
|
%
|
|
9
|
%
|
|
10
|
%
|
|
8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Free Cash
Flow
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months
Ended
|
|
For the Nine Months
Ended
|
|
|
|
Sep 30,
2020
|
|
Sep 30,
2019
|
|
Jun 30,
2020
|
|
Sep 30,
2020
|
|
Sep 30,
2019
|
|
|
|
(in
thousands)
|
Net Income
(loss)
|
|
$
|
(79,365)
|
|
|
$
|
(25,523)
|
|
|
$
|
(24,788)
|
|
|
$
|
(471,751)
|
|
|
$
|
(85,532)
|
|
Non-cash
adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization, including goodwill impairment
|
|
87,551
|
|
|
50,567
|
|
|
38,698
|
|
|
482,445
|
|
|
153,357
|
|
|
Other
non-cash
|
|
9,423
|
|
|
(5,461)
|
|
|
41
|
|
|
73,601
|
|
|
(4,904)
|
|
Other increases
(decreases) in cash from operating activities
|
|
9,386
|
|
|
19,875
|
|
|
23,567
|
|
|
(51,932)
|
|
|
49,246
|
|
Cash flow provided by
(used in) operating activities
|
|
26,995
|
|
|
39,458
|
|
|
37,518
|
|
|
32,363
|
|
|
112,167
|
|
Purchases of property
and equipment
|
|
(7,980)
|
|
|
(57,985)
|
|
|
(10,631)
|
|
|
(45,840)
|
|
|
(128,847)
|
|
Free Cash
Flow
|
|
$
|
19,015
|
|
|
$
|
(18,527)
|
|
|
$
|
26,887
|
|
|
$
|
(13,477)
|
|
|
$
|
(16,680)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2020 Adjusted
EBITDA Estimate
|
|
|
|
|
|
|
|
|
|
For the Year
Ended
|
|
|
|
|
|
|
|
|
|
December 31,
2020
|
|
|
|
|
|
|
|
|
|
Low
|
|
High
|
|
|
|
|
|
|
|
|
|
(in
thousands)
|
Adjusted income
(loss) before income taxes
|
|
|
|
|
|
|
|
$
|
(38,000)
|
|
|
$
|
(28,000)
|
|
Depreciation and
amortization
|
|
|
|
|
|
|
|
160,000
|
|
|
160,000
|
|
|
Subtotal
|
|
|
|
|
|
|
|
122,000
|
|
|
132,000
|
|
Interest expense, net
of interest income
|
|
|
|
|
|
|
|
43,000
|
|
|
43,000
|
|
|
Adjusted
EBITDA
|
|
|
|
|
|
|
|
$
|
165,000
|
|
|
$
|
175,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RECONCILIATIONS OF
NON-GAAP TO GAAP FINANCIAL INFORMATION
|
|
|
|
|
Adjusted Operating
Income (Loss) and Margins by Segment
|
|
|
|
|
|
For the Three Months
Ended September 30, 2020
|
|
|
|
|
Subsea
Robotics
|
|
Manufactured
Products
|
|
Offshore
Projects
Group
|
|
Integrity
Management
& Digital
Solutions
|
|
Aerospace
and Defense
Technologies
|
|
Unallocated
Expenses
|
|
Total
|
|
|
|
|
($ in
thousands)
|
Operating Income
(Loss) as reported in accordance with GAAP
|
|
$
|
2,127
|
|
|
$
|
(38,198)
|
|
|
$
|
(12,282)
|
|
|
$
|
793
|
|
|
$
|
13,097
|
|
|
$
|
(26,157)
|
|
|
$
|
(60,620)
|
|
Adjustments for the
effects of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-lived assets
write-offs
|
|
—
|
|
|
—
|
|
|
7,243
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7,243
|
|
|
Inventory
write-downs
|
|
7,038
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7,038
|
|
|
Goodwill
impairment
|
|
—
|
|
|
40,875
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
40,875
|
|
|
Restructuring
expenses and other
|
|
2,535
|
|
|
2,559
|
|
|
5,326
|
|
|
83
|
|
|
545
|
|
|
—
|
|
|
11,048
|
|
|
|
Total of
adjustments
|
|
9,573
|
|
|
43,434
|
|
|
12,569
|
|
|
83
|
|
|
545
|
|
|
—
|
|
|
66,204
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Operating
Income (Loss)
|
|
$
|
11,700
|
|
|
$
|
5,236
|
|
|
$
|
287
|
|
|
$
|
876
|
|
|
$
|
13,642
|
|
|
$
|
(26,157)
|
|
|
$
|
5,584
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
|
119,617
|
|
|
$
|
110,416
|
|
|
$
|
73,212
|
|
|
$
|
53,933
|
|
|
$
|
82,565
|
|
|
|
|
$
|
439,743
|
|
Operating income
(loss) % as reported in accordance with GAAP
|
|
2
|
%
|
|
(35)
|
%
|
|
(17)
|
%
|
|
1
|
%
|
|
16
|
%
|
|
|
|
(14)
|
%
|
Operating income
(loss)% using adjusted amounts
|
|
10
|
%
|
|
5
|
%
|
|
—
|
%
|
|
2
|
%
|
|
17
|
%
|
|
|
|
1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months
Ended September 30, 2019 *
|
|
|
|
|
Subsea
Robotics
|
|
Manufactured
Products
|
|
Offshore
Projects
Group
|
|
Integrity
Management
& Digital
Solutions
|
|
Aerospace
and Defense
Technologies
|
|
Unallocated
Expenses
|
|
Total
|
|
|
|
|
($ in
thousands)
|
Operating Income
(Loss) as reported in accordance with GAAP
|
|
$
|
15,457
|
|
|
$
|
(2,158)
|
|
|
$
|
(34)
|
|
|
$
|
(1,721)
|
|
|
$
|
11,709
|
|
|
$
|
(28,447)
|
|
|
$
|
(5,194)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Operating
Income (Loss)
|
|
$
|
15,457
|
|
|
$
|
(2,158)
|
|
|
$
|
(34)
|
|
|
$
|
(1,721)
|
|
|
$
|
11,709
|
|
|
$
|
(28,447)
|
|
|
$
|
(5,194)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
|
151,492
|
|
|
$
|
114,487
|
|
|
$
|
89,115
|
|
|
$
|
65,332
|
|
|
$
|
77,221
|
|
|
|
|
$
|
497,647
|
|
Operating income
(loss) % as reported in accordance with GAAP
|
|
10
|
%
|
|
(2)
|
%
|
|
—
|
%
|
|
(3)
|
%
|
|
15
|
%
|
|
|
|
(1)
|
%
|
Operating income
(loss)% using adjusted amounts
|
|
10
|
%
|
|
(2)
|
%
|
|
—
|
%
|
|
(3)
|
%
|
|
15
|
%
|
|
|
|
(1)
|
%
|
|
* Recast to reflect
segment changes.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months
Ended June 30, 2020 *
|
|
|
|
|
Subsea
Robotics
|
|
Manufactured
Products
|
|
Offshore
Projects
Group
|
|
Integrity
Management
&
Digital
Solutions
|
|
Aerospace
and
Defense
Technologies
|
|
Unallocated
Expenses
|
|
Total
|
|
|
|
|
($ in
thousands)
|
Operating Income
(Loss) as reported in accordance with GAAP
|
|
$
|
11,662
|
|
|
$
|
3,865
|
|
|
$
|
(4,135)
|
|
|
$
|
(1,825)
|
|
|
$
|
13,430
|
|
|
$
|
(28,179)
|
|
|
$
|
(5,182)
|
|
Adjustments for the
effects of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring
expenses and other
|
|
1,380
|
|
|
1,212
|
|
|
1,405
|
|
|
1,536
|
|
|
—
|
|
|
175
|
|
|
5,708
|
|
|
|
Total of
adjustments
|
|
1,380
|
|
|
1,212
|
|
|
1,405
|
|
|
1,536
|
|
|
—
|
|
|
175
|
|
|
5,708
|
|
Adjusted Operating
Income (Loss)
|
|
$
|
13,042
|
|
|
$
|
5,077
|
|
|
$
|
(2,730)
|
|
|
$
|
(289)
|
|
|
$
|
13,430
|
|
|
$
|
(28,004)
|
|
|
$
|
526
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
|
119,234
|
|
|
$
|
100,570
|
|
|
$
|
73,840
|
|
|
$
|
53,969
|
|
|
$
|
79,603
|
|
|
|
|
$
|
427,216
|
|
Operating income
(loss) % as reported in accordance with GAAP
|
|
10
|
%
|
|
4
|
%
|
|
(6)
|
%
|
|
(3)
|
%
|
|
17
|
%
|
|
|
|
(1)
|
%
|
Operating income
(loss) % using adjusted amounts
|
|
11
|
%
|
|
5
|
%
|
|
(4)
|
%
|
|
(1)
|
%
|
|
17
|
%
|
|
|
|
—
|
%
|
|
* Recast to reflect
segment changes.
|
|
|
|
|
|
Adjusted Operating
Income (Loss) and Margins by Segment
|
|
|
|
|
|
For the Nine Months
Ended September 30, 2020
|
|
|
|
|
Subsea
Robotics
|
|
Manufactured
Products
|
|
Offshore
Projects
Group
|
|
Integrity
Management
& Digital
Solutions
|
|
Aerospace
and Defense
Technologies
|
|
Unallocated
Expenses
|
|
Total
|
|
|
|
|
($ in
thousands)
|
Operating Income
(Loss) as reported in accordance with GAAP
|
|
$
|
(80,294)
|
|
|
$
|
(100,471)
|
|
|
$
|
(95,740)
|
|
|
$
|
(122,567)
|
|
|
$
|
39,498
|
|
|
$
|
(86,985)
|
|
|
$
|
(446,559)
|
|
Adjustments for the
effects of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-lived assets
impairments
|
|
—
|
|
|
61,074
|
|
|
7,522
|
|
|
167
|
|
|
—
|
|
|
—
|
|
|
68,763
|
|
|
Long-lived assets
write-offs
|
|
7,328
|
|
|
—
|
|
|
7,243
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
14,571
|
|
|
Inventory
write-downs
|
|
7,038
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7,038
|
|
|
Goodwill
impairment
|
|
102,118
|
|
|
52,263
|
|
|
66,285
|
|
|
123,214
|
|
|
—
|
|
|
—
|
|
|
343,880
|
|
|
Restructuring
expenses and other
|
|
4,834
|
|
|
5,755
|
|
|
7,947
|
|
|
3,850
|
|
|
545
|
|
|
455
|
|
|
23,386
|
|
|
|
Total of
adjustments
|
|
121,318
|
|
|
119,092
|
|
|
88,997
|
|
|
127,231
|
|
|
545
|
|
|
455
|
|
|
457,638
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Operating
Income (Loss)
|
|
$
|
41,024
|
|
|
$
|
18,621
|
|
|
$
|
(6,743)
|
|
|
$
|
4,664
|
|
|
$
|
40,043
|
|
|
$
|
(86,530)
|
|
|
$
|
11,079
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
|
378,621
|
|
|
$
|
377,520
|
|
|
$
|
221,306
|
|
|
$
|
172,631
|
|
|
$
|
253,549
|
|
|
|
|
$
|
1,403,627
|
|
Operating income
(loss) % as reported in accordance with GAAP
|
|
(21)
|
%
|
|
(27)
|
%
|
|
(43)
|
%
|
|
(71)
|
%
|
|
16
|
%
|
|
|
|
(32)
|
%
|
Operating income
(loss)% using adjusted amounts
|
|
11
|
%
|
|
5
|
%
|
|
(3)
|
%
|
|
3
|
%
|
|
16
|
%
|
|
|
|
1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Nine Months
Ended September 30, 2019 *
|
|
|
|
|
Subsea
Robotics
|
|
Manufactured
Products
|
|
Offshore
Projects
Group
|
|
Integrity
Management
&
Digital
Solutions
|
|
Aerospace
and Defense
Technologies
|
|
Unallocated
Expenses
|
|
Total
|
|
|
|
|
($ in
thousands)
|
Operating Income
(Loss) as reported in accordance with GAAP
|
|
$
|
33,277
|
|
|
$
|
1,070
|
|
|
$
|
(2,792)
|
|
|
$
|
(3,669)
|
|
|
$
|
30,214
|
|
|
$
|
(94,643)
|
|
|
$
|
(36,543)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Operating
Income (Loss)
|
|
$
|
33,277
|
|
|
$
|
1,070
|
|
|
$
|
(2,792)
|
|
|
$
|
(3,669)
|
|
|
$
|
30,214
|
|
|
$
|
(94,643)
|
|
|
$
|
(36,543)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
|
432,548
|
|
|
$
|
334,488
|
|
|
$
|
289,193
|
|
|
$
|
198,057
|
|
|
$
|
233,028
|
|
|
|
|
$
|
1,487,314
|
|
Operating income
(loss) % as reported in accordance with GAAP
|
|
8
|
%
|
|
—
|
%
|
|
(1)
|
%
|
|
(2)
|
%
|
|
13
|
%
|
|
|
|
(2)
|
%
|
Operating income
(loss)% using adjusted amounts
|
|
8
|
%
|
|
—
|
%
|
|
(1)
|
%
|
|
(2)
|
%
|
|
13
|
%
|
|
|
|
(2)
|
%
|
|
* Recast to reflect
segment changes.
|
RECONCILIATIONS OF
NON-GAAP TO GAAP FINANCIAL INFORMATION
|
|
|
|
|
EBITDA and
Adjusted EBITDA and Margins by Segment
|
|
|
|
|
|
For the Three Months
Ended September 30, 2020
|
|
|
|
|
Subsea
Robotics
|
|
Manufactured
Products
|
|
Offshore
Projects
Group
|
|
Integrity
Management
& Digital
Solutions
|
|
Aerospace
and
Defense
Technologies
|
|
Unallocated
Expenses
and other
|
|
Total
|
|
|
|
|
($ in
thousands)
|
Operating Income
(Loss) as reported in accordance with GAAP
|
|
$
|
2,127
|
|
|
$
|
(38,198)
|
|
|
$
|
(12,282)
|
|
|
$
|
793
|
|
|
$
|
13,097
|
|
|
$
|
(26,157)
|
|
|
$
|
(60,620)
|
|
Adjustments for the
effects of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
25,144
|
|
|
44,028
|
|
|
15,147
|
|
|
866
|
|
|
654
|
|
|
1,712
|
|
|
87,551
|
|
|
Other
pre-tax
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,388)
|
|
|
(2,388)
|
|
|
EBITDA
|
|
27,271
|
|
|
5,830
|
|
|
2,865
|
|
|
1,659
|
|
|
13,751
|
|
|
(26,833)
|
|
|
24,543
|
|
Adjustments for the
effects of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory
write-downs
|
|
7,038
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7,038
|
|
|
Restructuring
expenses and other
|
|
2,535
|
|
|
2,559
|
|
|
5,326
|
|
|
83
|
|
|
545
|
|
|
—
|
|
|
11,048
|
|
|
Foreign currency
(gains) losses
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,462
|
|
|
2,462
|
|
|
|
Total of
adjustments
|
|
9,573
|
|
|
2,559
|
|
|
5,326
|
|
|
83
|
|
|
545
|
|
|
2,462
|
|
|
20,548
|
|
Adjusted
EBITDA
|
|
$
|
36,844
|
|
|
$
|
8,389
|
|
|
$
|
8,191
|
|
|
$
|
1,742
|
|
|
$
|
14,296
|
|
|
$
|
(24,371)
|
|
|
$
|
45,091
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
|
119,617
|
|
|
$
|
110,416
|
|
|
$
|
73,212
|
|
|
$
|
53,933
|
|
|
$
|
82,565
|
|
|
|
|
$
|
439,743
|
|
Operating income
(loss) % as reported in accordance with GAAP
|
|
2
|
%
|
|
(35)
|
%
|
|
(17)
|
%
|
|
1
|
%
|
|
16
|
%
|
|
|
|
(14)
|
%
|
EBITDA
Margin
|
|
23
|
%
|
|
5
|
%
|
|
4
|
%
|
|
3
|
%
|
|
17
|
%
|
|
|
|
6
|
%
|
Adjusted EBITDA
Margin
|
|
31
|
%
|
|
8
|
%
|
|
11
|
%
|
|
3
|
%
|
|
17
|
%
|
|
|
|
10
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months
Ended September 30, 2019 *
|
|
|
|
|
Subsea
Robotics
|
|
Manufactured
Products
|
|
Offshore
Projects
Group
|
|
Integrity
Management
&
Digital
Solutions
|
|
Aerospace
and Defense
Technologies
|
|
Unallocated
Expenses
and other
|
|
Total
|
|
|
|
|
($ in
thousands)
|
Operating Income
(Loss) as reported in accordance with GAAP
|
|
$
|
15,457
|
|
|
$
|
(2,158)
|
|
|
$
|
(34)
|
|
|
$
|
(1,721)
|
|
|
$
|
11,709
|
|
|
$
|
(28,447)
|
|
|
$
|
(5,194)
|
|
Adjustments for the
effects of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
31,090
|
|
|
4,920
|
|
|
10,610
|
|
|
2,087
|
|
|
640
|
|
|
1,220
|
|
|
50,567
|
|
|
Other
pre-tax
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,441)
|
|
|
(3,441)
|
|
|
EBITDA
|
|
46,547
|
|
|
2,762
|
|
|
10,576
|
|
|
366
|
|
|
12,349
|
|
|
(30,668)
|
|
|
41,932
|
|
Adjustments for the
effects of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency
(gains) losses
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,516
|
|
|
3,516
|
|
|
|
Total of
adjustments
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,516
|
|
|
3,516
|
|
Adjusted
EBITDA
|
|
$
|
46,547
|
|
|
$
|
2,762
|
|
|
$
|
10,576
|
|
|
$
|
366
|
|
|
$
|
12,349
|
|
|
$
|
(27,152)
|
|
|
$
|
45,448
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
|
151,492
|
|
|
$
|
114,487
|
|
|
$
|
89,115
|
|
|
$
|
65,332
|
|
|
$
|
77,221
|
|
|
|
|
$
|
497,647
|
|
Operating income
(loss) % as reported in accordance with GAAP
|
|
10
|
%
|
|
(2)
|
%
|
|
—
|
%
|
|
(3)
|
%
|
|
15
|
%
|
|
|
|
(1)
|
%
|
EBITDA
Margin
|
|
31
|
%
|
|
2
|
%
|
|
12
|
%
|
|
1
|
%
|
|
16
|
%
|
|
|
|
8
|
%
|
Adjusted EBITDA
Margin
|
|
31
|
%
|
|
2
|
%
|
|
12
|
%
|
|
1
|
%
|
|
16
|
%
|
|
|
|
9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Recast to reflect
segment changes.
|
`
|
|
|
|
|
|
|
|
|
|
|
For the Three Months
Ended June 30, 2020 *
|
|
|
|
|
Subsea
Robotics
|
|
Manufactured
Products
|
|
Offshore
Projects
Group
|
|
Integrity
Management
& Digital
Solutions
|
|
Aerospace
and Defense
Technologies
|
|
Unallocated
Expenses
and other
|
|
Total
|
|
|
|
|
($ in
thousands)
|
Operating Income
(Loss) as reported in accordance with GAAP
|
|
$
|
11,662
|
|
|
$
|
3,865
|
|
|
$
|
(4,135)
|
|
|
$
|
(1,825)
|
|
|
$
|
13,430
|
|
|
$
|
(28,179)
|
|
|
$
|
(5,182)
|
|
Adjustments for the
effects of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
25,080
|
|
|
3,587
|
|
|
8,255
|
|
|
757
|
|
|
658
|
|
|
361
|
|
|
38,698
|
|
|
Other
pre-tax
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,653)
|
|
|
(2,653)
|
|
|
EBITDA
|
|
36,742
|
|
|
7,452
|
|
|
4,120
|
|
|
(1,068)
|
|
|
14,088
|
|
|
(30,471)
|
|
|
30,863
|
|
Adjustments for the
effects of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring
expenses and other
|
|
1,380
|
|
|
1,212
|
|
|
1,405
|
|
|
1,536
|
|
|
—
|
|
|
175
|
|
|
5,708
|
|
|
Foreign currency
(gains) losses
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,908
|
|
|
3,908
|
|
|
|
Total of
adjustments
|
|
1,380
|
|
|
1,212
|
|
|
1,405
|
|
|
1,536
|
|
|
—
|
|
|
4,083
|
|
|
9,616
|
|
Adjusted
EBITDA
|
|
$
|
38,122
|
|
|
$
|
8,664
|
|
|
$
|
5,525
|
|
|
$
|
468
|
|
|
$
|
14,088
|
|
|
$
|
(26,388)
|
|
|
$
|
40,479
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
|
119,234
|
|
|
$
|
100,570
|
|
|
$
|
73,840
|
|
|
$
|
53,969
|
|
|
$
|
79,603
|
|
|
|
|
$
|
427,216
|
|
Operating income
(loss) % as reported in accordance with GAAP
|
|
10
|
%
|
|
4
|
%
|
|
(6)
|
%
|
|
(3)
|
%
|
|
17
|
%
|
|
|
|
(1)
|
%
|
EBITDA
Margin
|
|
31
|
%
|
|
7
|
%
|
|
6
|
%
|
|
(2)
|
%
|
|
18
|
%
|
|
|
|
7
|
%
|
Adjusted EBITDA
Margin
|
|
32
|
%
|
|
9
|
%
|
|
7
|
%
|
|
1
|
%
|
|
18
|
%
|
|
|
|
9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Recast to reflect
segment changes.
|
|
|
|
|
|
EBITDA and
Adjusted EBITDA and Margins by Segment
|
|
|
|
|
|
For the Nine Months
Ended September 30, 2020
|
|
|
|
|
Subsea
Robotics
|
|
Manufactured
Products
|
|
Offshore
Projects
Group
|
|
Integrity
Management
& Digital
Solutions
|
|
Aerospace
and Defense
Technologies
|
|
Unallocated
Expenses
and other
|
|
Total
|
|
|
|
|
($ in
thousands)
|
Operating Income
(Loss) as reported in accordance with GAAP
|
|
$
|
(80,294)
|
|
|
$
|
(100,471)
|
|
|
$
|
(95,740)
|
|
|
$
|
(122,567)
|
|
|
$
|
39,498
|
|
|
$
|
(86,985)
|
|
|
$
|
(446,559)
|
|
Adjustments for the
effects of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
189,411
|
|
|
63,579
|
|
|
98,309
|
|
|
125,966
|
|
|
1,999
|
|
|
3,181
|
|
|
482,445
|
|
|
Other
pre-tax
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(11,305)
|
|
|
(11,305)
|
|
|
EBITDA
|
|
109,117
|
|
|
(36,892)
|
|
|
2,569
|
|
|
3,399
|
|
|
41,497
|
|
|
(95,109)
|
|
|
24,581
|
|
Adjustments for the
effects of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-lived assets
impairments
|
|
—
|
|
|
61,074
|
|
|
7,522
|
|
|
167
|
|
|
—
|
|
|
—
|
|
|
68,763
|
|
|
Inventory
write-downs
|
|
7,038
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7,038
|
|
|
Restructuring
expenses and other
|
|
4,834
|
|
|
5,755
|
|
|
7,947
|
|
|
3,850
|
|
|
545
|
|
|
455
|
|
|
23,386
|
|
|
Foreign currency
(gains) losses
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
13,420
|
|
|
13,420
|
|
|
|
Total of
adjustments
|
|
11,872
|
|
|
66,829
|
|
|
15,469
|
|
|
4,017
|
|
|
545
|
|
|
13,875
|
|
|
112,607
|
|
Adjusted
EBITDA
|
|
$
|
120,989
|
|
|
$
|
29,937
|
|
|
$
|
18,038
|
|
|
$
|
7,416
|
|
|
$
|
42,042
|
|
|
$
|
(81,234)
|
|
|
$
|
137,188
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
|
378,621
|
|
|
$
|
377,520
|
|
|
$
|
221,306
|
|
|
$
|
172,631
|
|
|
$
|
253,549
|
|
|
|
|
$
|
1,403,627
|
|
Operating income
(loss) % as reported in accordance with GAAP
|
|
(21)
|
%
|
|
(27)
|
%
|
|
(43)
|
%
|
|
(71)
|
%
|
|
16
|
%
|
|
|
|
(32)
|
%
|
EBITDA
Margin
|
|
29
|
%
|
|
(10)
|
%
|
|
1
|
%
|
|
2
|
%
|
|
16
|
%
|
|
|
|
2
|
%
|
Adjusted EBITDA
Margin
|
|
32
|
%
|
|
8
|
%
|
|
8
|
%
|
|
4
|
%
|
|
17
|
%
|
|
|
|
10
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Nine Months
Ended September 30, 2019 *
|
|
|
|
|
Subsea
Robotics
|
|
Manufactured
Products
|
|
Offshore
Projects
Group
|
|
Integrity
Management
&
Digital
Solutions
|
|
Aerospace
and
Defense
Technologies
|
|
Unallocated
Expenses
and other
|
|
Total
|
|
|
|
|
($ in
thousands)
|
Operating Income
(Loss) as reported in accordance with GAAP
|
|
$
|
33,277
|
|
|
$
|
1,070
|
|
|
$
|
(2,792)
|
|
|
$
|
(3,669)
|
|
|
$
|
30,214
|
|
|
$
|
(94,643)
|
|
|
$
|
(36,543)
|
|
Adjustments for the
effects of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
95,917
|
|
|
14,953
|
|
|
30,758
|
|
|
6,170
|
|
|
1,998
|
|
|
3,561
|
|
|
153,357
|
|
|
Other
pre-tax
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,554)
|
|
|
(3,554)
|
|
|
EBITDA
|
|
129,194
|
|
|
16,023
|
|
|
27,966
|
|
|
2,501
|
|
|
32,212
|
|
|
(94,636)
|
|
|
113,260
|
|
Adjustments for the
effects of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency
(gains) losses
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,843
|
|
|
2,843
|
|
|
|
Total of
adjustments
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,843
|
|
|
2,843
|
|
Adjusted
EBITDA
|
|
$
|
129,194
|
|
|
$
|
16,023
|
|
|
$
|
27,966
|
|
|
$
|
2,501
|
|
|
$
|
32,212
|
|
|
$
|
(91,793)
|
|
|
$
|
116,103
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
|
432,548
|
|
|
$
|
334,488
|
|
|
$
|
289,193
|
|
|
$
|
198,057
|
|
|
$
|
233,028
|
|
|
|
|
$
|
1,487,314
|
|
Operating income
(loss) % as reported in accordance with GAAP
|
|
8
|
%
|
|
—
|
%
|
|
(1)
|
%
|
|
(2)
|
%
|
|
13
|
%
|
|
|
|
(2)
|
%
|
EBITDA
Margin
|
|
30
|
%
|
|
5
|
%
|
|
10
|
%
|
|
1
|
%
|
|
14
|
%
|
|
|
|
8
|
%
|
Adjusted EBITDA
Margin
|
|
30
|
%
|
|
5
|
%
|
|
10
|
%
|
|
1
|
%
|
|
14
|
%
|
|
|
|
8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Recast to reflect
segment changes.
|
View original
content:http://www.prnewswire.com/news-releases/oceaneering-reports-third-quarter-2020-results-301162240.html
SOURCE Oceaneering International, Inc.