HOUSTON, Feb. 24, 2021 /PRNewswire/ -- Oceaneering
International, Inc. ("Oceaneering") (NYSE:OII) today reported a net
loss of $25.0 million, or
$(0.25) per share, on revenue of $424 million for the three months ended
December 31, 2020. Adjusted net income was $1.8 million, or $0.02 per share, reflecting the impact
of $9.8 million of pre-tax adjustments associated with asset
impairments and write-offs, restructuring and other expenses, and
foreign exchange losses recognized during the quarter, and
$9.6 million of discrete tax
adjustments.
During the prior quarter ended September 30, 2020,
Oceaneering reported a net loss of $79.4
million, or $(0.80) per share,
on revenue of $440 million.
Adjusted net loss was $17.6 million,
or $(0.18) per share, reflecting the
impact of $68.7 million 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.
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,
2021 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
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(in thousands,
except per share amounts)
|
|
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|
|
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|
|
|
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|
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|
Three Months
Ended
|
|
Year Ended
|
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Dec 31,
|
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Sep 30,
|
|
Dec 31,
|
|
|
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|
|
|
|
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2020
|
|
2019
|
|
2020
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2020
|
|
2019
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
|
424,262
|
|
|
$
|
560,810
|
|
|
$
|
439,743
|
|
|
$
|
1,827,889
|
|
|
$
|
2,048,124
|
|
Gross
Margin
|
|
45,001
|
|
|
(20,387)
|
|
|
29,651
|
|
|
163,941
|
|
|
98,244
|
|
Income (Loss) from
Operations
|
|
480
|
|
|
(254,170)
|
|
|
(60,620)
|
|
|
(446,079)
|
|
|
(290,713)
|
|
Net Income
(Loss)
|
|
(25,000)
|
|
|
(262,912)
|
|
|
(79,365)
|
|
|
(496,751)
|
|
|
(348,444)
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|
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|
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|
|
|
|
|
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Diluted Earnings
(Loss) Per Share
|
|
$
|
(0.25)
|
|
|
$
|
(2.66)
|
|
|
$
|
(0.80)
|
|
|
$
|
(5.01)
|
|
|
$
|
(3.52)
|
|
For the full year 2020:
- Consolidated Adjusted EBITDA was $184
million
- Consolidated Adjusted Operating Income was $20.6 million
- Cash flow from operations was $137
million and free cash flow was $76.0
million
- Cash position increased by $78.4
million, from $374 million to
$452 million
- Cost improvement activities achieved the high end of
$125 million to $160 million guidance range issued in the second
quarter 2020
As of December 31, 2020:
- Remotely Operated Vehicles (ROV): fleet count was 250; Q4 fleet
utilization was 54%; and Q4 average revenue per day on hire was
$7,325
- Manufactured Products: backlog was $266 million and trailing 12-month book-to-bill
ratio was 0.4
Roderick A. Larson, President and
Chief Executive Officer of Oceaneering, stated, "We were pleased
that our consolidated fourth quarter adjusted EBITDA of
$47.1 million was sequentially higher
than the third quarter 2020 and exceeded both our guidance and
consensus estimates. Each of our five operating segments
recorded sequential improvement in adjusted operating income and
adjusted EBITDA, despite lower revenue in three out of the five
segments. Fourth quarter 2020 consolidated adjusted operating
income of $9.6 million was the best
quarterly performance in 2020 and $4.0
million higher than in the third quarter. Free cash
flow generated during the fourth quarter 2020 was $89.4 million. As a result of good
operating cash flow, working capital efficiencies, and capital
expenditure discipline, our cash position increased by $93.2 million during the fourth quarter
2020. As of December 31, 2020,
our cash position stood at $452
million.
"Our fourth quarter 2020 Subsea Robotics (SSR) adjusted
operating income improved on lower revenue. Adjusted fourth
quarter operating results included recognition of approximately
$3.0 million of cost structure
improvements achieved throughout 2020. Consequently, our SSR
quarterly adjusted EBITDA margin of 33% was better than expected,
up from the 31% achieved during the third quarter 2020, and
consistent with the margin achieved during the first nine months of
2020.
"Sequentially, our fourth quarter 2020 ROV fleet count remained
at 250 systems. ROV days on hire declined 8% as compared to
the third quarter 2020 due to expected lower seasonal
activity. Sequentially, our days on hire declined for both
drill support and vessel-based services. Fleet utilization
declined to 54% in the fourth quarter 2020 from 59% in the third
quarter 2020. Average ROV revenue per day of on hire of
$7,325 was 1% higher over the third
quarter.
"Our ROV fleet use during the quarter was 60% in drill support
and 40% in vessel-based activity. As of December 31, 2020, we had ROV contracts on 75 of
the 129 floating rigs under contract, or 58%, a slight market share
increase from September 30, 2020,
when we had ROV contracts on 76 of the 133 floating rigs under
contract, or 57%. Subject to quarterly variances, we continue
to expect our drill support market share to generally approximate
60%.
"Manufactured Products (MP) fourth quarter 2020 adjusted
operating income improved from the third quarter on lower segment
revenue, which was adversely affected by supplier-related delays in
our energy products businesses. Adjusted operating income
margin increased to 9% in the fourth quarter 2020, from 5% in the
third quarter of 2020, due primarily to favorable contract
close-outs and supply chain savings. The COVID-19 pandemic
continued to dampen demand for our mobility solutions products
during the fourth quarter 2020. Our Manufactured Products
backlog on December 31, 2020 was
$266 million, compared to our
September 30, 2020 backlog of
$318 million. Our book-to-bill
ratio was 0.4 for the full year 2020, as compared with the trailing
12-month book-to-bill of 0.5 at September
30, 2020.
"Our fourth quarter 2020 Offshore Projects Group (OPG) adjusted
operating income increased on lower revenue. Revenue declined
less than expected, as the Gulf of
Mexico (GoM) experienced higher amounts of installation work
and intervention, maintenance, and repair (IMR) activities with
customers having pushed work into the fourth quarter due to several
third quarter 2020 hurricanes. The sequential increase in
adjusted operating income was due to better activity-based pricing
in the GoM and continued cost improvement. During the
quarter, engineering work continued on the Angola riserless light well intervention
project.
"Integrity Management and Digital Solutions (IMDS) fourth
quarter 2020 adjusted operating income was higher than third
quarter on a marginal increase in revenue. The improvement in
adjusted operating income was largely driven by more effective use
of personnel, as we continue to transform how and where work is
performed.
"Aerospace and Defense Technologies (ADTech) fourth quarter 2020
adjusted operating income improved from the third quarter on higher
revenue. Adjusted operating income margin rose as a result of
project mix and better-than-expected performance in our subsea
defense technologies business. At the corporate level,
Unallocated Expenses were higher primarily due to increased
incentive compensation accruals related to better fourth quarter
operating and financial performance.
"For the year, activity levels and operating performance within
our energy segments were lower than originally projected for
2020. The COVID-19 pandemic negatively impacted operator
investments in oil and gas projects, due to a decline in crude oil
demand and pricing, and entertainment business spending, due to
limited theme park attendance. Activity levels and
performance within our ADTech segment met expectations for the
year.
"Compared to 2019, our 2020 consolidated revenue declined 11% to
$1.8 billion, with revenue decreases
in each of our four energy segments being partially offset by the
revenue increase in ADTech. 2020 operating performance
benefited considerably from the cost improvement measures
instituted during the year, despite the headwinds of lower activity
in our energy segments. Consolidated 2020 adjusted operating
results and adjusted EBITDA improved by $59.6 million and $19.5
million, respectively, led by our Manufactured Products and
ADTech segments. In 2020, each of our operating segments,
with the exception of OPG, contributed positive adjusted operating
income, and all our operating segments contributed positive
adjusted EBITDA. Overall, we generated adjusted EBITDA of
$184 million. We generated
$137 million in cash flow from
operations and invested $60.7 million
in capital expenditures. We ended the year with $452 million in cash.
"We anticipate our full year 2021 to yield positive free cash
flow in excess of the amount generated in 2020, and the midpoint of
our consolidated adjusted EBITDA range to approximate 2020
consolidated adjusted EBITDA. Based on year-end 2020 backlog
and anticipated order intake, we forecast generally flat
consolidated revenue, with higher revenue in ADTech and IMDS to
offset substantially lower revenue from our Manufactured Products
segment. We forecast relatively flat revenue in our SSR and
OPG segments. These projections assume no significant
incremental COVID-19 impacts and generally stable oil and gas
prices. For the year, we anticipate generating $160 million to $210
million of adjusted EBITDA, with positive operating income
and adjusted EBITDA contributions from each of our operating
segments. Apart from seasonality, we view pricing and margins
in the current energy markets to be stable. We forecast
improved annual operating results in our SSR, OPG, IMDS, and ADTech
segments, and lower operating results in our Manufactured Products
segment.
"For SSR, our forecast for improved results is based on
essentially flat ROV days on hire, minor shifts in geographic mix,
and generally stable pricing. Results for tooling-based
services are expected to be flat, with activity levels generally
following ROV days on hire. Survey results are projected to
improve on higher geoscience activity. We forecast adjusted
EBITDA margins to be consistent with those achieved in 2020.
"We expect Manufactured Products segment performance to decline,
primarily as a result of the decreased order intake in our energy
businesses during 2020. We continue to closely monitor the
impact of the COVID-19 pandemic on our mobility solutions
businesses, and currently expect to see marginally higher activity
and contribution from these businesses in 2021. We forecast
that our operating income margins will be in the low- to mid-single
digit range for the year.
"OPG operating results are expected to improve in 2021, on
generally stable offshore activity and margins, as compared to the
last half of 2020. Operating results and adjusted EBITDA are
forecast to improve, largely due to the efficiency and cost
improvement measures implemented in 2020 and improved
year-over-year contribution from our Angola riserless light well intervention
campaign. Vessel day rates remain competitive but stable, and
we expect to see opportunities for pricing improvements during
periods of higher activity. We also anticipate reduced
charter obligations and increased flexibility on third-party
vessels and an overall improvement in fleet utilization. As
has been the case over the last several years, this segment has the
highest amount of speculative work incorporated in our
guidance.
"IMDS results are forecast to improve on higher revenue, with
the operating income margin averaging in the high-single digit
range for the year. Good order intake at the end of 2020 is
expected to begin benefiting the business in the second quarter of
2021.
"Our 2021 ADTech revenue is expected to be higher, producing
improved results with operating income margins consistent with
those achieved in 2020. Growth in this segment is expected to
be broad-based, with revenue growth in each of our three
government-focused businesses.
"For 2021, we anticipate Unallocated Expenses to average in the
low- to mid-$30 million range per
quarter as we forecast higher accrual rates for projected short-
and long-term performance-based incentive compensation expense, as
compared to 2020.
"Interest expense, net of interest income, is expected to be
approximately $40 million, and we
expect our 2021 cash tax payments to be in the range of
$35 million to $40 million. This includes taxes incurred
in countries that impose tax on the basis of in-country revenue and
bear no relationship to the profitability of such operations.
These cash tax payments do not include the impact of approximately
$28 million of CARES Act tax refunds
expected to be received in 2021.
"Our first quarter 2021 adjusted EBITDA is forecast to be in the
range of $45 million to $50 million on sequentially higher revenue.
We expect sequentially lower activity and operating results in our
SSR and MP segments, sequentially higher revenue and operating
results in our IMDS segment, and sequentially higher revenue and
relatively flat operating results in our ADTech segment. OPG
operating results are forecast to improve compared to the fourth
quarter of 2020 on substantially higher revenue as we have
commenced operations on the Angola
riserless light well intervention project.
"Our priority continues to be generating cash. In 2021, we
expect to generate positive free cash flow in excess of the amount
generated in 2020. We forecast our organic capital
expenditures to total between $50
million and $70 million.
This includes approximately $35
million to $40 million of
maintenance capital expenditures and $15
million to $30 million of
growth capital expenditures. We remain committed to
maintaining strong liquidity and believe that our cash position,
undrawn revolving credit facility, and debt maturity profile should
provide us ample resources and time to address potential
opportunities to improve our returns."
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 about Oceaneering's: backlog, to the extent backlog may
be an indicator of future revenue or profitability; anticipated
full year 2021 free cash flow and other consolidated financial
results and the associated comparisons and explanations; expected
2021 activity in individual segments; financial results outlook for
the full year and first quarter 2021, including anticipated
revenue, costs, operating income, operating results, operating
income margins, Adjusted EBITDA, Adjusted EBITDA contributions, and
Adjusted EBITDA margins from each of our operating segments, and
the associated comparisons and explanations, including speculative
work for our OPG segment; assessment of the current energy markets;
demand and activity levels in our business units; characterization
of and timing of benefits from order intake at the end of 2020;
anticipated full year 2021 and quarterly Unallocated Expenses and
the associated explanations; expectations about full year 2021
interest expense, income tax payments, and CARES Act tax refunds,
and the associated explanations; expected 2021 capital
expenditures; and characterization of our liquidity, cash position,
revolving credit facility, and debt maturity profile.
The forward-looking statements included in this release are
based on our current expectations and are subject to certain risks,
assumptions, trends, and uncertainties that could cause actual
results to differ materially from those indicated by the
forward-looking statements. Among the factors
that could cause actual results to differ materially include:
factors affecting the level of activity in the oil and gas
industry, including worldwide demand for and prices of oil and
natural gas, oil and natural gas production growth and the supply
and demand of offshore drilling rigs; decisions about offshore
developments to be made by oil and gas exploration, development and
production companies; actions by members of OPEC and other
oil-exporting countries; the use of subsea completions and our
ability to capture associated market share; general economic and
business conditions and industry trends; the strength of the
industry segments in which we are involved; cancellations of
contracts, change orders and other contractual modifications and
the resulting adjustments to our backlog; collections from our
customers; our future financial performance, including as a result
of the availability, terms and deployment of capital; the
consequences of significant changes in currency exchange rates; the
volatility and uncertainties of credit markets; changes in tax
laws, regulations and interpretation by taxing authorities; changes
in, or our ability to comply with, other laws and governmental
regulations, including those relating to the environment; the
effects of competition; the continuing effects of the COVID-19
pandemic and any other public health threats that could limit
access to customers', vendors' or our facilities or offices, impose
travel restrictions on our personnel, or otherwise adversely affect
our operations or demand for our services; 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
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CONDENSED
CONSOLIDATED BALANCE SHEETS
|
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Dec 31,
2020
|
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Dec 31,
2019
|
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(in
thousands)
|
ASSETS
|
|
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|
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|
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|
|
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Current assets
(including cash and cash equivalents of $452,016 and
$373,655)
|
|
|
|
$
|
1,170,263
|
|
|
$
|
1,244,436
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Net property and
equipment
|
|
|
|
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|
|
591,107
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|
|
776,532
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Other
assets
|
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|
|
|
|
|
|
|
|
284,472
|
|
|
719,695
|
|
|
|
|
Total
Assets
|
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|
|
|
|
$
|
2,045,842
|
|
|
$
|
2,740,663
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LIABILITIES AND
EQUITY
|
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Current
liabilities
|
|
|
|
|
|
|
|
|
|
$
|
437,116
|
|
|
$
|
600,956
|
|
|
Long-term
debt
|
|
|
|
|
|
|
|
|
|
805,251
|
|
|
796,516
|
|
|
Other long-term
liabilities
|
|
|
|
|
|
245,318
|
|
|
267,782
|
|
|
Equity
|
|
|
|
|
|
|
|
|
|
558,157
|
|
|
1,075,409
|
|
|
|
|
Total Liabilities and
Equity
|
|
|
|
|
|
$
|
2,045,842
|
|
|
$
|
2,740,663
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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|
|
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CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
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For the Three Months
Ended
|
|
For the Year
Ended
|
|
|
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|
|
|
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|
Dec 31,
2020
|
|
Dec 31,
2019
|
|
Sep 30,
2020
|
|
Dec 31,
2020
|
|
Dec 31,
2019
|
|
|
|
|
|
|
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|
(in thousands,
except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
Revenue
|
|
|
|
|
|
$
|
424,262
|
|
|
$
|
560,810
|
|
|
$
|
439,743
|
|
|
$
|
1,827,889
|
|
|
$
|
2,048,124
|
|
|
Cost of services and
products
|
|
379,261
|
|
|
581,197
|
|
|
410,092
|
|
|
1,663,948
|
|
|
1,949,880
|
|
|
|
Gross
margin
|
|
45,001
|
|
|
(20,387)
|
|
|
29,651
|
|
|
163,941
|
|
|
98,244
|
|
|
Selling, general and
administrative expense
|
|
42,839
|
|
|
59,717
|
|
|
49,396
|
|
|
195,695
|
|
|
214,891
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|
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Long-lived assets
impairments
|
|
1,682
|
|
|
159,353
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|
|
—
|
|
|
70,445
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|
|
159,353
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|
|
Goodwill
impairment
|
|
—
|
|
|
14,713
|
|
|
40,875
|
|
|
343,880
|
|
|
14,713
|
|
|
|
Income (loss) from
operations
|
|
|
|
480
|
|
|
(254,170)
|
|
|
(60,620)
|
|
|
(446,079)
|
|
|
(290,713)
|
|
|
Interest
income
|
|
|
|
|
|
881
|
|
|
1,352
|
|
|
414
|
|
|
3,083
|
|
|
7,893
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|
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Interest expense, net
of amounts capitalized
|
|
(10,577)
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|
|
(11,706)
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|
|
(9,250)
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|
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(43,900)
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|
|
(42,711)
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Equity in income
(losses) of unconsolidated affiliates
|
|
266
|
|
|
941
|
|
|
131
|
|
|
2,268
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|
1,331
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Other income
(expense), net
|
|
(645)
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|
|
(3,687)
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|
|
(2,836)
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|
(14,269)
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(6,621)
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Income (loss) before
income taxes
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|
(9,595)
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|
|
(267,270)
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|
|
(72,161)
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|
|
(498,897)
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|
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(330,821)
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Provision (benefit)
for income taxes
|
|
15,405
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|
|
(4,358)
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|
|
7,204
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|
|
(2,146)
|
|
|
17,623
|
|
|
|
Net Income
(Loss)
|
|
$
|
(25,000)
|
|
|
$
|
(262,912)
|
|
|
$
|
(79,365)
|
|
|
$
|
(496,751)
|
|
|
$
|
(348,444)
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|
|
|
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|
|
Weighted average
diluted shares outstanding
|
|
99,306
|
|
|
98,930
|
|
|
99,297
|
|
|
99,233
|
|
|
98,876
|
|
Diluted earnings
(loss) per share
|
|
$
|
(0.25)
|
|
|
$
|
(2.66)
|
|
|
$
|
(0.80)
|
|
|
$
|
(5.01)
|
|
|
$
|
(3.52)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 Year
Ended
|
|
|
|
|
|
|
Dec 31,
2020
|
|
Dec 31, 2019
*
|
|
Sep 30,
2020
|
|
Dec 31,
2020
|
|
Dec 31, 2019
*
|
|
|
|
|
|
($ in
thousands)
|
Subsea Robotics
(SSR)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
$
|
114,711
|
|
|
$
|
151,104
|
|
|
$
|
119,617
|
|
|
$
|
493,332
|
|
|
$
|
583,652
|
|
|
Gross
margin
|
|
|
$
|
24,777
|
|
|
$
|
(8,228)
|
|
|
$
|
13,378
|
|
|
$
|
78,952
|
|
|
$
|
57,601
|
|
Operating income
(loss)
|
|
|
$
|
14,477
|
|
|
$
|
(21,650)
|
|
|
$
|
2,127
|
|
|
$
|
(65,817)
|
|
|
$
|
11,627
|
|
Operating income
(loss) %
|
|
|
13
|
%
|
|
(14)
|
%
|
|
2
|
%
|
|
(13)
|
%
|
|
2
|
%
|
|
ROV Days
available
|
|
|
22,999
|
|
|
25,576
|
|
|
23,000
|
|
|
91,499
|
|
|
100,480
|
|
|
ROV Days
utilized
|
|
|
12,456
|
|
|
14,836
|
|
|
13,601
|
|
|
54,411
|
|
|
58,347
|
|
|
ROV
Utilization
|
|
|
54
|
%
|
|
58
|
%
|
|
59
|
%
|
|
59
|
%
|
|
58
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Manufactured Products
(MP)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
$
|
99,899
|
|
|
$
|
163,862
|
|
|
$
|
110,416
|
|
|
$
|
477,419
|
|
|
$
|
498,350
|
|
|
Gross
margin
|
|
|
$
|
20,092
|
|
|
$
|
16,789
|
|
|
$
|
11,242
|
|
|
$
|
62,962
|
|
|
$
|
48,865
|
|
Operating income
(loss)
|
|
|
$
|
12,218
|
|
|
$
|
4,660
|
|
|
$
|
(38,198)
|
|
|
$
|
(88,253)
|
|
|
$
|
5,730
|
|
Operating income
(loss) %
|
|
|
12
|
%
|
|
3
|
%
|
|
(35)
|
%
|
|
(18)
|
%
|
|
1
|
%
|
Backlog at end of
period
|
|
|
$
|
266,000
|
|
|
$
|
548,000
|
|
|
$
|
318,000
|
|
|
$
|
266,000
|
|
|
$
|
548,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Offshore Projects
Group (OPG)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
$
|
67,821
|
|
|
$
|
91,773
|
|
|
$
|
73,212
|
|
|
$
|
289,127
|
|
|
$
|
380,966
|
|
|
Gross
margin
|
|
|
$
|
(2,367)
|
|
|
$
|
(15,824)
|
|
|
$
|
(1,633)
|
|
|
$
|
1,265
|
|
|
$
|
4,339
|
|
Operating income
(loss)
|
|
|
$
|
(9,940)
|
|
|
$
|
(167,221)
|
|
|
$
|
(12,282)
|
|
|
$
|
(105,680)
|
|
|
$
|
(170,013)
|
|
Operating income
(loss) %
|
|
|
(15)
|
%
|
|
(182)
|
%
|
|
(17)
|
%
|
|
(37)
|
%
|
|
(45)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Integrity Management
& Digital Solutions (IMDS)
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
$
|
54,307
|
|
|
$
|
68,029
|
|
|
$
|
53,933
|
|
|
$
|
226,938
|
|
|
$
|
266,086
|
|
|
Gross
margin
|
|
|
$
|
7,396
|
|
|
$
|
(6,133)
|
|
|
$
|
7,129
|
|
|
$
|
29,772
|
|
|
$
|
15,361
|
|
Operating income
(loss)
|
|
|
$
|
892
|
|
|
$
|
(48,858)
|
|
|
$
|
793
|
|
|
$
|
(121,675)
|
|
|
$
|
(52,527)
|
|
Operating income
(loss) %
|
|
|
2
|
%
|
|
(72)
|
%
|
|
1
|
%
|
|
(54)
|
%
|
|
(20)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aerospace and Defense
Technologies (ADTech)
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
$
|
87,524
|
|
|
$
|
86,042
|
|
|
$
|
82,565
|
|
|
$
|
341,073
|
|
|
$
|
319,070
|
|
|
Gross
margin
|
|
|
$
|
20,328
|
|
|
$
|
17,228
|
|
|
$
|
16,668
|
|
|
$
|
71,794
|
|
|
$
|
60,462
|
|
Operating income
(loss)
|
|
|
$
|
16,525
|
|
|
$
|
12,360
|
|
|
$
|
13,097
|
|
|
$
|
56,023
|
|
|
$
|
42,574
|
|
Operating income
(loss) %
|
|
|
19
|
%
|
|
14
|
%
|
|
16
|
%
|
|
16
|
%
|
|
13
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unallocated
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
margin
|
|
|
$
|
(25,225)
|
|
|
$
|
(24,219)
|
|
|
$
|
(17,133)
|
|
|
$
|
(80,804)
|
|
|
$
|
(88,384)
|
|
Operating income
(loss)
|
|
|
$
|
(33,692)
|
|
|
$
|
(33,461)
|
|
|
$
|
(26,157)
|
|
|
$
|
(120,677)
|
|
|
$
|
(128,104)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
$
|
424,262
|
|
|
$
|
560,810
|
|
|
$
|
439,743
|
|
|
$
|
1,827,889
|
|
|
$
|
2,048,124
|
|
|
Gross
margin
|
|
|
$
|
45,001
|
|
|
$
|
(20,387)
|
|
|
$
|
29,651
|
|
|
$
|
163,941
|
|
|
$
|
98,244
|
|
Operating income
(loss)
|
|
|
$
|
480
|
|
|
$
|
(254,170)
|
|
|
$
|
(60,620)
|
|
|
$
|
(446,079)
|
|
|
$
|
(290,713)
|
|
Operating income
(loss) %
|
|
|
—
|
%
|
|
(45)
|
%
|
|
(14)
|
%
|
|
(24)
|
%
|
|
(14)
|
%
|
|
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 Year
Ended
|
|
|
|
|
Dec 31,
2020
|
|
Dec 31,
2019
|
|
Sep 30,
2020
|
|
Dec 31,
2020
|
|
Dec 31,
2019
|
|
|
|
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
|
Capital Expenditures,
including Acquisitions
|
$
|
14,847
|
|
|
$
|
18,837
|
|
|
$
|
7,980
|
|
|
$
|
60,687
|
|
|
147,684
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months
Ended
|
|
For the Year
Ended
|
|
|
|
|
Dec 31,
2020
|
|
Dec 31, 2019
*
|
|
Sep 30,
2020
|
|
Dec 31,
2020
|
|
Dec 31, 2019
*
|
|
|
|
|
(in
thousands)
|
Depreciation and
amortization:
|
|
|
|
|
|
|
|
|
|
Energy Services and
Products
|
|
|
|
|
|
|
|
|
|
|
Subsea
Robotics
|
$
|
23,210
|
|
|
$
|
44,170
|
|
|
$
|
25,144
|
|
|
$
|
212,621
|
|
|
$
|
140,087
|
|
|
Manufactured
Products
|
3,193
|
|
|
5,779
|
|
|
44,028
|
|
|
66,772
|
|
|
20,732
|
|
|
Offshore Projects
Group
|
16,979
|
|
|
27,286
|
|
|
15,147
|
|
|
115,288
|
|
|
58,044
|
|
|
Integrity Management
& Digital Solutions
|
1,255
|
|
|
30,990
|
|
|
866
|
|
|
127,221
|
|
|
37,160
|
|
Total Energy Services
and Products
|
44,637
|
|
|
108,225
|
|
|
85,185
|
|
|
521,902
|
|
|
256,023
|
|
Aerospace and Defense
Technologies
|
667
|
|
|
646
|
|
|
654
|
|
|
2,666
|
|
|
2,644
|
|
Unallocated
Expenses
|
1,146
|
|
|
1,199
|
|
|
1,712
|
|
|
4,327
|
|
|
4,760
|
|
Total
Depreciation and Amortization
|
$
|
46,450
|
|
|
$
|
110,070
|
|
|
$
|
87,551
|
|
|
$
|
528,895
|
|
|
$
|
263,427
|
|
|
In the three months
ended December 31, 2020, goodwill and long-lived asset impairment
expense, reflected in the depreciation and amortization expense
above, was $9.6 million.
In the three months
ended September 30, 2020, goodwill and long-lived asset impairment
expense, reflected in the depreciation and amortization expense
above, was $48 million.
In the year ended
December 31, 2020, goodwill and long-lived asset impairment
expense, reflected in the depreciation and amortization expense
above, was $368 million.
In the three months
and year ended December 31, 2019, goodwill and long-lived asset
impairment expense, reflected in the depreciation and amortization
expense above, was $59 million.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* 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, 2021 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
|
|
|
|
|
|
Dec 31,
2020
|
Dec 31,
2019
|
Sep 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
|
|
$
|
(25,000)
|
|
|
$
|
(0.25)
|
|
|
$
|
(262,912)
|
|
|
$
|
(2.66)
|
|
|
$
|
(79,365)
|
|
|
$
|
(0.80)
|
|
Pre-tax adjustments
for the effects of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-lived assets
impairments
|
|
1,682
|
|
|
|
|
159,353
|
|
|
|
|
—
|
|
|
|
|
Long-lived assets
write-offs
|
|
9,571
|
|
|
|
|
44,653
|
|
|
|
|
7,243
|
|
|
|
|
Inventory
write-downs
|
|
—
|
|
|
|
|
21,285
|
|
|
|
|
7,038
|
|
|
|
|
Goodwill
impairment
|
|
—
|
|
|
|
|
14,713
|
|
|
|
|
40,875
|
|
|
|
|
Restructuring
expenses and other
|
|
(2,176)
|
|
|
|
|
11,751
|
|
|
|
|
11,048
|
|
|
|
|
Foreign currency
(gains) losses
|
|
720
|
|
|
|
|
3,477
|
|
|
|
|
2,462
|
|
|
|
Total pre-tax
adjustments
|
|
9,797
|
|
|
|
|
255,232
|
|
|
|
|
68,666
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax effect on pre-tax
adjustments at the applicable jurisdictional statutory rate in
effect for respective periods
|
|
7,432
|
|
|
|
|
(50,653)
|
|
|
|
|
(13,211)
|
|
|
|
Discrete tax
items:
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based compensation
|
|
13
|
|
|
|
|
2
|
|
|
|
|
16
|
|
|
|
Uncertain tax positions
|
|
3,033
|
|
|
|
|
1,276
|
|
|
|
|
(55)
|
|
|
|
U.S. CARES Act
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
Tax reform
|
|
—
|
|
|
|
|
272
|
|
|
|
|
—
|
|
|
|
Valuation allowances
|
|
5,635
|
|
|
|
|
59,667
|
|
|
|
|
6,599
|
|
|
|
Other
|
|
889
|
|
|
|
|
(356)
|
|
|
|
|
(278)
|
|
|
|
|
Total discrete tax
adjustments
|
|
9,570
|
|
|
|
|
60,861
|
|
|
|
|
6,282
|
|
|
|
|
Total of
adjustments
|
|
26,799
|
|
|
|
|
265,440
|
|
|
|
|
61,737
|
|
|
|
Adjusted Net Income
(Loss)
|
|
$
|
1,799
|
|
|
$
|
0.02
|
|
|
$
|
2,528
|
|
|
$
|
0.03
|
|
|
$
|
(17,628)
|
|
|
$
|
(0.18)
|
|
Weighted average
diluted shares outstanding utilized for Adjusted Net Income
(Loss)
|
|
|
|
99,712
|
|
|
|
|
99,721
|
|
|
|
|
99,297
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Net
Income (Loss) and Diluted Earnings (Loss) per Share
(EPS)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Year
Ended
|
|
|
|
|
|
|
Dec 31,
2020
|
Dec 31,
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
|
|
|
|
|
|
$
|
(496,751)
|
|
|
$
|
(5.01)
|
|
|
$
|
(348,444)
|
|
|
$
|
(3.52)
|
|
Pre-tax adjustments
for the effects of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-lived assets
impairments
|
|
|
|
|
|
70,445
|
|
|
|
|
159,353
|
|
|
|
|
Long-lived assets
write-offs
|
|
|
|
|
|
24,142
|
|
|
|
|
44,653
|
|
|
|
|
Inventory
write-downs
|
|
|
|
|
|
7,038
|
|
|
|
|
21,285
|
|
|
|
|
Goodwill
impairment
|
|
|
|
|
|
343,880
|
|
|
|
|
14,713
|
|
|
|
|
Restructuring
expenses and other
|
|
|
|
|
|
21,210
|
|
|
|
|
11,751
|
|
|
|
|
Foreign currency
(gains) losses
|
|
|
|
|
|
14,140
|
|
|
|
|
6,320
|
|
|
|
Total pre-tax
adjustments
|
|
|
|
|
|
480,855
|
|
|
|
|
258,075
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax effect on pre-tax
adjustments at the applicable jurisdictional statutory rate in
effect for respective periods
|
|
|
|
|
|
(53,465)
|
|
|
|
|
(51,250)
|
|
|
|
Discrete tax
items:
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based compensation
|
|
|
|
|
|
1,032
|
|
|
|
|
989
|
|
|
|
Uncertain tax positions
|
|
|
|
|
|
(5,939)
|
|
|
|
|
3,046
|
|
|
|
U.S. CARES Act
|
|
|
|
|
|
(32,625)
|
|
|
|
|
—
|
|
|
|
Tax reform
|
|
|
|
|
|
—
|
|
|
|
|
(8,220)
|
|
|
|
Valuation allowances
|
|
|
|
|
|
80,687
|
|
|
|
|
61,174
|
|
|
|
Other
|
|
|
|
|
|
(326)
|
|
|
|
|
2,018
|
|
|
|
|
Total discrete tax
adjustments
|
|
|
|
|
|
42,829
|
|
|
|
|
59,007
|
|
|
|
|
Total of
adjustments
|
|
|
|
|
|
470,219
|
|
|
|
|
265,832
|
|
|
|
Adjusted Net Income
(Loss)
|
|
|
|
|
|
$
|
(26,532)
|
|
|
$
|
(0.27)
|
|
|
$
|
(82,612)
|
|
|
$
|
(0.84)
|
|
Weighted average
diluted shares outstanding utilized for Adjusted Net Income
(Loss)
|
|
|
|
|
|
|
|
99,233
|
|
|
|
|
98,876
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RECONCILIATIONS OF
NON-GAAP TO GAAP FINANCIAL INFORMATION
|
|
EBITDA and
Adjusted EBITDA and Margins
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months
Ended
|
|
For the Year
Ended
|
|
|
|
|
|
Dec 31,
2020
|
|
Dec 31,
2019
|
|
Sep 30,
2020
|
|
Dec 31,
2020
|
|
Dec 31,
2019
|
|
|
|
|
|
($ in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
|
$
|
(25,000)
|
|
|
$
|
(262,912)
|
|
|
$
|
(79,365)
|
|
|
$
|
(496,751)
|
|
|
$
|
(348,444)
|
|
Depreciation and
amortization
|
|
|
46,450
|
|
|
110,070
|
|
|
87,551
|
|
|
528,895
|
|
|
263,427
|
|
|
Subtotal
|
|
|
21,450
|
|
|
(152,842)
|
|
|
8,186
|
|
|
32,144
|
|
|
(85,017)
|
|
Interest expense, net
of interest income
|
|
9,696
|
|
|
10,354
|
|
|
8,836
|
|
|
40,817
|
|
|
34,818
|
|
Amortization included
in interest expense
|
|
322
|
|
|
(335)
|
|
|
317
|
|
|
639
|
|
|
(1,345)
|
|
Provision (benefit)
for income taxes
|
|
|
15,405
|
|
|
(4,358)
|
|
|
7,204
|
|
|
(2,146)
|
|
|
17,623
|
|
|
EBITDA
|
|
|
46,873
|
|
|
(147,181)
|
|
|
24,543
|
|
|
71,454
|
|
|
(33,921)
|
|
Adjustments for the
effects of:
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-lived assets
impairments
|
|
|
1,682
|
|
|
159,353
|
|
|
—
|
|
|
70,445
|
|
|
159,353
|
|
|
Inventory
write-downs
|
|
|
—
|
|
|
21,285
|
|
|
7,038
|
|
|
7,038
|
|
|
21,285
|
|
|
Restructuring
expenses and other
|
|
|
(2,176)
|
|
|
11,751
|
|
|
11,048
|
|
|
21,210
|
|
|
11,751
|
|
|
Foreign currency
(gains) losses
|
|
|
720
|
|
|
3,477
|
|
|
2,462
|
|
|
14,140
|
|
|
6,320
|
|
|
|
Total of
adjustments
|
|
|
226
|
|
|
195,866
|
|
|
20,548
|
|
|
112,833
|
|
|
198,709
|
|
|
Adjusted
EBITDA
|
|
|
$
|
47,099
|
|
|
$
|
48,685
|
|
|
$
|
45,091
|
|
|
$
|
184,287
|
|
|
$
|
164,788
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
$
|
424,262
|
|
|
$
|
560,810
|
|
|
$
|
439,743
|
|
|
$
|
1,827,889
|
|
|
$
|
2,048,124
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA margin
%
|
|
|
11
|
%
|
|
(26)
|
%
|
|
6
|
%
|
|
4
|
%
|
|
(2)
|
%
|
Adjusted EBITDA
margin %
|
|
|
11
|
%
|
|
9
|
%
|
|
10
|
%
|
|
10
|
%
|
|
8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RECONCILIATIONS OF
NON-GAAP TO GAAP FINANCIAL INFORMATION
|
|
Free Cash
Flow
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months
Ended
|
|
For the Year
Ended
|
|
|
|
Dec 31,
2020
|
|
Dec 31,
2019
|
|
Sep 30,
2020
|
|
Dec 31,
2020
|
|
Dec 31,
2019
|
|
|
|
(in
thousands)
|
Net Income
(loss)
|
|
$
|
(25,000)
|
|
|
$
|
(262,912)
|
|
|
$
|
(79,365)
|
|
|
$
|
(496,751)
|
|
|
$
|
(348,444)
|
|
Non-cash
adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization, including goodwill impairment
|
|
46,450
|
|
|
110,070
|
|
|
87,551
|
|
|
528,895
|
|
|
263,427
|
|
|
Long-lived assets
impairments
|
|
1,682
|
|
|
159,353
|
|
|
—
|
|
|
70,445
|
|
|
159,353
|
|
|
Other
non-cash
|
|
4,209
|
|
|
21,340
|
|
|
9,423
|
|
|
9,047
|
|
|
16,436
|
|
Other increases
(decreases) in cash from operating activities
|
|
76,943
|
|
|
17,551
|
|
|
9,386
|
|
|
25,011
|
|
|
66,797
|
|
Cash flow provided by
(used in) operating activities
|
|
104,284
|
|
|
45,402
|
|
|
26,995
|
|
|
136,647
|
|
|
157,569
|
|
Purchases of property
and equipment
|
|
(14,847)
|
|
|
(18,837)
|
|
|
(7,980)
|
|
|
(60,687)
|
|
|
(147,684)
|
|
Free Cash
Flow
|
|
$
|
89,437
|
|
|
$
|
26,565
|
|
|
$
|
19,015
|
|
|
$
|
75,960
|
|
|
$
|
9,885
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2021 Adjusted
EBITDA Estimates
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Year
Ended
|
|
|
|
|
|
|
|
|
|
December 31,
2021
|
|
|
|
|
|
|
|
|
|
Low
|
|
High
|
|
|
|
|
|
|
|
|
|
(in
thousands)
|
Income (loss) before
income taxes
|
|
|
|
|
|
|
|
$
|
(25,000)
|
|
|
$
|
20,000
|
|
Depreciation and
amortization
|
|
|
|
|
|
|
|
145,000
|
|
|
150,000
|
|
|
Subtotal
|
|
|
|
|
|
|
|
120,000
|
|
|
170,000
|
|
Interest expense, net
of interest income
|
|
|
|
|
|
|
|
40,000
|
|
|
40,000
|
|
|
Adjusted
EBITDA
|
|
|
|
|
|
|
|
$
|
160,000
|
|
|
$
|
210,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months
Ended
|
|
|
|
|
|
|
|
|
|
March 31,
2021
|
|
|
|
|
|
|
|
|
|
Low
|
|
High
|
|
|
|
|
|
|
|
|
|
(in
thousands)
|
Income (loss) before
income taxes
|
|
|
|
|
|
|
|
$
|
—
|
|
|
$
|
3,000
|
|
Depreciation and
amortization
|
|
|
|
|
|
|
|
35,000
|
|
|
37,000
|
|
|
Subtotal
|
|
|
|
|
|
|
|
35,000
|
|
|
40,000
|
|
Interest expense, net
of interest income
|
|
|
|
|
|
|
|
10,000
|
|
|
10,000
|
|
|
Adjusted
EBITDA
|
|
|
|
|
|
|
|
$
|
45,000
|
|
|
$
|
50,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RECONCILIATIONS OF
NON-GAAP TO GAAP FINANCIAL INFORMATION
|
|
Adjusted Operating
Income (Loss) and Margins by Segment
|
|
|
|
|
|
For the Three Months
Ended December 31, 2020
|
|
|
|
|
SSR
|
|
MP
|
|
OPG
|
|
IMDS
|
|
ADTech
|
|
Unallocated
Expenses
|
|
Total
|
|
|
|
|
($ in
thousands)
|
Operating Income
(Loss) as reported in accordance with GAAP
|
|
$
|
14,477
|
|
|
$
|
12,218
|
|
|
$
|
(9,940)
|
|
|
$
|
892
|
|
|
$
|
16,525
|
|
|
$
|
(33,692)
|
|
|
$
|
480
|
|
Adjustments for the
effects of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-lived assets
impairments
|
|
—
|
|
|
—
|
|
|
1,304
|
|
|
378
|
|
|
—
|
|
|
—
|
|
|
1,682
|
|
|
Long-lived assets
write-offs
|
|
—
|
|
|
—
|
|
|
9,401
|
|
|
170
|
|
|
—
|
|
|
—
|
|
|
9,571
|
|
|
Restructuring
expenses and other
|
|
221
|
|
|
(3,489)
|
|
|
643
|
|
|
422
|
|
|
27
|
|
|
—
|
|
|
(2,176)
|
|
|
|
Total of
adjustments
|
|
221
|
|
|
(3,489)
|
|
|
11,348
|
|
|
970
|
|
|
27
|
|
|
—
|
|
|
9,077
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Operating
Income (Loss)
|
|
$
|
14,698
|
|
|
$
|
8,729
|
|
|
$
|
1,408
|
|
|
$
|
1,862
|
|
|
$
|
16,552
|
|
|
$
|
(33,692)
|
|
|
$
|
9,557
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
|
114,711
|
|
|
$
|
99,899
|
|
|
$
|
67,821
|
|
|
$
|
54,307
|
|
|
$
|
87,524
|
|
|
|
|
$
|
424,262
|
|
Operating income
(loss) % as reported in accordance with GAAP
|
|
13
|
%
|
|
12
|
%
|
|
(15)
|
%
|
|
2
|
%
|
|
19
|
%
|
|
|
|
—
|
%
|
Operating income
(loss)% using adjusted amounts
|
|
13
|
%
|
|
9
|
%
|
|
2
|
%
|
|
3
|
%
|
|
19
|
%
|
|
|
|
2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months
Ended December 31, 2019 *
|
|
|
|
|
SSR
|
|
MP
|
|
OPG
|
|
IMDS
|
|
ADTech
|
|
Unallocated
Expenses
|
|
Total
|
|
|
|
|
($ in
thousands)
|
Operating Income
(Loss) as reported in accordance with GAAP
|
|
$
|
(21,650)
|
|
|
$
|
4,660
|
|
|
$
|
(167,221)
|
|
|
$
|
(48,858)
|
|
|
$
|
12,360
|
|
|
$
|
(33,461)
|
|
|
$
|
(254,170)
|
|
Adjustments for the
effects of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-lived assets
impairments
|
|
—
|
|
|
—
|
|
|
142,615
|
|
|
16,738
|
|
|
—
|
|
|
—
|
|
|
159,353
|
|
|
Long-lived assets
write-offs
|
|
11,340
|
|
|
482
|
|
|
18,723
|
|
|
14,108
|
|
|
—
|
|
|
—
|
|
|
44,653
|
|
|
Inventory
write-downs
|
|
15,433
|
|
|
2,107
|
|
|
2,771
|
|
|
719
|
|
|
255
|
|
|
—
|
|
|
21,285
|
|
|
Goodwill
impairment
|
|
—
|
|
|
—
|
|
|
—
|
|
|
14,713
|
|
|
—
|
|
|
—
|
|
|
14,713
|
|
|
Restructuring
expenses and other
|
|
4,228
|
|
|
757
|
|
|
3,526
|
|
|
3,082
|
|
|
102
|
|
|
56
|
|
|
11,751
|
|
|
|
Total of
adjustments
|
|
31,001
|
|
|
3,346
|
|
|
167,635
|
|
|
49,360
|
|
|
357
|
|
|
56
|
|
|
251,755
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Operating
Income (Loss)
|
|
$
|
9,351
|
|
|
$
|
8,006
|
|
|
$
|
414
|
|
|
$
|
502
|
|
|
$
|
12,717
|
|
|
$
|
(33,405)
|
|
|
$
|
(2,415)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
|
151,104
|
|
|
$
|
163,862
|
|
|
$
|
91,773
|
|
|
$
|
68,029
|
|
|
$
|
86,042
|
|
|
|
|
$
|
560,810
|
|
Operating income
(loss) % as reported in accordance with GAAP
|
|
(14)
|
%
|
|
3
|
%
|
|
(182)
|
%
|
|
(72)
|
%
|
|
14
|
%
|
|
|
|
(45)
|
%
|
Operating income
(loss)% using adjusted amounts
|
|
6
|
%
|
|
5
|
%
|
|
—
|
%
|
|
1
|
%
|
|
15
|
%
|
|
|
|
—
|
%
|
|
* Recast to reflect
segment changes.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months
Ended September 30, 2020
|
|
|
|
|
SSR
|
|
MP
|
|
OPG
|
|
IMDS
|
|
ADTech
|
|
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
|
%
|
|
|
|
|
|
|
Adjusted Operating
Income (Loss) and Margins by Segment
|
|
|
|
|
|
For the Year Ended
December 31, 2020
|
|
|
|
|
SSR
|
|
MP
|
|
OPG
|
|
IMDS
|
|
ADTech
|
|
Unallocated
Expenses
|
|
Total
|
|
|
|
|
($ in
thousands)
|
Operating Income
(Loss) as reported in accordance with GAAP
|
|
$
|
(65,817)
|
|
|
$
|
(88,253)
|
|
|
$
|
(105,680)
|
|
|
$
|
(121,675)
|
|
|
$
|
56,023
|
|
|
$
|
(120,677)
|
|
|
$
|
(446,079)
|
|
Adjustments for the
effects of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-lived assets
impairments
|
|
—
|
|
|
61,074
|
|
|
8,826
|
|
|
545
|
|
|
—
|
|
|
—
|
|
|
70,445
|
|
|
Long-lived assets
write-offs
|
|
7,328
|
|
|
—
|
|
|
16,644
|
|
|
170
|
|
|
—
|
|
|
—
|
|
|
24,142
|
|
|
Inventory
write-downs
|
|
7,038
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7,038
|
|
|
Goodwill
impairment
|
|
102,118
|
|
|
52,263
|
|
|
66,285
|
|
|
123,214
|
|
|
—
|
|
|
—
|
|
|
343,880
|
|
|
Restructuring
expenses and other
|
|
5,055
|
|
|
2,266
|
|
|
8,590
|
|
|
4,272
|
|
|
572
|
|
|
455
|
|
|
21,210
|
|
|
|
Total of
adjustments
|
|
121,539
|
|
|
115,603
|
|
|
100,345
|
|
|
128,201
|
|
|
572
|
|
|
455
|
|
|
466,715
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Operating
Income (Loss)
|
|
$
|
55,722
|
|
|
$
|
27,350
|
|
|
$
|
(5,335)
|
|
|
$
|
6,526
|
|
|
$
|
56,595
|
|
|
$
|
(120,222)
|
|
|
$
|
20,636
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
|
493,332
|
|
|
$
|
477,419
|
|
|
$
|
289,127
|
|
|
$
|
226,938
|
|
|
$
|
341,073
|
|
|
|
|
$
|
1,827,889
|
|
Operating income
(loss) % as reported in accordance with GAAP
|
|
(13)
|
%
|
|
(18)
|
%
|
|
(37)
|
%
|
|
(54)
|
%
|
|
16
|
%
|
|
|
|
(24)
|
%
|
Operating income
(loss)% using adjusted amounts
|
|
11
|
%
|
|
6
|
%
|
|
(2)
|
%
|
|
3
|
%
|
|
17
|
%
|
|
|
|
1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Year Ended
December 31, 2019 *
|
|
|
|
|
SSR
|
|
MP
|
|
OPG
|
|
IMDS
|
|
ADTech
|
|
Unallocated
Expenses
|
|
Total
|
|
|
|
|
($ in
thousands)
|
Operating Income
(Loss) as reported in accordance with GAAP
|
|
$
|
11,627
|
|
|
$
|
5,730
|
|
|
$
|
(170,013)
|
|
|
$
|
(52,527)
|
|
|
$
|
42,574
|
|
|
$
|
(128,104)
|
|
|
$
|
(290,713)
|
|
Adjustments for the
effects of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-lived assets
impairments
|
|
—
|
|
|
—
|
|
|
142,615
|
|
|
16,738
|
|
|
—
|
|
|
—
|
|
|
159,353
|
|
|
Long-lived assets
write-offs
|
|
11,340
|
|
|
482
|
|
|
18,723
|
|
|
14,108
|
|
|
—
|
|
|
—
|
|
|
44,653
|
|
|
Inventory
write-downs
|
|
15,433
|
|
|
2,107
|
|
|
2,771
|
|
|
719
|
|
|
255
|
|
|
—
|
|
|
21,285
|
|
|
Goodwill
impairment
|
|
—
|
|
|
—
|
|
|
—
|
|
|
14,713
|
|
|
—
|
|
|
—
|
|
|
14,713
|
|
|
Restructuring
expenses and other
|
|
4,228
|
|
|
757
|
|
|
3,526
|
|
|
3,082
|
|
|
102
|
|
|
56
|
|
|
11,751
|
|
|
|
Total of
adjustments
|
|
31,001
|
|
|
3,346
|
|
|
167,635
|
|
|
49,360
|
|
|
357
|
|
|
56
|
|
|
251,755
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Operating
Income (Loss)
|
|
$
|
42,628
|
|
|
$
|
9,076
|
|
|
$
|
(2,378)
|
|
|
$
|
(3,167)
|
|
|
$
|
42,931
|
|
|
$
|
(128,048)
|
|
|
$
|
(38,958)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
|
583,652
|
|
|
$
|
498,350
|
|
|
$
|
380,966
|
|
|
$
|
266,086
|
|
|
$
|
319,070
|
|
|
|
|
$
|
2,048,124
|
|
Operating income
(loss) % as reported in accordance with GAAP
|
|
2
|
%
|
|
1
|
%
|
|
(45)
|
%
|
|
(20)
|
%
|
|
13
|
%
|
|
|
|
(14)
|
%
|
Operating income
(loss)% using adjusted amounts
|
|
7
|
%
|
|
2
|
%
|
|
(1)
|
%
|
|
(1)
|
%
|
|
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 December 31, 2020
|
|
|
|
|
SSR
|
|
MP
|
|
OPG
|
|
IMDS
|
|
ADTech
|
|
Unallocated
Expenses
and other
|
|
Total
|
|
|
|
|
($ in
thousands)
|
Operating Income
(Loss) as reported in accordance with GAAP
|
|
$
|
14,477
|
|
|
$
|
12,218
|
|
|
$
|
(9,940)
|
|
|
$
|
892
|
|
|
$
|
16,525
|
|
|
$
|
(33,692)
|
|
|
$
|
480
|
|
Adjustments for the
effects of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
23,210
|
|
|
3,193
|
|
|
16,979
|
|
|
1,255
|
|
|
667
|
|
|
1,146
|
|
|
46,450
|
|
|
Other
pre-tax
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(57)
|
|
|
(57)
|
|
|
EBITDA
|
|
37,687
|
|
|
15,411
|
|
|
7,039
|
|
|
2,147
|
|
|
17,192
|
|
|
(32,603)
|
|
|
46,873
|
|
Adjustments for the
effects of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-lived assets
impairments
|
|
—
|
|
|
—
|
|
|
1,304
|
|
|
378
|
|
|
—
|
|
|
—
|
|
|
1,682
|
|
|
Inventory
write-downs
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Restructuring
expenses and other
|
|
221
|
|
|
(3,489)
|
|
|
643
|
|
|
422
|
|
|
27
|
|
|
—
|
|
|
(2,176)
|
|
|
Foreign currency
(gains) losses
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
720
|
|
|
720
|
|
|
|
Total of
adjustments
|
|
221
|
|
|
(3,489)
|
|
|
1,947
|
|
|
800
|
|
|
27
|
|
|
720
|
|
|
226
|
|
Adjusted
EBITDA
|
|
$
|
37,908
|
|
|
$
|
11,922
|
|
|
$
|
8,986
|
|
|
$
|
2,947
|
|
|
$
|
17,219
|
|
|
$
|
(31,883)
|
|
|
$
|
47,099
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
|
114,711
|
|
|
$
|
99,899
|
|
|
$
|
67,821
|
|
|
$
|
54,307
|
|
|
$
|
87,524
|
|
|
|
|
$
|
424,262
|
|
Operating income
(loss) % as reported in accordance with GAAP
|
|
13
|
%
|
|
12
|
%
|
|
(15)
|
%
|
|
2
|
%
|
|
19
|
%
|
|
|
|
—
|
%
|
EBITDA
Margin
|
|
33
|
%
|
|
15
|
%
|
|
10
|
%
|
|
4
|
%
|
|
20
|
%
|
|
|
|
11
|
%
|
Adjusted EBITDA
Margin
|
|
33
|
%
|
|
12
|
%
|
|
13
|
%
|
|
5
|
%
|
|
20
|
%
|
|
|
|
11
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months
Ended December 31, 2019 *
|
|
|
|
|
SSR
|
|
MP
|
|
OPG
|
|
IMDS
|
|
ADTech
|
|
Unallocated
Expenses
and other
|
|
Total
|
|
|
|
|
($ in
thousands)
|
Operating Income
(Loss) as reported in accordance with GAAP
|
|
$
|
(21,650)
|
|
|
$
|
4,660
|
|
|
$
|
(167,221)
|
|
|
$
|
(48,858)
|
|
|
$
|
12,360
|
|
|
$
|
(33,461)
|
|
|
$
|
(254,170)
|
|
Adjustments for the
effects of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
44,170
|
|
|
5,779
|
|
|
27,286
|
|
|
30,990
|
|
|
646
|
|
|
1,199
|
|
|
110,070
|
|
|
Other
pre-tax
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,081)
|
|
|
(3,081)
|
|
|
EBITDA
|
|
22,520
|
|
|
10,439
|
|
|
(139,935)
|
|
|
(17,868)
|
|
|
13,006
|
|
|
(35,343)
|
|
|
(147,181)
|
|
Adjustments for the
effects of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-lived assets
impairments
|
|
—
|
|
|
—
|
|
|
142,615
|
|
|
16,738
|
|
|
—
|
|
|
—
|
|
|
159,353
|
|
|
Inventory
write-downs
|
|
15,433
|
|
|
2,107
|
|
|
2,771
|
|
|
719
|
|
|
255
|
|
|
—
|
|
|
21,285
|
|
|
Restructuring
expenses and other
|
|
4,228
|
|
|
757
|
|
|
3,526
|
|
|
3,082
|
|
|
102
|
|
|
56
|
|
|
11,751
|
|
|
Foreign currency
(gains) losses
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,477
|
|
|
3,477
|
|
|
|
Total of
adjustments
|
|
19,661
|
|
|
2,864
|
|
|
148,912
|
|
|
20,539
|
|
|
357
|
|
|
3,533
|
|
|
195,866
|
|
Adjusted
EBITDA
|
|
$
|
42,181
|
|
|
$
|
13,303
|
|
|
$
|
8,977
|
|
|
$
|
2,671
|
|
|
$
|
13,363
|
|
|
$
|
(31,810)
|
|
|
$
|
48,685
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
|
151,104
|
|
|
$
|
163,862
|
|
|
$
|
91,773
|
|
|
$
|
68,029
|
|
|
$
|
86,042
|
|
|
|
|
$
|
560,810
|
|
Operating income
(loss) % as reported in accordance with GAAP
|
|
(14)
|
%
|
|
3
|
%
|
|
(182)
|
%
|
|
(72)
|
%
|
|
14
|
%
|
|
|
|
(45)
|
%
|
EBITDA
Margin
|
|
15
|
%
|
|
6
|
%
|
|
(152)
|
%
|
|
(26)
|
%
|
|
15
|
%
|
|
|
|
(26)
|
%
|
Adjusted EBITDA
Margin
|
|
28
|
%
|
|
8
|
%
|
|
10
|
%
|
|
4
|
%
|
|
16
|
%
|
|
|
|
9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Recast to reflect
segment changes.
|
|
|
|
|
|
|
|
For the Three Months
Ended September 30, 2020
|
|
|
|
|
SSR
|
|
MP
|
|
OPG
|
|
IMDS
|
|
ADTech
|
|
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
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA and
Adjusted EBITDA and Margins by Segment
|
|
|
|
|
|
For the Year Ended
December 31, 2020
|
|
|
|
|
SSR
|
|
MP
|
|
OPG
|
|
IMDS
|
|
ADTech
|
|
Unallocated
Expenses
and other
|
|
Total
|
|
|
|
|
($ in
thousands)
|
Operating Income
(Loss) as reported in accordance with GAAP
|
|
$
|
(65,817)
|
|
|
$
|
(88,253)
|
|
|
$
|
(105,680)
|
|
|
$
|
(121,675)
|
|
|
$
|
56,023
|
|
|
$
|
(120,677)
|
|
|
$
|
(446,079)
|
|
Adjustments for the
effects of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
212,621
|
|
|
66,772
|
|
|
115,288
|
|
|
127,221
|
|
|
2,666
|
|
|
4,327
|
|
|
528,895
|
|
|
Other
pre-tax
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(11,362)
|
|
|
(11,362)
|
|
|
EBITDA
|
|
146,804
|
|
|
(21,481)
|
|
|
9,608
|
|
|
5,546
|
|
|
58,689
|
|
|
(127,712)
|
|
|
71,454
|
|
Adjustments for the
effects of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-lived assets
impairments
|
|
—
|
|
|
61,074
|
|
|
8,826
|
|
|
545
|
|
|
—
|
|
|
—
|
|
|
70,445
|
|
|
Inventory
write-downs
|
|
7,038
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7,038
|
|
|
Restructuring
expenses and other
|
|
5,055
|
|
|
2,266
|
|
|
8,590
|
|
|
4,272
|
|
|
572
|
|
|
455
|
|
|
21,210
|
|
|
Foreign currency
(gains) losses
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
14,140
|
|
|
14,140
|
|
|
|
Total of
adjustments
|
|
12,093
|
|
|
63,340
|
|
|
17,416
|
|
|
4,817
|
|
|
572
|
|
|
14,595
|
|
|
112,833
|
|
Adjusted
EBITDA
|
|
$
|
158,897
|
|
|
$
|
41,859
|
|
|
$
|
27,024
|
|
|
$
|
10,363
|
|
|
$
|
59,261
|
|
|
$
|
(113,117)
|
|
|
$
|
184,287
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
|
493,332
|
|
|
$
|
477,419
|
|
|
$
|
289,127
|
|
|
$
|
226,938
|
|
|
$
|
341,073
|
|
|
|
|
$
|
1,827,889
|
|
Operating income
(loss) % as reported in accordance with GAAP
|
|
(13)
|
%
|
|
(18)
|
%
|
|
(37)
|
%
|
|
(54)
|
%
|
|
16
|
%
|
|
|
|
(24)
|
%
|
EBITDA
Margin
|
|
30
|
%
|
|
(4)
|
%
|
|
3
|
%
|
|
2
|
%
|
|
17
|
%
|
|
|
|
4
|
%
|
Adjusted EBITDA
Margin
|
|
32
|
%
|
|
9
|
%
|
|
9
|
%
|
|
5
|
%
|
|
17
|
%
|
|
|
|
10
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Year Ended
December 31, 2019 *
|
|
|
|
|
SSR
|
|
MP
|
|
OPG
|
|
IMDS
|
|
ADTech
|
|
Unallocated
Expenses
and other
|
|
Total
|
|
|
|
|
($ in
thousands)
|
Operating Income
(Loss) as reported in accordance with GAAP
|
|
$
|
11,627
|
|
|
$
|
5,730
|
|
|
$
|
(170,013)
|
|
|
$
|
(52,527)
|
|
|
$
|
42,574
|
|
|
$
|
(128,104)
|
|
|
$
|
(290,713)
|
|
Adjustments for the
effects of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
140,087
|
|
|
20,732
|
|
|
58,044
|
|
|
37,160
|
|
|
2,644
|
|
|
4,760
|
|
|
263,427
|
|
|
Other
pre-tax
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(6,635)
|
|
|
(6,635)
|
|
|
EBITDA
|
|
151,714
|
|
|
26,462
|
|
|
(111,969)
|
|
|
(15,367)
|
|
|
45,218
|
|
|
(129,979)
|
|
|
(33,921)
|
|
Adjustments for the
effects of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-lived assets
impairments
|
|
—
|
|
|
—
|
|
|
142,615
|
|
|
16,738
|
|
|
—
|
|
|
—
|
|
|
159,353
|
|
|
Inventory
write-downs
|
|
15,433
|
|
|
2,107
|
|
|
2,771
|
|
|
719
|
|
|
255
|
|
|
—
|
|
|
21,285
|
|
|
Restructuring
expenses and other
|
|
4,228
|
|
|
757
|
|
|
3,526
|
|
|
3,082
|
|
|
102
|
|
|
56
|
|
|
11,751
|
|
|
Foreign currency
(gains) losses
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6,320
|
|
|
6,320
|
|
|
|
Total of
adjustments
|
|
19,661
|
|
|
2,864
|
|
|
148,912
|
|
|
20,539
|
|
|
357
|
|
|
6,376
|
|
|
198,709
|
|
Adjusted
EBITDA
|
|
$
|
171,375
|
|
|
$
|
29,326
|
|
|
$
|
36,943
|
|
|
$
|
5,172
|
|
|
$
|
45,575
|
|
|
$
|
(123,603)
|
|
|
$
|
164,788
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
|
583,652
|
|
|
$
|
498,350
|
|
|
$
|
380,966
|
|
|
$
|
266,086
|
|
|
$
|
319,070
|
|
|
|
|
$
|
2,048,124
|
|
Operating income
(loss) % as reported in accordance with GAAP
|
|
2
|
%
|
|
1
|
%
|
|
(45)
|
%
|
|
(20)
|
%
|
|
13
|
%
|
|
|
|
(14)
|
%
|
EBITDA
Margin
|
|
26
|
%
|
|
5
|
%
|
|
(29)
|
%
|
|
(6)
|
%
|
|
14
|
%
|
|
|
|
(2)
|
%
|
Adjusted EBITDA
Margin
|
|
29
|
%
|
|
6
|
%
|
|
10
|
%
|
|
2
|
%
|
|
14
|
%
|
|
|
|
8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Recast to reflect
segment changes.
|
View original
content:http://www.prnewswire.com/news-releases/oceaneering-reports-fourth-quarter-and-full-year-2020-results-301234892.html
SOURCE Oceaneering International, Inc.