HOUSTON, April 28, 2021
/PRNewswire/ -- Oceaneering International, Inc.
("Oceaneering") (NYSE:OII) today reported a net loss of
$9.4 million, or $(0.09) per
share, on revenue of $438
million for the three months ended March 31, 2021.
Adjusted net income was $2.8 million,
or $0.03 per share, reflecting, among
other things, the impact of $3.2 million of pre-tax
adjustments associated with 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 December 31, 2020,
Oceaneering reported a net loss of $25
million, or $(0.25) per share,
on revenue of $424 million.
Adjusted net income was $1.8 million,
or $0.02 per share, reflecting, among
other things, 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.
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 Adjusted EBITDA
and Margins, Free Cash Flow, 2021 Adjusted EBITDA Estimates,
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
|
|
|
|
Mar 31,
|
|
Dec 31,
|
|
|
|
|
|
|
|
2021
|
|
2020
|
|
2020
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
|
437,553
|
|
|
$
|
536,668
|
|
|
$
|
424,262
|
|
|
Gross
Margin
|
|
56,657
|
|
|
46,752
|
|
|
45,001
|
|
|
Income (Loss) from
Operations
|
|
13,783
|
|
|
(380,757)
|
|
|
480
|
|
|
Net Income
(Loss)
|
|
(9,365)
|
|
|
(367,598)
|
|
|
(25,000)
|
|
|
|
|
|
|
|
|
|
|
Diluted Earnings
(Loss) Per Share
|
|
$
|
(0.09)
|
|
|
$
|
(3.71)
|
|
|
$
|
(0.25)
|
|
|
|
|
For the first quarter of 2021:
- Consolidated Adjusted EBITDA was $52.8
million
- Consolidated Adjusted Operating Income was $15.1 million
- Cash flow used in operations was $1.7
million and free cash flow was ($12.4) million
- Cash position declined by $9.3
million, from $452 million to
$443 million
- Remotely Operated Vehicles (ROV) fleet utilization was 53% and
average revenue per day on hire was $7,874
Roderick A. Larson, President and
Chief Executive Officer of Oceaneering, stated, "We have continued
to improve our operating performance by driving operational
efficiency, led by focusing on safety, quality and value-based
solutions for our customers. I am pleased with the rate of
progress made during the first quarter of 2021. Each of our
operating segments generated positive adjusted operating income and
adjusted EBITDA, and our consolidated adjusted EBITDA of
$52.8 million surpassed both our
guidance and published consensus estimates. Based on our
first quarter results and revised outlook, we are narrowing our
expected adjusted EBITDA range to $180
million to $210 million for
2021.
"Our first quarter 2021 Subsea Robotics (SSR) adjusted operating
income was flat on slightly higher revenue, as compared to fourth
quarter 2020. Operating activity in our SSR segment exceeded
our original expectation due to higher-than-forecast ROV drill
support days and survey activity. Pricing for the various SSR
services remained stable during the first quarter, resulting in an
adjusted EBITDA margin of 32%, consistent with average adjusted
EBITDA margins achieved during 2020.
"First quarter 2021 ROV activity remained consistent as compared
to the fourth quarter of 2020 with fleet utilization averaging 53%
versus 54% during the fourth quarter of 2020. A seasonal
decrease in days on hire for vessel-based services was slightly
offset by an increase in days on hire for drill support
services. Our ROV fleet use during the first quarter 2021 was
64% in drill support and 36% in vessel-based activity versus fourth
quarter 2020 use of 60% and 40%, respectively. Average ROV
revenue per day of on hire of $7,874
was 7% higher over the fourth quarter.
"Sequentially, our first quarter 2021 ROV fleet count remained
at 250 systems. As of March 31,
2021, we had ROV contracts on 78 of the 135 floating rigs
under contract, or 58%, as compared to 58% as of December 31, 2020, when we had ROV contracts on
75 of the 129 floating rigs under contract. Subject to
quarterly variances, we continue to expect our drill support market
share to generally approximate 60%.
"Manufactured Products (MP) first quarter 2021 adjusted
operating income declined, as expected, from the fourth quarter of
2020 on lower segment revenue. Adjusted operating income
margin decreased to 4% in the first quarter of 2021, from 9% in the
fourth quarter of 2020, which had benefited from favorable contract
close-outs and negotiated supply chain savings that did not occur
in the first quarter. Activity in our mobility solutions
businesses remained weak during the first quarter of 2021.
Our Manufactured Products backlog on March
31, 2021 was $248 million,
compared to our December 31, 2020
backlog of $266 million. Our
book-to-bill ratio was 0.6 for the trailing 12 months, as compared
with a book-to-bill ratio of 0.4 for the year ended December 31, 2020.
"Our first quarter 2021 Offshore Projects Group (OPG) adjusted
operating income increased on substantially higher revenue.
Revenue benefited due to the start-up of field activities on the
riserless light well intervention project in Angola. The
sequential increase in adjusted operating income margin, from 2% in
the fourth quarter of 2020 to 10% in the first quarter of 2021, was
due to increased utilization of assets and personnel, while holding
indirect costs stable.
"Integrity Management and Digital Solutions (IMDS) first quarter
2021 adjusted operating income was higher than fourth quarter of
2020 on flat revenue. The improvement in adjusted operating
income margin, from 3% in the fourth quarter of 2020 to 5% in the
first quarter of 2021, benefited from the continuing transformation
of how and where work is performed, which is driving more effective
use of personnel.
"Aerospace and Defense Technologies (ADTech) first quarter 2021
adjusted operating income marginally improved from the fourth
quarter of 2020 on flat revenue. Adjusted operating income
margin of 19% was consistent with that achieved for the fourth
quarter of 2020. At the corporate level for the first quarter
of 2021, Unallocated Expenses of $31.7
million were lower as compared to the fourth quarter of
2020.
"For the second quarter, compared to the first quarter, we
anticipate higher activity levels and operating profitability
improvement in our SSR and OPG segments, higher activity levels and
relatively flat operating profitability in our IMDS and ADTech
segments, and lower activity levels and lower operating
profitability in our Manufactured Products segment.
Unallocated Expenses are forecast to be in the low- to
mid-$30 million range. On a
consolidated basis, we expect second quarter 2021 results to
improve, with adjusted EBITDA in the range of $55 million to $60
million on sequentially higher revenue.
"For the full year of 2021, at the segment level, as compared to
2020, we forecast SSR operating results to improve on slightly
higher revenue, and adjusted EBITDA margin to remain relatively
flat. ROV fleet utilization is expected to be in the upper
50% range for the year. For Manufactured Products, we
forecast lower operating results as compared to 2020; however, we
expect improved order intake during the first half of 2021, which
should drive increased activity in the second half of 2021.
The book-to-bill ratio is expected to be in the range of 1.1 to 1.5
for the full year, and adjusted operating margin is expected to be
in the low- to mid-single digit range. For OPG, we forecast
increased vessel utilization and the continuation of the
Angola riserless light well
intervention project to benefit OPG's results in the second quarter
of 2021, leading to a meaningful annual improvement in adjusted
operating results on higher revenue. For IMDS, we forecast
improved operating results on higher revenue with adjusted
operating margin in the high single-digit range for the year.
And for ADTech, we expect improved operating results on increased
revenue with an annual operating margin approximately the same as
that achieved in 2020.
"We forecast our 2021 income tax payments to be in the range of
$40 million to $45 million. In addition, we expect to
receive CARES Act tax refunds of $28
million during the year. We continue to 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.
"Our first quarter performance and refreshed outlook for the
year give us confidence to narrow our 2021 adjusted EBITDA guidance
to a range of $180 million to
$210 million. Our priority
continues to be generating cash. In 2021, our expectation
remains that we will generate positive free cash flow in excess of
the amount generated in 2020, excluding the cash benefit associated
with expected CARES Act tax refunds. 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 concerning Oceaneering's expectations about: backlog, to
the extent backlog may be an indicator of future revenue or
profitability; adjusted EBITDA range for the full year of 2021; ROV
drill support market share; second quarter segment activity levels
and operating profitability, Unallocated Expenses, and consolidated
revenue, results, and adjusted EBITDA; full-year segment operating
results, revenue, and adjusted EBITDA margins; full-year ROV fleet
utilization; full-year Manufactured Products order intake and
second half activity, book-to-bill ratio, and operating margin;
full-year OPG operating results and revenue and the timing and
basis for the expectations; full-year IMDS operating results,
revenue, and adjusted operating margin; full-year ADTech operating
results, revenue, and operating margin; forecasted Unallocated
Expenses per quarter, and annual capital expenditures and cash tax
payments; CARES Act tax refunds; free cash flow in 2021; and
sufficiency of resources to address opportunities to improve
returns.
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 10-Q 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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|
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|
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
|
|
|
|
|
|
|
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|
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Mar 31,
2021
|
|
Dec 31,
2020
|
|
|
|
|
|
|
|
|
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|
|
(in
thousands)
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
Current assets
(including cash and cash equivalents of $442,743 and
$452,016)
|
|
$
|
1,161,517
|
|
|
$
|
1,170,263
|
|
|
Net property and
equipment
|
|
|
561,650
|
|
|
591,107
|
|
|
Other
assets
|
|
|
|
|
|
280,357
|
|
|
284,472
|
|
|
|
|
Total
Assets
|
|
$
|
2,003,524
|
|
|
$
|
2,045,842
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
LIABILITIES AND
EQUITY
|
|
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|
|
Current
liabilities
|
|
|
|
|
|
$
|
416,743
|
|
|
$
|
437,116
|
|
|
Long-term
debt
|
|
|
|
|
|
804,888
|
|
|
805,251
|
|
|
Other long-term
liabilities
|
|
233,548
|
|
|
245,318
|
|
|
Equity
|
|
|
|
|
|
548,345
|
|
|
558,157
|
|
|
|
|
Total Liabilities and
Equity
|
|
$
|
2,003,524
|
|
|
$
|
2,045,842
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
|
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|
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|
|
|
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|
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For the Three Months
Ended
|
|
|
|
|
|
|
|
|
|
Mar 31,
2021
|
|
Mar 31,
2020
|
|
Dec 31,
2020
|
|
|
|
|
|
|
|
|
|
(in thousands,
except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
|
|
|
$
|
437,553
|
|
|
$
|
536,668
|
|
|
$
|
424,262
|
|
|
Cost of services and
products
|
|
380,896
|
|
|
489,916
|
|
|
379,261
|
|
|
|
Gross
margin
|
|
56,657
|
|
|
46,752
|
|
|
45,001
|
|
|
Selling, general and
administrative expense
|
|
42,874
|
|
|
55,741
|
|
|
42,839
|
|
|
Long-lived assets
impairments
|
|
—
|
|
|
68,763
|
|
|
1,682
|
|
|
Goodwill
impairment
|
|
—
|
|
|
303,005
|
|
|
—
|
|
|
|
Income (loss) from
operations
|
|
|
|
13,783
|
|
|
(380,757)
|
|
|
480
|
|
|
Interest
income
|
|
|
|
|
|
519
|
|
|
1,277
|
|
|
881
|
|
|
Interest expense, net
of amounts capitalized
|
|
(10,407)
|
|
|
(12,462)
|
|
|
(10,577)
|
|
|
Equity in income
(losses) of unconsolidated affiliates
|
|
534
|
|
|
1,197
|
|
|
266
|
|
|
Other income
(expense), net
|
|
(1,453)
|
|
|
(7,128)
|
|
|
(645)
|
|
|
|
Income (loss) before
income taxes
|
|
2,976
|
|
|
(397,873)
|
|
|
(9,595)
|
|
|
Provision (benefit)
for income taxes
|
|
12,341
|
|
|
(30,275)
|
|
|
15,405
|
|
|
|
Net Income
(Loss)
|
|
$
|
(9,365)
|
|
|
$
|
(367,598)
|
|
|
$
|
(25,000)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
diluted shares outstanding
|
|
99,461
|
|
|
99,055
|
|
|
99,306
|
|
Diluted earnings
(loss) per share
|
|
$
|
(0.09)
|
|
|
$
|
(3.71)
|
|
|
$
|
(0.25)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The above Condensed
Consolidated Balance Sheets and Condensed Consolidated Statements
of Operations should be read in conjunction with the Company's
latest Annual Report on Form 10-K and Quarterly Report on Form
10-Q.
|
SEGMENT
INFORMATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months
Ended
|
|
|
|
|
|
|
Mar 31,
2021
|
|
Mar 31, 2020
*
|
|
Dec 31,
2020
|
|
|
|
|
|
($ in
thousands)
|
Subsea
Robotics
|
|
|
|
|
|
|
|
|
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|
|
Revenue
|
|
|
$
|
119,119
|
|
|
$
|
139,770
|
|
|
$
|
114,711
|
|
|
Gross
margin
|
|
|
$
|
24,078
|
|
|
$
|
19,473
|
|
|
$
|
24,777
|
|
Operating income
(loss)
|
|
|
$
|
14,619
|
|
|
$
|
(94,083)
|
|
|
$
|
14,477
|
|
Operating income
(loss) %
|
|
|
12
|
%
|
|
(67)
|
%
|
|
13
|
%
|
|
ROV days
available
|
|
|
22,469
|
|
|
22,750
|
|
|
22,999
|
|
|
ROV days
utilized
|
|
|
11,887
|
|
|
14,853
|
|
|
12,456
|
|
|
ROV
utilization
|
|
|
53
|
%
|
|
65
|
%
|
|
54
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Manufactured
Products
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
$
|
86,825
|
|
|
$
|
166,534
|
|
|
$
|
99,899
|
|
|
Gross
margin
|
|
|
$
|
10,004
|
|
|
$
|
17,949
|
|
|
$
|
20,092
|
|
Operating income
(loss)
|
|
|
$
|
2,753
|
|
|
$
|
(66,138)
|
|
|
$
|
12,218
|
|
Operating income
(loss) %
|
|
|
3
|
%
|
|
(40)
|
%
|
|
12
|
%
|
Backlog at end of
period
|
|
|
$
|
248,000
|
|
|
$
|
419,000
|
|
|
$
|
266,000
|
|
|
|
|
|
|
|
|
|
|
|
|
Offshore Projects
Group
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
$
|
89,234
|
|
|
$
|
74,254
|
|
|
$
|
67,821
|
|
|
Gross
margin
|
|
|
$
|
15,111
|
|
|
$
|
2,095
|
|
|
$
|
(2,367)
|
|
Operating income
(loss)
|
|
|
$
|
8,813
|
|
|
$
|
(79,323)
|
|
|
$
|
(9,940)
|
|
Operating income
(loss) %
|
|
|
10
|
%
|
|
(107)
|
%
|
|
(15)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Integrity Management
& Digital Solutions
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
$
|
54,048
|
|
|
$
|
64,729
|
|
|
$
|
54,307
|
|
|
Gross
margin
|
|
|
$
|
8,209
|
|
|
$
|
9,792
|
|
|
$
|
7,396
|
|
Operating income
(loss)
|
|
|
$
|
2,474
|
|
|
$
|
(121,535)
|
|
|
$
|
892
|
|
Operating income
(loss) %
|
|
|
5
|
%
|
|
(188)
|
%
|
|
2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Aerospace and Defense
Technologies
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
$
|
88,327
|
|
|
$
|
91,381
|
|
|
$
|
87,524
|
|
|
Gross
margin
|
|
|
$
|
22,110
|
|
|
$
|
17,485
|
|
|
$
|
20,328
|
|
Operating income
(loss)
|
|
|
$
|
16,839
|
|
|
$
|
12,971
|
|
|
$
|
16,525
|
|
Operating income
(loss) %
|
|
|
19
|
%
|
|
14
|
%
|
|
19
|
%
|
|
|
|
|
|
|
|
|
|
|
Unallocated
Expenses
|
|
|
|
|
|
|
|
|
|
|
Gross
margin
|
|
|
$
|
(22,855)
|
|
|
$
|
(20,042)
|
|
|
$
|
(25,225)
|
|
Operating income
(loss)
|
|
|
$
|
(31,715)
|
|
|
$
|
(32,649)
|
|
|
$
|
(33,692)
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
$
|
437,553
|
|
|
$
|
536,668
|
|
|
$
|
424,262
|
|
|
Gross
margin
|
|
|
$
|
56,657
|
|
|
$
|
46,752
|
|
|
$
|
45,001
|
|
Operating income
(loss)
|
|
|
$
|
13,783
|
|
|
$
|
(380,757)
|
|
|
$
|
480
|
|
Operating income
(loss) %
|
|
|
3
|
%
|
|
(71)
|
%
|
|
—
|
%
|
|
The above Segment
Information does not include adjustments for non-recurring
transactions. See the tables below under the caption
"Reconciliations of Non-GAAP to GAAP Financial Information" for
financial measures that our management considers in evaluating our
ongoing operations.
|
|
|
|
|
|
|
|
|
|
|
|
* Recast to reflect
segment changes.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SELECTED CASH FLOW
INFORMATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months
Ended
|
|
|
|
|
|
|
Mar 31,
2021
|
|
Mar 31,
2020
|
|
Dec 31,
2020
|
|
|
|
|
|
|
(in
thousands)
|
|
|
|
|
|
|
|
|
Capital Expenditures,
including Acquisitions
|
|
|
$
|
10,699
|
|
|
$
|
27,229
|
|
|
$
|
14,847
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months
Ended
|
|
|
|
|
|
|
Mar 31,
2021
|
|
Mar 31, 2020
*
|
|
Dec 31,
2020
|
|
|
|
|
|
|
(in
thousands)
|
Depreciation and
amortization:
|
|
|
|
|
|
|
|
Energy Services and
Products
|
|
|
|
|
|
|
|
|
Subsea
Robotics
|
|
|
$
|
22,952
|
|
|
$
|
139,187
|
|
|
$
|
23,210
|
|
|
Manufactured
Products
|
|
|
3,227
|
|
|
15,964
|
|
|
3,193
|
|
|
Offshore Projects
Group
|
|
|
7,125
|
|
|
74,907
|
|
|
16,979
|
|
|
Integrity Management
& Digital Solutions
|
|
|
1,124
|
|
|
124,343
|
|
|
1,255
|
|
Total Energy Services
and Products
|
|
|
34,428
|
|
|
354,401
|
|
|
44,637
|
|
Aerospace and Defense
Technologies
|
|
|
1,276
|
|
|
687
|
|
|
667
|
|
Unallocated
Expenses
|
|
|
767
|
|
|
1,108
|
|
|
1,146
|
|
|
Total Depreciation
and Amortization
|
|
|
$
|
36,471
|
|
|
$
|
356,196
|
|
|
$
|
46,450
|
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill and
long-lived asset impairment expense, reflected in the depreciation
and amortization expense
above, was $310
million and $9.6 million in the three months ended March 31, 2020
and December 31, 2020, 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, 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
|
(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Net
Income (Loss) and Diluted Earnings (Loss) per Share
(EPS)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months
Ended
|
|
|
|
|
|
Mar 31,
2021
|
Mar 31,
2020
|
Dec 31,
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
|
|
$
|
(9,365)
|
|
|
$
|
(0.09)
|
|
|
$
|
(367,598)
|
|
|
$
|
(3.71)
|
|
|
$
|
(25,000)
|
|
|
$
|
(0.25)
|
|
Pre-tax adjustments
for the effects of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-lived assets
impairments
|
|
—
|
|
|
|
|
68,763
|
|
|
|
|
1,682
|
|
|
|
|
Long-lived assets
write-offs
|
|
—
|
|
|
|
|
7,328
|
|
|
|
|
9,571
|
|
|
|
|
Goodwill
impairment
|
|
—
|
|
|
|
|
303,005
|
|
|
|
|
—
|
|
|
|
|
Restructuring
expenses and other
|
|
1,308
|
|
|
|
|
6,630
|
|
|
|
|
(2,176)
|
|
|
|
|
Foreign currency
(gains) losses
|
|
1,861
|
|
|
|
|
7,050
|
|
|
|
|
720
|
|
|
|
Total pre-tax
adjustments
|
|
3,169
|
|
|
|
|
392,776
|
|
|
|
|
9,797
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax effect on pre-tax
adjustments at the applicable jurisdictional statutory rate in
effect for respective periods
|
|
(605)
|
|
|
|
|
(45,355)
|
|
|
|
|
7,432
|
|
|
|
Discrete tax
items:
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based compensation
|
|
577
|
|
|
|
|
987
|
|
|
|
|
13
|
|
|
|
Uncertain tax positions
|
|
(16)
|
|
|
|
|
(9,652)
|
|
|
|
|
3,033
|
|
|
|
U.S. CARES Act
|
|
—
|
|
|
|
|
(33,784)
|
|
|
|
|
—
|
|
|
|
Valuation allowances
|
|
6,758
|
|
|
|
|
65,208
|
|
|
|
|
5,635
|
|
|
|
Other
|
|
2,275
|
|
|
|
|
950
|
|
|
|
|
889
|
|
|
|
|
Total discrete tax
adjustments
|
|
9,594
|
|
|
|
|
23,709
|
|
|
|
|
9,570
|
|
|
|
|
Total of
adjustments
|
|
12,158
|
|
|
|
|
371,130
|
|
|
|
|
26,799
|
|
|
|
Adjusted Net Income
(Loss)
|
|
$
|
2,793
|
|
|
$
|
0.03
|
|
|
$
|
3,532
|
|
|
$
|
0.04
|
|
|
$
|
1,799
|
|
|
$
|
0.02
|
|
Weighted average
diluted shares outstanding utilized for Adjusted Net Income
(Loss)
|
|
|
|
100,480
|
|
|
|
|
99,649
|
|
|
|
|
99,712
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RECONCILIATIONS OF
NON-GAAP TO GAAP FINANCIAL INFORMATION
|
(continued)
|
|
|
|
|
|
|
|
|
|
|
EBITDA and
Adjusted EBITDA and Margins
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months
Ended
|
|
|
|
|
|
Mar 31,
2021
|
|
Mar 31,
2020
|
|
Dec 31,
2020
|
|
|
|
|
|
($ in
thousands)
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
|
$
|
(9,365)
|
|
|
$
|
(367,598)
|
|
|
$
|
(25,000)
|
|
Depreciation and
amortization
|
|
|
36,471
|
|
|
356,196
|
|
|
46,450
|
|
|
Subtotal
|
|
|
27,106
|
|
|
(11,402)
|
|
|
21,450
|
|
Interest expense, net
of interest income
|
|
9,888
|
|
|
11,185
|
|
|
9,696
|
|
Amortization included
in interest expense
|
|
303
|
|
|
(333)
|
|
|
322
|
|
Provision (benefit)
for income taxes
|
|
|
12,341
|
|
|
(30,275)
|
|
|
15,405
|
|
|
EBITDA
|
|
|
49,638
|
|
|
(30,825)
|
|
|
46,873
|
|
Adjustments for the
effects of:
|
|
|
|
|
|
|
|
|
Long-lived assets
impairments
|
|
|
—
|
|
|
68,763
|
|
|
1,682
|
|
|
Restructuring
expenses and other
|
|
|
1,308
|
|
|
6,630
|
|
|
(2,176)
|
|
|
Foreign currency
(gains) losses
|
|
|
1,861
|
|
|
7,050
|
|
|
720
|
|
|
|
Total of
adjustments
|
|
|
3,169
|
|
|
82,443
|
|
|
226
|
|
|
Adjusted
EBITDA
|
|
|
$
|
52,807
|
|
|
$
|
51,618
|
|
|
$
|
47,099
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
$
|
437,553
|
|
|
$
|
536,668
|
|
|
$
|
424,262
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA margin
%
|
|
|
11
|
%
|
|
(6)
|
%
|
|
11
|
%
|
Adjusted EBITDA
margin %
|
|
|
12
|
%
|
|
10
|
%
|
|
11
|
%
|
|
|
|
|
|
|
|
|
|
|
RECONCILIATIONS OF
NON-GAAP TO GAAP FINANCIAL INFORMATION
|
(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Free Cash
Flow
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months
Ended
|
|
|
|
Mar 31,
2021
|
|
Mar 31,
2020
|
|
Dec 31,
2020
|
|
|
|
(in
thousands)
|
Net Income
(loss)
|
|
$
|
(9,365)
|
|
|
$
|
(367,598)
|
|
|
$
|
(25,000)
|
|
Non-cash
adjustments:
|
|
|
|
|
|
|
|
Depreciation and
amortization, including goodwill impairment
|
|
36,471
|
|
|
356,196
|
|
|
46,450
|
|
|
Long-lived asset
impairments
|
|
—
|
|
|
68,763
|
|
|
1,682
|
|
|
Other
non-cash
|
|
(365)
|
|
|
(4,626)
|
|
|
4,209
|
|
Other increases
(decreases) in cash from operating activities
|
|
(28,464)
|
|
|
(84,885)
|
|
|
76,943
|
|
Cash flow provided by
(used in) operating activities
|
|
(1,723)
|
|
|
(32,150)
|
|
|
104,284
|
|
Purchases of property
and equipment
|
|
(10,699)
|
|
|
(27,229)
|
|
|
(14,847)
|
|
Free Cash
Flow
|
|
$
|
(12,422)
|
|
|
$
|
(59,379)
|
|
|
$
|
89,437
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2021 Adjusted
EBITDA Estimates
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months
Ended
|
|
|
|
|
|
June 30,
2021
|
|
|
|
|
|
Low
|
|
High
|
|
|
|
|
|
(in
thousands)
|
Income (loss) before
income taxes
|
|
|
|
$
|
9,000
|
|
|
$
|
12,000
|
|
Depreciation and
amortization
|
|
|
|
36,000
|
|
|
38,000
|
|
|
Subtotal
|
|
|
|
45,000
|
|
|
50,000
|
|
Interest expense, net
of interest income
|
|
|
|
10,000
|
|
|
10,000
|
|
|
Adjusted
EBITDA
|
|
|
|
$
|
55,000
|
|
|
$
|
60,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Year
Ended
|
|
|
|
|
|
December 31,
2021
|
|
|
|
|
|
Low
|
|
High
|
|
|
|
|
|
(in
thousands)
|
Income (loss) before
income taxes
|
|
|
|
$
|
(5,000)
|
|
|
$
|
20,000
|
|
Depreciation and
amortization
|
|
|
|
145,000
|
|
|
150,000
|
|
|
Subtotal
|
|
|
|
140,000
|
|
|
170,000
|
|
Interest expense, net
of interest income
|
|
|
|
40,000
|
|
|
40,000
|
|
|
Adjusted
EBITDA
|
|
|
|
$
|
180,000
|
|
|
$
|
210,000
|
|
|
|
|
|
|
|
|
|
RECONCILIATIONS OF
NON-GAAP TO GAAP FINANCIAL INFORMATION
|
(continued)
|
|
|
|
Adjusted Operating
Income (Loss) and Margins by Segment
|
|
|
|
|
|
For the Three Months
Ended March 31, 2021
|
|
|
|
|
SSR
|
|
MP
|
|
OPG
|
|
IMDS
|
|
ADTech
|
|
Unallocated
Expenses
|
|
Total
|
|
|
|
|
($ in
thousands)
|
Operating Income
(Loss) as reported in accordance with GAAP
|
|
$
|
14,619
|
|
|
$
|
2,753
|
|
|
$
|
8,813
|
|
|
$
|
2,474
|
|
|
$
|
16,839
|
|
|
$
|
(31,715)
|
|
|
$
|
13,783
|
|
Adjustments for the
effects of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring
expenses and other
|
|
395
|
|
|
537
|
|
|
149
|
|
|
217
|
|
|
10
|
|
|
—
|
|
|
1,308
|
|
|
|
Total of
adjustments
|
|
395
|
|
|
537
|
|
|
149
|
|
|
217
|
|
|
10
|
|
|
—
|
|
|
1,308
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Operating
Income (Loss)
|
|
$
|
15,014
|
|
|
$
|
3,290
|
|
|
$
|
8,962
|
|
|
$
|
2,691
|
|
|
$
|
16,849
|
|
|
$
|
(31,715)
|
|
|
$
|
15,091
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
|
119,119
|
|
|
$
|
86,825
|
|
|
$
|
89,234
|
|
|
$
|
54,048
|
|
|
$
|
88,327
|
|
|
|
|
$
|
437,553
|
|
Operating income
(loss) % as reported in accordance with GAAP
|
|
12
|
%
|
|
3
|
%
|
|
10
|
%
|
|
5
|
%
|
|
19
|
%
|
|
|
|
3
|
%
|
Operating income
(loss)% using adjusted amounts
|
|
13
|
%
|
|
4
|
%
|
|
10
|
%
|
|
5
|
%
|
|
19
|
%
|
|
|
|
3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months
Ended March 31, 2020 *
|
|
|
|
|
SSR
|
|
MP
|
|
OPG
|
|
IMDS
|
|
ADTech
|
|
Unallocated
Expenses
|
|
Total
|
|
|
|
|
($ in
thousands)
|
Operating Income
(Loss) as reported in accordance with GAAP
|
|
$
|
(94,083)
|
|
|
$
|
(66,138)
|
|
|
$
|
(79,323)
|
|
|
$
|
(121,535)
|
|
|
$
|
12,971
|
|
|
$
|
(32,649)
|
|
|
$
|
(380,757)
|
|
Adjustments for the
effects of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-lived assets
impairments
|
|
—
|
|
|
61,074
|
|
|
7,522
|
|
|
167
|
|
|
—
|
|
|
—
|
|
|
68,763
|
|
|
Long-lived assets
write-offs
|
|
7,328
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7,328
|
|
|
Goodwill
impairment
|
|
102,118
|
|
|
11,388
|
|
|
66,285
|
|
|
123,214
|
|
|
—
|
|
|
—
|
|
|
303,005
|
|
|
Restructuring
expenses and other
|
|
919
|
|
|
1,984
|
|
|
1,216
|
|
|
2,231
|
|
|
—
|
|
|
280
|
|
|
6,630
|
|
|
|
Total of
adjustments
|
|
110,365
|
|
|
74,446
|
|
|
75,023
|
|
|
125,612
|
|
|
—
|
|
|
280
|
|
|
385,726
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Operating
Income (Loss)
|
|
$
|
16,282
|
|
|
$
|
8,308
|
|
|
$
|
(4,300)
|
|
|
$
|
4,077
|
|
|
$
|
12,971
|
|
|
$
|
(32,369)
|
|
|
$
|
4,969
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
|
139,770
|
|
|
$
|
166,534
|
|
|
$
|
74,254
|
|
|
$
|
64,729
|
|
|
$
|
91,381
|
|
|
|
|
$
|
536,668
|
|
Operating income
(loss) % as reported in accordance with GAAP
|
|
(67)
|
%
|
|
(40)
|
%
|
|
(107)
|
%
|
|
(188)
|
%
|
|
14
|
%
|
|
|
|
(71)
|
%
|
Operating income
(loss)% using adjusted amounts
|
|
12
|
%
|
|
5
|
%
|
|
(6)
|
%
|
|
6
|
%
|
|
14
|
%
|
|
|
|
1
|
%
|
|
* Recast to reflect
segment changes.
|
|
|
|
|
|
|
|
|
|
|
|
|
RECONCILIATIONS OF
NON-GAAP TO GAAP FINANCIAL INFORMATION
|
(continued)
|
|
|
|
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
|
%
|
|
RECONCILIATIONS OF
NON-GAAP TO GAAP FINANCIAL INFORMATION
|
(continued)
|
|
|
|
EBITDA and
Adjusted EBITDA and Margins by Segment
|
|
|
|
|
|
For the Three Months
Ended March 31, 2021
|
|
|
|
|
SSR
|
|
MP
|
|
OPG
|
|
IMDS
|
|
ADTech
|
|
Unallocated Expenses
and other
|
|
Total
|
|
|
|
|
($ in
thousands)
|
Operating Income
(Loss) as reported in accordance with GAAP
|
|
$
|
14,619
|
|
|
$
|
2,753
|
|
|
$
|
8,813
|
|
|
$
|
2,474
|
|
|
$
|
16,839
|
|
|
$
|
(31,715)
|
|
|
$
|
13,783
|
|
Adjustments for the
effects of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
22,952
|
|
|
3,227
|
|
|
7,125
|
|
|
1,124
|
|
|
1,276
|
|
|
767
|
|
|
36,471
|
|
|
Other
pre-tax
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(616)
|
|
|
(616)
|
|
|
EBITDA
|
|
37,571
|
|
|
5,980
|
|
|
15,938
|
|
|
3,598
|
|
|
18,115
|
|
|
(31,564)
|
|
|
49,638
|
|
Adjustments for the
effects of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring
expenses and other
|
|
395
|
|
|
537
|
|
|
149
|
|
|
217
|
|
|
10
|
|
|
—
|
|
|
1,308
|
|
|
Foreign currency
(gains) losses
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,861
|
|
|
1,861
|
|
|
|
Total of
adjustments
|
|
395
|
|
|
537
|
|
|
149
|
|
|
217
|
|
|
10
|
|
|
1,861
|
|
|
3,169
|
|
Adjusted
EBITDA
|
|
$
|
37,966
|
|
|
$
|
6,517
|
|
|
$
|
16,087
|
|
|
$
|
3,815
|
|
|
$
|
18,125
|
|
|
$
|
(29,703)
|
|
|
$
|
52,807
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
|
119,119
|
|
|
$
|
86,825
|
|
|
$
|
89,234
|
|
|
$
|
54,048
|
|
|
$
|
88,327
|
|
|
|
|
$
|
437,553
|
|
Operating income
(loss) % as reported in accordance with GAAP
|
|
12
|
%
|
|
3
|
%
|
|
10
|
%
|
|
5
|
%
|
|
19
|
%
|
|
|
|
3
|
%
|
EBITDA
Margin
|
|
32
|
%
|
|
7
|
%
|
|
18
|
%
|
|
7
|
%
|
|
21
|
%
|
|
|
|
11
|
%
|
Adjusted EBITDA
Margin
|
|
32
|
%
|
|
8
|
%
|
|
18
|
%
|
|
7
|
%
|
|
21
|
%
|
|
|
|
12
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months
Ended March 31, 2020 *
|
|
|
|
|
SSR
|
|
MP
|
|
OPG
|
|
IMDS
|
|
ADTech
|
|
Unallocated Expenses
and other
|
|
Total
|
|
|
|
|
($ in
thousands)
|
Operating Income
(Loss) as reported in accordance with GAAP
|
|
$
|
(94,083)
|
|
|
$
|
(66,138)
|
|
|
$
|
(79,323)
|
|
|
$
|
(121,535)
|
|
|
$
|
12,971
|
|
|
$
|
(32,649)
|
|
|
$
|
(380,757)
|
|
Adjustments for the
effects of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
139,187
|
|
|
15,964
|
|
|
74,907
|
|
|
124,343
|
|
|
687
|
|
|
1,108
|
|
|
356,196
|
|
|
Other
pre-tax
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(6,264)
|
|
|
(6,264)
|
|
|
EBITDA
|
|
45,104
|
|
|
(50,174)
|
|
|
(4,416)
|
|
|
2,808
|
|
|
13,658
|
|
|
(37,805)
|
|
|
(30,825)
|
|
Adjustments for the
effects of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-lived assets
impairments
|
|
—
|
|
|
61,074
|
|
|
7,522
|
|
|
167
|
|
|
—
|
|
|
—
|
|
|
68,763
|
|
|
Restructuring
expenses and other
|
|
919
|
|
|
1,984
|
|
|
1,216
|
|
|
2,231
|
|
|
—
|
|
|
280
|
|
|
6,630
|
|
|
Foreign currency
(gains) losses
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7,050
|
|
|
7,050
|
|
|
|
Total of
adjustments
|
|
919
|
|
|
63,058
|
|
|
8,738
|
|
|
2,398
|
|
|
—
|
|
|
7,330
|
|
|
82,443
|
|
Adjusted
EBITDA
|
|
$
|
46,023
|
|
|
$
|
12,884
|
|
|
$
|
4,322
|
|
|
$
|
5,206
|
|
|
$
|
13,658
|
|
|
$
|
(30,475)
|
|
|
$
|
51,618
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
|
139,770
|
|
|
$
|
166,534
|
|
|
$
|
74,254
|
|
|
$
|
64,729
|
|
|
$
|
91,381
|
|
|
|
|
$
|
536,668
|
|
Operating income
(loss) % as reported in accordance with GAAP
|
|
(67)
|
%
|
|
(40)
|
%
|
|
(107)
|
%
|
|
(188)
|
%
|
|
14
|
%
|
|
|
|
(71)
|
%
|
EBITDA
Margin
|
|
32
|
%
|
|
(30)
|
%
|
|
(6)
|
%
|
|
4
|
%
|
|
15
|
%
|
|
|
|
(6)
|
%
|
Adjusted EBITDA
Margin
|
|
33
|
%
|
|
8
|
%
|
|
6
|
%
|
|
8
|
%
|
|
15
|
%
|
|
|
|
10
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Recast to reflect
segment changes.
|
|
|
|
|
|
|
|
|
|
|
|
|
RECONCILIATIONS OF
NON-GAAP TO GAAP FINANCIAL INFORMATION
|
(continued)
|
|
|
|
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
|
|
|
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
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
View original
content:http://www.prnewswire.com/news-releases/oceaneering-reports-first-quarter-2021-results-301279346.html
SOURCE Oceaneering International, Inc.