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Oceaneering Reports Fourth Quarter 2023 Results

Oceaneering International, Inc. ("Oceaneering") (NYSE:OII) today reported net income of $44.5 million, or $0.43 per share, on revenue of $655 million for the three months ended December 31, 2023. Adjusted net income was $19.4 million, or $0.19 per share, reflecting the impact of $(23.7) million benefit from discrete tax adjustments, primarily due to changes in valuation allowances, uncertain tax positions and prior year estimates; $2.3 million of pre-tax adjustments associated with foreign exchange gains recognized during the quarter; and $0.9 million tax effect on adjustments associated with foreign exchange gains.

Adjusted 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, 2024 EBITDA and 2024 Free Cash Flow Estimates, 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)

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Three Months Ended

 

For the Year Ended

 

 

Dec 31,

 

Sep 30,

 

Dec 31,

 

 

 

 

 

 

 

 

 

 

2023

 

 

2022

 

 

2023

 

 

2023

 

 

2022

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

$

654,629

 

$

536,223

 

$

635,180

 

$

2,424,706

 

$

2,066,084

Gross Margin

 

 

105,629

 

 

90,102

 

 

114,697

 

 

398,971

 

 

307,377

Income (Loss) from Operations

 

 

47,450

 

 

42,177

 

 

57,929

 

 

181,328

 

 

110,863

Net Income (Loss)

 

 

44,529

 

 

23,128

 

 

29,812

 

 

97,403

 

 

25,941

 

 

 

 

 

 

 

 

 

 

 

Diluted Earnings (Loss) Per Share

 

$

0.43

 

$

0.23

 

$

0.29

 

$

0.95

 

$

0.26

 

 

 

 

 

For the fourth quarter of 2023:

  • Net income was $44.5 million and consolidated adjusted EBITDA was $75.1 million
  • Cash flow provided by operating activities was $153 million and free cash flow was $119 million, with an ending cash position of $462 million
  • 2024 debt maturity was eliminated through a series of transactions
  • Secured consolidated order intake with expected contract value of $739 million

As of December 31, 2023:

  • Remotely Operated Vehicles (ROV): fleet count was 250; Q4 utilization was 68%; and Q4 average revenue per day on hire was $9,618
  • Manufactured Products backlog was $622 million
  • Nearest debt maturity is $500 million in February 2028

Guidance for 2024:

  • Net income is expected in the range of $125 million to $155 million
  • Consolidated EBITDA is expected in the range of $330 million to $380 million
  • Free cash flow generation is expected in the range of $110 million to $150 million
  • Capital expenditures are expected in the range of $110 million to $130 million
  • First quarter consolidated EBITDA is expected in the range of $50 million to $60 million

Roderick A. Larson, President and Chief Executive Officer of Oceaneering, stated, "2023 consolidated revenue increased 17% over 2022 to $2.4 billion, driving our fifth consecutive year of improved adjusted EBITDA performance. For the full year of 2023, our adjusted EBITDA of $289 million was slightly above the midpoint of our most recent guidance range and we generated $109 million of free cash flow. All of our operating segments, except for Integrity Management and Digital Solutions (IMDS), achieved improved sequential annual operating results, led by Subsea Robotics (SSR) and Manufactured Products. I am grateful to our Oceaneers for their dedication and commitment to excellence in delivering these results.

"2023 cash flow from operations increased to $210 million, compared to $121 million in 2022. Capital expenditures also increased, from $81.0 million in 2022 to $101 million in 2023. Free cash flow increased to $109 million, compared to $39.8 million in 2022. Our ability to generate substantial levels of free cash flow over the last several years enabled us to retire our 2024 senior notes during the year, using proceeds from our 2023 debt offering together with cash on hand. As a result, we reduced Oceaneering’s long-term debt from $700 million at the end of 2022 to $500 million at the end of 2023 and extended the term of our credit facility to April 2027. As reflected in the 2024 guidance above, we expect to see continuing improvement in our financial performance and condition, including another year of meaningful free cash flow generation.

“Our fourth quarter 2023 performance produced consolidated adjusted EBITDA of $75.1 million, which was above the mid-point of the implied guidance range provided at the beginning of the quarter and slightly above consensus estimates."

Fourth Quarter 2023 Segment Results

SSR's fourth quarter revenue and adjusted EBITDA represented its best quarter in 2023. Sequentially, operating income and revenue improved slightly, with lower activity levels in the ROV and survey businesses being offset by continuing improvement in ROV pricing. As a result, SSR EBITDA margin of 32% during the fourth quarter was above the 31% achieved during the third quarter of 2023. Revenue split was 76% from the ROV business and 24% from the combined tooling and survey businesses.

ROV days on hire declined 2% as compared to the third quarter of 2023. Increased drill support days were more than offset by lower vessel-based days due to normal seasonality. Fourth quarter average ROV revenue per day on hire of $9,618 was 3% higher than in the third quarter of 2023.

Manufactured Products revenue of $133 million was 8% higher than in the third quarter of 2023 on increased product throughput in Oceaneering Mobile Robotics. Operating income and margin of $5.4 million and 4%, respectively, declined sequentially due to changes in product mix. As recently announced, Manufactured Products had solid bookings during the fourth quarter of approximately $200 million and ended 2023 with a backlog of $622 million, compared to the September 30, 2023 backlog of $556 million. The book-to-bill ratio was 1.31 for the full year of 2023.

Offshore Projects Group (OPG) operating income declined sequentially on higher revenue. Revenue benefited from the carryover of international work from the third quarter along with more seasonal activity in the Gulf of Mexico than originally expected. Operating income margin of 9% declined from 18% achieved in the third quarter of 2023, due primarily to changes in project mix and pricing for Gulf of Mexico work.

IMDS revenue and operating income were essentially flat period over period. Operating income margin of 5% for the fourth quarter was flat as compared to the third quarter of 2023.

Aerospace and Defense Technologies (ADTech) fourth quarter revenue and operating income declined from the third quarter of 2023. ADTech operating income margin declined sequentially to 12%, due to changes in project mix.

Fourth quarter 2023 Unallocated Expenses of $37.9 million were lower than the third quarter.

Full Year and First Quarter 2024 Guidance

2024 financial results are forecasted to improve year over year based on 2023 year-end backlog and continuing supportive market fundamentals. As outlined in the guidance above, EBITDA is expected to be in the range of $330 million to $380 million, with increased EBITDA and operating income from each operating segment, including higher margins in the SSR and OPG segments, and relatively stable margins in the Manufactured Products, IMDS and ADTech segments. At the midpoint of this range, 2024 EBITDA would represent a 23% increase over 2023 adjusted EBITDA. Free cash flow for 2024 is expected to be in the range of $110 million to $150 million.

For the first quarter 2024, EBITDA is forecasted to be in the range of $50 million to $60 million. The decrease from the fourth quarter of 2023 is primarily due to the timing of vessel charters and two vessels undergoing planned, regulatory dry docks during the first quarter, leading to fewer available vessel days in the first quarter for OPG.

Conference Call Details

Oceaneering has scheduled a conference call and webcast on Friday, February 23, 2024 at 10:00 a.m. Central Time, to discuss its results for the fourth quarter and full year 2023, as well as more detailed guidance for the full year and first quarter 2024. Interested parties may listen to the call through a webcast link posted in the Investor Relations section of Oceaneering's website. A replay of the conference call will be made available on the website approximately two hours following the conclusion of the live call.

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: full-year 2024 guidance ranges for net income, consolidated EBITDA, free cash flow generation, capital expenditures and Unallocated Expenses; first quarter 2024 guidance for consolidated EBITDA, operating segment revenues, operating results and operating profitability; full-year 2024 sequential activity and operating performance across each operating segment, led by SSR and OPG; expectation that liquidity will support continued business growth; expectation that 2024 will generate substantial free cash flow; assumptions regarding continued improvement in pricing and margins in the energy-focused businesses and stable pricing and margins in the government-focused businesses; expectations for improved financial performance and condition in 2024; expectations regarding new contracts; and the characterization, whether positive or otherwise, of market fundamentals, conditions and dynamics, robotics markets, offshore energy activity levels (including by geographic location), pricing levels, day rates, ROV days on hire, average ROV revenue per day on hire, vessel utilization, growth, bidding activity, outlook, performance, opportunities and future financials, including as increasing, favorable, positive, encouraging, improving, seasonal, strong, supportive, robust, meaningful, healthy or significant (which is used herein to indicate a change of 20% or greater).

The forward-looking statements included in this release are based on Oceaneering's 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; the indirect consequences of climate change and climate-related business trends; 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; cancellations of contracts, change orders and other contractual modifications, force majeure declarations, and the exercise of contractual suspension rights 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 data privacy and security laws, regulations and standards; 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 technology company delivering engineered services and products and robotic solutions to the offshore energy, defense, aerospace, manufacturing, and entertainment industries.

For more information on Oceaneering, please visit www.oceaneering.com.

- Tables follow -

 

 

 

 

 

 

 

 

 

 

 

OCEANEERING INTERNATIONAL, INC. AND SUBSIDIARIES

 

 

 

 

 

 

 

 

 

 

 

CONDENSED CONSOLIDATED BALANCE SHEETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dec 31, 2023

 

Dec 31, 2022

 

 

 

 

 

 

 

 

(in thousands)

ASSETS

 

 

 

 

 

 

 

 

 

 

Current assets (including cash and cash equivalents of $461,566 and $568,745)

 

$

1,305,659

 

 

$

1,297,060

 

Net property and equipment

 

 

424,293

 

 

 

438,449

 

Other assets

 

 

509,054

 

 

 

296,174

 

Total Assets

 

$

2,239,006

 

 

$

2,031,683

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

Current liabilities

 

$

732,476

 

 

$

568,414

 

Long-term debt

 

 

477,058

 

 

 

700,973

 

Other long-term liabilities

 

 

 

 

 

 

395,389

 

 

 

236,492

 

Equity

 

 

634,083

 

 

 

525,804

 

Total Liabilities and Equity

 

$

2,239,006

 

 

$

2,031,683

 

 

 

 

 

 

 

 

 

 

 

 

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Three Months Ended

 

For the Year Ended

 

 

Dec 31, 2023

 

Dec 31, 2022

 

Sep 30, 2023

 

Dec 31, 2023

 

Dec 31, 2022

 

 

(in thousands, except per share amounts)

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

$

654,629

 

 

$

536,223

 

 

$

635,180

 

 

$

2,424,706

 

 

$

2,066,084

 

Cost of services and products

 

 

549,000

 

 

 

446,121

 

 

 

520,483

 

 

 

2,025,735

 

 

 

1,758,707

 

Gross margin

 

 

105,629

 

 

 

90,102

 

 

 

114,697

 

 

 

398,971

 

 

 

307,377

 

Selling, general and administrative expense

 

 

58,179

 

 

 

47,925

 

 

 

56,768

 

 

 

217,643

 

 

 

196,514

 

Income (loss) from operations

 

 

47,450

 

 

 

42,177

 

 

 

57,929

 

 

 

181,328

 

 

 

110,863

 

Interest income

 

 

3,081

 

 

 

2,749

 

 

 

3,724

 

 

 

15,425

 

 

 

5,708

 

Interest expense

 

 

(7,921

)

 

 

(9,601

)

 

 

(9,802

)

 

 

(36,523

)

 

 

(38,215

)

Equity in income (losses) of unconsolidated affiliates

 

 

445

 

 

 

599

 

 

 

498

 

 

 

2,061

 

 

 

1,707

 

Other income (expense), net

 

 

3,564

 

 

 

(816

)

 

 

968

 

 

 

(1,236

)

 

 

(1,011

)

Income (loss) before income taxes

 

 

46,619

 

 

 

35,108

 

 

 

53,317

 

 

 

161,055

 

 

 

79,052

 

Provision (benefit) for income taxes

 

 

2,090

 

 

 

11,980

 

 

 

23,505

 

 

 

63,652

 

 

 

53,111

 

Net Income (Loss)

 

$

44,529

 

 

$

23,128

 

 

$

29,812

 

 

$

97,403

 

 

$

25,941

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average diluted shares outstanding

 

 

102,366

 

 

 

101,597

 

 

 

102,206

 

 

 

102,156

 

 

 

101,447

 

Diluted earnings (loss) per share

 

$

0.43

 

 

$

0.23

 

 

$

0.29

 

 

$

0.95

 

 

$

0.26

 

 

 

 

 

 

 

 

 

 

 

 

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, 2023

 

Dec 31, 2022

 

Sep 30, 2023

 

Dec 31, 2023

 

Dec 31, 2022

 

 

($ in thousands)

Subsea Robotics

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

 

$

199,505

 

 

$

167,387

 

 

$

197,343

 

 

$

752,521

 

 

$

621,921

 

Gross margin

 

 

$

64,085

 

 

$

54,013

 

 

$

60,045

 

 

$

221,965

 

 

$

160,527

 

Operating income (loss)

 

 

$

50,594

 

 

$

43,689

 

 

$

47,818

 

 

$

174,293

 

 

$

118,248

 

Operating income (loss) %

 

 

 

25

%

 

 

26

%

 

 

24

%

 

 

23

%

 

 

19

%

ROV days available

 

 

 

23,000

 

 

 

23,000

 

 

 

23,000

 

 

 

91,250

 

 

 

91,250

 

ROV days utilized

 

 

 

15,682

 

 

 

14,350

 

 

 

15,932

 

 

 

61,874

 

 

 

56,231

 

ROV utilization

 

 

 

68

%

 

 

62

%

 

 

69

%

 

 

68

%

 

 

62

%

 

 

 

 

 

 

 

 

 

 

 

 

Manufactured Products

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

 

$

132,994

 

 

$

100,174

 

 

$

122,877

 

 

$

493,692

 

 

$

382,361

 

Gross margin

 

 

$

13,923

 

 

$

14,744

 

 

$

16,916

 

 

$

69,613

 

 

$

45,834

 

Operating income (loss)

 

 

$

5,435

 

 

$

6,132

 

 

$

8,229

 

 

$

35,551

 

 

$

11,692

 

Operating income (loss) %

 

 

 

4

%

 

 

6

%

 

 

7

%

 

 

7

%

 

 

3

%

Backlog at end of period

 

 

$

622,000

 

 

$

467,000

 

 

$

556,000

 

 

$

622,000

 

 

$

467,000

 

 

 

 

 

 

 

 

 

 

 

 

 

Offshore Projects Group

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

 

$

161,239

 

 

$

122,476

 

 

$

150,273

 

 

$

546,366

 

 

$

489,317

 

Gross margin

 

 

$

26,269

 

 

$

17,548

 

 

$

33,045

 

 

$

96,940

 

 

$

78,373

 

Operating income (loss)

 

 

$

15,155

 

 

$

10,745

 

 

$

26,745

 

 

$

64,546

 

 

$

49,256

 

Operating income (loss) %

 

 

 

9

%

 

 

9

%

 

 

18

%

 

 

12

%

 

 

10

%

 

 

 

 

 

 

 

 

 

 

 

 

Integrity Management & Digital Solutions

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

 

$

65,977

 

 

$

55,411

 

 

$

66,056

 

 

$

255,282

 

 

$

229,884

 

Gross margin

 

 

$

9,914

 

 

$

9,932

 

 

$

9,961

 

 

$

38,988

 

 

$

36,724

 

Operating income (loss)

 

 

$

3,205

 

 

$

4,866

 

 

$

3,242

 

 

$

13,373

 

 

$

14,901

 

Operating income (loss) %

 

 

 

5

%

 

 

9

%

 

 

5

%

 

 

5

%

 

 

6

%

 

 

 

 

 

 

 

 

 

 

 

 

Aerospace and Defense Technologies

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

 

$

94,914

 

 

$

90,775

 

 

$

98,631

 

 

$

376,845

 

 

$

342,601

 

Gross margin

 

 

$

17,350

 

 

$

16,402

 

 

$

20,295

 

 

$

70,420

 

 

$

68,447

 

Operating income (loss)

 

 

$

11,010

 

 

$

10,320

 

 

$

14,140

 

 

$

45,003

 

 

$

44,168

 

Operating income (loss) %

 

 

 

12

%

 

 

11

%

 

 

14

%

 

 

12

%

 

 

13

%

 

 

 

 

 

 

 

 

 

 

 

 

Unallocated Expenses

 

 

 

 

 

 

 

 

 

 

 

Gross margin

 

 

$

(25,912

)

 

$

(22,537

)

 

$

(25,565

)

 

$

(98,955

)

 

$

(82,528

)

Operating income (loss)

 

 

$

(37,949

)

 

$

(33,575

)

 

$

(42,245

)

 

$

(151,438

)

 

$

(127,402

)

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

 

$

654,629

 

 

$

536,223

 

 

$

635,180

 

 

$

2,424,706

 

 

$

2,066,084

 

Gross margin

 

 

$

105,629

 

 

$

90,102

 

 

$

114,697

 

 

$

398,971

 

 

$

307,377

 

Operating income (loss)

 

 

$

47,450

 

 

$

42,177

 

 

$

57,929

 

 

$

181,328

 

 

$

110,863

 

Operating income (loss) %

 

 

 

7

%

 

 

8

%

 

 

9

%

 

 

7

%

 

 

5

%

 

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.

 

 

 

 

 

 

 

 

 

 

 

 

SELECTED CASH FLOW INFORMATION

 

 

 

 

 

 

 

 

 

 

 

For the Three Months Ended

 

For the Year Ended

 

 

 

Dec 31, 2023

 

Dec 31, 2022

 

Sep 30, 2023

 

Dec 31, 2023

 

Dec 31, 2022

 

 

 

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

Capital Expenditures, including Acquisitions

 

 

$

34,045

 

$

25,949

 

$

25,945

 

$

100,726

 

$

81,043

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and Amortization:

 

 

 

 

 

 

 

 

 

 

 

Energy Services and Products

 

 

 

 

 

 

 

 

 

 

 

Subsea Robotics

 

 

$

13,264

 

$

15,139

 

$

12,805

 

$

54,365

 

$

67,684

Manufactured Products

 

 

 

3,096

 

 

2,915

 

 

3,067

 

 

12,220

 

 

11,946

Offshore Projects Group

 

 

 

6,921

 

 

7,024

 

 

6,931

 

 

27,956

 

 

28,560

Integrity Management & Digital Solutions

 

 

 

902

 

 

840

 

 

909

 

 

3,608

 

 

4,599

Total Energy Services and Products

 

 

 

24,183

 

 

25,918

 

 

23,712

 

 

98,149

 

 

112,789

Aerospace and Defense Technologies

 

 

 

619

 

 

705

 

 

600

 

 

2,504

 

 

2,853

Unallocated Expenses

 

 

 

695

 

 

1,218

 

 

1,284

 

 

4,307

 

 

5,327

Total Depreciation and Amortization

 

 

$

25,497

 

$

27,841

 

$

25,596

 

$

104,960

 

$

120,969

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 certain rules and regulations promulgated by the Securities and Exchange Commission). 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, 2024 Adjusted EBITDA Estimates, and Free Cash Flow, as well as the following by segment: EBITDA, EBITDA Margins, Adjusted EBITDA and Adjusted EBITDA Margins. We define EBITDA Margin as EBITDA divided by revenue. Adjusted EBITDA and Adjusted EBITDA Margins 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 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 purposes and for comparing our financial performance with the performance of other companies in our industry, and the adjusted amounts thereof 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.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted Net Income (Loss) and Diluted Earnings (Loss) per Share (EPS)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Three Months Ended

 

 

 

Dec 31, 2023

Dec 31, 2022

Sep 30, 2023

 

 

 

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

 

$

44,529

 

 

$

0.43

 

$

23,128

 

 

$

0.23

 

$

29,812

 

 

$

0.29

 

Pre-tax adjustments for the effects of:

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency (gains) losses

 

 

(2,275

)

 

 

 

 

193

 

 

 

 

 

(944

)

 

 

 

Total pre-tax adjustments

 

 

(2,275

)

 

 

 

 

193

 

 

 

 

 

(944

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tax effect on pre-tax adjustments at the applicable jurisdictional statutory rate in effect for respective periods

 

 

851

 

 

 

 

 

(333

)

 

 

 

 

615

 

 

 

 

Discrete tax items:

 

 

 

 

 

 

 

 

 

 

 

 

 

Share-based compensation

 

 

(58

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Uncertain tax positions

 

 

(2,036

)

 

 

 

 

(669

)

 

 

 

 

13,076

 

 

 

 

Valuation allowances

 

 

(20,350

)

 

 

 

 

(7,679

)

 

 

 

 

9,353

 

 

 

 

Other

 

 

(1,230

)

 

 

 

 

(8,263

)

 

 

 

 

(13,430

)

 

 

 

Total discrete tax adjustments

 

 

(23,674

)

 

 

 

 

(16,611

)

 

 

 

 

8,999

 

 

 

 

Total of adjustments

 

 

(25,098

)

 

 

 

 

(16,751

)

 

 

 

 

8,670

 

 

 

 

Adjusted Net Income (Loss)

 

$

19,431

 

 

$

0.19

 

$

6,377

 

 

$

0.06

 

$

38,482

 

 

$

0.38

 

Weighted average diluted shares outstanding utilized for Adjusted Net Income (Loss)

 

 

 

 

102,366

 

 

 

 

101,597

 

 

 

 

102,206

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted Net Income (Loss) and Diluted Earnings (Loss) per Share (EPS)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Year Ended

 

 

 

 

Dec 31, 2023

Dec 31, 2022

 

 

 

 

 

 

 

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

 

 

 

 

 

$

97,403

 

 

$

0.95

 

$

25,941

 

 

$

0.26

 

Pre-tax adjustments for the effects of:

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency (gains) losses

 

 

 

 

 

 

1,359

 

 

 

 

 

4

 

 

 

 

Total pre-tax adjustments

 

 

 

 

 

 

1,359

 

 

 

 

 

4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tax effect on pre-tax adjustments at the applicable jurisdictional statutory rate in effect for respective periods

 

 

 

 

 

 

(837

)

 

 

 

 

(275

)

 

 

 

Discrete tax items:

 

 

 

 

 

 

 

 

 

 

 

 

 

Share-based compensation

 

 

 

 

 

 

(1,428

)

 

 

 

 

137

 

 

 

 

Uncertain tax positions

 

 

 

 

 

 

15,441

 

 

 

 

 

(81

)

 

 

 

Valuation allowances

 

 

 

 

 

 

(16,099

)

 

 

 

 

11,119

 

 

 

 

Other

 

 

 

 

 

 

(13,890

)

 

 

 

 

(5,734

)

 

 

 

Total discrete tax adjustments

 

 

 

 

 

 

(15,976

)

 

 

 

 

5,441

 

 

 

 

Total of adjustments

 

 

 

 

 

 

(15,454

)

 

 

 

 

5,170

 

 

 

 

Adjusted Net Income (Loss)

 

 

 

 

 

$

81,949

 

 

$

0.80

 

$

31,111

 

 

$

0.31

 

Weighted average diluted shares outstanding utilized for Adjusted Net Income (Loss)

 

 

 

 

 

 

 

 

102,156

 

 

 

 

101,447

 

 

 

 

 

 

 

 

 

 

 

 

EBITDA and Adjusted EBITDA and Margins

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Three Months Ended

 

For the Year Ended

 

 

Dec 31, 2023

 

Dec 31, 2022

 

Sep 30, 2023

 

Dec 31, 2023

 

Dec 31, 2022

 

 

($ in thousands)

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

44,529

 

 

$

23,128

 

 

$

29,812

 

 

$

97,403

 

 

$

25,941

 

Depreciation and amortization

 

 

25,497

 

 

 

27,841

 

 

 

25,596

 

 

 

104,960

 

 

 

120,969

 

Subtotal

 

 

70,026

 

 

 

50,969

 

 

 

55,408

 

 

 

202,363

 

 

 

146,910

 

Interest expense, net of interest income

 

 

4,840

 

 

 

6,852

 

 

 

6,078

 

 

 

21,098

 

 

 

32,507

 

Amortization included in interest expense

 

 

460

 

 

 

33

 

 

 

51

 

 

 

574

 

 

 

106

 

Provision (benefit) for income taxes

 

 

2,090

 

 

 

11,980

 

 

 

23,505

 

 

 

63,652

 

 

 

53,111

 

EBITDA

 

 

77,416

 

 

 

69,834

 

 

 

85,042

 

 

 

287,687

 

 

 

232,634

 

Adjustments for the effects of:

 

 

 

 

 

 

 

 

 

 

Foreign currency (gains) losses

 

 

(2,275

)

 

 

193

 

 

 

(944

)

 

 

1,359

 

 

 

4

 

Total of adjustments

 

 

(2,275

)

 

 

193

 

 

 

(944

)

 

 

1,359

 

 

 

4

 

Adjusted EBITDA

 

$

75,141

 

 

$

70,027

 

 

$

84,098

 

 

$

289,046

 

 

$

232,638

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

$

654,629

 

 

$

536,223

 

 

$

635,180

 

 

$

2,424,706

 

 

$

2,066,084

 

 

 

 

 

 

 

 

 

 

 

 

EBITDA margin %

 

 

12

%

 

 

13

%

 

 

13

%

 

 

12

%

 

 

11

%

Adjusted EBITDA margin %

 

 

11

%

 

 

13

%

 

 

13

%

 

 

12

%

 

 

11

%

 

 

 

 

 

 

 

 

 

 

 

Free Cash Flow

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Three Months Ended

 

For the Year Ended

 

 

Dec 31, 2023

 

Dec 31, 2022

 

Sep 30, 2023

 

Dec 31, 2023

 

Dec 31, 2022

 

 

(in thousands)

Net Income (loss)

 

$

44,529

 

 

$

23,128

 

 

$

29,812

 

 

$

97,403

 

 

$

25,941

 

Non-cash adjustments:

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

25,497

 

 

 

27,841

 

 

 

25,596

 

 

 

104,960

 

 

 

120,969

 

Other non-cash

 

 

(22,486

)

 

 

2,991

 

 

 

6,381

 

 

 

(13,370

)

 

 

8,542

 

Other increases (decreases) in cash from operating activities

 

 

105,275

 

 

 

105,506

 

 

 

17,819

 

 

 

20,962

 

 

 

(34,569

)

Cash flow provided by (used in) operating activities

 

 

152,815

 

 

 

159,466

 

 

 

79,608

 

 

 

209,955

 

 

 

120,883

 

Purchases of property and equipment

 

 

(34,045

)

 

 

(25,949

)

 

 

(25,945

)

 

 

(100,726

)

 

 

(81,043

)

Free Cash Flow

 

$

118,770

 

 

$

133,517

 

 

$

53,663

 

 

$

109,229

 

 

$

39,840

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2024 EBITDA Estimates

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Three Months Ending

 

 

 

 

 

 

 

 

March 31, 2024

 

 

 

 

 

 

 

 

Low

 

High

 

 

 

 

 

 

 

 

(in thousands)

Income (loss) before income taxes

 

 

 

 

 

 

 

$

18,000

 

 

$

26,000

 

Depreciation and amortization

 

 

 

 

 

 

 

 

25,000

 

 

 

26,000

 

Subtotal

 

 

 

 

 

 

 

 

43,000

 

 

 

52,000

 

Interest expense, net of interest income

 

 

 

 

 

 

 

 

7,000

 

 

 

8,000

 

EBITDA

 

 

 

 

 

 

 

$

50,000

 

 

$

60,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Year Ending

 

 

 

 

 

 

 

 

December 31, 2024

 

 

 

 

 

 

 

 

Low

 

High

 

 

 

 

 

 

 

 

(in thousands)

Income (loss) before income taxes

 

 

 

 

 

 

 

$

206,000

 

 

$

242,000

 

Depreciation and amortization

 

 

 

 

 

 

 

 

100,000

 

 

 

110,000

 

Subtotal

 

 

 

 

 

 

 

 

306,000

 

 

 

352,000

 

Interest expense, net of interest income

 

 

 

 

 

 

 

 

24,000

 

 

 

28,000

 

EBITDA

 

 

 

 

 

 

 

$

330,000

 

 

$

380,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2024 Free Cash Flow Estimate

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Year Ending

 

 

 

 

 

 

 

 

December 31, 2024

 

 

 

 

 

 

 

 

Low

 

High

 

 

 

 

 

 

 

 

(in thousands)

Net income (loss)

 

 

 

 

 

 

 

$

125,000

 

 

$

155,000

 

Depreciation and amortization

 

 

 

 

 

 

 

 

100,000

 

 

 

110,000

 

Other increases (decreases) in cash from operating activities

 

 

 

 

 

 

(5,000

)

 

 

15,000

 

Cash flow provided by (used in) operating activities

 

 

 

 

 

 

220,000

 

 

 

280,000

 

Purchases of property and equipment

 

 

 

 

 

 

 

 

(110,000

)

 

 

(130,000

)

Free Cash Flow

 

 

 

 

 

 

 

$

110,000

 

 

$

150,000

 

 

 

 

 

 

 

 

 

 

 

 

 

EBITDA and Adjusted EBITDA and Margins by Segment

 

 

 

For the Three Months Ended December 31, 2023

 

 

SSR

��

MP

 

OPG

 

IMDS

 

ADTech

 

Unallocated

Expenses

and other

 

Total

 

 

($ in thousands)

Operating Income (Loss) as reported in accordance with GAAP

 

$

50,594

 

 

$

5,435

 

 

$

15,155

 

 

$

3,205

 

 

$

11,010

 

 

$

(37,949

)

 

$

47,450

 

Adjustments for the effects of:

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

13,264

 

 

 

3,096

 

 

 

6,921

 

 

 

902

 

 

 

619

 

 

 

695

 

 

 

25,497

 

Other pre-tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,469

 

 

 

4,469

 

EBITDA

 

 

63,858

 

 

 

8,531

 

 

 

22,076

 

 

 

4,107

 

 

 

11,629

 

 

 

(32,785

)

 

 

77,416

 

Adjustments for the effects of:

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency (gains) losses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2,275

)

 

 

(2,275

)

Total of adjustments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2,275

)

 

 

(2,275

)

Adjusted EBITDA

 

$

63,858

 

 

$

8,531

 

 

$

22,076

 

 

$

4,107

 

 

$

11,629

 

 

$

(35,060

)

 

$

75,141

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

$

199,505

 

 

$

132,994

 

 

$

161,239

 

 

$

65,977

 

 

$

94,914

 

 

 

 

$

654,629

 

Operating income (loss) % as reported in accordance with GAAP

 

 

25

%

 

 

4

%

 

 

9

%

 

 

5

%

 

 

12

%

 

 

 

 

7

%

EBITDA Margin

 

 

32

%

 

 

6

%

 

 

14

%

 

 

6

%

 

 

12

%

 

 

 

 

12

%

Adjusted EBITDA Margin

 

 

32

%

 

 

6

%

 

 

14

%

 

 

6

%

 

 

12

%

 

 

 

 

11

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Three Months Ended December 31, 2022

 

 

SSR

 

MP

 

OPG

 

IMDS

 

ADTech

 

Unallocated

Expenses

and other

 

Total

 

 

($ in thousands)

Operating Income (Loss) as reported in accordance with GAAP

 

$

43,689

 

 

$

6,132

 

 

$

10,745

 

 

$

4,866

 

 

$

10,320

 

 

$

(33,575

)

 

$

42,177

 

Adjustments for the effects of:

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

15,139

 

 

 

2,915

 

 

 

7,024

 

 

 

840

 

 

 

705

 

 

 

1,218

 

 

 

27,841

 

Other pre-tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(184

)

 

 

(184

)

EBITDA

 

 

58,828

 

 

 

9,047

 

 

 

17,769

 

 

 

5,706

 

 

 

11,025

 

 

 

(32,541

)

 

 

69,834

 

Adjustments for the effects of:

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency (gains) losses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

193

 

 

 

193

 

Total of adjustments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

193

 

 

 

193

 

Adjusted EBITDA

 

$

58,828

 

 

$

9,047

 

 

$

17,769

 

 

$

5,706

 

 

$

11,025

 

 

$

(32,348

)

 

$

70,027

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

$

167,387

 

 

$

100,174

 

 

$

122,476

 

 

$

55,411

 

 

$

90,775

 

 

 

 

$

536,223

 

Operating income (loss) % as reported in accordance with GAAP

 

 

26

%

 

 

6

%

 

 

9

%

 

 

9

%

 

 

11

%

 

 

 

 

8

%

EBITDA Margin

 

 

35

%

 

 

9

%

 

 

15

%

 

 

10

%

 

 

12

%

 

 

 

 

13

%

Adjusted EBITDA Margin

 

 

35

%

 

 

9

%

 

 

15

%

 

 

10

%

 

 

12

%

 

 

 

 

13

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EBITDA and Adjusted EBITDA and Margins by Segment

 

 

 

For the Three Months Ended September 30, 2023

 

 

SSR

 

MP

 

OPG

 

IMDS

 

ADTech

 

Unallocated

Expenses

and other

 

Total

 

 

($ in thousands)

Operating Income (Loss) as reported in accordance with GAAP

 

$

47,818

 

 

$

8,229

 

 

$

26,745

 

 

$

3,242

 

 

$

14,140

 

 

$

(42,245

)

 

$

57,929

 

Adjustments for the effects of:

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

12,805

 

 

 

3,067

 

 

 

6,931

 

 

 

909

 

 

 

600

 

 

 

1,284

 

 

 

25,596

 

Other pre-tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,517

 

 

 

1,517

 

EBITDA

 

 

60,623

 

 

 

11,296

 

 

 

33,676

 

 

 

4,151

 

 

 

14,740

 

 

 

(39,444

)

 

 

85,042

 

Adjustments for the effects of:

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency (gains) losses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(944

)

 

 

(944

)

Total of adjustments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(944

)

 

 

(944

)

Adjusted EBITDA

 

$

60,623

 

 

$

11,296

 

 

$

33,676

 

 

$

4,151

 

 

$

14,740

 

 

$

(40,388

)

 

$

84,098

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

$

197,343

 

 

$

122,877

 

 

$

150,273

 

 

$

66,056

 

 

$

98,631

 

 

 

 

$

635,180

 

Operating income (loss) % as reported in accordance with GAAP

 

 

24

%

 

 

7

%

 

 

18

%

 

 

5

%

 

 

14

%

 

 

 

 

9

%

EBITDA Margin

 

 

31

%

 

 

9

%

 

 

22

%

 

 

6

%

 

 

15

%

 

 

 

 

13

%

Adjusted EBITDA Margin

 

 

31

%

 

 

9

%

 

 

22

%

 

 

6

%

 

 

15

%

 

 

 

 

13

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EBITDA and Adjusted EBITDA and Margins by Segment

 

 

 

For the Year Ended December 31, 2023

 

 

SSR

 

MP

 

OPG

 

IMDS

 

ADTech

 

Unallocated

Expenses

and other

 

Total

 

 

($ in thousands)

Operating Income (Loss) as reported in accordance with GAAP

 

$

174,293

 

 

$

35,551

 

 

$

64,546

 

 

$

13,373

 

 

$

45,003

 

 

$

(151,438

)

 

$

181,328

 

Adjustments for the effects of:

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

54,365

 

 

 

12,220

 

 

 

27,956

 

 

 

3,608

 

 

 

2,504

 

 

 

4,307

 

 

 

104,960

 

Other pre-tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,399

 

 

 

1,399

 

EBITDA

 

 

228,658

 

 

 

47,771

 

 

 

92,502

 

 

 

16,981

 

 

 

47,507

 

 

 

(145,732

)

 

 

287,687

 

Adjustments for the effects of:

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency (gains) losses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,359

 

 

 

1,359

 

Total of adjustments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,359

 

 

 

1,359

 

Adjusted EBITDA

 

$

228,658

 

 

$

47,771

 

 

$

92,502

 

 

$

16,981

 

 

$

47,507

 

 

$

(144,373

)

 

$

289,046

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

$

752,521

 

 

$

493,692

 

 

$

546,366

 

 

$

255,282

 

 

$

376,845

 

 

 

 

$

2,424,706

 

Operating income (loss) % as reported in accordance with GAAP

 

 

23

%

 

 

7

%

 

 

12

%

 

 

5

%

 

 

12

%

 

 

 

 

7

%

EBITDA Margin

 

 

30

%

 

 

10

%

 

 

17

%

 

 

7

%

 

 

13

%

 

 

 

 

12

%

Adjusted EBITDA Margin

 

 

30

%

 

 

10

%

 

 

17

%

 

 

7

%

 

 

13

%

 

 

 

 

12

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Year Ended December 31, 2022

 

 

SSR

 

MP

 

OPG

 

IMDS

 

ADTech

 

Unallocated

Expenses

and other

 

Total

 

 

($ in thousands)

Operating Income (Loss) as reported in accordance with GAAP

 

$

118,248

 

 

$

11,692

 

 

$

49,256

 

 

$

14,901

 

 

$

44,168

 

 

$

(127,402

)

 

$

110,863

 

Adjustments for the effects of:

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

67,684

 

 

 

11,946

 

 

 

28,560

 

 

 

4,599

 

 

 

2,853

 

 

 

5,327

 

 

 

120,969

 

Other pre-tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

802

 

 

 

802

 

EBITDA

 

 

185,932

 

 

 

23,638

 

 

 

77,816

 

 

 

19,500

 

 

 

47,021

 

 

 

(121,273

)

 

 

232,634

 

Adjustments for the effects of:

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency (gains) losses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4

 

 

 

4

 

Total of adjustments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4

 

 

 

4

 

Adjusted EBITDA

 

$

185,932

 

 

$

23,638

 

 

$

77,816

 

 

$

19,500

 

 

$

47,021

 

 

$

(121,269

)

 

$

232,638

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

$

621,921

 

 

$

382,361

 

 

$

489,317

 

 

$

229,884

 

 

$

342,601

 

 

 

 

$

2,066,084

 

Operating income (loss) % as reported in accordance with GAAP

 

 

19

%

 

 

3

%

 

 

10

%

 

 

6

%

 

 

13

%

 

 

 

 

5

%

EBITDA Margin

 

 

30

%

 

 

6

%

 

 

16

%

 

 

8

%

 

 

14

%

 

 

 

 

11

%

Adjusted EBITDA Margin

 

 

30

%

 

 

6

%

 

 

16

%

 

 

8

%

 

 

14

%

 

 

 

 

11

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contacts

investorrelations@oceaneering.com

Hilary Frisbie

Senior Director, Investor Relations

Oceaneering International, Inc.

713-329-4755

Mark Peterson

Vice President, Corporate Development and Investor Relations

Oceaneering International, Inc.

713-329-4507

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