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    Oceaneering Reports First Quarter 2017 Results

    April 26, 2017

    HOUSTON, April 26, 2017 /PRNewswire/ -- Oceaneering International, Inc. ("Oceaneering") (NYSE: OII) today reported a net loss of $7.5 million, or $(0.08) per share, on revenue of $446 million for the three months ended March 31, 2017.  Excluding the impacts of $2.1 million discrete tax expense and $2.2 million of pretax foreign currency exchange losses, adjusted net loss was $4.0 million, or $(0.04) per share.

    For the fourth quarter of 2016, Oceaneering reported a net loss of $11.0 million, or $(0.11) per share, on revenue of $488 million.  Adjusted net income was $2.6 million, or $0.03 per share, excluding $12.9 million of pre-tax charges related primarily to restructuring measures, and an increase in the annual effective income tax rate recognized during the quarter.

    Adjusted operating income, operating margin, net income (loss), earnings (loss) per share, and EBITDA and adjusted EBITDA (as well as EBITDA and adjusted EBITDA margins) are non-GAAP measures which exclude the impacts of certain identified items.  Reconciliations to the corresponding GAAP measures are shown in the tables titled Adjusted Net Income (Loss) and Diluted Earnings (Loss) per Share (EPS), EBITDA and EBITDA Margins, Adjusted Operating Income and Margins by Segment, 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,


    2017


    2016


    2016







    Revenue

    $      446,176


    $      608,344


    $      488,445

    Gross Margin

    44,855


    97,480


    51,071

    Income (Loss) from Operations

    (150)


    48,099


    (3,859)

    Net Income (Loss)

    $         (7,534)


    $        25,103


    $      (11,028)







    Diluted Earnings (Loss) Per Share (EPS)

    $           (0.08)


    $            0.26


    $          (0.11)









     


    Operating results for the first quarter of 2017 were $10.9 million lower than the immediately preceding quarter on an adjusted basis, due to higher Unallocated Expenses, seasonality, and lower activity levels in Subsea Projects.  The primary cause of our net discrete tax expense was the result of a new accounting standard associated with share-based compensation.

    M. Kevin McEvoy, Chief Executive Officer of Oceaneering, stated, "Our first quarter operating results were slightly better than our expectations.  Again, we are pleased that each of our operating segments generated positive results and, overall, maintained positive EBITDA and free cash flow.

    "Compared to the adjusted fourth quarter of 2016, first quarter Remotely Operated Vehicle ("ROV") operating income was down on 13% lower revenue, resulting from 10% fewer days on hire and a 4% reduction in revenue per day on hire; our fleet utilization was 46%.  For the first quarter, ROV EBITDA margin of 37% was slightly better than the 35% for the immediately preceding quarter.

    "During the quarter, we put two ROVs into service, both for vessel-based work; thereby ending the quarter with 282 work-class vehicles.  We believe that, as of the end of March, we maintained 53% drill support market share of the 151 contracted floating rigs.  Although we endeavor to maintain our drill support market share and place more ROVs on vessels, we need a sizable increase in our customers' offshore spending levels for there to be a discernible increase in ROV fleet utilization and profitability.

    "Sequentially, Subsea Products revenue was flat on increased umbilical throughput offset by lower completion related activities and reduced production enhancement work.  Operating income improved due to cost reduction measures taken in prior periods.  Our Subsea Products backlog at March 31, 2017 was $407 million, compared to our December 31, 2016 backlog of $431 million.  The backlog decline was primarily related to umbilicals.  Our book-to-bill ratio for the first quarter was 0.84, which compared favorably to 0.74 for the trailing twelve months.

    "Subsea Projects revenue and operating income were down substantially, resulting from reduced U.S. Gulf of Mexico demand and pricing for deepwater vessel and diving services.  Asset Integrity operating income was lower due to seasonality.  Advanced Technologies operating income improved due to increased commercial activities and work for the U.S. Navy.  Unallocated Expenses increased, as expected, from higher estimated incentive plan compensation.


    "Based on our first quarter results, we continue to expect to be marginally profitable at the operating income line on a consolidated basis.  For the second quarter, we are anticipating quarterly operating income improvements from all of our business segments, except for Subsea Products which we are expecting to be relatively flat.  And today, we announced that the Board maintained our current dividend rate and declared a $0.15 per share dividend to be paid during the second quarter."

    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 and future expected business, financial performance and prospects of Oceaneering.  More specifically, the forward-looking statements in this press release include the statements concerning Oceaneering's:  belief that it needs a sizable increase in its customers' offshore spending levels for there to be a discernible increase in its ROV fleet utilization and profitability;  expectation to continue to be marginally profitable at the operating income line on a consolidated basis;  and expectations regarding quarterly operating income from its segments in the second quarter of 2017, while providing a dividend to shareholders.  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 backlog, costs, capital expenditures, future earnings, capital allocation strategies, dividend levels, sustainability of dividend levels, liquidity, competitive position, financial flexibility, debt levels, forecasts or expectations regarding business outlook; growth for Oceaneering as a whole and for each of its segments (and for specific products or geographic areas within each segment); factors affecting the level of activity in the oil and gas industry; supply and demand of drilling rigs; oil and natural gas demand and production growth; oil and natural gas prices; fluctuations in currency markets worldwide; the loss of major contracts or alliances; future global economic conditions; and future results of operations.  For a more complete discussion of these risk factors, please see Oceaneering's latest annual report on Form 10-K and quarterly report on Form 10-Q filed with the Securities and Exchange Commission.

    Oceaneering is a global provider of engineered services and products, primarily to the offshore oil and gas industry, with a focus on deepwater applications.  Through the use of its applied technology expertise, Oceaneering also serves the defense, entertainment, and aerospace industries.  For more information on Oceaneering, please visit www.oceaneering.com.

    Contact:
    Suzanne Spera
    Director, Investor Relations
    Oceaneering International, Inc.
    713-329-4707
    investorrelations@oceaneering.com

     

    OCEANEERING INTERNATIONAL, INC. AND SUBSIDIARIES





















    CONDENSED CONSOLIDATED BALANCE SHEETS





































    Mar 31, 2017


    Dec 31, 2016
















    (in thousands)


    ASSETS

       Current Assets (including cash and cash equivalents of $462,516 and $450,193)


    $

    1,246,730



    $

    1,262,595


       Net Property and Equipment







    1,123,431



    1,153,258


       Other Assets












    720,835



    714,462




    TOTAL ASSETS






    $

    3,090,996



    $

    3,130,315






















    LIABILITIES AND SHAREHOLDERS' EQUITY

       Current Liabilities












    $

    477,528



    $

    508,364


       Long-term Debt












    793,908



    793,058


       Other Long-term Liabilities






    330,427



    312,250


       Shareholders' Equity












    1,489,133



    1,516,643




    TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY


    $

    3,090,996



    $

    3,130,315


     

    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
























    For the Three Months Ended










    Mar 31, 2017


    Mar 31, 2016


    Dec 31, 2016










    (in thousands, except per share amounts)
















    Revenue






    $

    446,176



    $

    608,344



    $

    488,445



    Cost of services and products

    401,321



    510,864



    437,374




    Gross Margin


    44,855



    97,480



    51,071



    Selling, general and administrative expense


    45,005



    49,381



    54,930




    Income (Loss) from Operations




    (150)



    48,099



    (3,859)



    Interest income






    1,337



    295



    1,479



    Interest expense






    (6,268)



    (6,392)



    (6,394)



    Equity earnings (losses) of unconsolidated affiliates

    (980)



    526



    (299)



    Other income (expense), net


    (2,556)



    (5,988)



    579




    Income (Loss) before Income Taxes


    (8,617)



    36,540



    (8,494)



    Provision for income taxes (benefit)


    (1,083)



    11,437



    2,534




    Net Income (Loss)


    $

    (7,534)



    $

    25,103



    $

    (11,028)
















    Weighted average diluted shares outstanding

    98,138



    98,286



    98,064


    Diluted Earnings (Loss) per Share


    $

    (0.08)



    $

    0.26



    $

    (0.11)
















     

    The above Condensed Consolidated Balance Sheets and Condensed Consolidated Statements of Operations should be read in conjunction with Oceaneering's latest Annual Report on Form 10-K and Quarterly Report on Form 10-Q.

     


    SEGMENT INFORMATION








    For the Three Months Ended








    Mar 31, 2017


    Mar 31, 2016


    Dec 31, 2016








    ($ in thousands)









    Remotely Operated Vehicles




    Revenue



    $

    94,022



    $

    147,621



    $

    108,352




    Gross Margin



    $

    13,022



    $

    35,322



    $

    13,079



    Operating Income



    $

    5,925



    $

    26,987



    $

    4,031



    Operating Income %



    6

    %


    18

    %


    4

    %



    Days available



    25,219



    28,819



    25,684




    Days utilized



    11,488



    16,005



    12,745




    Utilization %



    46

    %


    56

    %


    50

    %













    Subsea Products




    Revenue



    $

    150,639



    $

    194,812



    $

    149,052




    Gross Margin



    $

    24,991



    $

    56,136



    $

    20,988



    Operating Income



    $

    11,483



    $

    40,640



    $

    4,068



    Operating Income %



    8

    %


    21

    %


    3

    %


    Backlog at end of period



    $

    407,000



    $

    576,000



    $

    431,000














    Subsea Projects




    Revenue



    $

    62,956



    $

    129,422



    $

    94,096




    Gross Margin



    $

    4,024



    $

    11,509



    $

    6,245



    Operating Income



    $

    187



    $

    6,789



    $

    2,421



    Operating Income %



    %


    5

    %


    3

    %













    Asset Integrity




    Revenue



    $

    52,658



    $

    69,600



    $

    59,938




    Gross Margin



    $

    8,381



    $

    7,343



    $

    12,428



    Operating Income



    $

    2,267



    $

    434



    $

    3,197



    Operating Income %



    4

    %


    1

    %


    5

    %













    Advanced Technologies




    Revenue



    $

    85,901



    $

    66,889



    $

    77,007




    Gross Margin



    $

    10,072



    $

    5,827



    $

    7,692



    Operating Income



    $

    5,026



    $

    593



    $

    1,331



    Operating Income %



    6

    %


    1

    %


    2

    %













    Unallocated Expenses













    Gross Margin



    $

    (15,635)



    $

    (18,657)



    $

    (9,361)



    Operating Income



    $

    (25,038)



    $

    (27,344)



    $

    (18,907)












    TOTAL




    Revenue



    $

    446,176



    $

    608,344



    $

    488,445




    Gross Margin



    $

    44,855



    $

    97,480



    $

    51,071



    Operating Income (Loss)



    $

    (150)



    $

    48,099



    $

    (3,859)



    Operating Income (Loss) %



    %


    8

    %


    (1)

    %

     

    SELECTED CASH FLOW INFORMATION


















    For the Three Months Ended






    Mar 31, 2017


    Mar 31, 2016


    Dec 31, 2016






    (in thousands)








    Capital expenditures, including acquisitions


    $

    17,807



    $

    21,206



    $

    56,624









    Depreciation and Amortization:







    Oilfield









    Remotely Operated Vehicles


    $

    29,229



    $

    33,684



    $

    29,552



    Subsea Products


    12,999



    12,807



    13,795



    Subsea Projects


    8,080



    8,519



    8,595



    Asset Integrity


    1,460



    2,913



    2,600


    Total Oilfield



    51,768



    57,923



    54,542


    Advanced Technologies


    797



    734



    791


    Unallocated Expenses


    1,098



    1,124



    954


                         Total depreciation and amortization


    $

    53,663



    $

    59,781



    $

    56,287












    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 and Free Cash Flow, as well as the following by segment:  Adjusted Operating Income and Margins, EBITDA, 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 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 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 and EBITDA margins (and the adjusted amounts thereof) and Free Cash Flow 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






    Mar 31, 2017

    Mar 31, 2016

    Dec 31, 2016






    Net Income


    Diluted EPS


    Net Income


    Diluted EPS


    Net Income


    Diluted EPS






    (in thousands, except per share amounts)








    Net Income (Loss) and Diluted EPS as reported in accordance with GAAP


    $

    (7,534)



    $

    (0.08)



    $

    25,103



    $

    0.26



    $

    (11,028)



    $

    (0.11)


    Pre tax adjustments for the effects of:














    Restructuring expenses










    11,809





    Allowance for bad debts










    2,827





    Foreign currency (gains) losses


    2,153





    5,884





    (1,689)




    Total pre tax adjustments


    2,153





    5,884





    12,947




















    Tax effect on pre tax adjustments at the 35% statutory rate




    (754)





    (2,059)





    (4,531)

















    Discrete tax items


    2,106












    Difference in tax provision on income before taxes in accordance with GAAP (exclusive of discrete items)










    5,193





















    Total of adjustments


    3,505





    3,825





    13,609





    Adjusted amounts


    $

    (4,029)



    $

    (0.04)



    $

    28,928



    $

    0.29



    $

    2,581



    $

    0.03
































     

    Notes:




    The primary discrete tax item in the three months ended March, 31, 2017 relates to accounting for the book and tax amounts of share-based compensation expense.  Effective January 1, 2017, the tax effects on this book and tax difference are recognized in our income statement as a discrete tax item.  In the other periods presented above, these tax effects were reflected on our balance sheet as adjustments to additional paid-in capital.  The additional income tax expense in the period ended March 31, 2017 related to this item was $2.9 million.




    For consistency in presentation, for the period ended December 31, 2016, the difference in tax provision on income before taxes, before discrete items, in accordance with GAAP is computed using our historical effective rate, before discrete items, of 31.3% before the period ended December 31, 2016.




    Weighted average number of diluted shares in each period presented is the same for each adjusting item as used in accordance with GAAP for that period, except for the three-month period ended December 31, 2016, where we used 98,542,000, instead of the GAAP shares of 98,064,000, as our share equivalents became dilutive based on the amount of adjusted net income.

     

     

    RECONCILIATIONS OF NON-GAAP TO GAAP FINANCIAL INFORMATION




























    EBITDA and EBITDA Margins






















    For the Three Months Ended









    Mar 31, 2017


    Mar 31, 2016


    Dec 31, 2016









    ($ in thousands)














    Net Income (Loss)





    $

    (7,534)



    $

    25,103



    $

    (11,028)


    Depreciation and Amortization





    53,663



    59,781



    56,287






    Subtotal


    46,129



    84,884



    45,259


    Interest Expense, net of Interest Income





    4,931



    6,097



    4,915


    Amortization included in Interest Expense





    (283)



    (287)



    (285)


    Provision for Income Taxes (Benefit)





    (1,083)



    11,437



    2,534






    EBITDA


    $

    49,694



    $

    102,131



    $

    52,423















    Revenue





    $

    446,176



    $

    608,344



    $

    488,445















    EBITDA margin %





    11

    %


    17

    %


    11

    %

     


     

    Free Cash Flow


    For the Three Months Ended


    Mar 31, 2017


    Mar 31, 2016


    (in thousands)

    Net Income (Loss)

    $

    (7,534)



    $

    25,103


    Depreciation and amortization

    53,663



    59,781


    Other increases (decreases) in cash from operating activities

    12,876



    (32,246)


    Cash flow provided by operating activities

    59,005



    52,638


    Purchases of property and equipment

    (17,807)



    (21,206)


    Free Cash Flow  

    $

    41,198



    $

    31,432



     

    RECONCILIATIONS OF NON-GAAP TO GAAP FINANCIAL INFORMATION





    Adjusted Operating Income and Margins by Segment






    For the Three Months Ended March 31, 2017





    Remotely
    Operated
    Vehicles


    Subsea
    Products


    Subsea
    Projects


    Asset
    Integrity


    Advanced
    Tech.


    Unalloc.
    Expenses


    Total





    ($ in thousands)

    Operating income (loss) as reported in accordance with GAAP


    $

    5,925



    $

    11,483



    $

    187



    $

    2,267



    $

    5,026



    $

    (25,038)



    $

    (150)


    Adjusted amounts


    $

    5,925



    $

    11,483



    $

    187



    $

    2,267



    $

    5,026



    $

    (25,038)



    $

    (150)



















    Revenue


    $

    94,022



    $

    150,639



    $

    62,956



    $

    52,658



    $

    85,901





    $

    446,176


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


    6

    %


    8

    %


    %


    4

    %


    6

    %




    %

    Operating income % using adjusted amounts


    6

    %


    8

    %


    %


    4

    %


    6

    %




    %







































    For the Three Months Ended March 31, 2016





    Remotely
    Operated
    Vehicles


    Subsea
    Products


    Subsea
    Projects


    Asset
    Integrity


    Advanced
    Tech.


    Unalloc.
    Expenses


    Total





    ($ in thousands)

    Operating income as reported in accordance with GAAP


    $

    26,987



    $

    40,640



    $

    6,789



    $

    434



    $

    593



    $

    (27,344)



    $

    48,099


    Adjusted amounts


    $

    26,987



    $

    40,640



    $

    6,789



    $

    434



    $

    593



    $

    (27,344)



    $

    48,099




































    Revenue


    $

    147,621



    $

    194,812



    $

    129,422



    $

    69,600



    $

    66,889





    $

    608,344


    Operating income % as reported in accordance with GAAP


    18

    %


    21

    %


    5

    %


    1

    %


    1

    %




    8

    %

    Operating income % using adjusted amounts


    18

    %


    21

    %


    5

    %


    1

    %


    1

    %




    8

    %

     

    RECONCILIATIONS OF NON-GAAP TO GAAP FINANCIAL INFORMATION





    Adjusted Operating Income and Margins by Segment























    For the Three Months Ended December 31, 2016





    Remotely
    Operated
    Vehicles


    Subsea
    Products


    Subsea
    Projects


    Asset
    Integrity


    Advanced
    Tech.


    Unalloc.
    Expenses


    Total





    ($ in thousands)

    Operating income (loss) as reported in accordance with GAAP


    $

    4,031



    $

    4,068



    $

    2,421



    $

    3,197



    $

    1,331



    $

    (18,907)



    $

    (3,859)


    Adjustments for the effects of:















    Restructuring expenses


    3,786



    3,730



    2,054



    1,388



    532



    319



    11,809



    Allowance for bad debts


    855



    97



    194



    1,681







    2,827




    Total of adjustments


    4,641



    3,827



    2,248



    3,069



    532



    319



    14,636


    Adjusted amounts


    $

    8,672



    $

    7,895



    $

    4,669



    $

    6,266



    $

    1,863



    $

    (18,588)



    $

    10,777




































    Revenue


    $

    108,352



    $

    149,052



    $

    94,096



    $

    59,938



    $

    77,007





    $

    488,445


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


    4

    %


    3

    %


    3

    %


    5

    %


    2

    %




    (1)

    %

    Operating income % using adjusted amounts


    8

    %


    5

    %


    5

    %


    10

    %


    2

    %




    2

    %

     

    RECONCILIATIONS OF NON-GAAP TO GAAP FINANCIAL INFORMATION





    EBITDA and Adjusted EBITDA and Margins by Segment






    For the Three Months Ended March 31, 2017





    Remotely
    Operated
    Vehicles


    Subsea
    Products


    Subsea
    Projects


    Asset
    Integrity


    Advanced
    Tech.


    Unalloc.
    Expenses
    and other


    Total





    ($ in thousands)

    Operating income (loss) as reported in accordance with GAAP


    $

    5,925



    $

    11,483



    $

    187



    $

    2,267



    $

    5,026



    $

    (25,038)



    $

    (150)


    Adjustments for the effects of:















    Depreciation and amortization


    29,229



    12,999



    8,080



    1,460



    797



    1,098



    53,663



    Other pre-tax












    (3,819)



    (3,819)



    EBITDA


    35,154



    24,482



    8,267



    3,727



    5,823



    (27,759)



    49,694


    Adjustments for the effects of:















    Foreign currency (gains) losses












    2,153



    2,153


    Adjusted EBITDA


    $

    35,154



    $

    24,482



    $

    8,267



    $

    3,727



    $

    5,823



    $

    (25,606)



    $

    51,847




































    Revenue


    $

    94,022



    $

    150,639



    $

    62,956



    $

    52,658



    $

    85,901





    $

    446,176


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


    6

    %


    8

    %


    %


    4

    %


    6

    %




    %

    EBITDA Margin


    37

    %


    16

    %


    13

    %


    7

    %


    7

    %




    11

    %

    Adjusted EBITDA Margin


    37

    %


    16

    %


    13

    %


    7

    %


    7

    %




    12

    %






















    For the Three Months Ended March 31, 2016





    Remotely
    Operated
    Vehicles


    Subsea
    Products


    Subsea
    Projects


    Asset
    Integrity


    Advanced
    Tech.


    Unalloc.
    Expenses
    and other


    Total





    ($ in thousands)

    Operating income as reported in accordance with GAAP


    $

    26,987



    $

    40,640



    $

    6,789



    $

    434



    $

    593



    $

    (27,344)



    $

    48,099


    Adjustments for the effects of:















    Depreciation and amortization


    33,684



    12,807



    8,519



    2,913



    734



    1,124



    59,781



    Other pre-tax












    (5,749)



    (5,749)



    EBITDA


    60,671



    53,447



    15,308



    3,347



    1,327



    (31,969)



    102,131


    Adjustments for the effects of:















    Foreign currency (gains) losses












    5,884



    5,884


    Adjusted EBITDA


    $

    60,671



    $

    53,447



    $

    15,308



    $

    3,347



    $

    1,327



    $

    (26,085)



    $

    108,015





















































    Revenue


    $

    147,621



    $

    194,812



    $

    129,422



    $

    69,600



    $

    66,889





    $

    608,344


    Operating income % as reported in accordance with GAAP


    18

    %


    21

    %


    5

    %


    1

    %


    1

    %




    8

    %

    EBITDA Margin


    41

    %


    27

    %


    12

    %


    5

    %


    2

    %




    17

    %

    Adjusted EBITDA Margin


    41

    %


    27

    %


    12

    %


    5

    %


    2

    %




    18

    %

     

    RECONCILIATIONS OF NON-GAAP TO GAAP FINANCIAL INFORMATION





    EBITDA and Adjusted EBITDA and Margins by Segment






    For the Three Months Ended December 31, 2016





    Remotely
    Operated
    Vehicles


    Subsea
    Products


    Subsea
    Projects


    Asset
    Integrity


    Advanced
    Tech.


    Unalloc.
    Expenses
    and other


    Total





    ($ in thousands)

    Operating income (loss) as reported in accordance with GAAP


    $

    4,031



    $

    4,068



    $

    2,421



    $

    3,197



    $

    1,331



    $

    (18,907)



    $

    (3,859)


    Adjustments for the effects of:















    Depreciation and amortization


    29,552



    13,795



    8,595



    2,600



    791



    954



    56,287



    Other pre-tax












    (5)



    (5)



    EBITDA


    33,583



    17,863



    11,016



    5,797



    2,122



    (17,958)



    52,423


    Adjustments for the effects of:















    Restructuring expenses


    3,786



    3,730



    2,054



    1,388



    532



    319



    11,809



    Allowance for bad debts


    855



    97



    194



    1,681







    2,827



    Foreign currency (gains) losses












    (1,689)



    (1,689)




    Total of adjustments


    4,641



    3,827



    2,248



    3,069



    532



    (1,370)



    12,947


    Adjusted EBITDA


    $

    38,224



    $

    21,690



    $

    13,264



    $

    8,866



    $

    2,654



    $

    (19,328)



    $

    65,370



















    Revenue


    $

    108,352



    $

    149,052



    $

    94,096



    $

    59,938



    $

    77,007





    $

    488,445


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


    4

    %


    3

    %


    3

    %


    5

    %


    2

    %




    (1)

    %

    EBITDA Margin


    31

    %


    12

    %


    12

    %


    10

    %


    3

    %




    11

    %

    Adjusted EBITDA Margin


    35

    %


    15

    %


    14

    %


    15

    %


    3

    %




    13

    %

     

    To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/oceaneering-reports-first-quarter-2017-results-300446634.html

    SOURCE Oceaneering International, Inc.

    Related Links

    http://www.oceaneering.com

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