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    Oceaneering Reports Fourth Quarter and Full Year 2020 Results

    February 24, 2021

    HOUSTON, Feb. 24, 2021 /PRNewswire/ -- Oceaneering International, Inc. ("Oceaneering") (NYSE:OII) today reported a net loss of $25.0 million, or $(0.25) per share, on revenue of $424 million for the three months ended December 31, 2020.  Adjusted net income was $1.8 million, or $0.02 per share, reflecting the impact of $9.8 million of pre-tax adjustments associated with asset impairments and write-offs, restructuring and other expenses, and foreign exchange losses recognized during the quarter, and $9.6 million of discrete tax adjustments.

    During the prior quarter ended September 30, 2020, Oceaneering reported a net loss of $79.4 million, or $(0.80) per share, on revenue of $440 million.  Adjusted net loss was $17.6 million, or $(0.18) per share, reflecting the impact of $68.7 million of pre-tax adjustments associated with goodwill impairment, write-offs of fixed assets, inventory write-downs, restructuring expenses, and foreign exchange losses recognized during the quarter, and $6.3 million of discrete tax adjustments.

    Adjusted operating income (loss), operating margins, net income (loss) and earnings (loss) per share, EBITDA and adjusted EBITDA (as well as EBITDA and adjusted EBITDA margins) and free cash flow are non-GAAP measures that exclude the impacts of certain identified items.  Reconciliations to the corresponding GAAP measures are shown in the tables Adjusted Net Income (Loss) and Diluted Earnings (Loss) per Share (EPS), EBITDA and EBITDA Margins, 2021 Adjusted EBITDA Estimates, Free Cash Flow, Adjusted Operating Income (Loss) and Margins by Segment, and EBITDA and Adjusted EBITDA and Margins by Segment.  These tables are included below under the caption Reconciliations of Non-GAAP to GAAP Financial Information.

    Summary of Results

    (in thousands, except per share amounts)














    Three Months Ended


    Year Ended



    Dec 31,


    Sep 30,


    Dec 31,










    2020


    2019


    2020


    2020


    2019












    Revenue


    $

    424,262



    $

    560,810



    $

    439,743



    $

    1,827,889



    $

    2,048,124


    Gross Margin


    45,001



    (20,387)



    29,651



    163,941



    98,244


    Income (Loss) from Operations


    480



    (254,170)



    (60,620)



    (446,079)



    (290,713)


    Net Income (Loss)


    (25,000)



    (262,912)



    (79,365)



    (496,751)



    (348,444)













    Diluted Earnings (Loss) Per Share


    $

    (0.25)



    $

    (2.66)



    $

    (0.80)



    $

    (5.01)



    $

    (3.52)


     

    For the full year 2020:

    • Consolidated Adjusted EBITDA was $184 million
    • Consolidated Adjusted Operating Income was $20.6 million
    • Cash flow from operations was $137 million and free cash flow was $76.0 million
    • Cash position increased by $78.4 million, from $374 million to $452 million
    • Cost improvement activities achieved the high end of $125 million to $160 million guidance range issued in the second quarter 2020

    As of December 31, 2020:

    • Remotely Operated Vehicles (ROV): fleet count was 250; Q4 fleet utilization was 54%; and Q4 average revenue per day on hire was $7,325
    • Manufactured Products:  backlog was $266 million and trailing 12-month book-to-bill ratio was 0.4

    Roderick A. Larson, President and Chief Executive Officer of Oceaneering, stated, "We were pleased that our consolidated fourth quarter adjusted EBITDA of $47.1 million was sequentially higher than the third quarter 2020 and exceeded both our guidance and consensus estimates.  Each of our five operating segments recorded sequential improvement in adjusted operating income and adjusted EBITDA, despite lower revenue in three out of the five segments.  Fourth quarter 2020 consolidated adjusted operating income of $9.6 million was the best quarterly performance in 2020 and $4.0 million higher than in the third quarter.  Free cash flow generated during the fourth quarter 2020 was $89.4 million.  As a result of good operating cash flow, working capital efficiencies, and capital expenditure discipline, our cash position increased by $93.2 million during the fourth quarter 2020.  As of December 31, 2020, our cash position stood at $452 million.

    "Our fourth quarter 2020 Subsea Robotics (SSR) adjusted operating income improved on lower revenue.  Adjusted fourth quarter operating results included recognition of approximately $3.0 million of cost structure improvements achieved throughout 2020.  Consequently, our SSR quarterly adjusted EBITDA margin of 33% was better than expected, up from the 31% achieved during the third quarter 2020, and consistent with the margin achieved during the first nine months of 2020.

    "Sequentially, our fourth quarter 2020 ROV fleet count remained at 250 systems.  ROV days on hire declined 8% as compared to the third quarter 2020 due to expected lower seasonal activity.  Sequentially, our days on hire declined for both drill support and vessel-based services.  Fleet utilization declined to 54% in the fourth quarter 2020 from 59% in the third quarter 2020.  Average ROV revenue per day of on hire of $7,325 was 1% higher over the third quarter.

    "Our ROV fleet use during the quarter was 60% in drill support and 40% in vessel-based activity.  As of December 31, 2020, we had ROV contracts on 75 of the 129 floating rigs under contract, or 58%, a slight market share increase from September 30, 2020, when we had ROV contracts on 76 of the 133 floating rigs under contract, or 57%.  Subject to quarterly variances, we continue to expect our drill support market share to generally approximate 60%.

    "Manufactured Products (MP) fourth quarter 2020 adjusted operating income improved from the third quarter on lower segment revenue, which was adversely affected by supplier-related delays in our energy products businesses.  Adjusted operating income margin increased to 9% in the fourth quarter 2020, from 5% in the third quarter of 2020, due primarily to favorable contract close-outs and supply chain savings. The COVID-19 pandemic continued to dampen demand for our mobility solutions products during the fourth quarter 2020.  Our Manufactured Products backlog on December 31, 2020 was $266 million, compared to our September 30, 2020 backlog of $318 million.  Our book-to-bill ratio was 0.4 for the full year 2020, as compared with the trailing 12-month book-to-bill of 0.5 at September 30, 2020.

    "Our fourth quarter 2020 Offshore Projects Group (OPG) adjusted operating income increased on lower revenue.  Revenue declined less than expected, as the Gulf of Mexico (GoM) experienced higher amounts of installation work and intervention, maintenance, and repair (IMR) activities with customers having pushed work into the fourth quarter due to several third quarter 2020 hurricanes.  The sequential increase in adjusted operating income was due to better activity-based pricing in the GoM and continued cost improvement.  During the quarter, engineering work continued on the Angola riserless light well intervention project.

    "Integrity Management and Digital Solutions (IMDS) fourth quarter 2020 adjusted operating income was higher than third quarter on a marginal increase in revenue.  The improvement in adjusted operating income was largely driven by more effective use of personnel, as we continue to transform how and where work is performed.

    "Aerospace and Defense Technologies (ADTech) fourth quarter 2020 adjusted operating income improved from the third quarter on higher revenue.  Adjusted operating income margin rose as a result of project mix and better-than-expected performance in our subsea defense technologies business.  At the corporate level, Unallocated Expenses were higher primarily due to increased incentive compensation accruals related to better fourth quarter operating and financial performance.

    "For the year, activity levels and operating performance within our energy segments were lower than originally projected for 2020.  The COVID-19 pandemic negatively impacted operator investments in oil and gas projects, due to a decline in crude oil demand and pricing, and entertainment business spending, due to limited theme park attendance.  Activity levels and performance within our ADTech segment met expectations for the year.

    "Compared to 2019, our 2020 consolidated revenue declined 11% to $1.8 billion, with revenue decreases in each of our four energy segments being partially offset by the revenue increase in ADTech.  2020 operating performance benefited considerably from the cost improvement measures instituted during the year, despite the headwinds of lower activity in our energy segments.  Consolidated 2020 adjusted operating results and adjusted EBITDA improved by $59.6 million and $19.5 million, respectively, led by our Manufactured Products and ADTech segments.  In 2020, each of our operating segments, with the exception of OPG, contributed positive adjusted operating income, and all our operating segments contributed positive adjusted EBITDA.  Overall, we generated adjusted EBITDA of $184 million.  We generated $137 million in cash flow from operations and invested $60.7 million in capital expenditures.  We ended the year with $452 million in cash.

    "We anticipate our full year 2021 to yield positive free cash flow in excess of the amount generated in 2020, and the midpoint of our consolidated adjusted EBITDA range to approximate 2020 consolidated adjusted EBITDA.  Based on year-end 2020 backlog and anticipated order intake, we forecast generally flat consolidated revenue, with higher revenue in ADTech and IMDS to offset substantially lower revenue from our Manufactured Products segment.  We forecast relatively flat revenue in our SSR and OPG segments.  These projections assume no significant incremental COVID-19 impacts and generally stable oil and gas prices.  For the year, we anticipate generating $160 million to $210 million of adjusted EBITDA, with positive operating income and adjusted EBITDA contributions from each of our operating segments.  Apart from seasonality, we view pricing and margins in the current energy markets to be stable.  We forecast improved annual operating results in our SSR, OPG, IMDS, and ADTech segments, and lower operating results in our Manufactured Products segment.

    "For SSR, our forecast for improved results is based on essentially flat ROV days on hire, minor shifts in geographic mix, and generally stable pricing.  Results for tooling-based services are expected to be flat, with activity levels generally following ROV days on hire.  Survey results are projected to improve on higher geoscience activity.  We forecast adjusted EBITDA margins to be consistent with those achieved in 2020.

    "We expect Manufactured Products segment performance to decline, primarily as a result of the decreased order intake in our energy businesses during 2020.  We continue to closely monitor the impact of the COVID-19 pandemic on our mobility solutions businesses, and currently expect to see marginally higher activity and contribution from these businesses in 2021.  We forecast that our operating income margins will be in the low- to mid-single digit range for the year.

    "OPG operating results are expected to improve in 2021, on generally stable offshore activity and margins, as compared to the last half of 2020.  Operating results and adjusted EBITDA are forecast to improve, largely due to the efficiency and cost improvement measures implemented in 2020 and improved year-over-year contribution from our Angola riserless light well intervention campaign.  Vessel day rates remain competitive but stable, and we expect to see opportunities for pricing improvements during periods of higher activity.  We also anticipate reduced charter obligations and increased flexibility on third-party vessels and an overall improvement in fleet utilization.  As has been the case over the last several years, this segment has the highest amount of speculative work incorporated in our guidance.

    "IMDS results are forecast to improve on higher revenue, with the operating income margin averaging in the high-single digit range for the year.  Good order intake at the end of 2020 is expected to begin benefiting the business in the second quarter of 2021.

    "Our 2021 ADTech revenue is expected to be higher, producing improved results with operating income margins consistent with those achieved in 2020.  Growth in this segment is expected to be broad-based, with revenue growth in each of our three government-focused businesses.

    "For 2021, we anticipate Unallocated Expenses to average in the low- to mid-$30 million range per quarter as we forecast higher accrual rates for projected short- and long-term performance-based incentive compensation expense, as compared to 2020.

    "Interest expense, net of interest income, is expected to be approximately $40 million, and we expect our 2021 cash tax payments to be in the range of $35 million to $40 million.  This includes taxes incurred in countries that impose tax on the basis of in-country revenue and bear no relationship to the profitability of such operations.  These cash tax payments do not include the impact of approximately $28 million of CARES Act tax refunds expected to be received in 2021.

    "Our first quarter 2021 adjusted EBITDA is forecast to be in the range of $45 million to $50 million on sequentially higher revenue.  We expect sequentially lower activity and operating results in our SSR and MP segments, sequentially higher revenue and operating results in our IMDS segment, and sequentially higher revenue and relatively flat operating results in our ADTech segment.  OPG operating results are forecast to improve compared to the fourth quarter of 2020 on substantially higher revenue as we have commenced operations on the Angola riserless light well intervention project.

    "Our priority continues to be generating cash.  In 2021, we expect to generate positive free cash flow in excess of the amount generated in 2020.  We forecast our organic capital expenditures to total between $50 million and $70 million.  This includes approximately $35 million to $40 million of maintenance capital expenditures and $15 million to $30 million of growth capital expenditures.  We remain committed to maintaining strong liquidity and believe that our cash position, undrawn revolving credit facility, and debt maturity profile should provide us ample resources and time to address potential opportunities to improve our returns."  

    This release contains "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995, including, without limitation, statements as to the expectations, beliefs, future expected business and financial performance and prospects of Oceaneering.   More specifically, the forward-looking statements in this press release include the statements about Oceaneering's: backlog, to the extent backlog may be an indicator of future revenue or profitability; anticipated full year 2021 free cash flow and other consolidated financial results and the associated comparisons and explanations; expected 2021 activity in individual segments; financial results outlook for the full year and first quarter 2021, including anticipated revenue, costs, operating income, operating results, operating income margins, Adjusted EBITDA, Adjusted EBITDA contributions, and Adjusted EBITDA margins from each of our operating segments, and the associated comparisons and explanations, including speculative work for our OPG segment; assessment of the current energy markets; demand and activity levels in our business units; characterization of and timing of benefits from order intake at the end of 2020; anticipated full year 2021 and quarterly Unallocated Expenses and the associated explanations; expectations about full year 2021 interest expense, income tax payments, and CARES Act tax refunds, and the associated explanations; expected 2021 capital expenditures; and characterization of our liquidity, cash position, revolving credit facility, and debt maturity profile.

    The forward-looking statements included in this release are based on our current expectations and are subject to certain risks, assumptions, trends, and uncertainties that could cause actual results to differ materially from those indicated by the forward-looking statements.   Among the factors that could cause actual results to differ materially include: factors affecting the level of activity in the oil and gas industry, including worldwide demand for and prices of oil and natural gas, oil and natural gas production growth and the supply and demand of offshore drilling rigs; decisions about offshore developments to be made by oil and gas exploration, development and production companies; actions by members of OPEC and other oil-exporting countries; the use of subsea completions and our ability to capture associated market share; general economic and business conditions and industry trends; the strength of the industry segments in which we are involved; cancellations of contracts, change orders and other contractual modifications and the resulting adjustments to our backlog; collections from our customers; our future financial performance, including as a result of the availability, terms and deployment of capital; the consequences of significant changes in currency exchange rates; the volatility and uncertainties of credit markets; changes in tax laws, regulations and interpretation by taxing authorities; changes in, or our ability to comply with, other laws and governmental regulations, including those relating to the environment; the effects of competition; the continuing effects of the COVID-19 pandemic and any other public health threats that could limit access to customers', vendors' or our facilities or offices, impose travel restrictions on our personnel, or otherwise adversely affect our operations or demand for our services; the continued availability of qualified personnel; our ability to obtain raw materials and parts on a timely basis and, in some cases, from limited sources; operating risks normally incident to offshore exploration, development and production operations; hurricanes and other adverse weather and sea conditions; cost and time associated with drydocking of our vessels; the highly competitive nature of our businesses; adverse outcomes from legal or regulatory proceedings; the risks associated with integrating businesses we acquire; rapid technological changes; and social, political, military and economic situations in foreign countries where we do business and the possibilities of civil disturbances, war, other armed conflicts or terrorist attacks.   For a more complete discussion of these and other risk factors, please see Oceaneering's latest annual report on Form 10-K and subsequent quarterly reports on Form 10Q filed with the Securities and Exchange Commission.   You should not place undue reliance on forward-looking statements. Except to the extent required by applicable law, Oceaneering undertakes no obligation to update or revise any forward-looking statement.

    Oceaneering is a global provider of engineered services and products, primarily to the offshore energy industry. Through the use of its applied technology expertise, Oceaneering also serves the defense, aerospace, and entertainment industries.

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

    Contact:
    Mark Peterson
    Vice President, Corporate Development and Investor Relations
    Oceaneering International, Inc.
    713-329-4507
    investorrelations@oceaneering.com



















    OCEANEERING INTERNATIONAL, INC. AND SUBSIDIARIES



















    CONDENSED CONSOLIDATED BALANCE SHEETS


































    Dec 31, 2020


    Dec 31, 2019














    (in thousands)

    ASSETS

















    Current assets (including cash and cash equivalents of $452,016 and $373,655)




    $

    1,170,263



    $

    1,244,436



    Net property and equipment







    591,107



    776,532



    Other assets










    284,472



    719,695





    Total Assets






    $

    2,045,842



    $

    2,740,663




















    LIABILITIES AND EQUITY










    Current liabilities










    $

    437,116



    $

    600,956



    Long-term debt










    805,251



    796,516



    Other long-term liabilities






    245,318



    267,782



    Equity










    558,157



    1,075,409





    Total Liabilities and Equity






    $

    2,045,842



    $

    2,740,663






















    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS




























    For the Three Months Ended


    For the Year Ended










    Dec 31, 2020


    Dec 31, 2019


    Sep 30, 2020


    Dec 31, 2020


    Dec 31, 2019










    (in thousands, except per share amounts)




















    Revenue






    $

    424,262



    $

    560,810



    $

    439,743



    $

    1,827,889



    $

    2,048,124



    Cost of services and products


    379,261



    581,197



    410,092



    1,663,948



    1,949,880




    Gross margin


    45,001



    (20,387)



    29,651



    163,941



    98,244



    Selling, general and administrative expense


    42,839



    59,717



    49,396



    195,695



    214,891



    Long-lived assets impairments


    1,682



    159,353





    70,445



    159,353



    Goodwill impairment




    14,713



    40,875



    343,880



    14,713




    Income (loss) from operations




    480



    (254,170)



    (60,620)



    (446,079)



    (290,713)



    Interest income






    881



    1,352



    414



    3,083



    7,893



    Interest expense, net of amounts capitalized


    (10,577)



    (11,706)



    (9,250)



    (43,900)



    (42,711)



    Equity in income (losses) of unconsolidated affiliates


    266



    941



    131



    2,268



    1,331



    Other income (expense), net


    (645)



    (3,687)



    (2,836)



    (14,269)



    (6,621)




    Income (loss) before income taxes


    (9,595)



    (267,270)



    (72,161)



    (498,897)



    (330,821)



    Provision (benefit) for income taxes


    15,405



    (4,358)



    7,204



    (2,146)



    17,623




    Net Income (Loss)


    $

    (25,000)



    $

    (262,912)



    $

    (79,365)



    $

    (496,751)



    $

    (348,444)




















    Weighted average diluted shares outstanding


    99,306



    98,930



    99,297



    99,233



    98,876


    Diluted earnings (loss) per share


    $

    (0.25)



    $

    (2.66)



    $

    (0.80)



    $

    (5.01)



    $

    (3.52)





















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




    SEGMENT INFORMATION
















    For the Three Months Ended


    For the Year Ended







    Dec 31, 2020


    Dec 31, 2019 *


    Sep 30, 2020


    Dec 31, 2020


    Dec 31, 2019 *






    ($ in thousands)

    Subsea Robotics (SSR)
















    Revenue



    $

    114,711



    $

    151,104



    $

    119,617



    $

    493,332



    $

    583,652



    Gross margin



    $

    24,777



    $

    (8,228)



    $

    13,378



    $

    78,952



    $

    57,601


    Operating income (loss)



    $

    14,477



    $

    (21,650)



    $

    2,127



    $

    (65,817)



    $

    11,627


    Operating income (loss) %



    13

    %


    (14)

    %


    2

    %


    (13)

    %


    2

    %


    ROV Days available



    22,999



    25,576



    23,000



    91,499



    100,480



    ROV Days utilized



    12,456



    14,836



    13,601



    54,411



    58,347



    ROV Utilization



    54

    %


    58

    %


    59

    %


    59

    %


    58

    %
















    Manufactured Products (MP)
















    Revenue



    $

    99,899



    $

    163,862



    $

    110,416



    $

    477,419



    $

    498,350



    Gross margin



    $

    20,092



    $

    16,789



    $

    11,242



    $

    62,962



    $

    48,865


    Operating income (loss)



    $

    12,218



    $

    4,660



    $

    (38,198)



    $

    (88,253)



    $

    5,730


    Operating income (loss) %



    12

    %


    3

    %


    (35)

    %


    (18)

    %


    1

    %

    Backlog at end of period



    $

    266,000



    $

    548,000



    $

    318,000



    $

    266,000



    $

    548,000

















    Offshore Projects Group (OPG)














    Revenue



    $

    67,821



    $

    91,773



    $

    73,212



    $

    289,127



    $

    380,966



    Gross margin



    $

    (2,367)



    $

    (15,824)



    $

    (1,633)



    $

    1,265



    $

    4,339


    Operating income (loss)



    $

    (9,940)



    $

    (167,221)



    $

    (12,282)



    $

    (105,680)



    $

    (170,013)


    Operating income (loss) %



    (15)

    %


    (182)

    %


    (17)

    %


    (37)

    %


    (45)

    %
















    Integrity Management & Digital Solutions (IMDS)












    Revenue



    $

    54,307



    $

    68,029



    $

    53,933



    $

    226,938



    $

    266,086



    Gross margin



    $

    7,396



    $

    (6,133)



    $

    7,129



    $

    29,772



    $

    15,361


    Operating income (loss)



    $

    892



    $

    (48,858)



    $

    793



    $

    (121,675)



    $

    (52,527)


    Operating income (loss) %



    2

    %


    (72)

    %


    1

    %


    (54)

    %


    (20)

    %
















    Aerospace and Defense Technologies (ADTech)












    Revenue



    $

    87,524



    $

    86,042



    $

    82,565



    $

    341,073



    $

    319,070



    Gross margin



    $

    20,328



    $

    17,228



    $

    16,668



    $

    71,794



    $

    60,462


    Operating income (loss)



    $

    16,525



    $

    12,360



    $

    13,097



    $

    56,023



    $

    42,574


    Operating income (loss) %



    19

    %


    14

    %


    16

    %


    16

    %


    13

    %















    Unallocated Expenses















    Gross margin



    $

    (25,225)



    $

    (24,219)



    $

    (17,133)



    $

    (80,804)



    $

    (88,384)


    Operating income (loss)



    $

    (33,692)



    $

    (33,461)



    $

    (26,157)



    $

    (120,677)



    $

    (128,104)















    Total


















    Revenue



    $

    424,262



    $

    560,810



    $

    439,743



    $

    1,827,889



    $

    2,048,124



    Gross margin



    $

    45,001



    $

    (20,387)



    $

    29,651



    $

    163,941



    $

    98,244


    Operating income (loss)



    $

    480



    $

    (254,170)



    $

    (60,620)



    $

    (446,079)



    $

    (290,713)


    Operating income (loss) %



    %


    (45)

    %


    (14)

    %


    (24)

    %


    (14)

    %



    The above Segment Information does not include adjustments for non-recurring transactions.   See the tables in our Reconciliations of Non-GAAP to GAAP Financial Information section for financial measures that management considers representative of our ongoing operations.
















    * Recast to reflect segment changes.


















    SELECTED CASH FLOW INFORMATION














    For the Three Months Ended


    For the Year Ended





    Dec 31, 2020


    Dec 31, 2019


    Sep 30, 2020


    Dec 31, 2020


    Dec 31, 2019





    (in thousands)











    Capital Expenditures, including Acquisitions

    $

    14,847



    $

    18,837



    $

    7,980



    $

    60,687



    147,684





















    For the Three Months Ended


    For the Year Ended





    Dec 31, 2020


    Dec 31, 2019 *


    Sep 30, 2020


    Dec 31, 2020


    Dec 31, 2019 *





    (in thousands)

    Depreciation and amortization:










    Energy Services and Products











    Subsea Robotics

    $

    23,210



    $

    44,170



    $

    25,144



    $

    212,621



    $

    140,087



    Manufactured Products

    3,193



    5,779



    44,028



    66,772



    20,732



    Offshore Projects Group

    16,979



    27,286



    15,147



    115,288



    58,044



    Integrity Management & Digital Solutions

    1,255



    30,990



    866



    127,221



    37,160


    Total Energy Services and Products

    44,637



    108,225



    85,185



    521,902



    256,023


    Aerospace and Defense Technologies

    667



    646



    654



    2,666



    2,644


    Unallocated Expenses

    1,146



    1,199



    1,712



    4,327



    4,760


       Total Depreciation and Amortization

    $

    46,450



    $

    110,070



    $

    87,551



    $

    528,895



    $

    263,427




    In the three months ended December 31, 2020, goodwill and long-lived asset impairment expense, reflected in the depreciation and amortization expense above, was $9.6 million.

    In the three months ended September 30, 2020, goodwill and long-lived asset impairment expense, reflected in the depreciation and amortization expense above, was $48 million.

    In the year ended December 31, 2020, goodwill and long-lived asset impairment expense, reflected in the depreciation and amortization expense above, was $368 million.

    In the three months and year ended December 31, 2019, goodwill and long-lived asset impairment expense, reflected in the depreciation and amortization expense above, was $59 million.














    * Recast to reflect segment changes.

    RECONCILIATIONS OF NON-GAAP TO GAAP FINANCIAL INFORMATION 

    In addition to financial results determined in accordance with U.S. generally accepted accounting principles ("GAAP"), this Press Release also includes non-GAAP financial measures (as defined under SEC Regulation G).  We have included Adjusted Net Income (Loss) and Diluted Earnings (Loss) per Share, each of which excludes the effects of certain specified items, as set forth in the tables that follow.  As a result, these amounts are non-GAAP financial measures.  We believe these are useful measures for investors to review because they provide consistent measures of the underlying results of our ongoing business.  Furthermore, our management uses these measures as measures of the performance of our operations.  We have also included disclosures of Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA), EBITDA Margins, 2021 Adjusted EBITDA Estimates, and Free Cash Flow, as well as the following by segment:  Adjusted Operating Income and Margins, EBITDA, EBITDA Margins, Adjusted EBITDA and Adjusted EBITDA Margins. We define EBITDA Margin as EBITDA divided by revenue.  Adjusted EBITDA and Adjusted EBITDA Margins as well as Adjusted Operating Income and Margin and related information by segment exclude the effects of certain specified items, as set forth in the tables that follow.  EBITDA and EBITDA Margins, Adjusted EBITDA and Adjusted EBITDA Margins, and Adjusted Operating Income and Margin and related information by segment are each non-GAAP financial measures.  We define Free Cash Flow as cash flow provided by operating activities less organic capital expenditures (i.e., purchases of property and equipment other than those in business acquisitions).  We have included these disclosures in this press release because EBITDA, EBITDA Margins and Free Cash Flow are widely used by investors for valuation and comparing our financial performance with the performance of other companies in our industry, and the adjusted amounts thereof (as well as Adjusted Operating Income and Margin by Segment) provide more consistent measures than the unadjusted amounts.  Furthermore, our management uses these measures for purposes of evaluating our financial performance.  Our presentation of EBITDA, EBITDA Margins and Free Cash Flow (and the Adjusted amounts thereof) may not be comparable to similarly titled measures other companies report.  Non-GAAP financial measures should be viewed in addition to and not as substitutes for our reported operating results, cash flows or any other measure prepared and reported in accordance with GAAP.  The tables that follow provide reconciliations of the non-GAAP measures used in this press release to the most directly comparable GAAP measures.

    RECONCILIATIONS OF NON-GAAP TO GAAP FINANCIAL INFORMATION


















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






















    For the Three Months Ended






    Dec 31, 2020

    Dec 31, 2019

    Sep 30, 2020






    Net Income
    (Loss)


    Diluted EPS


    Net Income
    (Loss)


    Diluted EPS


    Net Income
    (Loss)


    Diluted EPS






    (in thousands, except per share amounts)








    Net income (loss) and diluted EPS as reported in accordance with GAAP


    $

    (25,000)



    $

    (0.25)



    $

    (262,912)



    $

    (2.66)



    $

    (79,365)



    $

    (0.80)


    Pre-tax adjustments for the effects of:














    Long-lived assets impairments


    1,682





    159,353









    Long-lived assets write-offs


    9,571





    44,653





    7,243





    Inventory write-downs






    21,285





    7,038





    Goodwill impairment






    14,713





    40,875





    Restructuring expenses and other


    (2,176)





    11,751





    11,048





    Foreign currency (gains) losses


    720





    3,477





    2,462




    Total pre-tax adjustments


    9,797





    255,232





    68,666




















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


    7,432





    (50,653)





    (13,211)




    Discrete tax items:













        Share-based compensation


    13





    2





    16




        Uncertain tax positions


    3,033





    1,276





    (55)




        U.S. CARES Act













        Tax reform






    272








        Valuation allowances


    5,635





    59,667





    6,599




        Other


    889





    (356)





    (278)





    Total discrete tax adjustments


    9,570





    60,861





    6,282





    Total of adjustments


    26,799





    265,440





    61,737




    Adjusted Net Income (Loss)


    $

    1,799



    $

    0.02



    $

    2,528



    $

    0.03



    $

    (17,628)



    $

    (0.18)


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




    99,712





    99,721





    99,297




















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




















    For the Year Ended







    Dec 31, 2020

    Dec 31, 2019










    Net Income
    (Loss)


    Diluted EPS


    Net Income
    (Loss)


    Diluted EPS










    (in thousands, except per share amounts)








    Net income (loss) and diluted EPS as reported in accordance with GAAP






    $

    (496,751)



    $

    (5.01)



    $

    (348,444)



    $

    (3.52)


    Pre-tax adjustments for the effects of:














    Long-lived assets impairments






    70,445





    159,353





    Long-lived assets write-offs






    24,142





    44,653





    Inventory write-downs






    7,038





    21,285





    Goodwill impairment






    343,880





    14,713





    Restructuring expenses and other






    21,210





    11,751





    Foreign currency (gains) losses






    14,140





    6,320




    Total pre-tax adjustments






    480,855





    258,075




















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






    (53,465)





    (51,250)




    Discrete tax items:













        Share-based compensation






    1,032





    989




        Uncertain tax positions






    (5,939)





    3,046




        U.S. CARES Act






    (32,625)








        Tax reform










    (8,220)




        Valuation allowances






    80,687





    61,174




        Other






    (326)





    2,018





    Total discrete tax adjustments






    42,829





    59,007





    Total of adjustments






    470,219





    265,832




    Adjusted Net Income (Loss)






    $

    (26,532)



    $

    (0.27)



    $

    (82,612)



    $

    (0.84)


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








    99,233





    98,876




















    RECONCILIATIONS OF NON-GAAP TO GAAP FINANCIAL INFORMATION


    EBITDA and Adjusted EBITDA and Margins




















    For the Three Months Ended


    For the Year Ended






    Dec 31, 2020


    Dec 31, 2019


    Sep 30, 2020


    Dec 31, 2020


    Dec 31, 2019






    ($ in thousands)















    Net income (loss)



    $

    (25,000)



    $

    (262,912)



    $

    (79,365)



    $

    (496,751)



    $

    (348,444)


    Depreciation and amortization



    46,450



    110,070



    87,551



    528,895



    263,427



    Subtotal



    21,450



    (152,842)



    8,186



    32,144



    (85,017)


    Interest expense, net of interest income


    9,696



    10,354



    8,836



    40,817



    34,818


    Amortization included in interest expense


    322



    (335)



    317



    639



    (1,345)


    Provision (benefit) for income taxes



    15,405



    (4,358)



    7,204



    (2,146)



    17,623



    EBITDA



    46,873



    (147,181)



    24,543



    71,454



    (33,921)


    Adjustments for the effects of:













    Long-lived assets impairments



    1,682



    159,353





    70,445



    159,353



    Inventory write-downs





    21,285



    7,038



    7,038



    21,285



    Restructuring expenses and other



    (2,176)



    11,751



    11,048



    21,210



    11,751



    Foreign currency (gains) losses



    720



    3,477



    2,462



    14,140



    6,320




    Total of adjustments



    226



    195,866



    20,548



    112,833



    198,709



    Adjusted EBITDA



    $

    47,099



    $

    48,685



    $

    45,091



    $

    184,287



    $

    164,788
















    Revenue



    $

    424,262



    $

    560,810



    $

    439,743



    $

    1,827,889



    $

    2,048,124
















    EBITDA margin %



    11

    %


    (26)

    %


    6

    %


    4

    %


    (2)

    %

    Adjusted EBITDA margin %



    11

    %


    9

    %


    10

    %


    10

    %


    8

    %

















    RECONCILIATIONS OF NON-GAAP TO GAAP FINANCIAL INFORMATION


    Free Cash Flow
















    For the Three Months Ended


    For the Year Ended




    Dec 31, 2020


    Dec 31, 2019


    Sep 30, 2020


    Dec 31, 2020


    Dec 31, 2019




    (in thousands)

    Net Income (loss)


    $

    (25,000)



    $

    (262,912)



    $

    (79,365)



    $

    (496,751)



    $

    (348,444)


    Non-cash adjustments:












    Depreciation and amortization, including goodwill impairment


    46,450



    110,070



    87,551



    528,895



    263,427



    Long-lived assets impairments


    1,682



    159,353





    70,445



    159,353



    Other non-cash


    4,209



    21,340



    9,423



    9,047



    16,436


    Other increases (decreases) in cash from operating activities


    76,943



    17,551



    9,386



    25,011



    66,797


    Cash flow provided by (used in) operating activities


    104,284



    45,402



    26,995



    136,647



    157,569


    Purchases of property and equipment


    (14,847)



    (18,837)



    (7,980)



    (60,687)



    (147,684)


    Free Cash Flow


    $

    89,437



    $

    26,565



    $

    19,015



    $

    75,960



    $

    9,885






































    2021 Adjusted EBITDA Estimates






















    For the Year Ended










    December 31, 2021










    Low


    High










    (in thousands)

    Income (loss) before income taxes








    $

    (25,000)



    $

    20,000


    Depreciation and amortization








    145,000



    150,000



    Subtotal








    120,000



    170,000


    Interest expense, net of interest income








    40,000



    40,000



    Adjusted EBITDA








    $

    160,000



    $

    210,000

































    For the Three Months Ended










    March 31, 2021










    Low


    High










    (in thousands)

    Income (loss) before income taxes








    $



    $

    3,000


    Depreciation and amortization








    35,000



    37,000



    Subtotal








    35,000



    40,000


    Interest expense, net of interest income








    10,000



    10,000



    Adjusted EBITDA








    $

    45,000



    $

    50,000

















    RECONCILIATIONS OF NON-GAAP TO GAAP FINANCIAL INFORMATION


    Adjusted Operating Income (Loss) and Margins by Segment






    For the Three Months Ended December 31, 2020





    SSR


    MP


    OPG


    IMDS


    ADTech


    Unallocated
    Expenses


    Total





    ($ in thousands)

    Operating Income (Loss) as reported in accordance with GAAP


    $

    14,477



    $

    12,218



    $

    (9,940)



    $

    892



    $

    16,525



    $

    (33,692)



    $

    480


    Adjustments for the effects of:















    Long-lived assets impairments






    1,304



    378







    1,682



    Long-lived assets write-offs






    9,401



    170







    9,571



    Restructuring expenses and other


    221



    (3,489)



    643



    422



    27





    (2,176)




    Total of adjustments


    221



    (3,489)



    11,348



    970



    27





    9,077



















    Adjusted Operating Income (Loss)


    $

    14,698



    $

    8,729



    $

    1,408



    $

    1,862



    $

    16,552



    $

    (33,692)



    $

    9,557



















    Revenue


    $

    114,711



    $

    99,899



    $

    67,821



    $

    54,307



    $

    87,524





    $

    424,262


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


    13

    %


    12

    %


    (15)

    %


    2

    %


    19

    %




    %

    Operating income (loss)% using adjusted amounts


    13

    %


    9

    %


    2

    %


    3

    %


    19

    %




    2

    %



























    For the Three Months Ended December 31, 2019 *





    SSR


    MP


    OPG


    IMDS


    ADTech


    Unallocated
    Expenses


    Total





    ($ in thousands)

    Operating Income (Loss) as reported in accordance with GAAP


    $

    (21,650)



    $

    4,660



    $

    (167,221)



    $

    (48,858)



    $

    12,360



    $

    (33,461)



    $

    (254,170)


    Adjustments for the effects of:















    Long-lived assets impairments






    142,615



    16,738







    159,353



    Long-lived assets write-offs


    11,340



    482



    18,723



    14,108







    44,653



    Inventory write-downs


    15,433



    2,107



    2,771



    719



    255





    21,285



    Goodwill impairment








    14,713







    14,713



    Restructuring expenses and other


    4,228



    757



    3,526



    3,082



    102



    56



    11,751




    Total of adjustments


    31,001



    3,346



    167,635



    49,360



    357



    56



    251,755



















    Adjusted Operating Income (Loss)


    $

    9,351



    $

    8,006



    $

    414



    $

    502



    $

    12,717



    $

    (33,405)



    $

    (2,415)



















    Revenue


    $

    151,104



    $

    163,862



    $

    91,773



    $

    68,029



    $

    86,042





    $

    560,810


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


    (14)

    %


    3

    %


    (182)

    %


    (72)

    %


    14

    %




    (45)

    %

    Operating income (loss)% using adjusted amounts


    6

    %


    5

    %


    %


    1

    %


    15

    %




    %


    * Recast to reflect segment changes.
























    For the Three Months Ended September 30, 2020





    SSR


    MP


    OPG


    IMDS


    ADTech


    Unallocated Expenses


    Total





    ($ in thousands)

    Operating Income (Loss) as reported in accordance with GAAP


    $

    2,127



    $

    (38,198)



    $

    (12,282)



    $

    793



    $

    13,097



    $

    (26,157)



    $

    (60,620)


    Adjustments for the effects of:
















    Long-lived assets write-offs






    7,243









    7,243



    Inventory write-downs


    7,038













    7,038



    Goodwill impairment




    40,875











    40,875



    Restructuring expenses and other


    2,535



    2,559



    5,326



    83



    545





    11,048




    Total of adjustments


    9,573



    43,434



    12,569



    83



    545





    66,204


    Adjusted Operating Income (Loss)


    $

    11,700



    $

    5,236



    $

    287



    $

    876



    $

    13,642



    $

    (26,157)



    $

    5,584



















    Revenue


    $

    119,617



    $

    110,416



    $

    73,212



    $

    53,933



    $

    82,565





    $

    439,743


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


    2

    %


    (35)

    %


    (17)

    %


    1

    %


    16

    %




    (14)

    %

    Operating income (loss) % using adjusted amounts


    10

    %


    5

    %


    %


    2

    %


    17

    %




    1

    %







    Adjusted Operating Income (Loss) and Margins by Segment






    For the Year Ended December 31, 2020





    SSR


    MP


    OPG


    IMDS


    ADTech


    Unallocated
    Expenses


    Total





    ($ in thousands)

    Operating Income (Loss) as reported in accordance with GAAP


    $

    (65,817)



    $

    (88,253)



    $

    (105,680)



    $

    (121,675)



    $

    56,023



    $

    (120,677)



    $

    (446,079)


    Adjustments for the effects of:















    Long-lived assets impairments




    61,074



    8,826



    545







    70,445



    Long-lived assets write-offs


    7,328





    16,644



    170







    24,142



    Inventory write-downs


    7,038













    7,038



    Goodwill impairment


    102,118



    52,263



    66,285



    123,214







    343,880



    Restructuring expenses and other


    5,055



    2,266



    8,590



    4,272



    572



    455



    21,210




    Total of adjustments


    121,539



    115,603



    100,345



    128,201



    572



    455



    466,715



















    Adjusted Operating Income (Loss)


    $

    55,722



    $

    27,350



    $

    (5,335)



    $

    6,526



    $

    56,595



    $

    (120,222)



    $

    20,636



















    Revenue


    $

    493,332



    $

    477,419



    $

    289,127



    $

    226,938



    $

    341,073





    $

    1,827,889


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


    (13)

    %


    (18)

    %


    (37)

    %


    (54)

    %


    16

    %




    (24)

    %

    Operating income (loss)% using adjusted amounts


    11

    %


    6

    %


    (2)

    %


    3

    %


    17

    %




    1

    %



























    For the Year Ended December 31, 2019 *





    SSR


    MP


    OPG


    IMDS


    ADTech


    Unallocated
    Expenses


    Total





    ($ in thousands)

    Operating Income (Loss) as reported in accordance with GAAP


    $

    11,627



    $

    5,730



    $

    (170,013)



    $

    (52,527)



    $

    42,574



    $

    (128,104)



    $

    (290,713)


    Adjustments for the effects of:















    Long-lived assets impairments






    142,615



    16,738







    159,353



    Long-lived assets write-offs


    11,340



    482



    18,723



    14,108







    44,653



    Inventory write-downs


    15,433



    2,107



    2,771



    719



    255





    21,285



    Goodwill impairment








    14,713







    14,713



    Restructuring expenses and other


    4,228



    757



    3,526



    3,082



    102



    56



    11,751




    Total of adjustments


    31,001



    3,346



    167,635



    49,360



    357



    56



    251,755



















    Adjusted Operating Income (Loss)


    $

    42,628



    $

    9,076



    $

    (2,378)



    $

    (3,167)



    $

    42,931



    $

    (128,048)



    $

    (38,958)



















    Revenue


    $

    583,652



    $

    498,350



    $

    380,966



    $

    266,086



    $

    319,070





    $

    2,048,124


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


    2

    %


    1

    %


    (45)

    %


    (20)

    %


    13

    %




    (14)

    %

    Operating income (loss)% using adjusted amounts


    7

    %


    2

    %


    (1)

    %


    (1)

    %


    13

    %




    (2)

    %


    * Recast to reflect segment changes.




    RECONCILIATIONS OF NON-GAAP TO GAAP FINANCIAL INFORMATION


    EBITDA and Adjusted EBITDA and Margins by Segment






    For the Three Months Ended December 31, 2020





    SSR


    MP


    OPG


    IMDS


    ADTech


    Unallocated
    Expenses
    and other


    Total





    ($ in thousands)

    Operating Income (Loss) as reported in accordance with GAAP


    $

    14,477



    $

    12,218



    $

    (9,940)



    $

    892



    $

    16,525



    $

    (33,692)



    $

    480


    Adjustments for the effects of:















    Depreciation and amortization


    23,210



    3,193



    16,979



    1,255



    667



    1,146



    46,450



    Other pre-tax












    (57)



    (57)



    EBITDA


    37,687



    15,411



    7,039



    2,147



    17,192



    (32,603)



    46,873


    Adjustments for the effects of:















    Long-lived assets impairments






    1,304



    378







    1,682



    Inventory write-downs
















    Restructuring expenses and other


    221



    (3,489)



    643



    422



    27





    (2,176)



    Foreign currency (gains) losses












    720



    720




    Total of adjustments


    221



    (3,489)



    1,947



    800



    27



    720



    226


    Adjusted EBITDA


    $

    37,908



    $

    11,922



    $

    8,986



    $

    2,947



    $

    17,219



    $

    (31,883)



    $

    47,099



















    Revenue


    $

    114,711



    $

    99,899



    $

    67,821



    $

    54,307



    $

    87,524





    $

    424,262


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


    13

    %


    12

    %


    (15)

    %


    2

    %


    19

    %




    %

    EBITDA Margin


    33

    %


    15

    %


    10

    %


    4

    %


    20

    %




    11

    %

    Adjusted EBITDA Margin


    33

    %


    12

    %


    13

    %


    5

    %


    20

    %




    11

    %



























    For the Three Months Ended December 31, 2019 *





    SSR


    MP


    OPG


    IMDS


    ADTech


    Unallocated
    Expenses
    and other


    Total





    ($ in thousands)

    Operating Income (Loss) as reported in accordance with GAAP


    $

    (21,650)



    $

    4,660



    $

    (167,221)



    $

    (48,858)



    $

    12,360



    $

    (33,461)



    $

    (254,170)


    Adjustments for the effects of:















    Depreciation and amortization


    44,170



    5,779



    27,286



    30,990



    646



    1,199



    110,070



    Other pre-tax












    (3,081)



    (3,081)



    EBITDA


    22,520



    10,439



    (139,935)



    (17,868)



    13,006



    (35,343)



    (147,181)


    Adjustments for the effects of:















    Long-lived assets impairments






    142,615



    16,738







    159,353



    Inventory write-downs


    15,433



    2,107



    2,771



    719



    255





    21,285



    Restructuring expenses and other


    4,228



    757



    3,526



    3,082



    102



    56



    11,751



    Foreign currency (gains) losses












    3,477



    3,477




    Total of adjustments


    19,661



    2,864



    148,912



    20,539



    357



    3,533



    195,866


    Adjusted EBITDA


    $

    42,181



    $

    13,303



    $

    8,977



    $

    2,671



    $

    13,363



    $

    (31,810)



    $

    48,685



















    Revenue


    $

    151,104



    $

    163,862



    $

    91,773



    $

    68,029



    $

    86,042





    $

    560,810


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


    (14)

    %


    3

    %


    (182)

    %


    (72)

    %


    14

    %




    (45)

    %

    EBITDA Margin


    15

    %


    6

    %


    (152)

    %


    (26)

    %


    15

    %




    (26)

    %

    Adjusted EBITDA Margin


    28

    %


    8

    %


    10

    %


    4

    %


    16

    %




    9

    %


















    * Recast to reflect segment changes.








    For the Three Months Ended September 30, 2020





    SSR


    MP


    OPG


    IMDS


    ADTech


    Unallocated

    Expenses
    and other


    Total





    ($ in thousands)

    Operating Income (Loss) as reported in accordance with GAAP


    $

    2,127



    $

    (38,198)



    $

    (12,282)



    $

    793



    $

    13,097



    $

    (26,157)



    $

    (60,620)


    Adjustments for the effects of:















    Depreciation and amortization


    25,144



    44,028



    15,147



    866



    654



    1,712



    87,551



    Other pre-tax












    (2,388)



    (2,388)



    EBITDA


    27,271



    5,830



    2,865



    1,659



    13,751



    (26,833)



    24,543


    Adjustments for the effects of:















    Inventory write-downs


    7,038













    7,038



    Restructuring expenses and other


    2,535



    2,559



    5,326



    83



    545





    11,048



    Foreign currency (gains) losses












    2,462



    2,462




    Total of adjustments


    9,573



    2,559



    5,326



    83



    545



    2,462



    20,548


    Adjusted EBITDA


    $

    36,844



    $

    8,389



    $

    8,191



    $

    1,742



    $

    14,296



    $

    (24,371)



    $

    45,091



















    Revenue


    $

    119,617



    $

    110,416



    $

    73,212



    $

    53,933



    $

    82,565





    $

    439,743


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


    2

    %


    (35)

    %


    (17)

    %


    1

    %


    16

    %




    (14)

    %

    EBITDA Margin


    23

    %


    5

    %


    4

    %


    3

    %


    17

    %




    6

    %

    Adjusted EBITDA Margin


    31

    %


    8

    %


    11

    %


    3

    %


    17

    %




    10

    %
























    EBITDA and Adjusted EBITDA and Margins by Segment






    For the Year Ended December 31, 2020





    SSR


    MP


    OPG


    IMDS


    ADTech


    Unallocated

    Expenses

    and other


    Total





    ($ in thousands)

    Operating Income (Loss) as reported in accordance with GAAP


    $

    (65,817)



    $

    (88,253)



    $

    (105,680)



    $

    (121,675)



    $

    56,023



    $

    (120,677)



    $

    (446,079)


    Adjustments for the effects of:















    Depreciation and amortization


    212,621



    66,772



    115,288



    127,221



    2,666



    4,327



    528,895



    Other pre-tax












    (11,362)



    (11,362)



    EBITDA


    146,804



    (21,481)



    9,608



    5,546



    58,689



    (127,712)



    71,454


    Adjustments for the effects of:















    Long-lived assets impairments




    61,074



    8,826



    545







    70,445



    Inventory write-downs


    7,038













    7,038



    Restructuring expenses and other


    5,055



    2,266



    8,590



    4,272



    572



    455



    21,210



    Foreign currency (gains) losses












    14,140



    14,140




    Total of adjustments


    12,093



    63,340



    17,416



    4,817



    572



    14,595



    112,833


    Adjusted EBITDA


    $

    158,897



    $

    41,859



    $

    27,024



    $

    10,363



    $

    59,261



    $

    (113,117)



    $

    184,287



















    Revenue


    $

    493,332



    $

    477,419



    $

    289,127



    $

    226,938



    $

    341,073





    $

    1,827,889


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


    (13)

    %


    (18)

    %


    (37)

    %


    (54)

    %


    16

    %




    (24)

    %

    EBITDA Margin


    30

    %


    (4)

    %


    3

    %


    2

    %


    17

    %




    4

    %

    Adjusted EBITDA Margin


    32

    %


    9

    %


    9

    %


    5

    %


    17

    %




    10

    %



























    For the Year Ended December 31, 2019 *





    SSR


    MP


    OPG


    IMDS


    ADTech


    Unallocated

    Expenses

    and other


    Total





    ($ in thousands)

    Operating Income (Loss) as reported in accordance with GAAP


    $

    11,627



    $

    5,730



    $

    (170,013)



    $

    (52,527)



    $

    42,574



    $

    (128,104)



    $

    (290,713)


    Adjustments for the effects of:















    Depreciation and amortization


    140,087



    20,732



    58,044



    37,160



    2,644



    4,760



    263,427



    Other pre-tax












    (6,635)



    (6,635)



    EBITDA


    151,714



    26,462



    (111,969)



    (15,367)



    45,218



    (129,979)



    (33,921)


    Adjustments for the effects of:















    Long-lived assets impairments






    142,615



    16,738







    159,353



    Inventory write-downs


    15,433



    2,107



    2,771



    719



    255





    21,285



    Restructuring expenses and other


    4,228



    757



    3,526



    3,082



    102



    56



    11,751



    Foreign currency (gains) losses












    6,320



    6,320




    Total of adjustments


    19,661



    2,864



    148,912



    20,539



    357



    6,376



    198,709


    Adjusted EBITDA


    $

    171,375



    $

    29,326



    $

    36,943



    $

    5,172



    $

    45,575



    $

    (123,603)



    $

    164,788



















    Revenue


    $

    583,652



    $

    498,350



    $

    380,966



    $

    266,086



    $

    319,070





    $

    2,048,124


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


    2

    %


    1

    %


    (45)

    %


    (20)

    %


    13

    %




    (14)

    %

    EBITDA Margin


    26

    %


    5

    %


    (29)

    %


    (6)

    %


    14

    %




    (2)

    %

    Adjusted EBITDA Margin


    29

    %


    6

    %


    10

    %


    2

    %


    14

    %




    8

    %


















    * Recast to reflect segment changes.

     

    Cision View original content:http://www.prnewswire.com/news-releases/oceaneering-reports-fourth-quarter-and-full-year-2020-results-301234892.html

    SOURCE Oceaneering International, Inc.

    Categories: Press Releases
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