(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
(Address of principal executive offices) | (Zip Code) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of each class | Trading Symbol(s) | Name of exchange on which registered |
99.1 | |
101 | Interactive data files - The instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document. |
OCEANEERING INTERNATIONAL, INC. | |||
Date: | July 24, 2019 | By: | /S/ WITLAND J. LEBLANC, JR. |
Witland J. LeBlanc, Jr. | |||
Vice President and Chief Accounting Officer |
Three Months Ended | Six Months Ended | |||||||||||||||||||
Jun 30, | Mar 31, | Jun 30, | ||||||||||||||||||
2019 | 2018 | 2019 | 2019 | 2018 | ||||||||||||||||
Revenue | $ | 495,781 | $ | 478,674 | $ | 493,886 | $ | 989,667 | $ | 895,087 | ||||||||||
Gross Margin | 41,983 | 29,728 | 27,587 | 69,570 | 48,556 | |||||||||||||||
Income (Loss) from Operations | (9,635 | ) | (19,637 | ) | (21,714 | ) | (31,349 | ) | (46,786 | ) | ||||||||||
Net Income (Loss) | (35,182 | ) | (33,076 | ) | (24,827 | ) | (60,009 | ) | (82,209 | ) | ||||||||||
Diluted Earnings (Loss) Per Share | $ | (0.36 | ) | $ | (0.34 | ) | $ | (0.25 | ) | $ | (0.61 | ) | $ | (0.83 | ) | |||||
OCEANEERING INTERNATIONAL, INC. AND SUBSIDIARIES | |||||||||||||||||||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||||||||||||||||||||||
Jun 30, 2019 | Dec 31, 2018 | ||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||
Current assets (including cash and cash equivalents of $355,838 and $354,259) | $ | 1,195,193 | $ | 1,244,889 | |||||||||||||||||||||||
Net property and equipment | 947,787 | 964,670 | |||||||||||||||||||||||||
Other assets | 795,655 | 615,439 | |||||||||||||||||||||||||
Total Assets | $ | 2,938,635 | $ | 2,824,998 | |||||||||||||||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||||||||||
Current liabilities | $ | 491,044 | $ | 494,741 | |||||||||||||||||||||||
Long-term debt | 795,639 | 786,580 | |||||||||||||||||||||||||
Other long-term liabilities | 292,919 | 128,379 | |||||||||||||||||||||||||
Equity | 1,359,033 | 1,415,298 | |||||||||||||||||||||||||
Total Liabilities and Equity | $ | 2,938,635 | $ | 2,824,998 | |||||||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||||||||||||||
For the Three Months Ended | For the Six Months Ended | ||||||||||||||||||||||||||
Jun 30, 2019 | Jun 30, 2018 | Mar 31, 2019 | Jun 30, 2019 | Jun 30, 2018 | |||||||||||||||||||||||
(in thousands, except per share amounts) | |||||||||||||||||||||||||||
Revenue | $ | 495,781 | $ | 478,674 | $ | 493,886 | $ | 989,667 | $ | 895,087 | |||||||||||||||||
Cost of services and products | 453,798 | 448,946 | 466,299 | 920,097 | 846,531 | ||||||||||||||||||||||
Gross margin | 41,983 | 29,728 | 27,587 | 69,570 | 48,556 | ||||||||||||||||||||||
Selling, general and administrative expense | 51,618 | 49,365 | 49,301 | 100,919 | 95,342 | ||||||||||||||||||||||
Income (loss) from operations | (9,635 | ) | (19,637 | ) | (21,714 | ) | (31,349 | ) | (46,786 | ) | |||||||||||||||||
Interest income | 1,848 | 2,950 | 2,604 | 4,452 | 5,542 | ||||||||||||||||||||||
Interest expense, net of amounts capitalized | (10,199 | ) | (8,802 | ) | (9,424 | ) | (19,623 | ) | (18,173 | ) | |||||||||||||||||
Equity in income (losses) of unconsolidated affiliates | — | (737 | ) | (164 | ) | (164 | ) | (1,580 | ) | ||||||||||||||||||
Other income (expense), net | 7 | (3,556 | ) | 719 | 726 | (12,030 | ) | ||||||||||||||||||||
Income (loss) before income taxes | (17,979 | ) | (29,782 | ) | (27,979 | ) | (45,958 | ) | (73,027 | ) | |||||||||||||||||
Provision (benefit) for income taxes | 17,203 | 3,294 | (3,152 | ) | 14,051 | 9,182 | |||||||||||||||||||||
Net Income (Loss) | $ | (35,182 | ) | $ | (33,076 | ) | $ | (24,827 | ) | $ | (60,009 | ) | $ | (82,209 | ) | ||||||||||||
Weighted average diluted shares outstanding | 98,929 | 98,531 | 98,714 | 98,822 | 98,457 | ||||||||||||||||||||||
Diluted earnings (loss) per share | $ | (0.36 | ) | $ | (0.34 | ) | $ | (0.25 | ) | $ | (0.61 | ) | $ | (0.83 | ) | ||||||||||||
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 Six Months Ended | |||||||||||||||||||||||
Jun 30, 2019 | Jun 30, 2018 | Mar 31, 2019 | Jun 30, 2019 | Jun 30, 2018 | ||||||||||||||||||||
($ in thousands) | ||||||||||||||||||||||||
Remotely Operated Vehicles | ||||||||||||||||||||||||
Revenue | $ | 120,363 | $ | 107,426 | $ | 100,346 | $ | 220,709 | $ | 193,020 | ||||||||||||||
Gross margin | $ | 17,360 | $ | 12,176 | $ | 9,421 | $ | 26,781 | $ | 17,131 | ||||||||||||||
Operating income (loss) | $ | 8,688 | $ | 4,542 | $ | 1,418 | $ | 10,106 | $ | 2,144 | ||||||||||||||
Operating income (loss) % | 7 | % | 4 | % | 1 | % | 5 | % | 1 | % | ||||||||||||||
Days available | 25,006 | 25,386 | 24,506 | 49,512 | 50,524 | |||||||||||||||||||
Days utilized | 15,423 | 13,654 | 12,942 | 28,365 | 24,688 | |||||||||||||||||||
Utilization | 62 | % | 54 | % | 53 | % | 57 | % | 49 | % | ||||||||||||||
Subsea Products | ||||||||||||||||||||||||
Revenue | $ | 138,910 | $ | 121,704 | $ | 128,844 | $ | 267,754 | $ | 248,392 | ||||||||||||||
Gross margin | $ | 21,029 | $ | 16,075 | $ | 12,315 | $ | 33,344 | $ | 31,080 | ||||||||||||||
Operating income (loss) | $ | 7,413 | $ | 2,295 | $ | (476 | ) | $ | 6,937 | $ | 4,050 | |||||||||||||
Operating income (loss) % | 5 | % | 2 | % | — | % | 3 | % | 2 | % | ||||||||||||||
Backlog at end of period | $ | 596,000 | $ | 245,000 | $ | 464,000 | $ | 596,000 | $ | 245,000 | ||||||||||||||
Subsea Projects | ||||||||||||||||||||||||
Revenue | $ | 75,104 | $ | 78,036 | $ | 89,728 | $ | 164,832 | $ | 134,896 | ||||||||||||||
Gross margin | $ | 5,472 | $ | (5,145 | ) | $ | 9,033 | $ | 14,505 | $ | (4,028 | ) | ||||||||||||
Operating income (loss) | $ | 87 | $ | (10,358 | ) | $ | 2,892 | $ | 2,979 | $ | (12,717 | ) | ||||||||||||
Operating income (loss) % | — | % | (13 | )% | 3 | % | 2 | % | (9 | )% | ||||||||||||||
Asset Integrity | ||||||||||||||||||||||||
Revenue | $ | 61,156 | $ | 67,422 | $ | 60,689 | $ | 121,845 | $ | 128,710 | ||||||||||||||
Gross margin | $ | 6,423 | $ | 9,461 | $ | 6,272 | $ | 12,695 | $ | 17,479 | ||||||||||||||
Operating income (loss) | $ | (1,302 | ) | $ | 3,357 | $ | (713 | ) | $ | (2,015 | ) | $ | 5,036 | |||||||||||
Operating income (loss) % | (2 | )% | 5 | % | (1 | )% | (2 | )% | 4 | % | ||||||||||||||
Advanced Technologies | ||||||||||||||||||||||||
Revenue | $ | 100,248 | $ | 104,086 | $ | 114,279 | $ | 214,527 | $ | 190,069 | ||||||||||||||
Gross margin | $ | 13,386 | $ | 13,999 | $ | 15,248 | $ | 28,634 | $ | 21,821 | ||||||||||||||
Operating income (loss) | $ | 7,241 | $ | 7,886 | $ | 9,599 | $ | 16,840 | $ | 9,554 | ||||||||||||||
Operating income (loss) % | 7 | % | 8 | % | 8 | % | 8 | % | 5 | % | ||||||||||||||
Unallocated Expenses | ||||||||||||||||||||||||
Gross margin | $ | (21,687 | ) | $ | (16,838 | ) | $ | (24,702 | ) | $ | (46,389 | ) | $ | (34,927 | ) | |||||||||
Operating income (loss) | $ | (31,762 | ) | $ | (27,359 | ) | $ | (34,434 | ) | $ | (66,196 | ) | $ | (54,853 | ) | |||||||||
Total | ||||||||||||||||||||||||
Revenue | $ | 495,781 | $ | 478,674 | $ | 493,886 | $ | 989,667 | $ | 895,087 | ||||||||||||||
Gross margin | $ | 41,983 | $ | 29,728 | $ | 27,587 | $ | 69,570 | $ | 48,556 | ||||||||||||||
Operating income (loss) | $ | (9,635 | ) | $ | (19,637 | ) | $ | (21,714 | ) | $ | (31,349 | ) | $ | (46,786 | ) | |||||||||
Operating income (loss) % | (2 | )% | (4 | )% | (4 | )% | (3 | )% | (5 | )% | ||||||||||||||
SELECTED CASH FLOW INFORMATION | ||||||||||||||||||||||||
For the Three Months Ended | For the Six Months Ended | |||||||||||||||||||||||
Jun 30, 2019 | Jun 30, 2018 | Mar 31, 2019 | Jun 30, 2019 | Jun 30, 2018 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Capital Expenditures, including Acquisitions | $ | 40,898 | $ | 27,798 | $ | 29,964 | $ | 70,862 | $ | 121,928 | ||||||||||||||
Depreciation and amortization: | ||||||||||||||||||||||||
Energy Services and Products | ||||||||||||||||||||||||
Remotely Operated Vehicles | $ | 26,871 | $ | 28,269 | $ | 27,990 | $ | 54,861 | $ | 55,911 | ||||||||||||||
Subsea Products | 12,366 | 14,914 | 12,991 | 25,357 | 28,939 | |||||||||||||||||||
Subsea Projects | 7,550 | 13,053 | 7,882 | 15,432 | 21,366 | |||||||||||||||||||
Asset Integrity | 1,570 | 1,836 | 1,634 | 3,204 | 3,684 | |||||||||||||||||||
Total Energy Services and Products | 48,357 | 58,072 | 50,497 | 98,854 | 109,900 | |||||||||||||||||||
Advanced Technologies | 765 | 737 | 830 | 1,595 | 1,503 | |||||||||||||||||||
Unallocated Expenses | 1,182 | 1,034 | 1,159 | 2,341 | 2,568 | |||||||||||||||||||
Total Depreciation and Amortization | $ | 50,304 | $ | 59,843 | $ | 52,486 | $ | 102,790 | $ | 113,971 | ||||||||||||||
RECONCILIATIONS OF NON-GAAP TO GAAP FINANCIAL INFORMATION | |||||||||||||||||||||||||||
(continued) | |||||||||||||||||||||||||||
Adjusted Net Income (Loss) and Diluted Earnings (Loss) per Share (EPS) | |||||||||||||||||||||||||||
For the Three Months Ended | |||||||||||||||||||||||||||
Jun 30, 2019 | Jun 30, 2018 | Mar 31, 2019 | |||||||||||||||||||||||||
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 | $ | (35,182 | ) | $ | (0.36 | ) | $ | (33,076 | ) | $ | (0.34 | ) | $ | (24,827 | ) | $ | (0.25 | ) | |||||||||
Pre-tax adjustments for the effects of: | |||||||||||||||||||||||||||
Fixed asset write-offs | — | 4,233 | — | ||||||||||||||||||||||||
Intangible asset write-offs | — | 3,458 | — | ||||||||||||||||||||||||
Foreign currency (gains) losses | (59 | ) | 3,418 | (614 | ) | ||||||||||||||||||||||
Total pre-tax adjustments | (59 | ) | 11,109 | (614 | ) | ||||||||||||||||||||||
Tax effect on pre-tax adjustments at the applicable jurisdictional statutory rate in effect for respective periods | 12 | (2,173 | ) | 129 | |||||||||||||||||||||||
Discrete tax items | |||||||||||||||||||||||||||
Share-based compensation | 1 | 14 | 986 | ||||||||||||||||||||||||
Uncertain tax positions | 1,268 | 1,357 | 1,022 | ||||||||||||||||||||||||
Valuation allowances | — | — | 1,539 | ||||||||||||||||||||||||
Other | 2,436 | (191 | ) | (2,141 | ) | ||||||||||||||||||||||
Total discrete tax adjustments | 3,705 | 1,180 | 1,406 | ||||||||||||||||||||||||
Total of adjustments | $ | 3,658 | $ | 10,116 | $ | 921 | |||||||||||||||||||||
Adjusted Net Income (Loss) | $ | (31,524 | ) | $ | (0.32 | ) | $ | (22,960 | ) | $ | (0.23 | ) | $ | (23,906 | ) | $ | (0.24 | ) | |||||||||
Weighted average diluted shares outstanding utilized for Adjusted Net Income (Loss) | 98,929 | 98,531 | 98,714 | ||||||||||||||||||||||||
For the Six Months Ended | |||||||||||||||||||||||||||
Jun 30, 2019 | Jun 30, 2018 | ||||||||||||||||||||||||||
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 | $ | (60,009 | ) | $ | (0.61 | ) | $ | (82,209 | ) | $ | (0.83 | ) | |||||||||||||||
Pre-tax adjustments for the effects of: | |||||||||||||||||||||||||||
Fixed asset write-offs | — | 4,233 | |||||||||||||||||||||||||
Intangible asset write-offs | — | 3,458 | |||||||||||||||||||||||||
Foreign currency (gains) losses | (673 | ) | 11,733 | ||||||||||||||||||||||||
Total pre-tax adjustments | (673 | ) | 19,424 | ||||||||||||||||||||||||
Tax effect on pre-tax adjustments at the applicable jurisdictional statutory rate in effect for respective periods | 141 | (3,919 | ) | ||||||||||||||||||||||||
Discrete tax items | |||||||||||||||||||||||||||
Share-based compensation | 987 | 1,820 | |||||||||||||||||||||||||
Uncertain tax positions | 2,290 | 1,261 | |||||||||||||||||||||||||
Valuation allowances | 1,539 | — | |||||||||||||||||||||||||
Other | 295 | 499 | |||||||||||||||||||||||||
Total discrete tax adjustments | 5,111 | 3,580 | |||||||||||||||||||||||||
Total of adjustments | 4,579 | 19,085 | |||||||||||||||||||||||||
Adjusted Net Income (Loss) | $ | (55,430 | ) | $ | (0.56 | ) | $ | (63,124 | ) | $ | (0.64 | ) | |||||||||||||||
Weighted average diluted shares outstanding utilized for Adjusted Net Income (Loss) | 98,822 | 98,457 | |||||||||||||||||||||||||
RECONCILIATIONS OF NON-GAAP TO GAAP FINANCIAL INFORMATION | |||||||||||||||||||||||||
(continued) | |||||||||||||||||||||||||
EBITDA and EBITDA Margins | |||||||||||||||||||||||||
For the Three Months Ended | For the Six Months Ended | ||||||||||||||||||||||||
Jun 30, 2019 | Jun 30, 2018 | Mar 31, 2019 | Jun 30, 2019 | Jun 30, 2018 | |||||||||||||||||||||
($ in thousands) | |||||||||||||||||||||||||
Net income (loss) | $ | (35,182 | ) | $ | (33,076 | ) | $ | (24,827 | ) | $ | (60,009 | ) | $ | (82,209 | ) | ||||||||||
Depreciation and amortization | 50,304 | 59,843 | 52,486 | 102,790 | 113,971 | ||||||||||||||||||||
Subtotal | 15,122 | 26,767 | 27,659 | 42,781 | 31,762 | ||||||||||||||||||||
Interest expense, net of interest income | 8,351 | 5,852 | 6,820 | 15,171 | 12,631 | ||||||||||||||||||||
Amortization included in interest expense | (335 | ) | (333 | ) | (340 | ) | (675 | ) | (1,107 | ) | |||||||||||||||
Provision (benefit) for income taxes | 17,203 | 3,294 | (3,152 | ) | 14,051 | 9,182 | |||||||||||||||||||
EBITDA | $ | 40,341 | $ | 35,580 | $ | 30,987 | $ | 71,328 | $ | 52,468 | |||||||||||||||
Revenue | $ | 495,781 | $ | 478,674 | $ | 493,886 | $ | 989,667 | $ | 895,087 | |||||||||||||||
EBITDA margin % | 8 | % | 7 | % | 6 | % | 7 | % | 6 | % | |||||||||||||||
2019 EBITDA Estimates | |||||||||
Low | High | ||||||||
(in thousands) | |||||||||
Income (loss) before income taxes | $ | (95,000 | ) | (75,000 | ) | ||||
Depreciation and amortization | 210,000 | 210,000 | |||||||
Subtotal | 115,000 | 135,000 | |||||||
Interest expense, net of interest income | 35,000 | 35,000 | |||||||
EBITDA | $ | 150,000 | $ | 170,000 | |||||
Free Cash Flow | |||||||||
For the Six Months Ended | |||||||||
Jun 30, 2019 | Jun 30, 2018 | ||||||||
(in thousands) | |||||||||
Net Income (loss) | $ | (60,009 | ) | $ | (82,209 | ) | |||
Depreciation and amortization | 102,790 | 113,971 | |||||||
Other increases (decreases) in cash from operating activities | 29,928 | (16,077 | ) | ||||||
Cash flow provided by operating activities | 72,709 | 15,685 | |||||||
Purchases of property and equipment | (70,862 | ) | (53,530 | ) | |||||
Free Cash Flow | $ | 1,847 | $ | (37,845 | ) |
RECONCILIATIONS OF NON-GAAP TO GAAP FINANCIAL INFORMATION | ||||||||||||||||||||||||||||||
(continued) | ||||||||||||||||||||||||||||||
Adjusted Operating Income (Loss) and Margins by Segment | ||||||||||||||||||||||||||||||
For the Three Months Ended June 30, 2019 | ||||||||||||||||||||||||||||||
Remotely Operated Vehicles | Subsea Products | Subsea Projects | Asset Integrity | Advanced Tech. | Unallocated Expenses | Total | ||||||||||||||||||||||||
($ in thousands) | ||||||||||||||||||||||||||||||
Operating Income (Loss) as reported in accordance with GAAP | $ | 8,688 | $ | 7,413 | $ | 87 | $ | (1,302 | ) | $ | 7,241 | $ | (31,762 | ) | $ | (9,635 | ) | |||||||||||||
Adjusted Operating Income (Loss) | $ | 8,688 | $ | 7,413 | $ | 87 | $ | (1,302 | ) | $ | 7,241 | $ | (31,762 | ) | $ | (9,635 | ) | |||||||||||||
Revenue | $ | 120,363 | $ | 138,910 | $ | 75,104 | $ | 61,156 | $ | 100,248 | $ | 495,781 | ||||||||||||||||||
Operating income (loss) % as reported in accordance with GAAP | 7 | % | 5 | % | — | % | (2 | )% | 7 | % | (2 | )% | ||||||||||||||||||
Operating income (loss)% using adjusted amounts | 7 | % | 5 | % | — | % | (2 | )% | 7 | % | (2 | )% | ||||||||||||||||||
For the Three Months Ended June 30, 2018 | ||||||||||||||||||||||||||||||
Remotely Operated Vehicles | Subsea Products | Subsea Projects | Asset Integrity | Advanced Tech. | Unallocated Expenses | Total | ||||||||||||||||||||||||
($ in thousands) | ||||||||||||||||||||||||||||||
Operating Income (Loss) as reported in accordance with GAAP | $ | 4,542 | $ | 2,295 | $ | (10,358 | ) | $ | 3,357 | $ | 7,886 | $ | (27,359 | ) | $ | (19,637 | ) | |||||||||||||
Adjustments for the effects of: | ||||||||||||||||||||||||||||||
Fixed asset write-offs | 617 | 1,531 | 2,085 | — | — | — | 4,233 | |||||||||||||||||||||||
Intangible assets write-offs | — | — | 3,458 | — | — | — | 3,458 | |||||||||||||||||||||||
Total of adjustments | 617 | 1,531 | 5,543 | — | — | — | 7,691 | |||||||||||||||||||||||
Adjusted Operating Income (Loss) | $ | 5,159 | $ | 3,826 | $ | (4,815 | ) | $ | 3,357 | $ | 7,886 | $ | (27,359 | ) | $ | (11,946 | ) | |||||||||||||
Revenue | $ | 107,426 | $ | 121,704 | $ | 78,036 | $ | 67,422 | $ | 104,086 | $ | 478,674 | ||||||||||||||||||
Operating income (loss) % as reported in accordance with GAAP | 4 | % | 2 | % | (13 | )% | 5 | % | 8 | % | (4 | )% | ||||||||||||||||||
Operating income (loss)% using adjusted amounts | 5 | % | 3 | % | (6 | )% | 5 | % | 8 | % | (2 | )% | ||||||||||||||||||
RECONCILIATIONS OF NON-GAAP TO GAAP FINANCIAL INFORMATION | ||||||||||||||||||||||||||||||
(continued) | ||||||||||||||||||||||||||||||
Adjusted Operating Income (Loss) and Margins by Segment | ||||||||||||||||||||||||||||||
For the Three Months Ended March 31, 2019 | ||||||||||||||||||||||||||||||
Remotely Operated Vehicles | Subsea Products | Subsea Projects | Asset Integrity | Advanced Tech. | Unallocated Expenses | Total | ||||||||||||||||||||||||
($ in thousands) | ||||||||||||||||||||||||||||||
Operating Income (Loss) as reported in accordance with GAAP | $ | 1,418 | $ | (476 | ) | $ | 2,892 | $ | (713 | ) | $ | 9,599 | $ | (34,434 | ) | $ | (21,714 | ) | ||||||||||||
Adjusted Operating Income (Loss) | $ | 1,418 | $ | (476 | ) | $ | 2,892 | $ | (713 | ) | $ | 9,599 | $ | (34,434 | ) | $ | (21,714 | ) | ||||||||||||
Revenue | $ | 100,346 | $ | 128,844 | $ | 89,728 | $ | 60,689 | $ | 114,279 | $ | 493,886 | ||||||||||||||||||
Operating income (loss) % as reported in accordance with GAAP | 1 | % | — | % | 3 | % | (1 | )% | 8 | % | (4 | )% | ||||||||||||||||||
Operating income (loss) % using adjusted amounts | 1 | % | — | % | 3 | % | (1 | )% | 8 | % | (4 | )% | ||||||||||||||||||
RECONCILIATIONS OF NON-GAAP TO GAAP FINANCIAL INFORMATION | ||||||||||||||||||||||||||||||
(continued) | ||||||||||||||||||||||||||||||
Adjusted Operating Income and Margins by Segment | ||||||||||||||||||||||||||||||
For the Six Months Ended June 30, 2019 | ||||||||||||||||||||||||||||||
Remotely Operated Vehicles | Subsea Products | Subsea Projects | Asset Integrity | Advanced Tech. | Unallocated Expenses | Total | ||||||||||||||||||||||||
($ in thousands) | ||||||||||||||||||||||||||||||
Operating Income (Loss) as reported in accordance with GAAP | $ | 10,106 | $ | 6,937 | $ | 2,979 | $ | (2,015 | ) | $ | 16,840 | $ | (66,196 | ) | $ | (31,349 | ) | |||||||||||||
Adjusted Operating Income (Loss) | $ | 10,106 | $ | 6,937 | $ | 2,979 | $ | (2,015 | ) | $ | 16,840 | $ | (66,196 | ) | $ | (31,349 | ) | |||||||||||||
Revenue | $ | 220,709 | $ | 267,754 | $ | 164,832 | $ | 121,845 | $ | 214,527 | $ | 989,667 | ||||||||||||||||||
Operating income (loss) % as reported in accordance with GAAP | 5 | % | 3 | % | 2 | % | (2 | )% | 8 | % | (3 | )% | ||||||||||||||||||
Operating income (loss) % using adjusted amounts | 5 | % | 3 | % | 2 | % | (2 | )% | 8 | % | (3 | )% | ||||||||||||||||||
For the Six Months Ended June 30, 2018 | ||||||||||||||||||||||||||||||
Remotely Operated Vehicles | Subsea Products | Subsea Projects | Asset Integrity | Advanced Tech. | Unallocated Expenses | Total | ||||||||||||||||||||||||
($ in thousands) | ||||||||||||||||||||||||||||||
Operating Income (Loss) as reported in accordance with GAAP | $ | 2,144 | $ | 4,050 | $ | (12,717 | ) | $ | 5,036 | $ | 9,554 | $ | (54,853 | ) | $ | (46,786 | ) | |||||||||||||
Adjustments for the effects of: | ||||||||||||||||||||||||||||||
Fixed asset write-offs | 617 | 1,531 | 2,085 | — | — | — | 4,233 | |||||||||||||||||||||||
Intangible assets write-offs | — | — | 3,458 | — | — | — | 3,458 | |||||||||||||||||||||||
Total of adjustments | 617 | 1,531 | 5,543 | — | — | — | 7,691 | |||||||||||||||||||||||
Adjusted Operating Income (Loss) | $ | 2,761 | $ | 5,581 | $ | (7,174 | ) | $ | 5,036 | $ | 9,554 | $ | (54,853 | ) | $ | (39,095 | ) | |||||||||||||
Revenue | $ | 193,020 | $ | 248,392 | $ | 134,896 | $ | 128,710 | $ | 190,069 | $ | 895,087 | ||||||||||||||||||
Operating income (loss) % as reported in accordance with GAAP | 1 | % | 2 | % | (9 | )% | 4 | % | 5 | % | (5 | )% | ||||||||||||||||||
Operating income (loss) % using adjusted amounts | 1 | % | 2 | % | (5 | )% | 4 | % | 5 | % | (4 | )% | ||||||||||||||||||
RECONCILIATIONS OF NON-GAAP TO GAAP FINANCIAL INFORMATION | ||||||||||||||||||||||||||||||
(continued) | ||||||||||||||||||||||||||||||
EBITDA and Adjusted EBITDA and Margins by Segment | ||||||||||||||||||||||||||||||
For the Three Months Ended June 30, 2019 | ||||||||||||||||||||||||||||||
Remotely Operated Vehicles | Subsea Products | Subsea Projects | Asset Integrity | Advanced Tech. | Unallocated Expenses and other | Total | ||||||||||||||||||||||||
($ in thousands) | ||||||||||||||||||||||||||||||
Operating income (loss) as reported in accordance with GAAP | $ | 8,688 | $ | 7,413 | $ | 87 | $ | (1,302 | ) | $ | 7,241 | $ | (31,762 | ) | $ | (9,635 | ) | |||||||||||||
Adjustments for the effects of: | ||||||||||||||||||||||||||||||
Depreciation and amortization | 26,871 | 12,366 | 7,550 | 1,570 | 765 | 1,182 | 50,304 | |||||||||||||||||||||||
Other pre-tax | — | — | — | — | — | (328 | ) | (328 | ) | |||||||||||||||||||||
EBITDA | 35,559 | 19,779 | 7,637 | 268 | 8,006 | (30,908 | ) | 40,341 | ||||||||||||||||||||||
Adjustments for the effects of: | ||||||||||||||||||||||||||||||
Foreign currency (gains) losses | — | — | — | — | — | (59 | ) | (59 | ) | |||||||||||||||||||||
Total of adjustments | — | — | — | — | — | (59 | ) | (59 | ) | |||||||||||||||||||||
Adjusted EBITDA | $ | 35,559 | $ | 19,779 | $ | 7,637 | $ | 268 | $ | 8,006 | $ | (30,967 | ) | $ | 40,282 | |||||||||||||||
Revenue | $ | 120,363 | $ | 138,910 | $ | 75,104 | $ | 61,156 | $ | 100,248 | $ | 495,781 | ||||||||||||||||||
Operating income (loss) % as reported in accordance with GAAP | 7 | % | 5 | % | — | % | (2 | )% | 7 | % | (2 | )% | ||||||||||||||||||
EBITDA Margin | 30 | % | 14 | % | 10 | % | — | % | 8 | % | 8 | % | ||||||||||||||||||
Adjusted EBITDA Margin | 30 | % | 14 | % | 10 | % | — | % | 8 | % | 8 | % | ||||||||||||||||||
For the Three Months Ended June 30, 2018 | ||||||||||||||||||||||||||||||
Remotely Operated Vehicles | Subsea Products | Subsea Projects | Asset Integrity | Advanced Tech. | Unallocated Expenses and other | Total | ||||||||||||||||||||||||
($ in thousands) | ||||||||||||||||||||||||||||||
Operating income (loss) as reported in accordance with GAAP | $ | 4,542 | $ | 2,295 | $ | (10,358 | ) | $ | 3,357 | $ | 7,886 | $ | (27,359 | ) | $ | (19,637 | ) | |||||||||||||
Adjustments for the effects of: | ||||||||||||||||||||||||||||||
Depreciation and amortization | 28,269 | 14,914 | 13,053 | 1,836 | 737 | 1,034 | 59,843 | |||||||||||||||||||||||
Other pre-tax | — | — | — | — | — | (4,626 | ) | (4,626 | ) | |||||||||||||||||||||
EBITDA | 32,811 | 17,209 | 2,695 | 5,193 | 8,623 | (30,951 | ) | 35,580 | ||||||||||||||||||||||
Adjustments for the effects of: | ||||||||||||||||||||||||||||||
Foreign currency (gains) losses | — | — | — | — | — | 3,418 | 3,418 | |||||||||||||||||||||||
Total of adjustments | — | — | — | — | — | 3,418 | 3,418 | |||||||||||||||||||||||
Adjusted EBITDA | $ | 32,811 | $ | 17,209 | $ | 2,695 | $ | 5,193 | $ | 8,623 | $ | (27,533 | ) | $ | 38,998 | |||||||||||||||
Revenue | $ | 107,426 | $ | 121,704 | 78,036 | $ | 67,422 | $ | 104,086 | $ | 478,674 | |||||||||||||||||||
Operating income (loss) % as reported in accordance with GAAP | 4 | % | 2 | % | (13 | )% | 5 | % | 8 | % | (4 | )% | ||||||||||||||||||
EBITDA Margin | 31 | % | 14 | % | 3 | % | 8 | % | 8 | % | 7 | % | ||||||||||||||||||
Adjusted EBITDA Margin | 31 | % | 14 | % | 3 | % | 8 | % | 8 | % | 8 | % |
RECONCILIATIONS OF NON-GAAP TO GAAP FINANCIAL INFORMATION | ||||||||||||||||||||||||||||||
(continued) | ||||||||||||||||||||||||||||||
EBITDA and Adjusted EBITDA and Margins by Segment | ||||||||||||||||||||||||||||||
For the Three Months Ended March 31, 2019 | ||||||||||||||||||||||||||||||
Remotely Operated Vehicles | Subsea Products | Subsea Projects | Asset Integrity | Advanced Tech. | Unallocated Expenses and other | Total | ||||||||||||||||||||||||
($ in thousands) | ||||||||||||||||||||||||||||||
Operating income (loss) as reported in accordance with GAAP | $ | 1,418 | $ | (476 | ) | $ | 2,892 | $ | (713 | ) | $ | 9,599 | $ | (34,434 | ) | $ | (21,714 | ) | ||||||||||||
Adjustments for the effects of: | ||||||||||||||||||||||||||||||
Depreciation and amortization | 27,990 | 12,991 | 7,882 | 1,634 | 830 | 1,159 | 52,486 | |||||||||||||||||||||||
Other pre-tax | — | — | — | — | — | 215 | 215 | |||||||||||||||||||||||
EBITDA | 29,408 | 12,515 | 10,774 | 921 | 10,429 | (33,060 | ) | 30,987 | ||||||||||||||||||||||
Adjustments for the effects of: | ||||||||||||||||||||||||||||||
Foreign currency (gains) losses | — | — | — | — | — | (614 | ) | (614 | ) | |||||||||||||||||||||
Total of adjustments | — | — | — | — | — | (614 | ) | (614 | ) | |||||||||||||||||||||
Adjusted EBITDA | $ | 29,408 | $ | 12,515 | $ | 10,774 | $ | 921 | $ | 10,429 | $ | (33,674 | ) | $ | 30,373 | |||||||||||||||
Revenue | $ | 100,346 | $ | 128,844 | $ | 89,728 | $ | 60,689 | $ | 114,279 | $ | 493,886 | ||||||||||||||||||
Operating income (loss) % as reported in accordance with GAAP | 1 | % | — | % | 3 | % | (1 | )% | 8 | % | (4 | )% | ||||||||||||||||||
EBITDA Margin | 29 | % | 10 | % | 12 | % | 2 | % | 9 | % | 6 | % | ||||||||||||||||||
Adjusted EBITDA Margin | 29 | % | 10 | % | 12 | % | 2 | % | 9 | % | 6 | % |
RECONCILIATIONS OF NON-GAAP TO GAAP FINANCIAL INFORMATION | ||||||||||||||||||||||||||||||
(continued) | ||||||||||||||||||||||||||||||
EBITDA and Adjusted EBITDA and Margins by Segment | ||||||||||||||||||||||||||||||
For the Six Months Ended June 30, 2019 | ||||||||||||||||||||||||||||||
Remotely Operated Vehicles | Subsea Products | Subsea Projects | Asset Integrity | Advanced Tech. | Unallocated Expenses and other | Total | ||||||||||||||||||||||||
($ in thousands) | ||||||||||||||||||||||||||||||
Operating income (loss) as reported in accordance with GAAP | $ | 10,106 | $ | 6,937 | $ | 2,979 | $ | (2,015 | ) | $ | 16,840 | $ | (66,196 | ) | $ | (31,349 | ) | |||||||||||||
Adjustments for the effects of: | ||||||||||||||||||||||||||||||
Depreciation and amortization | 54,861 | 25,357 | 15,432 | 3,204 | 1,595 | 2,341 | 102,790 | |||||||||||||||||||||||
Other pre-tax | — | — | — | — | — | (113 | ) | (113 | ) | |||||||||||||||||||||
EBITDA | 64,967 | 32,294 | 18,411 | 1,189 | 18,435 | (63,968 | ) | 71,328 | ||||||||||||||||||||||
Adjustments for the effects of: | ||||||||||||||||||||||||||||||
Foreign currency (gains) losses | — | — | — | — | — | (673 | ) | (673 | ) | |||||||||||||||||||||
Total of adjustments | — | — | — | — | — | (673 | ) | (673 | ) | |||||||||||||||||||||
Adjusted EBITDA | $ | 64,967 | $ | 32,294 | $ | 18,411 | $ | 1,189 | $ | 18,435 | $ | (64,641 | ) | $ | 70,655 | |||||||||||||||
Revenue | $ | 220,709 | $ | 267,754 | $ | 164,832 | $ | 121,845 | $ | 214,527 | $ | 989,667 | ||||||||||||||||||
Operating income (loss) % as reported in accordance with GAAP | 5 | % | 3 | % | 2 | % | (2 | )% | 8 | % | (3 | )% | ||||||||||||||||||
EBITDA Margin | 29 | % | 12 | % | 11 | % | 1 | % | 9 | % | 7 | % | ||||||||||||||||||
Adjusted EBITDA Margin | 29 | % | 12 | % | 11 | % | 1 | % | 9 | % | 7 | % | ||||||||||||||||||
For the Six Months Ended June 30, 2018 | ||||||||||||||||||||||||||||||
Remotely Operated Vehicles | Subsea Products | Subsea Projects | Asset Integrity | Advanced Tech. | Unallocated Expenses and other | Total | ||||||||||||||||||||||||
($ in thousands) | ||||||||||||||||||||||||||||||
Operating income (loss) as reported in accordance with GAAP | $ | 2,144 | $ | 4,050 | $ | (12,717 | ) | $ | 5,036 | $ | 9,554 | $ | (54,853 | ) | $ | (46,786 | ) | |||||||||||||
Adjustments for the effects of: | ||||||||||||||||||||||||||||||
Depreciation and amortization | 55,911 | 28,939 | 21,366 | 3,684 | 1,503 | 2,568 | 113,971 | |||||||||||||||||||||||
Other pre-tax | — | — | — | — | — | (14,717 | ) | (14,717 | ) | |||||||||||||||||||||
EBITDA | 58,055 | 32,989 | 8,649 | 8,720 | 11,057 | (67,002 | ) | 52,468 | ||||||||||||||||||||||
Adjustments for the effects of: | ||||||||||||||||||||||||||||||
Foreign currency (gains) losses | — | — | — | — | — | 11,733 | 11,733 | |||||||||||||||||||||||
Total of adjustments | — | — | — | — | — | 11,733 | 11,733 | |||||||||||||||||||||||
Adjusted EBITDA | $ | 58,055 | $ | 32,989 | $ | 8,649 | $ | 8,720 | $ | 11,057 | $ | (55,269 | ) | $ | 64,201 | |||||||||||||||
Revenue | $ | 193,020 | $ | 248,392 | $ | 134,896 | $ | 128,710 | $ | 190,069 | $ | 895,087 | ||||||||||||||||||
Operating income (loss) % as reported in accordance with GAAP | 1 | % | 2 | % | (9 | )% | 4 | % | 5 | % | (5 | )% | ||||||||||||||||||
EBITDA Margin | 30 | % | 13 | % | 6 | % | 7 | % | 6 | % | 6 | % | ||||||||||||||||||
Adjusted EBITDA Margin | 30 | % | 13 | % | 6 | % | 7 | % | 6 | % | 7 | % |
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end
Document and Entity Information Document |
Jul. 24, 2019 |
---|---|
Cover Page [Abstract] | |
Document Type | 8-K |
Document Period End Date | Jul. 24, 2019 |
Entity Registrant Name | OCEANEERING INTERNATIONAL INC |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 1-10945 |
Entity Tax Identification Number | 95-2628227 |
Entity Address, Address Line One | 11911 FM 529 |
Entity Address, City or Town | Houston, |
Entity Address, State or Province | TX |
Entity Address, Postal Zip Code | 77041 |
City Area Code | 713 |
Local Phone Number | 329-4500 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common stock, par value $0.25 per share |
Trading Symbol | OII |
Security Exchange Name | NYSE |
Entity Emerging Growth Company | false |
Amendment Flag | false |
Entity Central Index Key | 0000073756 |
T4@(N/;=*.@B,IZ
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M_$IIS2]5>A2_P*?9X$_SYFA"4-WB&61*LR7PJ9PC0S%/F3N"*6=2"CTZSF
M<=F&$6P Y.M _NP1 ( NM7:Q%\06.\CT5\ P%^TWZ9S(MWX#\NBR_1J--R _R
M:TE^36)GD!_DUY+\L&<&\MODI+SB\NO4B!G'Q@,KL *KYE@[=7(J. ;'X!@<
M@V-P#([UP=V94\U;'@J?%1<9\\F/- F*89YU5-VJ6R_P 9\L'A=<@DMP"2X5
MPP WY(Q=3GA9.EUO75!.5T C-Q*P JMD851P#([!,3@&
MQ^ 8'&N%6R>LX%A]K%IRW*E @.IB!C[@>U40VWW! ST\T>KI<=^M+KIY$M!M
MM%SE,$E)/F;D?)PR1K[SJ^.,',0!*V.VPS&Q34HLPUQTTAZ<%/ !7S?PO;J7
MM X?];0NZK>4BX^>O&+-+NV439*<1;?UA!3W9/]DXW 8LS+\JX
M6O7-=1CDX[U!?[?O#OJ>ZWSX?)&DW*!W>/L=^=.,[2879/39.(_B2]5N0*JXOE%GLR^J.R@_.8Z#/+QWF"PVS<&
MMNM\^'R1I %+=[@]1OXT8WNS?WQ^'"G9>CHU;CE;SX<\JC>Y'SYO/?%P=2&>
MOV0:SU];\D1KR1.;75I2CH9/Q,NZ\;*%:SVXH-^_-5K%P3^.2I;WEQ^O*R]T
MD40!?\#9P;>#+^<'7\F7_;/_(H??3OY%CHX/3TZ_[Y\?G1PCAJEE'PQ8@158
MY<%ZUTR9YMKG^T IAL'@&!SCT X)Q Q\P =\RN)[SW[?LF!$HQ52ATE*\C$C
MY^.4,?*=7QUGY" .6* YF:Z\7)Z%-R\QB?8?^( /^(#O'0>0]5Q>C<2W9/O2#^/L(Q$;\1G&CLNQONL^BG;6.CO/G!;0"LYN+W362;FJMS!-^MSF.]TJ)GY&439-4
M?.;-O#\<\NZR'P\9N0[S,?EM?_]'1RU")S-0W;N!2W#9!KYWG4SIQB[[1NEV
MU[MK8;MO4,-888/FB]"ZO%I$[=]6,2.V08EEF'45YHA1T =]8NC;
M>3*FC1"U>2WX-A]N)J)=L462L^C^82_>(I#]R>9A$+'NZ@"_XW* FZZX^;RZ
MSIA//J7)=!5T6#0*6*2"Y2_6)2S@00P>1EG&*O
WFY-P<.=6T+W(-[O;BW
M3.HZ/'.?X![LBGY;14S8AN46(99UQH-$0KZH$\,?3O?(K41H#:OQ<.O
ME/]G\R=:CF=7;)'D++HGZR;M12#[D\W#(&)99VA\Q^4 -UUQ\WEUG3&??$J3
MZ2K( 0M@V0F6OUB7L( ',7@891G+R7GQ53?%9;Q'\ LWVIC\:7<$69*)BR8
MOP[EY=YR
M7&I[//L#@7MP+R_WINU0UQN >W"O%_>62X