Oceaneering Reports Third Quarter 2023 Results

Oceaneering International, Inc. ("Oceaneering") (NYSE:OII) today reported net income of $29.8 million, or $0.29 per share, on revenue of $635 million for the three months ended September 30, 2023. Adjusted net income was $38.5 million, or $0.38 per share, reflecting the impact of $(0.9) million of pre-tax adjustments associated with foreign exchange gains recognized during the quarter, $0.6 million tax effect on adjustments associated with foreign exchange gains and $9.0 million of discrete tax adjustments, primarily due to changes in valuation allowances, uncertain tax positions and prior year estimates.

During the prior quarter ended June 30, 2023, Oceaneering reported net income of $19.0 million, or $0.19 per share, on revenue of $598 million. Adjusted net income was $18.7 million, or $0.18 per share, reflecting the impact of $4.8 million of pre-tax adjustments associated with foreign exchange losses recognized during the quarter, $(2.3) million tax effect on adjustments associated with foreign exchange losses and $(2.8) million of discrete tax adjustments, primarily due to changes in valuation allowances and uncertain tax positions.

Adjusted net income (loss) and earnings (loss) per share; EBITDA and adjusted EBITDA (as well as EBITDA and adjusted EBITDA margins); and free cash flow are non-GAAP measures that exclude the impacts of certain identified items. Reconciliations to the corresponding GAAP measures are shown in the tables Adjusted Net Income (Loss) and Diluted Earnings (Loss) per Share (EPS), EBITDA and Adjusted EBITDA and Margins, Free Cash Flow, 2023 and 2024 Adjusted EBITDA and 2023 Free Cash Flow Estimates, and EBITDA and Adjusted EBITDA and Margins by Segment. These tables are included below under the caption Reconciliations of Non-GAAP to GAAP Financial Information.

Summary of Results

(in thousands, except per share amounts)

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Three Months Ended

 

For the Nine Months Ended

 

 

Sep 30,

 

Jun 30,

 

Sep 30,

 

 

 

 

 

 

 

 

 

2023

 

2022

 

2023

 

2023

 

2022

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

$

635,180

 

$

559,671

 

$

597,910

 

$

1,770,077

 

$

1,529,861

Gross Margin

 

 

114,697

 

 

95,754

 

 

101,080

 

 

293,342

 

 

217,275

Income (Loss) from Operations

 

 

57,929

 

 

46,875

 

 

49,199

 

 

133,878

 

 

68,686

Net Income (Loss)

 

 

29,812

 

 

18,303

 

 

19,002

 

 

52,874

 

 

2,813

 

 

 

 

 

 

 

 

 

 

 

Diluted Earnings (Loss) Per Share

 

$

0.29

 

$

0.18

 

$

0.19

 

$

0.52

 

$

0.03

 

 

 

 

 

For the third quarter of 2023:

  • Net income was $29.8 million and consolidated adjusted EBITDA was $84.1 million
  • Consolidated operating income was $57.9 million
  • Cash position increased by $52.4 million, from $504 million to $556 million

As of September 30, 2023:

  • Remotely Operated Vehicles (ROV): fleet count was 250; Q3 utilization was 69%; and Q3 average revenue per day on hire was $9,372
  • Manufactured Products backlog was $556 million

Revised full year 2023 guidance:

  • Net income in the range of $75 million to $90 million
  • Consolidated adjusted EBITDA in the range of $275 million to $295 million
  • Free cash flow generation in the range of $90 million to $130 million
  • Capital expenditures in the range of $95 million to $105 million

Initial full year 2024 Guidance:

  • Consolidated EBITDA in the range of $330 million to $380 million
  • Free cash flow generation to exceed that generated in 2023

Roderick A. Larson, President and Chief Executive Officer of Oceaneering, stated, "Our third quarter 2023 results, improved as compared to the second quarter of 2023, were primarily due to increased activity and improved pricing in our Offshore Projects Group (OPG) and Subsea Robotics (SSR) segments. In addition, we saw improvements in our Aerospace and Defense Technologies (ADTech) operating results. These results contributed to our adjusted consolidated EBITDA of $84.1 million, which was at the upper end of our guided range and exceeded consensus estimates. For the full year of 2023, we forecast our adjusted EBITDA to be within the narrowed range of $275 million to $295 million and expect positive free cash flow to remain in our previously guided range of $90 million to $130 million.

"Consistent with our message over the last several quarters, we continue to see improvement in market conditions that support our expectation of generating consolidated EBITDA in 2024 in the range of $330 million to $380 million. At the respective midpoints of our 2023 and 2024 guidance, this represents a 25% year-over-year increase. In 2024, we also expect to generate positive free cash flow in excess of that generated in 2023."

Segment Results

Sequentially, SSR revenue and operating income in the third quarter of 2023 both increased, as expected, with lower ROV activity being offset by slight ROV pricing improvements and higher survey activity. SSR EBITDA margin of 31% improved over the 30% achieved in the second quarter of 2023.

Sequentially, third quarter 2023 ROV days on hire were 1% lower. Fleet utilization declined slightly to 69% for the quarter as compared to 70% during the second quarter. Fleet use during the quarter was 61% in drill support and 39% in vessel-based activity, the same as in the preceding quarter. Third quarter 2023 average ROV revenue per day on hire of $9,372 was 3% higher than the average ROV revenue per day on hire in the second quarter of 2023.

Manufactured Products third quarter 2023 sequential operating results and margin, respectively, declined to $8.2 million and 7%, on a 2% decrease in revenue. These declines were primarily due to changes in product mix. Order intake during the quarter was strong, with backlog on September 30, 2023 increasing to $556 million from June 30, 2023 backlog of $418 million. Book-to-bill ratio increased to 1.25 for the nine months ended September 30, 2023, and 1.41 for the trailing 12 months.

As expected, OPG saw strong seasonal demand and international activity during the third quarter of 2023, which resulted in higher operating income on a 15% increase in revenue as compared to the second quarter of 2023. OPG’s operating income margin of 18% improved over the second quarter of 2023, reflecting increased global demand for vessel-based services, changes in service mix, and the successful resolution of a commercial dispute.

Sequentially, Integrity Management and Digital Solutions (IMDS) third quarter 2023 operating income declined slightly on a 5% increase in revenue. Operating income margin of 5% declined from the 6% recorded for the second quarter of 2023. ADTech third quarter 2023 operating income increased significantly over the second quarter on a 6% increase in revenue. Operating income margin of 14% improved from the second quarter of 2023. At the corporate level, Unallocated Expenses of $42.2 million for the third quarter of 2023 were less than forecasted due to lower-than-expected accruals for performance-based incentive compensation.

Fourth Quarter and Full Year 2023 Outlook:

On a consolidated basis, Oceaneering forecasts fourth quarter 2023 EBITDA to decline on relatively flat revenue as compared to third quarter results. Sequential segment forecasts are for: relatively flat operating income on slightly lower revenue from SSR; higher revenue and significantly lower operating profitability from Manufactured Products; slightly lower revenue and significantly lower operating income from OPG; lower revenue and operating income from IMDS; and slightly lower revenue and lower operating income from ADTech. Oceaneering forecasts fourth quarter Unallocated Expenses to be in the low-$40 million range.

For the full year of 2023, Oceaneering expects to generate adjusted EBITDA within the narrowed range of $275 million to $295 million. Revised guidance range for organic capital expenditures is $95 million to $105 million and revised guidance range for cash income tax payments is $70 million to $75 million. Oceaneering's guidance for positive free cash flow generation remains in the range of $90 million to $130 million for the full year of 2023.

Initial 2024 Guidance:

For 2024, year over year, Oceaneering anticipates increased revenue and improved operating performance across each of its operating segments, led by gains from SSR and OPG. At this time, Oceaneering forecasts 2024 EBITDA to be in the range of $330 million to $380 million, driving meaningful levels of cash flow from operations. Oceaneering anticipates organic capital expenditures in 2024 to be flat to modestly higher than in 2023 as the company continues to focus on growth in its robotics platforms. Oceaneering also expects to generate positive free cash flow in excess of that generated in 2023. The company plans to provide more specific guidance on its expectations for 2024 in our fourth quarter 2023 earnings release and conference call.

Liquidity:

On September 20, 2023, the company initiated a series of transactions designed to address the maturity of its 2024 senior notes. Once the final transaction is completed in November 2023, Oceaneering will have significantly extended its debt maturity to February 2028 while maintaining substantial liquidity. Oceaneering's continuing commitment to managing its debt maturities, maintaining a strong balance sheet, and generating meaningful free cash flow supports its ability to fund future growth and shareholder return aspirations.

This release contains "forward-looking statements," as defined in the Private Securities Litigation Reform Act of 1995, including, without limitation, statements as to the expectations, beliefs, future expected business and financial performance and prospects of Oceaneering. More specifically, the forward-looking statements in this press release include the statements concerning Oceaneering’s: full-year 2023 guidance ranges for net income, consolidated adjusted EBITDA, free cash flow generation, and capital expenditures; fourth quarter 2023 sequential directional guidance for consolidated adjusted EBITDA and revenue, operating segment revenues, operating results and operating profitability, and guidance for Unallocated Expenses; expected full-year 2023 guidance ranges for adjusted EBITDA, organic capital expenditures, cash income tax payments, and free cash flow; full-year 2024 sequential activity and operating performance across each operating segment, led by SSR and OPG; full-year 2024 EBITDA range anticipated to drive cash flow from operations; anticipated sequential direction of 2024 organic capital expenditures; expected free cash flow guidance; anticipated plans to provide more specific guidance on its expectations for 2024 during the year-end reporting process; completion of 2024 senior notes transaction; funding future growth and shareholder return aspirations; and characterization of market fundamentals, conditions and dynamics, robotics platforms, offshore energy activity levels, pricing levels, day rates, average ROV revenue per day on hire, growth, bidding activity, outlook, performance, opportunities, results, and financials as increasing, favorable, positive, encouraging, improving, seasonal, strong, supportive, robust, meaningful, healthy, or significant (which is used herein to indicate a change of 20% or greater).

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

Oceaneering is a global technology company delivering engineered services and products and robotic solutions to the offshore energy, defense, aerospace, manufacturing, and entertainment industries.

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

- Tables follow -

 

 

 

 

 

 

 

 

 

 

 

OCEANEERING INTERNATIONAL, INC. AND SUBSIDIARIES

 

 

 

 

 

 

 

 

 

 

 

CONDENSED CONSOLIDATED BALANCE SHEETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sep 30, 2023

 

Dec 31, 2022

 

 

 

 

 

 

 

 

(in thousands)

ASSETS

 

 

 

 

 

 

 

 

 

 

Current assets (including cash and cash equivalents of $556,427 and $568,745)

 

 

 

 

 

$

1,458,590

 

 

$

1,297,060

 

Net property and equipment

 

 

 

 

 

 

 

 

421,820

 

 

 

438,449

 

Other assets

 

 

 

 

 

 

 

 

432,039

 

 

 

296,174

 

Total Assets

 

 

 

 

 

 

 

 

 

$

2,312,449

 

 

$

2,031,683

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

$

800,474

 

 

$

568,414

 

Long-term debt

 

 

 

 

 

 

 

 

568,471

 

 

 

700,973

 

Other long-term liabilities

 

 

 

 

 

 

 

 

 

 

371,169

 

 

 

236,492

 

Equity

 

 

 

 

 

 

 

 

572,335

 

 

 

525,804

 

Total Liabilities and Equity

 

 

 

 

 

 

 

 

 

$

2,312,449

 

 

$

2,031,683

 

 

 

 

 

 

 

 

 

 

 

 

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Three Months Ended

 

For the Nine Months Ended

 

 

Sep 30, 2023

 

Sep 30, 2022

 

Jun 30, 2023

 

Sep 30, 2023

 

Sep 30, 2022

 

 

(in thousands, except per share amounts)

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

$

635,180

 

 

$

559,671

 

 

$

597,910

 

 

$

1,770,077

 

 

$

1,529,861

 

Cost of services and products

 

 

520,483

 

 

 

463,917

 

 

 

496,830

 

 

 

1,476,735

 

 

 

1,312,586

 

Gross margin

 

 

114,697

 

 

 

95,754

 

 

 

101,080

 

 

 

293,342

 

 

 

217,275

 

Selling, general and administrative expense

 

 

56,768

 

 

 

48,879

 

 

 

51,881

 

 

 

159,464

 

 

 

148,589

 

Income (loss) from operations

 

 

57,929

 

 

 

46,875

 

 

 

49,199

 

 

 

133,878

 

 

 

68,686

 

Interest income

 

 

3,724

 

 

 

1,396

 

 

 

4,154

 

 

 

12,344

 

 

 

2,959

 

Interest expense

 

 

(9,802

)

 

 

(9,552

)

 

 

(9,517

)

 

 

(28,602

)

 

 

(28,614

)

Equity in income (losses) of unconsolidated affiliates

 

 

498

 

 

 

496

 

 

 

479

 

 

 

1,616

 

 

 

1,108

 

Other income (expense), net

 

 

968

 

 

 

(1,222

)

 

 

(5,846

)

 

 

(4,800

)

 

 

(195

)

Income (loss) before income taxes

 

 

53,317

 

 

 

37,993

 

 

 

38,469

 

 

 

114,436

 

 

 

43,944

 

Provision (benefit) for income taxes

 

 

23,505

 

 

 

19,690

 

 

 

19,467

 

 

 

61,562

 

 

 

41,131

 

Net Income (Loss)

 

$

29,812

 

 

$

18,303

 

 

$

19,002

 

 

$

52,874

 

 

$

2,813

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average diluted shares outstanding

 

 

102,206

 

 

 

101,310

 

 

 

102,004

 

 

 

102,086

 

 

 

101,372

 

Diluted earnings (loss) per share

 

$

0.29

 

 

$

0.18

 

 

$

0.19

 

 

$

0.52

 

 

$

0.03

 

 

 

 

 

 

 

 

 

 

 

 

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 Nine Months Ended

 

 

 

Sep 30, 2023

 

Sep 30, 2022

 

Jun 30, 2023

 

Sep 30, 2023

 

Sep 30, 2022

 

 

($ in thousands)

Subsea Robotics

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

 

$

197,343

 

 

$

169,422

 

 

$

186,512

 

 

$

553,016

 

 

$

454,534

 

Gross margin

 

 

$

60,045

 

 

$

47,552

 

 

$

53,204

 

 

$

157,880

 

 

$

106,514

 

Operating income (loss)

 

 

$

47,818

 

 

$

37,069

 

 

$

42,227

 

 

$

123,699

 

 

$

74,559

 

Operating income (loss) %

 

 

 

24

%

 

 

22

%

 

 

23

%

 

 

22

%

 

 

16

%

ROV days available

 

 

 

23,000

 

 

 

23,000

 

 

 

22,750

 

 

 

68,250

 

 

 

68,250

 

ROV days utilized

 

 

 

15,932

 

 

 

15,408

 

 

 

16,032

 

 

 

46,192

 

 

 

41,881

 

ROV utilization

 

 

 

69

%

 

 

67

%

 

 

70

%

 

 

68

%

 

 

61

%

 

 

 

 

 

 

 

 

 

 

 

 

Manufactured Products

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

 

$

122,877

 

 

$

94,039

 

 

$

124,882

 

 

$

360,698

 

 

$

282,187

 

Gross margin

 

 

$

16,916

 

 

$

12,170

 

 

$

19,020

 

 

$

55,690

 

 

$

31,090

 

Operating income (loss)

 

 

$

8,229

 

 

$

4,282

 

 

$

10,607

 

 

$

30,116

 

 

$

5,560

 

Operating income (loss) %

 

 

 

7

%

 

 

5

%

 

 

8

%

 

 

8

%

 

 

2

%

Backlog at end of period

 

 

$

556,000

 

 

$

365,000

 

 

$

418,000

 

 

$

556,000

 

 

$

365,000

 

 

 

 

 

 

 

 

 

 

 

 

 

Offshore Projects Group

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

 

$

150,273

 

 

$

152,987

 

 

$

130,547

 

 

$

385,127

 

 

$

366,841

 

Gross margin

 

 

$

33,045

 

 

$

27,647

 

 

$

24,602

 

 

$

70,671

 

 

$

60,825

 

Operating income (loss)

 

 

$

26,745

 

 

$

20,310

 

 

$

17,132

 

 

$

49,391

 

 

$

38,511

 

Operating income (loss) %

 

 

 

18

%

 

 

13

%

 

 

13

%

 

 

13

%

 

 

10

%

 

 

 

 

 

 

 

 

 

 

 

 

Integrity Management & Digital Solutions

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

 

$

66,056

 

 

$

58,465

 

 

$

63,166

 

 

$

189,305

 

 

$

174,473

 

Gross margin

 

 

$

9,961

 

 

$

8,371

 

 

$

10,264

 

 

$

29,074

 

 

$

26,792

 

Operating income (loss)

 

 

$

3,242

 

 

$

3,091

 

 

$

3,844

 

 

$

10,168

 

 

$

10,035

 

Operating income (loss) %

 

 

 

5

%

 

 

5

%

 

 

6

%

 

 

5

%

 

 

6

%

 

 

 

 

 

 

 

 

 

 

 

 

Aerospace and Defense Technologies

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

 

$

98,631

 

 

$

84,758

 

 

$

92,803

 

 

$

281,931

 

 

$

251,826

 

Gross margin

 

 

$

20,295

 

 

$

19,431

 

 

$

17,675

 

 

$

53,070

 

 

$

52,045

 

Operating income (loss)

 

 

$

14,140

 

 

$

13,043

 

 

$

11,357

 

 

$

33,993

 

 

$

33,848

 

Operating income (loss) %

 

 

 

14

%

 

 

15

%

 

 

12

%

 

 

12

%

 

 

13

%

 

 

 

 

 

 

 

 

 

 

 

 

Unallocated Expenses

 

 

 

 

 

 

 

 

 

 

 

Gross margin

 

 

$

(25,565

)

 

$

(19,417

)

 

$

(23,685

)

 

$

(73,043

)

 

$

(59,991

)

Operating income (loss)

 

 

$

(42,245

)

 

$

(30,920

)

 

$

(35,968

)

 

$

(113,489

)

 

$

(93,827

)

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

 

$

635,180

 

 

$

559,671

 

 

$

597,910

 

 

$

1,770,077

 

 

$

1,529,861

 

Gross margin

 

 

$

114,697

 

 

$

95,754

 

 

$

101,080

 

 

$

293,342

 

 

$

217,275

 

Operating income (loss)

 

 

$

57,929

 

 

$

46,875

 

 

$

49,199

 

 

$

133,878

 

 

$

68,686

 

Operating income (loss) %

 

 

 

9

%

 

 

8

%

 

 

8

%

 

 

8

%

 

 

4

%

 

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

 

 

 

 

 

 

 

 

 

 

 

 

SELECTED CASH FLOW INFORMATION

 

 

 

 

 

 

 

 

 

 

 

For the Three Months Ended

 

For the Nine Months Ended

 

 

 

Sep 30, 2023

 

Sep 30, 2022

 

Jun 30, 2023

 

Sep 30, 2023

 

Sep 30, 2022

 

 

 

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

Capital Expenditures, including Acquisitions

 

 

$

25,945

 

$

19,280

 

$

22,428

 

$

66,681

 

$

55,094

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and Amortization:

 

 

 

 

 

 

 

 

 

 

 

Energy Services and Products

 

 

 

 

 

 

 

 

 

 

 

Subsea Robotics

 

 

$

12,805

 

$

16,013

 

$

13,356

 

$

41,101

 

$

52,545

Manufactured Products

 

 

 

3,067

 

 

2,939

 

 

3,013

 

 

9,124

 

 

9,031

Offshore Projects Group

 

 

 

6,931

 

 

7,132

 

 

6,976

 

 

21,035

 

 

21,536

Integrity Management & Digital Solutions

 

 

 

909

 

 

1,695

 

 

939

 

 

2,706

 

 

3,759

Total Energy Services and Products

 

 

 

23,712

 

 

27,779

 

 

24,284

 

 

73,966

 

 

86,871

Aerospace and Defense Technologies

 

 

 

600

 

 

671

 

 

632

 

 

1,885

 

 

2,148

Unallocated Expenses

 

 

 

1,284

 

 

1,799

 

 

1,130

 

 

3,612

 

 

4,109

Total Depreciation and Amortization

 

 

$

25,596

 

$

30,249

 

$

26,046

 

$

79,463

 

$

93,128

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

RECONCILIATIONS OF NON-GAAP TO GAAP FINANCIAL INFORMATION

In addition to financial results determined in accordance with U.S. generally accepted accounting principles ("GAAP"), this Press Release also includes non-GAAP financial measures (as defined under certain rules and regulations promulgated by the Securities and Exchange Commission). We have included Adjusted Net Income (Loss) and Diluted Earnings (Loss) per Share, each of which excludes the effects of certain specified items, as set forth in the tables that follow. As a result, these amounts are non-GAAP financial measures. We believe these are useful measures for investors to review because they provide consistent measures of the underlying results of our ongoing business. Furthermore, our management uses these measures as measures of the performance of our operations. We have also included disclosures of Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA), EBITDA Margins, 2023 Adjusted EBITDA Estimates, and Free Cash Flow, as well as the following by segment: EBITDA, EBITDA Margins, Adjusted EBITDA and Adjusted EBITDA Margins. We define EBITDA Margin as EBITDA divided by revenue. Adjusted EBITDA and Adjusted EBITDA Margins and related information by segment exclude the effects of certain specified items, as set forth in the tables that follow. EBITDA and EBITDA Margins, Adjusted EBITDA and Adjusted EBITDA Margins, and related information by segment are each non-GAAP financial measures. We define Free Cash Flow as cash flow provided by operating activities less organic capital expenditures (i.e., purchases of property and equipment other than those in business acquisitions). We have included these disclosures in this press release because EBITDA, EBITDA Margins and Free Cash Flow are widely used by investors for valuation purposes and for comparing our financial performance with the performance of other companies in our industry, and the adjusted amounts thereof provide more consistent measures than the unadjusted amounts. Furthermore, our management uses these measures for purposes of evaluating our financial performance. Our presentation of EBITDA, EBITDA Margins and Free Cash Flow (and the Adjusted amounts thereof) may not be comparable to similarly titled measures other companies report. Non-GAAP financial measures should be viewed in addition to and not as substitutes for our reported operating results, cash flows or any other measure prepared and reported in accordance with GAAP. The tables that follow provide reconciliations of the non-GAAP measures used in this press release to the most directly comparable GAAP measures.

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

 

 

Sep 30, 2023

Sep 30, 2022

Jun 30, 2023

 

 

Net Income (Loss)

 

Diluted EPS

 

Net Income (Loss)

 

Diluted EPS

 

Net Income (Loss)

 

Diluted EPS

 

 

(in thousands, except per share amounts)

 

 

 

 

 

 

 

 

 

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

 

$

29,812

 

 

$

0.29

 

$

18,303

 

 

$

0.18

 

$

19,002

 

 

$

0.19

 

Pre-tax adjustments for the effects of:

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency (gains) losses

 

 

(944

)

 

 

 

 

1,145

 

 

 

 

 

4,845

 

 

 

 

Total pre-tax adjustments

 

 

(944

)

 

 

 

 

1,145

 

 

 

 

 

4,845

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

615

 

 

 

 

 

(174

)

 

 

 

 

(2,387

)

 

 

 

Discrete tax items:

 

 

 

 

 

 

 

 

 

 

 

 

 

Share-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

(3

)

 

 

 

Uncertain tax positions

 

 

13,076

 

 

 

 

 

1,813

 

 

 

 

 

4,312

 

 

 

 

Valuation allowances

 

 

9,353

 

 

 

 

 

452

 

 

 

 

 

(8,678

)

 

 

 

Other

 

 

(13,430

)

 

 

 

 

2,162

 

 

 

 

 

1,563

 

 

 

 

Total discrete tax adjustments

 

 

8,999

 

 

 

 

 

4,427

 

 

 

 

 

(2,806

)

 

 

 

Total of adjustments

 

 

8,670

 

 

 

 

 

5,398

 

 

 

 

 

(348

)

 

 

 

Adjusted Net Income (Loss)

 

$

38,482

 

 

$

0.38

 

$

23,701

 

 

$

0.23

 

$

18,654

 

 

$

0.18

 

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

 

 

 

 

102,206

 

 

 

 

101,310

 

 

 

 

102,004

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Nine Months Ended

 

 

 

Sep 30, 2023

Sep 30, 2022

 

 

 

 

 

 

Net Income (Loss)

 

Diluted EPS

 

Net Income (Loss)

 

Diluted EPS

 

 

 

 

 

 

(in thousands, except per share amounts)

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

$

52,874

 

 

$

0.52

 

$

2,813

 

 

$

0.03

 

Pre-tax adjustments for the effects of:

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency (gains) losses

 

 

 

 

 

 

3,634

 

 

 

 

 

(189

)

 

 

 

Total pre-tax adjustments

 

 

 

 

 

 

3,634

 

 

 

 

 

(189

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

(1,688

)

 

 

 

 

58

 

 

 

 

Discrete tax items:

 

 

 

 

 

 

 

 

 

 

 

 

 

Share-based compensation

 

 

 

 

 

 

(1,370

)

 

 

 

 

137

 

 

 

 

Uncertain tax positions

 

 

 

 

 

 

17,477

 

 

 

 

 

588

 

 

 

 

Valuation allowances

 

 

 

 

 

 

4,251

 

 

 

 

 

18,798

 

 

 

 

Other

 

 

 

 

 

 

(12,660

)

 

 

 

 

2,529

 

 

 

 

Total discrete tax adjustments

 

 

 

 

 

 

7,698

 

 

 

 

 

22,052

 

 

 

 

Total of adjustments

 

 

 

 

 

 

9,644

 

 

 

 

 

21,921

 

 

 

 

Adjusted Net Income (Loss)

 

 

 

 

 

$

62,518

 

 

$

0.61

 

$

24,734

 

 

$

0.24

 

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

 

 

 

 

 

 

 

 

102,086

 

 

 

 

101,372

 

 

 

 

 

 

 

 

 

 

 

 

EBITDA and Adjusted EBITDA and Margins

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Three Months Ended

 

For the Nine Months Ended

 

 

Sep 30, 2023

 

Sep 30, 2022

 

Jun 30, 2023

 

Sep 30, 2023

 

Sep 30, 2022

 

 

($ in thousands)

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

29,812

 

 

$

18,303

 

 

$

19,002

 

 

$

52,874

 

 

$

2,813

 

Depreciation and amortization

 

 

25,596

 

 

 

30,249

 

 

 

26,046

 

 

 

79,463

 

 

 

93,128

 

Subtotal

 

 

55,408

 

 

 

48,552

 

 

 

45,048

 

 

 

132,337

 

 

 

95,941

 

Interest expense, net of interest income

 

 

6,078

 

 

 

8,156

 

 

 

5,363

 

 

 

16,258

 

 

 

25,655

 

Amortization included in interest expense

 

 

51

 

 

 

39

 

 

 

37

 

 

 

114

 

 

 

73

 

Provision (benefit) for income taxes

 

 

23,505

 

 

 

19,690

 

 

 

19,467

 

 

 

61,562

 

 

 

41,131

 

EBITDA

 

 

85,042

 

 

 

76,437

 

 

 

69,915

 

 

 

210,271

 

 

 

162,800

 

Adjustments for the effects of:

 

 

 

 

 

 

 

 

 

 

Foreign currency (gains) losses

 

 

(944

)

 

 

1,145

 

 

 

4,845

 

 

 

3,634

 

 

 

(189

)

Total of adjustments

 

 

(944

)

 

 

1,145

 

 

 

4,845

 

 

 

3,634

 

 

 

(189

)

Adjusted EBITDA

 

$

84,098

 

 

$

77,582

 

 

$

74,760

 

 

$

213,905

 

 

$

162,611

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

$

635,180

 

 

$

559,671

 

 

$

597,910

 

 

$

1,770,077

 

 

$

1,529,861

 

 

 

 

 

 

 

 

 

 

 

 

EBITDA margin %

 

 

13

%

 

 

14

%

 

 

12

%

 

 

12

%

 

 

11

%

Adjusted EBITDA margin %

 

 

13

%

 

 

14

%

 

 

13

%

 

 

12

%

 

 

11

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Free Cash Flow

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Three Months Ended

 

For the Nine Months Ended

 

 

Sep 30, 2023

 

Sep 30, 2022

 

Jun 30, 2023

 

Sep 30, 2023

 

Sep 30, 2022

 

 

(in thousands)

Net Income (loss)

 

$

29,812

 

 

$

18,303

 

 

$

19,002

 

 

$

52,874

 

 

$

2,813

 

Non-cash adjustments:

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

25,596

 

 

 

30,249

 

 

 

26,046

 

 

 

79,463

 

 

 

93,128

 

Other non-cash

 

 

6,381

 

 

 

4,171

 

 

 

2,923

 

 

 

9,116

 

 

 

5,551

 

Other increases (decreases) in cash from operating activities

 

 

17,819

 

 

 

33,176

 

 

 

(27,520

)

 

 

(84,313

)

 

 

(140,075

)

Cash flow provided by (used in) operating activities

 

 

79,608

 

 

 

85,899

 

 

 

20,451

 

 

 

57,140

 

 

 

(38,583

)

Purchases of property and equipment

 

 

(25,945

)

 

 

(19,280

)

 

 

(22,428

)

 

 

(66,681

)

 

 

(55,094

)

Free Cash Flow

 

$

53,663

 

 

$

66,619

 

 

$

(1,977

)

 

$

(9,541

)

 

$

(93,677

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2023 Adjusted EBITDA Estimates

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Year Ending

 

 

 

 

 

 

 

 

December 31, 2023

 

 

 

 

 

 

 

 

Low

 

High

 

 

 

 

 

 

 

 

(in thousands)

Income (loss) before income taxes

 

 

 

 

 

 

 

$

150,000

 

 

$

160,000

 

Depreciation and amortization

 

 

 

 

 

 

 

 

105,000

 

 

 

115,000

 

Subtotal

 

 

 

 

 

 

 

 

255,000

 

 

 

275,000

 

Interest expense, net of interest income

 

 

 

 

 

 

 

 

20,000

 

 

 

20,000

 

Adjusted EBITDA

 

 

 

 

 

 

 

$

275,000

 

 

$

295,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2023 Free Cash Flow Estimate

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Year Ending

 

 

 

 

 

 

 

 

December 31, 2023

 

 

 

 

 

 

 

 

Low

 

High

 

 

 

 

 

 

 

 

(in thousands)

Net income (loss)

 

 

 

 

 

 

 

$

75,000

 

 

$

90,000

 

Depreciation and amortization

 

 

 

 

 

 

 

 

105,000

 

 

 

115,000

 

Other increases (decreases) in cash from operating activities

 

 

 

 

 

 

5,000

 

 

30,000

 

Cash flow provided by (used in) operating activities

 

 

 

 

 

 

185,000

 

 

 

235,000

 

Purchases of property and equipment

 

 

 

 

 

 

 

 

(95,000

)

 

 

(105,000

)

Free Cash Flow

 

 

 

 

 

 

 

$

90,000

 

 

$

130,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2024 Adjusted EBITDA Estimates

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Year Ending

 

 

 

 

 

 

 

 

December 31, 2024

 

 

 

 

 

 

 

 

Low

 

High

 

 

 

 

 

 

 

 

(in thousands)

Income (loss) before income taxes

 

 

 

 

 

 

 

$

215,000

 

 

$

245,000

 

Depreciation and amortization

 

 

 

 

 

 

 

 

105,000

 

 

 

120,000

 

Subtotal

 

 

 

 

 

 

 

 

320,000

 

 

 

365,000

 

Interest expense, net of interest income

 

 

 

 

 

 

 

 

10,000

 

 

 

15,000

 

Adjusted EBITDA

 

 

 

 

 

 

 

$

330,000

 

 

$

380,000

 

 

 

 

 

 

 

 

 

 

 

EBITDA and Adjusted EBITDA and Margins by Segment

 

 

 

For the Three Months Ended September 30, 2023

 

 

SSR

 

MP

 

OPG

 

IMDS

 

ADTech

 

Unallocated

Expenses

and other

 

Total

 

 

($ in thousands)

Operating Income (Loss) as reported in accordance with GAAP

 

$

47,818

 

 

$

8,229

 

 

$

26,745

 

 

$

3,242

 

 

$

14,140

 

 

$

(42,245

)

 

$

57,929

 

Adjustments for the effects of:

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

12,805

 

 

 

3,067

 

 

 

6,931

 

 

 

909

 

 

 

600

 

 

 

1,284

 

 

 

25,596

 

Other pre-tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,517

 

 

 

1,517

 

EBITDA

 

 

60,623

 

 

 

11,296

 

 

 

33,676

 

 

 

4,151

 

 

 

14,740

 

 

 

(39,444

)

 

 

85,042

 

Adjustments for the effects of:

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency (gains) losses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(944

)

 

 

(944

)

Total of adjustments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(944

)

 

 

(944

)

Adjusted EBITDA

 

$

60,623

 

 

$

11,296

 

 

$

33,676

 

 

$

4,151

 

 

$

14,740

 

 

$

(40,388

)

 

$

84,098

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

$

197,343

 

 

$

122,877

 

 

$

150,273

 

 

$

66,056

 

 

$

98,631

 

 

 

 

$

635,180

 

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

 

 

24

%

 

 

7

%

 

 

18

%

 

 

5

%

 

 

14

%

 

 

 

 

9

%

EBITDA Margin

 

 

31

%

 

 

9

%

 

 

22

%

 

 

6

%

 

 

15

%

 

 

 

 

13

%

Adjusted EBITDA Margin

 

 

31

%

 

 

9

%

 

 

22

%

 

 

6

%

 

 

15

%

 

 

 

 

13

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Three Months Ended September 30, 2022

 

 

SSR

 

MP

 

OPG

 

IMDS

 

ADTech

 

Unallocated

Expenses

and other

 

Total

 

 

($ in thousands)

Operating Income (Loss) as reported in accordance with GAAP

 

$

37,069

 

 

$

4,282

 

 

$

20,310

 

 

$

3,091

 

 

$

13,043

 

 

$

(30,920

)

 

$

46,875

 

Adjustments for the effects of:

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

16,013

 

 

 

2,939

 

 

 

7,132

 

 

 

1,695

 

 

 

671

 

 

 

1,799

 

 

 

30,249

 

Other pre-tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(687

)

 

 

(687

)

EBITDA

 

 

53,082

 

 

 

7,221

 

 

 

27,442

 

 

 

4,786

 

 

 

13,714

 

 

 

(29,808

)

 

 

76,437

 

Adjustments for the effects of:

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency (gains) losses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,145

 

 

 

1,145

 

Total of adjustments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,145

 

 

 

1,145

 

Adjusted EBITDA

 

$

53,082

 

 

$

7,221

 

 

$

27,442

 

 

$

4,786

 

 

$

13,714

 

 

$

(28,663

)

 

$

77,582

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

$

169,422

 

 

$

94,039

 

 

$

152,987

 

 

$

58,465

 

 

$

84,758

 

 

 

 

$

559,671

 

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

 

 

22

%

 

 

5

%

 

 

13

%

 

 

5

%

 

 

15

%

 

 

 

 

8

%

EBITDA Margin

 

 

31

%

 

 

8

%

 

 

18

%

 

 

8

%

 

 

16

%

 

 

 

 

14

%

Adjusted EBITDA Margin

 

 

31

%

 

 

8

%

 

 

18

%

 

 

8

%

 

 

16

%

 

 

 

 

14

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Three Months Ended June 30, 2023

 

 

SSR

 

MP

 

OPG

 

IMDS

 

ADTech

 

Unallocated

Expenses

and other

 

Total

 

 

($ in thousands)

Operating Income (Loss) as reported in accordance with GAAP

 

$

42,227

 

 

$

10,607

 

 

$

17,132

 

 

$

3,844

 

 

$

11,357

 

 

$

(35,968

)

 

$

49,199

 

Adjustments for the effects of:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

13,356

 

 

 

3,013

 

 

 

6,976

 

 

 

939

 

 

 

632

 

 

 

1,130

 

 

 

26,046

 

Other pre-tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(5,330

)

 

 

(5,330

)

EBITDA

 

 

55,583

 

 

 

13,620

 

 

 

24,108

 

 

 

4,783

 

 

 

11,989

 

 

 

(40,168

)

 

 

69,915

 

Adjustments for the effects of:

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency (gains) losses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,845

 

 

 

4,845

 

Total of adjustments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,845

 

 

 

4,845

 

Adjusted EBITDA

 

$

55,583

 

 

$

13,620

 

 

$

24,108

 

 

$

4,783

 

 

$

11,989

 

 

$

(35,323

)

 

$

74,760

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

$

186,512

 

 

$

124,882

 

 

$

130,547

 

 

$

63,166

 

 

$

92,803

 

 

 

 

$

597,910

 

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

 

 

23

%

 

 

8

%

 

 

13

%

 

 

6

%

 

 

12

%

 

 

 

 

8

%

EBITDA Margin

 

 

30

%

 

 

11

%

 

 

18

%

 

 

8

%

 

 

13

%

 

 

 

 

12

%

Adjusted EBITDA Margin

 

 

30

%

 

 

11

%

 

 

18

%

 

 

8

%

 

 

13

%

 

 

 

 

13

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EBITDA and Adjusted EBITDA and Margins by Segment

 

 

 

For the Nine Months Ended September 30, 2023

 

 

SSR

 

MP

 

OPG

 

IMDS

 

ADTech

 

Unallocated

Expenses

and other

 

Total

 

 

($ in thousands)

Operating Income (Loss) as reported in accordance with GAAP

 

$

123,699

 

 

$

30,116

 

 

$

49,391

 

 

$

10,168

 

 

$

33,993

 

 

$

(113,489

)

 

$

133,878

 

Adjustments for the effects of:

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

41,101

 

 

 

9,124

 

 

 

21,035

 

 

 

2,706

 

 

 

1,885

 

 

 

3,612

 

 

 

79,463

 

Other pre-tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3,070

)

 

 

(3,070

)

EBITDA

 

 

164,800

 

 

 

39,240

 

 

 

70,426

 

 

 

12,874

 

 

 

35,878

 

 

 

(112,947

)

 

 

210,271

 

Adjustments for the effects of:

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency (gains) losses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,634

 

 

 

3,634

 

Total of adjustments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,634

 

 

 

3,634

 

Adjusted EBITDA

 

$

164,800

 

 

$

39,240

 

 

$

70,426

 

 

$

12,874

 

 

$

35,878

 

 

$

(109,313

)

 

$

213,905

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

$

553,016

 

 

$

360,698

 

 

$

385,127

 

 

$

189,305

 

 

$

281,931

 

 

 

 

$

1,770,077

 

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

 

 

22

%

 

 

8

%

 

 

13

%

 

 

5

%

 

 

12

%

 

 

 

 

8

%

EBITDA Margin

 

 

30

%

 

 

11

%

 

 

18

%

 

 

7

%

 

 

13

%

 

 

 

 

12

%

Adjusted EBITDA Margin

 

 

30

%

 

 

11

%

 

 

18

%

 

 

7

%

 

 

13

%

 

 

 

 

12

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Nine Months Ended September 30, 2022

 

 

SSR

 

MP

 

OPG

 

IMDS

 

ADTech

 

Unallocated

Expenses

and other

 

Total

 

 

($ in thousands)

Operating Income (Loss) as reported in accordance with GAAP

 

$

74,559

 

 

$

5,560

 

 

$

38,511

 

 

$

10,035

 

 

$

33,848

 

 

$

(93,827

)

 

$

68,686

 

Adjustments for the effects of:

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

52,545

 

 

 

9,031

 

 

 

21,536

 

 

 

3,759

 

 

 

2,148

 

 

 

4,109

 

 

 

93,128

 

Other pre-tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

986

 

 

 

986

 

EBITDA

 

 

127,104

 

 

 

14,591

 

 

 

60,047

 

 

 

13,794

 

 

 

35,996

 

 

 

(88,732

)

 

 

162,800

 

Adjustments for the effects of:

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency (gains) losses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(189

)

 

 

(189

)

Total of adjustments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(189

)

 

 

(189

)

Adjusted EBITDA

 

$

127,104

 

 

$

14,591

 

 

$

60,047

 

 

$

13,794

 

 

$

35,996

 

 

$

(88,921

)

 

$

162,611

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

$

454,534

 

 

$

282,187

 

 

$

366,841

 

 

$

174,473

 

 

$

251,826

 

 

 

 

$

1,529,861

 

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

 

 

16

%

 

 

2

%

 

 

10

%

 

 

6

%

 

 

13

%

 

 

 

 

4

%

EBITDA Margin

 

 

28

%

 

 

5

%

 

 

16

%

 

 

8

%

 

 

14

%

 

 

 

 

11

%

Adjusted EBITDA Margin

 

 

28

%

 

 

5

%

 

 

16

%

 

 

8

%

 

 

14

%

 

 

 

 

11

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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