Oceaneering International(OII) - 2025 Q1 - Quarterly Results

Financial Performance - Oceaneering reported Q1 2025 revenue of $675 million, a 13% increase year over year, with operating income of$ 73.5 million, a 100% increase year over year[6]. - Adjusted EBITDA for Q1 2025 was $96.7 million, reflecting a 57% increase year over year, exceeding guidance and consensus estimates[4]. - Net income for Q1 2025 reached$ 50.4 million, a 233% increase compared to the same quarter last year[6]. - Total revenue for the three months ended March 31, 2025, was $674,523,000, an increase of 12.6% compared to$ 599,092,000 for the same period in 2024[21]. - Operating income for the same period was $73,472,000, representing an operating income margin of 11%, up from 6% in the prior year[21]. - Adjusted Net Income for Q1 2025 was$ 44,017,000, with a diluted EPS of $0.43, compared to$ 13,888,000 and $0.14 in Q1 2024[28]. - EBITDA for Q1 2025 was$ 97,701,000, with an EBITDA margin of 14%, compared to 11% in Q1 2024[29]. - The company has shown consistent growth in EBITDA margins across various segments, indicating strong operational efficiency[38]. Segment Performance - The Aerospace and Defense Technologies segment secured the largest initial contract in Oceaneering's history, contributing to the 2025 growth outlook[4]. - The Subsea Robotics segment's operating income improved by 35% to $59.6 million, with an EBITDA margin expansion of 413 basis points to 35%[7]. - Subsea Robotics segment revenue increased to$ 205,976,000, a rise of 10.2% from $186,932,000 year-over-year[21]. - The Offshore Projects Group (OPG) reported operating income of$ 35.7 million, with revenue increasing to $165 million and an operating income margin of 22%[12]. - The Offshore Projects Group reported revenue of$ 164,941,000, significantly up from $115,054,000, marking a 43.5% increase[21]. Cash Flow and Guidance - Cash flow used in operating activities was$ (80.7) million, with a free cash flow of $(107) million, and an ending cash position of$ 382 million[6]. - Free Cash Flow for the three months ended March 31, 2025, was $(106,806,000), a decrease from$ (95,235,000) in the same period last year[31]. - Full-year 2025 EBITDA guidance is reiterated at $380 million to$ 430 million, with a book-to-bill ratio for Manufactured Products expected between 0.9 and 1.0[5]. - For Q2 2025, consolidated revenue is expected to increase, with EBITDA projected in the range of $95 million to$ 105 million[9]. - For the year ending December 31, 2025, consolidated EBITDA is expected to range from $380,000 to$ 430,000 thousand[33]. - The estimated free cash flow for the year ending December 31, 2025, is projected to be between $110,000 and$ 130,000 thousand[35]. - For the year ending December 31, 2025, net income is anticipated to be between $160,000 and$ 190,000 thousand[35]. Operational Metrics - ROV utilization rate improved to 67% in Q1 2025, up from 64% in the same quarter last year[21]. - Unallocated expenses for the quarter were $44.6 million, consistent with guidance[12]. - Capital expenditures for the period totaled$ 27,815,000, slightly higher than $25,518,000 in Q1 2024[24]. - The backlog at the end of the period was$ 543,000,000, down from $597,000,000 in Q1 2024[21].