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Oceaneering Reports Second Quarter 2025 Results

HOUSTON, July 23, 2025 – Oceaneering International, Inc. ("Oceaneering") (NYSE:OII) today reported second quarter 2025 results.

•As compared to the second quarter of 2024:
◦Revenue increased 4% to $698 million;
◦Operating income increased 31% to $79.2 million;
◦Net income increased 56% to $54.4 million; and
◦Adjusted EBITDA increased 20% to $103 million.
•Cash flow provided by operating activities was $77.2 million and free cash flow was $46.9 million, with an ending cash position of $434 million.
•Shares repurchased were 471,759 for approximately $10.0 million.

Rod Larson, Oceaneering's President and Chief Executive Officer, stated, "I am pleased to report another strong quarter, in which we delivered the considerable quarterly year-over-year increases noted above. We achieved these results through commencement of recent contract awards in Aerospace and Defense Technologies (ADTech), favorable service mix and strong execution in our Offshore Projects Group (OPG), conversion of higher margin backlog in Manufactured Products, and continued progression of remotely operated vehicle (ROV) day rates. As expected, all of our operating segments produced quarterly year-over-year improvements in revenue, operating income, and operating income margin."

Second Quarter 2025 Segment Results

As compared to the second quarter of 2024:

•Subsea Robotics (SSR) operating income improved 4% to $64.5 million on a 2% increase in revenue. EBITDA margin expanded slightly to 35% on improved ROV revenue per day utilized, which increased to $11,265. ROV fleet utilization was 67%.
•Manufactured Products operating income of $18.8 million improved 31% on a 4% increase in revenue, with operating income margin expanding to 13%. Backlog was $516 million on June 30, 2025. The book-to-bill ratio was 0.65 for the 12-month period ending on June 30, 2025.
•OPG operating income increased 64% to $21.7 million on a 4% increase in revenue. Operating income margin improved to 15%.
•Integrity Management and Digital Solutions (IMDS) operating income increased 34% to $4.6 million and operating income margin improved to 6% on relatively flat revenue.
•ADTech operating income of $16.3 million represented an increase of 125% on a 13% increase in revenue. Operating income margin expanded to 15%.
•At the corporate level, Unallocated Expenses were $46.7 million.

Third Quarter 2025 Guidance

As compared to the third quarter of 2024, consolidated third quarter 2025 revenue is expected to increase and consolidated EBITDA is forecasted to be in the range of $100 million to $110 million.

At the segment level, for the third quarter of 2025, as compared to the third quarter of 2024:

•SSR revenue and operating profitability are expected to increase.
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•Manufactured Products operating profitability is projected to increase significantly on increased revenue.
•OPG operating profitability is expected to decrease on relatively flat revenue.
•IMDS operating profitability is projected to increase significantly on relatively flat revenue.
•ADTech revenue and operating profitability are forecasted to increase significantly.
•Unallocated Expenses are expected to be in the $45 million to $50 million range.

Updated 2025 Guidance

Full-year 2025 consolidated and segment guidance remains the same except as follows:

•Consolidated revenue is expected to grow in the mid-single digit percent range;
•Consolidated adjusted EBITDA is expected to be in the range of $390 million to $420 million;
•SSR revenue is expected to grow in the mid-single digit percent range due to lower than expected contributions from our Survey business;
•ROV fleet utilization is expected to be in the mid- to high-60 percent range; and
•IMDS operating income margin is expected to be in the mid-single digit percent range.

Non-GAAP Financial Measures

Adjusted net income (loss) and earnings (loss) per share; EBITDA and adjusted EBITDA on a consolidated and on a segment basis (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, 2025 Consolidated EBITDA Estimates, 2025 Free Cash Flow Estimate, 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.

Conference Call Details

Oceaneering has scheduled a conference call and webcast on Thursday, July 24, 2025 at 10:00 a.m. Central Time, to discuss its results for the second quarter of 2025 and guidance for the third quarter and full year of 2025. Interested parties may listen to the call through a webcast link posted in the Investor Relations section of Oceaneering's website. A replay of the conference call will be made available on the website approximately two hours following the conclusion of the live call.

Forward-Looking Statements

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 2025 guidance range for consolidated revenue, consolidated adjusted EBITDA, SSR revenue and expected results of the Survey business, ROV fleet utilization, and IMDS operating income margin; third quarter 2025 guidance for consolidated revenue, consolidated EBITDA, revenue and operating profitability by segment, and Unallocated Expenses; and the characterization, whether positive or otherwise, of market fundamentals, conditions, and dynamics, robotics markets, offshore energy activity levels (including by geographic location), pricing levels, day rates, ROV days utilized, average ROV revenue per day utilized, vessel utilization, growth, bidding activity, outlook, performance, opportunities, and future financials, including as increasing, favorable, positive, encouraging, improving, seasonal, strong, supportive, robust, meaningful, considerable, healthy, or significant (which is used herein to indicate a change of 20% or greater).

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The forward-looking statements included in this release are based on Oceaneering's 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. 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; the indirect consequences of climate change and climate-related business trends; 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 and uncertainty, including those related to tariffs and retaliatory tariffs; the strength of the industry segments in which we are involved; cancellations of contracts, customer contract disputes, 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 data privacy and security laws, regulations, and standards; 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.

About Oceaneering

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

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

Contact:
investorrelations@oceaneering.com

Hilary Frisbie
Senior Director, Investor Relations
Oceaneering International, Inc.
713-329-4755
- Tables follow on next page -
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OCEANEERING INTERNATIONAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
Jun 30, 2025Dec 31, 2024
(in thousands)
ASSETS
Current assets (including cash and cash equivalents of $434,048 and $497,516)
$1,392,707 $1,387,896 
Net property and equipment445,667 420,098 
Other assets489,208 528,353 
Total Assets$2,327,582 $2,336,347 
LIABILITIES AND EQUITY
Current liabilities$696,863 $796,938 
Long-term debt484,648 482,009 
Other long-term liabilities297,947 337,078 
Equity848,124 720,322 
Total Liabilities and Equity$2,327,582 $2,336,347 
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
For the Three Months EndedFor the Six Months Ended
Jun 30, 2025Jun 30, 2024Mar 31, 2025Jun 30, 2025Jun 30, 2024
(in thousands, except per share amounts)
Revenue$698,161 $668,808 $674,523 $1,372,684 $1,267,900 
Cost of services and products549,734 548,597 539,512 1,089,246 1,055,305 
Gross margin148,427 120,211 135,011 283,438 212,595 
Selling, general and administrative expense69,238 59,847 61,539 130,777 115,538 
Operating income (loss)79,189 60,364 73,472 152,661 97,057 
Interest income3,017 2,402 3,644 6,661 5,442 
Interest expense, net of amounts capitalized(9,472)(9,516)(9,075)(18,547)(18,720)
Equity in income (losses) of unconsolidated affiliates311 295 362 673 464 
Other income (expense), net5,371 1,759 975 6,346 3,239 
Income (loss) before income taxes78,416 55,304 69,378 147,794 87,482 
Provision (benefit) for income taxes 23,974 20,307 19,001 42,975 37,350 
Net Income (Loss)$54,442 $34,997 $50,377 $104,819 $50,132 
Weighted average diluted shares outstanding101,372 102,472 101,903 101,636 102,361 
Diluted earnings (loss) per share$0.54 $0.34 $0.49 $1.03 $0.49 
The above Condensed Consolidated Balance Sheets and Condensed Consolidated Statements of Operations should be read in conjunction with the Company's latest Annual Report on Form 10-K and Quarterly Report on Form 10-Q.
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SEGMENT INFORMATION
For the Three Months EndedFor the Six Months Ended
Jun 30, 2025Jun 30, 2024Mar 31, 2025Jun 30, 2025Jun 30, 2024
($ in thousands)
Subsea Robotics
Revenue$218,786 $214,985 $205,976 $424,762 $401,917 
Operating income (loss)$64,505 $61,750 $59,632 $124,137 $105,987 
Operating income (loss) %29 %29 %29 %29 %26 %
ROV days available22,750 22,750 22,500 45,250 45,500 
ROV days utilized15,289 15,839 15,093 30,382 30,375 
ROV utilization67 %70 %67 %67 %67 %
Manufactured Products
Revenue$145,134 $139,314 $135,037 $280,171 $268,767 
Operating income (loss)$18,772 $14,369 $8,667 $27,439 $27,559 
Operating income (loss) %13 %10 %6 %10 %10 %
Backlog at end of period$516,000 $713,000 $543,000 $516,000 $713,000 
Offshore Projects Group
Revenue$149,281 $144,058 $164,941 $314,222 $259,112 
Operating income (loss)$21,663 $13,248 $35,666 $57,329 $14,092 
Operating income (loss) %15 %9 %22 %18 %5 %
Integrity Management & Digital Solutions
Revenue$75,367 $73,492 $71,418 $146,785 $143,182 
Operating income (loss)$4,647 $3,473 $3,462 $8,109 $7,088 
Operating income (loss) %6 %5 %5 %6 %5 %
Aerospace and Defense Technologies
Revenue$109,593 $96,959 $97,151 $206,744 $194,922 
Operating income (loss)$16,299 $7,244 $10,665 $26,964 $20,052 
Operating income (loss) %15 %7 %11 %13 %10 %
Unallocated Expenses
Operating income (loss)$(46,697)$(39,720)$(44,620)$(91,317)$(77,721)
Total
Revenue$698,161 $668,808 $674,523 $1,372,684 $1,267,900 
Operating income (loss)$79,189 $60,364 $73,472 $152,661 $97,057 
Operating income (loss) %11 %9 %11 %11 %8 %
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.
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SELECTED CASH FLOW INFORMATION
For the Three Months EndedFor the Six Months Ended
Jun 30, 2025Jun 30, 2024Mar 31, 2025Jun 30, 2025Jun 30, 2024
(in thousands)
Purchases of property and equipment$30,272 $22,858 $26,088 $56,360 $48,376 
Capitalized cloud-based service contract costs2,536 — 1,727 4,263 $— 
Total Capital Expenditures$32,808 $22,858 $27,815 $60,623 $48,376 
Depreciation and Amortization:
Energy Services and Products
Subsea Robotics$12,385 $11,981 $11,736 $24,121 $24,791 
Manufactured Products2,741 3,237 2,650 5,391 6,412 
Offshore Projects Group4,663 5,584 4,689 9,352 12,019 
Integrity Management & Digital Solutions1,839 1,803 1,730 3,569 3,062 
Total Energy Services and Products21,628 22,605 20,805 42,433 46,284 
Aerospace and Defense Technologies900 616 833 1,733 1,219 
Unallocated Expenses2,872 2,759 2,810 5,682 5,535 
 Total Depreciation and Amortization$25,400 $25,980 $24,448 $49,848 $53,038 
 
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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 (EPS), 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, 2024 consolidated adjusted EBITDA and free cash flow, and 2025 consolidated EBITDA and free cash flow estimates, 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. Due to the forward-looking nature of EBITDA for the third quarter of 2025 and for the full year of 2025, we cannot reliably predict certain of the necessary line items for the reconciliations to net income and, accordingly, have excluded such line items in the reconciliation. 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 that 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.
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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, 2025Jun 30, 2024Mar 31, 2025
Net Income (Loss)Diluted EPSNet Income (Loss)Diluted EPSNet Income (Loss)Diluted EPS
(in thousands, except per share amounts)
Net income (loss) and diluted EPS as reported in accordance with GAAP$54,442 $0.54 $34,997 $0.34 $50,377 $0.49 
Pre-tax adjustments for the effects of:
Foreign currency (gains) losses(5,430)(1,034)(1,050)
Total pre-tax adjustments(5,430)(1,034)(1,050)
Tax effect on pre-tax adjustments at the applicable jurisdictional statutory rate in effect for respective periods5,452 70 685 
Discrete tax items:
    Share-based compensation(2)(48)(1,103)
    Uncertain tax positions(9)1,706 (2,411)
    Valuation allowances(2,453)520 (3,261)
    Other(2,209)(7,645)780 
Total discrete tax adjustments(4,673)(5,467)(5,995)
Total of adjustments(4,651)(6,431)(6,360)
Adjusted Net Income (Loss)$49,791 $0.49 $28,566 $0.28 $44,017 $0.43 
Weighted average diluted shares outstanding utilized for Adjusted Net Income (Loss)101,372 102,472 101,903 
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RECONCILIATIONS OF NON-GAAP TO GAAP FINANCIAL INFORMATION
(continued)
Adjusted Net Income (Loss) and Diluted Earnings (Loss) per Share (EPS)
For the Six Months Ended
 Jun 30, 2025Jun 30, 2024
  Net Income (Loss)Diluted EPSNet Income (Loss)Diluted EPS
(in thousands, except per share amounts)
Net income (loss) and diluted EPS as reported in accordance with GAAP  $104,819 $1.03 $50,132 $0.49 
Pre-tax adjustments for the effects of:
Foreign currency (gains) losses (6,480)(3,231)
Total pre-tax adjustments (6,480)(3,231)
Tax effect on pre-tax adjustments at the applicable jurisdictional statutory rate in effect for respective periods 6,137 860 
Discrete tax items:
Share-based compensation (1,105)(1,974)
Uncertain tax positions (2,420)1,557 
Valuation allowances (5,714)5,091 
Other (1,429)(9,981)
Total discrete tax adjustments (10,668)(5,307)
Total of adjustments (11,011)(7,678)
Adjusted Net Income (Loss)  $93,808 $0.92 $42,454 $0.41 
Weighted average diluted shares outstanding utilized for Adjusted Net Income (Loss)  101,636 102,361 




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RECONCILIATIONS OF NON-GAAP TO GAAP FINANCIAL INFORMATION
(continued)
EBITDA and Adjusted EBITDA and Margins
For the Three Months EndedFor the Six Months Ended
Jun 30, 2025Jun 30, 2024Mar 31, 2025Jun 30, 2025Jun 30, 2024
($ in thousands)
 
Net income (loss)$54,442 $34,997 $50,377 $104,819 $50,132 
Depreciation and amortization25,400 25,980  24,448  49,848 53,038 
Subtotal79,842 60,977 74,825 154,667 103,170 
Interest expense, net of interest income6,455 7,114 5,431 11,886 13,278 
Amortization included in interest expense(1,590)(1,504)(1,556)(3,146)(2,983)
Provision (benefit) for income taxes 23,974 20,307 19,001 42,975 37,350 
EBITDA108,681 86,894 97,701 206,382 150,815 
Adjustments for the effects of:
Foreign currency (gains) losses(5,430)(1,034)(1,050)(6,480) (3,231)
Total of adjustments(5,430)(1,034)(1,050)(6,480)(3,231)
Adjusted EBITDA$103,251 $85,860 $96,651 $199,902 $147,584 
Revenue$698,161 $668,808 $674,523 $1,372,684 $1,267,900 
EBITDA margin %16 %13 %14 %15 %12 %
Adjusted EBITDA margin %15 %13 %14 %15 %12 %



Free Cash Flow
For the Three Months EndedFor the Six Months Ended
Jun 30, 2025Jun 30, 2024Mar 31, 2025Jun 30, 2025Jun 30, 2024
(in thousands)
Net Income (loss)$54,442 $34,997 $50,377 $104,819 $50,132 
Non-cash adjustments:
Depreciation and amortization25,400 25,980 24,448 49,848 53,038 
Other non-cash 5,671 1,744 14,429 20,100 4,426 
Other increases (decreases) in cash from operating activities(8,326)(10,098)(169,972)(178,298)(124,690)
Cash flow provided by (used in) operating activities77,187 52,623 (80,718)(3,531)(17,094)
Purchases of property and equipment(30,272)(22,858)(26,088)(56,360)(48,376)
Free Cash Flow$46,915 $29,765 $(106,806)$(59,891)$(65,470)
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RECONCILIATIONS OF NON-GAAP TO GAAP FINANCIAL INFORMATION
(continued)
2025 Consolidated EBITDA Estimates
For the Three Months Ending
September 30, 2025
LowHigh
(in thousands)
Income (loss) before income taxes$69,000 $77,000 
Depreciation and amortization25,000 26,000 
Subtotal94,000 103,000 
Interest expense, net of interest income6,000 7,000 
Consolidated EBITDA$100,000 $110,000 
  
For the Year Ending
December 31, 2025
LowHigh
(in thousands)
Income (loss) before income taxes$268,000 $292,000 
Depreciation and amortization98,000 102,000 
Subtotal366,000 394,000 
Interest expense, net of interest income24,000 26,000 
Consolidated adjusted EBITDA$390,000 $420,000 
  
2025 Free Cash Flow Estimate
For the Year Ending
December 31, 2025
LowHigh
(in thousands)
Net income (loss)$182,000 $193,000 
Depreciation and amortization98,000 102,000 
Other increases (decreases) in cash from operating activities(55,000)(45,000)
Cash flow provided by (used in) operating activities225,000 250,000 
Purchases of property and equipment(115,000)(120,000)
Free Cash Flow$110,000 $130,000 
  
    
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RECONCILIATIONS OF NON-GAAP TO GAAP FINANCIAL INFORMATION
(continued)
EBITDA and Adjusted EBITDA and Margins by Segment
For the Three Months Ended June 30, 2025
SSRMPOPGIMDSADTechUnallocated Expenses and otherTotal
($ in thousands)
Operating Income (Loss) as reported in accordance with GAAP$64,505$18,772$21,663$4,647$16,299$(46,697)$79,189
Adjustments for the effects of:
Depreciation and amortization12,3852,7414,6631,8399002,87225,400
Other pre-tax—————4,0924,092
EBITDA76,89021,51326,3266,48617,199(39,733)108,681
Adjustments for the effects of:
Foreign currency (gains) losses—————(5,430)(5,430)
Total of adjustments—————(5,430)(5,430)
Adjusted EBITDA$76,890$21,513$26,326$6,486$17,199$(45,163)$103,251
Revenue$218,786$145,134$149,281$75,367$109,593$698,161
Operating income (loss) % as reported in accordance with GAAP29 %13 %15 %6 %15 %11 %
EBITDA Margin35 %15 %18 %9 %16 %16 %
Adjusted EBITDA Margin35 %15 %18 %9 %16 %15 %
For the Three Months Ended June 30, 2024
SSRMPOPGIMDSADTechUnallocated Expenses and otherTotal
($ in thousands)
Operating Income (Loss) as reported in accordance with GAAP$61,750$14,369$13,248$3,473$7,244$(39,720)$60,364
Adjustments for the effects of:
Depreciation and amortization11,9813,2375,5841,8036162,75925,980
Other pre-tax—————550550
EBITDA73,73117,60618,8325,2767,860(36,411)86,894
Adjustments for the effects of:
Foreign currency (gains) losses—————(1,034)(1,034)
Total of adjustments—————(1,034)(1,034)
Adjusted EBITDA$73,731$17,606$18,832$5,276$7,860$(37,445)$85,860
Revenue$214,985$139,314$144,058$73,492$96,959$668,808
Operating income (loss) % as reported in accordance with GAAP29 %10 %9 %5 %7 %9 %
EBITDA Margin34 %13 %13 %7 %8 %13 %
Adjusted EBITDA Margin34 %13 %13 %7 %8 %13 %
`
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RECONCILIATIONS OF NON-GAAP TO GAAP FINANCIAL INFORMATION
(continued)
EBITDA and Adjusted EBITDA and Margins by Segment
For the Three Months Ended March 31, 2025
SSRMPOPGIMDSADTechUnallocated Expenses and otherTotal
($ in thousands)
Operating Income (Loss) as reported in accordance with GAAP$59,632$8,667$35,666$3,462$10,665$(44,620)$73,472
Adjustments for the effects of:
Depreciation and amortization11,7362,6504,6891,7308332,81024,448
Other pre-tax—————(219)(219)
EBITDA71,36811,31740,3555,19211,498(42,029)97,701
Adjustments for the effects of:
Foreign currency (gains) losses—————(1,050)(1,050)
Total of adjustments—————(1,050)(1,050)
Adjusted EBITDA$71,368$11,317$40,355$5,192$11,498$(43,079)$96,651
Revenue$205,976$135,037$164,941$71,418$97,151$674,523
Operating income (loss) % as reported in accordance with GAAP29 %6 %22 %5 %11 %11 %
EBITDA Margin35 %8 %24 %7 %12 %14 %
Adjusted EBITDA Margin35 %8 %24 %7 %12 %14 %




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RECONCILIATIONS OF NON-GAAP TO GAAP FINANCIAL INFORMATION
(continued)
EBITDA and Adjusted EBITDA and Margins by Segment
For the Six Months Ended June 30, 2025
SSRMPOPGIMDSADTechUnallocated Expenses and otherTotal
($ in thousands)
Operating Income (Loss) as reported in accordance with GAAP$124,137$27,439$57,329$8,109$26,964$(91,317)$152,661
Adjustments for the effects of:
Depreciation and amortization24,1215,3919,3523,5691,7335,68249,848
Other pre-tax—————3,8733,873
EBITDA148,25832,83066,68111,67828,697(81,762)206,382
Adjustments for the effects of:
Foreign currency (gains) losses—————(6,480)(6,480)
Total of adjustments—————(6,480)(6,480)
Adjusted EBITDA$148,258$32,830$66,681$11,678$28,697$(88,242)$199,902
Revenue$424,762$280,171$314,222$146,785$206,744$1,372,684
Operating income (loss) % as reported in accordance with GAAP29 %10 %18 %6 %13 %11 %
EBITDA Margin35 %12 %21 %8 %14 %15 %
Adjusted EBITDA Margin35 %12 %21 %8 %14 %15 %
For the Six Months Ended June 30, 2024
SSRMPOPGIMDSADTechUnallocated Expenses and otherTotal
($ in thousands)
Operating Income (Loss) as reported in accordance with GAAP$105,987 $27,559 $14,092 $7,088 $20,052 $(77,721)$97,057 
Adjustments for the effects of:
Depreciation and amortization24,791 6,412 12,019 3,062 1,219 5,535 53,038 
Other pre-tax— — — — — 720 720 
EBITDA130,778 33,971 26,111 10,150 21,271 (71,466)150,815 
Adjustments for the effects of:
Foreign currency (gains) losses— — — — — (3,231)(3,231)
Total of adjustments— — — — — (3,231)(3,231)
Adjusted EBITDA$130,778 $33,971 $26,111 $10,150 $21,271 $(74,697)$147,584 
Revenue$401,917 $268,767 $259,112 $143,182 $194,922 $1,267,900 
Operating income (loss) % as reported in accordance with GAAP26 %10 %5 %5 %10 %8 %
EBITDA Margin33 %13 %10 %7 %11 %12 %
Adjusted EBITDA Margin33 %13 %10 %7 %11 %12 %
14