Helix Energy Solutions Group, Inc. (NYSE: HLX) reported net income of
$75.6 million, or $0.71 per diluted share, for the third quarter of 2014
compared to net income of $44.6 million, or $0.42 per diluted share, for
the same period in 2013 and net income of $57.8 million, or $0.55 per
diluted share, in the second quarter of 2014. Net income for the nine
months ended September 30, 2014 was $187.1 million, or $1.77 per diluted
share, compared with net income of $73.4 million, or $0.69 per diluted
share, for the nine months ended September 30, 2013.
Owen Kratz, President and Chief Executive Officer of Helix, stated, “We
executed at a high level in the third quarter for both the Well
Intervention and the Robotics businesses. This quarter’s results reflect
the strong demand for our services and the earnings ability of our
existing asset base. As previously forecasted, the fourth quarter’s
earnings are expected to decline as a result of two of our Well
Intervention vessels – the Skandi Constructor and the Seawell
– entering dry dock, as well as normal seasonal factors in the Robotics
business.”
|
Summary of Results
|
(in thousands, except per share amounts and percentages,
unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
Nine Months Ended
|
|
|
|
|
|
9/30/2014
|
|
|
9/30/2013
|
|
|
6/30/2014
|
|
|
|
9/30/2014
|
|
|
9/30/2013
|
Revenues
|
|
|
|
|
$
|
340,837
|
|
|
|
$
|
220,117
|
|
|
|
$
|
305,587
|
|
|
|
|
$
|
899,996
|
|
|
|
$
|
649,724
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Profit
|
|
|
|
|
$
|
126,247
|
|
|
|
$
|
69,457
|
|
|
|
$
|
109,138
|
|
|
|
|
$
|
311,231
|
|
|
|
$
|
189,521
|
|
|
|
|
|
|
|
37
|
%
|
|
|
|
32
|
%
|
|
|
|
36
|
%
|
|
|
|
|
35
|
%
|
|
|
|
29
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income Applicable to
Common Shareholders
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations
|
|
|
|
|
$
|
75,586
|
|
|
|
$
|
44,549
|
|
|
|
$
|
57,782
|
|
|
|
|
$
|
187,087
|
|
|
|
$
|
72,346
|
|
Income from discontinued operations
|
|
|
|
|
|
-
|
|
|
|
|
44
|
|
|
|
|
-
|
|
|
|
|
|
-
|
|
|
|
|
1,073
|
|
Total
|
|
|
|
|
$
|
75,586
|
|
|
|
$
|
44,593
|
|
|
|
$
|
57,782
|
|
|
|
|
$
|
187,087
|
|
|
|
$
|
73,419
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted Earnings Per Share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations
|
|
|
|
|
$
|
0.71
|
|
|
|
$
|
0.42
|
|
|
|
$
|
0.55
|
|
|
|
|
$
|
1.77
|
|
|
|
$
|
0.68
|
|
Income from discontinued operations
|
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
|
-
|
|
|
|
|
0.01
|
|
Total
|
|
|
|
|
$
|
0.71
|
|
|
|
$
|
0.42
|
|
|
|
$
|
0.55
|
|
|
|
|
$
|
1.77
|
|
|
|
$
|
0.69
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA from continuing operations
|
|
|
|
|
$
|
137,097
|
|
|
|
$
|
70,198
|
|
|
|
$
|
109,050
|
|
|
|
|
$
|
338,648
|
|
|
|
$
|
186,762
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment Information, Operational and
Financial Highlights
|
(in thousands, unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
9/30/2014
|
|
|
9/30/2013
|
|
|
6/30/2014
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
Well Intervention
|
|
|
|
$
|
205,139
|
|
|
|
$
|
114,238
|
|
|
|
$
|
181,218
|
|
Robotics
|
|
|
|
|
131,707
|
|
|
|
|
90,370
|
|
|
|
|
119,704
|
|
Subsea Construction
|
|
|
|
|
-
|
|
|
|
|
4,120
|
|
|
|
|
-
|
|
Production Facilities
|
|
|
|
|
24,184
|
|
|
|
|
24,366
|
|
|
|
|
24,049
|
|
Intercompany Eliminations
|
|
|
|
|
(20,193
|
)
|
|
|
|
(12,977
|
)
|
|
|
|
(19,384
|
)
|
Total
|
|
|
|
$
|
340,837
|
|
|
|
$
|
220,117
|
|
|
|
$
|
305,587
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from Operations:
|
|
|
|
|
|
|
|
|
|
|
Well Intervention
|
|
|
|
$
|
80,789
|
|
|
|
$
|
33,544
|
|
|
|
$
|
64,775
|
|
Robotics
|
|
|
|
|
28,397
|
|
|
|
|
16,166
|
|
|
|
|
21,877
|
|
Subsea Construction
|
|
|
|
|
41
|
|
|
|
|
(498
|
)
|
|
|
|
145
|
|
Production Facilities
|
|
|
|
|
11,284
|
|
|
|
|
14,136
|
|
|
|
|
10,459
|
|
Gain (Loss) on Disposition of Assets
|
|
|
|
|
-
|
|
|
|
|
15,812
|
|
|
|
|
(1,078
|
)
|
Corporate / Other
|
|
|
|
|
(14,283
|
)
|
|
|
|
(16,522
|
)
|
|
|
|
(17,467
|
)
|
Intercompany Eliminations
|
|
|
|
|
103
|
|
|
|
|
21
|
|
|
|
|
45
|
|
Total
|
|
|
|
$
|
106,331
|
|
|
|
$
|
62,659
|
|
|
|
$
|
78,756
|
|
|
|
|
|
|
|
|
|
|
|
|
Business Segment Results
-
Well Intervention revenues increased 13% in the third quarter of 2014
from revenues in the second quarter of 2014, primarily due to the
successful well intervention project completed in Canadian waters with
the Skandi Constructor. Overall, our North Sea well
intervention fleet utilization was 99% in the third quarter of 2014
compared to 100% in the second quarter of 2014. Vessel utilization for
the Q4000 in the Gulf of Mexico was slightly down – 89%
utilization in the third quarter of 2014 compared to 90% in the second
quarter of 2014 – due to thruster repairs. The H534 was at 100%
utilization for the second consecutive quarter. The spare rental
intervention riser system (IRS no. 2) was on-hire for the entire third
quarter of 2014, with 16 more days at operating rates than the second
quarter of 2014.
-
Robotics revenues increased 10% in the third quarter of 2014 from
revenues in the second quarter of 2014. Overall vessel and asset
utilization remained flat, quarter over quarter; the increase in spot
vessel days was the primary driver in higher revenue and gross profit
for the quarter. Spot vessel utilization for the third quarter
increased by 36 days (197 days total) over the second quarter of 2014.
Other Expenses
-
Selling, general and administrative expenses were 5.8% of revenue in
the third quarter of 2014, 9.6% of revenue in the second quarter of
2014 and 10.3% in the third quarter of 2013. Our second quarter 2014
expense included $5.2 million of charges associated with the provision
for uncertain collection of a portion of our existing trade
receivables related to our Robotics segment.
-
Net interest expense and other decreased to $3.3 million in the third
quarter of 2014 from $4.5 million in the second quarter of 2014. Net
interest expense decreased by $0.7 million, while there was a $0.6
million gain in other expense in the third quarter of 2014. Other
expense reflects foreign exchange fluctuations in our non-U.S. dollar
functional currencies.
Financial Condition and Liquidity
-
Our total liquidity at September 30, 2014 was approximately $1.1
billion, consisting of $547 million in cash and cash equivalents and
$583 million in unused capacity under our revolver. Consolidated net
debt at September 30, 2014 was $7 million. Net debt to book
capitalization at September 30, 2014 was less than 1%. (Net debt to
book capitalization is a non-GAAP measure. See reconciliation below.)
-
We incurred capital expenditures (including capitalized interest)
totaling $68 million in the third quarter of 2014, compared to $105
million in the second quarter of 2014 and $176 million in the third
quarter of 2013.
Conference Call Information
Further details are provided in the presentation for Helix’s quarterly
conference call to review its third quarter 2014 results (see the
“Investor Relations” page of Helix’s website, www.HelixESG.com).
The call, scheduled for 9:00 a.m. Central Daylight Time on Tuesday,
October 21, 2014, will be audio webcast live from the “Investor
Relations” page of Helix’s website. Investors and other interested
parties wishing to listen to the conference via telephone may join the
call by dialing 800-616-7436 for persons in the United States and
1-303-223-2694 for international participants. The passcode is
"Tripodo". A replay of the conference will be available under "Investor
Relations" by selecting the "Audio Archives" link from the same page
beginning approximately two hours after the completion of the conference
call.
About Helix
Helix Energy Solutions Group, Inc., headquartered in Houston, Texas, is
an international offshore energy company that provides specialty
services to the offshore energy industry, with a focus on well
intervention and robotics operations. For more information about Helix,
please visit our website at www.HelixESG.com.
Reconciliation of Non-GAAP Financial Measures
Management evaluates Company performance and financial condition using
certain non-GAAP metrics, primarily Adjusted EBITDA from continuing
operations, net debt and net debt to book capitalization. We calculate
Adjusted EBITDA from continuing operations as earnings before net
interest expense and other, taxes, depreciation and amortization. Net
debt is calculated as the sum of financial debt less cash and cash
equivalents on hand. Net debt to book capitalization is calculated by
dividing net debt by the sum of net debt, convertible preferred stock
and shareholders’ equity. These non-GAAP measures are useful to
investors and other internal and external users of our financial
statements in evaluating our operating performance because they are
widely used by investors in our industry to measure a company’s
operating performance without regard to items which can vary
substantially from company to company, and help investors meaningfully
compare our results from period to period. Adjusted EBITDA should not be
considered in isolation or as a substitute for, but instead is
supplemental to, income from operations, net income or other income data
prepared in accordance with GAAP. Non-GAAP financial measures should be
viewed in addition to, and not as an alternative to, our reported
results prepared in accordance with GAAP. Users of this financial
information should consider the types of events and transactions which
are excluded.
Forward-Looking Statements
This press release contains forward-looking statements that involve
risks, uncertainties and assumptions that could cause our results to
differ materially from those expressed or implied by such
forward-looking statements. All statements, other than statements of
historical fact, are "forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995, including, without
limitation, any statements regarding our strategy; any statements
regarding future utilization; any projections of financial items; future
operations expenditures; any statements regarding the plans, strategies
and objectives of management for future operations; any statement
concerning developments; any statements regarding future economic
conditions or performance; any statements of expectation or belief; and
any statements of assumptions underlying any of the foregoing. The
forward-looking statements are subject to a number of known and unknown
risks, uncertainties and other factors including but not limited to the
performance of contracts by suppliers, customers and partners; actions
by governmental and regulatory authorities; operating hazards and
delays; our ultimate ability to realize current backlog; employee
management issues; complexities of global political and economic
developments; geologic risks; volatility of oil and gas prices and other
risks described from time to time in our reports filed with the
Securities and Exchange Commission ("SEC"), including the Company's most
recently filed Annual Report on Form 10-K and in the Company’s other
filings with the SEC, which are available free of charge on the SEC’s
website at www.sec.gov.
We assume no obligation and do not intend to update these
forward-looking statements except as required by the securities laws.
Social Media
From time to time we provide information about Helix on Twitter (@Helix_ESG)
and LinkedIn (www.linkedin.com).
|
HELIX ENERGY SOLUTIONS GROUP, INC.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comparative Condensed Consolidated Statements of Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended Sep. 30,
|
|
|
|
Nine Months Ended Sep. 30,
|
(in thousands, except per share data)
|
|
|
|
|
2014
|
|
|
2013
|
|
|
|
2014
|
|
|
2013
|
|
|
|
|
|
(unaudited)
|
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net revenues
|
|
|
|
|
$
|
340,837
|
|
|
|
$
|
220,117
|
|
|
|
|
$
|
899,996
|
|
|
|
$
|
649,724
|
|
Cost of sales
|
|
|
|
|
|
214,590
|
|
|
|
|
150,660
|
|
|
|
|
|
588,765
|
|
|
|
|
460,203
|
|
Gross profit
|
|
|
|
|
|
126,247
|
|
|
|
|
69,457
|
|
|
|
|
|
311,231
|
|
|
|
|
189,521
|
|
Loss on commodity derivative contracts
|
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
|
-
|
|
|
|
|
(14,113
|
)
|
Gain on disposition of assets, net
|
|
|
|
|
|
-
|
|
|
|
|
15,812
|
|
|
|
|
|
10,418
|
|
|
|
|
14,727
|
|
Selling, general and administrative expenses
|
|
|
|
|
|
(19,916
|
)
|
|
|
|
(22,610
|
)
|
|
|
|
|
(69,614
|
)
|
|
|
|
(65,041
|
)
|
Income from operations
|
|
|
|
|
|
106,331
|
|
|
|
|
62,659
|
|
|
|
|
|
252,035
|
|
|
|
|
125,094
|
|
Equity in earnings of investments
|
|
|
|
|
|
508
|
|
|
|
|
857
|
|
|
|
|
|
709
|
|
|
|
|
2,150
|
|
Other income - oil and gas
|
|
|
|
|
|
1,837
|
|
|
|
|
1,681
|
|
|
|
|
|
15,709
|
|
|
|
|
5,781
|
|
Net interest expense and other
|
|
|
|
|
|
(3,258
|
)
|
|
|
|
(12,791
|
)
|
|
|
|
|
(13,085
|
)
|
|
|
|
(42,236
|
)
|
Income before income taxes
|
|
|
|
|
|
105,418
|
|
|
|
|
52,406
|
|
|
|
|
|
255,368
|
|
|
|
|
90,789
|
|
Income tax provision
|
|
|
|
|
|
29,832
|
|
|
|
|
7,058
|
|
|
|
|
|
67,778
|
|
|
|
|
16,078
|
|
Net income from continuing operations
|
|
|
|
|
|
75,586
|
|
|
|
|
45,348
|
|
|
|
|
|
187,590
|
|
|
|
|
74,711
|
|
Income from discontinued operations, net of tax
|
|
|
|
|
|
-
|
|
|
|
|
44
|
|
|
|
|
|
-
|
|
|
|
|
1,073
|
|
Net income, including noncontrolling interests
|
|
|
|
|
|
75,586
|
|
|
|
|
45,392
|
|
|
|
|
|
187,590
|
|
|
|
|
75,784
|
|
Less net income applicable to noncontrolling interests
|
|
|
|
|
|
-
|
|
|
|
|
(799
|
)
|
|
|
|
|
(503
|
)
|
|
|
|
(2,365
|
)
|
Net income applicable to Helix
|
|
|
|
|
$
|
75,586
|
|
|
|
$
|
44,593
|
|
|
|
|
$
|
187,087
|
|
|
|
$
|
73,419
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted Avg. Common Shares Outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
|
|
104,997
|
|
|
|
|
105,029
|
|
|
|
|
|
105,038
|
|
|
|
|
105,036
|
|
Diluted
|
|
|
|
|
|
105,338
|
|
|
|
|
105,136
|
|
|
|
|
|
105,374
|
|
|
|
|
105,152
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share of common stock:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Continuing operations
|
|
|
|
|
$
|
0.72
|
|
|
|
$
|
0.42
|
|
|
|
|
$
|
1.77
|
|
|
|
$
|
0.68
|
|
Discontinued operations
|
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
|
-
|
|
|
|
|
0.01
|
|
Net income per share of common stock
|
|
|
|
|
$
|
0.72
|
|
|
|
$
|
0.42
|
|
|
|
|
$
|
1.77
|
|
|
|
$
|
0.69
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share of common stock:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Continuing operations
|
|
|
|
|
$
|
0.71
|
|
|
|
$
|
0.42
|
|
|
|
|
$
|
1.77
|
|
|
|
$
|
0.68
|
|
Discontinued operations
|
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
|
-
|
|
|
|
|
0.01
|
|
Net income per share of common stock
|
|
|
|
|
$
|
0.71
|
|
|
|
$
|
0.42
|
|
|
|
|
$
|
1.77
|
|
|
|
$
|
0.69
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comparative Condensed Consolidated Balance Sheets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES & SHAREHOLDERS' EQUITY
|
(in thousands)
|
|
|
|
|
Sep. 30, 2014
|
|
|
|
Dec. 31, 2013
|
|
|
|
|
(in thousands)
|
|
|
|
Sep. 30, 2014
|
|
|
|
Dec. 31, 2013
|
|
|
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
(unaudited)
|
|
|
|
|
Current Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Liabilities:
|
|
|
|
|
|
|
|
|
Cash and equivalents (1)
|
|
|
|
|
$
|
546,529
|
|
|
|
$
|
478,200
|
|
|
|
|
Accounts payable
|
|
|
|
$
|
117,280
|
|
|
|
$
|
72,602
|
Accounts receivable, net
|
|
|
|
|
|
208,195
|
|
|
|
|
184,165
|
|
|
|
|
Accrued liabilities
|
|
|
|
|
85,969
|
|
|
|
|
96,482
|
Current deferred tax assets
|
|
|
|
|
|
26,342
|
|
|
|
|
51,573
|
|
|
|
|
Income tax payable
|
|
|
|
|
25,588
|
|
|
|
|
760
|
Other current assets
|
|
|
|
|
|
48,006
|
|
|
|
|
29,709
|
|
|
|
|
Current maturities of L-T debt (1)
|
|
|
|
|
24,394
|
|
|
|
|
20,376
|
Total Current Assets
|
|
|
|
|
|
829,072
|
|
|
|
|
743,647
|
|
|
|
|
Total Current Liabilities
|
|
|
|
|
253,231
|
|
|
|
|
190,220
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property & equipment, net
|
|
|
|
|
|
1,640,187
|
|
|
|
|
1,532,217
|
|
|
|
|
Long-term debt (1)
|
|
|
|
|
529,281
|
|
|
|
|
545,776
|
Equity investments
|
|
|
|
|
|
152,588
|
|
|
|
|
157,919
|
|
|
|
|
Deferred tax liabilities
|
|
|
|
|
267,409
|
|
|
|
|
265,879
|
Goodwill
|
|
|
|
|
|
62,839
|
|
|
|
|
63,230
|
|
|
|
|
Other non-current liabilities
|
|
|
|
|
17,592
|
|
|
|
|
18,295
|
Other assets, net
|
|
|
|
|
|
60,270
|
|
|
|
|
47,267
|
|
|
|
|
Shareholders' equity (1)
|
|
|
|
|
1,677,443
|
|
|
|
|
1,524,110
|
Total Assets
|
|
|
|
|
$
|
2,744,956
|
|
|
|
$
|
2,544,280
|
|
|
|
|
Total Liabilities & Equity
|
|
|
|
$
|
2,744,956
|
|
|
|
$
|
2,544,280
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Net debt to book capitalization - 0.4% at September 30, 2014.
Calculated as total debt less cash and equivalents ($7,146)
|
divided by sum of total net debt and shareholders' equity
($1,684,589).
|
|
Helix Energy Solutions Group, Inc.
|
Reconciliation of Non GAAP Measures
|
Three and Nine Months Ended September 30, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Release:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation From Net Income from Continuing Operations to
Adjusted EBITDA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months
|
|
|
|
|
3Q14
|
|
|
|
3Q13
|
|
|
|
2Q14
|
|
|
|
2014
|
|
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income from continuing operations
|
|
|
|
$
|
75,586
|
|
|
|
$
|
45,348
|
|
|
|
|
$
|
57,782
|
|
|
|
$
|
187,590
|
|
|
|
|
$
|
74,711
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax provision
|
|
|
|
|
29,832
|
|
|
|
|
7,058
|
|
|
|
|
|
17,529
|
|
|
|
|
67,778
|
|
|
|
|
|
16,078
|
|
Net interest expense and other
|
|
|
|
|
3,258
|
|
|
|
|
12,791
|
|
|
|
|
|
4,534
|
|
|
|
|
13,085
|
|
|
|
|
|
42,236
|
|
Depreciation and amortization
|
|
|
|
|
28,421
|
|
|
|
|
21,850
|
|
|
|
|
|
28,127
|
|
|
|
|
81,274
|
|
|
|
|
|
71,542
|
|
EBITDA from continuing operations
|
|
|
|
|
137,097
|
|
|
|
|
87,047
|
|
|
|
|
|
107,972
|
|
|
|
|
349,727
|
|
|
|
|
|
204,567
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noncontrolling interests
|
|
|
|
|
-
|
|
|
|
|
(1,037
|
)
|
|
|
|
|
-
|
|
|
|
|
(661
|
)
|
|
|
|
|
(3,078
|
)
|
(Gain) loss on disposition of assets, net
|
|
|
|
|
-
|
|
|
|
|
(15,812
|
)
|
|
|
|
|
1,078
|
|
|
|
|
(10,418
|
)
|
|
|
|
|
(14,727
|
)
|
Adjusted EBITDA from continuing operations
|
|
|
|
$
|
137,097
|
|
|
|
$
|
70,198
|
|
|
|
|
$
|
109,050
|
|
|
|
$
|
338,648
|
|
|
|
|
$
|
186,762
|
|
|
We calculate adjusted EBITDA from continuing operations as
earnings before net interest expense and other, taxes and
depreciation and amortization. This non-GAAP measure is
useful to investors and other internal and external users of our
financial statements in evaluating our operating performance
because it is widely used by investors in our industry to measure a
company's operating performance without regard to items which
can vary substantially from company to company and help investors
meaningfully compare our results from period to period. Adjusted
EBITDA should not be considered in isolation or as a substitute for,
but instead is supplemental to, income from operations, net income
or other income data prepared in accordance with GAAP. Non-GAAP
financial measures should be viewed in addition to, and not as
an alternative to our reported results prepared in accordance with
GAAP. Users of this financial information should consider the
types of events and transactions which are excluded.
|
Copyright Business Wire 2014