OCEANEERING INTERNATIONAL INC
For the period ended Dec 31, 2023. Filed Feb 23, 2024.
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FY2023 · Filed Feb 23, 2024
OII$35.06+0.6%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
| Year Ended December 31, | |||
|---|---|---|---|
| (in thousands) | 2023 | 2022 | 2021 |
| Cash Flows from Operating Activities: | |||
| Net income (loss) | $97,403 | $25,941 | $(49,307) |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation and amortization | 104,960 | 120,969 | 139,723 |
| Provision for Evergrande loss, net | — | — | 29,549 |
| Deferred income tax provision (benefit) | (26,785) | 829 | (1,798) |
| Net loss (gain) on sales of property and equipment and other | (1,012) | (1,083) | 769 |
| Noncash compensation | 12,057 | 10,370 | 11,008 |
| Noncash impact of lease accounting | 2,370 | (1,574) | (4,302) |
| Excluding the effects of acquisitions, increase (decrease) in cash from: | |||
| Accounts receivable and contract assets | (83,075) | (50,732) | 41,099 |
| Inventory | (25,423) | (30,692) | 7,313 |
| Other operating assets | (18,208) | (15,104) | (14,498) |
| Currency translation effect on working capital, excluding cash | 3,250 | 417 | 6 |
| Current liabilities | 125,695 | 67,253 | 63,051 |
| Other operating liabilities | 18,723 | (5,711) | 2,701 |
| Total adjustments to net income (loss) | 112,552 | 94,942 | 274,621 |
| Net Cash Provided by Operating Activities | 209,955 | 120,883 | 225,314 |
| Cash Flows from Investing Activities: | |||
| Purchases of property and equipment | (100,726) | (81,043) | (50,199) |
| Proceeds from redemption of investments in Angolan bonds | 6,229 | — | 4,486 |
| Distributions of capital from unconsolidated affiliates | 2,520 | 705 | 3,298 |
| Proceeds from sale of property and equipment | 7,847 | 6,473 | 7,101 |
| Other investing activities | (2,223) | (3,000) | 1,157 |
| Net Cash Used in Investing Activities | (86,353) | (76,865) | (34,157) |
| Cash Flows from Financing Activities: | |||
| Repurchase of 2024 Senior Notes | (400,000) | — | (100,000) |
| Net proceeds from issuance of 6.000% Senior Notes, net of issuance costs | 177,671 | — | — |
| Other financing activities | (4,968) | (1,862) | (1,682) |
| Net Cash Used in Financing Activities | (227,297) | (1,862) | (101,682) |
| Effect of exchange rates on cash | (3,484) | (11,525) | (3,377) |
| Net Increase (Decrease) in Cash and Cash Equivalents | (107,179) | 30,631 | 86,098 |
| Cash and Cash Equivalents—Beginning of Period | 568,745 | 538,114 | 452,016 |
| Cash and Cash Equivalents—End of Period | $461,566 | $568,745 | $538,114 |
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