OCEANEERING INTERNATIONAL INC
For the period ended Dec 31, 2024. Filed Feb 24, 2025.
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FY2024 · Filed Feb 24, 2025
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) | 2024 | 2023 | 2022 |
| Cash Flows from Operating Activities: | |||
| Net income (loss) | $147,468 | $97,403 | $25,941 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation and amortization | 103,443 | 104,960 | 120,969 |
| Deferred income tax provision (benefit) | (11,293) | (26,785) | 829 |
| Net loss (gain) on sales of property and equipment and other | 502 | (1,012) | (1,083) |
| Noncash compensation | 12,807 | 12,057 | 10,370 |
| Noncash impact of lease accounting | 1,275 | 2,370 | (1,574) |
| Excluding the effects of acquisitions, increase (decrease) in cash from: | |||
| Accounts receivable and contract assets | (8,000) | (83,075) | (50,732) |
| Inventory | (13,092) | (25,423) | (30,692) |
| Other operating assets | (16,247) | (18,208) | (15,104) |
| Currency translation effect on working capital, excluding cash | (14,675) | 3,250 | 417 |
| Current liabilities | 8,663 | 125,695 | 67,253 |
| Other operating liabilities | (7,637) | 18,723 | (5,711) |
| Total adjustments to net income (loss) | 55,746 | 112,552 | 94,942 |
| Net Cash Provided by Operating Activities | 203,214 | 209,955 | 120,883 |
| Cash Flows from Investing Activities: | |||
| Purchases of property and equipment | (107,136) | (100,726) | (81,043) |
| Business acquisitions, net of cash acquired | (27,149) | — | — |
| Proceeds from redemption of investments in Angolan bonds | — | 6,229 | — |
| Purchase of Angolan bonds | (7,000) | — | — |
| Proceeds from sale of equity investment | 11,800 | — | — |
| Distributions of capital from unconsolidated affiliates | 3,182 | 2,520 | 705 |
| Proceeds from sale of property and equipment | 217 | 7,847 | 6,473 |
| Other investing activities | 1,915 | (2,223) | (3,000) |
| Net Cash Used in Investing Activities | (124,171) | (86,353) | (76,865) |
| Cash Flows from Financing Activities: | |||
| Repurchase of 2024 Senior Notes | — | (400,000) | — |
| Net proceeds from issuance of 6.000% Senior Notes, net of issuance costs | (112) | 177,671 | — |
| Purchases of treasury stock | (20,046) | — | — |
| Employer tax withholding on settlement of shares | (6,884) | (4,968) | (1,862) |
| Net Cash Used in Financing Activities | (27,042) | (227,297) | (1,862) |
| Effect of exchange rates on cash | (16,051) | (3,484) | (11,525) |
| Net Increase (Decrease) in Cash and Cash Equivalents | 35,950 | (107,179) | 30,631 |
| Cash and Cash Equivalents—Beginning of Period | 461,566 | 568,745 | 538,114 |
| Cash and Cash Equivalents—End of Period | $497,516 | $461,566 | $568,745 |
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