COVINGTON, La., Feb. 15, 2017 /PRNewswire/ -- Hornbeck Offshore
Services, Inc. (NYSE:HOS) announced today results for the fourth
quarter ended December 31, 2016.
Following is an executive summary for this period and the
Company's future outlook:
- 4Q2016 diluted EPS was $(0.53), a decrease of $0.08, or 18%, from 3Q2016 diluted EPS of
$(0.45)
- 4Q2016 revenues were $41.9
million, a decrease of $10.0
million, or 19%, from 3Q2016 revenues of $51.9 million
- 4Q2016 net loss was $(19.2)
million, a $2.7 million
decrease from 3Q2016 net loss of $(16.5)
million
- 4Q2016 operating loss was (66)% of revenues compared to an
operating loss of (28)% of revenues in 3Q2016
- 4Q2016 EBITDA was $1.1
million, a decrease of $14.1
million, or 93%, from 3Q2016 EBITDA of $15.2 million
- 4Q2016 average new gen OSV dayrates were $24,212, a decrease of $1,427, or 6%, from the sequential
quarter
- 4Q2016 utilization of the Company's new gen OSV fleet was
20%, down from 22% sequentially
- 4Q2016 effective utilization of the Company's active new gen
OSVs was 75%, roughly in-line with 76% sequentially
- 4Q2016 effective new gen OSV dayrates were $4,842, a decrease of $799, or 14%, from the sequential
quarter
- The Company currently has 44 OSVs and two MPSVs stacked and
expects to have 46 OSVs and two MPSVs stacked by end of
3Q17
- Total cash of $217 million
with only $71 million of growth capex
remaining to be funded under the 24-vessel newbuild
program
The Company recorded a net loss for the fourth quarter of 2016
of $(19.2) million, or $(0.53) per diluted share, compared to a net loss
of $(2.7) million, or $(0.07) per diluted share, for the year-ago
quarter; and a net loss of $(16.5)
million, or $(0.45) per
diluted share, for the third quarter of 2016. Diluted common
shares for the fourth quarter of 2016 were 36.4 million compared to
35.9 million and 36.3 million for the fourth quarter of 2015 and
the third quarter of 2016, respectively. GAAP requires the
use of basic shares outstanding for diluted EPS when reporting a
net loss. EBITDA for the fourth quarter of 2016 was
$1.1 million compared to $32.2 million for the fourth quarter of 2015 and
$15.2 million for the third quarter
of 2016. For additional information regarding EBITDA as a
non-GAAP financial measure, please see Note 10 to the accompanying
data tables.
Revenues. Revenues were $41.9 million for the fourth quarter of 2016, a
decrease of $46.8 million, or 52.8%,
from $88.7 million for the fourth
quarter of 2015; and a decrease of $10.0
million, or 19.3%, from $51.9
million for the third quarter of 2016. The
year-over-year decrease in revenues was primarily due to weak
market conditions worldwide, which led to the Company's decision to
stack 25 incremental vessels on various dates since September 30, 2015. As of December 31, 2016, the Company had 44 OSVs and
two MPSVs stacked. For the three months ended December 31, 2016, the Company had an average of
46.5 vessels stacked compared to 26.8 vessels stacked in the
prior-year quarter and 44.1 vessels stacked in the sequential
quarter. The year-over-year decrease in revenue was partially
offset by $3.4 million in revenue
earned from the full or partial-period contribution of five vessels
that were placed in service since September
30, 2015 under the Company's fifth OSV newbuild
program. Operating loss was $(27.5)
million, or (65.6)% of revenues, for the fourth quarter of
2016 compared to operating income of $4.5
million, or 5.1% of revenues, for the prior-year quarter;
and operating loss of $(14.4)
million, or (27.8)% of revenues, for the third quarter of
2016. Average new generation OSV dayrates for the fourth
quarter of 2016 were $24,212 compared
to $24,033 for the same period in
2015 and $25,639 for the third
quarter of 2016. New generation OSV utilization was 20.0% for
the fourth quarter of 2016 compared to 46.3% for the year-ago
quarter and 22.0% for the sequential quarter. The
year-over-year decrease in utilization is primarily due to weak
market conditions for high-spec OSVs operating in the GoM and the
incremental vessels that were stacked. Excluding stacked
vessel days, the Company's new generation OSV effective utilization
was 74.5%, 84.4% and 76.3% for the same periods,
respectively. Utilization-adjusted, or effective, new
generation OSV dayrates for the fourth quarter of 2016 were
$4,842 compared to $11,127 for the same period in 2015 and
$5,641 for the third quarter of
2016.
Operating Expenses. Operating
expenses were $27.5 million for the
fourth quarter of 2016, a decrease of $17.9
million, or 39.4%, from $45.4
million for the fourth quarter of 2015; and a decrease of
$1.9 million, or 6.5%, from
$29.4 million for the third quarter
of 2016. The year-over-year decrease in operating expenses
was primarily due to vessels that the Company removed from its
active fleet count through its stacking strategy since September 30, 2015, which resulted in a
substantial reduction in mariner headcount, mariner pay cuts and
reductions in other operating expenses. This decrease was
partially offset by $1.9 million of
operating costs related to the full or partial-period contribution
from newbuilds added to the Company's fleet since September 30, 2015.
General and Administrative ("G&A").
G&A expenses were $13.3
million for the fourth quarter of 2016 compared to
$11.2 million for the fourth quarter
of 2015; and $9.0 million for the
third quarter of 2016. The sequential increase in G&A
expenses was primarily attributable to an increase in short-term
incentive compensation expense, long-term stock-based incentive
compensation expense and, to a lesser extent, an increase in bad
debt reserves. These increases were partially offset by lower
base compensation expense for shoreside personnel.
Stock-based compensation expense can fluctuate from quarter to
quarter as the result of volatility in the Company's stock
price. Shoreside compensation expense was lower due to
workforce reductions and pay-cuts that were implemented in late
2015 and in 2016.
Depreciation and Amortization. Depreciation
and amortization expense was $28.6
million for the fourth quarter of 2016, or $0.9 million and $0.5
million higher than the year-ago quarter and sequential
quarter, respectively. Depreciation increased by $3.3 million over the year-ago quarter primarily
due to the contribution of five vessels that were placed in service
under the Company's fifth OSV newbuild program since September 30, 2015. The depreciation
increase was partially offset by a decrease in amortization expense
of $2.5 million, which was driven
lower by postponed recertifications for certain of the Company's
stacked OSVs. Depreciation expense is expected to increase
from current levels when the two remaining MPSVs under the current
newbuild program are placed in service during 2018.
Amortization expense is expected to decrease in the near term as a
result of the deferral of regulatory recertification activities for
vessels that have been stacked. The Company expects
amortization expense to revert back to historical levels whenever
market conditions warrant reactivation of currently stacked
vessels, which will then require the Company to drydock such
vessels.
Interest Expense. Interest expense was
$13.8 million during the fourth
quarter of 2016, or $4.2 million
higher than the prior-year quarter. The increase was
primarily due to the Company capitalizing a lower percentage of
interest compared to the prior-year period driven by a lower
average construction work-in-progress balance under the Company's
nearly completed newbuild program. The Company recorded
$2.4 million of capitalized
construction period interest, or roughly 15% of its total interest
costs, for the fourth quarter of 2016 compared to $6.5 million, or roughly 40% of its total
interest costs, for the year-ago quarter.
Annual Results for Fiscal 2016
Revenue for fiscal 2016 decreased 52.9% to $224.3 million compared to $476.1 million for fiscal 2015. Operating
loss was $(64.2) million, or (28.6)%
of revenues, for 2016 compared to operating income of $143.5 million, or 30.2% of revenues, for the
prior year. The Company reported a net loss for fiscal 2016
of $(63.8) million, or $(1.76) per diluted share, compared to net income
of $66.8 million, or $1.84 per diluted share, for the prior year,
which was a decrease of $130.7
million. EBITDA for fiscal 2016 decreased 79.7% to
$51.4 million compared to
$253.6 million for fiscal 2015. The
Company recorded a $44.1 million
($27.6 million after-tax or
$0.76 per diluted share) gain on sale
of assets during fiscal 2015. This gain resulted from the
February 2015 and August 2015 sales of four 250EDF class OSVs
previously chartered to the U.S. Navy. Excluding the impact
of such gain on sale of assets, operating income, net income,
diluted EPS and EBITDA for fiscal 2015 would have been $99.4 million, $39.2
million, $1.08 per share and
$209.5 million, respectively.
The year-over-year decrease in vessel revenues primarily
resulted from weak market conditions in the GoM, which led to the
Company's decision to stack an additional 39 OSVs and two MPSVs on
various dates from December 31, 2014
through December 31, 2016. For
fiscal 2016, the Company had an average of 41.3 OSVs and 0.3 MPSVs
stacked compared to 18.0 OSVs and no MPSVs stacked in the prior
year. The year-over-year decrease in revenue was partially offset
by $12.7 million in revenue earned
from the full or partial-period contribution of eight vessels that
were placed in-service under the Company's fifth OSV newbuild
program during fiscal years 2015 and 2016.
Future Outlook
Based on the key assumptions outlined below and in the attached
data tables, the following statements reflect management's current
expectations regarding future operating results and certain events
during the Company's guidance period as set forth on pages 11 and
12 of this press release. These statements are
forward-looking and actual results may differ materially given the
volatility inherent in, and currently depressed conditions of, the
Company's industry. Other than as expressly stated, these
statements do not include the potential impact of any significant
further decline in commodity prices for oil and natural gas; any
additional future repositioning voyages; any additional stacking or
reactivation of vessels; unexpected vessel repairs or shipyard
delays; or future capital transactions, such as vessel
acquisitions, modifications or divestitures, business combinations,
possible share or note repurchases or financings that may be
commenced after the date of this disclosure. Additional
cautionary information concerning forward-looking statements can be
found on page 8 of this news release.
Forward Guidance
The Company's forward guidance for selected operating and
financial data, outlined below and in the attached data tables,
reflects the current state of depressed commodity prices and
planned decreases in the capital spending budgets of its
customers.
Vessel Counts. As of
December 31, 2016, the Company's
fleet consisted of 62 new generation OSVs and eight MPSVs.
The forecasted vessel counts presented in this press release
reflect the two MPSV newbuilds expected to be delivered during
fiscal 2018, as discussed below. With an average of 45.1 new
generation OSVs and 2.0 MPSVs projected to be stacked during fiscal
2017, the Company's active fleet for 2017 is expected to be
comprised of an average of 16.9 new generation OSVs and 6.0 MPSVs.
With an assumed average of 46.0 new generation OSVs and 2.0
MPSVs projected to be stacked during fiscal 2018, the Company's
active fleet for 2018 is expected to be comprised of an average of
16.0 new generation OSVs and 7.3 MPSVs.
Operating Expenses. Aggregate
cash operating expenses are projected to be in the range of
$28.0 million to $33.0 million for
the first quarter of 2017, and $115.0
million to $130.0 million for the full-year 2017.
Reflected in the cash opex guidance ranges above are the
anticipated results of several cost containment measures initiated
by the Company in 2015 and 2016 due to prevailing market
conditions, including, among other actions, the stacking of 44 new
generation OSVs, including five 300 class OSVs, and two MPSVs on
various dates from October 1, 2014
through December 31, 2016, as well as
company-wide headcount reductions and across-the-board pay-cuts for
shoreside and vessel personnel. The Company plans to stack
one OSV during the second quarter of 2017 and one additional OSV
during the third quarter of 2017. The Company may choose to
stack or reactivate additional vessels as market conditions
warrant. The cash operating expense estimate above is
exclusive of any additional repositioning expenses the Company may
incur in connection with the potential relocation of more of its
vessels into international markets or back to the GoM, and any
customer-required cost-of-sales related to future contract fixtures
that are typically recovered through higher dayrates.
G&A Expenses. G&A
expenses are expected to be in the approximate range of
$12.0 million to $13.0 million for
the first quarter of 2017, and $43.0 million
to $48.0 million for the full-year 2017.
Other Financial Data. Quarterly
depreciation, amortization, net interest expense, cash income
taxes, cash interest expense, weighted-average basic shares
outstanding and weighted-average diluted shares outstanding for the
first quarter of 2017 are projected to be $24.7 million, $3.7
million, $13.7 million,
$0.4 million, $13.8 million, 36.6 million and 37.4 million,
respectively. Guidance for depreciation, amortization, net
interest expense, cash income taxes and cash interest expense for
the full fiscal years 2017 and 2018 is provided on page 12 of this
press release. The Company's annual effective tax rate is
expected to be between 34.0% and 35.0% for fiscal 2017 and between
34.0% and 38.0% for fiscal 2018. These ranges do not include
the anticipated impact from the adoption in 2017 of new accounting
guidance related to the income tax treatment of compensation from
share-based awards. This new accounting standard will cause
volatility in the Company's effective tax rates in the periods when
outstanding stock options are exercised or restricted stock awards
vest.
Capital Expenditures Outlook
Update on OSV Newbuild Program
#5. The Company's fifth OSV
newbuild program consists of four 300 class OSVs, five 310 class
OSVs, ten 320 class OSVs, three 310 class MPSVs and two 400 class
MPSVs. As of February 15, 2017,
the Company has placed 22 vessels in service under this program.
The two remaining vessels under this 24-vessel domestic
newbuild program, which are 400 class MPSVs, are currently expected
to be delivered in the first and third quarters of 2018,
respectively.
The Company owns 62 new generation OSVs and eight MPSVs as of
December 31, 2016. Based
on the projected MPSV in-service dates, the Company expects to own
eight and ten MPSVs as of December 31,
2017 and 2018, respectively. These vessel additions
result in a projected average MPSV fleet complement of 8.0, 9.3 and
10.0 vessels for the fiscal years 2017, 2018 and 2019,
respectively. The aggregate cost of the Company's fifth OSV
newbuild program, excluding construction period interest, is
expected to be approximately $1,335.0
million, of which $26.0
million and $45.0 million are
expected to be incurred in the full fiscal years 2017 and 2018,
respectively. From the inception of this program through
December 31, 2016, the Company has
incurred $1,264.0 million, or 94.7%,
of total expected project costs, including $1.0 million that was spent during the fourth
quarter of 2016. The Company expects to incur newbuild
project costs of $4.4 million during
the first quarter of 2017.
Update on Maintenance Capital Expenditures.
Please refer to the attached data table on page 11 of
this press release for a summary, by period and by vessel type, of
historical and projected data for drydock downtime (in days) and
maintenance capital expenditures for each of the quarterly and/or
annual periods presented for the fiscal years 2015, 2016, 2017 and
2018. Maintenance capital expenditures, which are recurring
in nature, primarily include regulatory drydocking charges incurred
for the recertification of vessels and other vessel capital
improvements that extend or maintain a vessel's economic useful
life. The Company expects that its maintenance capital
expenditures for its fleet of vessels will be approximately
$8.4 million and $14.5 million for the full fiscal years 2017 and
2018, respectively. These cash outlays are expected to be incurred
over approximately 186 and 228 days of aggregate commercial
downtime in 2017 and 2018, respectively, during which the vessels
will not earn revenue.
Update on Other Capital Expenditures. Please
refer to the attached data tables on page 11 of this press release
for a summary, by period, of historical and projected data for
other capital expenditures, for each of the quarterly and/or annual
periods presented for the fiscal years 2015, 2016, 2017 and 2018.
Other capital expenditures, which are generally
non-recurring, are comprised of the following: (i)
commercial-related vessel improvements, such as the addition of
cranes, ROVs, helidecks, living quarters and other specialized
vessel equipment, or the modification of vessel capacities or
capabilities, such as DP upgrades and mid-body extensions, which
costs are typically included in and offset, in whole or in part, by
higher dayrates charged to customers, and the speculative
relocation of vessels from one geographic market to another; and
(ii) non-vessel related capital expenditures, including costs
related to the Company's shore-based facilities, leasehold
improvements and other corporate expenditures, such as information
technology or office furniture and equipment. The Company
expects miscellaneous incremental commercial-related vessel
improvements and non-vessel capital expenditures to be
approximately $1.1 million and
$1.0 million, respectively, for the
full fiscal years 2017 and 2018,
respectively.
Liquidity Outlook
As of December 31, 2016, the
Company had a cash balance of $217.0
million. In addition, the Company has an undrawn
revolving line of credit with a current borrowing base of
$200 million, which, under certain
circumstances, is likely to be capped at $75
million during a portion of fiscal 2017. This credit
facility is available for all uses of proceeds, including working
capital, if necessary. While the Company remains in
compliance with all covenants under the facility, its ability to
access the full amount of the borrowing base is subject to an
anti-cash hoarding provision that, pro forma for deployment of the
use of proceeds, limits the Company's cash balance to $50 million at any time the facility is drawn.
The Company projects that, even with the current depressed
operating levels, cash generated from operations together with cash
on hand should be sufficient to fund its operations and commitments
at least through the end of its current guidance period ending
December 31, 2018. However, the
Company does not currently expect to have sufficient liquidity to
repay its three tranches of funded unsecured debt outstanding that
mature in fiscal years 2019, 2020 and 2021, respectively, as they
come due, absent a refinancing or restructuring of such debt.
Refinancing in the current climate is not likely to be
achievable on terms that are in-line with the Company's historic
cost of debt capital. The Company remains fully cognizant of
the challenges currently facing the offshore oil and gas industry
and continues to review its capital structure and assess its
strategic options.
Conference Call
The Company will hold a conference call to discuss its fourth
quarter 2016 financial results and recent developments at
10:00 a.m. Eastern (9:00 a.m. Central) tomorrow, February 16, 2017. To participate in the call,
dial (412) 902-0030 and ask for the Hornbeck Offshore call at least
10 minutes prior to the start time. To access it live over the
Internet, please log onto the web at
http://www.hornbeckoffshore.com, on the "Investors" homepage of the
Company's website at least fifteen minutes early to register,
download and install any necessary audio software. Please
call the Company's investor relations firm, Dennard-Lascar, at
(713) 529-6600 to be added to its e-mail distribution list for
future Hornbeck Offshore news releases. An archived version of the
web cast will be available shortly after the call for a period of
60 days on the "Investors" homepage of the Company's website.
Additionally, a telephonic replay will be available through
March 3, 2017, and may be accessed by
calling (201) 612-7415 and using the pass code 13652920#.
Attached Data Tables
The Company has posted an electronic version of the following
four pages of data tables, which are downloadable in Microsoft
Excel™ format, on the "Investors" homepage of the Hornbeck Offshore
website for the convenience of analysts and investors.
In addition, the Company uses its website as a means of
disclosing material non-public information and for complying with
disclosure obligations under SEC Regulation FD. Such disclosures
will be included on the Company's website under the heading
"Investors." Accordingly, investors should monitor that portion of
the Company's website, in addition to following the Company's press
releases, SEC filings, public conference calls and webcasts.
Hornbeck Offshore Services, Inc. is a leading provider of
technologically advanced, new generation offshore service vessels
primarily in the Gulf of Mexico
and Latin America. Hornbeck
Offshore currently owns a fleet of 70 vessels primarily serving the
energy industry and has two additional ultra high-spec Upstream
vessels under construction for delivery in 2018.
Forward-Looking Statements
This Press Release contains "forward-looking statements," as
contemplated by the Private Securities Litigation Reform Act of
1995, in which the Company discusses factors it believes may affect
its performance in the future. Forward-looking statements are all
statements other than historical facts, such as statements
regarding assumptions, expectations, beliefs and projections about
future events or conditions. You can generally identify
forward-looking statements by the appearance in such a statement of
words like "anticipate," "believe," "continue," "could,"
"estimate," "expect," "forecast," "intend," "may," "might," "plan,"
"potential," "predict," "project," "remain," "should," "will," or
other comparable words or the negative of such words. The accuracy
of the Company's assumptions, expectations, beliefs and projections
depends on events or conditions that change over time and are thus
susceptible to change based on actual experience, new developments
and known and unknown risks. The Company gives no assurance that
the forward-looking statements will prove to be correct and does
not undertake any duty to update them. The Company's actual future
results might differ from the forward-looking statements made in
this Press Release for a variety of reasons, including sustained
low or further declines in oil and natural gas prices; continued
weakness in demand for the Company's services through and beyond
the maturity of any of the Company's long-term debt; unplanned
customer suspensions, cancellations, rate reductions or
non-renewals of vessel charters, vessel management contracts or
failures to finalize commitments to charter or manage vessels;
sustained or further reductions in capital spending budgets by
customers; the inability to accurately predict vessel utilization
levels and dayrates; fewer than anticipated deepwater and
ultra-deepwater drilling units operating in the GoM or other
regions where the Company operates; the effect of inconsistency by
the United States government in
the pace of issuing drilling permits and plan approvals in the GoM
or other drilling regions; the Company's inability to successfully
complete the remainder of its current vessel newbuild program
on-time and on-budget, which involves the construction and
integration of highly complex vessels and systems; the inability to
successfully market the vessels that the Company owns, is
constructing or might acquire; the government's cancellation or
non-renewal of the management, operations and maintenance contracts
for vessels; an oil spill or other significant event in
the United States or another
offshore drilling region that could have a broad impact on
deepwater and other offshore energy exploration and production
activities, such as the suspension of activities or significant
regulatory responses; the imposition of laws or regulations that
result in reduced exploration and production activities or that
increase the Company's operating costs or operating requirements;
environmental litigation that impacts customer plans or projects;
disputes with customers; bureaucratic, administrative or operating
barriers that delay vessels in foreign markets from going on-hire
or result in contractual penalties or deductions imposed by foreign
customers; industry risks; the impact stemming from the reduction
of Petrobras' announced plans for or administrative barriers to
exploration and production activities in Brazil; recent disruption in Mexican offshore
activities; age or other restrictions imposed on our vessels by
customers; unanticipated difficulty in effectively competing in or
operating in international markets; less than anticipated subsea
infrastructure and field development demand in the GoM and other
markets affecting our MPSVs; sustained vessel over capacity for
existing demand levels in the markets in which the Company
competes; economic and geopolitical risks; weather-related risks;
upon a return to improved operating conditions, the shortage of or
the inability to attract and retain qualified personnel, when
needed, including vessel personnel for active vessels or vessels
the Company may reactivate or acquire; any success in unionizing
the Company's U.S. fleet personnel; regulatory risks; the repeal or
administrative weakening of the Jones Act or adverse changes in the
interpretation of the Jones Act related to the U.S. citizenship
qualification; drydocking delays and cost overruns and related
risks; vessel accidents, pollution incidents, or other events
resulting in lost revenue, fines, penalties or other expenses that
are unrecoverable from insurance policies or other third parties;
unexpected litigation and insurance expenses; fluctuations in
foreign currency valuations compared to the U.S. dollar and risks
associated with expanded foreign operations, such as non-compliance
with or the unanticipated effect of tax laws, customs laws,
immigration laws, or other legislation that result in higher than
anticipated tax rates or other costs; the inability to repatriate
foreign-sourced earnings and profits; or the inability of the
Company to refinance or otherwise retire funded debt obligations
that come due in 2019, 2020 and 2021. In addition, the Company's
future results may be impacted by adverse economic conditions, such
as inflation, deflation, or lack of liquidity in the capital
markets, that may negatively affect it or parties with whom it does
business resulting in their non-payment or inability to perform
obligations owed to the Company, such as the failure of customers
to fulfill their contractual obligations or the failure by
individual banks to provide funding under the Company's credit
agreement, if required. Further, the Company can give no
assurance regarding when and to what extent it will effect common
stock or note repurchases. Should one or more of the
foregoing risks or uncertainties materialize in a way that
negatively impacts the Company, or should the Company's underlying
assumptions prove incorrect, the Company's actual results may vary
materially from those anticipated in its forward-looking
statements, and its business, financial condition and results of
operations could be materially and adversely affected and, if
sufficiently severe, could result in noncompliance with certain
covenants of the Company's currently undrawn revolving credit
facility. Additional factors that you should consider are set forth
in detail in the "Risk Factors" section of the Company's most
recent Annual Report on Form 10-K as well as other filings the
Company has made and will make with the Securities and Exchange
Commission which, after their filing, can be found on the Company's
website www.hornbeckoffshore.com.
Regulation G Reconciliation
This Press Release also contains references to the non-GAAP
financial measures of earnings, or net income, before interest,
income taxes, depreciation and amortization, or EBITDA, and
Adjusted EBITDA. The Company views EBITDA and Adjusted EBITDA
primarily as liquidity measures and, therefore, believes that the
GAAP financial measure most directly comparable to such measure is
cash flows provided by operating activities. Reconciliations of
EBITDA and Adjusted EBITDA to cash flows provided by operating
activities are provided in the table below. Management's opinion
regarding the usefulness of EBITDA to investors and a description
of the ways in which management uses such measure can be found in
the Company's most recent Annual Report on Form 10-K filed with the
Securities and Exchange Commission, as well as in Note 10 to the
attached data tables.
Contacts:
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Todd Hornbeck,
CEO
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Jim Harp,
CFO
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Hornbeck Offshore
Services
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985-727-6802
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|
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Ken Dennard, Managing
Partner
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Dennard-Lascar /
713-529-6600
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Hornbeck Offshore
Services, Inc. and Subsidiaries
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Unaudited
Consolidated Statements of Operations
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(in thousands,
except Other Operating and Per Share Data)
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Statement of
Operations (unaudited):
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Three Months
Ended
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Twelve Months
Ended
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December
31,
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September
30,
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December
31,
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December
31,
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December
31,
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2016
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2016
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2015
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2016
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2015
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Revenues
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$
41,879
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$
51,927
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$
88,719
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$
224,299
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$
476,070
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Costs and
expenses:
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Operating expenses
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27,524
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29,375
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45,360
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131,658
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219,260
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Depreciation and amortization
|
28,583
|
|
28,047
|
|
27,723
|
|
113,556
|
|
109,029
|
|
|
|
General and administrative expenses
|
13,274
|
|
9,031
|
|
11,154
|
|
43,358
|
|
48,297
|
|
|
|
|
69,381
|
|
66,453
|
|
84,237
|
|
288,572
|
|
376,586
|
|
|
|
Gain
on sale of assets
|
18
|
|
81
|
|
-
|
|
54
|
|
44,060
|
|
|
|
Operating income (loss)
|
(27,484)
|
|
(14,445)
|
|
4,482
|
|
(64,219)
|
|
143,544
|
|
|
|
Other income
(expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income
|
326
|
|
401
|
|
537
|
|
1,490
|
|
1,525
|
|
|
|
Interest expense
|
(13,787)
|
|
(12,820)
|
|
(9,601)
|
|
(48,675)
|
|
(39,496)
|
|
|
|
Other income (expense), net 1
|
4
|
|
1,592
|
|
(11)
|
|
2,052
|
|
1,005
|
|
|
|
|
(13,457)
|
|
(10,827)
|
|
(9,075)
|
|
(45,133)
|
|
(36,966)
|
|
|
|
Income (loss) before
income taxes
|
(40,941)
|
|
(25,272)
|
|
(4,593)
|
|
(109,352)
|
|
106,578
|
|
|
|
Income tax expense
(benefit)
|
(21,698)
|
|
(8,769)
|
|
(1,922)
|
|
(45,506)
|
|
39,757
|
|
|
|
Net income
(loss)
|
$
(19,243)
|
|
$
(16,503)
|
|
$
(2,671)
|
|
$
(63,846)
|
|
$
66,821
|
|
|
|
Earnings per
share
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings (loss)
per common share
|
$
(0.53)
|
|
$
(0.45)
|
|
$
(0.07)
|
|
$
(1.76)
|
|
$
1.87
|
|
|
|
Diluted earnings
(loss) per common share
|
$
(0.53)
|
|
$
(0.45)
|
|
$
(0.07)
|
|
$
(1.76)
|
|
$
1.84
|
|
|
|
Weighted average
basic shares outstanding
|
36,375
|
|
36,338
|
|
35,851
|
|
36,248
|
|
35,755
|
|
|
|
Weighted average
diluted shares outstanding 2
|
36,375
|
|
36,338
|
|
35,851
|
|
36,248
|
|
36,302
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Operating
Data (unaudited):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
|
|
|
December
31,
|
|
September
30,
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
|
|
|
2016
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
|
|
Offshore Supply
Vessels:
|
|
|
|
|
|
|
|
|
|
|
|
|
Average number of new
generation OSVs 3
|
62.0
|
|
62.0
|
|
59.6
|
|
61.9
|
|
60.0
|
|
|
|
Average number of active new
generation OSVs 4
|
16.7
|
|
17.9
|
|
32.8
|
|
20.6
|
|
42.0
|
|
|
|
Average new generation OSV
fleet capacity (deadweight) 3
|
219,389
|
|
221,629
|
|
207,719
|
|
218,854
|
|
206,030
|
|
|
|
Average new generation OSV
capacity (deadweight)
|
3,539
|
|
3,575
|
|
3,484
|
|
3,535
|
|
3,436
|
|
|
|
Average new generation
utilization rate 5
|
20.0%
|
|
22.0%
|
|
46.3%
|
|
25.2%
|
|
54.4%
|
|
|
|
Effective new generation
utilization rate 6
|
74.5%
|
|
76.3%
|
|
84.4%
|
|
75.7%
|
|
77.8%
|
|
|
|
Average new generation
dayrate 7
|
$
24,212
|
|
$
25,639
|
|
$
24,033
|
|
$
25,233
|
|
$
26,278
|
|
|
|
Effective dayrate
8
|
$
4,842
|
|
$
5,641
|
|
$
11,127
|
|
$
6,359
|
|
$
14,295
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance Sheet Data
(unaudited):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of
December 31,
|
|
As of
December 31,
|
|
|
|
|
|
|
|
|
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$
217,027
|
|
$
259,801
|
|
|
|
|
|
|
|
|
|
Working
capital
|
225,412
|
|
279,522
|
|
|
|
|
|
|
|
|
|
Property, plant and
equipment, net
|
2,578,388
|
|
2,574,661
|
|
|
|
|
|
|
|
|
|
Total
assets
|
2,878,275
|
|
2,984,416
|
|
|
|
|
|
|
|
|
|
Total long-term
debt
|
1,083,710
|
|
1,070,281
|
|
|
|
|
|
|
|
|
|
Stockholders'
equity
|
1,402,996
|
|
1,446,163
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Flow Data
(unaudited):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve Months
Ended
|
|
|
|
|
|
|
|
|
|
|
December
31,
|
|
December
31,
|
|
|
|
|
|
|
|
|
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash provided by
operating activities
|
$
53,050
|
|
$
215,843
|
|
|
|
|
|
|
|
|
|
Cash used in
investing activities
|
(97,011)
|
|
(141,349)
|
|
|
|
|
|
|
|
|
|
Cash provided by
financing activities
|
198
|
|
1,023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hornbeck Offshore
Services, Inc. and Subsidiaries
|
Unaudited Other
Financial Data
|
(in thousands,
except Financial Ratios)
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Financial
Data (unaudited):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
|
|
December
31,
|
|
September
30,
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
|
|
2016
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel
revenues
|
$
33,266
|
|
$
43,670
|
|
$
79,764
|
|
$
190,436
|
|
$
446,382
|
|
|
Non-vessel revenues
9
|
8,613
|
|
8,257
|
|
8,955
|
|
33,863
|
|
29,688
|
|
|
Total
revenues
|
$
41,879
|
|
$
51,927
|
|
$
88,719
|
|
$
224,299
|
|
$
476,070
|
|
|
Operating income
(loss)
|
$
(27,484)
|
|
$
(14,445)
|
|
$
4,482
|
|
$
(64,219)
|
|
$
143,544
|
|
|
Operating margin
(deficit)
|
(65.6%)
|
|
(27.8%)
|
|
5.1%
|
|
(28.6%)
|
|
30.2%
|
|
|
Components
of EBITDA 10
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
$
(19,243)
|
|
$
(16,503)
|
|
$
(2,671)
|
|
$
(63,846)
|
|
$
66,821
|
|
|
Interest
expense, net
|
13,461
|
|
12,419
|
|
9,064
|
|
47,185
|
|
37,971
|
|
|
Income tax
expense (benefit)
|
(21,698)
|
|
(8,769)
|
|
(1,922)
|
|
(45,506)
|
|
39,757
|
|
|
Depreciation
|
24,773
|
|
23,467
|
|
21,452
|
|
93,071
|
|
82,566
|
|
|
Amortization
|
3,810
|
|
4,580
|
|
6,271
|
|
20,485
|
|
26,463
|
|
|
EBITDA
10
|
$
1,103
|
|
$
15,194
|
|
$
32,194
|
|
$
51,389
|
|
$
253,578
|
|
|
Adjustments
to EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based
compensation expense
|
3,426
|
|
2,341
|
|
2,336
|
|
9,983
|
|
10,293
|
|
|
Interest
income
|
326
|
|
401
|
|
537
|
|
1,490
|
|
1,525
|
|
|
Adjusted
EBITDA 10
|
$
4,855
|
|
$
17,936
|
|
$
35,067
|
|
$
62,862
|
|
$
265,396
|
|
|
EBITDA
10 Reconciliation to GAAP:
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA
10
|
$
1,103
|
|
$
15,194
|
|
$
32,194
|
|
$
51,389
|
|
$
253,578
|
|
|
Cash paid for
deferred drydocking charges
|
(764)
|
|
(897)
|
|
(1,233)
|
|
(3,978)
|
|
(13,267)
|
|
|
Cash paid for
interest
|
(11,281)
|
|
(13,784)
|
|
(11,341)
|
|
(50,152)
|
|
(50,492)
|
|
|
Cash paid for
taxes
|
(1,044)
|
|
(446)
|
|
(1,477)
|
|
(3,732)
|
|
(4,808)
|
|
|
Changes in
working capital
|
4,955
|
|
13,711
|
|
11,015
|
|
50,351
|
|
65,415
|
|
|
Stock-based
compensation expense
|
3,426
|
|
2,341
|
|
2,336
|
|
9,983
|
|
10,293
|
|
|
Gain on sale
of assets
|
(18)
|
|
(81)
|
|
-
|
|
(54)
|
|
(44,060)
|
|
|
Changes in
other, net
|
(38)
|
|
(1,573)
|
|
(119)
|
|
(757)
|
|
(816)
|
|
|
Net cash
provided by operating activities
|
$
(3,661)
|
|
$
14,465
|
|
$
31,375
|
|
$
53,050
|
|
$
215,843
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hornbeck Offshore
Services, Inc. and Subsidiaries
|
Unaudited Other
Financial Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital
Expenditures and Drydock Downtime Data (unaudited):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Historical
Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
|
|
|
December
31,
|
|
September
30,
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
|
|
|
2016
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
|
|
Drydock
Downtime:
|
|
|
|
|
|
|
|
|
|
|
|
|
New-Generation
OSVs
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of
vessels commencing drydock activities
|
1.0
|
|
-
|
|
1.0
|
|
4.0
|
|
7.0
|
|
|
|
Commercial
downtime (in days)
|
22
|
|
-
|
|
29
|
|
169
|
|
263
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MPSVs
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of
vessels commencing drydock activities
|
1.0
|
|
-
|
|
-
|
|
1.0
|
|
-
|
|
|
|
Commercial
downtime (in days)
|
26
|
|
-
|
|
-
|
|
26
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial-related
Downtime11:
|
|
|
|
|
|
|
|
|
|
|
|
|
New-Generation
OSVs
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of
vessels commencing commercial-related downtime
|
1.0
|
|
-
|
|
-
|
|
2.0
|
|
1.0
|
|
|
|
Commercial
downtime (in days)
|
36
|
|
43
|
|
-
|
|
106
|
|
266
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MPSVs
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of
vessels commencing commercial-related downtime
|
1.0
|
|
-
|
|
1.0
|
|
3.0
|
|
1.0
|
|
|
|
Commercial
downtime (in days)
|
40
|
|
-
|
|
50
|
|
241
|
|
50
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Maintenance and
Other Capital Expenditures (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
Maintenance
Capital Expenditures:
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred
drydocking charges
|
$
764
|
|
$
897
|
|
$
1,233
|
|
$
3,978
|
|
$
13,267
|
|
|
|
Other vessel
capital improvements
|
67
|
|
(401)
|
|
7,563
|
|
5,339
|
|
14,697
|
|
|
|
|
831
|
|
496
|
|
8,796
|
|
9,317
|
|
27,964
|
|
|
|
Other Capital
Expenditures:
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial-related vessel improvements
|
1,916
|
|
2,549
|
|
31,769
|
|
15,350
|
|
72,095
|
|
|
|
Non-vessel
related capital expenditures
|
155
|
|
139
|
|
632
|
|
569
|
|
16,487
|
|
|
|
|
2,071
|
|
2,688
|
|
32,401
|
|
15,919
|
|
88,582
|
|
|
|
|
$
2,902
|
|
$
3,184
|
|
$
41,197
|
|
$
25,236
|
|
$
116,546
|
|
|
|
Growth Capital
Expenditures (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
OSV newbuild
program #5
|
$
1,091
|
|
$
6,818
|
|
$
32,277
|
|
$
62,443
|
|
$
169,317
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Forecasted
Data12:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1Q
2017E
|
|
2Q
2017E
|
|
3Q
2017E
|
|
4Q
2017E
|
|
2017E
|
|
2018E
|
|
Drydock
Downtime:
|
|
|
|
|
|
|
|
|
|
|
|
|
New-Generation
OSVs
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of
vessels commencing drydock activities
|
1.0
|
|
2.0
|
|
3.0
|
|
3.0
|
|
9.0
|
|
10.0
|
|
Commercial
downtime (in days)
|
21
|
|
28
|
|
49
|
|
37
|
|
135
|
|
228
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MPSVs
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of
vessels commencing drydock activities
|
2.0
|
|
1.0
|
|
-
|
|
-
|
|
3.0
|
|
-
|
|
Commercial
downtime (in days)
|
27
|
|
24
|
|
-
|
|
-
|
|
51
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial-related
Downtime11:
|
|
|
|
|
|
|
|
|
|
|
|
|
New-Generation
OSVs
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of
vessels commencing commercial-related downtime
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
Commercial
downtime (in days)
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MPSVs
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of
vessels commencing commercial-related downtime
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
Commercial
downtime (in days)
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Maintenance and
Other Capital Expenditures (in millions):
|
|
|
|
|
|
|
|
|
|
|
|
|
Maintenance
Capital Expenditures:
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred
drydocking charges
|
$
1.7
|
|
$
2.7
|
|
$
1.9
|
|
$
1.2
|
|
$
7.5
|
|
$
14.0
|
|
Other vessel
capital improvements
|
0.6
|
|
0.1
|
|
0.1
|
|
0.1
|
|
0.9
|
|
0.5
|
|
|
2.3
|
|
2.8
|
|
2.0
|
|
1.3
|
|
8.4
|
|
14.5
|
|
Other Capital
Expenditures:
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial-related vessel improvements
|
0.2
|
|
-
|
|
-
|
|
-
|
|
0.2
|
|
-
|
|
Non-vessel
related capital expenditures
|
0.6
|
|
0.1
|
|
0.1
|
|
0.1
|
|
0.9
|
|
1.0
|
|
|
0.8
|
|
0.1
|
|
0.1
|
|
0.1
|
|
1.1
|
|
1.0
|
|
|
$
3.1
|
|
$
2.9
|
|
$
2.1
|
|
$
1.4
|
|
$
9.5
|
|
$
15.5
|
|
Growth Capital
Expenditures (in millions):
|
|
|
|
|
|
|
|
|
|
|
|
|
OSV newbuild
program #5
|
$
4.4
|
|
$
3.8
|
|
$
8.6
|
|
$
9.2
|
|
$
26.0
|
|
$
45.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hornbeck Offshore
Services, Inc. and Subsidiaries
|
Unaudited Other
Fleet and Financial Data
|
(in millions,
except Average Vessels, Contract Backlog and Tax
Rate)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Forward Guidance
of Selected Data (unaudited):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1Q
2017E
|
|
Full-Year
2017E
|
|
Full-Year
2018E
|
|
|
|
|
|
|
|
|
Avg
Vessels
|
|
Avg
Vessels
|
|
Avg
Vessels
|
|
|
|
|
|
|
|
Fleet Data (as of
15-Feb-2017):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New generation OSVs -
Active
|
18.1
|
|
16.9
|
|
16.0
|
|
|
|
|
|
|
|
New generation OSVs -
Stacked 13
|
43.9
|
|
45.1
|
|
46.0
|
|
|
|
|
|
|
|
New generation OSVs -
Total
|
62.0
|
|
62.0
|
|
62.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New generation MPSVs -
Active
|
6.0
|
|
6.0
|
|
7.3
|
|
|
|
|
|
|
|
New generation MPSVs -
Stacked 14
|
2.0
|
|
2.0
|
|
2.0
|
|
|
|
|
|
|
|
New generation MPSVs -
Total
|
8.0
|
|
8.0
|
|
9.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
70.0
|
|
70.0
|
|
71.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1Q 2017E
Range
|
|
Full-Year
2017E Range
|
|
|
|
|
|
Cost
Data:
|
Low15
|
|
High
15
|
|
Low15
|
|
High
15
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses
|
$
28.0
|
|
$
33.0
|
|
$
115.0
|
#
|
$
130.0
|
|
|
|
|
|
General and administrative
expenses
|
$
12.0
|
|
$
13.0
|
|
$
43.0
|
|
$
48.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1Q
2017E
|
|
2Q
2017E
|
|
3Q
2017E
|
|
4Q
2017E
|
|
2017E
|
|
2018E
|
|
Other Financial
Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation
|
$
24.7
|
|
$
24.7
|
|
$
24.7
|
|
$
24.6
|
|
$
98.7
|
|
$
102.2
|
|
Amortization
|
3.7
|
|
3.3
|
|
2.4
|
|
2.0
|
|
11.4
|
|
8.5
|
|
Interest
expense, net:
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
$
13.5
|
|
$
13.5
|
|
$
13.5
|
|
$
13.5
|
|
$
54.0
|
|
$
54.0
|
|
Incremental
non-cash OID interest expense 16
|
2.7
|
|
2.8
|
|
2.8
|
|
2.8
|
|
11.1
|
|
11.8
|
|
Capitalized
interest
|
(2.3)
|
|
(2.3)
|
|
(2.4)
|
|
(2.6)
|
|
(9.6)
|
|
(4.6)
|
|
Interest
income
|
(0.2)
|
|
(0.2)
|
|
(0.2)
|
|
(0.1)
|
|
(0.7)
|
|
(0.5)
|
|
Total interest
expense, net
|
$
13.7
|
|
$
13.8
|
|
$
13.7
|
|
$
13.6
|
|
$
54.8
|
|
$
60.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
rate
|
34.5%
|
|
34.5%
|
|
34.5%
|
|
34.5%
|
|
34.5%
|
|
36.0%
|
|
Cash income
taxes
|
$
0.4
|
|
$
0.3
|
|
$
0.3
|
|
$
0.3
|
|
$
1.3
|
|
$
1.2
|
|
Cash interest
expense
|
13.8
|
|
11.3
|
|
13.8
|
|
11.3
|
|
50.2
|
|
50.2
|
|
Weighted
average basic shares outstanding
|
36.6
|
|
36.8
|
|
37.0
|
|
37.0
|
|
36.8
|
|
37.5
|
|
Weighted
average diluted shares outstanding 17
|
37.4
|
|
37.6
|
|
37.8
|
|
37.8
|
|
37.7
|
|
38.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/hornbeck-offshore-announces-fourth-quarter-2016-results-300408232.html
SOURCE Hornbeck Offshore Services, Inc.