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Oceaneering Reports Second Quarter 2021 Results

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HOUSTON, July 28, 2021 /PRNewswire/ — Oceaneering International, Inc. (“Oceaneering”) (NYSE:OII) today reported net income of $6.2 million, or $0.06 per share, on revenue of $498 million for the three months ended June 30, 2021.  Adjusted net income was $10.4 million, or $0.10 per share, reflecting the impact of $3.2 million of pre-tax adjustments associated with a loss on the sale of an asset and foreign exchange losses recognized during the quarter, and $1.6 million of discrete tax adjustments, primarily due to changes in valuation allowances.

During the prior quarter ended March 31, 2021, Oceaneering reported a net loss of $9.4 million, or $(0.09) per share, on revenue of $438 million.  Adjusted net income was $2.8 million, or $0.03 per share, reflecting the impact of $3.2 million of pre-tax adjustments associated with restructuring and other expenses and foreign exchange losses recognized during the quarter, and $9.6 million of discrete tax adjustments.

Adjusted operating income (loss), operating margins, net income (loss) and earnings (loss) per share, EBITDA and adjusted EBITDA (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, 2021 Adjusted EBITDA Estimates, Adjusted Operating Income (Loss) and Margins by Segment, 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.

Summary of Results

(in thousands, except per share amounts)














Three Months Ended


Six Months Ended



Jun 30,


Mar 31,


Jun 30,










2021


2020


2021


2021


2020












Revenue


$

498,199



$

427,216



$

437,553



$

935,752



$

963,884


Gross Margin


68,397



42,537



56,657



125,054



89,289


Income (Loss) from Operations


22,819



(5,182)



13,783



36,602



(385,939)


Net Income (Loss)


6,241



(24,788)



(9,365)



(3,124)



(392,386)













Diluted Earnings (Loss) Per Share


$

0.06



$

(0.25)



$

(0.09)



$

(0.03)



$

(3.96)







For the second quarter of 2021:

  • Consolidated Adjusted EBITDA was $60.6 million
  • Consolidated Adjusted Operating Income was $24.2 million
  • Cash flow generated from operations was $50.5 million and free cash flow was $37.9 million
  • Cash position increased by $13.3 million, from $443 million to $456 million
  • We retired $30.5 million of our 2024 senior notes through open market repurchases

Roderick A. Larson, President and Chief Executive Officer of Oceaneering, stated, “Based on our first half financial performance and expectations for the second half of 2021, we are raising our adjusted EBITDA guidance to a range of $200 million to $225 million for the full year.  This confidence, despite ongoing uncertainties associated with COVID-19, stems from positive client interactions, supportive oil price expectations, and growing backlog.

“Our second quarter 2021 results returned positive net income, and we produced adjusted EBITDA of $60.6 million, which exceeded consensus estimates.  These positive results were attributable to the increased seasonal demand for our services and products in our energy businesses, growth in our government focused business segment, and forfeitures of long-term incentive accruals in Unallocated Expenses.

Segment Results:

“Sequentially, Subsea Robotics (SSR) revenue and adjusted operating income both increased as expected due to higher seasonal activity for ROV, survey, and tooling services.  SSR adjusted EBITDA margin of 31% was relatively consistent with the first quarter of 2021, with pricing remaining stable across our SSR business lines.

“Second quarter 2021 ROV days on hire were sequentially higher for both drill support and vessel-based services as compared to first quarter 2021.  Fleet utilization rose significantly, averaging 62% for the quarter, as compared to 53% for the first quarter.  Our fleet use during the quarter was 58% in drill support and 42% in vessel-based activity, compared to 64% and 36%, respectively, during the first quarter.  Second quarter 2021 average ROV revenue per day on hire of $8,056 was 2% higher than the first quarter of 2021.

“Manufactured Products (MP) second quarter 2021 adjusted operating income declined from the first quarter of 2021 on lower revenue.  Sequentially, adjusted operating income margin decreased to 1% from 4% in the first quarter of 2021 as lower segment revenue decreased the ability to leverage our cost base.  Our Manufactured Products backlog on June 30, 2021 was $315 million, compared to our March 31, 2021 backlog of $248 million.  Our book-to-bill ratio was 1.3 for the six months ended June 30, 2021 and 0.8 for the trailing 12 months.

“The second quarter 2021 Offshore Projects Group (OPG) adjusted operating income declined as compared to the first quarter of 2021 despite a meaningful increase in revenue.  Revenue benefited from ongoing field activities on several projects in Angola and a seasonal increase in intervention, maintenance and repair (IMR) work in the Gulf of Mexico.  The sequential decline in adjusted operating income margin, from 10% in the first quarter of 2021 to 7% in the second quarter of 2021, was primarily due to unplanned downtime and related costs associated with the Angola riserless light well intervention project, which was partially offset by higher IMR activity levels in the Gulf of Mexico.

“Integrity Management and Digital Solutions (IMDS) sequential adjusted operating income was higher on a 19% increase in revenue.  Higher seasonal activity and the start-up of several new projects contributed to the revenue increase.  Continuing efficiency improvements, including utilization of field personnel, resulted in adjusted operating income margin increasing to 7% in the second quarter 2021 from 5% in the first quarter of 2021.

“Aerospace and Defense Technologies (ADTech) second quarter 2021 adjusted operating income improved from the first quarter of 2021 on a 20% increase in revenue.  Adjusted operating income margin of 18% was better than forecast due to project mix and favorable rate-based adjustments.  At the corporate level for the second quarter of 2021, adjusted Unallocated Expenses of $30.3 million were slightly lower as compared to the first quarter of 2021 due to lower expense accruals related to incentive-based compensation forfeitures.

Third Quarter Outlook:

“For the third quarter, compared to the second quarter, we anticipate relatively flat activity and operating profitability in our SSR, Manufactured Products, and IMDS segments, lower activity levels and relatively flat operating profitability in our OPG segment, and lower activity levels and lower operating profitability in our ADTech segment.  Unallocated Expenses are forecast to be in the mid-$30 million range due primarily to increased information technology infrastructure costs and normalized accruals for incentive-based compensation.  On a consolidated basis, we expect a sequential decline in third quarter 2021 results, with adjusted EBITDA in the range of $50 million to $55 million on slightly lower revenue.

Cash and Liquidity:

“Our cash balance of $456 million, coupled with improved debt markets and our expectation to generate meaningful free cash flow in 2021, will provide us with improved flexibility to address our 2024 debt maturity while we continue to leverage our technologies and core competencies into energy transition opportunities.”

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 expectations about: full year 2021 adjusted EBITDA range and the bases for that range; characterization of demand or activity levels as seasonal; references to backlog, to the extent backlog may be an indicator of future revenue or profitability; anticipated third quarter segment activity levels and operating profitability as compared to second quarter 2021; forecasted Unallocated Expenses and the bases for that forecast; expectations about consolidated third quarter 2021 sequential results and revenue, and adjusted EBITDA range; characterization of debt markets and expectation to generate meaningful free cash flow in 2021; and the expectation of improved flexibility to address the 2024 debt maturity.

The forward-looking statements included in this release are based on our 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.  Among the 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; 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; the strength of the industry segments in which we are involved; the continuing effects of the COVID-19 pandemic and the governmental, customer, supplier, and other responses thereto; cancellations of contracts, 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 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.

Oceaneering is a global provider of engineered services and products, primarily to the offshore energy industry. Through the use of its applied technology expertise, Oceaneering also serves the defense, aerospace, and entertainment industries.

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

Contact:
Mark Peterson
Vice President, Corporate Development and Investor Relations
Oceaneering International, Inc.
713-329-4507
[email protected]




















OCEANEERING INTERNATIONAL, INC. AND SUBSIDIARIES




















CONDENSED CONSOLIDATED BALANCE SHEETS



































Jun 30, 2021


Dec 31, 2020

















(in thousands)


ASSETS


















Current assets (including cash and cash equivalents of $456,087 and $452,016)






$

1,228,876



$

1,170,263




Net property and equipment







537,909



591,107




Other assets










294,764



284,472






Total Assets






$

2,061,549



$

2,045,842






















LIABILITIES AND EQUITY











Current liabilities










$

479,523



$

437,116




Long-term debt










773,423



805,251




Other long-term liabilities






245,871



245,318




Equity










562,732



558,157






Total Liabilities and Equity






$

2,061,549



$

2,045,842






















CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS





























For the Three Months Ended


For the Six Months Ended










Jun 30, 2021


Jun 30, 2020


Mar 31, 2021


Jun 30, 2021


Jun 30, 2020











(in thousands, except per share amounts)






















Revenue






$

498,199



$

427,216



$

437,553



$

935,752



$

963,884




Cost of services and products


429,802



384,679



380,896



810,698



874,595





Gross margin


68,397



42,537



56,657



125,054



89,289




Selling, general and administrative expense


45,578



47,719



42,874



88,452



103,460




Long-lived assets impairments










68,763




Goodwill impairment










303,005





Income (loss) from operations




22,819



(5,182)



13,783



36,602



(385,939)




Interest income






683



511



519



1,202



1,788




Interest expense, net of amounts capitalized


(9,729)



(11,611)



(10,407)



(20,136)



(24,073)




Equity in income (losses) of unconsolidated affiliates


378



674



534



912



1,871




Other income (expense), net


(1,955)



(3,660)



(1,453)



(3,408)



(10,788)





Income (loss) before income taxes


12,196



(19,268)



2,976



15,172



(417,141)




Provision (benefit) for income taxes


5,955



5,520



12,341



18,296



(24,755)





Net Income (Loss)


$

6,241



$

(24,788)



$

(9,365)



$

(3,124)



$

(392,386)






















Weighted average diluted shares outstanding


100,847



99,273



99,461



99,613



99,164



Diluted earnings (loss) per share


$

0.06



$

(0.25)



$

(0.09)



$

(0.03)



$

(3.96)






















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.


SEGMENT INFORMATION
















For the Three Months Ended


For the Six Months Ended







Jun 30, 2021


Jun 30, 2020 *


Mar 31, 2021


Jun 30, 2021


Jun 30, 2020 *






($ in thousands)

Subsea Robotics
















Revenue



$

141,371



$

119,234



$

119,119



$

260,490



$

259,004



Gross margin



$

31,767



$

21,324



$

24,078



$

55,845



$

40,797


Operating income (loss)



$

21,710



$

11,662



$

14,619



$

36,329



$

(82,421)


Operating income (loss) %



15

%


10

%


12

%


14

%


(32)

%


ROV days available



22,750



22,750



22,469



45,219



45,500



ROV days utilized



14,005



13,501



11,887



25,892



28,354



ROV utilization



62

%


59

%


53

%


57

%


62

%
















Manufactured Products
















Revenue



$

79,127



$

100,570



$

86,825



$

165,952



$

267,104



Gross margin



$

8,391



$

13,679



$

10,004



$

18,395



$

31,628


Operating income (loss)



$

790



$

3,865



$

2,753



$

3,543



$

(62,273)


Operating income (loss) %



1

%


4

%


3

%


2

%


(23)

%

Backlog at end of period



$

315,000



$

380,000



$

248,000



$

315,000



$

380,000

















Offshore Projects Group
















Revenue



$

107,951



$

73,840



$

89,234



$

197,185



$

148,094



Gross margin



$

14,566



$

3,170



$

15,111



$

29,677



$

5,265


Operating income (loss)



$

7,996



$

(4,135)



$

8,813



$

16,809



$

(83,458)


Operating income (loss) %



7

%


(6)

%


10

%


9

%


(56)

%
















Integrity Management & Digital Solutions














Revenue



$

64,070



$

53,969



$

54,048



$

118,118



$

118,698



Gross margin



$

10,462



$

5,455



$

8,209



$

18,671



$

15,247


Operating income (loss)



$

4,721



$

(1,825)



$

2,474



$

7,195



$

(123,360)


Operating income (loss) %



7

%


(3)

%


5

%


6

%


(104)

%
















Aerospace and Defense Technologies














Revenue



$

105,680



$

79,603



$

88,327



$

194,007



$

170,984



Gross margin



$

24,603



$

17,313



$

22,110



$

46,713



$

34,798


Operating income (loss)



$

19,340



$

13,430



$

16,839



$

36,179



$

26,401


Operating income (loss) %



18

%


17

%


19

%


19

%


15

%















Unallocated Expenses















Gross margin



$

(21,392)



$

(18,404)



$

(22,855)



$

(44,247)



$

(38,446)


Operating income (loss)



$

(31,738)



$

(28,179)



$

(31,715)



$

(63,453)



$

(60,828)















Total


















Revenue



$

498,199



$

427,216



$

437,553



$

935,752



$

963,884



Gross margin



$

68,397



$

42,537



$

56,657



$

125,054



$

89,289


Operating income (loss)



$

22,819



$

(5,182)



$

13,783



$

36,602



$

(385,939)


Operating income (loss) %



5

%


(1)

%


3

%


4

%


(40)

%


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.
















* Recast to reflect segment changes.












SELECTED CASH FLOW INFORMATION


















For the Three Months Ended


For the Six Months Ended







Jun 30, 2021


Jun 30, 2020


Mar 31, 2021


Jun 30, 2021


Jun 30, 2020







(in thousands)













Capital Expenditures, including Acquisitions



$

12,629



$

10,631



$

10,699



$

23,328



$

37,860




















For the Three Months Ended


For the Six Months Ended







Jun 30, 2021


Jun 30, 2020 *


Mar 31, 2021


Jun 30, 2021


Jun 30, 2020 *







(in thousands)

Depreciation and amortization:












Energy Services and Products













Subsea Robotics



$

22,436



$

25,080



$

22,952



$

45,388



$

164,267



Manufactured Products



3,248



3,587



3,227



6,475



19,551



Offshore Projects Group



6,862



8,255



7,125



13,987



83,162



Integrity Management & Digital Solutions



1,091



757



1,124



2,215



125,100


Total Energy Services and Products



33,637



37,679



34,428



68,065



392,080


Aerospace and Defense Technologies



1,404



658



1,276



2,680



1,345


Unallocated Expenses



184



361



767



951



1,469



Total Depreciation and Amortization



$

35,225



$

38,698



$

36,471



$

71,696



$

394,894

















Goodwill and long-lived asset impairment expense, reflected in the depreciation and amortization expense above, was $310 million

in the six months ended June 30, 2020.
















* Recast to reflect segment changes.












 

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 SEC Regulation G).  We have included Adjusted Net Income (Loss) and Diluted Earnings (Loss) per Share, 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, 2021 Adjusted EBITDA Estimates, and Free Cash Flow, as well as the following by segment:  Adjusted Operating Income and Margins, EBITDA, EBITDA Margins, Adjusted EBITDA and Adjusted EBITDA Margins.  We define EBITDA Margin as EBITDA divided by revenue.  Adjusted EBITDA and Adjusted EBITDA Margins as well as Adjusted Operating Income and Margin and related information by segment exclude the effects of certain specified items, as set forth in the tables that follow.  EBITDA and EBITDA Margins, Adjusted EBITDA and Adjusted EBITDA Margins, and Adjusted Operating Income and Margin 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 and comparing our financial performance with the performance of other companies in our industry, and the adjusted amounts thereof (as well as Adjusted Operating Income and Margin by Segment) 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 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.

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, 2021

Jun 30, 2020

Mar 31, 2021







Net Income
(Loss)


Diluted EPS


Net Income
(Loss)


Diluted EPS


Net Income
(Loss)


Diluted EPS







(in thousands, except per share amounts)










Net income (loss) and diluted EPS as reported in accordance with GAAP


$

6,241



$

0.06



$

(24,788)



$

(0.25)



$

(9,365)



$

(0.09)



Pre-tax adjustments for the effects of:















Loss on sale of asset




1,415














Restructuring expenses and other






5,708





1,308






Foreign currency (gains) losses


1,800





3,908





1,861





Total pre-tax adjustments


3,215





9,616





3,169






















Tax effect on pre-tax adjustments at the applicable jurisdictional statutory rate in effect for respective periods


(674)





(2,331)





(605)





Discrete tax items:














    Share-based compensation


(4)





16





577





    Uncertain tax positions


186





735





(16)





    U.S. CARES Act






1,159









    Valuation allowances


3,525





3,245





6,758





    Other


(2,136)





(1,887)





2,275






Total discrete tax adjustments


1,571





3,268





9,594






Total of adjustments


4,112





10,553





12,158





Adjusted Net Income (Loss)


$

10,353



$

0.10



$

(14,235)



$

(0.14)



$

2,793



$

0.03



Weighted average diluted shares outstanding utilized for Adjusted Net Income (Loss)




100,847





99,273





100,480





















































Adjusted Net Income (Loss) and Diluted Earnings (Loss) per Share (EPS)


























For the Six Months Ended







Jun 30, 2021

Jun 30, 2020










Net Income
(Loss)


Diluted EPS


Net Income
(Loss)


Diluted EPS










(in thousands, except per share amounts)








Net income (loss) and diluted EPS as reported in accordance with GAAP






$

(3,124)



$

(0.03)



$

(392,386)



$

(3.96)


Pre-tax adjustments for the effects of:














Long-lived assets impairments










68,763





Long-lived assets write-offs










7,328





Goodwill impairment










303,005





Loss on sale of asset








1,415









Restructuring expenses and other






1,308





12,338





Foreign currency (gains) losses






3,661





10,958




Total pre-tax adjustments






6,384





402,392




















Tax effect on pre-tax adjustments at the applicable jurisdictional statutory rate in effect for respective periods






(1,279)





(47,686)




Discrete tax items:













Share-based compensation






573





1,003




Uncertain tax positions






170





(8,917)




U.S. CARES Act










(32,625)




Valuation allowances






10,283





68,453




Other






139





(937)





Total discrete tax adjustments






11,165





26,977





Total of adjustments






16,270





381,683




Adjusted Net Income (Loss)






$

13,146



$

0.13



$

(10,703)



$

(0.11)


Weighted average diluted shares outstanding utilized for Adjusted Net Income (Loss)








100,672





99,164
















EBITDA and Adjusted EBITDA and Margins




















For the Three Months Ended


For the Six Months Ended






Jun 30, 2021


Jun 30, 2020


Mar 31, 2021


Jun 30, 2021


Jun 30, 2020






($ in thousands)















Net income (loss)



$

6,241



$

(24,788)



$

(9,365)



$

(3,124)



$

(392,386)


Depreciation and amortization



35,225



38,698



36,471



71,696



394,894



Subtotal



41,466



13,910



27,106



68,572



2,508


Interest expense, net of interest income


9,046



11,100



9,888



18,934



22,285


Amortization included in interest expense


907



333



303



1,210




Provision (benefit) for income taxes



5,955



5,520



12,341



18,296



(24,755)



EBITDA



57,374



30,863



49,638



107,012



38


Adjustments for the effects of:













Long-lived assets impairments











68,763



Loss on sale of asset



1,415







1,415





Restructuring expenses and other





5,708



1,308



1,308



12,338



Foreign currency (gains) losses



1,800



3,908



1,861



3,661



10,958




Total of adjustments



3,215



9,616



3,169



6,384



92,059



Adjusted EBITDA



$

60,589



$

40,479



$

52,807



$

113,396



$

92,097
















Revenue



$

498,199



$

427,216



$

437,553



$

935,752



$

963,884
















EBITDA margin %



12

%


7

%


11

%


11

%


%

Adjusted EBITDA margin %



12

%


9

%


12

%


12

%


10

%



























Free Cash Flow
















For the Three Months Ended


For the Six Months Ended




Jun 30, 2021


Jun 30, 2020


Mar 31, 2021


Jun 30, 2021


Jun 30, 2020




(in thousands)

Net Income (loss)


$

6,241



$

(24,788)



$

(9,365)



$

(3,124)



$

(392,386)


Non-cash adjustments:












Depreciation and amortization, including goodwill impairment


35,225



38,698



36,471



71,696



394,894



Long-lived asset impairments










68,763



Other non-cash


(1,294)



41



(365)



(1,659)



(4,585)


Other increases (decreases) in cash from operating activities


10,374



23,567



(28,464)



(18,090)



(61,318)


Cash flow provided by (used in) operating activities


50,546



37,518



(1,723)



48,823



5,368


Purchases of property and equipment


(12,629)



(10,631)



(10,699)



(23,328)



(37,860)


Free Cash Flow


$

37,917



$

26,887



$

(12,422)



$

25,495



$

(32,492)






































2021 Adjusted EBITDA Estimates






















For the Three Months Ended










September 30, 2021










Low


High










(in thousands)

Income (loss) before income taxes








$

4,000



$

7,000


Depreciation and amortization








36,000



38,000



Subtotal








40,000



45,000


Interest expense, net of interest income








10,000



10,000



Adjusted EBITDA








$

50,000



$

55,000























For the Year Ended










December 31, 2021










Low


High










(in thousands)

Income (loss) before income taxes








$

15,000



$

35,000


Depreciation and amortization








145,000



150,000



Subtotal








160,000



185,000


Interest expense, net of interest income








40,000



40,000



Adjusted EBITDA








$

200,000



$

225,000

















Adjusted Operating Income (Loss) and Margins by Segment






For the Three Months Ended June 30, 2021





SSR


MP


OPG


IMDS


ADTech


Unallocated
Expenses


Total





($ in thousands)

Operating Income (Loss) as reported in accordance with GAAP


$

21,710



$

790



$

7,996



$

4,721



$

19,340



$

(31,738)



$

22,819


Adjustments for the effects of:















Loss on sale of asset












1,415



1,415




Total of adjustments












1,415



1,415



















Adjusted Operating Income (Loss)


$

21,710



$

790



$

7,996



$

4,721



$

19,340



$

(30,323)



$

24,234



















Revenue


$

141,371



$

79,127



$

107,951



$

64,070



$

105,680





$

498,199


Operating income (loss) % as reported in accordance with GAAP


15

%


1

%


7

%


7

%


18

%




5

%

Operating income (loss) % using adjusted amounts


15

%


1

%


7

%


7

%


18

%




5

%











































For the Three Months Ended June 30, 2020 *





SSR


MP


OPG


IMDS


ADTech


Unallocated
Expenses


Total





($ in thousands)

Operating Income (Loss) as reported in accordance with GAAP


$

11,662



$

3,865



$

(4,135)



$

(1,825)



$

13,430



$

(28,179)



$

(5,182)


Adjustments for the effects of:















Restructuring expenses and other


1,380



1,212



1,405



1,536





175



5,708




Total of adjustments


1,380



1,212



1,405



1,536





175



5,708



















Adjusted Operating Income (Loss)


$

13,042



$

5,077



$

(2,730)



$

(289)



$

13,430



$

(28,004)



$

526



















Revenue


$

119,234



$

100,570



$

73,840



$

53,969



$

79,603





$

427,216


Operating income (loss) % as reported in accordance with GAAP


10

%


4

%


(6)

%


(3)

%


17

%




(1)

%

Operating income (loss) % using adjusted amounts


11

%


5

%


(4)

%


(1)

%


17

%




%


* Recast to reflect segment changes.



















































For the Three Months Ended March 31, 2021





SSR


MP


OPG


IMDS


ADTech


Unallocated
Expenses


Total





($ in thousands)

Operating Income (Loss) as reported in accordance with GAAP


$

14,619



$

2,753



$

8,813



$

2,474



$

16,839



$

(31,715)



$

13,783


Adjustments for the effects of:
















Restructuring expenses and other


395



537



149



217



10





1,308




Total of adjustments


395



537



149



217



10





1,308


Adjusted Operating Income (Loss)


$

15,014



$

3,290



$

8,962



$

2,691



$

16,849



$

(31,715)



$

15,091



















Revenue


$

119,119



$

86,825



$

89,234



$

54,048



$

88,327





$

437,553


Operating income (loss) % as reported in accordance with GAAP


12

%


3

%


10

%


5

%


19

%




3

%

Operating income (loss) % using adjusted amounts


13

%


4

%


10

%


5

%


19

%




3

%





Adjusted Operating Income (Loss) and Margins by Segment






For the Six Months Ended June 30, 2021





SSR


MP


OPG


IMDS


ADTech


Unallocated
Expenses


Total





($ in thousands)

Operating Income (Loss) as reported in accordance with GAAP


$

36,329



$

3,543



$

16,809



$

7,195



$

36,179



$

(63,453)



$

36,602


Adjustments for the effects of:















Loss on sale of asset












1,415



1,415



Restructuring expenses and other


395



537



149



217



10





1,308




Total of adjustments


395



537



149



217



10



1,415



2,723



















Adjusted Operating Income (Loss)


$

36,724



$

4,080



$

16,958



$

7,412



$

36,189



$

(62,038)



$

39,325



















Revenue


$

260,490



$

165,952



$

197,185



$

118,118



$

194,007





$

935,752


Operating income (loss) % as reported in accordance with GAAP


14

%


2

%


9

%


6

%


19

%




4

%

Operating income (loss) % using adjusted amounts


14

%


2

%


9

%


6

%


19

%




4

%






















For the Six Months Ended June 30, 2020 *





SSR


MP


OPG


IMDS


ADTech


Unallocated
Expenses


Total





($ in thousands)

Operating Income (Loss) as reported in accordance with GAAP


$

(82,421)



$

(62,273)



$

(83,458)



$

(123,360)



$

26,401



$

(60,828)



$

(385,939)


Adjustments for the effects of:















Long-lived assets impairments




61,074



7,522



167







68,763



Long-lived assets write-offs


7,328













7,328



Goodwill impairment


102,118



11,388



66,285



123,214







303,005



Restructuring expenses and other


2,299



3,196



2,621



3,767





455



12,338




Total of adjustments


111,745



75,658



76,428



127,148





455



391,434



















Adjusted Operating Income (Loss)


$

29,324



$

13,385



$

(7,030)



$

3,788



$

26,401



$

(60,373)



$

5,495



















Revenue


$

259,004



$

267,104



$

148,094



$

118,698



$

170,984





$

963,884


Operating income (loss) % as reported in accordance with GAAP


(32)

%


(23)

%


(56)

%


(104)

%


15

%




(40)

%

Operating income (loss) % using adjusted amounts


11

%


5

%


(5)

%


3

%


15

%




1

%


* Recast to reflect segment changes.
















EBITDA and Adjusted EBITDA and Margins by Segment






For the Three Months Ended June 30, 2021





SSR


MP


OPG


IMDS


ADTech


Unallocated
Expenses
and other


Total





($ in thousands)

Operating Income (Loss) as reported in accordance with GAAP


$

21,710



$

790



$

7,996



$

4,721



$

19,340



$

(31,738)



$

22,819


Adjustments for the effects of:















Depreciation and amortization


22,436



3,248



6,862



1,091



1,404



184



35,225



Other pre-tax












(670)



(670)



EBITDA


44,146



4,038



14,858



5,812



20,744



(32,224)



57,374


Adjustments for the effects of:















Loss on sale of asset












1,415



1,415



Foreign currency (gains) losses












1,800



1,800




Total of adjustments












3,215



3,215


Adjusted EBITDA


$

44,146



$

4,038



$

14,858



$

5,812



$

20,744



$

(29,009)



$

60,589



















Revenue


$

141,371



$

79,127



$

107,951



$

64,070



$

105,680





$

498,199


Operating income (loss) % as reported in accordance with GAAP


15

%


1

%


7

%


7

%


18

%




5

%

EBITDA Margin


31

%


5

%


14

%


9

%


20

%




12

%

Adjusted EBITDA Margin


31

%


5

%


14

%


9

%


20

%




12

%






















For the Three Months Ended June 30, 2020 *





SSR


MP


OPG


IMDS


ADTech


Unallocated
Expenses
and other


Total





($ in thousands)

Operating Income (Loss) as reported in accordance with GAAP


$

11,662



$

3,865



$

(4,135)



$

(1,825)



$

13,430



$

(28,179)



$

(5,182)


Adjustments for the effects of:















Depreciation and amortization


25,080



3,587



8,255



757



658



361



38,698



Other pre-tax












(2,653)



(2,653)



EBITDA


36,742



7,452



4,120



(1,068)



14,088



(30,471)



30,863


Adjustments for the effects of:















Restructuring expenses and other


1,380



1,212



1,405



1,536





175



5,708



Foreign currency (gains) losses












3,908



3,908




Total of adjustments


1,380



1,212



1,405



1,536





4,083



9,616


Adjusted EBITDA


$

38,122



$

8,664



$

5,525



$

468



$

14,088



$

(26,388)



$

40,479



















Revenue


$

119,234



$

100,570



$

73,840



$

53,969



$

79,603





$

427,216


Operating income (loss) % as reported in accordance with GAAP


10

%


4

%


(6)

%


(3)

%


17

%




(1)

%

EBITDA Margin


31

%


7

%


6

%


(2)

%


18

%




7

%

Adjusted EBITDA Margin


32

%


9

%


7

%


1

%


18

%




9

%


















* Recast to reflect segment changes.



















For the Three Months Ended March 31, 2021





SSR


MP


OPG


IMDS


ADTech


Unallocated
Expenses
and other


Total





($ in thousands)

Operating Income (Loss) as reported in accordance with GAAP


$

14,619



$

2,753



$

8,813



$

2,474



$

16,839



$

(31,715)



$

13,783


Adjustments for the effects of:















Depreciation and amortization


22,952



3,227



7,125



1,124



1,276



767



36,471



Other pre-tax












(616)



(616)



EBITDA


37,571



5,980



15,938



3,598



18,115



(31,564)



49,638


Adjustments for the effects of:















Restructuring expenses and other


395



537



149



217



10





1,308



Foreign currency (gains) losses












1,861



1,861




Total of adjustments


395



537



149



217



10



1,861



3,169


Adjusted EBITDA


$

37,966



$

6,517



$

16,087



$

3,815



$

18,125



$

(29,703)



$

52,807



















Revenue


$

119,119



$

86,825



$

89,234



$

54,048



$

88,327





$

437,553


Operating income (loss) % as reported in accordance with GAAP


12

%


3

%


10

%


5

%


19

%




3

%

EBITDA Margin


32

%


7

%


18

%


7

%


21

%




11

%

Adjusted EBITDA Margin


32

%


8

%


18

%


7

%


21

%




12

%





















EBITDA and Adjusted EBITDA and Margins by Segment






For the Six Months Ended June 30, 2021





SSR


MP


OPG


IMDS


ADTech


Unallocated
Expenses
and other


Total





($ in thousands)

Operating Income (Loss) as reported in accordance with GAAP


$

36,329



$

3,543



$

16,809



$

7,195



$

36,179



$

(63,453)



$

36,602


Adjustments for the effects of:















Depreciation and amortization


45,388



6,475



13,987



2,215



2,680



951



71,696



Other pre-tax












(1,286)



(1,286)



EBITDA


81,717



10,018



30,796



9,410



38,859



(63,788)



107,012


Adjustments for the effects of:















Loss on sale of asset












1,415



1,415



Restructuring expenses and other


395



537



149



217



10





1,308



Foreign currency (gains) losses












3,661



3,661




Total of adjustments


395



537



149



217



10



5,076



6,384


Adjusted EBITDA


$

82,112



$

10,555



$

30,945



$

9,627



$

38,869



$

(58,712)



$

113,396



















Revenue


$

260,490



$

165,952



$

197,185



$

118,118



$

194,007





$

935,752


Operating income (loss) % as reported in accordance with GAAP


14

%


2

%


9

%


6

%


19

%




4

%

EBITDA Margin


31

%


6

%


16

%


8

%


20

%




11

%

Adjusted EBITDA Margin


32

%


6

%


16

%


8

%


20

%




12

%






















For the Six Months Ended June 30, 2020 *





SSR


MP


OPG


IMDS


ADTech


Unallocated
Expenses
and other


Total





($ in thousands)

Operating Income (Loss) as reported in accordance with GAAP


$

(82,421)



$

(62,273)



$

(83,458)



$

(123,360)



$

26,401



$

(60,828)



$

(385,939)


Adjustments for the effects of:















Depreciation and amortization


164,267



19,551



83,162



125,100



1,345



1,469



394,894



Other pre-tax












(8,917)



(8,917)



EBITDA


81,846



(42,722)



(296)



1,740



27,746



(68,276)



38


Adjustments for the effects of:















Long-lived assets impairments




61,074



7,522



167







68,763



Restructuring expenses and other


2,299



3,196



2,621



3,767





455



12,338



Foreign currency (gains) losses












10,958



10,958




Total of adjustments


2,299



64,270



10,143



3,934





11,413



92,059


Adjusted EBITDA


$

84,145



$

21,548



$

9,847



$

5,674



$

27,746



$

(56,863)



$

92,097



















Revenue


$

259,004



$

267,104



$

148,094



$

118,698



$

170,984





$

963,884


Operating income (loss) % as reported in accordance with GAAP


(32)

%


(23)

%


(56)

%


(104)

%


15

%




(40)

%

EBITDA Margin


32

%


(16)

%


%


1

%


16

%




%

Adjusted EBITDA Margin


32

%


8

%


7

%


5

%


16

%




10

%


















* Recast to reflect segment changes.













SOURCE Oceaneering International, Inc.

Related Links

www.oceaneering.com

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Source: https://www.prnewswire.com:443/news-releases/oceaneering-reports-second-quarter-2021-results-301343520.html

Energy

Viezo Wins 2nd place at Future of Emerging Europe Awards 2021

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Viezo wins 2nd place at Future of Emerging Europe Awards 2021

Sep 22, 2021

  • Almost 50 organisations and individuals from across Central, Eastern, South-Eastern Europe and the Caucasus have been nominated for the fourth edition of the Emerging Europe Awards Programme. 
  • The winners of the awards were chosen by the public – For the first time since the programme was launched in 2018
  • Viezo, a Lithuanian startup, won the 2nd place for their focus on developing vibration energy harvesting solution, capable of converting vibrations into useful electricity

Vilnius, Sep. 22, 2021 – Leading developers of the most powerful PVDF vibration energy harvester Viezo, has celebrated winning the Future of Emerging Europe Awards 2021 distinguishing themselves among other many Green Energy nominees.

Winning of the Future of Emerging Europe Awards 2021

The main theme of the Future of Emerging Europe Summit and Awards is towards a resilient and sustainable emerging Europe. The event this year, that was hosted at the European Parliament in Brussels, took place on September 15th and it was geographically diverse.

Almost 50 organisations and individuals from across Central, Eastern, South-Eastern Europe and the Caucasus have been nominated for the fourth edition of the Emerging Europe Awards Programme.

The Summit focused on five areas: providing fair, equal, quality health care across emerging Europe; lifestyles for a greener and more sustainable emerging Europe redefining and strengthening a post-growth emerging Europe economy; inspiring unity and new transformational leadership in emerging Europe, and building a forward-looking, secure and democratic emerging Europe.

Viezo participated as part of the Green Energy section of the competition among other distinguished nominees as Fuergy from Slovakia & Respect Energy from Poland. For the first time since the programme was launched in 2018, the winners of the awards were chosen by the public. Donat Ponamariov, the founder and CEO of Viezo, presented the company’s overview talking about the importance of vibration energy harvesting and its crucial role in boosting the development of IOT in railways. Upon public votes, Viezo was announced to win the second place.

The rejoice of getting acknowledged

Viezo is a startup, established in early 2018 with the idea and goal to help fourth Industrial revolution expand faster and cheaper without needing to think about powering the sensing equipment. The technology can convert vibrations into usable electricity, therefore powering sensors indefinitely which are deployed on vibrating, dynamic machinery.

Viezo is the first company in the world, commercializing the vibration energy harvesting technology within the piezoelectric PVDF material, which is environmentally friendly and low-cost. Viezo team has expressed their sincere happiness to be recognized in this competition. Their collective commitment of time and effort has contributed to the development process that led to this success.

Public events participation

Viezo has been actively participating in many exhibitions recently as 7th Railway forum in Berlin, Infrarail in Birmingham, and SITL in Paris. Many important meetings took place with current and potential customers planning to many fruitful cooperations to come. Viezo is also participating in the 14th International Railway Fair TRAKO which is taking place in Gdansk, Poland from 21st to 24th of September 2021. Everyone is invited to visit their booth at the exhibition.

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Source: https://www.iotforall.com/press-releases/viezo-wins-2nd-place-at-future-of-emerging

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Energy

Faster than Fast: How OPPO’s VOOC Flash Charging turned the smartphone industry on its head

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A must-have for users who use their smartphone to game, watch videos and create amazing content, OPPO’s SuperVOOC Flash Charge is not only reliable and incredibly fast, it also uses the highest level of multi-layered protection with all key nodes including the adapter, USB cable, cellphone and battery protected by intelligent chips.

With the popularization of apps like games and videos that consume huge amounts of power and large-scale commercial 5G use, there are new requirements for mobile phone battery life and charging experiences. Today, a quick five minute charge of a Reno6 smartphone using VOOC Flash Charge technology provides users with an impressive four hour video watch time or 100 minutes of PUBG mobile gaming.

Guided by the user-led brand value, OPPO is continuously improving its VOOC Flash Charge technology to meet the different charging needs of users in all weathers, across multiple devices, in any number of situations, and to alleviate the ‘charge anxiety’ of users in the 5G era.

BRINGING TRANSFORMATIVE SOLUTIONS

OPPO, which rolled out its highly anticipated Reno6 Series on September 7th, 2021 has always been at the forefront of bringing transformative solutions to the smartphone industry. In 2014, the tech giant turned the phone charging market on its head when it pioneered its proprietary rapid change technology ‘VOOC Flash Charge’, becoming the first in the industry to offer a low-voltage, fast-charging solution which has completely changed the way we use smartphones.

Since then, the global technology pioneer has continuously strived to improve and upgrade its VOOC technology to offer even faster and safer flash charging to millions of consumers worldwide.  

In 2018, it debuted SuperVOOC, which had twice the charging power of its predecessor. The following year, OPPO unveiled its 65W SuperVOOC 2.0, breaking the previous record. Not one to rest on its laurels, OPPO last year unveiled its future cutting-edge 125W charging technology, 65W AirVOOC wireless flash charge, the ultra-small portable 50W mini SuperVOOC charger, as well as the 110W mini flash charger. In 2021, OPPO launched its new project—The Flash Initiative, at MWCSH, bringing its proprietary VOOC technology to automobiles, public spaces and chips inside a wide variety of technologies.

Currently OPPO VOOC flash charge series has supported 30+ OPPO models. Based on VOOC flash charge technology, OPPO has launched a variety of peripheral accessories including flash charge portable power banks, and flash charge car chargers, and reached cross-border cooperation with Gundam, Pokémon, EVA Evangelion, Detective Conan and others to become a leader in the industry. 

FIVE LEVELS OF PROTECTIVE LAYERING

OPPO has always placed efficiency and safety at the forefront of its development of Flash Charge technology. OPPO has always upheld this concept to the whole charging system, dedicating to providing the most comprehensive hardware & software level charging protection.

VOOC uses five levels of protective layering. Here’s a lowdown on each of these layers:

  • First layer: Protective circuit on the adapter which eradicates hidden danger from the root even if internal circuit is broken.
  • Second layer: An intelligent chip which detects the voltage and current to check if it’s safe to make a flash charge.
  • Third layer: Electrical switch on the connector which acts as a second line of defense against voltage and current fluctuations.
  • Fourth layer: Advanced protection on the cellphone end.
  • Fifth layer: Voltage-fusing protection to guard against deviations from normal limits.

In addition, a safety scheme is in place from the adapter all the way through to the battery. Dedicated charging control units in both the device and the adapter monitor the status of components in real time, checking battery temperature, voltage, current, path impedance and numerous other parameters. The system can then respond quickly if any parameter strays outside the norm, to avoid abnormal charging.

GO BEYONG THE WIDER ECOLOGY

As of June 2021, OPPO has over 195 milion flash charge users world wide, applied for more than 3,000 flash charge-related patents worldwide, owns over 1,500 granted patents, and has licensed the flash charge technology to nearly 40 companies, making it one of the fastest and safest technologies currently available in the world.

As a leader in flash charge technology, OPPO attaches great importance to the building of a robust ecosystem that supports flash charge protocols widely used in the industry to deliver the benefits of its flash charge solutions to more users.  This year, OPPO took things to a whole new level with the launch of its latest project, The Flash Initiative, at the Mobile World Congress Shanghai (MWCS), aims to bring faster charging to every area of  users’ lives including automobiles, public spaces and charging accessories.

Tarek Zaki, Senior Product Manager of OPPO MEA said, “Modern-day smartphones come with big, bright screens and high-end features that consume huge amounts of power and increase battery drain. Based on this observation and guided by the user-led brand value, we are continuously improving our VOOC Flash Charge technology to meet the requirements of users in all climates and situations across multiple devices. We are thrilled to offer the same fast-charging technology which has become synonymous with our brand in the latest Reno6 Series, complementing its innovative design and raft of high-tech features.”

Customers can experience the VOOC flash charging themselves in the Reno6 Series, now available for purchase across OPPO’s e-commerce websites and retail partner stores in the UAE and lower Gulf at a retail price of AED 2,999 for the Reno6 Pro 5G, AED 2,199 for Reno6 5G, and AED 1,499 for Reno6 Z 5G.

About OPPO

OPPO is a leading global technology brand since 2004, dedicated to providing products that seamlessly combines art and innovative technology.

OPPO is on a mission to building a multiple-access smart device ecosystem for the era of intelligent connectivity. The smartphone devices have simply been a gateway for OPPO to deliver a diverse portfolio of smart and frontier technologies in hardware, software and system. In 2019, OPPO launched a $7 Billion US Dollar three-year investment plan in R&D to develop core technologies furthering design through technology.

OPPO is firmly pursuing the creation of the best technology products and technological artistry for global users. Based on the brand elements of leading, young and beautiful, OPPO dedicates to the mission of letting the extraordinary users enjoy the beauty of technology.

For the last 10 years, OPPO has focused on manufacturing smartphones with camera capabilities that are second to none. OPPO launched the first mobile phone, the Smile Phone, in 2008, which marked the launch of the brand’s epic journey in exploring and pioneering extraordinary technology. Over the years, OPPO has built a tradition of being number one, which became a reality through inventing the world’s first rotating camera smartphone way back in 2013, launching the world’s then thinnest smartphone in 2014, being the first to introduce 5X Zoom ‘Periscope’ camera technology and developing the first 5G commercial smartphone in Europe.

Today, OPPO was ranked as the number four smartphone brand globally. OPPO brings the aesthetics of technology of global consumers through the ColorOS system Experience, and Internet service like OPPO Cloud and OPPO+.

OPPO’s business covers 40 countries with over six research institutes and five R&D centers across the world, from San Francisco to Shenzhen. OPPO also opened an International Design Centre headquartered in London, driving cutting edge technology that will shape the future not only for smartphones but for intelligent connectivity.

About OPPO MEA

OPPO started its journey in the Middle East and Africa (MEA) region in 2015 after setting up its regional office in Egypt. Following the immense success of the brand’s sales centre in Cairo in the first year, OPPO accelerated its expansion plan across the MEA region and inaugurated its country operations in the UAE in 2019. Now OPPO is physically present in more than 13 markets across the region, including Egypt, Algeria, Tunisia, Morocco, Bahrain, Saudi Arabia, Oman, Kuwait, Qatar, Kenya, Nigeria, South Africa and the Levant.

To empower its presence in the region in line with its product localisation strategy, OPPO further invested in MENA and set up its very own factory in Algeria in 2017, thus, becoming the first Chinese brand to build a manufacturing premises in North Africa. Based on insights of local consumers in each country, OPPO has evolved the progress of product localisation, taking into consideration several perspectives towards each market, including product localisation, to further meet the core needs of users; marketing localisation, to better communicate with local young customers; and talent localisation, to understand local consumers further and provide an optimum customer service.

Within the last year, OPPO has started to adjust its product line in the Middle East region specifically. This has included the launch of its flagship OPPO Find X Series and the introduction of the OPPO Reno Series. OPPO will continue to evolve its local product line to offer more premium series to consumers in the region.

A forward-thinking international technology company, OPPO strives to be a sustainable company that contributes to a better world and have enacted positive change in every way possible through activating local community initiatives and humanitarian, charity campaigns.

SOURCE OPPO

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Energy

Schneider Electric Wins ‘Sustainable Infrastructure Vendor of the Year’ at the CRN UK Tech Impact Awards

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LONDON, Sept. 22, 2021 /PRNewswire/ — Schneider Electric™, the leader in digital transformation of energy management and automation, has been awarded ‘Sustainable Infrastructure Vendor of the Year’ at the CRN Tech Impact Awards 2021. The award recognises the company’s leadership in developing sustainable and energy efficient technologies for data centres and edge computing environments, and its proven track record in helping partners and customers deliver solutions that address the crucial issues of sustainability and the circular economy. Launched in March 2021, the CRN Tech Impact Awards honours the vendors, distributors, IT resellers and MSPs leading the way in addressing their own environmental and social impact, and that of their technologies, solutions and services.

At Schneider Electric, sustainability is part of our DNA. Our purpose is to empower all to make the most of our energy and our resources, and work with our channel community to bring progress and sustainability through digitization and electrification to a wide range of industries including data centres, energy grids, buildings, and industrial facilities.  Named as Corporate Knights’ ‘Most Sustainable Corporation in the World’ in 2021, Schneider Electric has a history of driving digital transformation globally and today it works with both channel partners and customers to reduce their environmental impact through technological innovation and sustainable business strategies.

The company’s Green Premium™ products, for example, offer sustainable performance by design and accounted for more than 76% of sales in 2020. Its ECOFIT™ and Trade-UPS, recycle and take-back programs address the circular economy and ensure the responsible disposal of discarded infrastructure technologies such as MV equipment and UPSs. Further, its EcoStruxure™ solutions and Energy & Sustainability Services directly enable customers to reduce their CO2 footprint and deliver an average of 20% reduced carbon emissions.

The company is also no stranger to Net Zero and has worked tirelessly to address the impact of scope-3 emissions on the environment by creating strategies to minimise CO2 in its supply chain and throughout its partner ecosystem. Today its public commitments include:

  • Accelerating its 2030 goal of carbon neutrality in its extended ecosystem by five years to 2025;
  • Removing gas and ensuring the end of SF6 by the end of 2025;
  • Reaching net-zero operational emissions by 2030 as part of validated SBT target;
  • Achieving a net-zero supply chain by 2050.

In 2020, Schneider Electric announced it was accelerating its sustainability commitments and promised to help customers save/ avoid 800M tonnes of carbon emissions by 2025. Just a short time into that program, it has helped to reduce CO2 by 320 million tonnes. Further, it has launched The Zero Carbon Project, an initiative to halve the carbon emissions of its top supply chain partners by 2025, and a call to action already joined by 91% of them.

Sustainable technologies for the channel

Data centre and edge computing energy demands are increasing exponentially and a new report from Schneider Electric found that IT Energy Demands could increase 50% by 2030.  To help partners design, build and deploy sustainable data centres from the cloud to the edge, Schneider has created an industry-leading portfolio of solutions to address the issues of sustainability and energy efficiency. They include:

  • EcoStruxure Data Center Solutions – bringing together power, cooling, racks and management to support sustainable IT in edge applications and data centres.
  • EcoStruxure IT – The industry’s first vendor-agnostic, open, interoperable remote monitoring software platform enabling partners to gain data driven insights that drive sustainable decision-making and digital services.
  • Single and three-phase lithium-ion uninterruptible power supplies (UPS) – such as its Galaxy series; a Green Premium UPS providing up to 99% efficiency when operated in ECOnversion mode.
  • Uniflair Cooling – free cooling system offering 25% more efficiency and sustainability than comparable systems.
  • Liquid cooling technologies – offering 14% lower CapEx and up to 30% energy reduction compared to air-cooling.
  • EcoStruxure Micro Data Centers – pre-integrated, energy efficient edge computing systems combining power, cooling, security, IT and software.
  • SF6-free switchgear – utilising pure air instead of SF6 gas, which has a high Global Warming Potential (GWP).

Further, its EcoStruxure Micro Data Centres offer partners the ability to design, build, and deploy edge facilities sustainably. These systems are used by Alliance Partners such as Cisco, Dell, and HPE to create a standardised, repeatable approach to edge computing, essential to reducing emissions at the edge. 

“Climate change has become the greatest challenge of our time, and the role of channel partners has never been more crucial,” said Karlton Gray, Channel Director, Schneider Electric, UK and Ireland. “No single company can reduce its environmental impact alone, and only through greater collaboration, digitization and transparency, can we make Net Zero a reality. At Schneider, our mission is to be your partner for efficiency and sustainability, and we’re truly delighted to have been named the CRN Tech Impact Sustainable Infrastructure Vendor of the Year.”

To learn more about Schneider Electric’s sustainability commitments, visit the website.

About EcoStruxure

EcoStruxure™ is our open, interoperable, IoT-enabled system architecture and platform. EcoStruxure delivers enhanced value around safety, reliability, efficiency, sustainability, and connectivity for our customers. EcoStruxure leverages advancements in IoT, mobility, sensing, cloud, analytics, and cybersecurity to deliver Innovation at Every Level. This includes Connected Products, Edge Control, and Apps, Analytics & Services which are supported by Customer Lifecycle Software. EcoStruxure™ has been deployed in almost 500,000 sites with the support of 20,000+ developers, 650,000 service providers and partners, 3,000 utilities and connects over 2 million assets under management.

From energy and sustainability consulting to optimizing the life cycle of your operational systems, we have world-wide services to meet your business needs. As a customer-centric organization, Schneider Electric is your trusted advisor to help increase asset reliability, improve total cost of ownership and drive your enterprise’s digital transformation towards sustainability, efficiency and safety.

About Schneider Electric

Schneider’s purpose is to empower all to make the most of our energy and resources, bridging progress and sustainability for all. We call this Life Is On.

Our mission is to be your digital partner for Sustainability and Efficiency. We drive digital transformation by integrating world-leading process and energy technologies, end-point to cloud connecting products, controls, software and services, across the entire lifecycle, enabling integrated company management, for homes, buildings, data centers, infrastructure, and industries.

We are the most local of global companies. We are advocates of open standards and partnership ecosystems that are passionate about our shared Meaningful Purpose, Inclusive, and Empowered values.

https://www.se.com/uk/en/

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SOURCE Schneider Electric UK


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Energy

CGTN: China leads green development, vows no new coal-fired power projects abroad

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This is not surprising but of great significance, as China has previously cooperated with several countries along the routes of the Belt and Road Initiative (BRI) towards “greening” the initiative.

Global development initiative

Phasing out coal investments would be promising to reduce carbon emissions, which pose a threat to the United Nations’ (UN) Agenda 2030 for Sustainable Development, especially Goal 13 on climate action.

Besides decreasing coal-fired power projects, China has pledged an additional $3 billion of international assistance in the next three years to support developing countries in responding to COVID-19 and promoting economic and social recovery.

“Development holds the key to people’s well-being,” Xi said, adding that countries need to work together to steer global development towards a new stage of balanced, coordinated and inclusive growth.

Beijing has highlighted its willingness to work with the international community, including the United States, to jointly advance global environmental governance.

For instance, through joint partnership, China has established the Belt and Road Initiative International Green Development Coalition, which serves as a platform for BRI cooperation on green development. Under the platform, China has provided more than 2,000 training opportunities for environmental protection officials, experts and technicians from over 120 participating countries.

Adhering to green development is engraved in the Chinese government through the Constitution and the master blueprint of national development as an ecological civilization to be observed in all socioeconomic developments and political agendas.

Beating COVID-19 remains a major task 

Undoubtedly, though many countries are busy trying to rebuild their economies amid the pandemic, COVID-19 is still raging in the world, with the number of new cases rising every day globally.

Under such circumstances, President Xi called for putting people and their lives first, taking a science-based approach to origins tracing, enhancing the coordinated global COVID-19 response and minimizing the risk of cross-border virus transmission.

Noting that vaccination is a powerful weapon against COVID-19, he stressed the pressing priority is to ensure the fair and equitable distribution of vaccines globally.

China has promised to provide a total of two billion doses of the COVID-19 vaccine to the world by the end of this year and has donated 100 million doses of the vaccine to other developing countries in the course of this year in addition to $100 million to COVAX.

Practicing true multilateralism is critical

Whether it is improving global environmental governance or beating COVID-19, multilateralism is paramount, which is another key point of Xi’s statement at the UNGA.

“The UN should hold high the banner of true multilateralism and serve as the central platform for countries to jointly safeguard universal security, share development achievements and chart the course for the future of the world,” Xi said.

The Chinese president called on the UN to increase the representation and say of developing countries in international affairs and take the lead in advancing democracy and the rule of law in international relations.

China, a staunch supporter of multilateralism

President Xi also called for building a new type of international relations based on mutual respect, equity, justice and win-win cooperation, stressing that the practice of forming small circles or zero-sum games should be rejected.

“One country’s success does not have to mean another country’s failure, and the world is big enough to accommodate common development and progress of all countries,” he said, adding that differences and problems among countries need to be handled through dialogue and cooperation on the basis of equality and mutual respect.

As the largest developing country, a permanent member of the UN Security Council and the second-largest contributor to the UN’s regular budget and peacekeeping assessments, China has always actively supported the work of the United Nations, firmly safeguarded the international system and upheld multilateralism with concrete actions.

Since the 18th National Congress of the Communist Party of China, China has hosted a series of major international events, including the G20 Hangzhou Summit, the 22nd APEC Economic Leaders’ Meeting, the Belt and Road Forum for International Cooperation, the 2018 Beijing Summit of the Forum on China-Africa Cooperation, the China International Import Expo, and the Conference on Dialogue of Asian Civilizations.

https://news.cgtn.com/news/2021-09-22/China-leads-green-development-with-another-practical-step-13KX5J87auI/index.html 

SOURCE CGTN

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