Helix Energy Solutions Group, Inc. (“Helix”) (NYSE: HLX) reported net income of $22.7 million, or $0.15 per diluted share, for the second quarter 2026 compared to a net loss of $13.4 million, or $(0.09) per diluted share, for the first quarter 2026 and a net loss of $2.6 million, or $(0.02) per diluted share, for the second quarter 2025. Helix reported Adjusted EBITDA1 of $69.9 million for the second quarter 2026 compared to $32.3 million for the first quarter 2026 and $42.4 million for the second quarter 2025.

For the six months ended June 30, 2026, Helix reported net income of $9.3 million, or $0.06 per diluted share, compared to net income of $0.5 million, or $0.00 per diluted share, for the six months ended June 30, 2025. Adjusted EBITDA for the six months ended June 30, 2026 was $102.1 million compared to $94.4 million for the six months ended June 30, 2025.

Included in our results are the operations and sale of Helix Alliance, which have been classified as discontinued operations in our financial statements. Net income (loss) of Helix Alliance reported in discontinued operations for the three and six-month periods ended June 30, 2026, was $7.5 million and $(0.7) million, respectively. Adjusted EBITDA from continuing operations for the three- and six-month periods ended June 30, 2026 was $74.7 million and $112.0 million, respectively.

The table below summarizes our results of operations:

Summary of Results

($ in thousands, except per share amounts, unaudited)
 
Three Months Ended Six Months Ended
6/30/2026 6/30/2025 3/31/2026 6/30/2026 6/30/2025
Revenues

$

304,016

 

$

251,682

 

$

266,710

 

$

570,726

 

$

512,980

 
Gross Profit

$

56,198

 

$

13,454

 

$

17,679

 

$

73,877

 

$

52,574

 

 

18

%

 

5

%

 

7

%

 

13

%

 

10

%
Income (Loss) from Continuing Operations

$

15,265

 

$

(5,062

)

$

(5,242

)

$

10,023

 

$

6,322

 
Income (Loss) from Discontinued Operations

 

7,455

 

 

2,464

 

 

(8,164

)

 

(709

)

 

(5,848

)
Net Income (Loss)

$

22,720

 

$

(2,598

)

$

(13,406

)

$

9,314

 

$

474

 
Diluted Earnings (Loss) Per Share from Continuing Operations

$

0.10

 

$

(0.04

)

$

(0.04

)

$

0.07

 

$

0.04

 
Diluted Earnings (Loss) Per Share from Discontinued Operations

 

0.05

 

 

0.02

 

 

(0.05

)

 

(0.01

)

 

(0.04

)
Diluted Earnings (Loss) Per Share

$

0.15

 

$

(0.02

)

$

(0.09

)

$

0.06

 

$

0.00

 
Adjusted EBITDA from Continuing Operations

$

74,673

 

$

36,639

 

$

37,370

 

$

112,043

 

$

96,195

 
Adjusted EBITDA from Discontinued Operations

 

(4,823

)

 

5,791

 

 

(5,108

)

 

(9,931

)

 

(1,780

)
Adjusted EBITDA1

$

69,850

 

$

42,430

 

$

32,262

 

$

102,112

 

$

94,415

 
Cash and Cash Equivalents2

$

652,234

 

$

319,743

 

$

501,272

 

$

652,234

 

$

319,743

 
Net Debt1,2

$

(347,929

)

$

(8,131

)

$

(197,511

)

$

(347,929

)

$

(8,131

)
Operating Cash Flows

$

53,897

 

$

(17,133

)

$

61,786

 

$

115,683

 

$

(691

)
Free Cash Flow1

$

46,720

 

$

(21,603

)

$

58,975

 

$

105,695

 

$

(9,649

)

1Adjusted EBITDA, Net Debt and Free Cash Flow are non-GAAP measures; see non-GAAP reconciliations below

2Cash and Cash Equivalents and Net Debt include cash and cash equivalents from both continuing and discontinued operations

Owen Kratz, President and Chief Executive Officer of Helix, stated, “Helix generated significant cash flows from operations in the second quarter and year to date. Combined with the cash from the disposition of Helix Alliance in May, we are positioned with $652 million of cash and $717 million of liquidity. Our business performance for the year is progressing as previously outlined, with positive international activity offsetting weaker domestic output. We continue to work towards consummating our merger with Hornbeck and currently expect the merger to be completed promptly following our shareholder meeting scheduled for August 31, 2026 subject to customary closing conditions. In light of the pending merger, we are withdrawing our previously issued annual guidance.”

Segment Information, Operational and Financial Highlights

($ in thousands, unaudited)
 
Three Months Ended Six Months Ended
6/30/2026 6/30/2025 3/31/2026 6/30/2026 6/30/2025
Revenues:
Well Intervention

$

208,092

 

$

156,786

 

$

209,443

 

$

417,535

 

$

355,160

 
Robotics

 

76,436

 

 

85,572

 

 

62,373

 

 

138,809

 

 

136,614

 
Production Facilities

 

29,723

 

 

17,081

 

 

18,736

 

 

48,459

 

 

36,918

 
Intercompany Eliminations

 

(10,235

)

 

(7,757

)

 

(23,842

)

 

(34,077

)

 

(15,712

)
Total

$

304,016

 

$

251,682

 

$

266,710

 

$

570,726

 

$

512,980

 
 
Income (Loss) from Operations:
Well Intervention

$

19,349

 

$

(16,430

)

$

10,857

 

$

30,206

 

$

3,540

 
Robotics

 

14,187

 

 

19,044

 

 

7,773

 

 

21,960

 

 

24,391

 
Production Facilities

 

15,805

 

 

4,425

 

 

(7,909

)

 

7,896

 

 

11,369

 
Corporate / Other / Eliminations

 

(22,626

)

 

(10,081

)

 

(13,473

)

 

(36,099

)

 

(20,921

)
Total

$

26,715

 

$

(3,042

)

$

(2,752

)

$

23,963

 

$

18,379

 
 

Segment Results

Well Intervention

Well Intervention revenues decreased $1.4 million, or 1%, during the second quarter 2026 compared to the prior quarter with reduced revenues on the Q7000, Q4000 and Sea Helix 1, nearly entirely offset by higher seasonal revenues in the North Sea. The Q7000 completed its project for Shell in Brazil in April and spent the remainder of the quarter transiting and mobilizing to West Africa, during which time all revenues and mobilization costs were deferred. During the second quarter, the Q4000 incurred an annual out-of-service period and gaps in its schedule, and the Sea Helix 1 commenced its five-year docking mid-June. In addition to revenues from higher seasonal utilization in the North Sea, the Q5000 also had improved utilization during the second quarter following its planned approximate two-week maintenance period during the prior quarter. Overall Well Intervention vessel utilization increased to 91% during the second quarter 2026 compared to 82% during the prior quarter, although the second quarter included transit and mobilization during which revenues were deferred which accounted for approximately 9% of utilization. Well Intervention operating income increased $8.5 million during the second quarter 2026 compared to the prior quarter primarily due to cost deferrals on the Q7000, lower repairs and maintenance on the Q5000 and operating leverage resulting in higher incremental margins in the North Sea.

Well Intervention revenues increased $51.3 million, or 33%, during the second quarter 2026 compared to the second quarter 2025. The increase was primarily due to higher utilization on the Q5000, which underwent a 57-day planned regulatory docking during the second quarter 2025, and on the Seawell, which was idle throughout 2025. Revenues also increased on the Q4000, which spent 45 days demobilizing during the second quarter 2025 during which period no revenues were recognized. Revenue increases in 2026 were partially offset by lower revenues on the Q7000, which spent May through June transiting and mobilizing to West Africa, during which time all revenues and mobilization costs were deferred, and on the Sea Helix 1, which commenced its five-year regulatory docking mid-June. Overall Well Intervention vessel utilization increased to 91% during the second quarter 2026 compared to 72% during the second quarter 2025. Well Intervention operating income increased $35.8 million during the second quarter 2026 compared to the second quarter 2025 primarily due to higher revenues and higher incremental margins during the second quarter 2026.

Robotics

Robotics revenues increased $14.1 million, or 23%, during the second quarter 2026 compared to the prior quarter due to the expected seasonally higher activity levels with increased trenching and ROV activities. During the second quarter our overall ROV and trencher utilization increased to 67% compared to 56% during the prior quarter. Overall vessel activity decreased slightly to 374 days during the second quarter compared to 381 days during the prior quarter with a reduction in utilization on the Grand Canyon II, which transitioned to the North Sea during the quarter, offset partially by a full quarter of utilization on the MV Patriot following its commencement of operations during the prior quarter. Although overall vessel activity decreased, integrated vessel trenching increased from 122 days during the prior quarter to 171 days during the second quarter, and site clearance operations increased from 110 days during the prior quarter to 137 days during the second quarter. Third-party trenching remained flat quarter over quarter. Robotics operating income increased $6.4 million compared to the prior quarter primarily due to higher revenues.

Robotics revenues decreased $9.1 million, or 11%, during the second quarter 2026 compared to the second quarter 2025. Revenue decreases were primarily due to lower vessel activities, which were impacted by the Grand Canyon II transition to the North Sea during the quarter, offset partially by increased ROV and trenching activities during the second quarter 2026. The second quarter 2026 included 374 total vessel days, or 69% utilization, compared to 537 vessel days, or 95% utilization, during the second quarter 2025. Site clearance operations decreased from 190 days during the second quarter 2025 to 137 days during the second quarter 2026, and integrated vessel trenching increased from 157 days during the second quarter 2025 to 171 days during the second quarter 2026. Overall ROV and trencher utilization increased to 67% compared to 62% during the second quarter 2025. Robotics operating income decreased $4.9 million during the second quarter 2026 primarily due lower revenues.

Production Facilities

Production Facilities revenues increased $11.0 million, or 59%, during the second quarter 2026 compared to the prior quarter primarily due to higher oil and gas production and prices from the Thunder Hawk field, which recommenced production early April 2026 following a successful workover after having been shut in since 2024. Production Facilities generated operating income of $15.8 million during the second quarter 2026 compared to an operating loss of $7.9 million during the prior quarter, primarily due to higher revenues during the second quarter 2026 and workover costs on the Thunder Hawk field during the prior quarter.

Production Facilities revenues increased $12.6 million, or 74%, during the second quarter 2026 compared to the second quarter 2025 primarily due to higher oil and gas production and prices following the recommencement of operations on the Thunder Hawk field early April 2026. Production Facilities operating income increased $11.4 million during the second quarter 2026 compared to the second quarter 2025 primarily due to higher revenues during the second quarter 2026.

Selling, General and Administrative and Other

Transaction-Related Costs

Acquisition and integration costs during the second quarter totaled $8.3 million and are related to our merger with Hornbeck and primarily include legal and professional fees.

Selling, General and Administrative

Selling, general and administrative expenses were $21.1 million, or 7.0% of revenue, during the second quarter 2026 compared to $20.4 million, or 7.7% of revenue, during the prior quarter and $16.5 million, or 6.6% of revenue, during the second quarter 2025. The increase in expenses quarter over quarter was primarily due to higher employee compensation during the second quarter 2026.

Other Income and Expense

Other expense, net was $0.2 million during the second quarter 2026 compared to other income, net of $0.3 million and $0.4 million during the prior quarter and the second quarter 2025, respectively. Other income and expense, net primarily includes net foreign currency gains and losses related to our international subsidiaries’ foreign currency positions.

Income from Discontinued Operations

Income (loss) from discontinued operations relates to Helix Alliance, which was sold on May 1, 2026 and constituted our entire Shallow Water Abandonment segment. Income from discontinued operations during the three months ended June 30, 2026, includes one month of net income for Helix Alliance as well as a gain on sale of Helix Alliance of $12.7 million, net of tax expense of $3.4 million on the gain.

Cash Flows

Operating cash flows were $53.9 million during the second quarter 2026 compared to $61.8 million during the prior quarter and $(17.1) million during the second quarter 2025. Operating cash flows decreased compared to the prior quarter primarily due lower working capital inflows offset partially by higher earnings during the second quarter 2026. Operating cash flows increased compared to the second quarter 2025 primarily due to higher earnings and working capital inflows and lower regulatory certification costs for our vessels and systems during the second quarter 2026. Regulatory certifications costs for our vessels and systems in our continuing operations, which are included in operating cash flows, were $4.6 million during the second quarter 2026 compared to $3.8 million during the prior quarter and $14.1 million during the second quarter 2025.

Capital expenditures for our continuing operations, which are included in investing cash flows, totaled $7.2 million during the second quarter 2026 compared to $2.8 million during the prior quarter and $4.3 million during the second quarter 2025. During the second quarter 2026, investing cash flows provided by discontinued operations included the proceeds from the sale of Helix Alliance of approximately $104.2 million, net of $3.3 million cash sold.

Free Cash Flow was $46.7 million during the second quarter 2026 compared to $59.0 million during the prior quarter and $(21.6) million during the second quarter 2025. (Free Cash Flow is a non-GAAP measure. See reconciliation below.)

Financial Condition and Liquidity

Cash and cash equivalents were $652.2 million at June 30, 2026. Available capacity under our ABL facility at June 30, 2026 was $66.9 million, and total liquidity was $716.5 million, excluding $2.6 million cash pledged toward our ABL facility. Consolidated long-term debt was $304.3 million at June 30, 2026, resulting in negative Net Debt of $347.9 million. (Net Debt is a non-GAAP measure. See reconciliation below.)

Transaction Update

Helix is making progress towards the consummation of its previously announced merger with Hornbeck. On June 4, 2026, Helix filed a Registration Statement on Form S-4 (the “Form S-4”) with the Securities and Exchange Commission (the “SEC”), which was declared effective July 31, 2026. The transaction has been approved by the Boards of Directors of both companies. Helix expects that the merger will be completed September 1, 2026, subject to the approval of our shareholders at the Special Meeting scheduled for August 31, 2026 and other customary closing conditions.

Conference Call Information

Due to the pending merger with Hornbeck, we will not host a conference call or webcast to discuss our second quarter 2026 results. We have provided further details of our second quarter 2026 results in a presentation provided on our Investor Relations page of Helix’s website, www.helixesg.com.

About Helix

Helix Energy Solutions Group, Inc., headquartered in Houston, Texas, is an international offshore energy services company that provides specialty services to the offshore energy industry, with a focus on well intervention, robotics and decommissioning operations. Our services are key in supporting a global energy transition by maximizing production of existing oil and gas reserves, decommissioning end-of-life oil and gas fields and supporting renewable energy developments. For more information about Helix, please visit our website at www.helixesg.com.

Non-GAAP Financial Measures

Management evaluates operating performance and financial condition using certain non-GAAP measures, primarily Adjusted EBITDA, Free Cash Flow and Net Debt. We define Adjusted EBITDA as earnings before income taxes, net interest expense, depreciation and amortization expense, net other income or expense, gains or losses on disposition of assets, long-lived asset impairment losses, transaction-related costs, gains or losses related to convertible senior notes, the change in fair value of contingent consideration, and the general provision for (release of) current expected credit losses, if any. We define Free Cash Flow as cash flows from operating activities less capital expenditures, net of proceeds from asset sales and insurance recoveries (related to property and equipment), if any. Net Debt is calculated as long-term debt including current maturities of long-term debt less cash and cash equivalents and restricted cash.

We use Adjusted EBITDA, Free Cash Flow and Net Debt to monitor and facilitate internal evaluation of the performance of our business operations, to facilitate external comparison of our business results to those of others in our industry, to analyze and evaluate financial and strategic planning decisions regarding future investments and acquisitions, to plan and evaluate operating budgets, and in certain cases, to report our results to the holders of our debt as required by our debt covenants. We believe that our measures of Adjusted EBITDA, Free Cash Flow and Net Debt provide useful information to the public regarding our operating performance and ability to service debt and fund capital expenditures and may help our investors understand and compare our results to other companies that have different financing, capital and tax structures. Other companies may calculate their measures of Adjusted EBITDA, Free Cash Flow and Net Debt differently from the way we do, which may limit their usefulness as comparative measures. Adjusted EBITDA, Free Cash Flow and Net Debt should not be considered in isolation or as a substitute for, but instead are supplemental to, income from operations, net income, cash flows from operating activities, or other income or cash flow data prepared in accordance with GAAP. Users of this financial information should consider the types of events and transactions that are excluded from these measures. See reconciliation of the non-GAAP financial information presented in this press release to the most directly comparable financial information presented in accordance with GAAP. We have not provided reconciliations of forward-looking non-GAAP financial measures to comparable GAAP measures due to the challenges and impracticability with estimating some of the items without unreasonable effort, which amounts could be significant.

Forward-Looking Statements

This press release contains forward-looking statements that involve risks, uncertainties and assumptions that could cause our results to differ materially from those expressed or implied by such forward-looking statements. All statements, other than statements of historical fact, are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, any statements regarding: our plans, strategies and objectives for future operations; our proposed merger with Hornbeck; any projections of financial items including projections as to guidance and other outlook information; future operations expenditures; our ability to enter into, renew and/or perform commercial contracts; the spot market; our current work continuing; visibility and future utilization; our protocols and plans; future economic or political conditions; energy transition or energy security; our spending and cost management efforts and our ability to manage changes; oil price volatility and its effects and results; our ability to identify, effect and integrate mergers, acquisitions, joint ventures, divestitures or other transactions; developments; any financing transactions or arrangements or our ability to enter into such transactions or arrangements; our sustainability initiatives; our share repurchase program or execution; any statements of expectation or belief; and any statements of assumptions underlying any of the foregoing. Forward-looking statements are subject to a number of known and unknown risks, uncertainties and other factors that could cause results to differ materially from those in the forward-looking statements, including but not limited to market conditions and the demand for our services; volatility of oil and natural gas prices; complexities of global political and economic developments, including tariffs; results from mergers, acquisitions, joint ventures, divestitures or similar transactions; the ultimate timing, outcome and results of integrating our and Hornbeck’s operations, including difficulties and delays relating to such integration and/or delays in realizing anticipated synergies, cost savings and other expected benefits of the transactions, if at all; results from acquired properties; our ability to secure and realize backlog; the performance of contracts by customers, suppliers and other counterparties; actions by governmental and regulatory authorities; operating hazards and delays, which include delays in delivery, chartering or customer acceptance of assets or terms of their acceptance; the effectiveness of our sustainability initiatives and disclosures; human capital management issues; geologic risks; and other risks described from time to time in our filings with the SEC, including our most recently filed Annual Report on Form 10-K, our subsequent reports on Form 10-Q and our registration statement on Form S-4 filed in connection with the proposed Hornbeck merger, which are available free of charge on the SEC’s website at www.sec.gov. We assume no obligation and do not intend to update these forward-looking statements, which speak only as of their respective dates, except as required by law.

HELIX ENERGY SOLUTIONS GROUP, INC.
 

Comparative Condensed Consolidated Statements of Operations
 
Three Months Ended June 30, Six Months Ended June 30,
(in thousands, except per share data)

 

2026

 

 

2025

 

 

2026

 

 

2025

 
(unaudited) (unaudited)
 
Net revenues

$

304,016

 

$

251,682

 

$

570,726

 

$

512,980

 
Cost of sales

 

247,818

 

 

238,228

 

 

496,849

 

 

460,406

 
Gross profit

 

56,198

 

 

13,454

 

 

73,877

 

 

52,574

 
Transaction-related costs

 

(8,340

)

 

–

 

 

(8,340

)

 

–

 
Selling, general and administrative expenses

 

(21,143

)

 

(16,496

)

 

(41,574

)

 

(34,195

)
Income (loss) from operations

 

26,715

 

 

(3,042

)

 

23,963

 

 

18,379

 
Net interest expense

 

(4,372

)

 

(6,176

)

 

(9,781

)

 

(12,213

)
Other income (expense), net

 

(154

)

 

437

 

 

144

 

 

80

 
Royalty income and other

 

218

 

 

(5

)

 

1,906

 

 

1,411

 
Income (loss) from continuing operations before income taxes

 

22,407

 

 

(8,786

)

 

16,232

 

 

7,657

 
Income tax provision (benefit)

 

7,142

 

 

(3,724

)

 

6,209

 

 

1,335

 
Income (loss) from continuing operations

 

15,265

 

 

(5,062

)

 

10,023

 

 

6,322

 
Income (loss) from discontinued operations, net of tax

 

7,455

 

 

2,464

 

 

(709

)

 

(5,848

)
Net income (loss)

$

22,720

 

$

(2,598

)

$

9,314

 

$

474

 
 
Basic and diluted earnings (loss) per share of common stock:
Continuing operations

$

0.10

 

$

(0.04

)

$

0.07

 

$

0.04

 
Discontinued operations

 

0.05

 

 

0.02

 

 

(0.01

)

 

(0.04

)
Net income (loss) per common share

$

0.15

 

$

(0.02

)

$

0.06

 

$

0.00

 
 
 
Weighted average common shares outstanding:
Basic

 

147,220

 

 

148,515

 

 

147,192

 

 

149,770

 
Diluted

 

148,107

 

 

148,515

 

 

148,002

 

 

150,539

 

Comparative Condensed Consolidated Balance Sheets
 
June 30, 2026 Dec. 31, 2025
(in thousands) (unaudited)
 
ASSETS
Current Assets:
Cash and cash equivalents

$

652,234

$

418,289
Accounts receivable, net

 

204,864

 

240,604
Other current assets

 

82,368

 

65,321
Current assets of discontinued operations

 

–

 

100,778
Total Current Assets

 

939,466

 

824,992
 
Property and equipment, net

 

1,232,621

 

1,289,481
Operating lease right-of-use assets

 

287,061

 

301,711
Deferred certification and dry dock costs, net

 

56,059

 

69,959
Other assets, net

 

54,811

 

50,442
Non-current assets of discontinued operations

 

–

 

79,319
Total Assets

$

2,570,018

$

2,615,904
 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities:
Accounts payable

$

124,049

$

111,587
Accrued liabilities

 

72,758

 

90,965
Current maturities of long-term debt

 

9,516

 

9,644
Current operating lease liabilities

 

64,794

 

60,208
Current liabilities of discontinued operations

 

–

 

27,274
Total Current Liabilities

 

271,117

 

299,678
 
Long-term debt

 

294,789

 

298,351
Operating lease liabilities

 

241,299

 

260,608
Deferred tax liabilities

 

104,765

 

105,571
Other non-current liabilities

 

74,392

 

71,433
Non-current liabilities of discontinued operations

 

–

 

351
Shareholders’ equity

 

1,583,656

 

1,579,912
Total Liabilities and Equity

$

2,570,018

$

2,615,904

HELIX ENERGY SOLUTIONS GROUP, INC.

Comparative Condensed Consolidated Statements of Cash Flows
 
Six Months Ended
(in thousands) 6/30/2026 6/30/2025
(unaudited)
 
Cash flows from operating activities:
Net income

$

9,314

 

$

474

 
Less: Loss from discontinued operations, net of tax

 

709

 

 

5,848

 
Income from continuing operations

 

10,023

 

 

6,322

 
Adjustments to reconcile income from continuing operations to net cash provided by (used in) continuing operating activities:
Depreciation and amortization

 

77,875

 

 

76,292

 
Deferred certification and dry dock costs

 

(8,412

)

 

(30,571

)
Other non-cash charges

 

4,283

 

 

2,386

 
Changes in operating assets and liabilities

 

17,733

 

 

(55,502

)
Net cash provided by (used in) continuing operating activities

 

101,502

 

 

(1,073

)
Net cash provided by discontinued operating activities

 

14,181

 

 

382

 
Net cash provided by (used in) operating activities

 

115,683

 

 

(691

)
 
Cash flows from investing activities:
Capital expenditures

 

(9,988

)

 

(8,580

)
Net cash used in continuing investing activities

 

(9,988

)

 

(8,580

)
Net cash provided by (used in) discontinued investing activities

 

104,208

 

 

(378

)
Net cash provided by (used in) investing activities

 

94,220

 

 

(8,958

)
 
Cash flows from financing activities:
Repayments of long-term debt

 

(4,763

)

 

(4,537

)
Repurchases of common stock and payments of related excise tax

 

(151

)

 

(30,214

)
Other financing activities

 

890

 

 

(6,029

)
Net cash used in continuing financing activities

 

(4,024

)

 

(40,780

)
Net cash used in financing activities

 

(4,024

)

 

(40,780

)
 
Effect of exchange rate changes on cash and cash equivalents

 

1,159

 

 

2,142

 
Net increase (decrease) in cash and cash equivalents

 

207,038

 

 

(48,287

)
Cash and cash equivalents (1):
Balance, beginning of year

 

445,196

 

 

368,030

 
Balance, end of period

$

652,234

 

$

319,743

 
 
(1) Includes cash and cash equivalents of continuing and discontinued operations

Reconciliation of Non-GAAP Measures
 
Three Months Ended Six Months Ended
(in thousands, unaudited) 6/30/2026 6/30/2025 3/31/2026 6/30/2026 6/30/2025
 
Reconciliation from Net Income (Loss) to Adjusted EBITDA:
Net income (loss)

$

22,720

 

$

(2,598

)

$

(13,406

)

$

9,314

 

$

474

 
Less: Income (loss) from discontinued operations

 

(7,455

)

 

(2,464

)

 

8,164

 

 

709

 

 

5,848

 
Income (loss) from continuing operations

 

15,265

 

 

(5,062

)

 

(5,242

)

 

10,023

 

 

6,322

 
Adjustments:
Income tax provision (benefit)

 

7,142

 

 

(3,724

)

 

(933

)

 

6,209

 

 

1,335

 
Net interest expense

 

4,372

 

 

6,176

 

 

5,409

 

 

9,781

 

 

12,213

 
Depreciation and amortization

 

39,466

 

 

39,488

 

 

38,409

 

 

77,875

 

 

76,292

 
Other (income) expense, net

 

154

 

 

(437

)

 

(298

)

 

(144

)

 

(80

)
Transaction-related costs

 

8,340

 

 

–

 

 

–

 

 

8,340

 

 

–

 
General provision for (release of) current expected credit losses

 

(66

)

 

198

 

 

25

 

 

(41

)

 

113

 
Adjusted EBITDA from continuing operations

 

74,673

 

 

36,639

 

 

37,370

 

 

112,043

 

 

96,195

 
Adjusted EBITDA from discontinued operations

 

(4,823

)

 

5,791

 

 

(5,108

)

 

(9,931

)

 

(1,780

)
Adjusted EBITDA

$

69,850

 

$

42,430

 

$

32,262

 

$

102,112

 

$

94,415

 
 
 
Free Cash Flow:
Cash flows from continuing operating activities

$

53,707

 

$

(4,629

)

$

47,795

 

$

101,502

 

$

(1,073

)
Less: Net capital expenditures from continuing operations

 

(7,177

)

 

(4,306

)

 

(2,811

)

 

(9,988

)

 

(8,580

)
Free Cash Flow from continuing operations

 

46,530

 

 

(8,935

)

 

44,984

 

 

91,514

 

 

(9,653

)
Free Cash Flow from discontinued operations

 

190

 

 

(12,668

)

 

13,991

 

 

14,181

 

 

4

 
Free Cash Flow

$

46,720

 

$

(21,603

)

$

58,975

 

$

105,695

 

$

(9,649

)
 
 
Net Debt:
Long-term debt including current maturities

$

304,305

 

$

311,612

 

$

303,761

 

$

304,305

 

$

311,612

 
Less: Cash and cash equivalents (1)

 

(652,234

)

 

(319,743

)

 

(501,272

)

 

(652,234

)

 

(319,743

)
Net Debt

$

(347,929

)

$

(8,131

)

$

(197,511

)

$

(347,929

)

$

(8,131

)
 
(1) Includes cash and cash equivalents of continuing and discontinued operations

 

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