Cal Dive International's CEO Discusses Q4 2012 Results - Earnings Call Transcript

Feb.28.13 | About: Cal Dive (DVR)

Cal Dive International, Inc. (NYSE:DVR)

Q4 2012 Earnings Conference Call

February 28, 2013 10:00 a.m. ET

Executives

Quinn Hébert – Chairman, President & CEO

Brent Smith – CFO

John Abadie – COO

Lisa Buchanan – General Counsel

Analysts

Marshall Adkins – Raymond James

Joseph Gibney – Capital One

Jase Scott – Johnson Rice & Company

Operator

Good day, ladies and gentlemen, and welcome to the Q4 2012 Cal Dive International Earnings Conference Call. My name is Kristine, and I’ll be your operator for today. At this time, all participants are in listen-only mode. We will conduct a question-and-answer session towards the end of this conference. (Operator Instructions) As a reminder, this conference is being recorded for replay purposes.

I’d now like to turn the call over to Mr. Quinn Hébert, Chairman, President and CEO. Please proceed.

Quinn Hébert

Okay. Good morning, everyone. Welcome to Cal Dive’s Fourth Quarter and Full-Year 2012 Earnings Call. Brent Smith, our Chief Financial Officer is with me together with John Abadie, our Chief Operating Officer; and Lisa Buchanan, our General Counsel. To follow along in our presentation, it can be found at our website at www.caldive.com to go into the Investor Relations hot button. You can follow along with this.

Let’s go to slide two for message from our General Council, Lisa.

Lisa Buchanan

Thanks, Quinn. This conference call includes forward-looking statements, particularly with respect to any statements that we make regarding our earnings expectations. The forward-looking statements made during this call are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Our actual future results may differ materially due to a variety of factors. For information concerning factors that could cause our actual results to differ, we refer you to the Risk Factors described in our Form 10-K on file with the Securities and Exchange Commission.

This call also includes certain non-GAAP financial measures. For a reconciliation of the non-GAAP financial measures to the most directly comparable GAAP financial measures, we refer you to our earnings press release and the presentation slides for this call.

Quinn Hébert

Okay. On slide three is our agenda for today’s call. I’ll go with some remarks and then Brent will review our detailed financial statements, and then we’ll go to the Q&A section. On slide four, for the fourth quarter of 2012, we recorded our best quarterly operating results for 2012. Internationally, we’ve generated strong operating results, primarily in four geographic areas. In Mexico, we wrapped up a large pipelay project where we worked as the product contract to PMX. Also in Mexico, we provided diving support and burial services to other contractors on a subcontractor basis. In general, we consider 2012 to be a real successful year for us in Mexico.

In West Africa, we had 100% utilization of our diving support vessel to Texas and we had solid operational performance for the fourth quarter. In Australia, we had strong diving activity levels as our winter is their similar work season, but the activity was low on a relative basis compared to the fourth quarter 2011 due to the completion of the work on Chevron’s Gorgon project, in early 2012.

In Asia, both the Sea Horizon and our combination derrick/lay barge and Toisa Paladin, our diving support vessel that we jointly charter with Fugro were very busy for most of the quarter. Overall, this is the first year in the company’s history that international revenues have exceeded domestic revenues, which is a real good barometer for our geographic diversification efforts.

Domestically, the Gulf of Mexico working season held up fairly well during the fourth quarter, where we were well into the early part of December and the Uncle John worked the entire first quarter on a number of the subsidy projects. The rest of our Gulf of Mexico fleet had solid utilization, but the vessel rates remain compressed, primarily due to the competitive forces.

Operationally, we ended the year up with our best of safety record and the history beating even last year’s record safety year, with the lowest incident rate in the history of the company and a significant reduction in both the frequency and severity of incidence, this accomplishment is a strong testament to the hard work and intelligence of our onshore and offshore men and women, who work for our clients everyday offshore.

Taking a little bit more high level overall, the March of 2012 obviously presented us number of challenges and frankly we’re not pleased with our 2012 financial results. Facing with this kind of a tough market, we’ve taken a number of actions to place the company in a better position for 2013. For example, we should see the full financial benefit of cost restructuring efforts in 2013 to provide financial flexibility and liquidity. We also paid down a secured debt by $108 million from two sources. First, by replacing secured term debt, but unsecured term debt is only the secured debt is included in our key financial debt covenants. And then secondly, a paying down term debt with approximately $23 million of proceeds from non-strategic asset sales throughout the year.

We’ve also further focused on diversifying our revenue base geographically and we’ve been successful in entering new business lines such as light well intervention work on the Uncle John, our large multi-service and semi-submersible. Now, we wrapped up 2012 and we’re confident, we’re headed into an improving domestic market and continued international activity. If you look at slide five, we have about a $172 million backlog at the end of the fourth quarter 2012 compared to the backlog of $178 million a year ago.

While we have an increased amount of backlog at year-end for the upcoming first quarter in 2013, this is offset by the fact that we had a fairly large salvage project in the backlog at the end of 2011 that we don’t have at the end of 2012, although we do expect in 2013, salvage market to be a little bit of strong, if not better in 2012. And our present backlog, about 20% of the backlog involves U.S. base projects, and about 80% involves international projects. About 80% of the backlog is also to be performed in 2013 with the remainder in 2014 and beyond. Our total debt outstanding at this point are generally within our historical range, and we’re looking pretty good in this area.

Looking for 2013, I’ll make a few market observations. The resurgence in Gulf of Mexico drilling in a shelf is an encouraging long-term leading indicator for our new construction business, but definitely more long-term than the immediate short-term benefit for us. It’s difficult to directly correlate the current drilling activity to potential work for us as among other things each cause development schemes and time lines unique. And a lot of the drilling is around existing infrastructure and not new exploratory drilling. As far as immediate impact in 2013, we haven’t really seen an appreciable increase in bidding related to new construction work which would be primarily offshore pipeline work for the Gulf of Mexico. We do expect somewhat of an increase of work in the weather months, but we also expect some downward pricing pressure as this market will perish and supply was still likely away demand initially.

Good change, we believe you need to be a little bit conservative in this area and so we’ll assume that drilling activity won’t have a significant impact for us in 2013 financial results. If this changes, obviously we will update. But we do believe that this resurgence and shelf drilling is good news for us long-term for the shelf.

On the plugged and abandoned sales in decommissioning market, we’re experiencing a very healthy demand for our two direct barges in the Pacific and the Atlantic, we’re building a solid backlog at reasonable rates for these two assets for 2013 work season and we’re excited about this market going forward.

In the Mexico market, we continue to be optimistic about our opportunities in Mexico due to the plan spending in this market. We have also been able to work with the subcontract in addition to working directly with Pemex, which is a nice expansion opportunity for us in this market.

Most of the bids for 2013 had been delayed and pushed to the right. However, we do expect submit about six to eight bids over the next three months, which range in value. Most of this work would impact the second half of our 2013 financial results.

I also want to provide an update on the Cape Wind front. As we discussed last year, Cal Dive was going to joint venture, has been named the preferred contractor, responsible for large portion of the offshore engineering procurement and installation wind scope, on Cape Wind, which is an offshore wind farm project. The Cape Wind project is expected to be the first major offshore wind farm generating electricity from a renewable resource offshore the Coast of Massachusetts. In an effort to minimize project cost and maximize efficiency, we understand the project directors, now elected to take on the general contractor role in this project, which was the role of joint venture was to have performed and as such the project develop, but we’ll manage all engineering procurement phase of the project and also manage the offshore installation work.

Cal Dive has now submitted a bid on its own offshore installation services only on this project for the installation of caissons and related infrastructure using one of our derrick barges. This is obviously a (inaudible) and dynamic fluid bidding process that’s subject to change. We remain excited about participating this tender and ultimately the project assuming with the successful bidder.

Looking for to the first quarter of 2013, although the typical winter weather will limit opportunities in the Gulf of Mexico. We do expect significant improvement over the results in the first quarter 2012. The main drivers of this improvement include the Kestrel booked for the quarter in Mexico and the Uncle John is expected to have a good utilization in the first quarter plus we expect to have a full quarter of the cost savings under our belt. Based on what we noted today about international and domestic activity levels, we do expect the first quarter 2000 EBITDA to be a significant improvement for the first quarter of 2012. To remind you, the 2012 EBITDA was negative $12 million, although we do expect the 2013 EBITDA to be a slightly negative EBITDA level. This of course can change based on the nature of the spot market, but this is our best estimate today.

As far as the rest of the year goes, we’ll take one quarter time, due to typical lack of visibility at this point in the year in the spot market and typical seasonality for the remainder of the full year. In general, however, to reiterate our market observations, we are expecting to improve market for assets in the Gulf of Mexico at this time and continued strong international activity, and we do expect financial improvement in each quarter this year when compared to fiscal 2012.

Finally, I want to thank our shareholders for their support to Cal Dive. And I’ll now turn over to Brett, slide six to review our financial results for the fourth quarter and full year in more detail.

Brent Smith

Thanks, Quinn, and good morning, everyone. Moving on to this next slide, it shows our financial results for the fourth quarter of 2012 versus the fourth quarter of 2011 as well as our full year results. As you can see, our fourth quarter 2012 revenues and EBITDA increased, primarily due to higher activity in Mexico, our joint venture operations in West Africa, and increased utilization for the Uncle John. These increases were partially offset by a decrease in diving activity in Australia, as we performed a large portion of our Gorgon scope in the fourth quarter of 2011 at very high margins.

Included in our fourth quarter 2012 results is a $4 million after-tax non-cash charge related to the mark-to-market adjustment of the derivative liability for the company’s convertible debt. The full-year impact of the mark-to-market adjustment is an after-tax gain of $1.4 million. In addition, we recorded $4.1 million in after-tax impairment charges during the fourth quarter related to certain dive equipment held for sale.

And finally, also included in the fourth quarter 2012 results, our non-cash income tax adjustment totaling $6.6 million, which will not impact cash taxes for the foreseeable feature including 2013 and may never impact cash taxes once we return to profitability; most of this is related to valuation allowances for accounting purposes.

Slide seven shows utilization for the fourth quarter 2012 versus 2011 as well as the full year. The increase in the saturation diving vessels during the fourth quarter 2012 is mainly due to the increased activity for the Uncle John as was in dry-dock during the fourth quarter of 2011 and the Texas being fully utilized during the fourth quarter 2012 in West Africa. The increase in construction barges is primarily related to increased activity in Mexico.

Slide eight shows our revenue mix between domestic and international. Our international revenues during the fourth quarter 2012 increased by almost 40% compared to the same period of 2011, primarily due to the increased activity in Mexico and West Africa, partially offset by lower revenues in Australia. The full-year international revenues as a percentage of total revenues increased from 41% in 2011 to 53% in 2012.

Slide nine shows our net debt levels and net debt to EBITDA. We had net debt of $152 million at December 31 consisting of total debt of $160 million and cash of $8 million. The debt was comprised of $42 million outstanding in our term loan, $32 million outstanding under our revolver, and unsecured $86 million convertible notes. As a reminder only our secured debt, the term loan and revolver balance are subject to financial covenants under our credit facility.

During 2012, we’ve reduced our term loan by $108 million, which significantly increased our financial flexibility and related liquidity under our credit facility. As you can see, our secured net debt to EBITDA decreased significantly throughout the year.

As Quinn alluded to in his opening comments, we do expect significant EBITDA improvement in the first quarter of this year compared to 2012, which would in turn significantly continue to lower our leverage ratio. Previously, we announced we are in the process of selling two of our facilities, a deal that was once at a late stage fell through but we have since entered into a letter of intent, so one of the facilities for $6.3 million. We expect this deal to close late in the first quarter or early in the second quarter. Net proceeds will be used to repay a portion of the existing term loan.

Slide 10 shows our revolver capacity or liquidity position. Since we were in compliance with all of our debt covenants at the end of the year, our revolver availability is not limited by any debt covenant going forward during quarters as well as remain in compliance with the upcoming quarter end. It’s a point in time measurement only. And again we expect to further increase our cushion on our debt covenants during the first quarter, as we expect meaningful improvement in our trailing 12-month EBITDA calculation after upcoming first quarter.

As far as the expected revolver balance at the end of the first quarter, the forecast is very fluid, as it will all depend on timing of collections at the end of the first quarter. Some may push, but then be collected shortly after March 31, therefore affecting the cut-off in the first quarter. But our best estimate today is revolver will be higher than year-end balance but within $10 million to $15 million.

The increase is due to international activity, which is primarily new construction work which requires a heavier cash outlay. But at the end of the day, it is just timing. And finally, we’ve included our non-GAAP reconciliations on the final slide for your information.

And with that, we will turn it back over to the operation for Q&A.

Question-and-Answer Session

Operator

Thank you. (Operator Instructions). Please standby for your first question, which comes from the line of Marshall Adkins from Raymond James. Please go ahead.

Marshall Adkins – Raymond James

Good morning, guys. Couple of quick questions here...

Quinn Hébert

Good morning.

Marshall Adkins – Raymond James

Quinn, when you’ve gone through the – I’m pretty sure you’re referring to first quarter EBITDA being meaningfully better than last year, but still negative. But, I just want to make sure that we’re clear on that, that when expectations for full year of negative EBITDA, is just Q1, correct?

Quinn Hébert

Correct.

Marshall Adkins – Raymond James

All right. So, you’ve got a lot of cost savings you put in. You’re going to have a lot pure dry-docks. Can you give us any kind of sense, let’s just say the market is flat from here, any kind of sense on a full year basis, how much better we can do in the EBITDA with the pure dry-docks and the cost savings, just those things. I know the market will fluctuate on top of that, but the market is dead flat year-over-year? Structurally, how much are we looking at potential improvements in 2013 over 2012 on EBITDA?

Brent Smith

Sure. Marshall, it’s Brant. Let me take a stab at that, I think we want to be very cautious on commenting on the full year just because, as we’ve seen the last two years, I mean, it can change so quickly and so dramatically just internally when we forecast, when we forecast on spot market, every week, every month, it does changes a lot to be frank. But, I think to help you a little bit, obviously, we’ve talked about the first quarter. We – Quinn mentioned slightly negative for the first quarter, which is a significant improvement over the first quarter of 2012, which was a negative $12 million EBITDA. So, right there you’re going to have a pretty good chunk of improvement.

As far as the rest of the year, I think obviously we’re going to have our cost savings that we’ve talked about. I think in the previous third quarter earnings release we mentioned from a EBITDA perspective that should be around $10 million improvement for the year. So, that will be throughout the fourth quarter’s and then obviously we’ve talked about the first quarter already, but we got some things happen to us last year like the Uncle John was interrupted in the third quarter with its well upper, well intervention activity, I think we said on the third quarter call that costs about $5 million. We also have the Tropical Storm Debby impact in second quarter, which we said was $5 million and then the Kestrel is booked for the entire year on a charter, which will produce $10 million EBITDA for the year versus it did about breakeven in 2012.

So, there is a lot of low hanging fruit, this is the way we would like to put that will show us some improvement, but to be frank there is also risk, I mean, obviously we have a pretty good year in Mexico. We’re expecting just as good of the year, not better this year, but obviously you have that in hand that’s something could be an offsetting negative. We certainly don’t anticipate that, but I think we just want to be cautious, I think quarter-over-quarter. Other than to say, we do expect improvement each quarter. And I think the first quarter improvement EBITDA is very great because of the low hanging fruit in Uncle John and Kestrel. I would say you should not expect that same degree of improvement in the second quarter, but you should expect improvement.

Marshall Adkins – Raymond James

Awesome, that’s helps. So, just the big a little delves outstanding overview, but it sounds like if we just look at the cost savings and the changes in dry-docks that we know are going to be out there. We’re talking kind to low in $10 million of improvement, but even $20 million seems to be achievable unless certain things jump up and surprise you for the full year.

Quinn Hébert

I think that’s a fair comment and most of the dry-dock improvement is going to be in the first quarter because our two biggest dry-docks last year were the Kestrel and the Uncle John and they were in dry-dock in the first quarter of 2012. So, most of the improvement for the year from the dry-docks, you’ll see show up in the first quarter, but the overall commentary I think is fair and we’re certainly shooting for much more than that, but I think, at this point of the year that’s fair given the lack of visibility.

Marshall Adkins – Raymond James

Good. You mentioned obviously what we are seeing activity pickup in the Gulf, I mean, shallow water goes like Hercules are really have been ramping up, deep water is doing a lot more. It seems like you’re not seeing that in bidding activity, is that what I heard and if that is, when do you think we’re going to start to see that show up in your business.

Quinn Hébert

That’s a good question. We generally lag the drillers between one to two years and it takes sort of full-year for full drilling to start that clock and so we’ve had that. So, we would expect it to show up either the end of this year or next year, but it’s really hard Marshall to correlate all the drilling and to exactly how many projects that generates until the bid show up. And we just want to be conservative in how we make those market observations.

Brent Smith

I think and just to build off that, I think internally we do expect more new construction pipeline activity this year, probably in the summer months. But realistically, looking at it, we also expect to have a lot of pricing pressure on that because that market would start to be coming back and obviously a lot of people are going to be hungry. And that’s why at this point it’s hard to, it was thought to be going on a limbo there and have a material impact on our financial results.

The other thing that makes it difficult is the drilling, a lot of it depends on how much of it is in a proximity of existing infrastructure. So, if it’s not – if it’s really close to existing infrastructure, that’s not going to as much work as versus of its. If it’s open water et cetera and then – so then you get in to that and then get in to each individual client within that bucket what’s the development timeline. Our clients share us – share a lot of market information, but they don’t give you a very clear roadmap exactly, where we’re going to be on the work. So, we are left a little bit in a guessing game. So, I think we definitely expect an increase, but with pricing pressure.

Marshall Adkins – Raymond James

Okay. Let me maybe come at, that’s helpful, let me come at it maybe a little bit differently, 59% of your revenues and 11% were domestic, total of 47% in 2012 rough guess if – and then I know this, we’re not going to know for sure, but you had to guess on the percent breakdown domestic versus international for 2013 or we higher than 47% domestic?

Quinn Hébert

I think the best estimate today, boy it is tough because – really it’s a come down to Mexico quite frankly, how big of a year.

Brent Smith

Yeah.

Quinn Hébert

That’s going to swing that 10% or 15% either way. But I think based on today I think it will be pretty similar to how 2012 ended up. I think for example, the Kestrel revenue was domestic last year, but all of its revenue is going to be Mexico this year, because it is on the charter. So, that actually increases the international. So, I think the estimate today it should be very similar to the end of 2012.

Marshall Adkins – Raymond James

Yeah 50-50 then okay.

Quinn Hébert

Yeah. I mean, that’s good enough for now.

Brent Smith

Yeah.

Marshall Adkins – Raymond James

Awesome guys. Thank you all.

Quinn Hébert

All right.

Operator

Thank you. Your next question comes from the line of Joe Gibney from Capital One. Please go ahead Joe.

Joseph Gibney – Capital One

Thank you. Good morning.

Quinn Hébert

Good morning.

Joseph Gibney – Capital One

Quinn, just wanted to clarify your comments around, on key point, I understand it sounds like an active bidding situation. So, just – is it reduced scope as opposed to what initially put have been just is it more of an install-only opportunity now? I was just trying to understand your comments early on Cape.

Quinn Hébert

Yes. And I think initially we are part of a joint venture, where we were going to do most of the detailed engineering through procurement of the things that we’re going to install and do the installation now. We’re going to do bidding just on the installation portion of – and the client is going to end up managing the engineering and the procurement of all the items to be installed, which would be everything from the caissons to the cables, everything. So, it is a reduced scope, but frankly, the reduced scope will be a little bit high margin because we won’t have heavy procurement portion, which is easily at a much low margin. So, although the scope is smaller, we think the profitability will be a bit better for us.

Joseph Gibney – Capital One

Okay.

Quinn Hébert

It’s a fluid bidding situation and we’re excited to be participating and we don’t want to get into much details about it, to be honest.

Joseph Gibney – Capital One

Fair enough. Brent just one quick one for you. You referenced the letter of intent on the facility side. If you could just give us an update maybe what’s still left in the key in terms of potential asset and equipment sales throughout the year? I know you have additional base support facility sales, probably which you are referencing here. I’m just trying to caliber a little bit more, but some of your expectations are for flow through asset sales the rest of this year?

Brent Smith

Sure. I mean, obviously as we’ve, this is a big focus for us. So, we hope to get this deal done that I described, which coupled with amortization I will get our term loan down and in the mid-30s. And then also we do have some dive equipment that we’re somewhat optimistic on, that we will be able to sell for certain amounts of proceeds that would have hopefully, we’ll have an update on that by the end of the first quarter.

And after that, we continue to pursue it. It is a very hot and cold situation. Sometimes we’ll have a lot of good leads on certain assets and then we feel promising and then fall through. That’s kind of normal. I don’t – it’s very difficult. I don’t want to get too much in forecasting how much we were able to get done this year, because frankly, I just don’t know. I think I’m confident we’ll be able to get a certain amount done and we’re going to get as much as we can. But other than the ones that are in our immediate radar I don’t want to speculate too much right now. That’s the only one we have what I’d call eminent or pending so.

Joseph Gibney – Capital One

The $6 million, which you referenced earlier on the letter of intent.

Brent Smith

The $6.3 million and we do have a pretty good lead on some other dive equipment, which wouldn’t be a huge number, but we’re going to – I think it’s going to be quite frankly I think – I think is going to be just chipping away at it at a pace like this, $5 million here, and $5 million there type of things.

Joseph Gibney – Capital One

Okay. Fair enough. I appreciate the color. I will turn it back.

Quinn Hébert

All right. Thank you, Joe.

Operator

Thank you. Your next question comes from the line of Jase Scott from Johnson Rice & Company. Please proceed.

Jase Scott – Johnson Rice & Company

Good morning, guys.

Quinn Hébert

Good morning.

Jase Scott – Johnson Rice & Company

Could you talk a little bit about the Uncle John’s performance during the quarter, performing well on the construction projects and how do bookings look for that vessel in 2013 and beyond?

Quinn Hébert

Okay. I’ll let John Abadie, COO to answer that one.

John Abadie

Sure. The Uncle John has been essentially utilized for – at this point for most of the first quarter doing a well intervention work. We have a little bit of visibility on Uncle John from a positive sense for Q2 and in to Q3. We do have availability beyond that, but we feel pretty confident based on the market that we should see pretty strong utilization for Uncle John this year.

Jase Scott – Johnson Rice & Company

Okay. And then just on your last comments on Australia, what is the bidding environment look like there and do you think that you will be able to win additional work there. Do you foresee any asset mobilization in the future?

John Abadie

Australia, we see Australia have been, continued to be pretty, pretty strong market from our base diving business, where we, most of our – most of that work for this year is actually booked and then the backlog, the real upside for us is doing vessel work in the region. So, we – there definitely are some opportunities there and that would provide the upside for us in the remainder of the year.

Jase Scott – Johnson Rice & Company

All right, guys. I’ll turn it back. Thank you.

Quinn Hébert

Thank you.

Operator

Thank you. We’ve no further questions in queue for you. I would now like to turn the call back over to Quinn Hébert for closing remarks.

Quinn Hébert

Okay. Well, thank you everyone for participating in this morning’s call. And we look forward to the next call and have a nice day.

Operator

Thank you. And thank you for joining in today’s conference. This concludes the presentation. You may now disconnect. Good day.

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Cal Dive International (DVR): Q4 EPS of -$0.05 in-line. Revenue of $146.4M beats by $26M. (PR)