Helix Energy Solutions Group, Inc. ("Helix") (NYSE: HLX) reported net income of $8.3 million, or $0.06 per diluted share, for the fourth quarter 2025 compared to net income of $22.1 million, or $0.15 per diluted share, for the third quarter 2025 and net income of $20.1 million, or $0.13 per diluted share, for the fourth quarter 2024. Net income during the fourth quarter 2025 included a non-cash impairment charge for certain of our oil and gas properties of approximately $18.1 million (pre-tax). Helix reported Adjusted EBITDA¹

For the full year 2025, Helix reported net income of $30.8 million, or $0.21 per diluted share, compared to net income of $55.6 million, or $0.36 per diluted share, for the full year 2024. Adjusted EBITDA for the full year 2025 was $272.0 million compared to $303.1 million for the full year 2024. The table below summarizes our results of operations:

Owen Kratz, President and Chief Executive Officer of Helix, stated, “Our fourth quarter financial results, accounting for seasonal impacts, highlight the outstanding execution by the Helix team. Our team delivered $74 million of EBITDA, our highest fourth quarter EBITDA since 2013. We generated Free Cash Flow of over $100 million during the quarter, delivering $120 million of Free Cash Flow for the full year 2025. We have amassed a substantial cash balance, $445 million at year end, providing significant optionality for its deployment. The market does remain volatile. Oil prices declined nearly 20% year over year, resulting in a slower oil and gas offshore market. This downturn resulted in an $18 million non-cash charge for our Thunder Hawk field during the fourth quarter. Following a successful recompletion in February, the field is expected to resume production early April. In this challenging market, we are finding pockets of market resilience despite macro and geopolitical head winds. Our sales efforts secured a multi-year P&A program in the UK North Sea on up to 34 subsea wells. We expect the near-term market to continue at its current pace, but recognize momentum is building in the offshore market pointing to improvements in the latter half of 2026 and into 2027.”

Fourth Quarter Results

Segment Results

Well Intervention

Well Intervention revenues decreased $12.2 million, or 6%, during the fourth quarter 2025 compared to the prior quarter primarily due to lower utilization on theSea Helix 1Siem Helix 1Well EnhancerQ4000Sea Helix 1Well EnhancerSea Helix 1Q4000

Well Intervention revenues decreased $45.2 million, or 20%, during the fourth quarter 2025 compared to the fourth quarter 2024. The decrease was primarily due to lower revenues on theQ4000SeawellSea Helix 1Q4000SeawellSea Helix 1Well EnhancerSiem Helix 2Q5000Well EnhancerSiem Helix 2Q5000Q4000

Robotics

Robotics revenues decreased $12.1 million, or 12%, during the fourth quarter 2025 compared to the prior quarter. The decrease in revenues was due to lower overall vessel, trenching and ROV utilization with the winter seasonal slowdown in North Sea operations in the fourth quarter. During the fourth quarter 2025, integrated vessel trenching decreased to 134 days and trenching on third-party vessels decreased to 137 days compared to 210 days and 165 days, respectively, during the prior quarter. Total Robotics vessel activity declined to 491 days during the fourth quarter 2025, or 91% utilization, compared to 536 days, or 92% utilization, during the prior quarter. ROV and trencher utilization decreased to 58% during the fourth quarter 2025 compared to 63% during the prior quarter, and site clearance operations using our IROV boulder grabs generated 100 days of utilization during the fourth quarter 2025 compared to 192 days during the prior quarter. Robotics operating income decreased $8.8 million compared to the prior quarter primarily due to lower revenues.

Robotics revenues increased $5.7 million, or 7%, during the fourth quarter 2025 compared to the fourth quarter 2024. Revenue increases were primarily due to higher rates and higher levels of third-party trenching activities and increased site clearance operations, offset partially by lower vessel activities, including fewer integrated vessel trenching days, and lower overall ROV utilization during the fourth quarter 2025. The fourth quarter 2025 included 137 days of trenching on third-party vessels with the T-1400-1 and T-1400-2 jet trenchers compared to 26 days during the fourth quarter 2024 with the i-Plough. Robotics also had 100 days of site clearance operations using IROV boulder grabs during the fourth quarter 2025 compared to 65 days during the fourth quarter 2024. These improvements were offset partially by a reduction in integrated vessel trenching to 134 days during the fourth quarter 2025 compared to 269 days during the fourth quarter 2024. The fourth quarter 2025 included 491 aggregate vessel days compared to 508 vessel days during the fourth quarter 2024. Overall ROV utilization decreased to 58% during the fourth quarter 2025 compared to 64% during the fourth quarter 2024. Robotics operating income decreased $0.3 million during the fourth quarter 2025 due to the incurrence of demobilization costs for one of its chartered vessels and lower margins on certain projects due to the mix of contracting compared to the fourth quarter 2024.

Shallow Water Abandonment

Shallow Water Abandonment revenues decreased $17.1 million, or 23%, during the fourth quarter 2025 compared to the prior quarter. The decrease in revenues was primarily related to the seasonal slowdown in the Gulf of America shelf with lower utilization on systems and vessels including theEpic HedronEpic Hedron

Shallow Water Abandonment revenues increased $19.9 million, or 53%, during the fourth quarter 2025 compared to the fourth quarter 2024 primarily due to higher revenues on theEpic HedronEpic Hedron

Production Facilities

Production Facilities revenues decreased $1.3 million, or 7%, during the fourth quarter 2025 compared to the prior quarter primarily due to lower oil and gas production and prices from the Droshky field and lower revenues related to the Helix Fast Response System (“HFRS”) due to increased contractual credits for HFRS customers during the fourth quarter 2025. The Thunder Hawk field remained shut in during both quarters. Production Facilities operating income decreased $1.8 million during the fourth quarter 2025 primarily due to lower revenues and higher operating expenses compared to the prior quarter.

Production Facilities revenues decreased $1.2 million, or 6%, during the fourth quarter 2025 compared to the fourth quarter 2024 primarily due to lower oil and gas production and prices from the Droshky field and lower revenues related to the HFRS due to increased contractual credits for HFRS customers during the fourth quarter 2025. The Thunder Hawk field remained shut in during the fourth quarters 2024 and 2025. Production Facilities operating income decreased $2.0 million during the fourth quarter 2025 compared to the fourth quarter 2024 primarily due to lower revenues and higher operating expenses.

Selling, General and Administrative and Other

Selling, General and Administrative

Selling, general and administrative expenses were $20.3 million, or 6.1% of revenue, during the fourth quarter 2025 compared to $18.2 million, or 4.8% of revenue, during the prior quarter and $27.6 million, or 7.8% of revenue, during the fourth quarter 2024. The increase in expenses quarter over quarter was primarily due to higher employee compensation costs, and the decrease in expenses year over year was primarily due to lower employee compensation costs.

Other Income and Expense

Other expense, net was $0.5 million during the fourth quarter 2025 compared to $1.0 million during the prior quarter and $1.3 million during the fourth quarter 2024. Other expense, net primarily includes net foreign currency losses related to our international subsidiaries’ foreign currency positions.

Long-lived Asset Impairment

Long-lived asset impairment includes a non-cash impairment of our Thunder Hawk field in our Production Facilities segment during the fourth quarter 2025 due to lower oil prices and higher expected operating costs, including expected workover costs.

Cash Flows

Operating cash flows were $113.2 million during the fourth quarter 2025 compared to $24.3 million during the prior quarter and $78.0 million during the fourth quarter 2024. Operating cash flows during the fourth quarter 2025 increased compared to the prior quarter primarily due improvements in working capital, offset partially by lower earnings. Operating cash flows during the fourth quarter 2025 increased compared to the fourth quarter 2024 primarily due to higher working capital inflows. Regulatory certifications for our vessels and systems, which are included in operating cash flows, were $3.7 million during the fourth quarter 2025 compared to $14.3 million during the prior quarter and $6.1 million during the fourth quarter 2024.

Capital expenditures, which are included in investing cash flows, totaled $5.7 million during the fourth quarter 2025 compared to $1.7 million during the prior quarter and $12.5 million during the fourth quarter 2024.

Free Cash Flow was $107.5 million during the fourth quarter 2025 compared to $22.6 million during the prior quarter and $65.5 million during the fourth quarter 2024. The increase in Free Cash Flow in the fourth quarter 2025 compared to the prior quarter and fourth quarter 2024 was primarily due to higher operating cash flows during the fourth quarter 2025. (Free Cash Flow is a non-GAAP measure. See reconciliation below.)

Full Year Results

Segment Results

Well Intervention

Well Intervention revenues decreased $100.5 million, or 12%, in 2025 compared to 2024 primarily due to overall lower utilization offset partially by higher rates in 2025. Utilization declined primarily due to the stacking of theSeawellQ7000Q5000Q4000Sea Helix 1Well EnhancerSeawell

Robotics

Robotics revenues increased $25.7 million, or 9%, in 2025 compared to 2024. The increase was primarily due to increased trenching on third party vessels and higher project rates on our vessel activities, offset partially by lower overall vessel and ROV utilization in 2025. Robotics generated 483 days of trenching on third party vessels during 2025 compared to 167 days during 2024; however, vessel utilization decreased to 1,808 days in 2025 compared to 1,901 days in 2024. Included in vessel days are integrated vessel trenching days, which decreased to 635 days in 2025 compared to 835 days in 2024, and site clearance vessel days, which increased to 503 days in 2025 compared to 325 days in 2024. Overall ROV and trencher utilization decreased to 59% in 2025 compared to 69% in 2024. Robotics operating income decreased $6.0 million in 2025 compared to 2024. The decrease in operating income was primarily due to lower margins on certain projects due to the mix of contracting offset partially by higher revenues during 2025.

Shallow Water Abandonment

Shallow Water Abandonment revenues increased $12.7 million, or 7%, in 2025 compared to 2024. The increase in revenues was primarily due to higher utilization on theEpic HedronEpicHedron

Production Facilities

Production Facilities revenues decreased $16.0 million, or 18%, during 2025 compared to 2024. The decrease in 2025 was primarily due to lower oil and gas production volumes with the Thunder Hawk field being shut during 2025 after having had approximately seven months of production in 2024. The Droshky field production declined in 2025 compared to 2024 and realized oil prices were lower by 12% year over year. Production Facilities operating income decreased $1.0 million during 2025 primarily due to lower revenues, offset partially by lower operating expenses and lower workover costs on the Thunder Hawk field compared to 2024.

Selling, General and Administrative and Other

Selling, General and Administrative

Selling, general and administrative expenses were $75.9 million, or 5.9% of revenue, in 2025 compared to $91.7 million, or 6.7% of revenue, in 2024. The decrease in expense was primarily due to a net decrease in employee compensation-related costs in 2025.

Other Income and Expenses

Other expense, net was $1.4 million in 2025 compared to $3.9 million in 2024. The decrease in other expense in 2025 was primarily due to a charge in 2024 of $2.4 million related to an increase in the value of incentive credits issued to the seller of P&A equipment acquired in 2023.

Cash Flows

Helix generated operating cash flows of $136.7 million in 2025 compared to $186.0 million in 2024. Operating cash flows in 2025 decreased primarily due to lower earnings, higher regulatory certification costs on our vessels and systems and net working capital outflows compared to 2024, offset partially by the $58.3 million cash paid in 2024 for the earnout related to the Helix Alliance acquisition. Regulatory certification costs, which are considered part of Helix’s capital spending program but are classified in operating cash flows, were $52.0 million in 2025 compared to $35.4 million in 2024.

Capital expenditures decreased to $16.3 million in 2025 compared to $23.3 million in 2024.

Free Cash Flow decreased to $120.4 million in 2025 compared to $163.2 million in 2024. The decrease was due to lower operating cash flows, offset in part by lower capital expenditures in 2025. (Free Cash Flow is a non-GAAP measure. See reconciliation below.)

Share Repurchases

Share repurchases in 2025 totaled 4.6 million shares for approximately $30.2 million compared to share repurchases in 2024 of 2.9 million shares for approximately $29.6 million.

Financial Condition and Liquidity

Cash and cash equivalents were $445.2 million at December 31, 2025. Available capacity under our ABL facility at December 31, 2025, was $110.9 million, and total liquidity was $553.6 million, excluding $2.5 million cash pledged toward our ABL facility. Consolidated long-term debt was $308.0 million at December 31, 2025, resulting in negative Net Debt of $137.2 million. (Net Debt is a non-GAAP measure. See reconciliation below.)

* * * * *

Conference Call Information

Further details are provided in the presentation for Helix’s quarterly teleconference to review its fourth quarter and full year 2025 results (see the 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 atwww.helixesg.com

Non-GAAP Financial Measures

Management evaluates operating performance and financial condition using certain non-GAAP measures, primarily EBITDA, Adjusted EBITDA, Free Cash Flow and Net Debt. We define EBITDA as earnings before income taxes, net interest expense, net other income or expense, and depreciation and amortization expense. To arrive at our measure of Adjusted EBITDA, we exclude gains or losses on disposition of assets, long-lived asset impairment losses, acquisition and integration 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 EBITDA, 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 EBITDA, 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 EBITDA, Adjusted EBITDA, Free Cash Flow and Net Debt differently from the way we do, which may limit their usefulness as comparative measures. EBITDA, 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; 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 and joint ventures 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 or similar transactions; 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 Securities and Exchange Commission ("SEC"), including our most recently filed Annual Report on Form 10-K, which are available free of charge on the SEC's website atwww.sec.gov

View source version on businesswire.com:https://www.businesswire.com/news/home/20260223175999/en/

Summary of Results ($ in thousands, except per share amounts, unaudited)

	Three Months Ended									Year Ended
	12/31/2025			12/31/2024			9/30/2025			12/31/2025			12/31/2024
Revenues	$	334,162		$	355,133		$	376,960		$	1,291,474		$	1,358,560
Gross Profit	$	50,663		$	58,859		$	66,019		$	159,138		$	219,564
		15	%		17	%		18	%		12	%		16	%
Net Income (Loss)	$	8,270		$	20,121		$	22,083		$	30,827		$	55,637
Basic Earnings (Loss) Per Share	$	0.06		$	0.13		$	0.15		$	0.21		$	0.37
Diluted Earnings (Loss) Per Share	$	0.06		$	0.13		$	0.15		$	0.21		$	0.36
Adjusted EBITDA¹	$	73,871		$	71,641		$	103,671		$	271,957		$	303,147
Cash and Cash Equivalents	$	445,196		$	368,030		$	338,033		$	445,196		$	368,030
Net Debt¹	$	(137,201	)	$	(52,873	)	$	(30,561	)	$	(137,201	)	$	(52,873	)
Cash Flows from Operating Activities	$	113,163		$	77,977		$	24,277		$	136,749		$	186,028
Free Cash Flow¹	$	107,467		$	65,454		$	22,589		$	120,407		$	163,188

^{_________________________________________________________________________________________}

Adjusted EBITDA, Net Debt and Free Cash Flow are non-GAAP measures; see non-GAAP reconciliations below¹

Segment Information, Operational and Financial Highlights ($ in thousands, unaudited)

	Three Months Ended									Year Ended
	12/31/2025			12/31/2024			9/30/2025			12/31/2025			12/31/2024
Revenues:
Well Intervention	$	181,006		$	226,188		$	193,205		$	729,371		$	829,862
Robotics		87,332			81,594			99,407			323,353			297,678
Shallow Water Abandonment		57,555			37,690			74,642			199,633			186,979
Production Facilities		17,262			18,462			18,513			72,693			88,709
Intercompany Eliminations		(8,993	)		(8,801	)		(8,807	)		(33,576	)		(44,668	)
Total	$	334,162		$	355,133		$	376,960		$	1,291,474		$	1,358,560

Income (Loss) from Operations:
Well Intervention	$	12,269		$	29,118		$	8,558		$	24,367		$	93,205
Robotics		19,056			19,335			27,878			71,325			77,343
Shallow Water Abandonment		8,560			(5,422	)		15,741			10,503			(9,323	)
Production Facilities		3,548			5,498			5,381			20,298			21,340
Long-lived asset impairment		(18,064	)		-			-			(18,064	)		-
Corporate / Other / Eliminations		(13,105	)		(17,651	)		(9,707	)		(43,294	)		(55,130	)
Total	$	12,264		$	30,878		$	47,851		$	65,135		$	127,435

HELIX ENERGY SOLUTIONS GROUP, INC.

Comparative Condensed Consolidated Statements of Operations

	Three Months Ended Dec. 31,						Year Ended Dec. 31,
(in thousands, except per share data)		2025			2024			2025			2024
	(unaudited)							(unaudited)

Net revenues	$	334,162		$	355,133		$	1,291,474		$	1,358,560
Cost of sales		283,529			296,274			1,132,336			1,138,996
Gross profit		50,633			58,859			159,138			219,564
Loss on disposition of assets, net		-			(429	)		-			(479	)
Long-lived asset impairment		(18,064	)		-			(18,064	)		-
Selling, general and administrative expenses		(20,305	)		(27,552	)		(75,939	)		(91,650	)
Income from operations		12,264			30,878			65,135			127,435
Net interest expense		(5,580	)		(5,572	)		(22,777	)		(22,629	)
Losses related to convertible senior notes		-			-			-			(20,922	)
Other expense, net		(487	)		(1,275	)		(1,390	)		(3,922	)
Royalty income and other		101			(30	)		1,512			2,102
Income before income taxes		6,298			24,001			42,480			82,064
Income tax provision (benefit)		(1,972	)		3,880			11,653			26,427
Net income	$	8,270		$	20,121		$	30,827		$	55,637

Earnings per share of common stock:
Basic	$	0.06		$	0.13		$	0.21		$	0.37
Diluted	$	0.06		$	0.13		$	0.21		$	0.36

Weighted average common shares outstanding:
Basic		146,994			151,446			148,349			151,989
Diluted		147,149			154,246			148,454			154,699

Comparative Condensed Consolidated Balance Sheets

							Dec. 31, 2025			Dec. 31, 2024
(in thousands)							(unaudited)

ASSETS
Current Assets:
Cash and cash equivalents							$	445,196		$	368,030
Accounts receivable, net								303,939			258,630
Other current assets								75,857			83,022
Total Current Assets								824,992			709,682

Property and equipment, net								1,362,494			1,437,853
Operating lease right-of-use assets								302,649			329,649
Deferred certification and dry dock costs, net								74,351			71,718
Other assets, net								51,418			48,178
Total Assets							$	2,615,904		$	2,597,080

LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Accounts payable							$	134,287		$	144,793
Accrued liabilities								94,951			90,455
Current maturities of long-term debt								9,644			9,186
Current operating lease liabilities								60,796			59,982
Total Current Liabilities								299,678			304,416

Long-term debt								298,351			305,971
Operating lease liabilities								260,959			285,984
Deferred tax liabilities								105,571			113,973
Other non-current liabilities								71,433			66,971
Shareholders' equity								1,579,912			1,519,765
Total Liabilities and Equity							$	2,615,904		$	2,597,080

HELIX ENERGY SOLUTIONS GROUP, INC.

Comparative Condensed Consolidated Statements of Cash Flows

										Year Ended
(in thousands)										12/31/2025			12/31/2024
											(unaudited)

Cash flows from operating activities:
Net income										$	30,827		$	55,637
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization											187,382			173,292
Long-lived asset impairment											18,064			-
Deferred certification and dry dock costs											(51,996	)		(35,387	)
Payment of earnout consideration											-			(58,300	)
Losses related to convertible senior notes											-			20,922
Other non-cash charges											1,178			21,324
Changes in operating assets and liabilities											(48,706	)		8,540
Net cash provided by operating activities											136,749			186,028

Cash flows from investing activities:
Capital expenditures											(16,342	)		(23,303	)
Proceeds from sale of assets											-			100
Proceeds from insurance recoveries											-			363
Net cash used in investing activities											(16,342	)		(22,840	)

Cash flows from financing activities:
Repayments of long-term debt											(9,186	)		(69,469	)
Repurchases of common stock											(30,214	)		(29,620	)
Payment of earnout consideration											-			(26,700	)
Other financing activities											(5,659	)		479
Net cash used in financing activities											(45,059	)		(125,310	)

Effect of exchange rate changes on cash and cash equivalents											1,818			(2,039	)
Net increase in cash and cash equivalents											77,166			35,839
Cash and cash equivalents:
Balance, beginning of year											368,030			332,191
Balance, end of year										$	445,196		$	368,030

Reconciliation of Non-GAAP Measures


	Three Months Ended									Year Ended
(in thousands, unaudited)	12/31/2025			12/31/2024			9/30/2025			12/31/2025			12/31/2024

Reconciliation from Net Income to Adjusted EBITDA:
Net income	$	8,270		$	20,121		$	22,083		$	30,827		$	55,637
Adjustments:
Income tax provision (benefit)		(1,972	)		3,880			19,169			11,653			26,427
Net interest expense		5,580			5,572			5,616			22,777			22,629
Other expense, net		487			1,275			983			1,390			3,922
Depreciation and amortization		43,850			40,564			55,661			187,382			173,292
EBITDA		56,215			71,412			103,512			254,029			281,907
Adjustments:
Loss on disposition of assets, net		-			429			-			-			479
Long-lived asset impairment		18,064			-			-			18,064			-
General provision for (release of) current expected credit losses		(408	)		(200	)		159			(136	)		(161	)
Losses related to convertible senior notes		-			-			-			-			20,922
Adjusted EBITDA	$	73,871		$	71,641		$	103,671		$	271,957		$	303,147


Free Cash Flow:
Cash flows from operating activities	$	113,163		$	77,977		$	24,277		$	136,749		$	186,028
Less: Capital expenditures, net of proceeds from asset sales and insurance recoveries		(5,696	)		(12,523	)		(1,688	)		(16,342	)		(22,840	)
Free Cash Flow	$	107,467		$	65,454		$	22,589		$	120,407		$	163,188


Net Debt:
Long-term debt including current maturities	$	307,995		$	315,157		$	307,472		$	307,995		$	315,157
Less: Cash and cash equivalents		(445,196	)		(368,030	)		(338,033	)		(445,196	)		(368,030	)
Net Debt	$	(137,201	)	$	(52,873	)	$	(30,561	)	$	(137,201	)	$	(52,873	)