For the first quarter, we reported a net loss of $368 million or negative $3.71 per share on revenue of $537 million.
These results included the impact of $393 million of pre-tax adjustments, including $303 million associated with goodwill impairments, $76.1 million of asset impairments and write-offs, $13.7 million in restructuring costs and foreign exchange losses recognized during the quarter.
Adjusted net income was $3.5 million or $0.04 per share.
And our consolidated adjusted EBITDA of $51.6 million surpassed both our forecast and published consensus estimates.
Compared to the fourth quarter of 2019, ROV average revenue per day on hire decreased 4% on flat days on hire.
Adjusted EBITDA margin increased to 32% and ROV utilization improved slightly to 65%.
Keep in mind that although reported fourth quarter 2019 utilization was 58%, it did not include the impact of the 30 ROVs that were retired at the end of the fourth quarter.
For comparison, pro forma fourth quarter utilization, reflecting these vehicles as if they had been retired at the end of -- at the beginning of the quarter, was 64%.
During the first quarter, our fleet size remained at 250 vehicles, the same as year-end 2019.
Our fleet use during the first quarter was 68% in drill support and 30% in vessel-based activity compared to 64% and 36% respectively for the fourth quarter of 2019.
At the end of March, we had ROV contracts on 95 of the 153 floating rigs under contract, resulting in a drill support market share of 62%.
Our Subsea Products revenue mix for the quarter was 74% in manufactured products and 26% in service and rental compared to a 72-28 split, respectively in the fourth quarter.
Our Subsea Products backlog at March 31, 2020 was $528 million compared to $630 million at December 31, 2019.
Reflecting the higher level of throughput and lower level of market activity, our book-to-bill ratio for the first quarter was 0.5.
During the first quarter, we used $32.2 million of net cash in our operating activities and $27.2 million of cash for maintenance and growth capital expenditures.
These two items represented the largest contributors to a $66.2 million cash decrease during the quarter.
At the end of the quarter, we had $307 million in cash and cash equivalents, no borrowings under our $500 million revolving credit facility, and no loan maturities until November 2024.
Based on our determination, as of March 31, we could draw down the entire $500 million and still be in compliance.
We are not providing operating or EBITDA guidance for the second quarter and full year of 2020 due to the lack of visibility in the majority of our businesses.
We maintain our guidance that unallocated expenses are forecasted to be in the mid -- excuse me, in the high-$20 million range per quarter.
We are further revising our capital expenditure guidance by lowering the range to $45 million to $65 million and 2020 cash tax payments guidance by lowering range to $30 million to $35 million.
Our government-supported businesses, which represented approximately 16% of our consolidated 2019 revenue, are not closely tied to the crude oil or public entertainment markets, so contracting activities should be relatively unaffected, absent any COVID-19-related delays.
We are currently targeting a reduction of annualized expenses in the range of $125 million to $160 million by the end of 2020, inclusive of $35 million to $40 million of reduced depreciation expense.
The base salaries for our senior leadership have been reduced by 15% for myself, 10% for all of our Senior Vice President positions, and 7.5% for our Vice President positions.
In addition, we have reduced the Company match on our 401(k) plan by 50% and reduced the expected payouts under our short-term and long-term incentive plans.
In addition to these categories, we also expect to see a benefit from an estimated $35 million to $40 million reduction in depreciation cost as compared to 2019.
Although this is a non-cash expense, it is worthy of highlighting because it will benefit our operating performance and position us to return to profitability sooner.
Since launching this effort, approximately $70 million of annualized cost reductions have been initiated, and that's net of depreciation expense.
We expect the cash costs associated with these actions to be around $15 million.
Over the past 25 years, Marvin has served as our Chief Financial Officer, Executive Vice President overseeing all of Oceaneering support functions, and over the past several years as a strategic advisor to me and our executive management team.
And did you know that Marvin has not missed one quarterly earnings call during his 25 years?

Summary:
For the first quarter, we reported a net loss of $368 million or negative $3.71 per share on revenue of $537 million.
Adjusted net income was $3.5 million or $0.04 per share.
We are not providing operating or EBITDA guidance for the second quarter and full year of 2020 due to the lack of visibility in the majority of our businesses.
We maintain our guidance that unallocated expenses are forecasted to be in the mid -- excuse me, in the high-$20 million range per quarter.
We are further revising our capital expenditure guidance by lowering the range to $45 million to $65 million and 2020 cash tax payments guidance by lowering range to $30 million to $35 million.
We are currently targeting a reduction of annualized expenses in the range of $125 million to $160 million by the end of 2020, inclusive of $35 million to $40 million of reduced depreciation expense.
Although this is a non-cash expense, it is worthy of highlighting because it will benefit our operating performance and position us to return to profitability sooner.