$DODRW

2022 Q3 Form 10-Q Financial Statement

#000095017022016462 Filed on August 10, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1
Revenue $226.1M $205.7M $186.2M
YoY Change 5.7% 495.17% 38.14%
Cost Of Revenue $191.3M $170.7M $180.5M
YoY Change 15.78% 13.07% 17.67%
Gross Profit $34.74M $35.00M $5.724M
YoY Change -28.55% -2428.54% -130.79%
Gross Profit Margin 15.37% 17.01% 3.07%
Selling, General & Admin $16.32M $19.75M $16.73M
YoY Change -22.2% 4.59% 35.31%
% of Gross Profit 46.98% 56.44% 292.31%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $26.07M $25.69M $26.95M
YoY Change 3.65% -30.31% -63.88%
% of Gross Profit 75.04% 73.41% 470.86%
Operating Expenses $42.39M $45.45M $43.68M
YoY Change -8.1% -18.49% -49.78%
Operating Profit -$7.575M -$9.763M -$33.92M
YoY Change -403.36% -64.04% -88.59%
Interest Expense $10.36M $10.10M $8.325M
YoY Change -220.48% 42.36% -74.43%
% of Operating Profit
Other Income/Expense, Net $172.0K -$47.00K $1.362M
YoY Change -1328.57% -100.44% 178.53%
Pretax Income -$17.52M -$18.31M -$43.01M
YoY Change 141.04% -38.96% -88.18%
Income Tax -$23.03M $3.623M -$8.653M
% Of Pretax Income
Net Earnings $5.510M -$21.93M -$34.35M
YoY Change -206.33% -53.63% -90.5%
Net Earnings / Revenue 2.44% -10.66% -18.45%
Basic Earnings Per Share $0.05 -$0.22 -$0.34
Diluted Earnings Per Share $0.05 -$0.22 -$343.3K
COMMON SHARES
Basic Shares Outstanding 101.4M 100.1M 100.1M
Diluted Shares Outstanding 102.3M 100.1M 100.1M

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $22.65M $42.90M $53.77M
YoY Change -17.02% 67.42% -82.73%
Cash & Equivalents $22.65M $42.90M $53.77M
Short-Term Investments
Other Short-Term Assets $5.756M $7.874M $5.998M
YoY Change 1.91% 24.94% -11.31%
Inventory
Prepaid Expenses
Receivables $179.9M $151.4M $119.4M
Other Receivables $17.90M $16.13M $17.09M
Total Short-Term Assets $300.7M $274.9M $254.7M
YoY Change 5.64% -9.71% -56.24%
LONG-TERM ASSETS
Property, Plant & Equipment $1.143B $1.160B $1.175B
YoY Change -16.59% -16.87% -69.87%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $79.71M $80.32M $82.71M
YoY Change 118.91% 40.79% -58.03%
Total Long-Term Assets $1.223B $1.240B $1.258B
YoY Change -13.08% -12.59% -69.3%
TOTAL ASSETS
Total Short-Term Assets $300.7M $274.9M $254.7M
Total Long-Term Assets $1.223B $1.240B $1.258B
Total Assets $1.524B $1.515B $1.513B
YoY Change -9.93% -12.08% -67.67%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $39.52M $48.94M $46.37M
YoY Change 10.63% -25.17% -33.07%
Accrued Expenses $150.2M $145.7M $137.5M
YoY Change 11.9% 18.43% -41.89%
Deferred Revenue $25.83M $22.44M $27.68M
YoY Change -33.01% -36.38% -51.59%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $16.68M $16.40M $16.13M
YoY Change 6.94% 6.93% -96.35%
Total Short-Term Liabilities $231.5M $237.8M $234.0M
YoY Change 7.78% 5.41% -69.87%
LONG-TERM LIABILITIES
Long-Term Debt $335.5M $306.4M $286.3M
YoY Change 9.6% 7.15%
Other Long-Term Liabilities $88.91M $104.2M $107.9M
YoY Change -30.61% -11.32% -95.23%
Total Long-Term Liabilities $424.4M $410.6M $394.2M
YoY Change 38.64% 1.77% -82.55%
TOTAL LIABILITIES
Total Short-Term Liabilities $231.5M $237.8M $234.0M
Total Long-Term Liabilities $424.4M $410.6M $394.2M
Total Liabilities $793.5M $790.9M $774.9M
YoY Change -1.29% -9.81% -74.66%
SHAREHOLDERS EQUITY
Retained Earnings -$228.1M -$233.6M -$211.7M
YoY Change 394.0% 3.58%
Common Stock $961.5M $957.6M $949.5M
YoY Change 2.33% -53.26%
Preferred Stock
YoY Change
Treasury Stock (at cost) $3.214M $139.0K
YoY Change
Treasury Stock Shares
Shareholders Equity $730.2M $723.9M $737.8M
YoY Change
Total Liabilities & Shareholders Equity $1.524B $1.515B $1.513B
YoY Change -9.93% -12.08% -67.67%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income $5.510M -$21.93M -$34.35M
YoY Change -206.33% -53.63% -90.5%
Depreciation, Depletion And Amortization $26.07M $25.69M $26.95M
YoY Change 3.65% -30.31% -63.88%
Cash From Operating Activities -$11.13M -$19.86M $9.058M
YoY Change -144.38% -69.92% -118.41%
INVESTING ACTIVITIES
Capital Expenditures -$10.30M -$12.31M $20.05M
YoY Change -25.75% -151.34% -50.65%
Acquisitions
YoY Change
Other Investing Activities $73.00K $743.0K $5.045M
YoY Change -90.48% 168.23% -31.82%
Cash From Investing Activities -$10.23M -$11.56M -$15.00M
YoY Change -21.96% -51.37% -54.84%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 24.97M 16.08M 16.19M
YoY Change -281.32% -42.08% -806.86%
NET CHANGE
Cash From Operating Activities -11.13M -19.86M 9.058M
Cash From Investing Activities -10.23M -11.56M -15.00M
Cash From Financing Activities 24.97M 16.08M 16.19M
Net Change In Cash 3.618M -15.35M 10.24M
YoY Change -300.11% -75.27% -112.09%
FREE CASH FLOW
Cash From Operating Activities -$11.13M -$19.86M $9.058M
Capital Expenditures -$10.30M -$12.31M $20.05M
Free Cash Flow -$825.0K -$7.556M -$10.99M
YoY Change -102.12% -91.61% -87.77%

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<p style="text-indent:0.0%;font-size:10.0pt;margin-top:18.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Use of Estimates in the Preparation of Financial Statements</span></p><p style="text-indent:3.333%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">The preparation of financial statements in conformity with generally accepted accounting principles (or GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimated.</span></p>
us-gaap Restricted Cash Nature Of Restriction Description
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We maintain a restricted cash bank account which is subject to restrictions pursuant to a management and marketing services agreement with an offshore drilling company.
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us-gaap Interest Paid Net
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PastDueAccountsReceivablesIncludedInAllowanceForCreditLosses
7500000
CY2022Q2 ck0000949039 Past Due Accounts Receivables Older Than90 Days Past Due
PastDueAccountsReceivablesOlderThan90DaysPastDue
300000
CY2022Q2 ck0000949039 Past Due Accounts Receivables Remaining Past Due
PastDueAccountsReceivablesRemainingPastDue
500000
CY2022Q2 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset Before Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetBeforeAccumulatedDepreciationAndAmortization
1280676000
CY2021Q4 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset Before Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetBeforeAccumulatedDepreciationAndAmortization
1244397000
CY2022Q2 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAccumulatedDepreciationAndAmortization
121141000
CY2021Q4 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAccumulatedDepreciationAndAmortization
68502000
CY2022Q2 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset After Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization
1159535000
CY2021Q4 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset After Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization
1175895000
CY2022Q2 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
306438000
CY2022Q2 us-gaap Income Tax Examination Penalties And Interest Accrued
IncomeTaxExaminationPenaltiesAndInterestAccrued
13900000
CY2021Q4 us-gaap Income Tax Examination Penalties And Interest Accrued
IncomeTaxExaminationPenaltiesAndInterestAccrued
13700000
ck0000949039 Range Of Deductible For Liability Coverage For Personal Injury Claims Upper Limit
RangeOfDeductibleForLiabilityCoverageForPersonalInjuryClaimsUpperLimit
100000000.0
CY2022Q2 us-gaap Purchase Obligation
PurchaseObligation
0
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1
CY2022Q2 ck0000949039 Number Of Countries With Rigs
NumberOfCountriesWithRigs
4
CY2022Q2 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
205702000
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
391941000
CY2021Q2 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
114911000
CY2021Q2 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
34562000
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
169379000

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