$DODRW
DIAMOND OFFSHORE DRILLING, INC.

2018 Q2 Form 10-Q Financial Statement

#000119312518230634 Filed on July 30, 2018

View on sec.gov

Income Statement

Concept 2018 Q2 2017 Q2
Revenue $268.9M $399.3M
YoY Change -32.67% 2.71%
Cost Of Revenue $192.7M $196.2M
YoY Change -1.79% -1.07%
Gross Profit $76.10M $203.1M
YoY Change -62.53% 6.65%
Gross Profit Margin 28.3% 50.86%
Selling, General & Admin $18.20M $19.00M
YoY Change -4.21% 4.97%
% of Gross Profit 23.92% 9.36%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $81.90M $86.00M
YoY Change -4.77% -18.17%
% of Gross Profit 107.62% 42.35%
Operating Expenses $100.1M $105.0M
YoY Change -4.67% -14.7%
Operating Profit -$52.38M $20.82M
YoY Change -351.51% -103.32%
Interest Expense $29.59M -$27.80M
YoY Change -206.42% 1.46%
% of Operating Profit -133.5%
Other Income/Expense, Net $262.0K -$62.00K
YoY Change -522.58% -99.49%
Pretax Income -$79.29M -$7.020M
YoY Change 1029.43% -98.95%
Income Tax -$10.01M -$22.97M
% Of Pretax Income
Net Earnings -$69.27M $15.95M
YoY Change -534.35% -102.7%
Net Earnings / Revenue -25.77% 3.99%
Basic Earnings Per Share -$0.50 $0.12
Diluted Earnings Per Share -$0.50 $0.12
COMMON SHARES
Basic Shares Outstanding 137.4M 137.2M shares
Diluted Shares Outstanding 137.4M 137.2M shares

Balance Sheet

Concept 2018 Q2 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $418.8M $161.0M
YoY Change 160.15% 55.8%
Cash & Equivalents $144.2M $161.0M
Short-Term Investments $274.7M
Other Short-Term Assets $7.714M $5.362M
YoY Change 43.86% -27.66%
Inventory
Prepaid Expenses
Receivables $189.1M $293.9M
Other Receivables $72.40M $21.20M
Total Short-Term Assets $844.2M $580.2M
YoY Change 45.51% 6.18%
LONG-TERM ASSETS
Property, Plant & Equipment $5.197B $5.490B
YoY Change -5.34% -6.12%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $71.39M $122.9M
YoY Change -41.93% 11.06%
Total Long-Term Assets $5.269B $5.613B
YoY Change -6.14% -5.8%
TOTAL ASSETS
Total Short-Term Assets $844.2M $580.2M
Total Long-Term Assets $5.269B $5.613B
Total Assets $6.113B $6.193B
YoY Change -1.3% -4.8%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $54.72M $32.72M
YoY Change 67.24% -8.01%
Accrued Expenses $130.1M $110.7M
YoY Change 17.54% -45.87%
Deferred Revenue $10.17M
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $199.4M $157.1M
YoY Change 26.91% -74.99%
LONG-TERM LIABILITIES
Long-Term Debt $1.973B $1.981B
YoY Change -0.42% 0.06%
Other Long-Term Liabilities $105.3M $119.3M
YoY Change -11.74% -27.49%
Total Long-Term Liabilities $2.078B $2.101B
YoY Change -1.07% -2.06%
TOTAL LIABILITIES
Total Short-Term Liabilities $199.4M $157.1M
Total Long-Term Liabilities $2.078B $2.101B
Total Liabilities $2.402B $2.401B
YoY Change 0.03% -16.82%
SHAREHOLDERS EQUITY
Retained Earnings $1.900B $1.986B
YoY Change -4.33% 9.3%
Common Stock $2.015B $2.009B
YoY Change 0.3% 0.27%
Preferred Stock
YoY Change
Treasury Stock (at cost) $204.3M $203.1M
YoY Change 0.63% 0.23%
Treasury Stock Shares 6.943M shares 6.856M shares
Shareholders Equity $3.711B $3.792B
YoY Change
Total Liabilities & Shareholders Equity $6.113B $6.193B
YoY Change -1.3% -4.8%

Cashflow Statement

Concept 2018 Q2 2017 Q2
OPERATING ACTIVITIES
Net Income -$69.27M $15.95M
YoY Change -534.35% -102.7%
Depreciation, Depletion And Amortization $81.90M $86.00M
YoY Change -4.77% -18.17%
Cash From Operating Activities $47.00M $78.20M
YoY Change -39.9% 21.81%
INVESTING ACTIVITIES
Capital Expenditures -$58.90M -$42.40M
YoY Change 38.92% -91.08%
Acquisitions
YoY Change
Other Investing Activities -$273.5M $2.000M
YoY Change -13775.0% -96.59%
Cash From Investing Activities -$332.4M -$40.40M
YoY Change 722.77% -90.3%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 -200.0K
YoY Change -100.0% -100.06%
NET CHANGE
Cash From Operating Activities 47.00M 78.20M
Cash From Investing Activities -332.4M -40.40M
Cash From Financing Activities 0.000 -200.0K
Net Change In Cash -285.4M 37.60M
YoY Change -859.04% -246.87%
FREE CASH FLOW
Cash From Operating Activities $47.00M $78.20M
Capital Expenditures -$58.90M -$42.40M
Free Cash Flow $105.9M $120.6M
YoY Change -12.19% -77.65%

Facts In Submission

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dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2018
dei Document Type
DocumentType
10-Q
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EarningsPerShareBasicAndDiluted
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us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
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dei Entity Central Index Key
EntityCentralIndexKey
0000949039
dei Entity Registrant Name
EntityRegistrantName
DIAMOND OFFSHORE DRILLING, INC.
dei Document Period End Date
DocumentPeriodEndDate
2018-06-30
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.36
dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
us-gaap Gain Loss On Disposition Of Assets
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us-gaap Foreign Currency Transaction Gain Loss Before Tax
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us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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us-gaap Income Tax Expense Benefit
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-54475000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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us-gaap Increase Decrease In Accrued Income Taxes Payable
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us-gaap Increase Decrease In Other Noncurrent Assets
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us-gaap Increase Decrease In Contract With Customer Asset
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us-gaap Increase Decrease In Deferred Charges
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us-gaap Increase Decrease In Other Noncurrent Liabilities
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us-gaap Interest Paid Net
InterestPaidNet
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us-gaap Investment Income Interest
InvestmentIncomeInterest
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Cash Provided By Used In Operating Activities
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31000
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1723000
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300000000
us-gaap Profit Loss
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us-gaap Restructuring Charges
RestructuringCharges
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us-gaap Revenue From Contract With Customer Including Assessed Tax
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564371000
us-gaap Share Based Compensation
ShareBasedCompensation
2468000
dei Trading Symbol
TradingSymbol
DO
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
137362000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
137362000 shares
us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions
43300000
us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> <i>Use of Estimates in the Preparation of Financial Statements</i></p> <p style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> The preparation of financial statements in conformity with 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.</p> </div>
do Accrued Restructuring Charges
AccruedRestructuringCharges
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do Contract With Customer Liability Increase Due To Cash Received
ContractWithCustomerLiabilityIncreaseDueToCashReceived
-4670000
do Contract With Customer Asset Increase Due To Revenue Recognized During Period
ContractWithCustomerAssetIncreaseDueToRevenueRecognizedDuringPeriod
2306000
do Range Of Deductible For Liability Coverage For Personal Injury Claims Upper Limit
RangeOfDeductibleForLiabilityCoverageForPersonalInjuryClaimsUpperLimit
100000000
do Interest Expense Non Operating
InterestExpenseNonOperating
57903000
do Transfers Between Fair Value Measurement Levels
TransfersBetweenFairValueMeasurementLevels
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do Deductible For Marine Liability Coverage Including Personal Injury Claims Per First Occurrence
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10000000
do Range Of Deductible For Liability Coverage For Personal Injury Claims Lower Limit
RangeOfDeductibleForLiabilityCoverageForPersonalInjuryClaimsLowerLimit
5000000
do General Measurement Period To Determine Fair Value Of Debt
GeneralMeasurementPeriodToDetermineFairValueOfDebt
P10D
do Payment Terms On Invoiced Amounts
PaymentTermsOnInvoicedAmounts
P30D
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AssetImpairmentCharges
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CY2017 do Transfers Between Fair Value Measurement Levels
TransfersBetweenFairValueMeasurementLevels
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CY2017Q2 us-gaap Asset Impairment Charges
AssetImpairmentCharges
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CY2017Q2 us-gaap Comprehensive Income Net Of Tax
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15948000
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CostOfGoodsAndServicesSoldDepreciation
85982000
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CostsAndExpenses
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ForeignCurrencyTransactionGainLossBeforeTax
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GeneralAndAdministrativeExpense
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CY2017Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2017Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2017Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
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InvestmentIncomeInterest
396000
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1000
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137227000 shares
CY2017Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2017Q2 do Interest Expense Non Operating
InterestExpenseNonOperating
27251000
CY2018Q2 us-gaap Asset Impairment Charges
AssetImpairmentCharges
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CY2018Q2 us-gaap Capitalized Contract Cost Amortization
CapitalizedContractCostAmortization
14300000
CY2018Q2 us-gaap Capitalized Contract Cost Impairment Loss
CapitalizedContractCostImpairmentLoss
0
CY2018Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
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CY2018Q2 us-gaap Cost Of Goods And Services Sold Depreciation
CostOfGoodsAndServicesSoldDepreciation
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CostsAndExpenses
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GainLossOnDispositionOfAssets
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ForeignCurrencyTransactionGainLossBeforeTax
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CY2018Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
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EarningsPerShareBasic
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IncomeTaxExpenseBenefit
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OtherComprehensiveIncomeLossNetOfTax
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OtherNonoperatingIncomeExpense
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OperatingIncomeLoss
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1000
CY2018Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
31000
CY2018Q2 us-gaap Restructuring Charges
RestructuringCharges
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CY2018Q2 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
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CY2018Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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CY2018Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2018Q2 do Interest Expense Non Operating
InterestExpenseNonOperating
29585000
CY2017Q4 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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0.35 pure
CY2017Q4 do Net Tax Effect Of Tax Cuts And Jobs Act Of2017
NetTaxEffectOfTaxCutsAndJobsActOf2017
1100000

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