$DODRW
DIAMOND OFFSHORE DRILLING, INC.

2020 Q1 Form 10-Q Financial Statement

#000156459020020673 Filed on May 04, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q1
Revenue $229.2M $233.5M
YoY Change -1.87% -20.97%
Cost Of Revenue $195.6M $174.2M
YoY Change 12.3% -5.69%
Gross Profit $33.50M $59.37M
YoY Change -43.57% -46.43%
Gross Profit Margin 14.62% 25.42%
Selling, General & Admin $16.30M $17.31M
YoY Change -5.85% -6.42%
% of Gross Profit 48.66% 29.16%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $93.00M $86.90M
YoY Change 7.02% 6.23%
% of Gross Profit 277.61% 146.37%
Operating Expenses $109.4M $104.2M
YoY Change 4.98% 3.9%
Operating Profit -$846.4M -$49.13M
YoY Change 1622.96% -9695.12%
Interest Expense $32.32M $29.93M
YoY Change 8.01% 5.67%
% of Operating Profit
Other Income/Expense, Net $323.0K $333.0K
YoY Change -3.0% -42.59%
Pretax Income -$877.8M -$77.39M
YoY Change 1034.31% 207.81%
Income Tax -$15.90M -$4.062M
% Of Pretax Income
Net Earnings -$861.9M -$73.33M
YoY Change 1075.46% -479.52%
Net Earnings / Revenue -376.11% -31.4%
Basic Earnings Per Share -$0.53
Diluted Earnings Per Share -$6.25 -$0.53
COMMON SHARES
Basic Shares Outstanding 137.8M 137.5M
Diluted Shares Outstanding 137.8M 137.5M

Balance Sheet

Concept 2020 Q1 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $499.1M $372.7M
YoY Change 33.92% -13.27%
Cash & Equivalents $499.1M $122.8M
Short-Term Investments $249.9M
Other Short-Term Assets $5.387M $8.290M
YoY Change -35.02% 60.41%
Inventory
Prepaid Expenses
Receivables $268.2M $183.2M
Other Receivables $55.20M $69.72M
Total Short-Term Assets $844.1M $732.8M
YoY Change 15.18% -16.72%
LONG-TERM ASSETS
Property, Plant & Equipment $4.330B $5.171B
YoY Change -16.26% -0.97%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $204.3M $208.8M
YoY Change -2.18% 100.06%
Total Long-Term Assets $4.534B $5.380B
YoY Change -15.72% 1.25%
TOTAL ASSETS
Total Short-Term Assets $844.1M $732.8M
Total Long-Term Assets $4.534B $5.380B
Total Assets $5.378B $6.112B
YoY Change -12.01% -1.3%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $59.56M $60.28M
YoY Change -1.19% 78.78%
Accrued Expenses $196.0M $197.9M
YoY Change -0.93% 42.24%
Deferred Revenue $23.66M $6.840M
YoY Change 245.94% -39.85%
Short-Term Debt $2.412B $0.00
YoY Change
Long-Term Debt Due $2.412B
YoY Change
Total Short-Term Liabilities $2.684B $273.3M
YoY Change 882.3% 40.11%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $1.974B
YoY Change -100.0% 0.09%
Other Long-Term Liabilities $284.8M $255.2M
YoY Change 11.6% 131.89%
Total Long-Term Liabilities $284.8M $2.230B
YoY Change -87.23% 7.05%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.684B $273.3M
Total Long-Term Liabilities $284.8M $2.230B
Total Liabilities $3.007B $2.601B
YoY Change 15.62% 7.75%
SHAREHOLDERS EQUITY
Retained Earnings $550.3M $1.696B
YoY Change -67.56% -13.01%
Common Stock $2.027B $2.021B
YoY Change 0.31% 0.33%
Preferred Stock
YoY Change
Treasury Stock (at cost) $206.1M $205.2M
YoY Change 0.43% 0.69%
Treasury Stock Shares $7.163M $7.027M
Shareholders Equity $2.371B $3.512B
YoY Change
Total Liabilities & Shareholders Equity $5.378B $6.112B
YoY Change -12.01% -1.3%

Cashflow Statement

Concept 2020 Q1 2019 Q1
OPERATING ACTIVITIES
Net Income -$861.9M -$73.33M
YoY Change 1075.46% -479.52%
Depreciation, Depletion And Amortization $93.00M $86.90M
YoY Change 7.02% 6.23%
Cash From Operating Activities -$22.84M $2.862M
YoY Change -898.08% -96.58%
INVESTING ACTIVITIES
Capital Expenditures $74.85M $85.89M
YoY Change -12.85% 172.81%
Acquisitions
YoY Change
Other Investing Activities $4.500M $51.80M
YoY Change -91.31% 3599.79%
Cash From Investing Activities -$70.30M -$34.09M
YoY Change 106.21% 13.43%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 436.0M -2.000K
YoY Change -21800100.0% -96.97%
NET CHANGE
Cash From Operating Activities -22.84M 2.862M
Cash From Investing Activities -70.30M -34.09M
Cash From Financing Activities 436.0M -2.000K
Net Change In Cash 342.9M -31.23M
YoY Change -1197.74% -158.22%
FREE CASH FLOW
Cash From Operating Activities -$22.84M $2.862M
Capital Expenditures $74.85M $85.89M
Free Cash Flow -$97.69M -$83.03M
YoY Change 17.66% -258.8%

Facts In Submission

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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-style:italic;letter-spacing:-0.1pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">Use of Estimates in the Preparation of Financial Statements</p> <p style="margin-top:6pt;text-align:justify;margin-bottom:0pt;text-indent:3.85%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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>
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CY2020Q1 us-gaap Contract With Customer Liability Revenue Recognized
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CY2020Q1 do Contract With Customer Asset Increase Due To Revenue Recognized During Period
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160000
CY2020Q1 us-gaap Contract With Customer Asset Reclassified To Receivable
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CY2020Q1 do Contract With Customer Asset Liability Net
ContractWithCustomerAssetLiabilityNet
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CY2020Q1 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
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CY2020Q1 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
82390000
CY2020Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
50438000
CY2020Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
26357000
CY2020Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
1804000
CY2020Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
78599000
CY2020Q1 us-gaap Accounts Receivable Gross Current
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218666000
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CY2020Q1 us-gaap Income Taxes Receivable
IncomeTaxesReceivable
38574000
CY2019Q4 us-gaap Income Taxes Receivable
IncomeTaxesReceivable
38574000
CY2020Q1 us-gaap Value Added Tax Receivable Current
ValueAddedTaxReceivableCurrent
16111000
CY2019Q4 us-gaap Value Added Tax Receivable Current
ValueAddedTaxReceivableCurrent
17716000
CY2020Q1 us-gaap Due From Related Parties Current
DueFromRelatedPartiesCurrent
80000
CY2019Q4 us-gaap Due From Related Parties Current
DueFromRelatedPartiesCurrent
166000
CY2020Q1 us-gaap Other Receivables Gross Current
OtherReceivablesGrossCurrent
492000
CY2019Q4 us-gaap Other Receivables Gross Current
OtherReceivablesGrossCurrent
287000
CY2020Q1 do Receivables Gross Current
ReceivablesGrossCurrent
273923000
CY2019Q4 do Receivables Gross Current
ReceivablesGrossCurrent
256315000
CY2020Q1 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
5760000
CY2019Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
5459000
CY2020Q1 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
268163000
CY2019Q4 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
250856000
CY2020Q1 us-gaap Deferred Costs Current
DeferredCostsCurrent
31956000
CY2019Q4 us-gaap Deferred Costs Current
DeferredCostsCurrent
20019000
CY2020Q1 do Rig Spare Parts And Supplies
RigSparePartsAndSupplies
14971000
CY2019Q4 do Rig Spare Parts And Supplies
RigSparePartsAndSupplies
18250000
CY2020Q1 us-gaap Prepaid Taxes
PrepaidTaxes
13877000
CY2019Q4 us-gaap Prepaid Taxes
PrepaidTaxes
12475000
CY2020Q1 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
3897000
CY2019Q4 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
2990000
CY2020Q1 us-gaap Contract With Customer Asset Net Current
ContractWithCustomerAssetNetCurrent
3223000
CY2019Q4 us-gaap Contract With Customer Asset Net Current
ContractWithCustomerAssetNetCurrent
6314000
CY2020Q1 us-gaap Prepaid Insurance
PrepaidInsurance
1940000
CY2019Q4 us-gaap Prepaid Insurance
PrepaidInsurance
2892000
CY2020Q1 do Prepaid Software Costs Current
PrepaidSoftwareCostsCurrent
1518000
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PrepaidSoftwareCostsCurrent
2319000
CY2020Q1 us-gaap Other Assets Current
OtherAssetsCurrent
5387000
CY2019Q4 us-gaap Other Assets Current
OtherAssetsCurrent
3399000
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PrepaidExpenseAndOtherAssetsCurrent
76769000
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PrepaidExpenseAndOtherAssetsCurrent
68658000
CY2020Q1 do Accrued Rig Operating Expenses
AccruedRigOperatingExpenses
45231000
CY2019Q4 do Accrued Rig Operating Expenses
AccruedRigOperatingExpenses
37969000
CY2020Q1 us-gaap Interest Payable Current
InterestPayableCurrent
36813000
CY2019Q4 us-gaap Interest Payable Current
InterestPayableCurrent
28234000
CY2020Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
28713000
CY2019Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
42494000
CY2020Q1 do Accrued Capital Project Or Upgrade Costs
AccruedCapitalProjectOrUpgradeCosts
26094000
CY2019Q4 do Accrued Capital Project Or Upgrade Costs
AccruedCapitalProjectOrUpgradeCosts
56603000
CY2020Q1 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
23662000
CY2019Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
9573000
CY2020Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
20482000
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OperatingLeaseLiabilityCurrent
20030000
CY2020Q1 us-gaap Workers Compensation Liability Current
WorkersCompensationLiabilityCurrent
6484000
CY2019Q4 us-gaap Workers Compensation Liability Current
WorkersCompensationLiabilityCurrent
7074000
CY2020Q1 do Accrued Shorebase And Administrative Costs Current
AccruedShorebaseAndAdministrativeCostsCurrent
4374000
CY2019Q4 do Accrued Shorebase And Administrative Costs Current
AccruedShorebaseAndAdministrativeCostsCurrent
5275000
CY2020Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
4178000
CY2019Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
3528000
CY2020Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
196031000
CY2019Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
210780000
CY2020Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
26094000
CY2019Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
29902000
CY2020Q1 us-gaap Adjustments Related To Tax Withholding For Share Based Compensation
AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation
324000
CY2019Q1 us-gaap Adjustments Related To Tax Withholding For Share Based Compensation
AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation
844000
CY2020Q1 us-gaap Interest Paid Net
InterestPaidNet
19785000
CY2019Q1 us-gaap Interest Paid Net
InterestPaidNet
19688000
CY2020Q1 do Accounts Receivable Past Due
AccountsReceivablePastDue
6900000
CY2020Q1 do Past Due Accounts Receivables Included In Allowance For Credit Losses
PastDueAccountsReceivablesIncludedInAllowanceForCreditLosses
5500000
CY2020Q1 do Past Due Accounts Receivables Less Than90 Days Past Due
PastDueAccountsReceivablesLessThan90DaysPastDue
1400000
CY2020Q1 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
5800000
CY2019Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
5500000
CY2020Q1 do Number Of Semisubmersible Rigs
NumberOfSemisubmersibleRigs
4
CY2020Q1 do General Measurement Period To Determine Fair Value Of Debt
GeneralMeasurementPeriodToDetermineFairValueOfDebt
P10D
CY2020Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
7430480000
CY2019Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
8161045000
CY2020Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
3100497000
CY2019Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
3008217000
CY2020Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
4329983000
CY2019Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
5152828000
CY2020Q1 us-gaap Asset Impairment Charges
AssetImpairmentCharges
774000000.0
CY2020Q1 us-gaap Income Tax Examination Penalties And Interest Accrued
IncomeTaxExaminationPenaltiesAndInterestAccrued
12700000
CY2019Q4 us-gaap Income Tax Examination Penalties And Interest Accrued
IncomeTaxExaminationPenaltiesAndInterestAccrued
16100000
CY2020Q1 do Deductible For Marine Liability Coverage Including Personal Injury Claims Per First Occurrence
DeductibleForMarineLiabilityCoverageIncludingPersonalInjuryClaimsPerFirstOccurrence
5000000.0
CY2020Q1 do Range Of Deductible For Liability Coverage For Personal Injury Claims Lower Limit
RangeOfDeductibleForLiabilityCoverageForPersonalInjuryClaimsLowerLimit
5000000.0
CY2020Q1 do Range Of Deductible For Liability Coverage For Personal Injury Claims Upper Limit
RangeOfDeductibleForLiabilityCoverageForPersonalInjuryClaimsUpperLimit
100000000.0
CY2020Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1
CY2020Q1 do Number Of Countries With Rigs
NumberOfCountriesWithRigs
3
CY2020Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
229170000
CY2019Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
233542000
CY2020Q1 do Income Tax Expense Benefit From Carryback Of Net Operating Losses
IncomeTaxExpenseBenefitFromCarrybackOfNetOperatingLosses
-9700000

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