$DODRW

2020 Q3 Form 10-Q Financial Statement

#000156459020049529 Filed on November 02, 2020

View on sec.gov

Income Statement

Concept 2020 Q3 2019 Q3 2019 Q2
Revenue $138.3M $254.0M $216.7M
YoY Change -45.57% -11.28% -19.4%
Cost Of Revenue $139.5M $213.0M $234.1M
YoY Change -34.5% 9.79% 21.48%
Gross Profit -$1.200M $41.03M -$17.39M
YoY Change -102.92% -55.55% -122.85%
Gross Profit Margin -0.87% 16.15% -8.02%
Selling, General & Admin $12.80M $18.83M $15.29M
YoY Change -32.02% -43.45% -15.97%
% of Gross Profit 45.89%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $75.30M $88.69M $88.25M
YoY Change -15.1% 8.43% 7.76%
% of Gross Profit 216.17%
Operating Expenses $88.10M $107.5M $103.5M
YoY Change -18.06% -6.75% 3.44%
Operating Profit -$89.22M -$72.83M -$111.5M
YoY Change 22.49% 216.08% 112.89%
Interest Expense $98.00K $31.10M $31.16M
YoY Change -99.68% -195.1% 5.32%
% of Operating Profit
Other Income/Expense, Net $107.0K $82.00K $105.0K
YoY Change 30.49% -145.81% -59.92%
Pretax Income -$98.51M -$102.6M -$141.3M
YoY Change -3.99% 83.58% 78.27%
Income Tax $95.00K -$7.482M -$27.35M
% Of Pretax Income
Net Earnings -$98.61M -$95.13M -$114.0M
YoY Change 3.66% 86.12% 64.55%
Net Earnings / Revenue -71.32% -37.45% -52.6%
Basic Earnings Per Share
Diluted Earnings Per Share -$0.71 -$690.9K -$827.9K
COMMON SHARES
Basic Shares Outstanding 138.1M 137.7M 137.7M
Diluted Shares Outstanding 138.1M 137.7M 137.7M

Balance Sheet

Concept 2020 Q3 2019 Q3 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $422.7M $209.1M $297.5M
YoY Change 102.12% -56.11% -28.98%
Cash & Equivalents $448.4M $209.1M $147.5M
Short-Term Investments $0.00 $149.9M
Other Short-Term Assets $4.434M $5.994M $9.006M
YoY Change -26.03% -37.64% 16.75%
Inventory
Prepaid Expenses
Receivables $120.7M $189.2M $155.7M
Other Receivables $21.20M $57.84M $60.39M
Total Short-Term Assets $652.3M $514.4M $590.7M
YoY Change 26.8% -36.84% -30.03%
LONG-TERM ASSETS
Property, Plant & Equipment $4.243B $5.151B $5.164B
YoY Change -17.62% -0.79% -0.64%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $206.5M $40.44M $222.9M
YoY Change 410.68% -34.83% 212.2%
Total Long-Term Assets $4.450B $5.357B $5.387B
YoY Change -16.93% 1.96% 2.24%
TOTAL ASSETS
Total Short-Term Assets $652.3M $514.4M $590.7M
Total Long-Term Assets $4.450B $5.357B $5.387B
Total Assets $5.102B $5.871B $5.977B
YoY Change -13.1% -3.25% -2.22%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $32.00M $68.76M $60.53M
YoY Change -53.46% 63.06% 10.63%
Accrued Expenses $127.5M $190.2M $192.2M
YoY Change -32.96% 25.66% 47.7%
Deferred Revenue $45.39M $6.056M $9.521M
YoY Change 649.49% 102.81% -6.41%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $187.9M $279.2M $269.4M
YoY Change -32.7% 34.03% 35.16%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $1.975B $1.975B
YoY Change -100.0% 0.09% 0.09%
Other Long-Term Liabilities $2.751B $257.1M $259.8M
YoY Change 970.09% 132.38% 146.77%
Total Long-Term Liabilities $2.751B $2.232B $2.235B
YoY Change 23.24% 7.11% 7.52%
TOTAL LIABILITIES
Total Short-Term Liabilities $187.9M $279.2M $269.4M
Total Long-Term Liabilities $2.751B $2.232B $2.235B
Total Liabilities $2.970B $2.566B $2.578B
YoY Change 15.75% 6.59% 7.34%
SHAREHOLDERS EQUITY
Retained Earnings $1.582B
YoY Change -16.72%
Common Stock $2.023B
YoY Change 0.36%
Preferred Stock
YoY Change
Treasury Stock (at cost) $205.7M
YoY Change 0.69%
Treasury Stock Shares $7.073M
Shareholders Equity $2.132B $3.305B $3.399B
YoY Change
Total Liabilities & Shareholders Equity $5.102B $5.871B $5.977B
YoY Change -13.1% -3.25% -2.22%

Cashflow Statement

Concept 2020 Q3 2019 Q3 2019 Q2
OPERATING ACTIVITIES
Net Income -$98.61M -$95.13M -$114.0M
YoY Change 3.66% 86.12% 64.55%
Depreciation, Depletion And Amortization $75.30M $88.69M $88.25M
YoY Change -15.1% 8.43% 7.76%
Cash From Operating Activities -$25.30M -$11.53M -$5.545M
YoY Change 119.47% -119.88% -111.8%
INVESTING ACTIVITIES
Capital Expenditures $44.20M -$77.48M -$86.45M
YoY Change -157.04% 11.65% 46.77%
Acquisitions
YoY Change
Other Investing Activities $6.500M $150.6M $116.7M
YoY Change -95.68% 117.68% -142.66%
Cash From Investing Activities -$37.70M $73.15M $30.22M
YoY Change -151.54% -36675.5% -109.09%
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 0.000 -10.00K
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities -25.30M -11.53M -5.545M
Cash From Investing Activities -37.70M 73.15M 30.22M
Cash From Financing Activities 0.000 0.000 -10.00K
Net Change In Cash -63.00M 61.62M 24.67M
YoY Change -202.23% 6.98% -108.64%
FREE CASH FLOW
Cash From Operating Activities -$25.30M -$11.53M -$5.545M
Capital Expenditures $44.20M -$77.48M -$86.45M
Free Cash Flow -$69.50M $65.96M $80.90M
YoY Change -205.37% -48.23% -23.61%

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<p style="text-align:justify;margin-top:12pt;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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CY2020Q3 us-gaap Value Added Tax Receivable Current
ValueAddedTaxReceivableCurrent
12505000
CY2019Q4 us-gaap Value Added Tax Receivable Current
ValueAddedTaxReceivableCurrent
17716000
CY2020Q3 do Receivables Gross Current
ReceivablesGrossCurrent
144257000
CY2020Q3 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
123025000
CY2019Q4 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
6314000
CY2019Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
48104000
CY2019Q4 do Contract With Customer Asset Liability Net
ContractWithCustomerAssetLiabilityNet
-41790000
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
-31016000
do Contract With Customer Liability Increase Due To Cash Received
ContractWithCustomerLiabilityIncreaseDueToCashReceived
-40857000
do Contract With Customer Asset Increase Due To Revenue Recognized During Period
ContractWithCustomerAssetIncreaseDueToRevenueRecognizedDuringPeriod
3324000
us-gaap Contract With Customer Asset Reclassified To Receivable
ContractWithCustomerAssetReclassifiedToReceivable
5646000
us-gaap Contract With Customer Liability Cumulative Catch Up Adjustment To Revenue Change In Estimate Of Transaction Price
ContractWithCustomerLiabilityCumulativeCatchUpAdjustmentToRevenueChangeInEstimateOfTransactionPrice
-699000
CY2020Q3 do Contract With Customer Asset Liability Net
ContractWithCustomerAssetLiabilityNet
-54652000
CY2020Q3 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
3266000
CY2020Q3 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
57918000
CY2020Q3 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
10555000
CY2020Q3 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
69001000
CY2020Q3 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
5633000
CY2019Q4 us-gaap Income Taxes Receivable
IncomeTaxesReceivable
38574000
CY2020Q3 us-gaap Due From Related Parties Current
DueFromRelatedPartiesCurrent
75000
CY2020Q3 us-gaap Other Receivables Gross Current
OtherReceivablesGrossCurrent
232000
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
5242000
CY2020Q3 do Rig Spare Parts And Supplies
RigSparePartsAndSupplies
13465000
CY2020Q3 us-gaap Contract With Customer Asset Net Current
ContractWithCustomerAssetNetCurrent
3266000
CY2020Q3 us-gaap Prepaid Insurance
PrepaidInsurance
3247000
CY2020Q3 us-gaap Deferred Costs Current
DeferredCostsCurrent
18770000
CY2020Q3 us-gaap Prepaid Taxes
PrepaidTaxes
15174000
CY2020Q3 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
2459000
CY2019Q4 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
2990000
CY2020Q3 us-gaap Retainage Deposit
RetainageDeposit
2454000
CY2020Q3 us-gaap Other Assets Current
OtherAssetsCurrent
4434000
CY2020Q3 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
63269000
CY2020Q3 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
45389000
CY2020Q3 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
31652000
CY2020Q3 do Accrued Shorebase And Administrative Costs Current
AccruedShorebaseAndAdministrativeCostsCurrent
19890000
CY2020Q3 do Accrued Rig Operating Expenses
AccruedRigOperatingExpenses
17355000
CY2020Q3 us-gaap Workers Compensation Liability Current
WorkersCompensationLiabilityCurrent
6210000
CY2019Q4 us-gaap Workers Compensation Liability Current
WorkersCompensationLiabilityCurrent
7074000
CY2019Q4 do Accrued Capital Project Or Upgrade Costs
AccruedCapitalProjectOrUpgradeCosts
56603000
CY2020Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
620000
CY2019Q4 us-gaap Interest Payable Current
InterestPayableCurrent
28234000
CY2020Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1628000
CY2020Q3 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
127516000
us-gaap Adjustments Related To Tax Withholding For Share Based Compensation
AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation
395000
us-gaap Interest Paid Net
InterestPaidNet
19843000
do Cash Paid For Reorganization Items Net
CashPaidForReorganizationItemsNet
23818000
CY2020Q3 do Letter Of Credit Guarantee
LetterOfCreditGuarantee
12800000
CY2020Q3 do Accounts Receivable Past Due
AccountsReceivablePastDue
6400000
CY2020Q3 do Past Due Accounts Receivables Included In Allowance For Credit Losses
PastDueAccountsReceivablesIncludedInAllowanceForCreditLosses
5500000
CY2020Q3 do Past Due Accounts Receivables Less Than90 Days Past Due
PastDueAccountsReceivablesLessThan90DaysPastDue
900000
CY2019Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
5500000
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1
CY2020Q3 do Number Of Countries With Rigs
NumberOfCountriesWithRigs
4
CY2020Q3 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
138257000
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
565630000
CY2019Q3 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
254020000
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
704268000
CY2020Q1 do Income Tax Expense Benefit From Carryback Of Net Operating Losses
IncomeTaxExpenseBenefitFromCarrybackOfNetOperatingLosses
-9700000

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