$DODRW

2021 Q1 Form 10-Q Financial Statement

#000156459021025625 Filed on May 10, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1
Revenue $134.8M $229.2M
YoY Change -41.17% -1.87%
Cost Of Revenue $153.4M $195.6M
YoY Change -21.57% 12.3%
Gross Profit -$18.59M $33.50M
YoY Change -155.5% -43.57%
Gross Profit Margin -13.79% 14.62%
Selling, General & Admin $12.37M $16.30M
YoY Change -24.13% -5.85%
% of Gross Profit 48.66%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $74.63M $93.00M
YoY Change -19.76% 7.02%
% of Gross Profit 277.61%
Operating Expenses $86.99M $109.4M
YoY Change -20.48% 4.98%
Operating Profit -$297.2M -$846.4M
YoY Change -64.89% 1622.96%
Interest Expense $32.56M $32.32M
YoY Change 0.75% 8.01%
% of Operating Profit
Other Income/Expense, Net $489.0K $323.0K
YoY Change 51.39% -3.0%
Pretax Income -$363.9M -$877.8M
YoY Change -58.55% 1034.31%
Income Tax -$2.200M -$15.90M
% Of Pretax Income
Net Earnings -$361.7M -$861.9M
YoY Change -58.04% 1075.46%
Net Earnings / Revenue -268.28% -376.11%
Basic Earnings Per Share
Diluted Earnings Per Share -$2.620M -$6.25
COMMON SHARES
Basic Shares Outstanding 137.8M
Diluted Shares Outstanding 137.8M

Balance Sheet

Concept 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $311.4M $499.1M
YoY Change -37.62% 33.92%
Cash & Equivalents $345.7M $499.1M
Short-Term Investments
Other Short-Term Assets $6.763M $5.387M
YoY Change 25.54% -35.02%
Inventory
Prepaid Expenses
Receivables $145.7M $268.2M
Other Receivables $20.18M $55.20M
Total Short-Term Assets $582.0M $844.1M
YoY Change -31.05% 15.18%
LONG-TERM ASSETS
Property, Plant & Equipment $3.900B $4.330B
YoY Change -9.92% -16.26%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $197.0M $204.3M
YoY Change -3.54% -2.18%
Total Long-Term Assets $4.097B $4.534B
YoY Change -9.63% -15.72%
TOTAL ASSETS
Total Short-Term Assets $582.0M $844.1M
Total Long-Term Assets $4.097B $4.534B
Total Assets $4.679B $5.378B
YoY Change -12.99% -12.01%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $69.28M $59.56M
YoY Change 16.31% -1.19%
Accrued Expenses $236.6M $196.0M
YoY Change 20.72% -0.93%
Deferred Revenue $57.19M $23.66M
YoY Change 141.67% 245.94%
Short-Term Debt $0.00 $2.412B
YoY Change -100.0%
Long-Term Debt Due $442.0M $2.412B
YoY Change -81.68%
Total Short-Term Liabilities $776.4M $2.684B
YoY Change -71.08% 882.3%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities $2.259B $284.8M
YoY Change 693.4% 11.6%
Total Long-Term Liabilities $2.259B $284.8M
YoY Change 693.4% -87.23%
TOTAL LIABILITIES
Total Short-Term Liabilities $776.4M $2.684B
Total Long-Term Liabilities $2.259B $284.8M
Total Liabilities $3.059B $3.007B
YoY Change 1.72% 15.62%
SHAREHOLDERS EQUITY
Retained Earnings -$204.4M $550.3M
YoY Change -137.14% -67.56%
Common Stock $2.031B $2.027B
YoY Change 0.2% 0.31%
Preferred Stock
YoY Change
Treasury Stock (at cost) $206.1M
YoY Change 0.43%
Treasury Stock Shares $7.163M
Shareholders Equity $1.621B $2.371B
YoY Change
Total Liabilities & Shareholders Equity $4.679B $5.378B
YoY Change -12.99% -12.01%

Cashflow Statement

Concept 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income -$361.7M -$861.9M
YoY Change -58.04% 1075.46%
Depreciation, Depletion And Amortization $74.63M $93.00M
YoY Change -19.76% 7.02%
Cash From Operating Activities -$49.21M -$22.84M
YoY Change 115.44% -898.08%
INVESTING ACTIVITIES
Capital Expenditures $40.62M $74.85M
YoY Change -45.74% -12.85%
Acquisitions
YoY Change
Other Investing Activities $7.400M $4.500M
YoY Change 64.44% -91.31%
Cash From Investing Activities -$33.22M -$70.30M
YoY Change -52.75% 106.21%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -2.290M 436.0M
YoY Change -100.53% -21800100.0%
NET CHANGE
Cash From Operating Activities -49.21M -22.84M
Cash From Investing Activities -33.22M -70.30M
Cash From Financing Activities -2.290M 436.0M
Net Change In Cash -84.72M 342.9M
YoY Change -124.71% -1197.74%
FREE CASH FLOW
Cash From Operating Activities -$49.21M -$22.84M
Capital Expenditures $40.62M $74.85M
Free Cash Flow -$89.83M -$97.69M
YoY Change -8.05% 17.66%

Facts In Submission

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<p style="text-align:justify;margin-top:18pt;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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AccountsReceivableNetCurrent
130660000
CY2020Q4 do Rig Spare Parts And Supplies
RigSparePartsAndSupplies
12606000
CY2021Q1 us-gaap Deferred Finance Costs Current Net
DeferredFinanceCostsCurrentNet
12430000
CY2021Q1 us-gaap Security Deposit
SecurityDeposit
8625000
CY2021Q1 us-gaap Contract With Customer Asset Net Current
ContractWithCustomerAssetNetCurrent
3196000
CY2020Q4 us-gaap Contract With Customer Asset Net Current
ContractWithCustomerAssetNetCurrent
2870000
CY2021Q1 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
2548000
CY2020Q4 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
2317000
CY2021Q1 us-gaap Retainage Deposit
RetainageDeposit
2309000
CY2020Q4 us-gaap Retainage Deposit
RetainageDeposit
2408000
CY2021Q1 us-gaap Prepaid Insurance
PrepaidInsurance
2196000
CY2020Q4 us-gaap Prepaid Insurance
PrepaidInsurance
2446000
CY2021Q1 us-gaap Other Assets Current
OtherAssetsCurrent
6763000
CY2020Q4 us-gaap Other Assets Current
OtherAssetsCurrent
3708000
CY2021Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
89666000
CY2020Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
62275000
CY2021Q1 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
57185000
CY2020Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
51763000
CY2021Q1 us-gaap Interest Payable Current
InterestPayableCurrent
35329000
CY2021Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
33216000
CY2020Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
30296000
CY2021Q1 do Accrued Shorebase And Administrative Costs Current
AccruedShorebaseAndAdministrativeCostsCurrent
23547000
CY2020Q4 do Accrued Shorebase And Administrative Costs Current
AccruedShorebaseAndAdministrativeCostsCurrent
17275000
CY2021Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
22548000
CY2020Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
5072000
CY2021Q1 do Accrued Rig Operating Costs
AccruedRigOperatingCosts
20673000
CY2020Q4 do Accrued Rig Operating Costs
AccruedRigOperatingCosts
21123000
CY2021Q1 do Deferred Debt Issuance Costs And Financing Fees
DeferredDebtIssuanceCostsAndFinancingFees
10140000
CY2021Q1 do Accrued Backstop Commitment Premium
AccruedBackstopCommitmentPremium
9900000
CY2021Q1 us-gaap Workers Compensation Liability Current
WorkersCompensationLiabilityCurrent
5346000
CY2020Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1689000
CY2021Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
236649000
CY2020Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
140788000
CY2021Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1510000
CY2021Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
2781814000
CY2021Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
3900414000
CY2021Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
17255000
CY2020Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
26094000
CY2021Q1 do Accrued But Unpaid Debt Issuance Costs And Arrangement Fees
AccruedButUnpaidDebtIssuanceCostsAndArrangementFees
10140000
CY2020Q1 us-gaap Adjustments Related To Tax Withholding For Share Based Compensation
AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation
324000
CY2020Q1 us-gaap Interest Paid Net
InterestPaidNet
19785000
CY2021Q1 do Cash Paid For Reorganization Items Net
CashPaidForReorganizationItemsNet
20584000
CY2020Q4 do Letter Of Credit Guarantee
LetterOfCreditGuarantee
12800000
CY2021Q1 do Accounts Receivable Past Due
AccountsReceivablePastDue
5900000
CY2021Q1 do Past Due Accounts Receivables Included In Allowance For Credit Losses
PastDueAccountsReceivablesIncludedInAllowanceForCreditLosses
5500000
CY2021Q1 do Past Due Accounts Receivables Remaining Past Due
PastDueAccountsReceivablesRemainingPastDue
400000
CY2021Q1 do Past Due Accounts Receivables Older Than90 Days Past Due
PastDueAccountsReceivablesOlderThan90DaysPastDue
200000
CY2021Q1 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
5600000
CY2020Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
5600000
CY2021Q1 do Number Of Rigs Impaired During Period
NumberOfRigsImpairedDuringPeriod
1
CY2020 do Number Of Rigs Impaired During Period
NumberOfRigsImpairedDuringPeriod
1
CY2021Q1 do General Measurement Period To Determine Fair Value Of Debt
GeneralMeasurementPeriodToDetermineFairValueOfDebt
P10D
CY2021Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
6682228000
CY2020Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
7111718000
CY2020Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
2988909000
CY2020Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
4122809000
CY2021Q1 us-gaap Asset Impairment Charges
AssetImpairmentCharges
197000000.0
CY2021Q1 us-gaap Income Tax Examination Penalties And Interest Accrued
IncomeTaxExaminationPenaltiesAndInterestAccrued
14100000
CY2020Q4 us-gaap Income Tax Examination Penalties And Interest Accrued
IncomeTaxExaminationPenaltiesAndInterestAccrued
13500000
CY2021Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1
CY2021Q1 do Number Of Countries With Rigs
NumberOfCountriesWithRigs
3
CY2021Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
134817000
CY2020Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
229170000
CY2021Q1 us-gaap Plan Of Reorganization Dates Plan Confirmed
PlanOfReorganizationDatesPlanConfirmed
2021-04-08
CY2021Q1 us-gaap Plan Of Reorganization Dates Plan Is Effective
PlanOfReorganizationDatesPlanIsEffective
2021-04-23
CY2021Q1 do Number Of Offshore Rigs Subject To Well Control Equipment Agreements
NumberOfOffshoreRigsSubjectToWellControlEquipmentAgreements
4000000

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