2019 Q4 Form 10-K Financial Statement

#000145150520000020 Filed on February 18, 2020

View on sec.gov

Income Statement

Concept 2019 Q4 2018 Q4 2018 Q3
Revenue $792.0M $748.0M $816.0M
YoY Change 5.88% 18.92% 0.99%
Cost Of Revenue $575.0M $497.0M $447.0M
YoY Change 15.69% 28.76% 37.54%
Gross Profit $217.0M $251.0M $369.0M
YoY Change -13.55% 3.29% -23.6%
Gross Profit Margin 27.4% 33.56% 45.22%
Selling, General & Admin $54.00M $54.00M $35.00M
YoY Change 0.0% 25.58% -10.26%
% of Gross Profit 24.88% 21.51% 9.49%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $254.0M $238.0M $201.0M
YoY Change 6.72% 29.35% 2.03%
% of Gross Profit 117.05% 94.82% 54.47%
Operating Expenses $261.0M $258.0M $236.0M
YoY Change 1.16% 13.66% 0.0%
Operating Profit -$74.00M -$25.00M -$305.0M
YoY Change 196.0% -256.25% -223.48%
Interest Expense -$150.0M -$148.0M $160.0M
YoY Change 1.35% 29.82% -275.82%
% of Operating Profit
Other Income/Expense, Net $147.0M $40.00M -$134.0M
YoY Change 267.5% -766.67% -1775.0%
Pretax Income -$79.00M -$133.0M -$439.0M
YoY Change -40.6% 19.82% -64.34%
Income Tax -$24.00M $110.0M -$30.00M
% Of Pretax Income
Net Earnings -$51.00M -$242.0M -$409.0M
YoY Change -78.93% 118.02% -71.14%
Net Earnings / Revenue -6.44% -32.35% -50.12%
Basic Earnings Per Share -$0.08 -$0.48 -$0.88
Diluted Earnings Per Share -$0.08 -$0.48 -$0.88
COMMON SHARES
Basic Shares Outstanding 613.0M 506.0M 463.0M
Diluted Shares Outstanding 613.0M 506.0M 463.0M

Balance Sheet

Concept 2019 Q4 2018 Q4 2018 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.790B $2.160B $2.307B
YoY Change -17.13% -27.25% -15.09%
Cash & Equivalents $1.790B $2.160B $2.875B
Short-Term Investments $0.00 $0.00
Other Short-Term Assets $159.0M $159.0M $730.0M
YoY Change 0.0% -72.49% 15.14%
Inventory $479.0M $474.0M $401.0M
Prepaid Expenses
Receivables $654.0M $604.0M $627.0M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $3.640B $3.948B $4.065B
YoY Change -7.8% -14.29% -8.67%
LONG-TERM ASSETS
Property, Plant & Equipment $18.85B $20.41B $18.36B
YoY Change -7.65% 17.27% 5.02%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $990.0M $448.0M $484.0M
YoY Change 120.98% 11.44% -4.72%
Total Long-Term Assets $20.47B $21.72B $19.40B
YoY Change -5.77% 21.98% 7.82%
TOTAL ASSETS
Total Short-Term Assets $3.640B $3.948B $4.065B
Total Long-Term Assets $20.47B $21.72B $19.40B
Total Assets $24.11B $25.67B $23.46B
YoY Change -6.08% 14.52% 4.55%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $311.0M $269.0M $172.0M
YoY Change 15.61% 33.83% 0.0%
Accrued Expenses $13.00M
YoY Change
Deferred Revenue $100.0M $87.00M
YoY Change 14.94%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $603.0M $373.0M $372.0M
YoY Change 61.66% 49.2% -53.44%
Total Short-Term Liabilities $1.724B $1.458B $1.322B
YoY Change 18.24% 6.5% -29.87%
LONG-TERM LIABILITIES
Long-Term Debt $9.137B $9.605B $8.955B
YoY Change -4.87% 34.41% 37.75%
Other Long-Term Liabilities $1.555B $1.424B $1.149B
YoY Change 9.2% 31.61% 4.64%
Total Long-Term Liabilities $10.51B $11.09B $10.10B
YoY Change -5.22% 34.82% 32.96%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.724B $1.458B $1.322B
Total Long-Term Liabilities $10.51B $11.09B $10.10B
Total Liabilities $12.24B $12.55B $11.50B
YoY Change -2.49% 29.35% 19.27%
SHAREHOLDERS EQUITY
Retained Earnings -$1.297B -$67.00M
YoY Change 1835.82%
Common Stock $59.00M $59.00M
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $11.86B $13.11B $11.96B
YoY Change
Total Liabilities & Shareholders Equity $24.11B $25.67B $23.46B
YoY Change -6.08% 14.52% 4.55%

Cashflow Statement

Concept 2019 Q4 2018 Q4 2018 Q3
OPERATING ACTIVITIES
Net Income -$51.00M -$242.0M -$409.0M
YoY Change -78.93% 118.02% -71.14%
Depreciation, Depletion And Amortization $254.0M $238.0M $201.0M
YoY Change 6.72% 29.35% 2.03%
Cash From Operating Activities $147.0M $238.0M $214.0M
YoY Change -38.24% -2.46% -43.98%
INVESTING ACTIVITIES
Capital Expenditures -$128.0M -$44.00M -$48.00M
YoY Change 190.91% -60.36% -62.5%
Acquisitions
YoY Change
Other Investing Activities $18.00M -$1.124B $13.00M
YoY Change -101.6% 161.4% -50.0%
Cash From Investing Activities -$110.0M -$1.168B -$35.00M
YoY Change -90.58% 115.9% -65.69%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -145.0M 644.0M -311.0M
YoY Change -122.52% 648.84% 606.82%
NET CHANGE
Cash From Operating Activities 147.0M 238.0M 214.0M
Cash From Investing Activities -110.0M -1.168B -35.00M
Cash From Financing Activities -145.0M 644.0M -311.0M
Net Change In Cash -108.0M -286.0M -132.0M
YoY Change -62.24% 35.55% -155.93%
FREE CASH FLOW
Cash From Operating Activities $147.0M $238.0M $214.0M
Capital Expenditures -$128.0M -$44.00M -$48.00M
Free Cash Flow $275.0M $282.0M $262.0M
YoY Change -2.48% -20.56% -48.63%

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<p style="color:#005670;font-family:'Arial Narrow';font-size:11pt;font-weight:bold;text-transform:uppercase;border-bottom:2.25pt solid #eca44a;margin:6pt 0pt 6pt 0pt;">Note 1—Business</p><p style="font-family:'Arial Narrow';font-size:10pt;text-align:justify;text-indent:36pt;margin:3pt 0pt 6pt 0pt;">Transocean Ltd. (together with its subsidiaries and predecessors, unless the context requires otherwise, “Transocean,” “we,” “us” or “our”) is a leading international provider of offshore contract drilling services for oil and gas wells.  We specialize in technically demanding sectors of the offshore drilling business with a particular focus on ultra-deepwater and harsh environment drilling services.  Our mobile offshore drilling fleet is considered one of the most versatile fleets in the world.  We contract our drilling rigs, related equipment and work crews predominantly on a dayrate basis to drill oil and gas wells.  As of December 31, 2019, we owned or had partial ownership interests in and operated a fleet of 45 mobile offshore drilling units, including 28 ultra-deepwater floaters, 14 harsh environment floaters and three midwater floaters. As of December 31, 2019, we were constructing two ultra-deepwater drillships.</p>
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<p style="font-family:'Arial Narrow';font-size:10pt;text-align:justify;text-indent:36pt;margin:3pt 0pt 6pt 0pt;"><b style="font-weight:bold;">Accounting estimates</b>—To prepare financial statements in accordance with accounting principles generally accepted in the U.S., we are required to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the disclosures of contingent assets and liabilities.  On an ongoing basis, we evaluate our estimates and assumptions, including those related to our allowance for doubtful accounts, allowance for excess and obsolete materials and supplies, property and equipment, assets held for sale, goodwill, income taxes, contingencies, share-based compensation and postemployment benefit plans.  We base our estimates and assumptions on historical experience and on various other factors we believe are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying amounts of assets and liabilities that are not readily apparent from other sources.  Actual results could differ from such estimates.</p>
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CY2018Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-305000000
CY2018Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
-25000000
CY2018Q1 us-gaap Profit Loss
ProfitLoss
-212000000
CY2018Q2 us-gaap Profit Loss
ProfitLoss
-1139000000
CY2018Q3 us-gaap Profit Loss
ProfitLoss
-409000000
CY2018Q4 us-gaap Profit Loss
ProfitLoss
-243000000
CY2018Q1 us-gaap Net Income Loss
NetIncomeLoss
-210000000
CY2018Q2 us-gaap Net Income Loss
NetIncomeLoss
-1135000000
CY2018Q3 us-gaap Net Income Loss
NetIncomeLoss
-409000000
CY2018Q4 us-gaap Net Income Loss
NetIncomeLoss
-242000000
CY2018Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.48
CY2018Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-2.46
CY2018Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.88
CY2018Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.48
CY2018Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.48
CY2018Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-2.46
CY2018Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.88
CY2018Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.48
CY2018Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
438000000
CY2018Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
462000000
CY2018Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
463000000
CY2018Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
506000000
CY2018Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
438000000
CY2018Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
462000000
CY2019 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-41000000
CY2019Q4 us-gaap Gain Loss On Contract Termination
GainLossOnContractTermination
132000000
CY2018Q1 us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
24000000
us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
24000000
CY2018Q2 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
462000000

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