2019 Q1 Form 10-K Financial Statement

#000031480819000021 Filed on February 28, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2017 Q4 2017 Q3
Revenue $405.9M $454.2M $460.2M
YoY Change -2.66%
Cost Of Revenue $332.6M
YoY Change 2.28%
Gross Profit $73.30M
YoY Change -20.15%
Gross Profit Margin 18.06%
Selling, General & Admin $21.10M
YoY Change -17.58%
% of Gross Profit 28.79%
Research & Development $332.6M
YoY Change
% of Gross Profit 453.75%
Depreciation & Amortization $92.70M
YoY Change -5.31%
% of Gross Profit 126.47%
Operating Expenses $332.6M
YoY Change 1199.22%
Operating Profit -$81.30M -$253.4M $35.80M
YoY Change 58.48% -414.0% -68.98%
Interest Expense $39.30M
YoY Change 2.08%
% of Operating Profit
Other Income/Expense, Net -$75.20M $87.30M -$40.40M
YoY Change 6.36% -288.96% 30.74%
Pretax Income -$156.5M -$166.1M -$4.600M
YoY Change 28.28% -581.45% -105.44%
Income Tax $31.50M $42.40M $23.40M
% Of Pretax Income
Net Earnings -$190.4M -$207.1M -$25.40M
YoY Change 35.9% -631.03% -129.78%
Net Earnings / Revenue -46.91% -45.6% -5.52%
Basic Earnings Per Share
Diluted Earnings Per Share -$2.539M
COMMON SHARES
Basic Shares Outstanding 437.1M shares 436.0M shares 303.9M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q1 2017 Q4 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $543.0M
YoY Change
Cash & Equivalents $298.4M $445.4M $724.4M
Short-Term Investments $245.0M
Other Short-Term Assets $354.8M $381.2M $318.3M
YoY Change -13.51% 20.63% -8.06%
Inventory $264.0M $278.8M
Prepaid Expenses $9.700M $14.20M
Receivables $184.3M
Other Receivables $7.300M
Total Short-Term Assets $1.169B $1.612B $2.462B
YoY Change -25.98% -50.84% -0.17%
LONG-TERM ASSETS
Property, Plant & Equipment $12.51B $12.87B $11.10B
YoY Change -2.54% 17.9% 1.25%
Goodwill
YoY Change
Intangibles $15.70M
YoY Change
Long-Term Investments
YoY Change
Other Assets $128.6M $140.2M $125.0M
YoY Change 6.99% -20.3% -29.34%
Total Long-Term Assets $6.792B $13.01B $11.22B
YoY Change -47.58% 17.29% 0.76%
TOTAL ASSETS
Total Short-Term Assets $1.169B $1.612B $2.462B
Total Long-Term Assets $6.792B $13.01B $11.22B
Total Assets $7.960B $14.63B $13.68B
YoY Change -45.23% 1.75% 0.59%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $214.2M $432.6M $187.9M
YoY Change -14.83% 196.5% 20.06%
Accrued Expenses $115.7M
YoY Change
Deferred Revenue $56.90M $71.90M
YoY Change -27.05%
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due $201.3M $0.00 $0.00
YoY Change -100.0%
Total Short-Term Liabilities $425.0M $758.5M $488.7M
YoY Change -25.87% -11.22% -17.2%
LONG-TERM LIABILITIES
Long-Term Debt $2.310B $4.751B $4.748B
YoY Change -53.69% -3.88% 1.51%
Other Long-Term Liabilities $306.8M $386.7M $279.2M
YoY Change -19.69% 19.91% -21.15%
Total Long-Term Liabilities $2.617B $5.137B $5.027B
YoY Change -51.27% -2.43% -0.08%
TOTAL LIABILITIES
Total Short-Term Liabilities $425.0M $758.5M $488.7M
Total Long-Term Liabilities $2.617B $5.137B $5.027B
Total Liabilities $3.042B $5.896B $5.516B
YoY Change -48.82% -3.65% -1.88%
SHAREHOLDERS EQUITY
Retained Earnings $3.680B $1.533B $1.744B
YoY Change 165.24% -17.78% -4.59%
Common Stock $16.00M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $4.200M $69.00M $69.00M
YoY Change -94.0% 4.86% 5.18%
Treasury Stock Shares 5.900M shares 11.10M shares 11.00M shares
Shareholders Equity $4.907B $8.732B $8.165B
YoY Change
Total Liabilities & Shareholders Equity $7.960B $14.63B $13.68B
YoY Change -45.23% 1.75% 0.59%

Cashflow Statement

Concept 2019 Q1 2017 Q4 2017 Q3
OPERATING ACTIVITIES
Net Income -$190.4M -$207.1M -$25.40M
YoY Change 35.9% -631.03% -129.78%
Depreciation, Depletion And Amortization $92.70M
YoY Change -5.31%
Cash From Operating Activities -$24.40M
YoY Change 119.82%
INVESTING ACTIVITIES
Capital Expenditures $29.00M
YoY Change -18.08%
Acquisitions
YoY Change
Other Investing Activities -$300.0K
YoY Change 200.0%
Cash From Investing Activities $55.30M
YoY Change -153.38%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $0.00
YoY Change -100.0%
Cash From Financing Activities -$7.300M
YoY Change 121.21%
NET CHANGE
Cash From Operating Activities -$24.40M
Cash From Investing Activities $55.30M
Cash From Financing Activities -$7.300M
Net Change In Cash $23.30M
YoY Change -119.75%
FREE CASH FLOW
Cash From Operating Activities -$24.40M
Capital Expenditures $29.00M
Free Cash Flow -$53.40M
YoY Change 14.84%

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CY2017 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
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6300000 USD
CY2018 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
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CY2016Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
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CY2018 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
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100000 USD
CY2016 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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997500000 USD
CY2017Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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CY2017Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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CY2017Q4 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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CY2017 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
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CY2018Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
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CY2018 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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CY2017Q1 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
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CY2017Q2 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
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-44700000 USD
CY2017Q3 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
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CY2017Q4 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
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CY2017 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
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CY2018Q1 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
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CY2018Q3 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
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CY2018Q4 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
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CY2018 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
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CY2017Q2 us-gaap Income Loss From Continuing Operations Per Basic And Diluted Share
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CY2017Q4 us-gaap Income Loss From Continuing Operations Per Basic And Diluted Share
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CY2017 us-gaap Income Loss From Continuing Operations Per Basic And Diluted Share
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CY2018 us-gaap Income Loss From Continuing Operations Per Basic And Diluted Share
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CY2017Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax
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8100000 USD
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400000 USD
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1400000 USD
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CY2018Q3 us-gaap Income Loss From Discontinued Operations Net Of Tax
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0 USD
CY2018Q4 us-gaap Income Loss From Discontinued Operations Net Of Tax
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0.00
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0.00
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0.00
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0.00
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0.00
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0.00
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0.00
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0 USD
CY2018 us-gaap Income Loss From Equity Method Investments
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108500000 USD
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15700000 USD
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21000000 USD
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CY2017 us-gaap Income Tax Expense Benefit
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24700000 USD
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CY2018 us-gaap Income Tax Expense Benefit
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0 USD
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9600000 USD
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1000000 USD
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8500000 USD
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23500000 USD
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18100000 USD
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25100000 USD
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25800000 USD
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14500000 USD
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38300000 USD
CY2017 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
25500000 USD
CY2018 us-gaap Other Noncash Income Expense
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The remaining duration of our drilling contracts based on those in place as of December 31, 2018 was between approximately one month and four years.
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6500000 USD
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"></font><font style="font-family:inherit;font-size:11pt;font-style:italic;">Business</font></div><div style="line-height:120%;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">&#160;</font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">We are one of the leading providers of offshore contract drilling services to the international oil and gas industry. We own and operate an offshore drilling rig fleet of </font><font style="font-family:inherit;font-size:11pt;">56</font><font style="font-family:inherit;font-size:11pt;"> rigs spanning most&#160;of the strategic markets around the globe. We also have </font><font style="font-family:inherit;font-size:11pt;">three</font><font style="font-family:inherit;font-size:11pt;"> rigs under construction. Inclusive of our rigs under construction, our fleet includes </font><font style="font-family:inherit;font-size:11pt;">12</font><font style="font-family:inherit;font-size:11pt;">&#160;drillships, </font><font style="font-family:inherit;font-size:11pt;">9</font><font style="font-family:inherit;font-size:11pt;"> dynamically positioned semisubmersible rigs, </font><font style="font-family:inherit;font-size:11pt;">three</font><font style="font-family:inherit;font-size:11pt;"> moored semisubmersible rigs and </font><font style="font-family:inherit;font-size:11pt;">35</font><font style="font-family:inherit;font-size:11pt;"> jackup rigs. &#160; We operate the world's largest fleet amongst competitive rigs,&#160;including one of the newest ultra-deepwater fleets in the industry and a leading premium jackup fleet. </font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Our customers include many of the leading national and international oil companies, in addition to many independent operators. We are among the most geographically diverse offshore drilling companies, with current operations spanning </font><font style="font-family:inherit;font-size:11pt;color:#000000;text-decoration:none;">14</font><font style="font-family:inherit;font-size:11pt;">&#160;countries on </font><font style="font-family:inherit;font-size:11pt;color:#000000;text-decoration:none;">six</font><font style="font-family:inherit;font-size:11pt;"> continents. The markets in which we operate include the Gulf of Mexico, Brazil, the Mediterranean, the North Sea, the&#160;Middle East, West Africa, Australia and Southeast Asia.</font></div><div style="line-height:120%;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">We provide drilling services on a day rate contract basis. Under day rate contracts, we provide an integrated service that includes the provision of a drilling rig and rig crews for which we receive a daily rate that may vary between the full rate and zero rate throughout the duration of the contractual term, depending on the operations of the rig. We also may receive lump-sum fees or similar compensation for the mobilization, demobilization and capital upgrades of our rigs. Our customers bear substantially all of the costs of constructing the well and supporting drilling operations, as well as the economic risk relative to the success of the well.</font></div></div>

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