$VAL
Valaris Ltd

2022 Q3 Form 10-Q Financial Statement

#000031480822000103 Filed on August 02, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2021 Q4
Revenue $437.2M $413.3M $305.5M
YoY Change 33.82% 357.7% 3.04%
Cost Of Revenue $336.7M $361.8M
YoY Change
Gross Profit $100.5M $51.50M
YoY Change
Gross Profit Margin 22.99% 12.46%
Selling, General & Admin $19.20M $19.00M $18.30M
YoY Change -29.41% -0.52% -30.94%
% of Gross Profit 19.1% 36.89%
Research & Development $336.7M $361.8M $291.7M
YoY Change 22.75% 42.27% -4.27%
% of Gross Profit 335.02% 702.52%
Depreciation & Amortization $22.60M $22.30M $25.10M
YoY Change -7.38% -58.78% -79.49%
% of Gross Profit 22.49% 43.3%
Operating Expenses $336.7M $361.8M $335.1M
YoY Change 22.75% 301.11% -26.12%
Operating Profit $61.60M -$15.60M
YoY Change 1711.76% -63.38%
Interest Expense $19.10M $8.300M -$2.000M
YoY Change 1810.0% 45.61% -168.97%
% of Operating Profit 31.01%
Other Income/Expense, Net $29.90M $148.6M $28.30M
YoY Change -1131.03% 11330.77% -199.65%
Pretax Income $91.50M $133.0M -$3.300M
YoY Change 18200.0% 1109.09% -98.19%
Income Tax $13.80M $20.20M -$31.00M
% Of Pretax Income 15.08% 15.19%
Net Earnings $74.30M $111.6M $27.70M
YoY Change -236.33% -1900.0% -139.07%
Net Earnings / Revenue 16.99% 27.0% 9.07%
Basic Earnings Per Share $0.99 $1.49
Diluted Earnings Per Share $0.98 $1.48 $369.3K
COMMON SHARES
Basic Shares Outstanding 75.18M shares 75.00M shares 75.00M shares
Diluted Shares Outstanding 75.60M shares 75.60M shares

Balance Sheet

Concept 2022 Q3 2022 Q2 2021 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $626.0M $553.5M $608.7M
YoY Change 0.84% -9.08% 86.72%
Cash & Equivalents $406.0M $553.5M $608.7M
Short-Term Investments $220.0M
Other Short-Term Assets $162.9M $159.0M $117.8M
YoY Change 39.23% 75.69% -69.52%
Inventory $0.00
Prepaid Expenses $26.50M $27.10M $23.10M
Receivables $535.5M $544.6M $280.4M
Other Receivables $0.00 $0.00 $163.8M
Total Short-Term Assets $1.343B $1.281B $1.207B
YoY Change 9.38% 5.65% 2.87%
LONG-TERM ASSETS
Property, Plant & Equipment $953.6M $931.7M $890.9M
YoY Change 6.87% 2.49% -91.87%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $102.6M $99.60M $86.60M
YoY Change 16.72% 16.63% -28.43%
Other Assets $175.5M $184.1M $176.0M
YoY Change 14.33% 11.37% -0.11%
Total Long-Term Assets $1.479B $1.480B $1.403B
YoY Change 7.53% 6.99% -88.01%
TOTAL ASSETS
Total Short-Term Assets $1.343B $1.281B $1.207B
Total Long-Term Assets $1.479B $1.480B $1.403B
Total Assets $2.821B $2.761B $2.609B
YoY Change 8.4% 6.36% -79.73%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $256.6M $287.0M $225.8M
YoY Change 26.4% 64.85% 28.0%
Accrued Expenses $262.5M $260.1M $104.7M
YoY Change 97.67% 106.43% -26.27%
Deferred Revenue $84.80M $63.50M $45.80M
YoY Change 160.92% 80.4% -20.49%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00
YoY Change
Total Short-Term Liabilities $519.1M $547.1M $422.0M
YoY Change 21.63% 40.07% -1.12%
LONG-TERM LIABILITIES
Long-Term Debt $541.8M $545.7M $545.3M
YoY Change -0.61% 0.17%
Other Long-Term Liabilities $539.8M $527.6M $581.1M
YoY Change -8.71% -6.69% -23.78%
Total Long-Term Liabilities $1.082B $1.073B $1.126B
YoY Change -4.82% -3.32% 47.74%
TOTAL LIABILITIES
Total Short-Term Liabilities $519.1M $547.1M $422.0M
Total Long-Term Liabilities $1.082B $1.073B $1.126B
Total Liabilities $1.601B $1.620B $1.548B
YoY Change 2.4% 7.97% 30.21%
SHAREHOLDERS EQUITY
Retained Earnings $114.3M $40.00M -$33.00M
YoY Change -288.3% -99.21%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $200.0K $0.00
YoY Change -100.0%
Treasury Stock Shares 3.000K shares
Shareholders Equity $1.214B $1.138B $1.058B
YoY Change
Total Liabilities & Shareholders Equity $2.821B $2.761B $2.609B
YoY Change 8.4% 6.36% -79.73%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2021 Q4
OPERATING ACTIVITIES
Net Income $74.30M $111.6M $27.70M
YoY Change -236.33% -1900.0% -139.07%
Depreciation, Depletion And Amortization $22.60M $22.30M $25.10M
YoY Change -7.38% -58.78% -79.49%
Cash From Operating Activities $87.10M -$114.6M -$7.200M
YoY Change 1162.32% 342.47% -104.98%
INVESTING ACTIVITIES
Capital Expenditures -$53.50M -$61.10M -$26.50M
YoY Change 242.95% -854.32% 143.12%
Acquisitions
YoY Change
Other Investing Activities -$179.7M $145.2M $23.60M
YoY Change -13923.08% 445.86% 210.53%
Cash From Investing Activities -$233.2M $84.10M -$2.900M
YoY Change 1530.77% -1164.56% -12.12%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -6.200M -200.0K 0.000
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities 87.10M -114.6M -7.200M
Cash From Investing Activities -233.2M 84.10M -2.900M
Cash From Financing Activities -6.200M -200.0K 0.000
Net Change In Cash -152.3M -30.70M -10.10M
YoY Change 1958.11% -9.97% -106.96%
FREE CASH FLOW
Cash From Operating Activities $87.10M -$114.6M -$7.200M
Capital Expenditures -$53.50M -$61.10M -$26.50M
Free Cash Flow $140.6M -$53.50M $19.30M
YoY Change 524.89% 57.35% -87.6%

Facts In Submission

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CY2022Q2 val Numberof Rigs Ownedby Aro
NumberofRigsOwnedbyARO
7 jackup
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P15Y
CY2022Q2 val Numberof Newbuild Jackup Rigs
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DefinedBenefitPlanNetPeriodicBenefitCost
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CY2022Q2 val Cost Of Aro Newbuild Jackups Each
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MinimumRenewalContractTermsForNewBuildRigs
P8Y
CY2022Q2 val Numberof Rigs Ownedby Aro
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7 jackup
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CY2021Q4 val Equity Method Investment Summarized Financial Information Accounts Receivable
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CY2022Q2 val Equity Method Investment Summarized Financial Information Contract Liabilities
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CY2022Q2 val Equity Method Investment Summarized Financial Information Accounts Payable
EquityMethodInvestmentSummarizedFinancialInformationAccountsPayable
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CY2021Q4 val Equity Method Investment Summarized Financial Information Contract Liabilities
EquityMethodInvestmentSummarizedFinancialInformationContractLiabilities
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CY2021Q4 val Equity Method Investment Summarized Financial Information Accounts Payable
EquityMethodInvestmentSummarizedFinancialInformationAccountsPayable
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CY2022Q2 us-gaap Due From Joint Ventures Noncurrent
DueFromJointVenturesNoncurrent
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CY2021Q4 us-gaap Due From Joint Ventures Noncurrent
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249100000 usd
CY2022Q2 val Equity Method Investment Summarized Financial Information Interest Income
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CY2021Q2 val Equity Method Investment Summarized Financial Information Interest Income
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CY2021Q2 val Amortization Of Debt Issuance Costs Notes Receivable
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EquityMethodInvestmentSummarizedFinancialInformationInterestIncome
3500000 usd
CY2022Q2 val Equity Method Investment Summarized Financial Information Interest Receivable
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CY2021Q2 us-gaap Defined Benefit Plan Interest Cost
DefinedBenefitPlanInterestCost
1600000 usd
CY2022Q2 us-gaap Defined Benefit Plan Expected Return On Plan Assets
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9600000 usd
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CY2021Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
957000000.0 usd
CY2022Q2 us-gaap Asset Impairment Charges
AssetImpairmentCharges
34500000 usd
CY2022Q2 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
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us-gaap Gain Loss On Sale Of Other Assets
GainLossOnSaleOfOtherAssets
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us-gaap Gain Loss On Sale Of Other Assets
GainLossOnSaleOfOtherAssets
5300000 usd
CY2022Q2 us-gaap Defined Benefit Plan Interest Cost
DefinedBenefitPlanInterestCost
5600000 usd
CY2021Q2 us-gaap Defined Benefit Plan Interest Cost
DefinedBenefitPlanInterestCost
3800000 usd
CY2021Q2 us-gaap Defined Benefit Plan Expected Return On Plan Assets
DefinedBenefitPlanExpectedReturnOnPlanAssets
6200000 usd
CY2021Q2 us-gaap Defined Benefit Plan Expected Return On Plan Assets
DefinedBenefitPlanExpectedReturnOnPlanAssets
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CY2022Q2 us-gaap Defined Benefit Plan Amortization Of Gains Losses
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100000 usd
us-gaap Defined Benefit Plan Amortization Of Gains Losses
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CY2021Q2 us-gaap Defined Benefit Plan Amortization Of Gains Losses
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CY2021Q2 us-gaap Defined Benefit Plan Net Periodic Benefit Cost
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CY2021Q2 us-gaap Defined Benefit Plan Net Periodic Benefit Cost
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us-gaap Defined Benefit Plan Interest Cost
DefinedBenefitPlanInterestCost
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CY2021Q2 us-gaap Defined Benefit Plan Interest Cost
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us-gaap Defined Benefit Plan Interest Cost
DefinedBenefitPlanInterestCost
6600000 usd
us-gaap Defined Benefit Plan Expected Return On Plan Assets
DefinedBenefitPlanExpectedReturnOnPlanAssets
19100000 usd
CY2021Q2 us-gaap Defined Benefit Plan Expected Return On Plan Assets
DefinedBenefitPlanExpectedReturnOnPlanAssets
6200000 usd
us-gaap Defined Benefit Plan Expected Return On Plan Assets
DefinedBenefitPlanExpectedReturnOnPlanAssets
12100000 usd
us-gaap Defined Benefit Plan Amortization Of Gains Losses
DefinedBenefitPlanAmortizationOfGainsLosses
100000 usd
CY2021Q2 us-gaap Defined Benefit Plan Amortization Of Gains Losses
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us-gaap Defined Benefit Plan Amortization Of Gains Losses
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us-gaap Defined Benefit Plan Net Periodic Benefit Cost
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CY2022Q2 us-gaap Defined Benefit Plan Fair Value Of Plan Assets
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us-gaap Net Income Loss
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CY2021Q2 us-gaap Net Income Loss
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CY2021Q2 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
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us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
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CY2021Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
75000000.0 shares
CY2021Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
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CY2021Q2 us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
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CY2021Q2 us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
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CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2021Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2021Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2021Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2021Q2 us-gaap Weighted Average Number Of Shares Restricted Stock
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us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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CY2021Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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CY2022Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
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CY2021Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
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CY2021Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
300000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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300000 shares
CY2022Q2 us-gaap Class Of Warrant Or Right Outstanding
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P7Y
CY2022Q2 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Net Of Tax
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us-gaap Income Tax Reconciliation Other Adjustments
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CY2021Q2 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
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CY2021Q2 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
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CY2021Q2 val Income Tax Expense Benefit Excluding Discrete Items
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IncomeTaxExpenseBenefitExcludingDiscreteItems
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CY2022Q2 val Numberof Newbuild Jackup Rigs
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CY2022Q2 val Percentage Of Down Payment Paid For Aro Newbuilds
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CY2022Q2 val Aro Rigs Under Construction
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CY2022Q2 val Maximum Contingent Contributions To Joint Venture
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CY2022Q2 us-gaap Letters Of Credit Outstanding Amount
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us-gaap Operating Expenses
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CY2021Q2 us-gaap Revenues
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CY2021Q2 us-gaap General And Administrative Expense
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IncomeLossFromEquityMethodInvestments
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CY2021Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
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CY2021Q2 us-gaap Property Plant And Equipment Net
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CY2021Q2 us-gaap Revenues
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CY2021Q2 us-gaap Cost Of Goods And Services Sold Depreciation
CostOfGoodsAndServicesSoldDepreciation
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CY2021Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
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CY2021Q2 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
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CY2021Q2 us-gaap Operating Income Loss
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CY2021Q2 us-gaap Property Plant And Equipment Net
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us-gaap Operating Expenses
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us-gaap Cost Of Goods And Services Sold Depreciation
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us-gaap General And Administrative Expense
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IncomeLossFromEquityMethodInvestments
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us-gaap Operating Income Loss
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CY2021Q2 us-gaap Property Plant And Equipment Net
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CY2022Q2 val Total Number Of Contract Drilling Rigs
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52
CY2022Q2 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
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CY2021Q4 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
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CY2022Q2 us-gaap Allowance For Doubtful Accounts Receivable Current
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CY2021Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
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CY2022Q2 us-gaap Receivables Net Current
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CY2021Q4 us-gaap Receivables Net Current
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CY2022Q2 us-gaap Other Deferred Costs Net
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CY2021Q4 us-gaap Other Deferred Costs Net
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CY2022Q2 us-gaap Prepaid Taxes
PrepaidTaxes
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CY2021Q4 us-gaap Prepaid Taxes
PrepaidTaxes
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CY2022Q2 us-gaap Prepaid Expense Current
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CY2021Q4 us-gaap Prepaid Expense Current
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CY2021Q4 val Assets Current Other
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CY2022Q2 us-gaap Other Assets Current
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CY2021Q4 us-gaap Other Assets Current
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CY2022Q2 us-gaap Income Taxes Receivable
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CY2021Q4 us-gaap Income Taxes Receivable
IncomeTaxesReceivable
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CY2022Q2 us-gaap Deferred Income Tax Assets Net
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CY2022Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
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CY2021Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
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CY2022Q2 val Assets Noncurrent Other
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CY2021Q4 val Assets Noncurrent Other
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CY2021Q4 us-gaap Other Assets Noncurrent
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CY2022Q2 us-gaap Deferred Revenue Current
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CY2022Q2 us-gaap Taxes Payable Current
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CY2022Q2 val Accrued Claims
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CY2021Q4 val Accrued Claims
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17300000 usd
CY2022Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
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CY2022Q2 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
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CY2021Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
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CY2022Q2 us-gaap Accumulated Other Comprehensive Income Loss Defined Benefit Pension And Other Postretirement Plans Net Of Tax
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CY2022Q2 us-gaap Gain Loss On Sale Of Properties
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CY2021Q2 us-gaap Gain Loss On Sale Of Properties
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CY2021Q2 us-gaap Gain Loss On Sale Of Properties
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CY2022Q2 us-gaap Foreign Currency Transaction Gain Loss Before Tax
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CY2021Q2 us-gaap Foreign Currency Transaction Gain Loss Before Tax
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CY2021Q2 us-gaap Foreign Currency Transaction Gain Loss Before Tax
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CY2022Q2 us-gaap Other Nonoperating Income Expense
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us-gaap Gain Loss On Sale Of Properties
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us-gaap Gain Loss On Sale Of Properties
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us-gaap Foreign Currency Transaction Gain Loss Before Tax
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us-gaap Foreign Currency Transaction Gain Loss Before Tax
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us-gaap Net Periodic Defined Benefits Expense Reversal Of Expense Excluding Service Cost Component
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OtherNonoperatingExpense
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us-gaap Other Nonoperating Income Expense
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OtherNonoperatingIncomeExpense
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CY2022Q2 us-gaap Restricted Cash
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CY2021Q4 us-gaap Restricted Cash
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35900000 usd
CY2022Q2 us-gaap Deposit Liabilities Collateral Issued Financial Instruments
DepositLiabilitiesCollateralIssuedFinancialInstruments
20600000 usd
CY2021Q4 us-gaap Deposit Liabilities Collateral Issued Financial Instruments
DepositLiabilitiesCollateralIssuedFinancialInstruments
31100000 usd

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