2024 Q2 Form 10-Q Financial Statement

#000031480824000062 Filed on May 02, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1 2023 Q4
Revenue $610.1M $525.0M $483.8M
YoY Change 46.94% 22.06% 11.58%
Cost Of Revenue $438.7M $444.8M
YoY Change 17.46% 17.92%
Gross Profit $171.4M $80.20M
YoY Change 311.03% 51.61%
Gross Profit Margin 28.09% 15.28%
Selling, General & Admin $32.50M $26.50M $24.30M
YoY Change 23.11% 8.61% 1.67%
% of Gross Profit 18.96% 33.04%
Research & Development $438.7M $444.8M $402.0M
YoY Change 17.46% 17.92% 13.75%
% of Gross Profit 255.95% 554.61%
Depreciation & Amortization $29.70M $26.80M $27.50M
YoY Change 21.22% 15.02% 15.55%
% of Gross Profit 17.33% 33.42%
Operating Expenses $500.9M $498.1M $453.8M
YoY Change 18.03% 17.23% 13.14%
Operating Profit $108.9M $29.30M
YoY Change -1200.0% 244.71%
Interest Expense $10.60M $5.700M $13.80M
YoY Change 47.22% -62.5% 1.47%
% of Operating Profit 9.73% 19.45%
Other Income/Expense, Net $11.90M $9.100M -$5.500M
YoY Change 67.61% -27.2% 12.24%
Pretax Income $120.8M $38.40M $38.30M
YoY Change -4414.29% 82.86% -6.36%
Income Tax -$30.00M $12.90M -$790.2M
% Of Pretax Income -24.83% 33.59% -2063.19%
Net Earnings $149.6M $25.50M $835.2M
YoY Change -608.84% -45.4% 2760.27%
Net Earnings / Revenue 24.52% 4.86% 172.63%
Basic Earnings Per Share $2.07 $0.35
Diluted Earnings Per Share $2.03 $0.35 $11.30
COMMON SHARES
Basic Shares Outstanding 72.41M shares 72.41M shares 72.90M shares
Diluted Shares Outstanding 73.70M shares 73.60M shares

Balance Sheet

Concept 2024 Q2 2024 Q1 2023 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $398.3M $494.1M $620.5M
YoY Change -49.41% -39.93% -14.31%
Cash & Equivalents $398.3M $494.1M $620.5M
Short-Term Investments
Other Short-Term Assets $182.6M $177.6M $177.2M
YoY Change 8.24% 12.33% 19.25%
Inventory
Prepaid Expenses $18.80M $16.60M $23.60M
Receivables $533.6M $510.9M $459.3M
Other Receivables $98.10M $0.00 $0.00
Total Short-Term Assets $1.225B $1.198B $1.272B
YoY Change -15.39% -14.18% -5.5%
LONG-TERM ASSETS
Property, Plant & Equipment $1.809B $1.732B $1.634B
YoY Change 68.52% 70.59% 67.19%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $126.5M $126.8M $124.4M
YoY Change 11.26% 10.84% 11.97%
Other Assets $154.8M $153.6M $154.4M
YoY Change -16.59% -6.8% -10.13%
Total Long-Term Assets $3.191B $3.157B $3.050B
YoY Change 94.45% 102.92% 101.44%
TOTAL ASSETS
Total Short-Term Assets $1.225B $1.198B $1.272B
Total Long-Term Assets $3.191B $3.157B $3.050B
Total Assets $4.416B $4.354B $4.322B
YoY Change 42.97% 47.55% 51.11%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $347.0M $394.2M $400.1M
YoY Change -4.72% 21.63% 55.98%
Accrued Expenses $140.0M $366.5M $344.2M
YoY Change 32.45% 221.77% 38.85%
Deferred Revenue $117.3M $122.3M $116.2M
YoY Change 21.93% 85.87% 48.97%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $707.6M $760.7M $744.3M
YoY Change 7.39% 28.54% 47.56%
LONG-TERM LIABILITIES
Long-Term Debt $1.081B $1.080B $1.079B
YoY Change 58.53% 98.99% 98.99%
Other Long-Term Liabilities $408.4M $451.7M $471.7M
YoY Change -15.18% -2.78% -8.51%
Total Long-Term Liabilities $1.489B $1.532B $1.551B
YoY Change 28.02% 52.05% 46.6%
TOTAL LIABILITIES
Total Short-Term Liabilities $707.6M $760.7M $744.3M
Total Long-Term Liabilities $1.489B $1.532B $1.551B
Total Liabilities $2.228B $2.324B $2.325B
YoY Change 22.27% 45.33% 48.82%
SHAREHOLDERS EQUITY
Retained Earnings $1.201B $1.051B $1.026B
YoY Change 576.78% 408.22% 540.54%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.177B $2.021B $1.988B
YoY Change
Total Liabilities & Shareholders Equity $4.416B $4.354B $4.322B
YoY Change 42.97% 47.55% 51.11%

Cashflow Statement

Concept 2024 Q2 2024 Q1 2023 Q4
OPERATING ACTIVITIES
Net Income $149.6M $25.50M $835.2M
YoY Change -608.84% -45.4% 2760.27%
Depreciation, Depletion And Amortization $29.70M $26.80M $27.50M
YoY Change 21.22% 15.02% 15.55%
Cash From Operating Activities $11.50M $26.30M $96.70M
YoY Change -139.52% -82.66% -37.41%
INVESTING ACTIVITIES
Capital Expenditures $110.2M $151.3M $463.0M
YoY Change 55.21% 168.74% 759.0%
Acquisitions
YoY Change
Other Investing Activities $100.0K $0.00 $1.100M
YoY Change -99.66% -100.0% -99.51%
Cash From Investing Activities -$110.1M -$151.3M -$461.9M
YoY Change 162.14% 169.22% -372.35%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -200.0K -$1.600M -56.40M
YoY Change -100.62%
NET CHANGE
Cash From Operating Activities 11.50M $26.30M 96.70M
Cash From Investing Activities -110.1M -$151.3M -461.9M
Cash From Financing Activities -200.0K -$1.600M -56.40M
Net Change In Cash -98.80M -$126.6M -421.6M
YoY Change 155.3% -232.57% -230.08%
FREE CASH FLOW
Cash From Operating Activities $11.50M $26.30M $96.70M
Capital Expenditures $110.2M $151.3M $463.0M
Free Cash Flow -$98.70M -$125.0M -$366.3M
YoY Change -1.4% -231.03% -464.12%

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CY2024Q1 us-gaap Defined Benefit Plan Expected Return On Plan Assets
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DefinedBenefitPlanNetPeriodicBenefitCost
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CY2024Q1 us-gaap Net Income Loss
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CY2024Q1 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
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IncomeTaxReconciliationOtherAdjustments
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CY2024Q1 val Income Tax Expense Benefit Excluding Discrete Items
IncomeTaxExpenseBenefitExcludingDiscreteItems
19500000 usd
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IncomeTaxExpenseBenefitExcludingDiscreteItems
16200000 usd
CY2024Q1 val Numberof Newbuild Jackup Rigs
NumberofNewbuildJackupRigs
20 jackup
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P10Y
CY2020Q1 val Percentage Of Down Payment Paid For Aro Newbuilds
PercentageOfDownPaymentPaidForARONewbuilds
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250000000 usd
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525000000.0 usd
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26500000 usd
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IncomeLossFromEquityMethodInvestments
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CY2024Q1 us-gaap Operating Income Loss
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CY2023Q1 us-gaap Revenues
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CY2023Q1 us-gaap General And Administrative Expense
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CY2023Q1 us-gaap Property Plant And Equipment Net
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CY2024Q1 val Total Number Of Contract Drilling Rigs
TotalNumberOfContractDrillingRigs
53
CY2024Q1 val Number Of Drilling Management Contracts
NumberOfDrillingManagementContracts
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CY2024Q1 us-gaap Income Tax Receivable
IncomeTaxReceivable
85200000 usd
CY2023Q4 us-gaap Income Tax Receivable
IncomeTaxReceivable
83200000 usd
CY2024Q1 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
526600000 usd
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AccountsReceivableGrossCurrent
474600000 usd
CY2024Q1 us-gaap Allowance For Doubtful Accounts Receivable Current
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15700000 usd
CY2023Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
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15300000 usd
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CY2024Q1 us-gaap Other Deferred Costs Net
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CY2023Q4 us-gaap Other Deferred Costs Net
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75300000 usd
CY2024Q1 us-gaap Prepaid Taxes
PrepaidTaxes
52700000 usd
CY2023Q4 us-gaap Prepaid Taxes
PrepaidTaxes
49100000 usd
CY2024Q1 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
16600000 usd
CY2023Q4 us-gaap Prepaid Expense Current
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23600000 usd
CY2024Q1 val Other Assets Other Current
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31600000 usd
CY2023Q4 val Other Assets Other Current
OtherAssetsOtherCurrent
29200000 usd
CY2024Q1 us-gaap Other Assets Current
OtherAssetsCurrent
177600000 usd
CY2023Q4 us-gaap Other Assets Current
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177200000 usd
CY2024Q1 us-gaap Deferred Revenue Current
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116200000 usd
CY2024Q1 us-gaap Employee Related Liabilities Current
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69100000 usd
CY2023Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
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CY2024Q1 us-gaap Taxes Payable Current
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61700000 usd
CY2023Q4 us-gaap Taxes Payable Current
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52900000 usd
CY2024Q1 us-gaap Interest Payable Current
InterestPayableCurrent
38400000 usd
CY2023Q4 us-gaap Interest Payable Current
InterestPayableCurrent
15400000 usd
CY2024Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
29500000 usd
CY2023Q4 us-gaap Operating Lease Liability Current
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27200000 usd
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WorkersCompensationLiabilityCurrent
15000000.0 usd
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20400000 usd
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30500000 usd
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35500000 usd
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CY2024Q1 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
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206400000 usd
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224000000.0 usd
CY2024Q1 us-gaap Pension And Other Postretirement And Postemployment Benefit Plans Liabilities Noncurrent
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PensionAndOtherPostretirementAndPostemploymentBenefitPlansLiabilitiesNoncurrent
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CY2024Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
49800000 usd
CY2023Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
48900000 usd
CY2024Q1 us-gaap Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
36200000 usd
CY2023Q4 us-gaap Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
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CY2024Q1 us-gaap Other Accrued Liabilities Noncurrent
OtherAccruedLiabilitiesNoncurrent
19800000 usd
CY2023Q4 us-gaap Other Accrued Liabilities Noncurrent
OtherAccruedLiabilitiesNoncurrent
19600000 usd
CY2024Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
451700000 usd
CY2023Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
471700000 usd
CY2024Q1 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
5400000 usd
CY2023Q1 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
500000 usd
CY2024Q1 us-gaap Defined Benefit Plan Net Periodic Benefit Cost
DefinedBenefitPlanNetPeriodicBenefitCost
-700000 usd
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DefinedBenefitPlanNetPeriodicBenefitCost
-100000 usd
CY2024Q1 val Other Nonoperating Income Expense Other
OtherNonoperatingIncomeExpenseOther
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CY2023Q1 val Other Nonoperating Income Expense Other
OtherNonoperatingIncomeExpenseOther
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CY2024Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
5800000 usd
CY2023Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
600000 usd
CY2024Q1 us-gaap Deposit Liabilities Collateral Issued Financial Instruments
DepositLiabilitiesCollateralIssuedFinancialInstruments
13200000 usd
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DepositLiabilitiesCollateralIssuedFinancialInstruments
12600000 usd
CY2024Q1 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Adopted Flag
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false
CY2024Q1 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Trmntd Flag
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false

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