$WFRD
Weatherford International plc

2017 Q4 Form 10-Q Financial Statement

#000160392317000152 Filed on November 01, 2017

View on sec.gov

Income Statement

Concept 2017 Q4 2017 Q3 2016 Q4
Revenue $1.490B $1.460B $1.406B
YoY Change 5.97% 7.67% -30.12%
Cost Of Revenue $1.299B $716.0M $1.247B
YoY Change 4.17% -0.83% -35.52%
Gross Profit $192.0M $264.0M $159.0M
YoY Change 20.75% 109.52% 103.85%
Gross Profit Margin 12.89% 18.08% 11.31%
Selling, General & Admin $269.0M $258.0M $267.0M
YoY Change 0.75% -3.37% -35.51%
% of Gross Profit 140.1% 97.73% 167.92%
Research & Development $41.00M $42.00M $40.00M
YoY Change 2.5% 27.27% -23.08%
% of Gross Profit 21.35% 15.91% 25.16%
Depreciation & Amortization $190.0M $199.0M $215.0M
YoY Change -11.63% -17.77% -21.82%
% of Gross Profit 98.96% 75.38% 135.22%
Operating Expenses $310.0M $42.00M $307.0M
YoY Change 0.98% 27.27% -34.12%
Operating Profit -$118.0M -$70.00M -$148.0M
YoY Change -20.27% -92.59% -61.86%
Interest Expense -$144.0M -$148.0M -$159.0M
YoY Change -9.43% 14.73% -1.24%
% of Operating Profit
Other Income/Expense, Net $13.00M -$1.000M $21.00M
YoY Change -38.1% -90.0% -55.32%
Pretax Income -$1.872B -$226.0M -$537.0M
YoY Change 248.6% -79.15% -53.22%
Income Tax $114.0M $25.00M $7.000M
% Of Pretax Income
Net Earnings -$1.938B -$256.0M -$549.0M
YoY Change 253.01% -85.62% -54.55%
Net Earnings / Revenue -130.07% -17.53% -39.05%
Basic Earnings Per Share -$0.26 -$0.59
Diluted Earnings Per Share -$1.95 -$0.26 -$0.59
COMMON SHARES
Basic Shares Outstanding 992.5M shares 990.0M shares 897.1M shares
Diluted Shares Outstanding 990.0M shares

Balance Sheet

Concept 2017 Q4 2017 Q3 2016 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $613.0M $445.0M $1.037B
YoY Change -40.89% 1.14% 122.06%
Cash & Equivalents $613.0M $445.0M $1.037B
Short-Term Investments
Other Short-Term Assets $569.0M $409.0M $402.0M
YoY Change 41.54% -14.97% -13.36%
Inventory $1.234B $1.752B $1.802B
Prepaid Expenses $237.0M $266.0M $263.0M
Receivables $1.103B $1.236B $1.383B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $3.878B $5.043B $4.910B
YoY Change -21.02% 9.68% -11.75%
LONG-TERM ASSETS
Property, Plant & Equipment $2.708B $3.989B $4.480B
YoY Change -39.55% -15.27% -21.11%
Goodwill $2.727B $2.346B $2.797B
YoY Change -2.5% -17.39% -0.21%
Intangibles $213.0M $229.0M $248.0M
YoY Change -14.11% -13.26% -30.34%
Long-Term Investments $62.00M $65.00M $66.00M
YoY Change -6.06% 0.0% -13.16%
Other Assets $434.0M $341.0M $163.0M
YoY Change 166.26% 113.13% -42.2%
Total Long-Term Assets $5.869B $6.970B $7.754B
YoY Change -24.31% -13.28% -15.68%
TOTAL ASSETS
Total Short-Term Assets $3.878B $5.043B $4.910B
Total Long-Term Assets $5.869B $6.970B $7.754B
Total Assets $9.747B $12.01B $12.66B
YoY Change -23.03% -4.92% -14.2%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $856.0M $815.0M $845.0M
YoY Change 1.3% 22.37% -10.86%
Accrued Expenses $308.0M $285.0M $291.0M
YoY Change 5.84% -15.18% -28.33%
Deferred Revenue
YoY Change
Short-Term Debt $11.00M $253.0M $2.000M
YoY Change 450.0% -32.17% -99.83%
Long-Term Debt Due $137.0M $138.0M $177.0M
YoY Change -22.6% -24.18% -55.86%
Total Short-Term Liabilities $2.230B $2.470B $2.428B
YoY Change -8.15% -9.19% -39.77%
LONG-TERM LIABILITIES
Long-Term Debt $7.541B $7.530B $7.403B
YoY Change 1.86% 8.55% 26.5%
Other Long-Term Liabilities $547.0M $629.0M $765.0M
YoY Change -28.5% 5.71% 49.41%
Total Long-Term Liabilities $547.0M $629.0M $765.0M
YoY Change -28.5% 5.71% 49.41%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.230B $2.470B $2.428B
Total Long-Term Liabilities $547.0M $629.0M $765.0M
Total Liabilities $10.32B $10.63B $10.60B
YoY Change -2.62% 3.68% 1.93%
SHAREHOLDERS EQUITY
Retained Earnings -$5.763B -$3.825B -$2.950B
YoY Change 95.36% 59.31% -767.42%
Common Stock $6.656B $6.642B $272.0M
YoY Change 2347.06% 5.87% -95.06%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares 0.000 shares 0.000 shares 0.000 shares
Shareholders Equity -$626.0M $1.328B $2.012B
YoY Change
Total Liabilities & Shareholders Equity $9.747B $12.01B $12.66B
YoY Change -23.03% -4.92% -14.2%

Cashflow Statement

Concept 2017 Q4 2017 Q3 2016 Q4
OPERATING ACTIVITIES
Net Income -$1.938B -$256.0M -$549.0M
YoY Change 253.01% -85.62% -54.55%
Depreciation, Depletion And Amortization $190.0M $199.0M $215.0M
YoY Change -11.63% -17.77% -21.82%
Cash From Operating Activities $96.00M -$243.0M $146.0M
YoY Change -34.25% 118.92% -56.02%
INVESTING ACTIVITIES
Capital Expenditures $80.00M $70.00M $68.00M
YoY Change 17.65% 9.38% -51.77%
Acquisitions
YoY Change
Other Investing Activities $419.0M -$16.00M $35.00M
YoY Change 1097.14% -200.0% 118.75%
Cash From Investing Activities $339.0M -$86.00M -$33.00M
YoY Change -1127.27% 79.17% -73.6%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -267.0M 188.0M 498.0M
YoY Change -153.61% 27.03% -318.42%
NET CHANGE
Cash From Operating Activities 96.00M -243.0M 146.0M
Cash From Investing Activities 339.0M -86.00M -33.00M
Cash From Financing Activities -267.0M 188.0M 498.0M
Net Change In Cash 168.0M -141.0M 611.0M
YoY Change -72.5% 1181.82% -3009.52%
FREE CASH FLOW
Cash From Operating Activities $96.00M -$243.0M $146.0M
Capital Expenditures $80.00M $70.00M $68.00M
Free Cash Flow $16.00M -$313.0M $78.00M
YoY Change -79.49% 78.86% -59.16%

Facts In Submission

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us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
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us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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us-gaap Profit Loss
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wft Adjustments Noncash Items Intercompany Charges To Reconcile Net Income Loss To Cash Provided By Used In Operating Activities
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250000000 shares
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CY2016Q4 wft Common Shares Shares Conditionally Authorized
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3.5
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CY2017Q3 wft Equity Method Investments In Affiliates
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0 USD
wft Foreign Currency Devaluation Lossbefore Tax
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CY2017Q3 wft Foreign Currency Devaluation Lossbefore Tax
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0 USD
wft Foreign Currency Devaluation Lossbefore Tax
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0 USD
wft Foreign Currency Devaluation Lossbefore Tax
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0 USD
wft Goodwill Reclassificationto Assets Heldfor Sale
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559000000 USD
CY2016Q3 wft Income Lossfrom Subsidiary
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0 USD
wft Income Lossfrom Subsidiary
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0 USD
CY2017Q3 wft Income Lossfrom Subsidiary
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0 USD
wft Income Lossfrom Subsidiary
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0 USD
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0 USD
wft Intercompany Charges Net
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0 USD
CY2017Q3 wft Intercompany Charges Net
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0 USD
wft Intercompany Charges Net
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0 USD
CY2016Q4 wft Intercompany Payables Net
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0 USD
CY2017Q3 wft Intercompany Payables Net
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0 USD
CY2016Q4 wft Intercompany Receivables Net
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0 USD
CY2017Q3 wft Intercompany Receivables Net
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CY2017Q3 wft Other Assets Current Consolidating
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CY2017Q3 wft Other Assets Noncurrent Consolidating
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wft Other Nonoperating Income Expense Including Foreign Currency Devaluation
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CY2017Q3 wft Other Nonoperating Income Expense Including Foreign Currency Devaluation
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wft Other Nonoperating Income Expense Including Foreign Currency Devaluation
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30000000 USD
wft Paymentsfor Bond Tender Premium
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78000000 USD
wft Paymentsfor Bond Tender Premium
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0 USD
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237000000 USD
wft Selling Generaland Administrative Expense Portion Attributableto Segments
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736000000 USD
CY2017Q3 wft Selling Generaland Administrative Expense Portion Attributableto Segments
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230000000 USD
wft Selling Generaland Administrative Expense Portion Attributableto Segments
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676000000 USD
CY2017Q3 wft Performance Bonds
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59000000 USD
wft Pressure Pumping Related Charges
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20000000 USD
wft Proceedsfrom Capital Contributions
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623000000 USD
CY2016Q2 wft Proceedsfrom Contract Settlements
ProceedsfromContractSettlements
62000000 USD
CY2016Q3 wft Proceedsfrom Contract Settlements
ProceedsfromContractSettlements
72000000 USD
CY2017Q1 wft Proceedsfrom Contract Settlements
ProceedsfromContractSettlements
16000000 USD
wft Proceedsfrom Paymentsfor Other Financing Activities Consolidating
ProceedsfromPaymentsforOtherFinancingActivitiesConsolidating
-186000000 USD
wft Proceedsfrom Paymentsfor Other Financing Activities Consolidating
ProceedsfromPaymentsforOtherFinancingActivitiesConsolidating
-28000000 USD
wft Proceedsfrom Paymentsfor Other Operating Activities Consolidating
ProceedsfromPaymentsforOtherOperatingActivitiesConsolidating
1959000000 USD
wft Proceedsfrom Paymentsfor Other Operating Activities Consolidating
ProceedsfromPaymentsforOtherOperatingActivitiesConsolidating
382000000 USD
wft Proceedsfrom Repaymentsof Debtfrom Subsidiaries Net
ProceedsfromRepaymentsofDebtfromSubsidiariesNet
0 USD
wft Proceedsfrom Repaymentsof Debtfrom Subsidiaries Net
ProceedsfromRepaymentsofDebtfromSubsidiariesNet
0 USD
wft Proceedsfrom Saleof Accounts Receivable
ProceedsfromSaleofAccountsReceivable
148000000 USD
wft Proceedspaymentsfromsaleofbusinessesandequityinvestmentnet
Proceedspaymentsfromsaleofbusinessesandequityinvestmentnet
-20000000 USD
wft Proceedspaymentsfromsaleofbusinessesandequityinvestmentnet
Proceedspaymentsfromsaleofbusinessesandequityinvestmentnet
-1000000 USD
CY2017Q1 wft Receivable With Imputed Interest Term
ReceivableWithImputedInterestTerm
P3Y
wft Supply Agreement Chargesrelatedto Non Core Business Divestiture
SupplyAgreementChargesrelatedtoNonCoreBusinessDivestiture
15000000 USD
CY2017Q3 wft Transfer Of Accounts Receivable Accounted For As Sale Of Ar
TransferOfAccountsReceivableAccountedForAsSaleOfAR
150000000 USD
CY2016Q3 wft Transferof Accounts Receivable Accountedforas Sales Carrying Value
TransferofAccountsReceivableAccountedforasSalesCarryingValue
102000000 USD
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;color:#000000;font-style:italic;font-weight:bold;">Reclassifications</font></div><div style="line-height:120%;text-align:justify;text-indent:24px;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:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;color:#000000;">Certain prior year cash flow amounts have been reclassified to conform to the current year presentation related to the adoption of new accounting standards. Net income and shareholders&#8217; equity were not affected by these reclassifications.</font></div></div>
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;color:#000000;font-style:italic;font-weight:bold;">Use of Estimates</font></div><div style="line-height:120%;text-align:justify;text-indent:25px;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:25px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;color:#000000;">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements, the reported amounts of revenues and expenses during the reporting period, and disclosure of contingent assets and liabilities. On an ongoing basis, we evaluate our estimates and assumptions, including those related to uncollectible accounts receivable, lower of cost or net realizable value for inventories, equity investments, derivative financial instruments, intangible assets and goodwill, property, plant and equipment (PP&amp;E), income taxes, percentage-of-completion accounting for long-term contracts, self-insurance, foreign currency exchange rates, pension and post-retirement benefit plans, disputes, litigation, contingencies and share-based compensation. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ from those estimates. </font></div></div>

Files In Submission

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0001603923-17-000152-index-headers.html Edgar Link pending
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ex104deedofindemnification.htm Edgar Link pending
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