$WFRD
Weatherford International plc

2018 Q2 Form 10-Q Financial Statement

#000160392318000087 Filed on May 02, 2018

View on sec.gov

Income Statement

Concept 2018 Q2 2018 Q1 2017 Q4
Revenue $1.448B $1.423B $1.490B
YoY Change 6.24% 2.67% 5.97%
Cost Of Revenue $729.0M $680.0M $1.299B
YoY Change 1.82% -5.56% 4.17%
Gross Profit $305.0M $278.0M $192.0M
YoY Change 75.29% 54.44% 20.75%
Gross Profit Margin 21.06% 19.54% 12.89%
Selling, General & Admin $199.0M $200.0M $269.0M
YoY Change -18.44% -23.95% 0.75%
% of Gross Profit 65.25% 71.94% 140.1%
Research & Development $37.00M $38.00M $41.00M
YoY Change 2.78% -2.56% 2.5%
% of Gross Profit 12.13% 13.67% 21.35%
Depreciation & Amortization $144.0M $147.0M $190.0M
YoY Change -29.41% -29.33% -11.63%
% of Gross Profit 47.21% 52.88% 98.96%
Operating Expenses $236.0M $238.0M $310.0M
YoY Change 555.56% 510.26% 0.98%
Operating Profit -$73.00M -$39.00M -$118.0M
YoY Change -49.66% -81.78% -20.27%
Interest Expense -$152.0M -$149.0M -$144.0M
YoY Change 10.14% 5.67% -9.43%
% of Operating Profit
Other Income/Expense, Net -$7.000M -$8.000M $13.00M
YoY Change -187.5% -214.29% -38.1%
Pretax Income -$233.0M -$210.0M -$1.872B
YoY Change 57.43% -48.78% 248.6%
Income Tax $26.00M $32.00M $114.0M
% Of Pretax Income
Net Earnings -$264.0M -$245.0M -$1.938B
YoY Change 54.39% -45.31% 253.01%
Net Earnings / Revenue -18.23% -17.22% -130.07%
Basic Earnings Per Share
Diluted Earnings Per Share -$0.26 -$0.25 -$1.95
COMMON SHARES
Basic Shares Outstanding 996.7M shares 993.6M shares 992.5M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2018 Q2 2018 Q1 2017 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $415.0M $459.0M $613.0M
YoY Change -28.94% -15.93% -40.89%
Cash & Equivalents $415.0M $459.0M $613.0M
Short-Term Investments
Other Short-Term Assets $342.0M $579.0M $569.0M
YoY Change -16.18% 25.6% 41.54%
Inventory $1.143B $1.225B $1.234B
Prepaid Expenses $137.0M $127.0M $237.0M
Receivables $1.070B $1.051B $1.103B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $3.693B $3.615B $3.878B
YoY Change -26.83% -29.2% -21.02%
LONG-TERM ASSETS
Property, Plant & Equipment $2.273B $2.580B $2.708B
YoY Change -44.71% -39.51% -39.55%
Goodwill $2.621B $2.740B $2.727B
YoY Change 14.3% 15.95% -2.5%
Intangibles $216.0M $228.0M $213.0M
YoY Change -7.69% -4.6% -14.11%
Long-Term Investments $26.00M $62.00M
YoY Change -60.0% -6.06%
Other Assets $176.0M $145.0M $434.0M
YoY Change -42.11% 16.94% 166.26%
Total Long-Term Assets $5.286B $5.719B $5.869B
YoY Change -24.54% -18.95% -24.31%
TOTAL ASSETS
Total Short-Term Assets $3.693B $3.615B $3.878B
Total Long-Term Assets $5.286B $5.719B $5.869B
Total Assets $8.979B $9.334B $9.747B
YoY Change -25.5% -23.25% -23.03%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $754.0M $809.0M $856.0M
YoY Change -9.92% 0.75% 1.3%
Accrued Expenses $272.0M $311.0M $308.0M
YoY Change -7.8% 7.99% 5.84%
Deferred Revenue
YoY Change
Short-Term Debt $232.0M $29.00M $11.00M
YoY Change 3214.29% 1350.0% 450.0%
Long-Term Debt Due $63.00M $124.0M $137.0M
YoY Change -56.55% -47.9% -22.6%
Total Short-Term Liabilities $2.200B $2.092B $2.230B
YoY Change -7.56% -14.51% -8.15%
LONG-TERM LIABILITIES
Long-Term Debt $7.634B $7.639B $7.541B
YoY Change 1.27% 4.66% 1.86%
Other Long-Term Liabilities $457.0M $501.0M $547.0M
YoY Change -25.08% -30.9% -28.5%
Total Long-Term Liabilities $457.0M $501.0M $547.0M
YoY Change -25.08% -30.9% -28.5%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.200B $2.092B $2.230B
Total Long-Term Liabilities $457.0M $501.0M $547.0M
Total Liabilities $10.29B $10.23B $10.32B
YoY Change -2.25% -2.28% -2.62%
SHAREHOLDERS EQUITY
Retained Earnings -$6.369B -$5.755B -$5.763B
YoY Change 78.45% 69.36% 95.36%
Common Stock $6.689B $6.677B $6.656B
YoY Change 1.15% 1.17% 2347.06%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares 0.000 shares 0.000 shares 0.000 shares
Shareholders Equity -$1.359B -$942.0M -$626.0M
YoY Change
Total Liabilities & Shareholders Equity $8.979B $9.334B $9.747B
YoY Change -25.5% -23.25% -23.03%

Cashflow Statement

Concept 2018 Q2 2018 Q1 2017 Q4
OPERATING ACTIVITIES
Net Income -$264.0M -$245.0M -$1.938B
YoY Change 54.39% -45.31% 253.01%
Depreciation, Depletion And Amortization $144.0M $147.0M $190.0M
YoY Change -29.41% -29.33% -11.63%
Cash From Operating Activities -$130.0M -$185.0M $96.00M
YoY Change 109.68% 3.35% -34.25%
INVESTING ACTIVITIES
Capital Expenditures $52.00M $29.00M $80.00M
YoY Change 0.0% -27.5% 17.65%
Acquisitions -$4.000M
YoY Change
Other Investing Activities $38.00M $41.00M $419.0M
YoY Change 137.5% -4200.0% 1097.14%
Cash From Investing Activities -$14.00M $0.00 $339.0M
YoY Change -61.11% -100.0% -1127.27%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 118.0M $54.00M -267.0M
YoY Change -12.59% -250.0% -153.61%
NET CHANGE
Cash From Operating Activities -130.0M -$185.0M 96.00M
Cash From Investing Activities -14.00M $0.00 339.0M
Cash From Financing Activities 118.0M $54.00M -267.0M
Net Change In Cash -26.00M -$131.0M 168.0M
YoY Change -170.27% -73.48% -72.5%
FREE CASH FLOW
Cash From Operating Activities -$130.0M -$185.0M $96.00M
Capital Expenditures $52.00M $29.00M $80.00M
Free Cash Flow -$182.0M -$214.0M $16.00M
YoY Change 59.65% -2.28% -79.49%

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5000000 USD
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CY2018Q1 us-gaap Property Plant And Equipment Net
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CY2017Q1 us-gaap Provision For Doubtful Accounts
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CY2018Q1 us-gaap Provision For Doubtful Accounts
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CY2018Q1 us-gaap Receivables Net Current
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CY2017Q1 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
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0 USD
CY2018Q1 us-gaap Recorded Unconditional Purchase Obligation
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47000000 USD
CY2017Q1 us-gaap Repayments Of Long Term Debt And Capital Securities
RepaymentsOfLongTermDebtAndCapitalSecurities
18000000 USD
CY2018Q1 us-gaap Repayments Of Long Term Debt And Capital Securities
RepaymentsOfLongTermDebtAndCapitalSecurities
440000000 USD
CY2017Q1 us-gaap Research And Development Expense
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39000000 USD
CY2018Q1 us-gaap Research And Development Expense
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CY2017Q1 us-gaap Restructuring Charges
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CY2018Q1 us-gaap Restructuring Charges
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CY2017Q1 us-gaap Restructuring Costs And Asset Impairment Charges
RestructuringCostsAndAssetImpairmentCharges
19000000 USD
CY2018Q1 us-gaap Restructuring Costs And Asset Impairment Charges
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CY2018Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-6105000000 USD
CY2018Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-5755000000 USD
CY2018Q1 wft Debt Instrument Covenant Asset Coverage Ratio
DebtInstrumentCovenantAssetCoverageRatio
4.0
CY2018Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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1341000000 USD
CY2018Q1 us-gaap Revenue Remaining Performance Obligation
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80000000 USD
CY2018Q1 us-gaap Revenue Remaining Performance Obligation
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51000000 USD
CY2018Q1 us-gaap Revenue Remaining Performance Obligation
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20000000 USD
CY2018Q1 us-gaap Revenue Remaining Performance Obligation
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0 USD
CY2018Q1 us-gaap Revenue Remaining Performance Obligation
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0 USD
CY2018Q1 us-gaap Revenue Remaining Performance Obligation
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151000000 USD
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511000000 USD
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501000000 USD
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1386000000 USD
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1423000000 USD
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875000000 USD
CY2018Q1 us-gaap Sales Revenue Services Net
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922000000 USD
CY2017Q1 us-gaap Stock Issued During Period Value Share Based Compensation
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28000000 USD
CY2018Q1 us-gaap Stock Issued During Period Value Share Based Compensation
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17000000 USD
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65000000 USD
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0 shares
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0 shares
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CY2018Q1 us-gaap Warrants And Rights Outstanding
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994000000 shares
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0 USD
CY2018Q1 wft Adjustments Noncash Items Intercompany Charges To Reconcile Net Income Loss To Cash Provided By Used In Operating Activities
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0 USD
CY2017Q1 wft Antidilutive Securities Excludedfrom Computationof Earningsper Share Dueto Net Loss Amount
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250000000 shares
CY2018Q1 wft Antidilutive Securities Excludedfrom Computationof Earningsper Share Dueto Net Loss Amount
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250000000 shares
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AssetWriteDownandOther
17000000 USD
CY2018Q1 wft Asset Write Downand Other
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18000000 USD
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0 USD
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-34000000 USD
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0 shares
CY2018Q1 wft Common Shares Shares Conditionally Authorized
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0 shares
CY2018Q1 wft Debt Instrument Covenant Senior Leverage Ratio Period Two
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2.5
CY2018Q1 wft Debt Instrument Covenant Specified Leverageand Letterof Credit Ratio Period Two
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3.5
CY2017Q4 wft Equity Method Investments In Affiliates
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0 USD
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0 USD
CY2016Q3 wft Foreign Currency Devaluation Lossbefore Tax
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0 USD
CY2017Q1 wft Foreign Currency Devaluation Lossbefore Tax
ForeignCurrencyDevaluationLossbeforeTax
0 USD
CY2018Q1 wft Foreign Currency Devaluation Lossbefore Tax
ForeignCurrencyDevaluationLossbeforeTax
26000000 USD
CY2017Q1 wft Income Lossfrom Subsidiary
IncomeLossfromSubsidiary
0 USD
CY2018Q1 wft Income Lossfrom Subsidiary
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0 USD
CY2017Q1 wft Increase Decreasein Accrued Litigationand Settlements
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-8000000 USD
CY2017Q1 wft Intercompany Charges Net
IntercompanyChargesNet
0 USD
CY2018Q1 wft Intercompany Charges Net
IntercompanyChargesNet
0 USD
CY2017Q4 wft Intercompany Payables Net
IntercompanyPayablesNet
0 USD
CY2018Q1 wft Intercompany Payables Net
IntercompanyPayablesNet
0 USD
CY2017Q4 wft Intercompany Receivables Net
IntercompanyReceivablesNet
0 USD
CY2018Q1 wft Intercompany Receivables Net
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0 USD
CY2017Q4 wft Other Assets Current Consolidating
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5869000000 USD
CY2018Q1 wft Other Assets Noncurrent Consolidating
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CY2017Q1 wft Other Nonoperating Income Expense Including Foreign Currency Devaluation
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CY2018Q1 wft Other Nonoperating Income Expense Including Foreign Currency Devaluation
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-22000000 USD
CY2017Q1 wft Paymentsfor Bond Tender Premium
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0 USD
CY2018Q1 wft Paymentsfor Bond Tender Premium
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CY2018Q1 wft Performance Bonds
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CY2017Q1 wft Proceedsfrom Paymentsfor Other Operating Activities Consolidating
ProceedsfromPaymentsforOtherOperatingActivitiesConsolidating
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CY2018Q1 wft Proceedsfrom Paymentsfor Other Operating Activities Consolidating
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44000000 USD
CY2017Q1 wft Proceedsfrom Repaymentsof Debtfrom Subsidiaries Net
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0 USD
CY2018Q1 wft Proceedsfrom Repaymentsof Debtfrom Subsidiaries Net
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CY2018Q1 wft Proceedsfrom Saleof Accounts Receivable
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CY2017Q1 wft Proceedspaymentsfromsaleofbusinessesandequityinvestmentnet
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CY2018Q1 wft Proceedspaymentsfromsaleofbusinessesandequityinvestmentnet
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25000000 USD
CY2017Q1 wft Receivable With Imputed Interest Term
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P3Y
CY2017Q1 wft Selling Generaland Administrative Expense Portion Attributableto Segments
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230000000 USD
CY2018Q1 wft Selling Generaland Administrative Expense Portion Attributableto Segments
SellingGeneralandAdministrativeExpensePortionAttributabletoSegments
200000000 USD
CY2017Q1 wft Transferof Accounts Receivable Accountedforas Sales Carrying Value
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38000000 USD
CY2018Q1 wft Transferof Accounts Receivable Accountedforas Sales Carrying Value
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96000000 USD
CY2018Q1 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 income statement amounts have been reclassified to conform to the current year presentation related to the adoption of new accounting standards. Net income for 2017 and shareholders&#8217; equity as of December 31, 2017 were not affected by these reclassifications. See &#8220;</font><font style="font-family:inherit;font-size:10pt;color:#000000;">Note 2 &#8211; New Accounting Pronouncements</font><font style="font-family:inherit;font-size:10pt;color:#000000;">&#8221; for additional details.</font></div></div>
CY2018Q1 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 amount 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 on-going basis, we evaluate our estimates and assumptions, including those related to uncollectible accounts receivable, lower of cost or net realizable value of inventories, equity investments, derivative financial instruments, intangible assets and goodwill, property, plant and equipment (&#8220;PP&amp;E&#8221;), income taxes, 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>

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