$WFRD
Weatherford International plc

2018 Q3 Form 10-Q Financial Statement

#000160392318000109 Filed on August 09, 2018

View on sec.gov

Income Statement

Concept 2018 Q3 2018 Q2 2017 Q2
Revenue $1.444B $1.448B $1.363B
YoY Change -1.1% 6.24% -2.78%
Cost Of Revenue $1.105B $729.0M $716.0M
YoY Change 54.33% 1.82% -1.24%
Gross Profit $339.0M $305.0M $174.0M
YoY Change 28.41% 75.29% 6.1%
Gross Profit Margin 23.48% 21.06% 12.77%
Selling, General & Admin $192.0M $199.0M $244.0M
YoY Change -25.58% -18.44% -7.58%
% of Gross Profit 56.64% 65.25% 140.23%
Research & Development $31.00M $37.00M $36.00M
YoY Change -26.19% 2.78% -12.2%
% of Gross Profit 9.14% 12.13% 20.69%
Depreciation & Amortization $128.0M $144.0M $204.0M
YoY Change -35.68% -29.41% -18.07%
% of Gross Profit 37.76% 47.21% 117.24%
Operating Expenses $223.0M $236.0M $36.00M
YoY Change 430.95% 555.56% -12.2%
Operating Profit -$13.00M -$73.00M -$145.0M
YoY Change -81.43% -49.66% -68.48%
Interest Expense -$156.0M -$152.0M -$138.0M
YoY Change 5.41% 10.14% 15.97%
% of Operating Profit
Other Income/Expense, Net -$6.000M -$7.000M $8.000M
YoY Change 500.0% -187.5% -214.29%
Pretax Income -$172.0M -$233.0M -$148.0M
YoY Change -23.89% 57.43% -77.71%
Income Tax $22.00M $26.00M $17.00M
% Of Pretax Income
Net Earnings -$199.0M -$264.0M -$171.0M
YoY Change -22.27% 54.39% -69.73%
Net Earnings / Revenue -13.78% -18.23% -12.55%
Basic Earnings Per Share -$0.17
Diluted Earnings Per Share -$0.20 -$0.26 -$0.17
COMMON SHARES
Basic Shares Outstanding 997.1M shares 996.7M shares 990.0M shares
Diluted Shares Outstanding 990.0M shares

Balance Sheet

Concept 2018 Q3 2018 Q2 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $393.0M $415.0M $584.0M
YoY Change -11.69% -28.94% 29.2%
Cash & Equivalents $393.0M $415.0M $584.0M
Short-Term Investments
Other Short-Term Assets $334.0M $342.0M $408.0M
YoY Change -18.34% -16.18% -15.0%
Inventory $1.097B $1.143B $1.728B
Prepaid Expenses $133.0M $137.0M $233.0M
Receivables $1.066B $1.070B $1.165B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $3.730B $3.693B $5.047B
YoY Change -26.04% -26.83% -0.04%
LONG-TERM ASSETS
Property, Plant & Equipment $2.157B $2.273B $4.111B
YoY Change -45.93% -44.71% -21.65%
Goodwill $2.632B $2.621B $2.293B
YoY Change 12.19% 14.3% -19.6%
Intangibles $192.0M $216.0M $234.0M
YoY Change -16.16% -7.69% -29.09%
Long-Term Investments $63.00M
YoY Change -3.08%
Other Assets $127.0M $176.0M $304.0M
YoY Change -62.76% -42.11% -46.57%
Total Long-Term Assets $5.108B $5.286B $7.005B
YoY Change -26.71% -24.54% -22.71%
TOTAL ASSETS
Total Short-Term Assets $3.730B $3.693B $5.047B
Total Long-Term Assets $5.108B $5.286B $7.005B
Total Assets $8.838B $8.979B $12.05B
YoY Change -26.43% -25.5% -14.6%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $728.0M $754.0M $837.0M
YoY Change -10.67% -9.92% 5.95%
Accrued Expenses $241.0M $272.0M $295.0M
YoY Change -15.44% -7.8% -12.72%
Deferred Revenue
YoY Change
Short-Term Debt $335.0M $232.0M $7.000M
YoY Change 32.41% 3214.29% -94.17%
Long-Term Debt Due $61.00M $63.00M $145.0M
YoY Change -55.8% -56.55% -14.71%
Total Short-Term Liabilities $2.299B $2.200B $2.380B
YoY Change -6.92% -7.56% -5.85%
LONG-TERM LIABILITIES
Long-Term Debt $7.626B $7.634B $7.538B
YoY Change 1.27% 1.27% 8.57%
Other Long-Term Liabilities $421.0M $457.0M $610.0M
YoY Change -33.07% -25.08% 34.36%
Total Long-Term Liabilities $421.0M $457.0M $610.0M
YoY Change -33.07% -25.08% 34.36%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.299B $2.200B $2.380B
Total Long-Term Liabilities $421.0M $457.0M $610.0M
Total Liabilities $10.35B $10.29B $10.53B
YoY Change -2.66% -2.25% 6.08%
SHAREHOLDERS EQUITY
Retained Earnings -$6.568B -$6.369B -$3.569B
YoY Change 71.71% 78.45% 474.72%
Common Stock $6.703B $6.689B $6.613B
YoY Change 0.92% 1.15% 5.79%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares 0.000 shares 0.000 shares
Shareholders Equity -$1.553B -$1.359B $1.467B
YoY Change
Total Liabilities & Shareholders Equity $8.838B $8.979B $12.05B
YoY Change -26.43% -25.5% -14.6%

Cashflow Statement

Concept 2018 Q3 2018 Q2 2017 Q2
OPERATING ACTIVITIES
Net Income -$199.0M -$264.0M -$171.0M
YoY Change -22.27% 54.39% -69.73%
Depreciation, Depletion And Amortization $128.0M $144.0M $204.0M
YoY Change -35.68% -29.41% -18.07%
Cash From Operating Activities -$32.00M -$130.0M -$62.00M
YoY Change -86.83% 109.68% -53.73%
INVESTING ACTIVITIES
Capital Expenditures $59.00M $52.00M $52.00M
YoY Change -15.71% 0.0% 62.5%
Acquisitions
YoY Change
Other Investing Activities $32.00M $38.00M $16.00M
YoY Change -300.0% 137.5% -260.0%
Cash From Investing Activities -$27.00M -$14.00M -$36.00M
YoY Change -68.6% -61.11% -14.29%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 51.00M 118.0M 135.0M
YoY Change -72.87% -12.59% -18.18%
NET CHANGE
Cash From Operating Activities -32.00M -130.0M -62.00M
Cash From Investing Activities -27.00M -14.00M -36.00M
Cash From Financing Activities 51.00M 118.0M 135.0M
Net Change In Cash -8.000M -26.00M 37.00M
YoY Change -94.33% -170.27% -436.36%
FREE CASH FLOW
Cash From Operating Activities -$32.00M -$130.0M -$62.00M
Capital Expenditures $59.00M $52.00M $52.00M
Free Cash Flow -$91.00M -$182.0M -$114.0M
YoY Change -70.93% 59.65% -31.33%

Facts In Submission

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us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Net Income Loss
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us-gaap Net Income Loss
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us-gaap Net Income Loss Attributable To Noncontrolling Interest
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us-gaap Operating Income Loss
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us-gaap Operating Income Loss
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us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
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us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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us-gaap Other Comprehensive Income Loss Net Of Tax
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CY2017Q2 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
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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 Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
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us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Proceeds From Repayments Of Long Term Debt And Capital Securities
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us-gaap Proceeds From Repayments Of Long Term Debt And Capital Securities
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50000000 USD
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us-gaap Profit Loss
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us-gaap Profit Loss
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us-gaap Provision For Doubtful Accounts
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us-gaap Provision For Doubtful Accounts
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us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
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41000000 USD
us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
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us-gaap Repayments Of Long Term Debt And Capital Securities
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us-gaap Repayments Of Long Term Debt And Capital Securities
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us-gaap Research And Development Expense
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us-gaap Research And Development Expense
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CY2017Q2 us-gaap Restructuring Charges
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us-gaap Restructuring Charges
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us-gaap Restructuring Charges
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us-gaap Restructuring Costs And Asset Impairment Charges
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us-gaap Restructuring Costs And Asset Impairment Charges
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CY2018Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2018Q2 us-gaap Revenue Remaining Performance Obligation
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CY2018Q2 us-gaap Revenue Remaining Performance Obligation
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CY2018Q2 us-gaap Revenue Remaining Performance Obligation
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us-gaap Sales Revenue Goods Net
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CY2018Q2 us-gaap Sales Revenue Goods Net
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us-gaap Sales Revenue Goods Net
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us-gaap Sales Revenue Net
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us-gaap Sales Revenue Net
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us-gaap Sales Revenue Services Net
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CY2018Q2 us-gaap Sales Revenue Services Net
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us-gaap Sales Revenue Services Net
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wft Debt Instrument Covenant Asset Coverage Ratio
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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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0 USD
CY2017Q2 wft Antidilutive Securities Excludedfrom Computationof Earningsper Share Dueto Net Loss Amount
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250000000 shares
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250000000 shares
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250000000 shares
wft Antidilutive Securities Excludedfrom Computationof Earningsper Share Dueto Net Loss Amount
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250000000 shares
CY2017Q2 wft Asset Write Downand Other
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wft Asset Write Downand Other
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70000000 USD
wft Asset Write Downand Other
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wft Bond Tender Premium Net
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0 USD
CY2018Q2 wft Bond Tender Premium Net
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CY2017Q4 wft Equity Method Investments In Affiliates
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CY2018Q2 wft Equity Method Investments In Affiliates
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CY2017Q2 wft Foreign Currency Devaluation Lossbefore Tax
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0 USD
wft Foreign Currency Devaluation Lossbefore Tax
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11000000 USD
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37000000 USD
wft Goodwill Reclassificationto Assets Heldfor Sale
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59000000 USD
CY2017Q2 wft Income Lossfrom Subsidiary
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0 USD
wft Income Lossfrom Subsidiary
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0 USD
CY2018Q2 wft Income Lossfrom Subsidiary
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0 USD
wft Income Lossfrom Subsidiary
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0 USD
wft Increase Decreasein Accrued Litigationand Settlements
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CY2017Q2 wft Intercompany Charges Net
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0 USD
wft Intercompany Charges Net
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0 USD
CY2018Q2 wft Intercompany Charges Net
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0 USD
wft Intercompany Charges Net
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CY2017Q4 wft Intercompany Payables Net
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CY2018Q2 wft Intercompany Payables Net
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CY2017Q4 wft Other Assets Current Consolidating
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CY2017Q2 wft Other Nonoperating Income Expense Including Foreign Currency Devaluation
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CY2018Q2 wft Other Nonoperating Income Expense Including Foreign Currency Devaluation
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wft Paymentsfor Bond Tender Premium
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191000000 USD
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0 USD
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0 USD
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25000000 USD
CY2017Q1 wft Receivable With Imputed Interest Term
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P3Y
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211000000 USD
wft Selling Generaland Administrative Expense Portion Attributableto Segments
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441000000 USD
CY2018Q2 wft Selling Generaland Administrative Expense Portion Attributableto Segments
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199000000 USD
wft Selling Generaland Administrative Expense Portion Attributableto Segments
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399000000 USD
CY2017Q2 wft Transferof Accounts Receivable Accountedforas Sales Carrying Value
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78000000 USD
CY2018Q2 wft Transferof Accounts Receivable Accountedforas Sales Carrying Value
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188000000 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:Times New Roman;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:Times New Roman;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:Times New Roman;font-size:10pt;color:#000000;">Certain reclassifications of the financial statements and accompanying footnotes for the </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">three and six</font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;"> months ended </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">June&#160;30, 2017</font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;"> have been made to conform to the presentation for the </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">three and six</font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;"> months ended </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">June&#160;30, 2018</font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">. See &#8220;</font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">Note 2 &#8211; New Accounting Pronouncements</font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">&#8221; for additional details regarding accounting changes impacting the </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">Condensed Consolidated Financial Statements</font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">.</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:Times New Roman;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:Times New Roman;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:Times New Roman;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, assets held for sale, 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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