$WFRD
Weatherford International plc

2020 Q2 Form 10-Q Financial Statement

#000160392320000035 Filed on May 11, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2020 Q1 2019 Q1
Revenue $821.0M $1.215B $1.346B
YoY Change -37.28% -9.73% -5.41%
Cost Of Revenue $609.0M $913.0M $1.082B
YoY Change -40.24% -15.62% 59.12%
Gross Profit $212.0M $302.0M $264.0M
YoY Change -26.9% 14.39% -5.04%
Gross Profit Margin 25.82% 24.86% 19.61%
Selling, General & Admin $223.0M $248.0M $231.0M
YoY Change -9.72% 7.36% 15.5%
% of Gross Profit 105.19% 82.12% 87.5%
Research & Development $23.00M $33.00M $36.00M
YoY Change -36.11% -8.33% -5.26%
% of Gross Profit 10.85% 10.93% 13.64%
Depreciation & Amortization $113.0M $157.0M $123.0M
YoY Change -2.59% 27.64% -16.33%
% of Gross Profit 53.3% 51.99% 46.59%
Operating Expenses $246.0M $281.0M $267.0M
YoY Change -13.07% 5.24% 12.18%
Operating Profit -$497.0M -$822.0M -$301.0M
YoY Change 321.19% 173.09% 671.79%
Interest Expense $59.00M $58.00M -$155.0M
YoY Change -136.88% -137.42% 4.03%
% of Operating Profit
Other Income/Expense, Net -$11.00M -$25.00M -$9.000M
YoY Change 1000.0% 177.78% 12.5%
Pretax Income -$567.0M -$914.0M -$465.0M
YoY Change 103.23% 96.56% 121.43%
Income Tax $12.00M $44.00M $12.00M
% Of Pretax Income
Net Earnings -$581.0M -$966.0M -$481.0M
YoY Change 83.86% 100.83% 96.33%
Net Earnings / Revenue -70.77% -79.51% -35.74%
Basic Earnings Per Share
Diluted Earnings Per Share -$8.300M -$13.80M -$0.48
COMMON SHARES
Basic Shares Outstanding 70.02M shares 70.00M shares 1.003B shares
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q2 2020 Q1 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $680.0M $670.0M $598.0M
YoY Change 10.03% 12.04% 30.28%
Cash & Equivalents $680.0M $670.0M $598.0M
Short-Term Investments
Other Short-Term Assets $382.0M $402.0M $434.0M
YoY Change -19.75% -7.37% -25.04%
Inventory $862.0M $1.004B $1.050B
Prepaid Expenses
Receivables $884.0M $1.124B $1.067B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $2.927B $3.374B $3.406B
YoY Change -14.06% -0.94% -5.78%
LONG-TERM ASSETS
Property, Plant & Equipment $1.367B $1.554B $1.994B
YoY Change -31.1% -22.07% -22.71%
Goodwill $0.00 $72.00M $504.0M
YoY Change -100.0% -85.71% -81.61%
Intangibles $875.0M $928.0M
YoY Change
Long-Term Investments
YoY Change
Other Assets $85.00M $237.0M $615.0M
YoY Change -85.54% -61.46% 324.14%
Total Long-Term Assets $2.482B $2.791B $3.113B
YoY Change -16.57% -10.34% -45.57%
TOTAL ASSETS
Total Short-Term Assets $2.927B $3.374B $3.406B
Total Long-Term Assets $2.482B $2.791B $3.113B
Total Assets $5.409B $6.165B $6.519B
YoY Change -15.23% -5.43% -30.16%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $384.0M $544.0M $746.0M
YoY Change -47.76% -27.08% -7.79%
Accrued Expenses $342.0M $327.0M $326.0M
YoY Change -4.47% 0.31% 4.82%
Deferred Revenue
YoY Change
Short-Term Debt $32.00M $0.00 $554.0M
YoY Change -94.86% -100.0% 1810.34%
Long-Term Debt Due $8.000M $26.00M $58.00M
YoY Change -97.4% -55.17% -53.23%
Total Short-Term Liabilities $1.426B $1.644B $2.504B
YoY Change -50.64% -34.35% 19.69%
LONG-TERM LIABILITIES
Long-Term Debt $2.148B $2.149B $7.606B
YoY Change -70.84% -71.75% -0.43%
Other Long-Term Liabilities $335.0M $509.0M $515.0M
YoY Change -34.95% -1.17% 2.79%
Total Long-Term Liabilities $335.0M $509.0M $515.0M
YoY Change -34.95% -1.17% 2.79%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.426B $1.644B $2.504B
Total Long-Term Liabilities $335.0M $509.0M $515.0M
Total Liabilities $4.104B $4.302B $10.63B
YoY Change -61.89% -59.51% 3.84%
SHAREHOLDERS EQUITY
Retained Earnings -$1.573B -$992.0M -$9.152B
YoY Change -83.39% -89.16% 59.03%
Common Stock $2.897B $2.897B $6.720B
YoY Change -56.92% -56.89% 0.64%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.267B $1.819B -$4.145B
YoY Change
Total Liabilities & Shareholders Equity $5.409B $6.165B $6.519B
YoY Change -15.23% -5.43% -30.16%

Cashflow Statement

Concept 2020 Q2 2020 Q1 2019 Q1
OPERATING ACTIVITIES
Net Income -$581.0M -$966.0M -$481.0M
YoY Change 83.86% 100.83% 96.33%
Depreciation, Depletion And Amortization $113.0M $157.0M $123.0M
YoY Change -2.59% 27.64% -16.33%
Cash From Operating Activities $31.00M $30.00M -$249.0M
YoY Change -113.54% -112.05% 34.59%
INVESTING ACTIVITIES
Capital Expenditures -$37.00M $38.00M $59.00M
YoY Change -162.71% -35.59% 103.45%
Acquisitions $0.00
YoY Change -100.0%
Other Investing Activities -$14.00M $3.000M $100.0M
YoY Change -105.69% -97.0% 143.9%
Cash From Investing Activities -$51.00M -$35.00M $36.00M
YoY Change -127.27% -197.22%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 8.000M -$20.00M $208.0M
YoY Change -86.89% -109.62% 285.19%
NET CHANGE
Cash From Operating Activities 31.00M $30.00M -$249.0M
Cash From Investing Activities -51.00M -$35.00M $36.00M
Cash From Financing Activities 8.000M -$20.00M $208.0M
Net Change In Cash -12.00M -$36.00M -$4.000M
YoY Change -163.16% 800.0% -96.95%
FREE CASH FLOW
Cash From Operating Activities $31.00M $30.00M -$249.0M
Capital Expenditures -$37.00M $38.00M $59.00M
Free Cash Flow $68.00M -$8.000M -$308.0M
YoY Change -123.61% -97.4% 43.93%

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CY2019Q1 us-gaap Payments To Acquire Property Plant And Equipment
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CY2020Q1 us-gaap Payment For Contingent Consideration Liability Investing Activities
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CY2019Q1 us-gaap Proceeds From Divestiture Of Businesses
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36000000 USD
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CY2019Q1 us-gaap Repayments Of Long Term Debt And Capital Securities
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15000000 USD
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602000000 USD
CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2019Q1 us-gaap Capital Lease Obligations Incurred
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CY2020Q1 us-gaap Prior Period Reclassification Adjustment Description
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<div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><span style="font-family:Times New Roman;font-size:10pt;color:#000000;font-style:italic;font-weight:bold;">Summary of Significant Accounting Policies</span></div><div style="line-height:120%;text-align:justify;text-indent:25px;font-size:10pt;"><span style="font-family:Times New Roman;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><span style="font-family:Times New Roman;font-size:10pt;color:#000000;">Please refer to “Note 1 – Summary of Significant Accounting Policies” of our </span><span style="font-family:Times New Roman;font-size:10pt;color:#000000;">Consolidated Financial Statements</span><span style="font-family:Times New Roman;font-size:10pt;color:#000000;"> from our 2019 Annual Report for the discussion on our significant accounting policies. Certain reclassifications of the financial statements and accompanying footnotes for the three months ended </span><span style="font-family:Times New Roman;font-size:10pt;color:#000000;">March 31, 2019</span><span style="font-family:Times New Roman;font-size:10pt;color:#000000;"> have been made to conform to the presentation for the three months ended </span><span style="font-family:Times New Roman;font-size:10pt;color:#000000;">March 31, 2020</span><span style="font-family:Times New Roman;font-size:10pt;color:#000000;">. </span></div>
CY2020Q1 wft Unprecedented Supplyand Demand Imbalancemmbbl
UnprecedentedSupplyandDemandImbalancemmbbl
20-30 million barrels per day
CY2020Q1 wft Increase Decreasein Bond Prices Percent
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100000000 USD
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6000000 USD
CY2019Q1 wft Transferof Accounts Receivable Accountedforas Sales Carrying Value
TransferofAccountsReceivableAccountedforasSalesCarryingValue
84000000 USD
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6000000 USD
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81000000 USD
CY2019Q4 us-gaap Goodwill
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239000000 USD
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143000000 USD
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142000000 USD
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861000000 USD
CY2019Q4 us-gaap Inventory Finished Goods Net Of Reserves
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830000000 USD
CY2020Q1 us-gaap Inventory Net
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1004000000 USD
CY2019Q4 us-gaap Inventory Net
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CY2020Q1 us-gaap Debt Current
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CY2020Q1 us-gaap Amortization Of Intangible Assets
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46000000 USD
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167000000 USD
CY2020Q1 us-gaap Goodwill
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72000000 USD
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229000000 USD
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640000000 USD
CY2020Q1 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
167000000 USD
CY2019Q1 us-gaap Amortization Of Intangible Assets
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16000000 USD
CY2020Q1 us-gaap Impairment Of Long Lived Assets To Be Disposed Of
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430000000 USD
CY2020Q1 us-gaap Impairment Of Intangible Assets Excluding Goodwill
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137000000 USD
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73000000 USD
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CY2020Q1 us-gaap Asset Impairment Charges
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229000000 USD
CY2020Q1 us-gaap Goodwill Impairment Loss
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167000000 USD
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CY2019Q1 us-gaap Operating Lease Expense
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CY2019Q1 us-gaap Finance Lease Right Of Use Asset Amortization
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100000000 USD
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31000000 USD
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11000000 USD
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23000000 USD
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CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
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FinanceLeaseLiabilityPaymentsDueAfterYearFive
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CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due
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408000000 USD
CY2020Q1 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
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FinanceLeasePrincipalPayments
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19000000 USD
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19000000 USD
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P7Y8M12D
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OperatingLeaseWeightedAverageRemainingLeaseTerm1
P6Y8M12D
CY2020Q1 us-gaap Finance Lease Weighted Average Remaining Lease Term1
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P6Y4M24D
CY2019Q1 us-gaap Finance Lease Weighted Average Remaining Lease Term1
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P7Y10M24D
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CY2019Q1 us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
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33000000 USD
CY2020Q1 us-gaap Contract With Customer Asset Reclassified To Receivable
ContractWithCustomerAssetReclassifiedToReceivable
2000000 USD
CY2020Q1 us-gaap Contract With Customer Liability Cumulative Catch Up Adjustment To Revenue Modification Of Contract
ContractWithCustomerLiabilityCumulativeCatchUpAdjustmentToRevenueModificationOfContract
10000000 USD
CY2020Q1 us-gaap Contract With Customer Asset Net
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2000000 USD
CY2020Q1 us-gaap Held To Maturity Securities
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50000000 USD
CY2019Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
9000000 USD
CY2020Q1 us-gaap Litigation Reserve
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40000000 USD
CY2019Q4 us-gaap Litigation Reserve
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44000000 USD
CY2020Q1 us-gaap Contract With Customer Liability
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30000000 USD
CY2015Q3 us-gaap Loss Contingency Patents Allegedly Infringed Number
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7 patent
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CY2019Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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2916000000 USD
CY2020Q1 us-gaap Profit Loss
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CY2020Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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1863000000 USD
CY2018Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2019Q1 us-gaap Profit Loss
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CY2019Q1 us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
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5000000 USD
CY2019Q1 us-gaap Stock Issued During Period Value Share Based Compensation
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8000000 USD
CY2019Q1 us-gaap Stockholders Equity Other
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CY2019Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2020Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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70000000 shares
CY2019Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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8000000 shares
CY2019Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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250000000 shares
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57000000 USD
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78000000 USD
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1215000000 USD
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1346000000 USD
CY2019Q4 us-gaap Revenues
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1215000000 USD
CY2018Q4 us-gaap Revenues
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1346000000 USD
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1124000000 USD
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3000000 USD
CY2019Q4 us-gaap Contract With Customer Liability
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12000000 USD
CY2020Q1 us-gaap Contract With Customer Liability Revenue Recognized
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CY2020Q1 us-gaap Contract With Customer Liability Increase Decrease For Contract Acquired In Business Combination
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12000000 USD
CY2020Q1 us-gaap Contract With Customer Asset Cumulative Catch Up Adjustment To Revenue Change In Measure Of Progress
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1000000 USD
CY2020Q1 us-gaap Income Tax Expense Benefit
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CY2020Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2020Q1 us-gaap Unrecognized Tax Benefits
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214000000 USD
CY2020Q1 us-gaap Decrease In Unrecognized Tax Benefits Is Reasonably Possible
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3000000 USD
CY2019Q4 us-gaap Goodwill Impairment Loss
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167000000 USD
CY2020Q1 us-gaap Revenues
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157000000 USD
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229000000 USD
CY2019Q1 us-gaap Restructuring Settlement And Impairment Provisions
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69000000 USD
CY2019Q1 us-gaap Revenues
Revenues
1346000000 USD
CY2019Q1 us-gaap Operating Income Loss
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-301000000 USD
CY2019Q1 us-gaap Depreciation Depletion And Amortization
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123000000 USD

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