$WFRD
Weatherford International plc

2020 Q3 Form 10-Q Financial Statement

#000160392320000064 Filed on August 14, 2020

View on sec.gov

Income Statement

Concept 2020 Q3 2020 Q2 2019 Q2
Revenue $807.0M $821.0M $1.309B
YoY Change -38.58% -37.28% -9.6%
Cost Of Revenue $631.0M $609.0M $1.019B
YoY Change -37.34% -40.24% 39.78%
Gross Profit $176.0M $212.0M $290.0M
YoY Change -42.67% -26.9% -4.92%
Gross Profit Margin 21.81% 25.82% 22.15%
Selling, General & Admin $180.0M $223.0M $247.0M
YoY Change -22.41% -9.72% 24.12%
% of Gross Profit 102.27% 105.19% 85.17%
Research & Development $21.00M $23.00M $36.00M
YoY Change -40.0% -36.11% -2.7%
% of Gross Profit 11.93% 10.85% 12.41%
Depreciation & Amortization $117.0M $113.0M $116.0M
YoY Change -0.85% -2.59% -19.44%
% of Gross Profit 66.48% 53.3% 40.0%
Operating Expenses $201.0M $246.0M $283.0M
YoY Change -24.72% -13.07% 19.92%
Operating Profit -$60.00M -$497.0M -$118.0M
YoY Change -86.58% 321.19% 61.64%
Interest Expense $64.00M $59.00M -$160.0M
YoY Change -346.15% -136.88% 5.26%
% of Operating Profit
Other Income/Expense, Net -$20.00M -$11.00M -$1.000M
YoY Change 150.0% 1000.0% -85.71%
Pretax Income -$159.0M -$567.0M -$279.0M
YoY Change -79.72% 103.23% 19.74%
Income Tax $8.000M $12.00M $33.00M
% Of Pretax Income
Net Earnings -$174.0M -$581.0M -$316.0M
YoY Change -78.81% 83.86% 19.7%
Net Earnings / Revenue -21.56% -70.77% -24.14%
Basic Earnings Per Share
Diluted Earnings Per Share -$2.486M -$8.300M -$0.31
COMMON SHARES
Basic Shares Outstanding 70.02M shares 70.02M shares 1.004B shares
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q3 2020 Q2 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.121B $680.0M $618.0M
YoY Change 65.83% 10.03% 48.92%
Cash & Equivalents $1.121B $680.0M $618.0M
Short-Term Investments
Other Short-Term Assets $354.0M $382.0M $476.0M
YoY Change -24.03% -19.75% 39.18%
Inventory $811.0M $862.0M $1.081B
Prepaid Expenses
Receivables $793.0M $884.0M $1.114B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $3.293B $2.927B $3.406B
YoY Change -16.08% -14.06% -7.77%
LONG-TERM ASSETS
Property, Plant & Equipment $1.304B $1.367B $1.984B
YoY Change -30.68% -31.1% -12.71%
Goodwill $0.00 $0.00 $403.0M
YoY Change -100.0% -84.62%
Intangibles $841.0M $875.0M
YoY Change
Long-Term Investments
YoY Change
Other Assets $79.00M $85.00M $588.0M
YoY Change -84.78% -85.54% 234.09%
Total Long-Term Assets $2.371B $2.482B $2.975B
YoY Change -1.21% -16.57% -43.72%
TOTAL ASSETS
Total Short-Term Assets $3.293B $2.927B $3.406B
Total Long-Term Assets $2.371B $2.482B $2.975B
Total Assets $5.664B $5.409B $6.381B
YoY Change -10.44% -15.23% -28.93%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $332.0M $384.0M $735.0M
YoY Change -47.05% -47.76% -2.52%
Accrued Expenses $357.0M $342.0M $358.0M
YoY Change 5.0% -4.47% 31.62%
Deferred Revenue
YoY Change
Short-Term Debt $14.00M $32.00M $622.0M
YoY Change -99.17% -94.86% 168.1%
Long-Term Debt Due $9.000M $8.000M $308.0M
YoY Change -10.0% -97.4% 388.89%
Total Short-Term Liabilities $1.416B $1.426B $2.889B
YoY Change -58.11% -50.64% 31.32%
LONG-TERM LIABILITIES
Long-Term Debt $2.602B $2.148B $7.366B
YoY Change 4310.17% -70.84% -3.51%
Other Long-Term Liabilities $340.0M $335.0M $515.0M
YoY Change -28.42% -34.95% 12.69%
Total Long-Term Liabilities $340.0M $335.0M $515.0M
YoY Change -28.42% -34.95% 12.69%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.416B $1.426B $2.889B
Total Long-Term Liabilities $340.0M $335.0M $515.0M
Total Liabilities $4.541B $4.104B $10.77B
YoY Change 16.02% -61.89% 4.65%
SHAREHOLDERS EQUITY
Retained Earnings -$1.747B -$1.573B -$9.468B
YoY Change -83.02% -83.39% 48.66%
Common Stock $2.897B $2.897B $6.725B
YoY Change -56.95% -56.92% 0.54%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.087B $1.267B -$4.426B
YoY Change
Total Liabilities & Shareholders Equity $5.664B $5.409B $6.381B
YoY Change -10.44% -15.23% -28.93%

Cashflow Statement

Concept 2020 Q3 2020 Q2 2019 Q2
OPERATING ACTIVITIES
Net Income -$174.0M -$581.0M -$316.0M
YoY Change -78.81% 83.86% 19.7%
Depreciation, Depletion And Amortization $117.0M $113.0M $116.0M
YoY Change -0.85% -2.59% -19.44%
Cash From Operating Activities $127.0M $31.00M -$229.0M
YoY Change -163.18% -113.54% 76.15%
INVESTING ACTIVITIES
Capital Expenditures -$25.00M -$37.00M $59.00M
YoY Change -137.88% -162.71% 13.46%
Acquisitions
YoY Change
Other Investing Activities $46.00M -$14.00M $246.0M
YoY Change -13.21% -105.69% 547.37%
Cash From Investing Activities $21.00M -$51.00M $187.0M
YoY Change -261.54% -127.27% -1435.71%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 388.0M 8.000M 61.00M
YoY Change -40.12% -86.89% -48.31%
NET CHANGE
Cash From Operating Activities 127.0M 31.00M -229.0M
Cash From Investing Activities 21.00M -51.00M 187.0M
Cash From Financing Activities 388.0M 8.000M 61.00M
Net Change In Cash 536.0M -12.00M 19.00M
YoY Change 23.5% -163.16% -173.08%
FREE CASH FLOW
Cash From Operating Activities $127.0M $31.00M -$229.0M
Capital Expenditures -$25.00M -$37.00M $59.00M
Free Cash Flow $152.0M $68.00M -$288.0M
YoY Change -156.93% -123.61% 58.24%

Facts In Submission

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<div style="text-indent:18pt;text-align:justify;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%;">Summary of Significant Accounting Policies</span></div><div style="text-indent:18pt;text-align:justify;"><span><br/></span></div><div style="text-indent:18pt;text-align:justify;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">Please refer to “Note 1 – Summary of Significant Accounting Policies” of our Consolidated Financial Statements 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 and six months ended June 30, 2019 have been made to conform to the presentation for the three and six months ended June 30, 2020. Please refer to “Note 2 – New Accounting Pronouncements” for changes to our accounting policies.</span></div>
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CY2020Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-11000000 USD
CY2019Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-1000000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-36000000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-10000000 USD
CY2020Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-567000000 USD
CY2019Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-279000000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-1481000000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-744000000 USD
CY2020Q2 us-gaap Assets
Assets
5409000000 USD
CY2019Q4 us-gaap Assets
Assets
7293000000 USD
CY2020Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
12000000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
56000000 USD
CY2020Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-567000000 USD
CY2019Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
33000000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-1500000000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
45000000 USD
CY2019Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-279000000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-744000000 USD
CY2020Q2 us-gaap Tax Credit Carryforward Valuation Allowance
TaxCreditCarryforwardValuationAllowance
20000000 USD
CY2020Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
210000000 USD
CY2020Q2 us-gaap Decrease In Unrecognized Tax Benefits Is Reasonably Possible
DecreaseInUnrecognizedTaxBenefitsIsReasonablyPossible
2000000 USD

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