$WFRD
Weatherford International plc

2021 Q3 Form 10-Q Financial Statement

#000160392321000084 Filed on July 29, 2021

View on sec.gov

Income Statement

Concept 2021 Q3 2021 Q2 2020 Q2
Revenue $945.0M $903.0M $821.0M
YoY Change 17.1% 9.99% -37.28%
Cost Of Revenue $686.0M $677.0M $609.0M
YoY Change 8.72% 11.17% -40.24%
Gross Profit $259.0M $226.0M $212.0M
YoY Change 47.16% 6.6% -26.9%
Gross Profit Margin 27.41% 25.03% 25.82%
Selling, General & Admin $175.0M $188.0M $223.0M
YoY Change -2.78% -15.7% -9.72%
% of Gross Profit 67.57% 83.19% 105.19%
Research & Development $21.00M $21.00M $23.00M
YoY Change 0.0% -8.7% -36.11%
% of Gross Profit 8.11% 9.29% 10.85%
Depreciation & Amortization $112.0M $114.0M $113.0M
YoY Change -4.27% 0.88% -2.59%
% of Gross Profit 43.24% 50.44% 53.3%
Operating Expenses $196.0M $209.0M $246.0M
YoY Change -2.49% -15.04% -13.07%
Operating Profit $71.00M $25.00M -$497.0M
YoY Change -218.33% -105.03% 321.19%
Interest Expense $69.00M $72.00M $59.00M
YoY Change 7.81% 22.03% -136.88%
% of Operating Profit 97.18% 288.0%
Other Income/Expense, Net -$4.000M -$11.00M -$11.00M
YoY Change -80.0% 0.0% 1000.0%
Pretax Income -$61.00M -$58.00M -$567.0M
YoY Change -61.64% -89.77% 103.23%
Income Tax $28.00M $15.00M $12.00M
% Of Pretax Income
Net Earnings -$95.00M -$78.00M -$581.0M
YoY Change -45.4% -86.57% 83.86%
Net Earnings / Revenue -10.05% -8.64% -70.77%
Basic Earnings Per Share -$1.36 -$1.11
Diluted Earnings Per Share -$1.357M -$1.11 -$8.300M
COMMON SHARES
Basic Shares Outstanding 70.12M shares 70.00M shares 70.02M shares
Diluted Shares Outstanding 70.00M shares 70.00M shares

Balance Sheet

Concept 2021 Q3 2021 Q2 2020 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.291B $1.217B $680.0M
YoY Change 15.17% 78.97% 10.03%
Cash & Equivalents $1.291B $1.217B $680.0M
Short-Term Investments
Other Short-Term Assets $301.0M $295.0M $382.0M
YoY Change -14.97% -22.77% -19.75%
Inventory $681.0M $662.0M $862.0M
Prepaid Expenses
Receivables $782.0M $744.0M $884.0M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $3.244B $3.126B $2.927B
YoY Change -1.49% 6.8% -14.06%
LONG-TERM ASSETS
Property, Plant & Equipment $1.022B $1.108B $1.367B
YoY Change -21.63% -18.95% -31.1%
Goodwill $0.00
YoY Change -100.0%
Intangibles $695.0M $734.0M $875.0M
YoY Change -17.36% -16.11%
Long-Term Investments
YoY Change
Other Assets $70.00M $66.00M $85.00M
YoY Change -11.39% -22.35% -85.54%
Total Long-Term Assets $1.904B $2.034B $2.482B
YoY Change -19.7% -18.05% -16.57%
TOTAL ASSETS
Total Short-Term Assets $3.244B $3.126B $2.927B
Total Long-Term Assets $1.904B $2.034B $2.482B
Total Assets $5.148B $5.160B $5.409B
YoY Change -9.11% -4.6% -15.23%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $350.0M $348.0M $384.0M
YoY Change 5.42% -9.38% -47.76%
Accrued Expenses $380.0M $355.0M $342.0M
YoY Change 6.44% 3.8% -4.47%
Deferred Revenue
YoY Change
Short-Term Debt $211.0M $10.00M $32.00M
YoY Change 1407.14% -68.75% -94.86%
Long-Term Debt Due $211.0M $10.00M $8.000M
YoY Change 2244.44% 25.0% -97.4%
Total Short-Term Liabilities $1.524B $1.243B $1.426B
YoY Change 7.63% -12.83% -50.64%
LONG-TERM LIABILITIES
Long-Term Debt $2.431B $2.605B $2.148B
YoY Change -6.57% 21.28% -70.84%
Other Long-Term Liabilities $411.0M $404.0M $335.0M
YoY Change 20.88% 20.6% -34.95%
Total Long-Term Liabilities $411.0M $404.0M $335.0M
YoY Change 20.88% 20.6% -34.95%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.524B $1.243B $1.426B
Total Long-Term Liabilities $411.0M $404.0M $335.0M
Total Liabilities $4.501B $4.401B $4.104B
YoY Change -0.88% 7.24% -61.89%
SHAREHOLDERS EQUITY
Retained Earnings -$2.236B -$2.141B -$1.573B
YoY Change 27.99% 36.11% -83.39%
Common Stock $2.900B $2.899B $2.897B
YoY Change 0.1% 0.07% -56.92%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $621.0M $726.0M $1.267B
YoY Change
Total Liabilities & Shareholders Equity $5.148B $5.160B $5.409B
YoY Change -9.11% -4.6% -15.23%

Cashflow Statement

Concept 2021 Q3 2021 Q2 2020 Q2
OPERATING ACTIVITIES
Net Income -$95.00M -$78.00M -$581.0M
YoY Change -45.4% -86.57% 83.86%
Depreciation, Depletion And Amortization $112.0M $114.0M $113.0M
YoY Change -4.27% 0.88% -2.59%
Cash From Operating Activities $114.0M $46.00M $31.00M
YoY Change -10.24% 48.39% -113.54%
INVESTING ACTIVITIES
Capital Expenditures -$20.00M -$9.000M -$37.00M
YoY Change -20.0% -75.68% -162.71%
Acquisitions
YoY Change
Other Investing Activities $20.00M $10.00M -$14.00M
YoY Change -56.52% -171.43% -105.69%
Cash From Investing Activities $0.00 $1.000M -$51.00M
YoY Change -100.0% -101.96% -127.27%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -50.00M -6.000M 8.000M
YoY Change -112.89% -175.0% -86.89%
NET CHANGE
Cash From Operating Activities 114.0M 46.00M 31.00M
Cash From Investing Activities 0.000 1.000M -51.00M
Cash From Financing Activities -50.00M -6.000M 8.000M
Net Change In Cash 64.00M 41.00M -12.00M
YoY Change -88.06% -441.67% -163.16%
FREE CASH FLOW
Cash From Operating Activities $114.0M $46.00M $31.00M
Capital Expenditures -$20.00M -$9.000M -$37.00M
Free Cash Flow $134.0M $55.00M $68.00M
YoY Change -11.84% -19.12% -123.61%

Facts In Submission

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us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
38000000 USD
CY2021Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-58000000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-145000000 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
CY2021Q2 us-gaap Income Tax Credits And Adjustments
IncomeTaxCreditsAndAdjustments
13000000 USD
CY2020Q2 us-gaap Tax Credit Carryforward Valuation Allowance
TaxCreditCarryforwardValuationAllowance
20000000 USD
CY2021Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
241000000 USD
CY2021Q2 us-gaap Decrease In Unrecognized Tax Benefits Is Reasonably Possible
DecreaseInUnrecognizedTaxBenefitsIsReasonablyPossible
13000000 USD

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