$WFRD
Weatherford International plc

2021 Q4 Form 10-Q Financial Statement

#000160392321000102 Filed on November 02, 2021

View on sec.gov

Income Statement

Concept 2021 Q4 2021 Q3 2020 Q4
Revenue $965.0M $945.0M $842.0M
YoY Change 14.61% 17.1% 222.61%
Cost Of Revenue $717.0M $686.0M $654.0M
YoY Change 9.63% 8.72% -31.37%
Gross Profit $248.0M $259.0M $188.0M
YoY Change 31.91% 47.16% 254.72%
Gross Profit Margin 25.7% 27.41% 22.33%
Selling, General & Admin $148.0M $175.0M $186.0M
YoY Change -20.43% -2.78% -19.13%
% of Gross Profit 59.68% 67.57% 98.94%
Research & Development $22.00M $21.00M $20.00M
YoY Change 10.0% 0.0% 185.71%
% of Gross Profit 8.87% 8.11% 10.64%
Depreciation & Amortization $103.0M $112.0M $116.0M
YoY Change -11.21% -4.27% 241.18%
% of Gross Profit 41.53% 43.24% 61.7%
Operating Expenses $209.0M $196.0M $158.0M
YoY Change 32.28% -2.49% 2157.14%
Operating Profit $39.00M $71.00M $30.00M
YoY Change 30.0% -218.33% 2900.0%
Interest Expense -$49.00M $69.00M -$70.00M
YoY Change -30.0% 7.81% 483.33%
% of Operating Profit -125.64% 97.18% -233.33%
Other Income/Expense, Net -$10.00M -$4.000M $3.000M
YoY Change -433.33% -80.0%
Pretax Income -$137.0M -$61.00M -$174.0M
YoY Change -21.26% -61.64% 1060.0%
Income Tax $20.00M $28.00M $21.00M
% Of Pretax Income
Net Earnings -$161.0M -$95.00M -$200.0M
YoY Change -19.5% -45.4% 669.23%
Net Earnings / Revenue -16.68% -10.05% -23.75%
Basic Earnings Per Share -$1.36
Diluted Earnings Per Share -$2.300M -$1.357M -$2.857M
COMMON SHARES
Basic Shares Outstanding 70.16M shares 70.12M shares 70.02M shares
Diluted Shares Outstanding 70.00M shares

Balance Sheet

Concept 2021 Q4 2021 Q3 2020 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $951.0M $1.291B $1.118B
YoY Change -14.94% 15.17% 80.91%
Cash & Equivalents $951.0M $1.291B $1.118B
Short-Term Investments
Other Short-Term Assets $303.0M $301.0M $349.0M
YoY Change -13.18% -14.97% -20.68%
Inventory $670.0M $681.0M $717.0M
Prepaid Expenses
Receivables $825.0M $782.0M $826.0M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $2.911B $3.244B $3.177B
YoY Change -8.37% -1.49% -7.99%
LONG-TERM ASSETS
Property, Plant & Equipment $996.0M $1.022B $1.236B
YoY Change -19.42% -21.63% -41.75%
Goodwill $0.00
YoY Change -100.0%
Intangibles $657.0M $695.0M $810.0M
YoY Change -18.89% -17.36% -27.29%
Long-Term Investments
YoY Change
Other Assets $97.00M $70.00M $73.00M
YoY Change 32.88% -11.39% -33.03%
Total Long-Term Assets $1.863B $1.904B $2.257B
YoY Change -17.46% -19.7% -41.22%
TOTAL ASSETS
Total Short-Term Assets $2.911B $3.244B $3.177B
Total Long-Term Assets $1.863B $1.904B $2.257B
Total Assets $4.774B $5.148B $5.434B
YoY Change -12.15% -9.11% -25.49%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $380.0M $350.0M $325.0M
YoY Change 16.92% 5.42% -44.44%
Accrued Expenses $402.0M $380.0M $368.0M
YoY Change 9.24% 6.44% 5.44%
Deferred Revenue
YoY Change
Short-Term Debt $12.00M $211.0M $13.00M
YoY Change -7.69% 1407.14% 0.0%
Long-Term Debt Due $12.00M $211.0M $9.000M
YoY Change 33.33% 2244.44% -10.0%
Total Short-Term Liabilities $1.332B $1.524B $1.362B
YoY Change -2.2% 7.63% -20.21%
LONG-TERM LIABILITIES
Long-Term Debt $2.416B $2.431B $2.601B
YoY Change -7.11% -6.57% 20.92%
Other Long-Term Liabilities $138.0M $411.0M $357.0M
YoY Change -61.34% 20.88% 4.69%
Total Long-Term Liabilities $138.0M $411.0M $357.0M
YoY Change -61.34% 20.88% 4.69%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.332B $1.524B $1.362B
Total Long-Term Liabilities $138.0M $411.0M $357.0M
Total Liabilities $4.278B $4.501B $4.497B
YoY Change -4.87% -0.88% 2.74%
SHAREHOLDERS EQUITY
Retained Earnings -$2.397B -$2.236B -$1.947B
YoY Change 23.11% 27.99% 7388.46%
Common Stock $2.904B $2.900B $2.897B
YoY Change 0.24% 0.1% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $472.0M $621.0M $907.0M
YoY Change
Total Liabilities & Shareholders Equity $4.774B $5.148B $5.434B
YoY Change -12.15% -9.11% -25.49%

Cashflow Statement

Concept 2021 Q4 2021 Q3 2020 Q4
OPERATING ACTIVITIES
Net Income -$161.0M -$95.00M -$200.0M
YoY Change -19.5% -45.4% 669.23%
Depreciation, Depletion And Amortization $103.0M $112.0M $116.0M
YoY Change -11.21% -4.27% 241.18%
Cash From Operating Activities $88.00M $114.0M $22.00M
YoY Change 300.0% -10.24% -63.93%
INVESTING ACTIVITIES
Capital Expenditures -$41.00M -$20.00M -$58.00M
YoY Change -29.31% -20.0% -390.0%
Acquisitions
YoY Change
Other Investing Activities -$40.00M $20.00M $48.00M
YoY Change -183.33% -56.52% 4700.0%
Cash From Investing Activities -$81.00M $0.00 -$10.00M
YoY Change 710.0% -100.0% -28.57%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -338.0M -50.00M -28.00M
YoY Change 1107.14% -112.89% 1300.0%
NET CHANGE
Cash From Operating Activities 88.00M 114.0M 22.00M
Cash From Investing Activities -81.00M 0.000 -10.00M
Cash From Financing Activities -338.0M -50.00M -28.00M
Net Change In Cash -331.0M 64.00M -16.00M
YoY Change 1968.75% -88.06% -134.78%
FREE CASH FLOW
Cash From Operating Activities $88.00M $114.0M $22.00M
Capital Expenditures -$41.00M -$20.00M -$58.00M
Free Cash Flow $129.0M $134.0M $80.00M
YoY Change 61.25% -11.84% 95.12%

Facts In Submission

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wfrd Operating Income Loss Before Impairment And Other Charges
OperatingIncomeLossBeforeImpairmentAndOtherCharges
-38000000 USD
CY2021Q3 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0 USD
CY2020Q3 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0 USD
us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0 USD
us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
1057000000 USD
CY2021Q3 us-gaap Restructuring Charges
RestructuringCharges
0 USD
CY2020Q3 us-gaap Restructuring Charges
RestructuringCharges
31000000 USD
us-gaap Restructuring Charges
RestructuringCharges
0 USD
us-gaap Restructuring Charges
RestructuringCharges
114000000 USD
CY2021Q3 us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
-8000000 USD
CY2020Q3 us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
4000000 USD
us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
-16000000 USD
us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
170000000 USD
CY2021Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
71000000 USD
CY2020Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-60000000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
83000000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
-1379000000 USD
CY2021Q3 us-gaap Interest Expense
InterestExpense
69000000 USD
CY2020Q3 us-gaap Interest Expense
InterestExpense
64000000 USD
us-gaap Interest Expense
InterestExpense
211000000 USD
us-gaap Interest Expense
InterestExpense
181000000 USD
CY2021Q3 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-59000000 USD
CY2020Q3 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
0 USD
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-59000000 USD
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
0 USD
CY2021Q3 wfrd Loss On Termination Of Abl Credit Agreement
LossOnTerminationOfABLCreditAgreement
0 USD
CY2020Q3 wfrd Loss On Termination Of Abl Credit Agreement
LossOnTerminationOfABLCreditAgreement
15000000 USD
wfrd Loss On Termination Of Abl Credit Agreement
LossOnTerminationOfABLCreditAgreement
0 USD
wfrd Loss On Termination Of Abl Credit Agreement
LossOnTerminationOfABLCreditAgreement
15000000 USD
CY2021Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-4000000 USD
CY2021Q3 wfrd Elimination Of Intercompany Margins Associated With Transfers Of Assets And Inventory
EliminationOfIntercompanyMarginsAssociatedWithTransfersOfAssetsAndInventory
-1000000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
66000000 USD
CY2020Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-20000000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-19000000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-65000000 USD
CY2021Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-61000000 USD
CY2020Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-159000000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-206000000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-1640000000 USD
CY2020Q3 wfrd Elimination Of Intercompany Margins Associated With Transfers Of Assets And Inventory
EliminationOfIntercompanyMarginsAssociatedWithTransfersOfAssetsAndInventory
9000000 USD
wfrd Elimination Of Intercompany Margins Associated With Transfers Of Assets And Inventory
EliminationOfIntercompanyMarginsAssociatedWithTransfersOfAssetsAndInventory
0 USD
wfrd Elimination Of Intercompany Margins Associated With Transfers Of Assets And Inventory
EliminationOfIntercompanyMarginsAssociatedWithTransfersOfAssetsAndInventory
27000000 USD
CY2021Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
28000000 USD
CY2021Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-61000000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-206000000 USD
CY2020Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
8000000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
64000000 USD
CY2020Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-159000000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-1600000000 USD
CY2021Q3 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
241000000 USD
CY2021Q3 us-gaap Decrease In Unrecognized Tax Benefits Is Reasonably Possible
DecreaseInUnrecognizedTaxBenefitsIsReasonablyPossible
13000000 USD

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