$WFRD
Weatherford International plc

2022 Q1 Form 10-Q Financial Statement

#000160392322000071 Filed on April 28, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $938.0M $832.0M
YoY Change 12.74% -31.52%
Cost Of Revenue $682.0M $636.0M
YoY Change 7.23% -30.34%
Gross Profit $256.0M $196.0M
YoY Change 30.61% -35.1%
Gross Profit Margin 27.29% 23.56%
Selling, General & Admin $178.0M $188.0M
YoY Change -5.32% -24.19%
% of Gross Profit 69.53% 95.92%
Research & Development $21.00M $21.00M
YoY Change 0.0% -36.36%
% of Gross Profit 8.2% 10.71%
Depreciation & Amortization $87.00M $111.0M
YoY Change -21.62% -29.3%
% of Gross Profit 33.98% 56.63%
Operating Expenses $199.0M $209.0M
YoY Change -4.78% -25.62%
Operating Profit $18.00M -$13.00M
YoY Change -238.46% -98.42%
Interest Expense -$48.00M $70.00M
YoY Change -168.57% 20.69%
% of Operating Profit -266.67%
Other Income/Expense, Net -$16.00M -$4.000M
YoY Change 300.0% -84.0%
Pretax Income -$46.00M -$87.00M
YoY Change -47.13% -90.48%
Income Tax $28.00M $23.00M
% Of Pretax Income
Net Earnings -$80.00M -$116.0M
YoY Change -31.03% -87.99%
Net Earnings / Revenue -8.53% -13.94%
Basic Earnings Per Share -$1.14 -$1.66
Diluted Earnings Per Share -$1.14 -$1.66
COMMON SHARES
Basic Shares Outstanding 70.00M shares 70.00M shares
Diluted Shares Outstanding 70.00M shares 70.00M shares

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $841.0M $1.177B
YoY Change -28.55% 75.67%
Cash & Equivalents $841.0M $1.177B
Short-Term Investments
Other Short-Term Assets $281.0M $346.0M
YoY Change -18.79% -13.93%
Inventory $684.0M $676.0M
Prepaid Expenses
Receivables $868.0M $758.0M
Other Receivables $0.00 $0.00
Total Short-Term Assets $2.889B $3.158B
YoY Change -8.52% -6.4%
LONG-TERM ASSETS
Property, Plant & Equipment $964.0M $1.170B
YoY Change -17.61% -24.71%
Goodwill
YoY Change
Intangibles $619.0M $771.0M
YoY Change -19.71% -16.92%
Long-Term Investments
YoY Change
Other Assets $93.00M $68.00M
YoY Change 36.76% -71.31%
Total Long-Term Assets $1.795B $2.137B
YoY Change -16.0% -23.43%
TOTAL ASSETS
Total Short-Term Assets $2.889B $3.158B
Total Long-Term Assets $1.795B $2.137B
Total Assets $4.684B $5.295B
YoY Change -11.54% -14.11%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $385.0M $330.0M
YoY Change 16.67% -39.34%
Accrued Expenses $317.0M $320.0M
YoY Change -0.94% -2.14%
Deferred Revenue
YoY Change
Short-Term Debt $13.00M $11.00M
YoY Change 18.18%
Long-Term Debt Due $13.00M $11.00M
YoY Change 18.18% -57.69%
Total Short-Term Liabilities $1.300B $1.364B
YoY Change -4.69% -17.03%
LONG-TERM LIABILITIES
Long-Term Debt $2.416B $2.602B
YoY Change -7.15% 21.08%
Other Long-Term Liabilities $140.0M $349.0M
YoY Change -59.89% -31.43%
Total Long-Term Liabilities $140.0M $349.0M
YoY Change -59.89% -31.43%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.300B $1.364B
Total Long-Term Liabilities $140.0M $349.0M
Total Liabilities $4.258B $4.474B
YoY Change -4.83% 4.0%
SHAREHOLDERS EQUITY
Retained Earnings -$2.477B -$2.063B
YoY Change 20.07% 107.96%
Common Stock $2.908B $2.897B
YoY Change 0.38% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $396.0M $787.0M
YoY Change
Total Liabilities & Shareholders Equity $4.684B $5.295B
YoY Change -11.54% -14.11%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income -$80.00M -$116.0M
YoY Change -31.03% -87.99%
Depreciation, Depletion And Amortization $87.00M $111.0M
YoY Change -21.62% -29.3%
Cash From Operating Activities -$64.00M $74.00M
YoY Change -186.49% 146.67%
INVESTING ACTIVITIES
Capital Expenditures $20.00M $15.00M
YoY Change 33.33% -60.53%
Acquisitions
YoY Change
Other Investing Activities -$9.000M -$1.000M
YoY Change 800.0% -133.33%
Cash From Investing Activities $9.000M -$3.000M
YoY Change -400.0% -91.43%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$5.000M -$9.000M
YoY Change -44.44% -55.0%
NET CHANGE
Cash From Operating Activities -$64.00M $74.00M
Cash From Investing Activities $9.000M -$3.000M
Cash From Financing Activities -$5.000M -$9.000M
Net Change In Cash -$57.00M $58.00M
YoY Change -198.28% -261.11%
FREE CASH FLOW
Cash From Operating Activities -$64.00M $74.00M
Capital Expenditures $20.00M $15.00M
Free Cash Flow -$84.00M $59.00M
YoY Change -242.37% -837.5%

Facts In Submission

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15000000 USD
CY2022Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
20000000 USD
CY2021Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
11000000 USD
CY2022Q1 us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
-9000000 USD
CY2021Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-3000000 USD
CY2022Q1 us-gaap Interest Paid Net
InterestPaidNet
17000000 USD
CY2022Q1 us-gaap Repayments Of Long Term Debt And Capital Securities
RepaymentsOfLongTermDebtAndCapitalSecurities
4000000 USD
CY2021Q1 us-gaap Repayments Of Long Term Debt And Capital Securities
RepaymentsOfLongTermDebtAndCapitalSecurities
3000000 USD
CY2022Q1 us-gaap Proceeds From Repayments Of Short Term Debt
ProceedsFromRepaymentsOfShortTermDebt
0 USD
CY2021Q1 us-gaap Proceeds From Repayments Of Short Term Debt
ProceedsFromRepaymentsOfShortTermDebt
-4000000 USD
CY2022Q1 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-1000000 USD
CY2021Q1 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-2000000 USD
CY2022Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-5000000 USD
CY2021Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-9000000 USD
CY2022Q1 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
3000000 USD
CY2021Q1 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
-4000000 USD
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-57000000 USD
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
58000000 USD
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1113000000 USD
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1285000000 USD
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1056000000 USD
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1343000000 USD
CY2021Q1 us-gaap Interest Paid Net
InterestPaidNet
24000000 USD
CY2022Q1 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
19000000 USD
CY2021Q1 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
15000000 USD
CY2022Q1 us-gaap Revenues
Revenues
938000000 USD
CY2021Q1 us-gaap Revenues
Revenues
832000000 USD
CY2022Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
87000000 USD
CY2021Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
111000000 USD
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
7000000 USD
CY2021Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4000000 USD
CY2022Q1 us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
-39000000 USD
CY2021Q1 us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
0 USD
CY2022Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
18000000 USD
CY2021Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-13000000 USD
CY2022Q1 us-gaap Restructuring Charges
RestructuringCharges
20000000 USD
CY2022Q1 us-gaap Other Nonrecurring Income Expense
OtherNonrecurringIncomeExpense
19000000 USD
CY2022Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
938000000 USD
CY2021Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
832000000 USD
CY2021Q4 us-gaap Inventory Net
InventoryNet
670000000 USD
CY2022Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
10000000 USD
CY2021Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
18000000 USD
CY2022Q1 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
868000000 USD
CY2021Q4 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
825000000 USD
CY2022Q1 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
35000000 USD
CY2021Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
26000000 USD
CY2022Q1 us-gaap Restructuring Charges
RestructuringCharges
20000000 USD
CY2022Q1 us-gaap Restructuring Charges
RestructuringCharges
20000000 USD
CY2021Q1 us-gaap Restructuring Charges
RestructuringCharges
0 USD
CY2022Q1 us-gaap Restructuring Charges
RestructuringCharges
20000000 USD
CY2022Q1 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
165000000 USD
CY2021Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
159000000 USD
CY2022Q1 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
595000000 USD
CY2021Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
595000000 USD
CY2022Q1 us-gaap Inventory Raw Materials And Supplies Net Of Reserves
InventoryRawMaterialsAndSuppliesNetOfReserves
89000000 USD
CY2021Q4 us-gaap Inventory Raw Materials And Supplies Net Of Reserves
InventoryRawMaterialsAndSuppliesNetOfReserves
75000000 USD
CY2022Q1 us-gaap Inventory Net
InventoryNet
684000000 USD
CY2022Q1 us-gaap Inventory Write Down
InventoryWriteDown
15000000 USD
CY2021Q1 us-gaap Inventory Write Down
InventoryWriteDown
17000000 USD
CY2022Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
367000000 USD
CY2021Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
328000000 USD
CY2022Q1 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
619000000 USD
CY2021Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
657000000 USD
CY2022Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
39000000 USD
CY2021Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
39000000 USD
CY2022Q1 us-gaap Debt Current
DebtCurrent
13000000 USD
CY2021Q4 us-gaap Debt Current
DebtCurrent
12000000 USD
CY2022Q1 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
2416000000 USD
CY2021Q4 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
2416000000 USD
CY2022Q1 us-gaap Debt Instrument Unused Borrowing Capacity Amount
DebtInstrumentUnusedBorrowingCapacityAmount
46000000 USD
CY2022Q1 us-gaap Interest Payable Current
InterestPayableCurrent
71000000 USD
CY2021Q4 us-gaap Interest Payable Current
InterestPayableCurrent
35000000 USD
CY2022Q1 us-gaap Litigation Reserve
LitigationReserve
45000000 USD
CY2021Q4 us-gaap Litigation Reserve
LitigationReserve
40000000 USD
CY2021Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
496000000 USD
CY2022Q1 us-gaap Profit Loss
ProfitLoss
-74000000 USD
CY2022Q1 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
4000000 USD
CY2021Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
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0 USD
CY2021Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
426000000 USD
CY2020Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
937000000 USD
CY2020Q3 us-gaap Profit Loss
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-110000000 USD
CY2021Q1 us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
2000000 USD
CY2021Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-4000000 USD
CY2021Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
821000000 USD
CY2022Q1 us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
0 USD
CY2021Q1 us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
-4000000 USD
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
-80000000 USD
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
-116000000 USD
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
70000000 shares
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
70000000 shares
CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
70000000 shares
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
70000000 shares
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.14
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.14
CY2021Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.66
CY2021Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.66
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
11000000 shares
CY2021Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
9000000 shares
CY2022Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
28000000 USD
CY2022Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-46000000 USD
CY2021Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
23000000 USD
CY2021Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-87000000 USD
CY2022Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
272000000 USD
CY2022Q1 us-gaap Decrease In Unrecognized Tax Benefits Is Reasonably Possible
DecreaseInUnrecognizedTaxBenefitsIsReasonablyPossible
11000000 USD

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