Parent, Guarantor, Non-Guarantor Unaudited Consolidating Condensed Financial Statements (Tables)
|
9 Months Ended |
Sep. 30, 2017 |
|---|
| Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
| Consolidating Condensed Balance Sheet |
PARKER DRILLING COMPANY AND SUBSIDIARIES
CONSOLIDATING CONDENSED BALANCE SHEET
(Dollars in Thousands)
(Unaudited)
|
|
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|
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|
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December 31, 2016 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
ASSETS |
Current assets: |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
65,000 |
|
|
$ |
14,365 |
|
|
$ |
40,326 |
|
|
$ |
— |
|
|
$ |
119,691 |
|
Accounts and notes receivable, net |
— |
|
|
15,749 |
|
|
97,482 |
|
|
— |
|
|
113,231 |
|
Rig materials and supplies |
— |
|
|
(5,369 |
) |
|
37,723 |
|
|
— |
|
|
32,354 |
|
Other current assets |
(50,296 |
) |
|
41,304 |
|
|
30,034 |
|
|
— |
|
|
21,042 |
|
Total current assets |
14,704 |
|
|
66,049 |
|
|
205,565 |
|
|
— |
|
|
286,318 |
|
Property, plant and equipment, net |
(19 |
) |
|
469,927 |
|
|
223,531 |
|
|
— |
|
|
693,439 |
|
Goodwill |
— |
|
|
6,708 |
|
|
— |
|
|
— |
|
|
6,708 |
|
Intangible assets, net |
— |
|
|
9,434 |
|
|
494 |
|
|
— |
|
|
9,928 |
|
Investment in subsidiaries and intercompany advances |
2,979,413 |
|
|
2,932,375 |
|
|
3,676,402 |
|
|
(9,588,190 |
) |
|
— |
|
Other noncurrent assets |
(253,679 |
) |
|
301,771 |
|
|
539,877 |
|
|
(480,811 |
) |
|
107,158 |
|
Total assets |
$ |
2,740,419 |
|
|
$ |
3,786,264 |
|
|
$ |
4,645,869 |
|
|
$ |
(10,069,001 |
) |
|
$ |
1,103,551 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
Current liabilities: |
|
|
|
|
|
|
|
|
|
Accounts payable and accrued liabilities |
$ |
(10,080 |
) |
|
$ |
149,210 |
|
|
$ |
577,188 |
|
|
$ |
(617,477 |
) |
|
$ |
98,841 |
|
Accrued income taxes |
— |
|
|
1,576 |
|
|
2,504 |
|
|
— |
|
|
4,080 |
|
Total current liabilities |
(10,080 |
) |
|
150,786 |
|
|
579,692 |
|
|
(617,477 |
) |
|
102,921 |
|
Long-term debt, net |
576,326 |
|
|
— |
|
|
— |
|
|
— |
|
|
576,326 |
|
Other long-term liabilities |
2,867 |
|
|
9,338 |
|
|
3,631 |
|
|
— |
|
|
15,836 |
|
Deferred tax liability |
(28 |
) |
|
73,039 |
|
|
(3,678 |
) |
|
— |
|
|
69,333 |
|
Intercompany payables |
1,828,317 |
|
|
1,437,417 |
|
|
2,161,864 |
|
|
(5,427,598 |
) |
|
— |
|
Total liabilities |
2,397,402 |
|
|
1,670,580 |
|
|
2,741,509 |
|
|
(6,045,075 |
) |
|
764,416 |
|
Total equity |
343,017 |
|
|
2,115,684 |
|
|
1,904,360 |
|
|
(4,023,926 |
) |
|
339,135 |
|
Total liabilities and stockholders’ equity |
$ |
2,740,419 |
|
|
$ |
3,786,264 |
|
|
$ |
4,645,869 |
|
|
$ |
(10,069,001 |
) |
|
$ |
1,103,551 |
|
PARKER DRILLING COMPANY AND SUBSIDIARIES
CONSOLIDATING CONDENSED BALANCE SHEET
(Dollars in Thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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|
September 30, 2017 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
ASSETS |
Current assets: |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
66,063 |
|
|
$ |
17,470 |
|
|
$ |
37,506 |
|
|
$ |
— |
|
|
$ |
121,039 |
|
Accounts and notes receivable, net |
— |
|
|
34,363 |
|
|
93,871 |
|
|
— |
|
|
128,234 |
|
Rig materials and supplies |
— |
|
|
(4,591 |
) |
|
38,903 |
|
|
— |
|
|
34,312 |
|
Other current assets |
— |
|
|
8,109 |
|
|
18,296 |
|
|
— |
|
|
26,405 |
|
Total current assets |
66,063 |
|
|
55,351 |
|
|
188,576 |
|
|
— |
|
|
309,990 |
|
Property, plant and equipment, net |
(19 |
) |
|
441,211 |
|
|
206,001 |
|
|
— |
|
|
647,193 |
|
Goodwill |
— |
|
|
6,708 |
|
|
— |
|
|
— |
|
|
6,708 |
|
Intangible assets, net |
— |
|
|
7,739 |
|
|
— |
|
|
— |
|
|
7,739 |
|
Investment in subsidiaries and intercompany advances |
2,947,686 |
|
|
2,964,272 |
|
|
3,880,171 |
|
|
(9,792,129 |
) |
|
— |
|
Other noncurrent assets |
(162,197 |
) |
|
218,964 |
|
|
538,855 |
|
|
(480,822 |
) |
|
114,800 |
|
Total assets |
$ |
2,851,533 |
|
|
$ |
3,694,245 |
|
|
$ |
4,813,603 |
|
|
$ |
(10,272,951 |
) |
|
$ |
1,086,430 |
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
Current liabilities: |
|
|
|
|
|
|
|
|
|
Accounts payable and accrued liabilities |
$ |
(66,449 |
) |
|
$ |
192,563 |
|
|
$ |
578,392 |
|
|
$ |
(617,476 |
) |
|
$ |
87,030 |
|
Accrued income taxes |
73,845 |
|
|
(53,249 |
) |
|
(16,238 |
) |
|
— |
|
|
4,358 |
|
Total current liabilities |
7,396 |
|
|
139,314 |
|
|
562,154 |
|
|
(617,476 |
) |
|
91,388 |
|
Long-term debt, net |
577,550 |
|
|
— |
|
|
— |
|
|
— |
|
|
577,550 |
|
Other long-term liabilities |
2,867 |
|
|
6,249 |
|
|
3,805 |
|
|
— |
|
|
12,921 |
|
Deferred tax liability |
80,015 |
|
|
— |
|
|
— |
|
|
— |
|
|
80,015 |
|
Intercompany payables |
1,858,370 |
|
|
1,461,280 |
|
|
2,357,346 |
|
|
(5,676,996 |
) |
|
— |
|
Total liabilities |
2,526,198 |
|
|
1,606,843 |
|
|
2,923,305 |
|
|
(6,294,472 |
) |
|
761,874 |
|
Total equity |
325,335 |
|
|
2,087,402 |
|
|
1,890,298 |
|
|
(3,978,479 |
) |
|
324,556 |
|
Total liabilities and stockholders’ equity |
$ |
2,851,533 |
|
|
$ |
3,694,245 |
|
|
$ |
4,813,603 |
|
|
$ |
(10,272,951 |
) |
|
$ |
1,086,430 |
|
|
| Consolidating Condensed Statement of Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, 2017 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
Total revenues |
$ |
— |
|
|
$ |
46,820 |
|
|
$ |
89,027 |
|
|
$ |
(17,539 |
) |
|
$ |
118,308 |
|
Operating expenses |
— |
|
|
24,085 |
|
|
81,574 |
|
|
(17,539 |
) |
|
88,120 |
|
Depreciation and amortization |
— |
|
|
20,025 |
|
|
10,042 |
|
|
— |
|
|
30,067 |
|
Total operating gross margin (loss) |
— |
|
|
2,710 |
|
|
(2,589 |
) |
|
— |
|
|
121 |
|
General and administrative expense (1)
|
(96 |
) |
|
(6,823 |
) |
|
(114 |
) |
|
— |
|
|
(7,033 |
) |
Gain (loss) on disposition of assets, net |
— |
|
|
— |
|
|
97 |
|
|
— |
|
|
97 |
|
Total operating income (loss) |
(96 |
) |
|
(4,113 |
) |
|
(2,606 |
) |
|
— |
|
|
(6,815 |
) |
Other income (expense): |
|
|
|
|
|
|
|
|
|
Interest expense |
(11,742 |
) |
|
(90 |
) |
|
(1,959 |
) |
|
2,724 |
|
|
(11,067 |
) |
Interest income |
259 |
|
|
206 |
|
|
2,387 |
|
|
(2,724 |
) |
|
128 |
|
Other |
— |
|
|
13 |
|
|
(651 |
) |
|
— |
|
|
(638 |
) |
Equity in net earnings of subsidiaries |
(8,172 |
) |
|
— |
|
|
— |
|
|
8,172 |
|
|
— |
|
Total other income (expense) |
(19,655 |
) |
|
129 |
|
|
(223 |
) |
|
8,172 |
|
|
(11,577 |
) |
Income (loss) before income taxes |
(19,751 |
) |
|
(3,984 |
) |
|
(2,829 |
) |
|
8,172 |
|
|
(18,392 |
) |
Total income tax expense (benefit) |
560 |
|
|
12 |
|
|
1,347 |
|
|
— |
|
|
1,919 |
|
Net income (loss) |
$ |
(20,311 |
) |
|
$ |
(3,996 |
) |
|
$ |
(4,176 |
) |
|
$ |
8,172 |
|
|
$ |
(20,311 |
) |
Less: Mandatory convertible preferred stock dividend |
$ |
906 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
906 |
|
Net income (loss) available to common stockholders |
$ |
(21,217 |
) |
|
$ |
(3,996 |
) |
|
$ |
(4,176 |
) |
|
$ |
8,172 |
|
|
$ |
(21,217 |
) |
(1) General and administrative expenses for field operations are included in operating expenses.
|
| Consolidating Condensed Statements of Comprehensive Income (Loss) |
PARKER DRILLING COMPANY AND SUBSIDIARIES
CONSOLIDATING CONDENSED STATEMENT OF COMPREHENSIVE INCOME (LOSS)
(Dollars in Thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, 2017 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
Comprehensive income (loss): |
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
(20,311 |
) |
|
$ |
(3,996 |
) |
|
$ |
(4,176 |
) |
|
$ |
8,172 |
|
|
$ |
(20,311 |
) |
Other comprehensive income (loss), net of tax: |
|
|
|
|
|
|
|
|
|
Currency translation difference on related borrowings |
— |
|
|
— |
|
|
170 |
|
|
— |
|
|
170 |
|
Currency translation difference on foreign currency net investments |
— |
|
|
— |
|
|
1,217 |
|
|
— |
|
|
1,217 |
|
Total other comprehensive income (loss), net of tax: |
— |
|
|
— |
|
|
1,387 |
|
|
— |
|
|
1,387 |
|
Comprehensive income (loss) |
$ |
(20,311 |
) |
|
$ |
(3,996 |
) |
|
$ |
(2,789 |
) |
|
$ |
8,172 |
|
|
$ |
(18,924 |
) |
PARKER DRILLING COMPANY AND SUBSIDIARIES
CONSOLIDATING CONDENSED STATEMENT OF COMPREHENSIVE INCOME (LOSS)
(Dollars in Thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, 2016 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
Comprehensive income (loss): |
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
(46,228 |
) |
|
$ |
(18,409 |
) |
|
$ |
(6,478 |
) |
|
$ |
24,887 |
|
|
$ |
(46,228 |
) |
Other comprehensive income (loss), net of tax: |
|
|
|
|
|
|
|
|
|
Currency translation difference on related borrowings |
— |
|
|
— |
|
|
116 |
|
|
— |
|
|
116 |
|
Currency translation difference on foreign currency net investments |
— |
|
|
— |
|
|
(740 |
) |
|
— |
|
|
(740 |
) |
Total other comprehensive income (loss), net of tax: |
— |
|
|
— |
|
|
(624 |
) |
|
— |
|
|
(624 |
) |
Comprehensive income (loss) |
(46,228 |
) |
|
(18,409 |
) |
|
(7,102 |
) |
|
24,887 |
|
|
(46,852 |
) |
PARKER DRILLING COMPANY AND SUBSIDIARIES
CONSOLIDATING CONDENSED STATEMENT OF COMPREHENSIVE INCOME (LOSS)
(Dollars in Thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, 2017 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
Comprehensive income (loss): |
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
(90,008 |
) |
|
$ |
(28,283 |
) |
|
$ |
(17,491 |
) |
|
$ |
45,774 |
|
|
$ |
(90,008 |
) |
Other comprehensive income (loss), net of tax: |
|
|
|
|
|
|
|
|
|
Currency translation difference on related borrowings |
— |
|
|
— |
|
|
438 |
|
|
— |
|
|
438 |
|
Currency translation difference on foreign currency net investments |
— |
|
|
— |
|
|
2,666 |
|
|
— |
|
|
2,666 |
|
Total other comprehensive income (loss), net of tax: |
— |
|
|
— |
|
|
3,104 |
|
|
— |
|
|
3,104 |
|
Comprehensive income (loss) |
$ |
(90,008 |
) |
|
$ |
(28,283 |
) |
|
$ |
(14,387 |
) |
|
$ |
45,774 |
|
|
$ |
(86,904 |
) |
PARKER DRILLING COMPANY AND SUBSIDIARIES
CONSOLIDATING CONDENSED STATEMENT OF COMPREHENSIVE INCOME (LOSS)
(Dollars in Thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, 2016 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
Comprehensive income (loss): |
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
(181,885 |
) |
|
$ |
(49,224 |
) |
|
$ |
(16,455 |
) |
|
$ |
65,679 |
|
|
$ |
(181,885 |
) |
Other comprehensive income (loss), net of tax: |
|
|
|
|
|
|
|
|
|
Currency translation difference on related borrowings |
— |
|
|
— |
|
|
311 |
|
|
— |
|
|
311 |
|
Currency translation difference on foreign currency net investments |
— |
|
|
— |
|
|
(4,506 |
) |
|
— |
|
|
(4,506 |
) |
Total other comprehensive income (loss), net of tax: |
— |
|
|
— |
|
|
(4,195 |
) |
|
— |
|
|
(4,195 |
) |
Comprehensive income (loss) |
(181,885 |
) |
|
(49,224 |
) |
|
(20,650 |
) |
|
65,679 |
|
|
(186,080 |
) |
|
| Consolidated Condensed Statements of Cash Flows |
ARKER DRILLING COMPANY AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(Dollars in Thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, 2017 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
(90,008 |
) |
|
$ |
(28,283 |
) |
|
$ |
(17,491 |
) |
|
$ |
45,774 |
|
|
$ |
(90,008 |
) |
Adjustments to reconcile net income (loss): |
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
— |
|
|
61,483 |
|
|
31,768 |
|
|
— |
|
|
93,251 |
|
(Gain) loss on disposition of assets |
— |
|
|
242 |
|
|
126 |
|
|
— |
|
|
368 |
|
Deferred income tax expense (benefit) |
(14,138 |
) |
|
12,217 |
|
|
1,327 |
|
|
— |
|
|
(594 |
) |
Expenses not requiring cash |
4,479 |
|
|
(45 |
) |
|
1,465 |
|
|
— |
|
|
5,899 |
|
Equity in net earnings of subsidiaries |
45,774 |
|
|
— |
|
|
— |
|
|
(45,774 |
) |
|
— |
|
Change in assets and liabilities: |
|
|
|
|
|
|
|
|
|
Accounts and notes receivable |
— |
|
|
(18,515 |
) |
|
3,607 |
|
|
— |
|
|
(14,908 |
) |
Other assets |
(34,318 |
) |
|
26,426 |
|
|
7,567 |
|
|
— |
|
|
(325 |
) |
Accounts payable and accrued liabilities |
(57,275 |
) |
|
42,116 |
|
|
(3,361 |
) |
|
— |
|
|
(18,520 |
) |
Accrued income taxes |
76,281 |
|
|
(57,261 |
) |
|
(18,589 |
) |
|
— |
|
|
431 |
|
Net cash provided by (used in) operating activities |
(69,205 |
) |
|
38,380 |
|
|
6,419 |
|
|
— |
|
|
(24,406 |
) |
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
Capital expenditures |
— |
|
|
(35,301 |
) |
|
(9,535 |
) |
|
— |
|
|
(44,836 |
) |
Proceeds from the sale of assets |
— |
|
|
26 |
|
|
296 |
|
|
— |
|
|
322 |
|
Net cash provided by (used in) investing activities |
— |
|
|
(35,275 |
) |
|
(9,239 |
) |
|
— |
|
|
(44,514 |
) |
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
Proceeds from the issuance of common stock |
25,200 |
|
|
— |
|
|
— |
|
|
— |
|
|
25,200 |
|
Proceeds from the issuance of mandatory convertible preferred stock |
50,000 |
|
|
— |
|
|
— |
|
|
— |
|
|
50,000 |
|
Payment of equity issuance costs |
(2,864 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(2,864 |
) |
Mandatory convertible preferred stock dividend |
(1,239 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(1,239 |
) |
Shares surrendered in lieu of tax |
(829 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(829 |
) |
Intercompany advances, net |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Net cash provided by (used in) financing activities |
70,268 |
|
|
— |
|
|
— |
|
|
— |
|
|
70,268 |
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in cash and cash equivalents |
1,063 |
|
|
3,105 |
|
|
(2,820 |
) |
|
— |
|
|
1,348 |
|
Cash and cash equivalents, beginning of year |
65,000 |
|
|
14,365 |
|
|
40,326 |
|
|
— |
|
|
119,691 |
|
Cash and cash equivalents, end of period |
$ |
66,063 |
|
|
$ |
17,470 |
|
|
$ |
37,506 |
|
|
$ |
— |
|
|
$ |
121,039 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, 2017 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
(90,008 |
) |
|
$ |
(28,283 |
) |
|
$ |
(17,491 |
) |
|
$ |
45,774 |
|
|
$ |
(90,008 |
) |
Adjustments to reconcile net income (loss): |
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
— |
|
|
61,483 |
|
|
31,768 |
|
|
— |
|
|
93,251 |
|
(Gain) loss on disposition of assets |
— |
|
|
242 |
|
|
126 |
|
|
— |
|
|
368 |
|
Deferred income tax expense (benefit) |
(14,138 |
) |
|
12,217 |
|
|
1,327 |
|
|
— |
|
|
(594 |
) |
Expenses not requiring cash |
4,479 |
|
|
(45 |
) |
|
1,465 |
|
|
— |
|
|
5,899 |
|
Equity in net earnings of subsidiaries |
45,774 |
|
|
— |
|
|
— |
|
|
(45,774 |
) |
|
— |
|
Change in assets and liabilities: |
|
|
|
|
|
|
|
|
|
Accounts and notes receivable |
— |
|
|
(18,515 |
) |
|
3,607 |
|
|
— |
|
|
(14,908 |
) |
Other assets |
(34,318 |
) |
|
26,426 |
|
|
7,567 |
|
|
— |
|
|
(325 |
) |
Accounts payable and accrued liabilities |
(57,275 |
) |
|
42,116 |
|
|
(3,361 |
) |
|
— |
|
|
(18,520 |
) |
Accrued income taxes |
76,281 |
|
|
(57,261 |
) |
|
(18,589 |
) |
|
— |
|
|
431 |
|
Net cash provided by (used in) operating activities |
(69,205 |
) |
|
38,380 |
|
|
6,419 |
|
|
— |
|
|
(24,406 |
) |
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
Capital expenditures |
— |
|
|
(35,301 |
) |
|
(9,535 |
) |
|
— |
|
|
(44,836 |
) |
Proceeds from the sale of assets |
— |
|
|
26 |
|
|
296 |
|
|
— |
|
|
322 |
|
Net cash provided by (used in) investing activities |
— |
|
|
(35,275 |
) |
|
(9,239 |
) |
|
— |
|
|
(44,514 |
) |
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
Proceeds from the issuance of common stock |
25,200 |
|
|
— |
|
|
— |
|
|
— |
|
|
25,200 |
|
Proceeds from the issuance of mandatory convertible preferred stock |
50,000 |
|
|
— |
|
|
— |
|
|
— |
|
|
50,000 |
|
Payment of equity issuance costs |
(2,864 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(2,864 |
) |
Mandatory convertible preferred stock dividend |
(1,239 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(1,239 |
) |
Shares surrendered in lieu of tax |
(829 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(829 |
) |
Intercompany advances, net |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Net cash provided by (used in) financing activities |
70,268 |
|
|
— |
|
|
— |
|
|
— |
|
|
70,268 |
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in cash and cash equivalents |
1,063 |
|
|
3,105 |
|
|
(2,820 |
) |
|
— |
|
|
1,348 |
|
Cash and cash equivalents, beginning of year |
65,000 |
|
|
14,365 |
|
|
40,326 |
|
|
— |
|
|
119,691 |
|
Cash and cash equivalents, end of period |
$ |
66,063 |
|
|
$ |
17,470 |
|
|
$ |
37,506 |
|
|
$ |
— |
|
|
$ |
121,039 |
|
PARKER DRILLING COMPANY AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(Dollars in Thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, 2016 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
(181,885 |
) |
|
$ |
(49,224 |
) |
|
$ |
(16,455 |
) |
|
$ |
65,679 |
|
|
$ |
(181,885 |
) |
Adjustments to reconcile net income (loss) |
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
— |
|
|
68,739 |
|
|
37,866 |
|
|
— |
|
|
106,605 |
|
Accretion of contingent consideration |
— |
|
|
419 |
|
|
— |
|
|
— |
|
|
419 |
|
(Gain) loss on debt modification |
1,088 |
|
|
— |
|
|
— |
|
|
— |
|
|
1,088 |
|
(Gain) loss on disposition of assets |
— |
|
|
(141 |
) |
|
390 |
|
|
— |
|
|
249 |
|
Deferred income tax expense (benefit) |
46,773 |
|
|
12,693 |
|
|
1,733 |
|
|
— |
|
|
61,199 |
|
Excess tax benefit (expense) from stock-based compensation |
(1,751 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(1,751 |
) |
Expenses not requiring cash |
5,181 |
|
|
(505 |
) |
|
(7,681 |
) |
|
— |
|
|
(3,005 |
) |
Equity in net earnings of subsidiaries |
65,679 |
|
|
— |
|
|
— |
|
|
(65,679 |
) |
|
— |
|
Change in assets and liabilities: |
|
|
|
|
|
|
|
|
|
Accounts and notes receivable |
— |
|
|
26,956 |
|
|
17,843 |
|
|
— |
|
|
44,799 |
|
Other assets |
(113,372 |
) |
|
119,703 |
|
|
(3,049 |
) |
|
— |
|
|
3,282 |
|
Accounts payable and accrued liabilities |
(7,079 |
) |
|
(16,486 |
) |
|
(7,025 |
) |
|
— |
|
|
(30,590 |
) |
Accrued income taxes |
33,313 |
|
|
(27,191 |
) |
|
(8,114 |
) |
|
— |
|
|
(1,992 |
) |
Net cash provided by (used in) operating activities |
(152,053 |
) |
|
134,963 |
|
|
15,508 |
|
|
— |
|
|
(1,582 |
) |
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
Capital expenditures |
— |
|
|
(10,121 |
) |
|
(10,873 |
) |
|
— |
|
|
(20,994 |
) |
Proceeds from the sale of assets |
— |
|
|
435 |
|
|
1,861 |
|
|
— |
|
|
2,296 |
|
Net cash provided by (used in) investing activities |
— |
|
|
(9,686 |
) |
|
(9,012 |
) |
|
— |
|
|
(18,698 |
) |
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
Payment for noncontrolling interest |
(3,375 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(3,375 |
) |
Payment of contingent consideration |
— |
|
|
(6,000 |
) |
|
— |
|
|
— |
|
|
(6,000 |
) |
Shares surrendered in lieu of tax |
(1,026 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(1,026 |
) |
Intercompany advances, net |
136,511 |
|
|
(119,447 |
) |
|
(17,064 |
) |
|
— |
|
|
— |
|
Net cash provided by (used in) financing activities |
132,110 |
|
|
(125,447 |
) |
|
(17,064 |
) |
|
— |
|
|
(10,401 |
) |
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in cash and cash equivalents |
(19,943 |
) |
|
(170 |
) |
|
(10,568 |
) |
|
— |
|
|
(30,681 |
) |
Cash and cash equivalents, beginning of year |
73,985 |
|
|
13,854 |
|
|
46,455 |
|
|
— |
|
|
134,294 |
|
Cash and cash equivalents, end of period |
$ |
54,042 |
|
|
$ |
13,684 |
|
|
$ |
35,887 |
|
|
$ |
— |
|
|
$ |
103,613 |
|
|