Parent, Guarantor, Non-Guarantor Unaudited Consolidating Condensed Financial Statements (Tables)
|
9 Months Ended |
Sep. 30, 2018 |
|---|
| 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)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2018 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
ASSETS |
Current assets: |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
30,825 |
|
|
$ |
7,939 |
|
|
$ |
42,964 |
|
|
$ |
— |
|
|
$ |
81,728 |
|
Accounts and notes receivable, net |
— |
|
|
53,515 |
|
|
84,386 |
|
|
— |
|
|
137,901 |
|
Rig materials and supplies |
— |
|
|
(1,792 |
) |
|
35,971 |
|
|
319 |
|
|
34,498 |
|
Other current assets |
— |
|
|
8,733 |
|
|
18,940 |
|
|
— |
|
|
27,673 |
|
Total current assets |
30,825 |
|
|
68,395 |
|
|
182,261 |
|
|
319 |
|
|
281,800 |
|
Property, plant and equipment, net |
(19 |
) |
|
380,029 |
|
|
170,163 |
|
|
296 |
|
|
550,469 |
|
Goodwill |
— |
|
|
6,708 |
|
|
— |
|
|
— |
|
|
6,708 |
|
Intangible assets, net |
— |
|
|
5,398 |
|
|
— |
|
|
— |
|
|
5,398 |
|
Deferred income taxes |
21,272 |
|
|
(33,125 |
) |
|
13,664 |
|
|
— |
|
|
1,811 |
|
Other noncurrent assets |
2,596,927 |
|
|
3,273,124 |
|
|
4,727,353 |
|
|
(10,574,409 |
) |
|
22,995 |
|
Total assets |
$ |
2,649,005 |
|
|
$ |
3,700,529 |
|
|
$ |
5,093,441 |
|
|
$ |
(10,573,794 |
) |
|
$ |
869,181 |
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
Current liabilities: |
|
|
|
|
|
|
|
|
|
Accounts payable and accrued liabilities |
$ |
(103,158 |
) |
|
$ |
219,483 |
|
|
$ |
604,393 |
|
|
$ |
(617,477 |
) |
|
$ |
103,241 |
|
Accrued income taxes |
84,361 |
|
|
(62,926 |
) |
|
(17,223 |
) |
|
— |
|
|
4,212 |
|
Total current liabilities |
(18,797 |
) |
|
156,557 |
|
|
587,170 |
|
|
(617,477 |
) |
|
107,453 |
|
Long-term debt, net |
579,289 |
|
|
— |
|
|
— |
|
|
— |
|
|
579,289 |
|
Other long-term liabilities |
2,867 |
|
|
4,588 |
|
|
4,753 |
|
|
— |
|
|
12,208 |
|
Long-term deferred tax liability |
— |
|
|
— |
|
|
60 |
|
|
— |
|
|
60 |
|
Intercompany payables |
1,912,224 |
|
|
1,473,535 |
|
|
2,670,598 |
|
|
(6,056,357 |
) |
|
— |
|
Total liabilities |
2,475,583 |
|
|
1,634,680 |
|
|
3,262,581 |
|
|
(6,673,834 |
) |
|
699,010 |
|
Total stockholders’ equity |
173,422 |
|
|
2,065,849 |
|
|
1,830,860 |
|
|
(3,899,960 |
) |
|
170,171 |
|
Total liabilities and stockholders’ equity |
$ |
2,649,005 |
|
|
$ |
3,700,529 |
|
|
$ |
5,093,441 |
|
|
$ |
(10,573,794 |
) |
|
$ |
869,181 |
|
PARKER DRILLING COMPANY AND SUBSIDIARIES
CONSOLIDATING CONDENSED BALANCE SHEET
(Dollars in Thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2017 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
ASSETS |
Current assets: |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
75,342 |
|
|
$ |
20,655 |
|
|
$ |
45,552 |
|
|
$ |
— |
|
|
$ |
141,549 |
|
Accounts and notes receivable, net |
— |
|
|
32,338 |
|
|
90,173 |
|
|
— |
|
|
122,511 |
|
Rig materials and supplies |
— |
|
|
(3,025 |
) |
|
34,440 |
|
|
— |
|
|
31,415 |
|
Other current assets |
— |
|
|
6,362 |
|
|
15,999 |
|
|
— |
|
|
22,361 |
|
Total current assets |
75,342 |
|
|
56,330 |
|
|
186,164 |
|
|
— |
|
|
317,836 |
|
Property, plant and equipment, net |
(19 |
) |
|
428,556 |
|
|
197,234 |
|
|
— |
|
|
625,771 |
|
Goodwill |
— |
|
|
6,708 |
|
|
— |
|
|
— |
|
|
6,708 |
|
Intangible assets, net |
— |
|
|
7,128 |
|
|
— |
|
|
— |
|
|
7,128 |
|
Deferred income taxes |
15,144 |
|
|
(26,623 |
) |
|
12,763 |
|
|
— |
|
|
1,284 |
|
Other noncurrent assets |
2,678,674 |
|
|
3,235,834 |
|
|
4,479,914 |
|
|
(10,362,870 |
) |
|
31,552 |
|
Total assets |
$ |
2,769,141 |
|
|
$ |
3,707,933 |
|
|
$ |
4,876,075 |
|
|
$ |
(10,362,870 |
) |
|
$ |
990,279 |
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
Current liabilities: |
|
|
|
|
|
|
|
|
|
Accounts payable and accrued liabilities |
$ |
(51,060 |
) |
|
$ |
179,247 |
|
|
$ |
588,536 |
|
|
$ |
(617,477 |
) |
|
$ |
99,246 |
|
Accrued income taxes |
76,883 |
|
|
(56,870 |
) |
|
(15,583 |
) |
|
— |
|
|
4,430 |
|
Total current liabilities |
25,823 |
|
|
122,377 |
|
|
572,953 |
|
|
(617,477 |
) |
|
103,676 |
|
Long-term debt, net |
577,971 |
|
|
— |
|
|
— |
|
|
— |
|
|
577,971 |
|
Other long-term liabilities |
2,867 |
|
|
5,741 |
|
|
3,825 |
|
|
— |
|
|
12,433 |
|
Long-term deferred tax liability |
(1 |
) |
|
— |
|
|
79 |
|
|
— |
|
|
78 |
|
Intercompany payables |
1,865,810 |
|
|
1,465,744 |
|
|
2,430,340 |
|
|
(5,761,894 |
) |
|
— |
|
Total liabilities |
2,472,470 |
|
|
1,593,862 |
|
|
3,007,197 |
|
|
(6,379,371 |
) |
|
694,158 |
|
Total stockholders’ equity |
296,671 |
|
|
2,114,071 |
|
|
1,868,878 |
|
|
(3,983,499 |
) |
|
296,121 |
|
Total liabilities and stockholders’ equity |
$ |
2,769,141 |
|
|
$ |
3,707,933 |
|
|
$ |
4,876,075 |
|
|
$ |
(10,362,870 |
) |
|
$ |
990,279 |
|
|
| Consolidating Condensed Statement of Operations |
PARKER DRILLING COMPANY AND SUBSIDIARIES CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS
(Dollars in Thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended September 30, 2018 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
Revenues |
$ |
— |
|
|
$ |
63,178 |
|
|
$ |
76,316 |
|
|
$ |
(16,099 |
) |
|
$ |
123,395 |
|
Expenses: |
|
|
|
|
|
|
|
|
|
Operating expenses |
— |
|
|
31,039 |
|
|
79,003 |
|
|
(16,099 |
) |
|
93,943 |
|
Depreciation and amortization |
— |
|
|
19,680 |
|
|
7,840 |
|
|
— |
|
|
27,520 |
|
|
— |
|
|
50,719 |
|
|
86,843 |
|
|
(16,099 |
) |
|
121,463 |
|
Total operating gross margin (loss) |
— |
|
|
12,459 |
|
|
(10,527 |
) |
|
— |
|
|
1,932 |
|
General and administrative expense (1)
|
(96 |
) |
|
(14,421 |
) |
|
22 |
|
|
— |
|
|
(14,495 |
) |
Loss on impairment |
— |
|
|
(34,209 |
) |
|
(9,781 |
) |
|
— |
|
|
(43,990 |
) |
Gain (loss) on disposition of assets, net |
— |
|
|
54 |
|
|
(45 |
) |
|
— |
|
|
9 |
|
Total operating income (loss) |
(96 |
) |
|
(36,117 |
) |
|
(20,331 |
) |
|
— |
|
|
(56,544 |
) |
Other income (expense): |
|
|
|
|
|
|
|
|
|
Interest expense |
(12,072 |
) |
|
(44 |
) |
|
(2,866 |
) |
|
3,632 |
|
|
(11,350 |
) |
Interest income |
127 |
|
|
183 |
|
|
3,345 |
|
|
(3,632 |
) |
|
23 |
|
Other |
— |
|
|
(2 |
) |
|
(707 |
) |
|
— |
|
|
(709 |
) |
Equity in net earnings of subsidiaries |
(57,588 |
) |
|
— |
|
|
— |
|
|
57,588 |
|
|
— |
|
Total other income (expense) |
(69,533 |
) |
|
137 |
|
|
(228 |
) |
|
57,588 |
|
|
(12,036 |
) |
Income (loss) before income taxes |
(69,629 |
) |
|
(35,980 |
) |
|
(20,559 |
) |
|
57,588 |
|
|
(68,580 |
) |
Income tax expense (benefit) |
1,322 |
|
|
59 |
|
|
990 |
|
|
— |
|
|
2,371 |
|
Net income (loss) |
(70,951 |
) |
|
(36,039 |
) |
|
(21,549 |
) |
|
57,588 |
|
|
(70,951 |
) |
Less: Convertible preferred stock dividend |
906 |
|
|
— |
|
|
— |
|
|
— |
|
|
906 |
|
Net income (loss) available to common stockholders |
$ |
(71,857 |
) |
|
$ |
(36,039 |
) |
|
$ |
(21,549 |
) |
|
$ |
57,588 |
|
|
$ |
(71,857 |
) |
|
|
(1) |
General and administrative expenses for field operations are included in operating expenses. |
PARKER DRILLING COMPANY AND SUBSIDIARIES
CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS
(Dollars in Thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended September 30, 2017 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
Revenues |
$ |
— |
|
|
$ |
46,820 |
|
|
$ |
89,027 |
|
|
$ |
(17,539 |
) |
|
$ |
118,308 |
|
Expenses: |
|
|
|
|
|
|
|
|
|
Operating expenses |
— |
|
|
24,085 |
|
|
81,574 |
|
|
(17,539 |
) |
|
88,120 |
|
Depreciation and amortization |
— |
|
|
20,025 |
|
|
10,042 |
|
|
— |
|
|
30,067 |
|
|
— |
|
|
44,110 |
|
|
91,616 |
|
|
(17,539 |
) |
|
118,187 |
|
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 |
) |
Income tax expense (benefit) |
560 |
|
|
12 |
|
|
1,347 |
|
|
— |
|
|
1,919 |
|
Net income (loss) |
(20,311 |
) |
|
(3,996 |
) |
|
(4,176 |
) |
|
8,172 |
|
|
(20,311 |
) |
Less: 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. |
PARKER DRILLING COMPANY AND SUBSIDIARIES
CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS
(Dollars in Thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, 2018 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
Revenues |
$ |
— |
|
|
$ |
156,766 |
|
|
$ |
240,579 |
|
|
$ |
(45,672 |
) |
|
$ |
351,673 |
|
Expenses: |
|
|
|
|
|
|
|
|
|
Operating expenses |
— |
|
|
83,231 |
|
|
239,552 |
|
|
(45,672 |
) |
|
277,111 |
|
Depreciation and amortization |
— |
|
|
59,163 |
|
|
24,042 |
|
|
— |
|
|
83,205 |
|
|
— |
|
|
142,394 |
|
|
263,594 |
|
|
(45,672 |
) |
|
360,316 |
|
Total operating gross margin (loss) |
— |
|
|
14,372 |
|
|
(23,015 |
) |
|
— |
|
|
(8,643 |
) |
General and administrative expense (1)
|
(340 |
) |
|
(28,408 |
) |
|
(236 |
) |
|
— |
|
|
(28,984 |
) |
Loss on impairment |
— |
|
|
(34,209 |
) |
|
(9,781 |
) |
|
— |
|
|
(43,990 |
) |
Gain (loss) on disposition of assets, net |
— |
|
|
2 |
|
|
(128 |
) |
|
— |
|
|
(126 |
) |
Total operating income (loss) |
(340 |
) |
|
(48,243 |
) |
|
(33,160 |
) |
|
— |
|
|
(81,743 |
) |
Other income (expense): |
|
|
|
|
|
|
|
|
|
Interest expense |
(36,214 |
) |
|
129 |
|
|
(7,022 |
) |
|
9,320 |
|
|
(33,787 |
) |
Interest income |
447 |
|
|
544 |
|
|
8,405 |
|
|
(9,320 |
) |
|
76 |
|
Other |
— |
|
|
14 |
|
|
(1,623 |
) |
|
— |
|
|
(1,609 |
) |
Equity in net earnings of subsidiaries |
(85,039 |
) |
|
— |
|
|
— |
|
|
85,039 |
|
|
— |
|
Total other income (expense) |
(120,806 |
) |
|
687 |
|
|
(240 |
) |
|
85,039 |
|
|
(35,320 |
) |
Income (loss) before income taxes |
(121,146 |
) |
|
(47,556 |
) |
|
(33,400 |
) |
|
85,039 |
|
|
(117,063 |
) |
Income tax expense (benefit) |
1,478 |
|
|
665 |
|
|
3,418 |
|
|
— |
|
|
5,561 |
|
Net income (loss) |
(122,624 |
) |
|
(48,221 |
) |
|
(36,818 |
) |
|
85,039 |
|
|
(122,624 |
) |
Less: Convertible preferred stock dividend |
2,719 |
|
|
— |
|
|
— |
|
|
— |
|
|
2,719 |
|
Net income (loss) available to common stockholders |
$ |
(125,343 |
) |
|
$ |
(48,221 |
) |
|
$ |
(36,818 |
) |
|
$ |
85,039 |
|
|
$ |
(125,343 |
) |
|
|
(1) |
General and administrative expenses for field operations are included in operating expenses. |
PARKER DRILLING COMPANY AND SUBSIDIARIES
CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS
(Dollars in Thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, 2017 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
Revenues |
$ |
— |
|
|
$ |
116,203 |
|
|
$ |
262,293 |
|
|
$ |
(52,310 |
) |
|
$ |
326,186 |
|
Expenses: |
|
|
|
|
|
|
|
|
|
Operating expenses |
— |
|
|
70,362 |
|
|
245,523 |
|
|
(52,310 |
) |
|
263,575 |
|
Depreciation and amortization |
— |
|
|
61,483 |
|
|
31,768 |
|
|
— |
|
|
93,251 |
|
|
— |
|
|
131,845 |
|
|
277,291 |
|
|
(52,310 |
) |
|
356,826 |
|
Total operating gross margin (loss) |
— |
|
|
(15,642 |
) |
|
(14,998 |
) |
|
— |
|
|
(30,640 |
) |
General and administrative expense (1)
|
(244 |
) |
|
(19,996 |
) |
|
(336 |
) |
|
— |
|
|
(20,576 |
) |
Gain (loss) on disposition of assets, net |
— |
|
|
(242 |
) |
|
(126 |
) |
|
— |
|
|
(368 |
) |
Total operating income (loss) |
(244 |
) |
|
(35,880 |
) |
|
(15,460 |
) |
|
— |
|
|
(51,584 |
) |
Other income (expense): |
|
|
|
|
|
|
|
|
|
Interest expense |
(35,221 |
) |
|
(175 |
) |
|
(5,971 |
) |
|
8,335 |
|
|
(33,032 |
) |
Interest income |
592 |
|
|
563 |
|
|
7,340 |
|
|
(8,335 |
) |
|
160 |
|
Other |
— |
|
|
59 |
|
|
393 |
|
|
— |
|
|
452 |
|
Equity in net earnings of subsidiaries |
(45,774 |
) |
|
— |
|
|
— |
|
|
45,774 |
|
|
— |
|
Total other income (expense) |
(80,403 |
) |
|
447 |
|
|
1,762 |
|
|
45,774 |
|
|
(32,420 |
) |
Income (loss) before income taxes |
(80,647 |
) |
|
(35,433 |
) |
|
(13,698 |
) |
|
45,774 |
|
|
(84,004 |
) |
Income tax expense (benefit) |
9,361 |
|
|
(7,150 |
) |
|
3,793 |
|
|
— |
|
|
6,004 |
|
Net income (loss) |
(90,008 |
) |
|
(28,283 |
) |
|
(17,491 |
) |
|
45,774 |
|
|
(90,008 |
) |
Less: Convertible preferred stock dividend |
2,145 |
|
|
— |
|
|
— |
|
|
— |
|
|
2,145 |
|
Net income (loss) available to common stockholders |
$ |
(92,153 |
) |
|
$ |
(28,283 |
) |
|
$ |
(17,491 |
) |
|
$ |
45,774 |
|
|
$ |
(92,153 |
) |
|
|
(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, 2018 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
Comprehensive income (loss): |
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
(70,951 |
) |
|
$ |
(36,039 |
) |
|
$ |
(21,549 |
) |
|
$ |
57,588 |
|
|
$ |
(70,951 |
) |
Other comprehensive income (loss), net of tax: |
|
|
|
|
|
|
|
|
|
Currency translation difference on related borrowings |
— |
|
|
— |
|
|
(315 |
) |
|
— |
|
|
(315 |
) |
Currency translation difference on foreign currency net investments |
— |
|
|
— |
|
|
162 |
|
|
— |
|
|
162 |
|
Total other comprehensive income (loss), net of tax: |
— |
|
|
— |
|
|
(153 |
) |
|
— |
|
|
(153 |
) |
Comprehensive income (loss) |
$ |
(70,951 |
) |
|
$ |
(36,039 |
) |
|
$ |
(21,702 |
) |
|
$ |
57,588 |
|
|
$ |
(71,104 |
) |
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)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, 2018 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
Comprehensive income (loss): |
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
(122,624 |
) |
|
$ |
(48,221 |
) |
|
$ |
(36,818 |
) |
|
$ |
85,039 |
|
|
$ |
(122,624 |
) |
Other comprehensive income (loss), net of tax: |
|
|
|
|
|
|
|
|
|
Currency translation difference on related borrowings |
— |
|
|
— |
|
|
(484 |
) |
|
— |
|
|
(484 |
) |
Currency translation difference on foreign currency net investments |
— |
|
|
— |
|
|
(2,216 |
) |
|
— |
|
|
(2,216 |
) |
Total other comprehensive income (loss), net of tax: |
— |
|
|
— |
|
|
(2,700 |
) |
|
— |
|
|
(2,700 |
) |
Comprehensive income (loss) |
$ |
(122,624 |
) |
|
$ |
(48,221 |
) |
|
$ |
(39,518 |
) |
|
$ |
85,039 |
|
|
$ |
(125,324 |
) |
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 |
) |
|
| Consolidated Condensed Statements of Cash Flows |
PARKER DRILLING COMPANY AND SUBSIDIARIES CONSOLIDATED CONDENSED STATEMENT OF CASH FLOWS
(Dollars in Thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, 2018 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
(122,624 |
) |
|
$ |
(48,221 |
) |
|
$ |
(36,818 |
) |
|
$ |
85,039 |
|
|
$ |
(122,624 |
) |
Adjustments to reconcile net income (loss): |
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
— |
|
|
59,163 |
|
|
24,042 |
|
|
— |
|
|
83,205 |
|
(Gain) loss on disposition of assets, net |
— |
|
|
(2 |
) |
|
128 |
|
|
— |
|
|
126 |
|
Deferred tax expense (benefit) |
(6,129 |
) |
|
6,503 |
|
|
(920 |
) |
|
— |
|
|
(546 |
) |
Loss on impairment |
— |
|
|
34,209 |
|
|
9,781 |
|
|
— |
|
|
43,990 |
|
Expenses not requiring cash |
3,660 |
|
|
536 |
|
|
(8,872 |
) |
|
9,167 |
|
|
4,491 |
|
Change in assets and liabilities: |
|
|
|
|
|
|
|
|
|
Accounts and notes receivable |
— |
|
|
(21,161 |
) |
|
5,515 |
|
|
— |
|
|
(15,646 |
) |
Other assets |
83,191 |
|
|
(37,686 |
) |
|
(249,047 |
) |
|
211,220 |
|
|
7,678 |
|
Accounts payable and accrued liabilities |
(4,777 |
) |
|
45,820 |
|
|
260,517 |
|
|
(305,426 |
) |
|
(3,866 |
) |
Accrued income taxes |
7,478 |
|
|
(6,056 |
) |
|
(1,746 |
) |
|
— |
|
|
(324 |
) |
Net cash provided by (used in) operating activities |
(39,201 |
) |
|
33,105 |
|
|
2,580 |
|
|
— |
|
|
(3,516 |
) |
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
Capital expenditures |
— |
|
|
(45,888 |
) |
|
(6,132 |
) |
|
— |
|
|
(52,020 |
) |
Proceeds from the sale of assets |
— |
|
|
67 |
|
|
964 |
|
|
— |
|
|
1,031 |
|
Net cash provided by (used in) investing activities |
— |
|
|
(45,821 |
) |
|
(5,168 |
) |
|
— |
|
|
(50,989 |
) |
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
Convertible preferred stock dividend |
(3,625 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(3,625 |
) |
Payments of debt issuance costs |
(1,443 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(1,443 |
) |
Shares surrendered in lieu of tax |
(248 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(248 |
) |
Net cash provided by (used in) financing activities |
(5,316 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(5,316 |
) |
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in cash and cash equivalents |
(44,517 |
) |
|
(12,716 |
) |
|
(2,588 |
) |
|
— |
|
|
(59,821 |
) |
Cash and cash equivalents at beginning of period |
75,342 |
|
|
20,655 |
|
|
45,552 |
|
|
— |
|
|
141,549 |
|
Cash and cash equivalents at end of period |
$ |
30,825 |
|
|
$ |
7,939 |
|
|
$ |
42,964 |
|
|
$ |
— |
|
|
$ |
81,728 |
|
PARKER DRILLING COMPANY AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENT 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, net |
— |
|
|
242 |
|
|
126 |
|
|
— |
|
|
368 |
|
Deferred 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: |
|
|
|
|
|
|
|
|
|
Convertible preferred stock dividend |
(1,239 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(1,239 |
) |
Shares surrendered in lieu of tax |
(829 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(829 |
) |
Proceeds from the issuance of common stock |
25,200 |
|
|
— |
|
|
— |
|
|
— |
|
|
25,200 |
|
Proceeds from the issuance of convertible preferred stock |
50,000 |
|
|
— |
|
|
— |
|
|
— |
|
|
50,000 |
|
Payment of equity issuance costs |
(2,864 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(2,864 |
) |
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 at beginning of period |
65,000 |
|
|
14,365 |
|
|
40,326 |
|
|
— |
|
|
119,691 |
|
Cash and cash equivalents at end of period |
$ |
66,063 |
|
|
$ |
17,470 |
|
|
$ |
37,506 |
|
|
$ |
— |
|
|
$ |
121,039 |
|
|