| Results of Operations by Reportable Segment |
The following table represents the results of operations by reportable segment:
|
|
|
|
|
|
|
|
|
|
Predecessor |
|
Three Months Ended March 31, |
Dollars in thousands |
2019 |
|
2018 |
Revenues: (1)
|
|
|
|
U.S. rental tools |
$ |
52,595 |
|
|
$ |
34,748 |
|
International rental tools |
21,109 |
|
|
17,477 |
|
Total rental tools services |
73,704 |
|
|
52,225 |
|
U.S. (Lower 48) drilling |
6,627 |
|
|
1,354 |
|
International & Alaska drilling |
77,066 |
|
|
56,096 |
|
Total drilling services |
83,693 |
|
|
57,450 |
|
Total revenues |
157,397 |
|
|
109,675 |
|
Operating gross margin: (2)
|
|
|
|
U.S. rental tools |
$ |
17,289 |
|
|
$ |
4,231 |
|
International rental tools |
(3,581 |
) |
|
(4,015 |
) |
Total rental tools services |
13,708 |
|
|
216 |
|
U.S. (Lower 48) drilling |
(1,508 |
) |
|
(5,288 |
) |
International & Alaska drilling |
(776 |
) |
|
(5,336 |
) |
Total drilling services |
(2,284 |
) |
|
(10,624 |
) |
Total operating gross margin (loss) |
11,424 |
|
|
(10,408 |
) |
General and administrative expense |
(8,147 |
) |
|
(6,201 |
) |
Gain (loss) on disposition of assets, net |
384 |
|
|
343 |
|
Reorganization items |
(92,977 |
) |
|
— |
|
Total operating income (loss) |
(89,316 |
) |
|
(16,266 |
) |
Interest expense |
(274 |
) |
|
(11,240 |
) |
Interest income |
8 |
|
|
23 |
|
Other |
(10 |
) |
|
291 |
|
Income (loss) before income taxes |
$ |
(89,592 |
) |
|
$ |
(27,192 |
) |
|
|
(1) |
For the three months ended March 31, 2019, our largest customer, ENL, constituted approximately 31.2 percent of our total consolidated revenues and approximately 63.8 percent of our International & Alaska Drilling segment revenues. Excluding reimbursable revenues of $26.3 million, ENL constituted approximately 17.7 percent of our total consolidated revenues and approximately 46.6 percent of our International & Alaska Drilling segment revenues.
|
For the three months ended March 31, 2018, our largest customer, ENL, constituted approximately 28.6 percent of our total consolidated revenues and approximately 55.9 percent of our International & Alaska Drilling segment revenues. Excluding reimbursable revenues of $12.1 million, ENL constituted approximately 20.1 percent of our total consolidated revenues and approximately 45.9 percent of our International & Alaska Drilling segment revenues.
(2) Operating gross margin is calculated as revenues less direct operating expenses, including depreciation and amortization expense.
|
| Schedule of Revenue by Geographic Region |
The following table shows the Company’s revenues by geographic region:
|
|
|
|
|
|
|
|
|
|
Predecessor |
|
Three Months Ended March 31, |
Dollars in Thousands |
2019 |
|
2018 |
United States |
$ |
66,253 |
|
|
$ |
43,995 |
|
Russia |
49,387 |
|
|
31,292 |
|
EMEA & Asia |
25,133 |
|
|
20,044 |
|
Latin America |
5,482 |
|
|
3,513 |
|
Other CIS |
3,621 |
|
|
3,550 |
|
Other |
7,521 |
|
|
7,281 |
|
Total revenues |
$ |
157,397 |
|
|
$ |
109,675 |
|
|