|
Parent, Guarantor, Non-Guarantor Unaudited Consolidating Condensed Financial Statements (Tables)
|
9 Months Ended |
|
Sep. 30, 2014
|
| 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)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2013 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
ASSETS |
|
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
88,697 |
|
|
$ |
8,310 |
|
|
$ |
51,682 |
|
|
$ |
— |
|
|
$ |
148,689 |
|
Accounts and notes receivable, net |
— |
|
|
101,299 |
|
|
156,590 |
|
|
— |
|
|
257,889 |
|
Rig materials and supplies |
— |
|
|
3,002 |
|
|
38,779 |
|
|
— |
|
|
41,781 |
|
Deferred costs |
— |
|
|
— |
|
|
13,682 |
|
|
— |
|
|
13,682 |
|
Deferred income taxes |
(57 |
) |
|
8,435 |
|
|
1,562 |
|
|
— |
|
|
9,940 |
|
Other tax assets |
54,524 |
|
|
(46,770 |
) |
|
16,325 |
|
|
— |
|
|
24,079 |
|
Other current assets |
— |
|
|
9,089 |
|
|
14,134 |
|
|
— |
|
|
23,223 |
|
Total current assets |
143,164 |
|
|
83,365 |
|
|
292,754 |
|
|
— |
|
|
519,283 |
|
Property, plant and equipment, net |
60 |
|
|
562,148 |
|
|
309,148 |
|
|
— |
|
|
871,356 |
|
Investment in subsidiaries and intercompany advances |
1,906,128 |
|
|
(336,570 |
) |
|
1,667,937 |
|
|
(3,237,495 |
) |
|
— |
|
Other noncurrent assets |
(457,954 |
) |
|
468,864 |
|
|
250,983 |
|
|
(117,776 |
) |
|
144,117 |
|
Total assets |
$ |
1,591,398 |
|
|
$ |
777,807 |
|
|
$ |
2,520,822 |
|
|
$ |
(3,355,271 |
) |
|
$ |
1,534,756 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
|
Current portion of long-term debt |
$ |
25,000 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
25,000 |
|
Accounts payable and accrued liabilities |
75,268 |
|
|
92,546 |
|
|
261,436 |
|
|
(254,364 |
) |
|
174,886 |
|
Accrued income taxes |
— |
|
|
725 |
|
|
6,541 |
|
|
— |
|
|
7,266 |
|
Total current liabilities |
100,268 |
|
|
93,271 |
|
|
267,977 |
|
|
(254,364 |
) |
|
207,152 |
|
Long-term debt |
628,781 |
|
|
— |
|
|
— |
|
|
— |
|
|
628,781 |
|
Other long-term liabilities |
5,037 |
|
|
6,743 |
|
|
15,134 |
|
|
— |
|
|
26,914 |
|
Long-term deferred tax liability |
— |
|
|
51,747 |
|
|
(12,980 |
) |
|
— |
|
|
38,767 |
|
Intercompany payables |
227,504 |
|
|
291,783 |
|
|
422,645 |
|
|
(941,932 |
) |
|
— |
|
Total liabilities |
961,590 |
|
|
443,544 |
|
|
692,776 |
|
|
(1,196,296 |
) |
|
901,614 |
|
Total equity |
629,808 |
|
|
334,263 |
|
|
1,828,046 |
|
|
(2,158,975 |
) |
|
633,142 |
|
Total liabilities and stockholders’ equity |
$ |
1,591,398 |
|
|
$ |
777,807 |
|
|
$ |
2,520,822 |
|
|
$ |
(3,355,271 |
) |
|
$ |
1,534,756 |
|
PARKER DRILLING COMPANY AND SUBSIDIARIES
CONSOLIDATING CONDENSED BALANCE SHEET
(Dollars in Thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2014 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
ASSETS |
|
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
23,577 |
|
|
$ |
12,515 |
|
|
$ |
42,219 |
|
|
$ |
— |
|
|
$ |
78,311 |
|
Accounts and notes receivable, net |
(1 |
) |
|
108,637 |
|
|
156,167 |
|
|
— |
|
|
264,803 |
|
Rig materials and supplies |
— |
|
|
727 |
|
|
45,047 |
|
|
— |
|
|
45,774 |
|
Deferred costs |
— |
|
|
— |
|
|
6,857 |
|
|
— |
|
|
6,857 |
|
Deferred income taxes |
— |
|
|
6,843 |
|
|
1,172 |
|
|
— |
|
|
8,015 |
|
Other tax assets |
55,782 |
|
|
(56,829 |
) |
|
19,169 |
|
|
— |
|
|
18,122 |
|
Other current assets |
— |
|
|
11,754 |
|
|
11,730 |
|
|
— |
|
|
23,484 |
|
Total current assets |
79,358 |
|
|
83,647 |
|
|
282,361 |
|
|
— |
|
|
445,366 |
|
Property, plant and equipment, net |
(19 |
) |
|
599,251 |
|
|
313,621 |
|
|
— |
|
|
912,853 |
|
Investment in subsidiaries and intercompany advances |
2,822,265 |
|
|
1,232,241 |
|
|
2,273,328 |
|
|
(6,327,834 |
) |
|
— |
|
Other noncurrent assets |
(482,689 |
) |
|
533,446 |
|
|
233,349 |
|
|
(121,312 |
) |
|
162,794 |
|
Total assets |
$ |
2,418,915 |
|
|
$ |
2,448,585 |
|
|
$ |
3,102,659 |
|
|
$ |
(6,449,146 |
) |
|
$ |
1,521,013 |
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
|
Current portion of long-term debt |
$ |
10,000 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
10,000 |
|
Accounts payable and accrued liabilities |
67,053 |
|
|
83,258 |
|
|
268,575 |
|
|
(258,175 |
) |
|
160,711 |
|
Accrued income taxes |
(5,548 |
) |
|
11,327 |
|
|
5,974 |
|
|
— |
|
|
11,753 |
|
Total current liabilities |
71,505 |
|
|
94,585 |
|
|
274,549 |
|
|
(258,175 |
) |
|
182,464 |
|
Long-term debt |
607,500 |
|
|
— |
|
|
— |
|
|
— |
|
|
607,500 |
|
Other long-term liabilities |
2,866 |
|
|
6,636 |
|
|
8,405 |
|
|
— |
|
|
17,907 |
|
Long-term deferred tax liability |
(29 |
) |
|
60,314 |
|
|
(5,745 |
) |
|
— |
|
|
54,540 |
|
Intercompany payables |
1,082,870 |
|
|
1,017,037 |
|
|
999,057 |
|
|
(3,098,964 |
) |
|
— |
|
Total liabilities |
1,764,712 |
|
|
1,178,572 |
|
|
1,276,266 |
|
|
(3,357,139 |
) |
|
862,411 |
|
Total equity |
654,203 |
|
|
1,270,013 |
|
|
1,826,393 |
|
|
(3,092,007 |
) |
|
658,602 |
|
Total liabilities and stockholders’ equity |
$ |
2,418,915 |
|
|
$ |
2,448,585 |
|
|
$ |
3,102,659 |
|
|
$ |
(6,449,146 |
) |
|
$ |
1,521,013 |
|
|
| Consolidating Condensed Statement of Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, 2014 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
|
|
|
|
|
|
|
|
|
|
Total revenues |
$ |
— |
|
|
396,536 |
|
|
461,460 |
|
|
(132,525 |
) |
|
$ |
725,471 |
|
Operating expenses |
— |
|
|
222,846 |
|
|
411,070 |
|
|
(132,525 |
) |
|
501,391 |
|
Depreciation and amortization |
— |
|
|
63,343 |
|
|
43,323 |
|
|
— |
|
|
106,666 |
|
Total operating gross margin |
— |
|
|
110,347 |
|
|
7,067 |
|
|
— |
|
|
117,414 |
|
General and administration expense (1)
|
(195 |
) |
|
(23,806 |
) |
|
(1,340 |
) |
|
— |
|
|
(25,341 |
) |
Gain (loss) on disposition of assets, net |
(79 |
) |
|
522 |
|
|
(10 |
) |
|
— |
|
|
433 |
|
Total operating income (loss) |
(274 |
) |
|
87,063 |
|
|
5,717 |
|
|
— |
|
|
92,506 |
|
Other income and (expense): |
|
|
|
|
|
|
|
|
|
Interest expense |
(35,542 |
) |
|
(120 |
) |
|
(6,356 |
) |
|
8,532 |
|
|
(33,486 |
) |
Interest income |
632 |
|
|
553 |
|
|
7,503 |
|
|
(8,532 |
) |
|
156 |
|
Loss on extinguishment of debt |
(30,152 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(30,152 |
) |
Other |
— |
|
|
860 |
|
|
531 |
|
|
— |
|
|
1,391 |
|
Equity in net earnings of subsidiaries |
50,591 |
|
|
— |
|
|
— |
|
|
(50,591 |
) |
|
— |
|
Total other income (expense) |
(14,471 |
) |
|
1,293 |
|
|
1,678 |
|
|
(50,591 |
) |
|
(62,091 |
) |
Income (loss) before income taxes |
(14,745 |
) |
|
88,356 |
|
|
7,395 |
|
|
(50,591 |
) |
|
30,415 |
|
Total Income tax expense (benefit) |
(30,443 |
) |
|
34,187 |
|
|
10,349 |
|
|
— |
|
|
14,093 |
|
Net income (loss) |
15,698 |
|
|
54,169 |
|
|
(2,954 |
) |
|
(50,591 |
) |
|
16,322 |
|
Less: Net income attributable to noncontrolling interest |
— |
|
|
— |
|
|
624 |
|
|
— |
|
|
624 |
|
Net income (loss) attributable to controlling interest |
$ |
15,698 |
|
|
$ |
54,169 |
|
|
$ |
(3,578 |
) |
|
$ |
(50,591 |
) |
|
$ |
15,698 |
|
(1) General and administration 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, 2013 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
|
|
|
|
|
|
|
|
|
|
Total revenues |
$ |
— |
|
|
$ |
345,367 |
|
|
$ |
388,912 |
|
|
$ |
(103,428 |
) |
|
$ |
630,851 |
|
Operating expenses |
— |
|
|
186,708 |
|
|
330,014 |
|
|
(103,428 |
) |
|
413,294 |
|
Depreciation and amortization |
— |
|
|
57,335 |
|
|
40,339 |
|
|
— |
|
|
97,674 |
|
Total operating gross margin |
— |
|
|
101,324 |
|
|
18,559 |
|
|
— |
|
|
119,883 |
|
General and administration expense (1)
|
(140 |
) |
|
(48,861 |
) |
|
(285 |
) |
|
— |
|
|
(49,286 |
) |
Gain on disposition of assets, net |
— |
|
|
1,917 |
|
|
842 |
|
|
— |
|
|
2,759 |
|
Total operating income (loss) |
(140 |
) |
|
54,380 |
|
|
19,116 |
|
|
— |
|
|
73,356 |
|
Other income and (expense): |
|
|
|
|
|
|
|
|
|
Interest expense |
(36,734 |
) |
|
(167 |
) |
|
(9,494 |
) |
|
12,521 |
|
|
(33,874 |
) |
Interest income |
3,366 |
|
|
1,584 |
|
|
9,963 |
|
|
(12,521 |
) |
|
2,392 |
|
Loss on extinguishment of debt |
(5,218 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(5,218 |
) |
Changes in fair value of derivative positions |
54 |
|
|
— |
|
|
— |
|
|
— |
|
|
54 |
|
Other |
— |
|
|
(192 |
) |
|
(613 |
) |
|
— |
|
|
(805 |
) |
Equity in net earnings of subsidiaries |
36,330 |
|
|
— |
|
|
— |
|
|
(36,330 |
) |
|
— |
|
Total other income (expense) |
(2,202 |
) |
|
1,225 |
|
|
(144 |
) |
|
(36,330 |
) |
|
(37,451 |
) |
Income (loss) before income taxes |
(2,342 |
) |
|
55,605 |
|
|
18,972 |
|
|
(36,330 |
) |
|
35,905 |
|
Income tax expense (benefit) |
(19,185 |
) |
|
27,993 |
|
|
10,033 |
|
|
— |
|
|
18,841 |
|
Net income (loss) |
16,843 |
|
|
27,612 |
|
|
8,939 |
|
|
(36,330 |
) |
|
17,064 |
|
Less: Net income attributable to noncontrolling interest |
— |
|
|
— |
|
|
221 |
|
|
— |
|
|
221 |
|
Net income (loss) attributable to controlling interest |
$ |
16,843 |
|
|
$ |
27,612 |
|
|
$ |
8,718 |
|
|
$ |
(36,330 |
) |
|
$ |
16,843 |
|
(1) General and administration 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, 2014 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
Comprehensive income: |
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
12,566 |
|
|
$ |
19,980 |
|
|
$ |
(227 |
) |
|
$ |
(19,442 |
) |
|
$ |
12,877 |
|
Other comprehensive income (loss), net of tax: |
|
|
|
|
|
|
|
|
|
Currency translation difference on related borrowings |
— |
|
|
— |
|
|
(1,780 |
) |
|
— |
|
|
(1,780 |
) |
Currency translation difference on foreign currency net investments |
— |
|
|
— |
|
|
615 |
|
|
— |
|
|
615 |
|
Total other comprehensive income (loss), net of tax: |
— |
|
|
— |
|
|
(1,165 |
) |
|
— |
|
|
(1,165 |
) |
Comprehensive income (loss) |
12,566 |
|
|
19,980 |
|
|
(1,392 |
) |
|
(19,442 |
) |
|
11,712 |
|
Comprehensive (income) attributable to noncontrolling interest |
— |
|
|
— |
|
|
(289 |
) |
|
— |
|
|
(289 |
) |
Comprehensive income (loss) attributable to controlling interest |
$ |
12,566 |
|
|
$ |
19,980 |
|
|
$ |
(1,681 |
) |
|
$ |
(19,442 |
) |
|
$ |
11,423 |
|
PARKER DRILLING COMPANY AND SUBSIDIARIES
CONSOLIDATING CONDENSED STATEMENT OF COMPREHENSIVE INCOME (LOSS)
(Dollars in Thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, 2013 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
Comprehensive income: |
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
7,970 |
|
|
$ |
10,817 |
|
|
$ |
11,653 |
|
|
$ |
(22,322 |
) |
|
$ |
8,118 |
|
Other comprehensive income (loss), net of tax: |
|
|
|
|
|
|
|
|
|
Currency translation difference on related borrowings |
— |
|
|
— |
|
|
(577 |
) |
|
— |
|
|
(577 |
) |
Currency translation difference on foreign currency net investments |
— |
|
|
— |
|
|
2,098 |
|
|
— |
|
|
$ |
2,098 |
|
Total other comprehensive income (loss), net of tax: |
— |
|
|
— |
|
|
1,521 |
|
|
— |
|
|
1,521 |
|
Comprehensive income (loss) |
7,970 |
|
|
10,817 |
|
|
13,174 |
|
|
(22,322 |
) |
|
9,639 |
|
Comprehensive (income) attributable to noncontrolling interest |
— |
|
|
— |
|
|
(53 |
) |
|
— |
|
|
(53 |
) |
Comprehensive income (loss) attributable to controlling interest |
$ |
7,970 |
|
|
$ |
10,817 |
|
|
$ |
13,121 |
|
|
$ |
(22,322 |
) |
|
$ |
9,586 |
|
PARKER DRILLING COMPANY AND SUBSIDIARIES
CONSOLIDATING CONDENSED STATEMENT OF COMPREHENSIVE INCOME (LOSS)
(Dollars in Thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, 2014 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
Comprehensive income: |
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
15,698 |
|
|
$ |
54,169 |
|
|
$ |
(2,954 |
) |
|
$ |
(50,591 |
) |
|
$ |
16,322 |
|
Other comprehensive income (loss), net of tax: |
|
|
|
|
|
|
|
|
|
Currency translation difference on related borrowings |
— |
|
|
— |
|
|
(2,248 |
) |
|
— |
|
|
(2,248 |
) |
Currency translation difference on foreign currency net investments |
— |
|
|
— |
|
|
1,126 |
|
|
— |
|
|
1,126 |
|
Total other comprehensive income (loss), net of tax: |
— |
|
|
— |
|
|
(1,122 |
) |
|
— |
|
|
(1,122 |
) |
Comprehensive income |
15,698 |
|
|
54,169 |
|
|
(4,076 |
) |
|
(50,591 |
) |
|
15,200 |
|
Comprehensive (income) attributable to noncontrolling interest |
— |
|
|
— |
|
|
(523 |
) |
|
— |
|
|
(523 |
) |
Comprehensive income attributable to controlling interest |
$ |
15,698 |
|
|
$ |
54,169 |
|
|
$ |
(4,599 |
) |
|
$ |
(50,591 |
) |
|
$ |
14,677 |
|
PARKER DRILLING COMPANY AND SUBSIDIARIES
CONSOLIDATING CONDENSED STATEMENT OF COMPREHENSIVE INCOME (LOSS)
(Dollars in Thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, 2013 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
Comprehensive income: |
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
16,843 |
|
|
$ |
27,612 |
|
|
$ |
8,939 |
|
|
$ |
(36,330 |
) |
|
$ |
17,064 |
|
Other comprehensive income (loss), net of tax: |
|
|
|
|
|
|
|
|
|
Currency translation difference on related borrowings |
— |
|
|
— |
|
|
(1,542 |
) |
|
— |
|
|
(1,542 |
) |
Currency translation difference on foreign currency net investments |
— |
|
|
— |
|
|
2,499 |
|
|
— |
|
|
2,499 |
|
Total other comprehensive income (loss), net of tax: |
— |
|
|
— |
|
|
957 |
|
|
— |
|
|
957 |
|
Comprehensive income |
16,843 |
|
|
27,612 |
|
|
9,896 |
|
|
(36,330 |
) |
|
18,021 |
|
Comprehensive (income) attributable to noncontrolling interest |
— |
|
|
— |
|
|
(83 |
) |
|
— |
|
|
(83 |
) |
Comprehensive income attributable to controlling interest |
$ |
16,843 |
|
|
$ |
27,612 |
|
|
$ |
9,813 |
|
|
$ |
(36,330 |
) |
|
$ |
17,938 |
|
|
| 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, 2014 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
15,698 |
|
|
$ |
54,169 |
|
|
$ |
(2,954 |
) |
|
$ |
(50,591 |
) |
|
$ |
16,322 |
|
Adjustments to reconcile net income (loss): |
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
— |
|
|
63,343 |
|
|
43,323 |
|
|
— |
|
|
106,666 |
|
Loss on extinguishment of debt |
30,152 |
|
|
— |
|
|
— |
|
|
— |
|
|
30,152 |
|
Gain on disposition of assets |
79 |
|
|
(522 |
) |
|
10 |
|
|
— |
|
|
(433 |
) |
Deferred income tax expense |
(15,774 |
) |
|
12,525 |
|
|
3,322 |
|
|
— |
|
|
73 |
|
Expenses not requiring cash |
9,940 |
|
|
(1,538 |
) |
|
1,739 |
|
|
— |
|
|
10,141 |
|
Equity in net earnings of subsidiaries |
(50,591 |
) |
|
— |
|
|
— |
|
|
50,591 |
|
|
— |
|
Change in accounts receivable |
— |
|
|
(1,715 |
) |
|
(3,473 |
) |
|
— |
|
|
(5,188 |
) |
Change in other assets |
43,412 |
|
|
(58,441 |
) |
|
22,583 |
|
|
— |
|
|
7,554 |
|
Change in accrued income taxes |
(13,232 |
) |
|
11,764 |
|
|
(8,929 |
) |
|
— |
|
|
(10,397 |
) |
Change in liabilities |
(8,213 |
) |
|
(9,395 |
) |
|
7,069 |
|
|
— |
|
|
(10,539 |
) |
Net cash provided by operating activities |
11,471 |
|
|
70,190 |
|
|
62,690 |
|
|
— |
|
|
144,351 |
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
Capital expenditures |
— |
|
|
(107,137 |
) |
|
(43,972 |
) |
|
— |
|
|
(151,109 |
) |
Proceeds from the sale of assets |
— |
|
|
1,088 |
|
|
1,206 |
|
|
— |
|
|
2,294 |
|
Acquisition of ITS, net of cash acquired |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Net cash (used in) investing activities |
— |
|
|
(106,049 |
) |
|
(42,766 |
) |
|
— |
|
|
(148,815 |
) |
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
Proceeds from debt issuance |
400,000 |
|
|
— |
|
|
— |
|
|
— |
|
|
400,000 |
|
Repayments of long term debt |
(425,000 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(425,000 |
) |
Paydown on term note |
(7,500 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(7,500 |
) |
Payment of debt issuance costs |
(7,630 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(7,630 |
) |
Payment of debt extinguishment costs |
(26,214 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(26,214 |
) |
Excess tax benefit from stock-based compensation |
430 |
|
|
— |
|
|
— |
|
|
— |
|
|
430 |
|
Intercompany advances, net |
(10,677 |
) |
|
40,064 |
|
|
(29,387 |
) |
|
— |
|
|
— |
|
Net cash provided by (used in) financing activities |
(76,591 |
) |
|
40,064 |
|
|
(29,387 |
) |
|
— |
|
|
(65,914 |
) |
|
|
|
|
|
|
|
|
|
|
Net change in cash and cash equivalents |
(65,120 |
) |
|
4,205 |
|
|
(9,463 |
) |
|
— |
|
|
(70,378 |
) |
Cash and cash equivalents at beginning of year |
88,697 |
|
|
8,310 |
|
|
51,682 |
|
|
— |
|
|
148,689 |
|
Cash and cash equivalents at end of year |
$ |
23,577 |
|
|
$ |
12,515 |
|
|
$ |
42,219 |
|
|
$ |
— |
|
|
$ |
78,311 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, 2014 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
15,698 |
|
|
$ |
54,169 |
|
|
$ |
(2,954 |
) |
|
$ |
(50,591 |
) |
|
$ |
16,322 |
|
Adjustments to reconcile net income (loss): |
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
— |
|
|
63,343 |
|
|
43,323 |
|
|
— |
|
|
106,666 |
|
Loss on extinguishment of debt |
30,152 |
|
|
— |
|
|
— |
|
|
— |
|
|
30,152 |
|
Gain on disposition of assets |
79 |
|
|
(522 |
) |
|
10 |
|
|
— |
|
|
(433 |
) |
Deferred income tax expense |
(15,774 |
) |
|
12,525 |
|
|
3,322 |
|
|
— |
|
|
73 |
|
Expenses not requiring cash |
9,940 |
|
|
(1,538 |
) |
|
1,739 |
|
|
— |
|
|
10,141 |
|
Equity in net earnings of subsidiaries |
(50,591 |
) |
|
— |
|
|
— |
|
|
50,591 |
|
|
— |
|
Change in accounts receivable |
— |
|
|
(1,715 |
) |
|
(3,473 |
) |
|
— |
|
|
(5,188 |
) |
Change in other assets |
43,412 |
|
|
(58,441 |
) |
|
22,583 |
|
|
— |
|
|
7,554 |
|
Change in accrued income taxes |
(13,232 |
) |
|
11,764 |
|
|
(8,929 |
) |
|
— |
|
|
(10,397 |
) |
Change in liabilities |
(8,213 |
) |
|
(9,395 |
) |
|
7,069 |
|
|
— |
|
|
(10,539 |
) |
Net cash provided by operating activities |
11,471 |
|
|
70,190 |
|
|
62,690 |
|
|
— |
|
|
144,351 |
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
Capital expenditures |
— |
|
|
(107,137 |
) |
|
(43,972 |
) |
|
— |
|
|
(151,109 |
) |
Proceeds from the sale of assets |
— |
|
|
1,088 |
|
|
1,206 |
|
|
— |
|
|
2,294 |
|
Acquisition of ITS, net of cash acquired |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Net cash (used in) investing activities |
— |
|
|
(106,049 |
) |
|
(42,766 |
) |
|
— |
|
|
(148,815 |
) |
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
Proceeds from debt issuance |
400,000 |
|
|
— |
|
|
— |
|
|
— |
|
|
400,000 |
|
Repayments of long term debt |
(425,000 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(425,000 |
) |
Paydown on term note |
(7,500 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(7,500 |
) |
Payment of debt issuance costs |
(7,630 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(7,630 |
) |
Payment of debt extinguishment costs |
(26,214 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(26,214 |
) |
Excess tax benefit from stock-based compensation |
430 |
|
|
— |
|
|
— |
|
|
— |
|
|
430 |
|
Intercompany advances, net |
(10,677 |
) |
|
40,064 |
|
|
(29,387 |
) |
|
— |
|
|
— |
|
Net cash provided by (used in) financing activities |
(76,591 |
) |
|
40,064 |
|
|
(29,387 |
) |
|
— |
|
|
(65,914 |
) |
|
|
|
|
|
|
|
|
|
|
Net change in cash and cash equivalents |
(65,120 |
) |
|
4,205 |
|
|
(9,463 |
) |
|
— |
|
|
(70,378 |
) |
Cash and cash equivalents at beginning of year |
88,697 |
|
|
8,310 |
|
|
51,682 |
|
|
— |
|
|
148,689 |
|
Cash and cash equivalents at end of year |
$ |
23,577 |
|
|
$ |
12,515 |
|
|
$ |
42,219 |
|
|
$ |
— |
|
|
$ |
78,311 |
|
PARKER DRILLING COMPANY AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(Dollars in Thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, 2013 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
16,843 |
|
|
$ |
27,612 |
|
|
$ |
8,939 |
|
|
$ |
(36,330 |
) |
|
$ |
17,064 |
|
Adjustments to reconcile net income (loss) |
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
— |
|
|
57,335 |
|
|
40,339 |
|
|
— |
|
|
97,674 |
|
Loss on extinguishment of debt |
5,218 |
|
|
— |
|
|
— |
|
|
— |
|
|
5,218 |
|
Gain on disposition of assets |
— |
|
|
(1,917 |
) |
|
(842 |
) |
|
— |
|
|
(2,759 |
) |
Deferred income tax expense |
(2,860 |
) |
|
10,479 |
|
|
5,253 |
|
|
— |
|
|
12,872 |
|
Expenses not requiring cash |
10,494 |
|
|
591 |
|
|
(1,157 |
) |
|
— |
|
|
9,928 |
|
Equity in net earnings of subsidiaries |
(36,330 |
) |
|
— |
|
|
— |
|
|
36,330 |
|
|
— |
|
Change in accounts receivable |
(899 |
) |
|
(7,951 |
) |
|
(19,755 |
) |
|
— |
|
|
(28,605 |
) |
Change in other assets |
3,045 |
|
|
4,580 |
|
|
(8,971 |
) |
|
— |
|
|
(1,346 |
) |
Change in accrued income taxes |
358 |
|
|
(85 |
) |
|
2,604 |
|
|
— |
|
|
2,877 |
|
Change in liabilities |
14,222 |
|
|
(2,116 |
) |
|
306 |
|
|
— |
|
|
12,412 |
|
Net cash provided by operating activities |
10,091 |
|
|
88,528 |
|
|
26,716 |
|
|
— |
|
|
125,335 |
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
Capital expenditures |
— |
|
|
(66,956 |
) |
|
(35,900 |
) |
|
— |
|
|
(102,856 |
) |
Proceeds from the sale of assets |
— |
|
|
2,751 |
|
|
2,782 |
|
|
— |
|
|
5,533 |
|
Acquisition of ITS, net of cash acquired |
— |
|
|
(292 |
) |
|
(117,699 |
) |
|
— |
|
|
(117,991 |
) |
Net cash (used in) investing activities |
— |
|
|
(64,497 |
) |
|
(150,817 |
) |
|
— |
|
|
(215,314 |
) |
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
Proceeds from debt issuance |
350,000 |
|
|
— |
|
|
— |
|
|
— |
|
|
350,000 |
|
Repayments of long term debt |
(125,000 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(125,000 |
) |
Paydown on term note |
(50,000 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(50,000 |
) |
Payment of debt issuance costs |
(10,981 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(10,981 |
) |
Payment of debt extinguishment costs |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Excess tax benefit from stock-based compensation |
531 |
|
|
— |
|
|
— |
|
|
— |
|
|
531 |
|
Intercompany advances, net |
(127,376 |
) |
|
(13,781 |
) |
|
141,157 |
|
|
— |
|
|
— |
|
Net cash provided by (used in) financing activities |
37,174 |
|
|
(13,781 |
) |
|
141,157 |
|
|
— |
|
|
164,550 |
|
|
|
|
|
|
|
|
|
|
|
Net change in cash and cash equivalents |
47,265 |
|
|
10,250 |
|
|
17,056 |
|
|
— |
|
|
74,571 |
|
Cash and cash equivalents at beginning of year |
42,251 |
|
|
11,023 |
|
|
34,612 |
|
|
— |
|
|
87,886 |
|
Cash and cash equivalents at end of year |
$ |
89,516 |
|
|
$ |
21,273 |
|
|
$ |
51,668 |
|
|
$ |
— |
|
|
$ |
162,457 |
|
|