| Results of Operations by Reportable Segment |
The following table represents the results of operations by reportable segment:
|
|
|
|
|
|
|
|
|
|
|
Successor |
|
|
Predecessor |
|
Three Months Ended June 30, |
|
|
Three Months Ended June 30, |
Dollars in thousands |
2019 |
|
|
2018 |
Revenues: (1)
|
|
|
|
|
U.S. rental tools |
$ |
52,936 |
|
|
|
$ |
42,083 |
|
International rental tools |
22,155 |
|
|
|
19,935 |
|
Total rental tools services |
75,091 |
|
|
|
62,018 |
|
U.S. (lower 48) drilling |
12,479 |
|
|
|
3,283 |
|
International & Alaska drilling |
68,461 |
|
|
|
53,302 |
|
Total drilling services |
80,940 |
|
|
|
56,585 |
|
Total revenues |
156,031 |
|
|
|
118,603 |
|
Operating gross margin: (2)
|
|
|
|
|
U.S. rental tools |
17,871 |
|
|
|
11,302 |
|
International rental tools |
701 |
|
|
|
(3,891 |
) |
Total rental tools services |
18,572 |
|
|
|
7,411 |
|
U.S. (lower 48) drilling |
980 |
|
|
|
(3,751 |
) |
International & Alaska drilling |
3,439 |
|
|
|
(3,827 |
) |
Total drilling services |
4,419 |
|
|
|
(7,578 |
) |
Total operating gross margin (loss) |
22,991 |
|
|
|
(167 |
) |
General and administrative expense |
(5,610 |
) |
|
|
(8,288 |
) |
Gain (loss) on disposition of assets, net |
(53 |
) |
|
|
(478 |
) |
Reorganization items |
(962 |
) |
|
|
— |
|
Total operating income (loss) |
16,366 |
|
|
|
(8,933 |
) |
Interest expense |
(7,663 |
) |
|
|
(11,197 |
) |
Interest income |
374 |
|
|
|
30 |
|
Other |
(644 |
) |
|
|
(1,191 |
) |
Income (loss) before income taxes |
$ |
8,433 |
|
|
|
$ |
(21,291 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Successor |
|
|
Predecessor |
|
Three Months Ended June 30, |
|
|
Three Months Ended March 31, |
|
Six Months Ended June 30, |
Dollars in thousands |
2019 |
|
|
2019 |
|
2018 |
Revenues: (1)
|
|
|
|
|
|
|
U.S. rental tools |
$ |
52,936 |
|
|
|
$ |
52,595 |
|
|
$ |
76,831 |
|
International rental tools |
22,155 |
|
|
|
21,109 |
|
|
37,412 |
|
Total rental tools services |
75,091 |
|
|
|
73,704 |
|
|
114,243 |
|
U.S. (lower 48) drilling |
12,479 |
|
|
|
6,627 |
|
|
4,637 |
|
International & Alaska drilling |
68,461 |
|
|
|
77,066 |
|
|
109,398 |
|
Total drilling services |
80,940 |
|
|
|
83,693 |
|
|
114,035 |
|
Total revenues |
156,031 |
|
|
|
157,397 |
|
|
228,278 |
|
Operating gross margin: (2)
|
|
|
|
|
|
|
U.S. rental tools |
17,871 |
|
|
|
17,289 |
|
|
15,530 |
|
International rental tools |
701 |
|
|
|
(3,581 |
) |
|
(7,907 |
) |
Total rental tools services |
18,572 |
|
|
|
13,708 |
|
|
7,623 |
|
U.S. (lower 48) drilling |
980 |
|
|
|
(1,508 |
) |
|
(9,041 |
) |
International & Alaska drilling |
3,439 |
|
|
|
(776 |
) |
|
(9,157 |
) |
Total drilling services |
4,419 |
|
|
|
(2,284 |
) |
|
(18,198 |
) |
Total operating gross margin (loss) |
22,991 |
|
|
|
11,424 |
|
|
(10,575 |
) |
General and administrative expense |
(5,610 |
) |
|
|
(8,147 |
) |
|
(14,489 |
) |
Gain (loss) on disposition of assets, net |
(53 |
) |
|
|
384 |
|
|
(135 |
) |
Reorganization items |
(962 |
) |
|
|
(92,977 |
) |
|
|
Total operating income (loss) |
16,366 |
|
|
|
(89,316 |
) |
|
(25,199 |
) |
Interest expense |
(7,663 |
) |
|
|
(274 |
) |
|
(22,437 |
) |
Interest income |
374 |
|
|
|
8 |
|
|
53 |
|
Other |
(644 |
) |
|
|
(10 |
) |
|
(900 |
) |
Income (loss) before income taxes |
$ |
8,433 |
|
|
|
$ |
(89,592 |
) |
|
$ |
(48,483 |
) |
|
|
(1) |
For the three months ended June 30, 2019, our largest customer, ENL, constituted approximately 26.9 percent of our total consolidated revenues and approximately 61.4 percent of our International & Alaska Drilling segment revenues. Excluding reimbursable revenues of $16.9 million, ENL constituted approximately 18.3 percent of our total consolidated revenues and approximately 49.6 percent of our International & Alaska Drilling segment revenues
|
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 six months ended June 30, 2018, our largest customer, ENL, constituted approximately 26.3 percent of our total consolidated revenues and approximately 54.9 percent of our International & Alaska Drilling segment revenues. Excluding reimbursable revenues of $22.6 million, ENL constituted approximately 18.6 percent of our total consolidated revenues and approximately 45.4 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 |
Operating gross margin is calculated as revenues less direct operating expenses, including depreciation and amortization expense.
The following table shows the Company’s revenues by geographic region:
|
|
|
|
|
|
|
|
|
|
|
Successor |
|
|
Predecessor |
|
Three Months Ended June 30, |
|
|
Three Months Ended June 30, |
Dollars in Thousands |
2019 |
|
|
2018 |
United States |
$ |
72,160 |
|
|
|
$ |
52,655 |
|
Russia |
42,278 |
|
|
|
28,771 |
|
EMEA & Asia |
24,987 |
|
|
|
22,260 |
|
Latin America |
6,795 |
|
|
|
4,104 |
|
Other CIS |
3,592 |
|
|
|
3,506 |
|
Other |
6,219 |
|
|
|
7,307 |
|
Total revenues |
$ |
156,031 |
|
|
|
$ |
118,603 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Successor |
|
|
Predecessor |
|
Three Months Ended June 30, |
|
|
Three Months Ended March 31, |
|
Six Months Ended June 30, |
Dollars in Thousands |
2019 |
|
|
2019 |
|
2018 |
United States |
$ |
72,160 |
|
|
|
$ |
66,253 |
|
|
$ |
96,651 |
|
Russia |
42,278 |
|
|
|
49,387 |
|
|
60,062 |
|
EMEA & Asia |
24,987 |
|
|
|
25,133 |
|
|
42,304 |
|
Latin America |
6,795 |
|
|
|
5,482 |
|
|
7,617 |
|
Other CIS |
3,592 |
|
|
|
3,621 |
|
|
7,056 |
|
Other |
6,219 |
|
|
|
7,521 |
|
|
14,588 |
|
Total revenues |
$ |
156,031 |
|
|
|
$ |
157,397 |
|
|
$ |
228,278 |
|
|