Parent, Guarantor, Non-Guarantor Unaudited Consolidating Condensed Financial Statements (Tables)
|
9 Months Ended |
Sep. 30, 2015 |
|---|
| 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, 2014 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
ASSETS |
Current assets: |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
36,728 |
|
|
$ |
13,546 |
|
|
$ |
58,182 |
|
|
$ |
— |
|
|
$ |
108,456 |
|
Accounts and notes receivable, net |
(33 |
) |
|
96,100 |
|
|
174,885 |
|
|
— |
|
|
270,952 |
|
Rig materials and supplies |
— |
|
|
(1,473 |
) |
|
49,416 |
|
|
— |
|
|
47,943 |
|
Deferred costs |
— |
|
|
— |
|
|
5,673 |
|
|
— |
|
|
5,673 |
|
Deferred income taxes |
— |
|
|
6,131 |
|
|
1,345 |
|
|
— |
|
|
7,476 |
|
Other tax assets |
19,885 |
|
|
(18,273 |
) |
|
9,111 |
|
|
— |
|
|
10,723 |
|
Other current assets |
— |
|
|
7,998 |
|
|
10,558 |
|
|
— |
|
|
18,556 |
|
Total current assets |
56,580 |
|
|
104,029 |
|
|
309,170 |
|
|
— |
|
|
469,779 |
|
Property, plant and equipment, net |
(19 |
) |
|
589,055 |
|
|
306,904 |
|
|
— |
|
|
895,940 |
|
Intangible assets, net |
— |
|
|
— |
|
|
4,286 |
|
|
— |
|
|
4,286 |
|
Investment in subsidiaries and intercompany advances |
3,060,867 |
|
|
2,441,523 |
|
|
2,464,506 |
|
|
(7,966,896 |
) |
|
— |
|
Other noncurrent assets |
(440,918 |
) |
|
490,597 |
|
|
268,537 |
|
|
(167,562 |
) |
|
150,654 |
|
Total assets |
$ |
2,676,510 |
|
|
$ |
3,625,204 |
|
|
$ |
3,353,403 |
|
|
$ |
(8,134,458 |
) |
|
$ |
1,520,659 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
Current liabilities: |
|
|
|
|
|
|
|
|
|
Current portion of long-term debt |
$ |
10,000 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
10,000 |
|
Accounts payable and accrued liabilities |
77,603 |
|
|
71,645 |
|
|
309,344 |
|
|
(304,113 |
) |
|
154,479 |
|
Accrued income taxes |
(4,061 |
) |
|
10,109 |
|
|
8,138 |
|
|
— |
|
|
14,186 |
|
Total current liabilities |
83,542 |
|
|
81,754 |
|
|
317,482 |
|
|
(304,113 |
) |
|
178,665 |
|
Long-term debt |
605,000 |
|
|
— |
|
|
— |
|
|
— |
|
|
605,000 |
|
Other long-term liabilities |
2,867 |
|
|
7,135 |
|
|
8,663 |
|
|
— |
|
|
18,665 |
|
Long-term deferred tax liability |
— |
|
|
56,105 |
|
|
(3,990 |
) |
|
— |
|
|
52,115 |
|
Intercompany payables |
1,322,172 |
|
|
1,311,404 |
|
|
1,204,769 |
|
|
(3,838,345 |
) |
|
— |
|
Total liabilities |
2,013,581 |
|
|
1,456,398 |
|
|
1,526,924 |
|
|
(4,142,458 |
) |
|
854,445 |
|
Total equity |
662,929 |
|
|
2,168,806 |
|
|
1,826,479 |
|
|
(3,992,000 |
) |
|
666,214 |
|
Total liabilities and stockholders’ equity |
$ |
2,676,510 |
|
|
$ |
3,625,204 |
|
|
$ |
3,353,403 |
|
|
$ |
(8,134,458 |
) |
|
$ |
1,520,659 |
|
PARKER DRILLING COMPANY AND SUBSIDIARIES
CONSOLIDATING CONDENSED BALANCE SHEET
(Dollars in Thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2015 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
ASSETS |
Current assets: |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
46,528 |
|
|
$ |
8,000 |
|
|
$ |
50,123 |
|
|
$ |
— |
|
|
$ |
104,651 |
|
Accounts and notes receivable, net |
— |
|
|
66,413 |
|
|
158,583 |
|
|
— |
|
|
224,996 |
|
Rig materials and supplies |
— |
|
|
(4,279 |
) |
|
42,795 |
|
|
— |
|
|
38,516 |
|
Deferred costs |
— |
|
|
— |
|
|
2,961 |
|
|
— |
|
|
2,961 |
|
Deferred income taxes |
— |
|
|
4,172 |
|
|
1,276 |
|
|
— |
|
|
5,448 |
|
Other tax assets |
— |
|
|
463 |
|
|
7,369 |
|
|
— |
|
|
7,832 |
|
Other current assets |
— |
|
|
6,717 |
|
|
10,484 |
|
|
— |
|
|
17,201 |
|
Total current assets |
46,528 |
|
|
81,486 |
|
|
273,591 |
|
|
— |
|
|
401,605 |
|
Property, plant and equipment, net |
(19 |
) |
|
560,618 |
|
|
281,324 |
|
|
— |
|
|
841,923 |
|
Goodwill |
— |
|
|
6,708 |
|
|
— |
|
|
— |
|
|
6,708 |
|
Intangible assets, net |
— |
|
|
12,317 |
|
|
2,424 |
|
|
— |
|
|
14,741 |
|
Investment in subsidiaries and intercompany advances |
3,074,849 |
|
|
2,700,571 |
|
|
3,147,601 |
|
|
(8,923,021 |
) |
|
— |
|
Other noncurrent assets |
(276,366 |
) |
|
374,987 |
|
|
246,033 |
|
|
(167,448 |
) |
|
177,206 |
|
Total assets |
$ |
2,844,992 |
|
|
$ |
3,736,687 |
|
|
$ |
3,950,973 |
|
|
$ |
(9,090,469 |
) |
|
$ |
1,442,183 |
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
Current liabilities: |
|
|
|
|
|
|
|
|
|
Current portion of long-term debt |
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
Accounts payable and accrued liabilities |
67,123 |
|
|
77,565 |
|
|
303,001 |
|
|
(304,113 |
) |
|
143,576 |
|
Accrued income taxes |
1,013 |
|
|
9,434 |
|
|
(3,853 |
) |
|
— |
|
|
6,594 |
|
Total current liabilities |
68,136 |
|
|
86,999 |
|
|
299,148 |
|
|
(304,113 |
) |
|
150,170 |
|
Long-term debt |
585,000 |
|
|
— |
|
|
— |
|
|
— |
|
|
585,000 |
|
Other long-term liabilities |
2,867 |
|
|
8,004 |
|
|
9,270 |
|
|
— |
|
|
20,141 |
|
Long-term deferred tax liability |
— |
|
|
75,545 |
|
|
(348 |
) |
|
— |
|
|
75,197 |
|
Intercompany payables |
1,581,364 |
|
|
1,395,937 |
|
|
1,711,311 |
|
|
(4,688,612 |
) |
|
— |
|
Total liabilities |
2,237,367 |
|
|
1,566,485 |
|
|
2,019,381 |
|
|
(4,992,725 |
) |
|
830,508 |
|
Total equity |
607,625 |
|
|
2,170,202 |
|
|
1,931,592 |
|
|
(4,097,744 |
) |
|
611,675 |
|
Total liabilities and stockholders’ equity |
$ |
2,844,992 |
|
|
$ |
3,736,687 |
|
|
$ |
3,950,973 |
|
|
$ |
(9,090,469 |
) |
|
$ |
1,442,183 |
|
|
| Consolidating Condensed Statement of Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended September 30, 2015 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
Total revenues |
$ |
— |
|
|
$ |
59,252 |
|
|
$ |
138,564 |
|
|
$ |
(24,398 |
) |
|
$ |
173,418 |
|
Operating expenses |
— |
|
|
32,457 |
|
|
120,904 |
|
|
(24,398 |
) |
|
128,963 |
|
Depreciation and amortization |
— |
|
|
24,002 |
|
|
15,582 |
|
|
— |
|
|
39,584 |
|
Total operating gross margin |
— |
|
|
2,793 |
|
|
2,078 |
|
|
— |
|
|
4,871 |
|
General and administration expense (1)
|
(148 |
) |
|
(8,857 |
) |
|
110 |
|
|
— |
|
|
(8,895 |
) |
Provision for reduction in carrying value of certain assets |
— |
|
|
(920 |
) |
|
14 |
|
|
— |
|
|
(906 |
) |
Gain (Loss) on disposition of assets, net |
— |
|
|
407 |
|
|
(24 |
) |
|
— |
|
|
383 |
|
Total operating income (loss) |
(148 |
) |
|
(6,577 |
) |
|
2,178 |
|
|
— |
|
|
(4,547 |
) |
Other income and (expense): |
|
|
|
|
|
|
|
|
|
Interest expense |
(11,020 |
) |
|
(268 |
) |
|
(2,618 |
) |
|
2,613 |
|
|
(11,293 |
) |
Interest income |
173 |
|
|
(18 |
) |
|
2,465 |
|
|
(2,613 |
) |
|
7 |
|
Other |
— |
|
|
(102 |
) |
|
(617 |
) |
|
— |
|
|
(719 |
) |
Equity in net earnings of subsidiaries |
(29,913 |
) |
|
— |
|
|
— |
|
|
29,913 |
|
|
— |
|
Total other income (expense) |
(40,760 |
) |
|
(388 |
) |
|
(770 |
) |
|
29,913 |
|
|
(12,005 |
) |
Income (loss) before income taxes |
(40,908 |
) |
|
(6,965 |
) |
|
1,408 |
|
|
29,913 |
|
|
(16,552 |
) |
Total income tax expense (benefit) |
7,712 |
|
|
(2,846 |
) |
|
27,064 |
|
|
— |
|
|
31,930 |
|
Net income (loss) |
(48,620 |
) |
|
(4,119 |
) |
|
(25,656 |
) |
|
29,913 |
|
|
(48,482 |
) |
Less: Net income attributable to noncontrolling interest |
— |
|
|
— |
|
|
138 |
|
|
— |
|
|
138 |
|
Net income (loss) attributable to controlling interest |
$ |
(48,620 |
) |
|
$ |
(4,119 |
) |
|
$ |
(25,794 |
) |
|
$ |
29,913 |
|
|
$ |
(48,620 |
) |
(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, 2015 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
Comprehensive income: |
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
(48,620 |
) |
|
$ |
(4,119 |
) |
|
$ |
(25,656 |
) |
|
$ |
29,913 |
|
|
$ |
(48,482 |
) |
Other comprehensive income (loss), net of tax: |
|
|
|
|
|
|
|
|
|
Currency translation difference on related borrowings |
— |
|
|
— |
|
|
(1,285 |
) |
|
— |
|
|
(1,285 |
) |
Currency translation difference on foreign currency net investments |
— |
|
|
— |
|
|
588 |
|
|
— |
|
|
588 |
|
Total other comprehensive income (loss), net of tax: |
— |
|
|
— |
|
|
(697 |
) |
|
— |
|
|
(697 |
) |
Comprehensive income (loss) |
(48,620 |
) |
|
(4,119 |
) |
|
(26,353 |
) |
|
29,913 |
|
|
(49,179 |
) |
Comprehensive (loss) attributable to noncontrolling interest |
— |
|
|
— |
|
|
(82 |
) |
|
— |
|
|
(82 |
) |
Comprehensive income (loss) attributable to controlling interest |
$ |
(48,620 |
) |
|
$ |
(4,119 |
) |
|
$ |
(26,435 |
) |
|
$ |
29,913 |
|
|
$ |
(49,261 |
) |
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 (loss) 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)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, 2015 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
Comprehensive income: |
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
(59,427 |
) |
|
$ |
(8,984 |
) |
|
$ |
(19,543 |
) |
|
$ |
29,316 |
|
|
$ |
(58,638 |
) |
Other comprehensive income (loss), net of tax: |
|
|
|
|
|
|
|
|
|
Currency translation difference on related borrowings |
— |
|
|
— |
|
|
(2,308 |
) |
|
— |
|
|
(2,308 |
) |
Currency translation difference on foreign currency net investments |
— |
|
|
— |
|
|
1,462 |
|
|
— |
|
|
1,462 |
|
Total other comprehensive income (loss), net of tax: |
— |
|
|
— |
|
|
(846 |
) |
|
— |
|
|
(846 |
) |
Comprehensive income (loss) |
(59,427 |
) |
|
(8,984 |
) |
|
(20,389 |
) |
|
29,316 |
|
|
(59,484 |
) |
Comprehensive (loss) attributable to noncontrolling interest |
— |
|
|
— |
|
|
(571 |
) |
|
— |
|
|
(571 |
) |
Comprehensive income (loss) attributable to controlling interest |
$ |
(59,427 |
) |
|
$ |
(8,984 |
) |
|
$ |
(20,960 |
) |
|
$ |
29,316 |
|
|
$ |
(60,055 |
) |
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 (loss) |
15,698 |
|
|
54,169 |
|
|
(4,076 |
) |
|
(50,591 |
) |
|
15,200 |
|
Comprehensive (loss) attributable to noncontrolling interest |
— |
|
|
— |
|
|
(523 |
) |
|
— |
|
|
(523 |
) |
Comprehensive income (loss) attributable to controlling interest |
$ |
15,698 |
|
|
$ |
54,169 |
|
|
$ |
(4,599 |
) |
|
$ |
(50,591 |
) |
|
$ |
14,677 |
|
|
| 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, 2015 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
(59,427 |
) |
|
$ |
(8,984 |
) |
|
$ |
(19,543 |
) |
|
$ |
29,316 |
|
|
$ |
(58,638 |
) |
Adjustments to reconcile net income (loss): |
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
— |
|
|
71,270 |
|
|
47,204 |
|
|
— |
|
|
118,474 |
|
Accretion of contingent consideration |
— |
|
|
— |
|
|
547 |
|
|
— |
|
|
547 |
|
Provision for reduction in carrying value of certain assets |
— |
|
|
920 |
|
|
2,302 |
|
|
— |
|
|
3,222 |
|
Gain on disposition of assets |
— |
|
|
(452 |
) |
|
(2,234 |
) |
|
— |
|
|
(2,686 |
) |
Deferred income tax expense |
(24,184 |
) |
|
10,032 |
|
|
24,411 |
|
|
— |
|
|
10,259 |
|
Expenses not requiring cash |
6,498 |
|
|
2,677 |
|
|
(1,146 |
) |
|
— |
|
|
8,029 |
|
Equity in net earnings of subsidiaries |
29,316 |
|
|
— |
|
|
— |
|
|
(29,316 |
) |
|
— |
|
Change in assets and liabilities: |
|
|
|
|
|
|
|
|
|
Accounts and notes receivable |
(33 |
) |
|
36,694 |
|
|
14,593 |
|
|
— |
|
|
51,254 |
|
Other assets |
(121,465 |
) |
|
110,017 |
|
|
12,934 |
|
|
— |
|
|
1,486 |
|
Accounts payable and accrued liabilities |
(10,480 |
) |
|
(168 |
) |
|
(5,142 |
) |
|
— |
|
|
(15,790 |
) |
Accrued income taxes |
6,481 |
|
|
(2,081 |
) |
|
(11,705 |
) |
|
— |
|
|
(7,305 |
) |
Net cash provided by (used in) operating activities |
(173,294 |
) |
|
219,925 |
|
|
62,221 |
|
|
— |
|
|
108,852 |
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
Capital expenditures |
— |
|
|
(50,396 |
) |
|
(22,073 |
) |
|
— |
|
|
(72,469 |
) |
Proceeds from the sale of assets |
— |
|
|
489 |
|
|
242 |
|
|
— |
|
|
731 |
|
Proceeds from insurance settlements |
— |
|
|
— |
|
|
2,500 |
|
|
— |
|
|
2,500 |
|
Acquisition, net of cash acquired |
— |
|
|
(10,431 |
) |
|
— |
|
|
— |
|
|
(10,431 |
) |
Net cash (used in) investing activities |
— |
|
|
(60,338 |
) |
|
(19,331 |
) |
|
— |
|
|
(79,669 |
) |
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
Repayments of long-term debt |
(30,000 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(30,000 |
) |
Payment of debt issuance costs |
(1,996 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(1,996 |
) |
Excess tax benefit from stock-based compensation |
(992 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(992 |
) |
Intercompany advances, net |
216,082 |
|
|
(165,133 |
) |
|
(50,949 |
) |
|
— |
|
|
— |
|
Net cash provided by (used in) financing activities |
183,094 |
|
|
(165,133 |
) |
|
(50,949 |
) |
|
— |
|
|
(32,988 |
) |
|
|
|
|
|
|
|
|
|
|
Net change in cash and cash equivalents |
9,800 |
|
|
(5,546 |
) |
|
(8,059 |
) |
|
— |
|
|
(3,805 |
) |
Cash and cash equivalents at beginning of year |
36,728 |
|
|
13,546 |
|
|
58,182 |
|
|
— |
|
|
108,456 |
|
Cash and cash equivalents at end of year |
$ |
46,528 |
|
|
$ |
8,000 |
|
|
$ |
50,123 |
|
|
$ |
— |
|
|
$ |
104,651 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, 2015 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
(59,427 |
) |
|
$ |
(8,984 |
) |
|
$ |
(19,543 |
) |
|
$ |
29,316 |
|
|
$ |
(58,638 |
) |
Adjustments to reconcile net income (loss): |
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
— |
|
|
71,270 |
|
|
47,204 |
|
|
— |
|
|
118,474 |
|
Accretion of contingent consideration |
— |
|
|
— |
|
|
547 |
|
|
— |
|
|
547 |
|
Provision for reduction in carrying value of certain assets |
— |
|
|
920 |
|
|
2,302 |
|
|
— |
|
|
3,222 |
|
Gain on disposition of assets |
— |
|
|
(452 |
) |
|
(2,234 |
) |
|
— |
|
|
(2,686 |
) |
Deferred income tax expense |
(24,184 |
) |
|
10,032 |
|
|
24,411 |
|
|
— |
|
|
10,259 |
|
Expenses not requiring cash |
6,498 |
|
|
2,677 |
|
|
(1,146 |
) |
|
— |
|
|
8,029 |
|
Equity in net earnings of subsidiaries |
29,316 |
|
|
— |
|
|
— |
|
|
(29,316 |
) |
|
— |
|
Change in assets and liabilities: |
|
|
|
|
|
|
|
|
|
Accounts and notes receivable |
(33 |
) |
|
36,694 |
|
|
14,593 |
|
|
— |
|
|
51,254 |
|
Other assets |
(121,465 |
) |
|
110,017 |
|
|
12,934 |
|
|
— |
|
|
1,486 |
|
Accounts payable and accrued liabilities |
(10,480 |
) |
|
(168 |
) |
|
(5,142 |
) |
|
— |
|
|
(15,790 |
) |
Accrued income taxes |
6,481 |
|
|
(2,081 |
) |
|
(11,705 |
) |
|
— |
|
|
(7,305 |
) |
Net cash provided by (used in) operating activities |
(173,294 |
) |
|
219,925 |
|
|
62,221 |
|
|
— |
|
|
108,852 |
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
Capital expenditures |
— |
|
|
(50,396 |
) |
|
(22,073 |
) |
|
— |
|
|
(72,469 |
) |
Proceeds from the sale of assets |
— |
|
|
489 |
|
|
242 |
|
|
— |
|
|
731 |
|
Proceeds from insurance settlements |
— |
|
|
— |
|
|
2,500 |
|
|
— |
|
|
2,500 |
|
Acquisition, net of cash acquired |
— |
|
|
(10,431 |
) |
|
— |
|
|
— |
|
|
(10,431 |
) |
Net cash (used in) investing activities |
— |
|
|
(60,338 |
) |
|
(19,331 |
) |
|
— |
|
|
(79,669 |
) |
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
Repayments of long-term debt |
(30,000 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(30,000 |
) |
Payment of debt issuance costs |
(1,996 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(1,996 |
) |
Excess tax benefit from stock-based compensation |
(992 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(992 |
) |
Intercompany advances, net |
216,082 |
|
|
(165,133 |
) |
|
(50,949 |
) |
|
— |
|
|
— |
|
Net cash provided by (used in) financing activities |
183,094 |
|
|
(165,133 |
) |
|
(50,949 |
) |
|
— |
|
|
(32,988 |
) |
|
|
|
|
|
|
|
|
|
|
Net change in cash and cash equivalents |
9,800 |
|
|
(5,546 |
) |
|
(8,059 |
) |
|
— |
|
|
(3,805 |
) |
Cash and cash equivalents at beginning of year |
36,728 |
|
|
13,546 |
|
|
58,182 |
|
|
— |
|
|
108,456 |
|
Cash and cash equivalents at end of year |
$ |
46,528 |
|
|
$ |
8,000 |
|
|
$ |
50,123 |
|
|
$ |
— |
|
|
$ |
104,651 |
|
PARKER 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 assets and liabilities: |
|
|
|
|
|
|
|
|
|
Accounts and notes receivable |
— |
|
|
(1,715 |
) |
|
(3,473 |
) |
|
— |
|
|
(5,188 |
) |
Other assets |
43,412 |
|
|
(58,441 |
) |
|
22,583 |
|
|
— |
|
|
7,554 |
|
Accounts payable and accrued liabilities |
(8,213 |
) |
|
(9,395 |
) |
|
7,069 |
|
|
— |
|
|
(10,539 |
) |
Accrued income taxes |
(13,232 |
) |
|
11,764 |
|
|
(8,929 |
) |
|
— |
|
|
(10,397 |
) |
Net cash provided by (used in) 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 |
|
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 |
(432,500 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(432,500 |
) |
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 |
|
|