Parent, Guarantor, Non-Guarantor Unaudited Consolidating Condensed Financial Statements (Tables)
|
6 Months Ended |
Jun. 30, 2017 |
|---|
| 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)
|
|
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|
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December 31, 2016 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
ASSETS |
Current assets: |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
65,000 |
|
|
$ |
14,365 |
|
|
$ |
40,326 |
|
|
$ |
— |
|
|
$ |
119,691 |
|
Accounts and notes receivable, net |
— |
|
|
15,749 |
|
|
97,482 |
|
|
— |
|
|
113,231 |
|
Rig materials and supplies |
— |
|
|
(5,369 |
) |
|
37,723 |
|
|
— |
|
|
32,354 |
|
Other current assets |
(50,296 |
) |
|
41,304 |
|
|
30,034 |
|
|
— |
|
|
21,042 |
|
Total current assets |
14,704 |
|
|
66,049 |
|
|
205,565 |
|
|
— |
|
|
286,318 |
|
Property, plant and equipment, net |
(19 |
) |
|
469,927 |
|
|
223,531 |
|
|
— |
|
|
693,439 |
|
Goodwill |
— |
|
|
6,708 |
|
|
— |
|
|
— |
|
|
6,708 |
|
Intangible assets, net |
— |
|
|
9,434 |
|
|
494 |
|
|
— |
|
|
9,928 |
|
Investment in subsidiaries and intercompany advances |
2,979,413 |
|
|
2,932,375 |
|
|
3,676,402 |
|
|
(9,588,190 |
) |
|
— |
|
Other noncurrent assets |
(253,679 |
) |
|
301,771 |
|
|
539,877 |
|
|
(480,811 |
) |
|
107,158 |
|
Total assets |
$ |
2,740,419 |
|
|
$ |
3,786,264 |
|
|
$ |
4,645,869 |
|
|
$ |
(10,069,001 |
) |
|
$ |
1,103,551 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
Current liabilities: |
|
|
|
|
|
|
|
|
|
Accounts payable and accrued liabilities |
$ |
(10,080 |
) |
|
$ |
149,210 |
|
|
$ |
577,188 |
|
|
$ |
(617,477 |
) |
|
$ |
98,841 |
|
Accrued income taxes |
— |
|
|
1,576 |
|
|
2,504 |
|
|
— |
|
|
4,080 |
|
Total current liabilities |
(10,080 |
) |
|
150,786 |
|
|
579,692 |
|
|
(617,477 |
) |
|
102,921 |
|
Long-term debt, net |
576,326 |
|
|
— |
|
|
— |
|
|
— |
|
|
576,326 |
|
Other long-term liabilities |
2,867 |
|
|
9,338 |
|
|
3,631 |
|
|
— |
|
|
15,836 |
|
Deferred tax liability |
(28 |
) |
|
73,039 |
|
|
(3,678 |
) |
|
— |
|
|
69,333 |
|
Intercompany payables |
1,828,317 |
|
|
1,437,417 |
|
|
2,161,864 |
|
|
(5,427,598 |
) |
|
— |
|
Total liabilities |
2,397,402 |
|
|
1,670,580 |
|
|
2,741,509 |
|
|
(6,045,075 |
) |
|
764,416 |
|
Total equity |
343,017 |
|
|
2,115,684 |
|
|
1,904,360 |
|
|
(4,023,926 |
) |
|
339,135 |
|
Total liabilities and stockholders’ equity |
$ |
2,740,419 |
|
|
$ |
3,786,264 |
|
|
$ |
4,645,869 |
|
|
$ |
(10,069,001 |
) |
|
$ |
1,103,551 |
|
PARKER DRILLING COMPANY AND SUBSIDIARIES
CONSOLIDATING CONDENSED BALANCE SHEET
(Dollars in Thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
June 30, 2017 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
ASSETS |
Current assets: |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
89,006 |
|
|
$ |
16,558 |
|
|
$ |
40,670 |
|
|
$ |
— |
|
|
$ |
146,234 |
|
Accounts and notes receivable, net |
— |
|
|
29,544 |
|
|
90,526 |
|
|
— |
|
|
120,070 |
|
Rig materials and supplies |
— |
|
|
(4,813 |
) |
|
40,083 |
|
|
— |
|
|
35,270 |
|
Other current assets |
— |
|
|
8,723 |
|
|
16,985 |
|
|
— |
|
|
25,708 |
|
Total current assets |
89,006 |
|
|
50,012 |
|
|
188,264 |
|
|
— |
|
|
327,282 |
|
Property, plant and equipment, net |
(19 |
) |
|
454,594 |
|
|
212,467 |
|
|
— |
|
|
667,042 |
|
Goodwill |
— |
|
|
6,708 |
|
|
— |
|
|
— |
|
|
6,708 |
|
Intangible assets, net |
— |
|
|
8,281 |
|
|
189 |
|
|
— |
|
|
8,470 |
|
Investment in subsidiaries and intercompany advances |
2,950,669 |
|
|
2,947,916 |
|
|
3,804,358 |
|
|
(9,702,943 |
) |
|
— |
|
Other noncurrent assets |
(168,681 |
) |
|
222,237 |
|
|
539,876 |
|
|
(480,828 |
) |
|
112,604 |
|
Total assets |
$ |
2,870,975 |
|
|
$ |
3,689,748 |
|
|
$ |
4,745,154 |
|
|
$ |
(10,183,771 |
) |
|
$ |
1,122,106 |
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
Current liabilities: |
|
|
|
|
|
|
|
|
|
Accounts payable and accrued liabilities |
$ |
(47,834 |
) |
|
$ |
190,474 |
|
|
$ |
581,140 |
|
|
$ |
(617,477 |
) |
|
$ |
106,303 |
|
Accrued income taxes |
69,506 |
|
|
(49,988 |
) |
|
(14,382 |
) |
|
— |
|
|
5,136 |
|
Total current liabilities |
21,672 |
|
|
140,486 |
|
|
566,758 |
|
|
(617,477 |
) |
|
111,439 |
|
Long-term debt, net |
577,133 |
|
|
— |
|
|
— |
|
|
— |
|
|
577,133 |
|
Other long-term liabilities |
2,867 |
|
|
5,779 |
|
|
3,872 |
|
|
— |
|
|
12,518 |
|
Deferred tax liability |
77,221 |
|
|
— |
|
|
— |
|
|
— |
|
|
77,221 |
|
Intercompany payables |
1,846,121 |
|
|
1,452,085 |
|
|
2,281,438 |
|
|
(5,579,644 |
) |
|
— |
|
Total liabilities |
2,525,014 |
|
|
1,598,350 |
|
|
2,852,068 |
|
|
(6,197,121 |
) |
|
778,311 |
|
Total equity |
345,961 |
|
|
2,091,398 |
|
|
1,893,086 |
|
|
(3,986,650 |
) |
|
343,795 |
|
Total liabilities and stockholders’ equity |
$ |
2,870,975 |
|
|
$ |
3,689,748 |
|
|
$ |
4,745,154 |
|
|
$ |
(10,183,771 |
) |
|
$ |
1,122,106 |
|
|
| Consolidating Condensed Statement of Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, 2017 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
Total revenues |
$ |
— |
|
|
$ |
41,490 |
|
|
$ |
85,028 |
|
|
$ |
(16,911 |
) |
|
$ |
109,607 |
|
Operating expenses |
— |
|
|
25,327 |
|
|
81,225 |
|
|
(16,911 |
) |
|
89,641 |
|
Depreciation and amortization |
— |
|
|
20,270 |
|
|
10,712 |
|
|
— |
|
|
30,982 |
|
Total operating gross margin (loss) |
— |
|
|
(4,107 |
) |
|
(6,909 |
) |
|
— |
|
|
(11,016 |
) |
General and administrative expense (1)
|
(69 |
) |
|
(6,303 |
) |
|
(131 |
) |
|
— |
|
|
(6,503 |
) |
Gain (loss) on disposition of assets, net |
— |
|
|
(26 |
) |
|
(87 |
) |
|
— |
|
|
(113 |
) |
Total operating income (loss) |
(69 |
) |
|
(10,436 |
) |
|
(7,127 |
) |
|
— |
|
|
(17,632 |
) |
Other income (expense): |
|
|
|
|
|
|
|
|
|
Interest expense |
(11,809 |
) |
|
(41 |
) |
|
(2,070 |
) |
|
2,825 |
|
|
(11,095 |
) |
Interest income |
184 |
|
|
179 |
|
|
2,484 |
|
|
(2,825 |
) |
|
22 |
|
Other |
— |
|
|
15 |
|
|
545 |
|
|
— |
|
|
560 |
|
Equity in net earnings of subsidiaries |
(15,823 |
) |
|
— |
|
|
— |
|
|
15,823 |
|
|
— |
|
Total other income (expense) |
(27,448 |
) |
|
153 |
|
|
959 |
|
|
15,823 |
|
|
(10,513 |
) |
Income (loss) before income taxes |
(27,517 |
) |
|
(10,283 |
) |
|
(6,168 |
) |
|
15,823 |
|
|
(28,145 |
) |
Total income tax expense (benefit) |
2,371 |
|
|
(1,585 |
) |
|
957 |
|
|
— |
|
|
1,743 |
|
Net income (loss) |
$ |
(29,888 |
) |
|
$ |
(8,698 |
) |
|
$ |
(7,125 |
) |
|
$ |
15,823 |
|
|
$ |
(29,888 |
) |
Less: Mandatory convertible preferred stock dividend |
$ |
1,239 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1,239 |
|
Net income (loss) available to common stockholders |
$ |
(31,127 |
) |
|
$ |
(8,698 |
) |
|
$ |
(7,125 |
) |
|
$ |
15,823 |
|
|
$ |
(31,127 |
) |
(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 June 30, 2017 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
Comprehensive income (loss): |
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
(29,888 |
) |
|
$ |
(8,698 |
) |
|
$ |
(7,125 |
) |
|
$ |
15,823 |
|
|
$ |
(29,888 |
) |
Other comprehensive income (loss), net of tax: |
|
|
|
|
|
|
|
|
|
Currency translation difference on related borrowings |
— |
|
|
— |
|
|
185 |
|
|
— |
|
|
185 |
|
Currency translation difference on foreign currency net investments |
— |
|
|
— |
|
|
686 |
|
|
— |
|
|
686 |
|
Total other comprehensive income (loss), net of tax: |
— |
|
|
— |
|
|
871 |
|
|
— |
|
|
871 |
|
Comprehensive income (loss) |
$ |
(29,888 |
) |
|
$ |
(8,698 |
) |
|
$ |
(6,254 |
) |
|
$ |
15,823 |
|
|
$ |
(29,017 |
) |
PARKER DRILLING COMPANY AND SUBSIDIARIES
CONSOLIDATING CONDENSED STATEMENT OF COMPREHENSIVE INCOME (LOSS)
(Dollars in Thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, 2016 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
Comprehensive income (loss): |
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
(39,824 |
) |
|
$ |
(16,502 |
) |
|
$ |
(8,064 |
) |
|
$ |
24,568 |
|
|
$ |
(39,822 |
) |
Other comprehensive income (loss), net of tax: |
|
|
|
|
|
|
|
|
|
Currency translation difference on related borrowings |
— |
|
|
— |
|
|
(307 |
) |
|
— |
|
|
(307 |
) |
Currency translation difference on foreign currency net investments |
— |
|
|
— |
|
|
(2,228 |
) |
|
— |
|
|
(2,228 |
) |
Total other comprehensive income (loss), net of tax: |
— |
|
|
— |
|
|
(2,535 |
) |
|
— |
|
|
(2,535 |
) |
Comprehensive income (loss) |
(39,824 |
) |
|
(16,502 |
) |
|
(10,599 |
) |
|
24,568 |
|
|
(42,357 |
) |
PARKER DRILLING COMPANY AND SUBSIDIARIES
CONSOLIDATING CONDENSED STATEMENT OF COMPREHENSIVE INCOME (LOSS)
(Dollars in Thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 2017 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
Comprehensive income (loss): |
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
(69,696 |
) |
|
$ |
(24,287 |
) |
|
$ |
(13,316 |
) |
|
$ |
37,602 |
|
|
$ |
(69,697 |
) |
Other comprehensive income (loss), net of tax: |
|
|
|
|
|
|
|
|
|
Currency translation difference on related borrowings |
— |
|
|
— |
|
|
268 |
|
|
— |
|
|
268 |
|
Currency translation difference on foreign currency net investments |
— |
|
|
— |
|
|
1,449 |
|
|
— |
|
|
1,449 |
|
Total other comprehensive income (loss), net of tax: |
— |
|
|
— |
|
|
1,717 |
|
|
— |
|
|
1,717 |
|
Comprehensive income (loss) |
$ |
(69,696 |
) |
|
$ |
(24,287 |
) |
|
$ |
(11,599 |
) |
|
$ |
37,602 |
|
|
$ |
(67,980 |
) |
PARKER DRILLING COMPANY AND SUBSIDIARIES
CONSOLIDATING CONDENSED STATEMENT OF COMPREHENSIVE INCOME (LOSS)
(Dollars in Thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 2016 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
Comprehensive income (loss): |
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
(135,657 |
) |
|
$ |
(30,816 |
) |
|
$ |
(9,977 |
) |
|
$ |
40,793 |
|
|
$ |
(135,657 |
) |
Other comprehensive income (loss), net of tax: |
|
|
|
|
|
|
|
|
|
Currency translation difference on related borrowings |
— |
|
|
— |
|
|
195 |
|
|
— |
|
|
195 |
|
Currency translation difference on foreign currency net investments |
— |
|
|
— |
|
|
(3,766 |
) |
|
— |
|
|
(3,766 |
) |
Total other comprehensive income (loss), net of tax: |
— |
|
|
— |
|
|
(3,571 |
) |
|
— |
|
|
(3,571 |
) |
Comprehensive income (loss) |
(135,657 |
) |
|
(30,816 |
) |
|
(13,548 |
) |
|
40,793 |
|
|
(139,228 |
) |
|
| Consolidated Condensed Statements of Cash Flows |
ARKER DRILLING COMPANY AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(Dollars in Thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 2017 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
(69,696 |
) |
|
$ |
(24,287 |
) |
|
$ |
(13,316 |
) |
|
$ |
37,602 |
|
|
$ |
(69,697 |
) |
Adjustments to reconcile net income (loss): |
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
— |
|
|
41,458 |
|
|
21,726 |
|
|
— |
|
|
63,184 |
|
(Gain) loss on disposition of assets |
— |
|
|
242 |
|
|
223 |
|
|
— |
|
|
465 |
|
Deferred income tax expense (benefit) |
(10,359 |
) |
|
8,943 |
|
|
482 |
|
|
— |
|
|
(934 |
) |
Expenses not requiring cash |
3,154 |
|
|
120 |
|
|
1,674 |
|
|
— |
|
|
4,948 |
|
Equity in net earnings of subsidiaries |
37,602 |
|
|
— |
|
|
— |
|
|
(37,602 |
) |
|
— |
|
Change in assets and liabilities: |
|
|
|
|
|
|
|
|
|
Accounts and notes receivable |
— |
|
|
(13,787 |
) |
|
6,934 |
|
|
— |
|
|
(6,853 |
) |
Other assets |
(50,315 |
) |
|
32,013 |
|
|
16,580 |
|
|
— |
|
|
(1,722 |
) |
Accounts payable and accrued liabilities |
(37,753 |
) |
|
29,831 |
|
|
(313 |
) |
|
— |
|
|
(8,235 |
) |
Accrued income taxes |
71,942 |
|
|
(54,000 |
) |
|
(16,666 |
) |
|
— |
|
|
1,276 |
|
Net cash provided by (used in) operating activities |
(55,425 |
) |
|
20,533 |
|
|
17,324 |
|
|
— |
|
|
(17,568 |
) |
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
Capital expenditures |
— |
|
|
(18,726 |
) |
|
(7,833 |
) |
|
— |
|
|
(26,559 |
) |
Proceeds from the sale of assets |
— |
|
|
25 |
|
|
160 |
|
|
— |
|
|
185 |
|
Net cash provided by (used in) investing activities |
— |
|
|
(18,701 |
) |
|
(7,673 |
) |
|
— |
|
|
(26,374 |
) |
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
Proceeds from the issuance of common stock |
25,200 |
|
|
— |
|
|
— |
|
|
— |
|
|
25,200 |
|
Proceeds from the issuance of mandatory convertible preferred stock |
50,000 |
|
|
— |
|
|
— |
|
|
— |
|
|
50,000 |
|
Payment of equity issuance costs |
(2,864 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(2,864 |
) |
Mandatory convertible preferred stock dividend |
(1,239 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(1,239 |
) |
Shares surrendered in lieu of tax |
(612 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(612 |
) |
Intercompany advances, net |
8,946 |
|
|
361 |
|
|
(9,307 |
) |
|
— |
|
|
— |
|
Net cash provided by (used in) financing activities |
79,431 |
|
|
361 |
|
|
(9,307 |
) |
|
— |
|
|
70,485 |
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in cash and cash equivalents |
24,006 |
|
|
2,193 |
|
|
344 |
|
|
— |
|
|
26,543 |
|
Cash and cash equivalents, beginning of year |
65,000 |
|
|
14,365 |
|
|
40,326 |
|
|
— |
|
|
119,691 |
|
Cash and cash equivalents, end of period |
$ |
89,006 |
|
|
$ |
16,558 |
|
|
$ |
40,670 |
|
|
$ |
— |
|
|
$ |
146,234 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 2017 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
(69,696 |
) |
|
$ |
(24,287 |
) |
|
$ |
(13,316 |
) |
|
$ |
37,602 |
|
|
$ |
(69,697 |
) |
Adjustments to reconcile net income (loss): |
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
— |
|
|
41,458 |
|
|
21,726 |
|
|
— |
|
|
63,184 |
|
(Gain) loss on disposition of assets |
— |
|
|
242 |
|
|
223 |
|
|
— |
|
|
465 |
|
Deferred income tax expense (benefit) |
(10,359 |
) |
|
8,943 |
|
|
482 |
|
|
— |
|
|
(934 |
) |
Expenses not requiring cash |
3,154 |
|
|
120 |
|
|
1,674 |
|
|
— |
|
|
4,948 |
|
Equity in net earnings of subsidiaries |
37,602 |
|
|
— |
|
|
— |
|
|
(37,602 |
) |
|
— |
|
Change in assets and liabilities: |
|
|
|
|
|
|
|
|
|
Accounts and notes receivable |
— |
|
|
(13,787 |
) |
|
6,934 |
|
|
— |
|
|
(6,853 |
) |
Other assets |
(50,315 |
) |
|
32,013 |
|
|
16,580 |
|
|
— |
|
|
(1,722 |
) |
Accounts payable and accrued liabilities |
(37,753 |
) |
|
29,831 |
|
|
(313 |
) |
|
— |
|
|
(8,235 |
) |
Accrued income taxes |
71,942 |
|
|
(54,000 |
) |
|
(16,666 |
) |
|
— |
|
|
1,276 |
|
Net cash provided by (used in) operating activities |
(55,425 |
) |
|
20,533 |
|
|
17,324 |
|
|
— |
|
|
(17,568 |
) |
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
Capital expenditures |
— |
|
|
(18,726 |
) |
|
(7,833 |
) |
|
— |
|
|
(26,559 |
) |
Proceeds from the sale of assets |
— |
|
|
25 |
|
|
160 |
|
|
— |
|
|
185 |
|
Net cash provided by (used in) investing activities |
— |
|
|
(18,701 |
) |
|
(7,673 |
) |
|
— |
|
|
(26,374 |
) |
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
Proceeds from the issuance of common stock |
25,200 |
|
|
— |
|
|
— |
|
|
— |
|
|
25,200 |
|
Proceeds from the issuance of mandatory convertible preferred stock |
50,000 |
|
|
— |
|
|
— |
|
|
— |
|
|
50,000 |
|
Payment of equity issuance costs |
(2,864 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(2,864 |
) |
Mandatory convertible preferred stock dividend |
(1,239 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(1,239 |
) |
Shares surrendered in lieu of tax |
(612 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(612 |
) |
Intercompany advances, net |
8,946 |
|
|
361 |
|
|
(9,307 |
) |
|
— |
|
|
— |
|
Net cash provided by (used in) financing activities |
79,431 |
|
|
361 |
|
|
(9,307 |
) |
|
— |
|
|
70,485 |
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in cash and cash equivalents |
24,006 |
|
|
2,193 |
|
|
344 |
|
|
— |
|
|
26,543 |
|
Cash and cash equivalents, beginning of year |
65,000 |
|
|
14,365 |
|
|
40,326 |
|
|
— |
|
|
119,691 |
|
Cash and cash equivalents, end of period |
$ |
89,006 |
|
|
$ |
16,558 |
|
|
$ |
40,670 |
|
|
$ |
— |
|
|
$ |
146,234 |
|
PARKER DRILLING COMPANY AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(Dollars in Thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 2016 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
(135,657 |
) |
|
$ |
(30,816 |
) |
|
$ |
(9,977 |
) |
|
$ |
40,793 |
|
|
$ |
(135,657 |
) |
Adjustments to reconcile net income (loss) |
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
— |
|
|
46,439 |
|
|
25,692 |
|
|
— |
|
|
72,131 |
|
Accretion of contingent consideration |
— |
|
|
419 |
|
|
— |
|
|
— |
|
|
419 |
|
(Gain) loss on debt modification |
1,088 |
|
|
— |
|
|
— |
|
|
— |
|
|
1,088 |
|
(Gain) loss on disposition of assets |
— |
|
|
(153 |
) |
|
215 |
|
|
— |
|
|
62 |
|
Deferred income tax expense (benefit) |
49,167 |
|
|
9,569 |
|
|
569 |
|
|
— |
|
|
59,305 |
|
Excess tax benefit (expense) from stock-based compensation |
(1,617 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(1,617 |
) |
Expenses not requiring cash |
3,510 |
|
|
(282 |
) |
|
(7,637 |
) |
|
— |
|
|
(4,409 |
) |
Equity in net earnings of subsidiaries |
40,793 |
|
|
— |
|
|
— |
|
|
(40,793 |
) |
|
— |
|
Change in assets and liabilities: |
|
|
|
|
|
|
|
|
|
Accounts and notes receivable |
— |
|
|
7,755 |
|
|
14,564 |
|
|
— |
|
|
22,319 |
|
Other assets |
(103,035 |
) |
|
102,496 |
|
|
(2,453 |
) |
|
— |
|
|
(2,992 |
) |
Accounts payable and accrued liabilities |
3,281 |
|
|
(5,737 |
) |
|
(4,406 |
) |
|
— |
|
|
(6,862 |
) |
Accrued income taxes |
21,711 |
|
|
(17,830 |
) |
|
(7,866 |
) |
|
— |
|
|
(3,985 |
) |
Net cash provided by (used in) operating activities |
(120,759 |
) |
|
111,860 |
|
|
8,701 |
|
|
— |
|
|
(198 |
) |
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
Capital expenditures |
— |
|
|
(7,499 |
) |
|
(8,758 |
) |
|
— |
|
|
(16,257 |
) |
Proceeds from the sale of assets |
— |
|
|
121 |
|
|
1,266 |
|
|
— |
|
|
1,387 |
|
Net cash provided by (used in) investing activities |
— |
|
|
(7,378 |
) |
|
(7,492 |
) |
|
— |
|
|
(14,870 |
) |
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
Payment for noncontrolling interest |
(3,375 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(3,375 |
) |
Payment of contingent consideration |
— |
|
|
(6,000 |
) |
|
— |
|
|
— |
|
|
(6,000 |
) |
Shares surrendered in lieu of tax |
(817 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(817 |
) |
Intercompany advances, net |
106,246 |
|
|
(100,144 |
) |
|
(6,102 |
) |
|
— |
|
|
— |
|
Net cash provided by (used in) financing activities |
102,054 |
|
|
(106,144 |
) |
|
(6,102 |
) |
|
— |
|
|
(10,192 |
) |
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in cash and cash equivalents |
(18,705 |
) |
|
(1,662 |
) |
|
(4,893 |
) |
|
— |
|
|
(25,260 |
) |
Cash and cash equivalents, beginning of year |
73,985 |
|
|
13,854 |
|
|
46,455 |
|
|
— |
|
|
134,294 |
|
Cash and cash equivalents, end of period |
$ |
55,280 |
|
|
$ |
12,192 |
|
|
$ |
41,562 |
|
|
$ |
— |
|
|
$ |
109,034 |
|
|