Parent, Guarantor, Non-Guarantor Unaudited Consolidating Condensed Financial Statements (Tables)
|
6 Months Ended |
Jun. 30, 2016 |
|---|
| 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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|
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December 31, 2015 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
ASSETS |
Current assets: |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
73,985 |
|
|
$ |
13,854 |
|
|
$ |
46,455 |
|
|
$ |
— |
|
|
$ |
134,294 |
|
Accounts and notes receivable, net |
— |
|
|
42,261 |
|
|
132,844 |
|
|
— |
|
|
175,105 |
|
Rig materials and supplies |
— |
|
|
(4,744 |
) |
|
39,681 |
|
|
— |
|
|
34,937 |
|
Other current assets |
— |
|
|
5,982 |
|
|
16,423 |
|
|
— |
|
|
22,405 |
|
Total current assets |
73,985 |
|
|
57,353 |
|
|
235,403 |
|
|
— |
|
|
366,741 |
|
Property, plant and equipment, net |
(19 |
) |
|
543,346 |
|
|
262,514 |
|
|
— |
|
|
805,841 |
|
Goodwill |
— |
|
|
6,708 |
|
|
— |
|
|
— |
|
|
6,708 |
|
Intangible assets, net |
— |
|
|
11,740 |
|
|
1,637 |
|
|
— |
|
|
13,377 |
|
Investment in subsidiaries and intercompany advances |
3,057,220 |
|
|
2,770,501 |
|
|
3,319,702 |
|
|
(9,147,423 |
) |
|
— |
|
Other noncurrent assets |
(234,786 |
) |
|
312,790 |
|
|
265,995 |
|
|
(169,964 |
) |
|
174,035 |
|
Total assets |
$ |
2,896,400 |
|
|
$ |
3,702,438 |
|
|
$ |
4,085,251 |
|
|
$ |
(9,317,387 |
) |
|
$ |
1,366,702 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
Current liabilities: |
|
|
|
|
|
|
|
|
|
Accounts payable and accrued liabilities |
$ |
84,456 |
|
|
$ |
56,382 |
|
|
$ |
295,439 |
|
|
$ |
(306,574 |
) |
|
$ |
129,703 |
|
Accrued income taxes |
9,900 |
|
|
2,111 |
|
|
(5,593 |
) |
|
— |
|
|
6,418 |
|
Total current liabilities |
94,356 |
|
|
58,493 |
|
|
289,846 |
|
|
(306,574 |
) |
|
136,121 |
|
Long-term debt, net |
574,798 |
|
|
— |
|
|
— |
|
|
— |
|
|
574,798 |
|
Other long-term liabilities |
2,868 |
|
|
7,446 |
|
|
8,303 |
|
|
— |
|
|
18,617 |
|
Long-term deferred tax liability |
(29 |
) |
|
69,679 |
|
|
(996 |
) |
|
— |
|
|
68,654 |
|
Intercompany payables |
1,656,968 |
|
|
1,401,510 |
|
|
1,864,671 |
|
|
(4,923,149 |
) |
|
— |
|
Total liabilities |
2,328,961 |
|
|
1,537,128 |
|
|
2,161,824 |
|
|
(5,229,723 |
) |
|
798,190 |
|
Total equity |
567,439 |
|
|
2,165,310 |
|
|
1,923,427 |
|
|
(4,087,664 |
) |
|
568,512 |
|
Total liabilities and stockholders’ equity |
$ |
2,896,400 |
|
|
$ |
3,702,438 |
|
|
$ |
4,085,251 |
|
|
$ |
(9,317,387 |
) |
|
$ |
1,366,702 |
|
PARKER DRILLING COMPANY AND SUBSIDIARIES
CONSOLIDATING CONDENSED BALANCE SHEET
(Dollars in Thousands)
(Unaudited)
|
|
|
|
|
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|
|
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|
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|
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|
June 30, 2016 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
ASSETS |
Current assets: |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
55,280 |
|
|
$ |
12,192 |
|
|
$ |
41,562 |
|
|
$ |
— |
|
|
$ |
109,034 |
|
Accounts and notes receivable, net |
— |
|
|
34,853 |
|
|
118,336 |
|
|
— |
|
|
153,189 |
|
Rig materials and supplies |
— |
|
|
(6,009 |
) |
|
38,624 |
|
|
— |
|
|
32,615 |
|
Other current assets |
— |
|
|
8,601 |
|
|
18,204 |
|
|
— |
|
|
26,805 |
|
Total current assets |
55,280 |
|
|
49,637 |
|
|
216,726 |
|
|
— |
|
|
321,643 |
|
Property, plant and equipment, net |
(19 |
) |
|
502,191 |
|
|
244,845 |
|
|
— |
|
|
747,017 |
|
Goodwill |
— |
|
|
6,708 |
|
|
— |
|
|
— |
|
|
6,708 |
|
Intangible assets, net |
— |
|
|
10,587 |
|
|
805 |
|
|
— |
|
|
11,392 |
|
Investment in subsidiaries and intercompany advances |
3,032,953 |
|
|
2,889,755 |
|
|
3,498,240 |
|
|
(9,420,948 |
) |
|
— |
|
Other noncurrent assets |
(151,632 |
) |
|
207,566 |
|
|
550,882 |
|
|
(480,805 |
) |
|
126,011 |
|
Total assets |
$ |
2,936,582 |
|
|
$ |
3,666,444 |
|
|
$ |
4,511,498 |
|
|
$ |
(9,901,753 |
) |
|
$ |
1,212,771 |
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
Current liabilities: |
|
|
|
|
|
|
|
|
|
Accounts payable and accrued liabilities |
$ |
114,217 |
|
|
$ |
44,382 |
|
|
$ |
567,968 |
|
|
$ |
(617,476 |
) |
|
$ |
109,091 |
|
Accrued income taxes |
30,910 |
|
|
(15,019 |
) |
|
(10,114 |
) |
|
— |
|
|
5,777 |
|
Total current liabilities |
145,127 |
|
|
29,363 |
|
|
557,854 |
|
|
(617,476 |
) |
|
114,868 |
|
Long-term debt, net |
575,548 |
|
|
— |
|
|
— |
|
|
— |
|
|
575,548 |
|
Other long-term liabilities |
2,867 |
|
|
7,708 |
|
|
4,474 |
|
|
— |
|
|
15,049 |
|
Long-term deferred tax liability |
(29 |
) |
|
77,394 |
|
|
(890 |
) |
|
— |
|
|
76,475 |
|
Intercompany payables |
1,779,740 |
|
|
1,417,482 |
|
|
2,018,050 |
|
|
(5,215,272 |
) |
|
— |
|
Total liabilities |
2,503,253 |
|
|
1,531,947 |
|
|
2,579,488 |
|
|
(5,832,748 |
) |
|
781,940 |
|
Total equity |
433,329 |
|
|
2,134,497 |
|
|
1,932,010 |
|
|
(4,069,005 |
) |
|
430,831 |
|
Total liabilities and stockholders’ equity |
$ |
2,936,582 |
|
|
$ |
3,666,444 |
|
|
$ |
4,511,498 |
|
|
$ |
(9,901,753 |
) |
|
$ |
1,212,771 |
|
|
| Consolidating Condensed Statement of Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, 2016 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
Total revenues |
$ |
— |
|
|
$ |
34,586 |
|
|
$ |
88,895 |
|
|
$ |
(18,194 |
) |
|
$ |
105,287 |
|
Operating expenses |
— |
|
|
25,577 |
|
|
81,812 |
|
|
(18,194 |
) |
|
89,195 |
|
Depreciation and amortization |
— |
|
|
23,314 |
|
|
13,003 |
|
|
— |
|
|
36,317 |
|
Total operating gross margin |
— |
|
|
(14,305 |
) |
|
(5,920 |
) |
|
— |
|
|
(20,225 |
) |
General and administration expense (1)
|
(113 |
) |
|
(7,828 |
) |
|
(54 |
) |
|
— |
|
|
(7,995 |
) |
Gain (Loss) on disposition of assets, net |
— |
|
|
209 |
|
|
(211 |
) |
|
— |
|
|
(2 |
) |
Total operating income (loss) |
(113 |
) |
|
(21,924 |
) |
|
(6,185 |
) |
|
— |
|
|
(28,222 |
) |
Other income and (expense): |
|
|
|
|
|
|
|
|
|
Interest expense |
(12,896 |
) |
|
(44 |
) |
|
(2,290 |
) |
|
3,043 |
|
|
(12,187 |
) |
Interest income |
191 |
|
|
180 |
|
|
2,704 |
|
|
(3,043 |
) |
|
32 |
|
Other |
— |
|
|
(11 |
) |
|
(347 |
) |
|
— |
|
|
(358 |
) |
Equity in net earnings of subsidiaries |
(24,568 |
) |
|
— |
|
|
— |
|
|
24,568 |
|
|
— |
|
Total other income (expense) |
(37,273 |
) |
|
125 |
|
|
67 |
|
|
24,568 |
|
|
(12,513 |
) |
Income (loss) before income taxes |
(37,386 |
) |
|
(21,799 |
) |
|
(6,118 |
) |
|
24,568 |
|
|
(40,735 |
) |
Total income tax expense (benefit) |
2,438 |
|
|
(5,297 |
) |
|
1,946 |
|
|
— |
|
|
(913 |
) |
Net income (loss) attributable to controlling interest |
$ |
(39,824 |
) |
|
$ |
(16,502 |
) |
|
$ |
(8,064 |
) |
|
$ |
24,568 |
|
|
$ |
(39,822 |
) |
(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 June 30, 2016 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
Comprehensive income: |
|
|
|
|
|
|
|
|
|
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) attributable to controlling interest |
$ |
(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)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, 2015 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
Comprehensive income: |
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
(14,029 |
) |
|
$ |
(7,187 |
) |
|
$ |
(1,110 |
) |
|
$ |
8,392 |
|
|
$ |
(13,934 |
) |
Other comprehensive income (loss), net of tax: |
|
|
|
|
|
|
|
|
|
Currency translation difference on related borrowings |
— |
|
|
— |
|
|
647 |
|
|
— |
|
|
647 |
|
Currency translation difference on foreign currency net investments |
— |
|
|
— |
|
|
1,723 |
|
|
— |
|
|
1,723 |
|
Total other comprehensive income (loss), net of tax: |
— |
|
|
— |
|
|
2,370 |
|
|
— |
|
|
2,370 |
|
Comprehensive income (loss) |
(14,029 |
) |
|
(7,187 |
) |
|
1,260 |
|
|
8,392 |
|
|
(11,564 |
) |
Comprehensive loss attributable to noncontrolling interest |
— |
|
|
— |
|
|
(95 |
) |
|
— |
|
|
(95 |
) |
Comprehensive income (loss) attributable to controlling interest |
$ |
(14,029 |
) |
|
$ |
(7,187 |
) |
|
$ |
1,165 |
|
|
$ |
8,392 |
|
|
$ |
(11,659 |
) |
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: |
|
|
|
|
|
|
|
|
|
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) attributable to controlling interest |
$ |
(135,657 |
) |
|
$ |
(30,816 |
) |
|
$ |
(13,548 |
) |
|
$ |
40,793 |
|
|
$ |
(139,228 |
) |
PARKER DRILLING COMPANY AND SUBSIDIARIES
CONSOLIDATING CONDENSED STATEMENT OF COMPREHENSIVE INCOME (LOSS)
(Dollars in Thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 2015 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
Comprehensive income: |
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
(10,807 |
) |
|
$ |
(4,868 |
) |
|
$ |
6,116 |
|
|
$ |
(597 |
) |
|
$ |
(10,156 |
) |
Other comprehensive income (loss), net of tax: |
|
|
|
|
|
|
|
|
|
Currency translation difference on related borrowings |
— |
|
|
— |
|
|
(1,023 |
) |
|
— |
|
|
(1,023 |
) |
Currency translation difference on foreign currency net investments |
— |
|
|
— |
|
|
874 |
|
|
— |
|
|
874 |
|
Total other comprehensive income (loss), net of tax: |
— |
|
|
— |
|
|
(149 |
) |
|
— |
|
|
(149 |
) |
Comprehensive income (loss) |
(10,807 |
) |
|
(4,868 |
) |
|
5,967 |
|
|
(597 |
) |
|
(10,305 |
) |
Comprehensive (loss) attributable to noncontrolling interest |
— |
|
|
— |
|
|
(489 |
) |
|
— |
|
|
(489 |
) |
Comprehensive income (loss) attributable to controlling interest |
$ |
(10,807 |
) |
|
$ |
(4,868 |
) |
|
$ |
5,478 |
|
|
$ |
(597 |
) |
|
$ |
(10,794 |
) |
|
| 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, 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 |
|
Loss on debt modification |
1,088 |
|
|
— |
|
|
— |
|
|
— |
|
|
1,088 |
|
Gain on disposition of assets |
— |
|
|
(153 |
) |
|
215 |
|
|
— |
|
|
62 |
|
Deferred income tax expense |
49,167 |
|
|
9,569 |
|
|
569 |
|
|
— |
|
|
59,305 |
|
Expenses not requiring cash |
2,693 |
|
|
(282 |
) |
|
(7,637 |
) |
|
— |
|
|
(5,226 |
) |
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 |
(119,959 |
) |
|
111,860 |
|
|
8,701 |
|
|
— |
|
|
602 |
|
|
|
|
|
|
|
|
|
|
|
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 |
) |
Excess tax benefit from stock-based compensation |
(1,617 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(1,617 |
) |
Intercompany advances, net |
106,246 |
|
|
(100,144 |
) |
|
(6,102 |
) |
|
— |
|
|
— |
|
Net cash provided by (used in) financing activities |
101,254 |
|
|
(106,144 |
) |
|
(6,102 |
) |
|
— |
|
|
(10,992 |
) |
|
|
|
|
|
|
|
|
|
|
Net change in cash and cash equivalents |
(18,705 |
) |
|
(1,662 |
) |
|
(4,893 |
) |
|
— |
|
|
(25,260 |
) |
Cash and cash equivalents at beginning of year |
73,985 |
|
|
13,854 |
|
|
46,455 |
|
|
— |
|
|
134,294 |
|
Cash and cash equivalents at end of year |
$ |
55,280 |
|
|
$ |
12,192 |
|
|
$ |
41,562 |
|
|
$ |
— |
|
|
$ |
109,034 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
Loss on debt modification |
1,088 |
|
|
— |
|
|
— |
|
|
— |
|
|
1,088 |
|
Gain on disposition of assets |
— |
|
|
(153 |
) |
|
215 |
|
|
— |
|
|
62 |
|
Deferred income tax expense |
49,167 |
|
|
9,569 |
|
|
569 |
|
|
— |
|
|
59,305 |
|
Expenses not requiring cash |
2,693 |
|
|
(282 |
) |
|
(7,637 |
) |
|
— |
|
|
(5,226 |
) |
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 |
(119,959 |
) |
|
111,860 |
|
|
8,701 |
|
|
— |
|
|
602 |
|
|
|
|
|
|
|
|
|
|
|
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 |
) |
Excess tax benefit from stock-based compensation |
(1,617 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(1,617 |
) |
Intercompany advances, net |
106,246 |
|
|
(100,144 |
) |
|
(6,102 |
) |
|
— |
|
|
— |
|
Net cash provided by (used in) financing activities |
101,254 |
|
|
(106,144 |
) |
|
(6,102 |
) |
|
— |
|
|
(10,992 |
) |
|
|
|
|
|
|
|
|
|
|
Net change in cash and cash equivalents |
(18,705 |
) |
|
(1,662 |
) |
|
(4,893 |
) |
|
— |
|
|
(25,260 |
) |
Cash and cash equivalents at beginning of year |
73,985 |
|
|
13,854 |
|
|
46,455 |
|
|
— |
|
|
134,294 |
|
Cash and cash equivalents at end of year |
$ |
55,280 |
|
|
$ |
12,192 |
|
|
$ |
41,562 |
|
|
$ |
— |
|
|
$ |
109,034 |
|
PARKER DRILLING COMPANY AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(Dollars in Thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 2015 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
(10,807 |
) |
|
$ |
(4,868 |
) |
|
$ |
6,116 |
|
|
$ |
(597 |
) |
|
$ |
(10,156 |
) |
Adjustments to reconcile net income (loss) |
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
— |
|
|
47,268 |
|
|
31,622 |
|
|
— |
|
|
78,890 |
|
Accretion of contingent consideration |
— |
|
|
— |
|
|
306 |
|
|
— |
|
|
306 |
|
Provision for reduction in carrying value of certain assets |
— |
|
|
— |
|
|
2,316 |
|
|
— |
|
|
2,316 |
|
Gain on disposition of assets |
— |
|
|
(45 |
) |
|
(2,258 |
) |
|
— |
|
|
(2,303 |
) |
Deferred income tax expense |
(22,414 |
) |
|
6,574 |
|
|
(1,286 |
) |
|
— |
|
|
(17,126 |
) |
Expenses not requiring cash |
4,039 |
|
|
441 |
|
|
828 |
|
|
— |
|
|
5,308 |
|
Equity in net earnings of subsidiaries |
(597 |
) |
|
— |
|
|
— |
|
|
597 |
|
|
— |
|
Change in assets and liabilities: |
|
|
|
|
|
|
|
|
|
Accounts and notes receivable |
— |
|
|
27,778 |
|
|
11,905 |
|
|
— |
|
|
39,683 |
|
Other assets |
(77,427 |
) |
|
59,964 |
|
|
10,111 |
|
|
— |
|
|
(7,352 |
) |
Accounts payable and accrued liabilities |
29 |
|
|
14,890 |
|
|
(156 |
) |
|
— |
|
|
14,763 |
|
Accrued income taxes |
2,146 |
|
|
229 |
|
|
(3,611 |
) |
|
— |
|
|
(1,236 |
) |
Net cash provided by (used in) operating activities |
(105,031 |
) |
|
152,231 |
|
|
55,893 |
|
|
— |
|
|
103,093 |
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
Capital expenditures |
— |
|
|
(37,794 |
) |
|
(16,811 |
) |
|
— |
|
|
(54,605 |
) |
Proceeds from the sale of assets |
— |
|
|
82 |
|
|
206 |
|
|
— |
|
|
288 |
|
Proceeds from insurance settlements |
— |
|
|
— |
|
|
2,500 |
|
|
— |
|
|
2,500 |
|
Acquisitions, net of cash acquired |
— |
|
|
(10,431 |
) |
|
— |
|
|
— |
|
|
(10,431 |
) |
Net cash provided by (used in) investing activities |
— |
|
|
(48,143 |
) |
|
(14,105 |
) |
|
— |
|
|
(62,248 |
) |
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
Repayments of long-term debt |
(30,000 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(30,000 |
) |
Payment of debt issuance costs |
(1,359 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(1,359 |
) |
Excess tax benefit from stock-based compensation |
(999 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(999 |
) |
Intercompany advances, net |
142,814 |
|
|
(97,138 |
) |
|
(45,676 |
) |
|
— |
|
|
— |
|
Net cash provided by (used in) financing activities |
110,456 |
|
|
(97,138 |
) |
|
(45,676 |
) |
|
— |
|
|
(32,358 |
) |
|
|
|
|
|
|
|
|
|
|
Net change in cash and cash equivalents |
5,425 |
|
|
6,950 |
|
|
(3,888 |
) |
|
— |
|
|
8,487 |
|
Cash and cash equivalents at beginning of year |
36,728 |
|
|
13,546 |
|
|
58,182 |
|
|
— |
|
|
108,456 |
|
Cash and cash equivalents at end of year |
$ |
42,153 |
|
|
$ |
20,496 |
|
|
$ |
54,294 |
|
|
$ |
— |
|
|
$ |
116,943 |
|
|