Quarterly report pursuant to Section 13 or 15(d)

Parent, Guarantor, Non-Guarantor Unaudited Consolidating Condensed Financial Statements (Tables)

v3.8.0.1
Parent, Guarantor, Non-Guarantor Unaudited Consolidating Condensed Financial Statements (Tables)
3 Months Ended
Mar. 31, 2018
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) 
 
March 31, 2018
 
Parent
 
Guarantor
 
Non-Guarantor
 
Eliminations
 
Consolidated
ASSETS
Current assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
56,723

 
$
16,509

 
$
45,083

 
$

 
$
118,315

Accounts and Notes receivable, net

 
35,177

 
91,508

 

 
126,685

Rig materials and supplies

 
(2,869
)
 
34,318

 
373

 
31,822

Other current assets

 
5,613

 
14,825

 

 
20,438

Total current assets
56,723

 
54,430

 
185,734

 
373

 
297,260

Property, plant and equipment, net
(19
)
 
423,377

 
187,144

 
242

 
610,744

Goodwill

 
6,708

 

 

 
6,708

Intangible assets, net

 
6,551

 

 

 
6,551

Investment in subsidiaries and intercompany advances
2,931,773

 
2,983,588

 
4,024,920

 
(9,940,281
)
 

Other noncurrent assets
(256,973
)
 
234,495

 
533,156

 
(480,811
)
 
29,867

Total assets
$
2,731,504

 
$
3,709,149

 
$
4,930,954

 
$
(10,420,477
)
 
$
951,130

 
 
 
 
 
 
 
 
 
 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
 
 
 
 
 
 
 
 
 
Accounts payable and accrued liabilities
$
(70,088
)
 
$
191,260

 
$
586,677

 
$
(617,477
)
 
$
90,372

Accrued income taxes
80,627

 
(59,776
)
 
(16,660
)
 

 
4,191

Total current liabilities
10,539

 
131,484

 
570,017

 
(617,477
)
 
94,563

Long-term debt, net
578,404

 

 

 

 
578,404

Other long-term liabilities
2,867

 
3,875

 
4,368

 

 
11,110

Deferred tax liability

 

 
78

 

 
78

Intercompany payables
1,871,869

 
1,468,837

 
2,495,167

 
(5,835,873
)
 

Total liabilities
2,463,679

 
1,604,196

 
3,069,630

 
(6,453,350
)
 
684,155

Total equity
267,825

 
2,104,953

 
1,861,324

 
(3,967,127
)
 
266,975

Total liabilities and stockholders’ equity
$
2,731,504

 
$
3,709,149

 
$
4,930,954

 
$
(10,420,477
)
 
$
951,130


PARKER DRILLING COMPANY AND SUBSIDIARIES
CONSOLIDATING CONDENSED BALANCE SHEET
(Dollars in Thousands)
(Unaudited)
 
December 31, 2017
 
Parent
 
Guarantor
 
Non-Guarantor
 
Eliminations
 
Consolidated
ASSETS
Current assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
75,342

 
$
20,655

 
$
45,552

 
$

 
$
141,549

Accounts and Notes receivable, net

 
32,338

 
90,173

 

 
122,511

Rig materials and supplies

 
(3,025
)
 
34,440

 

 
31,415

Other current assets

 
6,362

 
15,999

 

 
22,361

Total current assets
75,342

 
56,330

 
186,164

 

 
317,836

Property, plant and equipment, net
(19
)
 
428,556

 
197,234

 

 
625,771

Goodwill

 
6,708

 

 

 
6,708

Intangible assets, net

 
7,128

 

 

 
7,128

Investment in subsidiaries and intercompany advances
2,955,050

 
2,971,456

 
3,955,553

 
(9,882,059
)
 

Other noncurrent assets
(261,232
)
 
237,755

 
537,124

 
(480,811
)
 
32,836

Total assets
$
2,769,141

 
$
3,707,933

 
$
4,876,075

 
$
(10,362,870
)
 
$
990,279

 
 
 
 
 
 
 
 
 
 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
 
 
 
 
 
 
 
 
 
Accounts payable and accrued liabilities
$
(51,060
)
 
$
179,247

 
$
588,536

 
$
(617,477
)
 
$
99,246

Accrued income taxes
76,883

 
(56,870
)
 
(15,583
)
 

 
4,430

Total current liabilities
25,823

 
122,377

 
572,953

 
(617,477
)
 
103,676

Long-term debt, net
577,971

 

 

 

 
577,971

Other long-term liabilities
2,867

 
5,741

 
3,825

 

 
12,433

Deferred tax liability
(1
)
 

 
79

 

 
78

Intercompany payables
1,865,810

 
1,465,744

 
2,430,340

 
(5,761,894
)
 

Total liabilities
2,472,470

 
1,593,862

 
3,007,197

 
(6,379,371
)
 
694,158

Total equity
296,671

 
2,114,071

 
1,868,878

 
(3,983,499
)
 
296,121

Total liabilities and stockholders’ equity
$
2,769,141

 
$
3,707,933

 
$
4,876,075

 
$
(10,362,870
)
 
$
990,279

Consolidating Condensed Statement of Operations
PARKER DRILLING COMPANY AND SUBSIDIARIES
CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS
(Dollars in Thousands)
(Unaudited)
 
 Three months ended March 31, 2018
 
Parent
 
Guarantor
 
Non-Guarantor
 
Eliminations
 
Consolidated
Revenues
$

 
$
42,591

 
$
81,622

 
$
(14,538
)
 
$
109,675

Operating expenses

 
25,817

 
80,255

 
(14,538
)
 
91,534

Depreciation and amortization

 
19,996

 
8,553

 

 
28,549

Total operating gross margin (loss)

 
(3,222
)
 
(7,186
)
 

 
(10,408
)
General and administrative expense (1)
(89
)
 
(5,983
)
 
(129
)
 

 
(6,201
)
Gain (loss) on disposition of assets, net

 
11

 
332

 

 
343

Total operating income (loss)
(89
)
 
(9,194
)
 
(6,983
)
 

 
(16,266
)
Other income (expense):
 
 
 
 
 
 
 
 
 
Interest expense
(12,228
)
 
223

 
(2,056
)
 
2,821

 
(11,240
)
Interest income
182

 
181

 
2,481

 
(2,821
)
 
23

Other

 
2

 
289

 

 
291

Equity in net earnings of subsidiaries
(16,372
)
 

 

 
16,372

 

Total other income (expense)
(28,418
)
 
406

 
714

 
16,372

 
(10,926
)
Income (loss) before income taxes
(28,507
)
 
(8,788
)
 
(6,269
)
 
16,372

 
(27,192
)
Income tax expense (benefit)
288

 
329

 
987

 

 
1,604

Net income (loss)
(28,795
)
 
(9,117
)
 
(7,256
)
 
16,372

 
(28,796
)
Less: Mandatory convertible preferred stock dividend
906

 

 

 

 
906

Net income (loss) available to common stockholders
$
(29,701
)
 
$
(9,117
)
 
$
(7,256
)
 
$
16,372

 
$
(29,702
)

(1) General and administrative expenses for field operations are included in operating expenses.
PARKER DRILLING COMPANY AND SUBSIDIARIES
CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS
(Dollars in Thousands)
(Unaudited)
 
 Three months ended March 31, 2017
 
Parent
 
Guarantor
 
Non-Guarantor
 
Eliminations
 
Consolidated
Revenues
$

 
$
27,893

 
$
88,237

 
$
(17,859
)
 
$
98,271

Operating expenses

 
20,950

 
82,723

 
(17,859
)
 
85,814

Depreciation and amortization

 
21,188

 
11,014

 

 
32,202

Total operating gross margin (loss)

 
(14,245
)
 
(5,500
)
 

 
(19,745
)
General and administrative expense (1)
(78
)
 
(6,870
)
 
(92
)
 

 
(7,040
)
Gain (loss) on disposition of assets, net

 
(216
)
 
(136
)
 

 
(352
)
Total operating income (loss)
(78
)
 
(21,331
)
 
(5,728
)
 

 
(27,137
)
Other income (expense):
 
 
 
 
 
 
 
 
 
Interest expense
(11,669
)
 
(45
)
 
(1,942
)
 
2,786

 
(10,870
)
Interest income
149

 
179

 
2,468

 
(2,786
)
 
10

Other

 
32

 
498

 

 
530

Equity in net earnings of subsidiaries
(21,780
)
 

 

 
21,780

 

Total other income (expense)
(33,300
)
 
166

 
1,024

 
21,780

 
(10,330
)
Income (loss) before income taxes
(33,378
)
 
(21,165
)
 
(4,704
)
 
21,780

 
(37,467
)
Income tax expense (benefit)
6,430

 
(5,577
)
 
1,489

 

 
2,342

Net income (loss)
(39,808
)
 
(15,588
)
 
(6,193
)
 
21,780

 
(39,809
)
Less: Mandatory convertible preferred stock dividend

 

 

 


 

Net income (loss) available to common stockholders
$
(39,808
)
 
$
(15,588
)
 
$
(6,193
)
 
$
21,780

 
$
(39,809
)

(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 March 31, 2018
 
Parent
 
Guarantor
 
Non-Guarantor
 
Eliminations
 
Consolidated
Comprehensive income (loss):
 
 
 
 
 
 
 
 
 
Net income (loss)
$
(28,795
)
 
$
(9,117
)
 
$
(7,256
)
 
$
16,372

 
$
(28,796
)
Other comprehensive income (loss), net of tax:
 
 
 
 
 
 
 
 
 
Currency translation difference on related borrowings

 

 
276

 

 
276

Currency translation difference on foreign currency net investments

 

 
(576
)
 

 
(576
)
Total other comprehensive income (loss), net of tax:

 

 
(300
)
 

 
(300
)
Comprehensive income (loss)
(28,795
)
 
(9,117
)
 
(7,556
)
 
16,372

 
(29,096
)



PARKER DRILLING COMPANY AND SUBSIDIARIES
CONSOLIDATING CONDENSED STATEMENT OF COMPREHENSIVE INCOME (LOSS)
(Dollars in Thousands)
(Unaudited)
 
Three Months Ended March 31, 2017
 
Parent
 
Guarantor
 
Non-Guarantor
 
Eliminations
 
Consolidated
Comprehensive income (loss):
 
 
 
 
 
 
 
 
 
Net income (loss)
$
(39,808
)
 
$
(15,588
)
 
$
(6,193
)
 
$
21,780

 
$
(39,809
)
Other comprehensive income (loss), net of tax:
 
 
 
 
 
 
 
 
 
Currency translation difference on related borrowings

 

 
83

 

 
83

Currency translation difference on foreign currency net investments

 

 
763

 

 
763

Total other comprehensive income (loss), net of tax:

 

 
846

 

 
846

Comprehensive income (loss)
(39,808
)
 
(15,588
)
 
(5,347
)
 
21,780

 
(38,963
)
Consolidated Condensed Statements of Cash Flows
PARKER DRILLING COMPANY AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENT OF CASH FLOWS
(Dollars in Thousands)
(Unaudited)
 
Three Months Ended March 31, 2018
 
Parent
 
Guarantor
 
Non-Guarantor
 
Eliminations
 
Consolidated
Cash flows from operating activities:
 
 
 
 
 
 
 
 
 
Net income (loss)
$
(28,795
)
 
$
(9,117
)
 
$
(7,256
)
 
$
16,372

 
$
(28,796
)
Adjustments to reconcile net income (loss):
 
 
 
 
 
 
 
 
 
Depreciation and amortization

 
19,996

 
8,553

 

 
28,549

(Gain) loss on disposition of assets

 
(11
)
 
(332
)
 

 
(343
)
Deferred tax expense (benefit)
(3,420
)
 
3,015

 
(138
)
 

 
(543
)
Expenses not requiring cash
1,411

 
(10
)
 
(11,032
)
 
10,738

 
1,107

Change in assets and liabilities:
 
 
 
 
 
 
 
 
 
Accounts and notes receivable

 
(2,840
)
 
(1,339
)
 

 
(4,179
)
Other assets
23,587

 
(10,095
)
 
(61,331
)
 
57,850

 
10,011

Accounts payable and accrued liabilities
(12,971
)
 
5,333

 
74,636

 
(84,960
)
 
(17,962
)
Accrued income taxes
3,745

 
(2,907
)
 
(886
)
 

 
(48
)
Net cash provided by (used in) operating activities
(16,443
)
 
3,364

 
875

 

 
(12,204
)
 
 
 
 
 
 
 
 
 
 
Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
Capital expenditures

 
(7,554
)
 
(1,370
)
 

 
(8,924
)
Proceeds from the sale of assets

 
44

 
26

 

 
70

Net cash provided by (used in) investing activities

 
(7,510
)
 
(1,344
)
 

 
(8,854
)
 
 
 
 
 
 
 
 
 
 
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
Payments of debt issuance costs
(1,148
)
 

 

 

 
(1,148
)
Preferred stock dividend
(906
)
 

 

 

 
(906
)
Shares surrendered in lieu of tax
(122
)
 

 

 

 
(122
)
Net cash provided by (used in) financing activities
(2,176
)
 

 

 

 
(2,176
)
 
 
 
 
 
 
 
 
 
 
Net increase (decrease) in cash and cash equivalents
(18,619
)
 
(4,146
)
 
(469
)
 

 
(23,234
)
Cash and cash equivalents at beginning of period
75,342

 
20,655

 
45,552

 

 
141,549

Cash and cash equivalents at end of period
$
56,723

 
$
16,509

 
$
45,083

 
$

 
$
118,315


PARKER DRILLING COMPANY AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENT OF CASH FLOWS
(Dollars in Thousands)
(Unaudited)
 
Three Months Ended March 31, 2017
 
Parent
 
Guarantor
 
Non-Guarantor
 
Eliminations
 
Consolidated
Cash flows from operating activities:
 
 
 
 
 
 
 
 
 
Net income (loss)
$
(39,808
)
 
$
(15,588
)
 
$
(6,193
)
 
$
21,780

 
$
(39,809
)
Adjustments to reconcile net income (loss)
 
 
 
 
 
 
 
 
 
Depreciation and amortization

 
21,188

 
11,014

 

 
32,202

(Gain) loss on disposition of assets

 
216

 
136

 

 
352

Deferred tax expense (benefit)
(5,641
)
 
5,165

 
(166
)
 

 
(642
)
Expenses not requiring cash
1,781

 
91

 
278

 

 
2,150

Equity in net earnings of subsidiaries
21,780

 

 

 
(21,780
)
 

Change in assets and liabilities:
 
 
 
 
 
 
 
 
 
Accounts and notes receivable

 
(3,668
)
 
(1,206
)
 

 
(4,874
)
Other assets
17,984

 
(18,296
)
 
(2,380
)
 

 
(2,692
)
Accounts payable and accrued liabilities
(34,867
)
 
15,591

 
3,339

 

 
(15,937
)
Accrued income taxes
(5,783
)
 
7,055

 
393

 

 
1,665

Net cash provided by (used in) operating activities
(44,554
)
 
11,754

 
5,215

 

 
(27,585
)
 
 
 
 
 
 
 
 
 
 
Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
Capital expenditures

 
(10,994
)
 
(3,457
)
 

 
(14,451
)
Proceeds from the sale of assets

 

 
46

 

 
46

Net cash provided by (used in) investing activities

 
(10,994
)
 
(3,411
)
 

 
(14,405
)
 
 
 
 
 
 
 
 
 
 
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
(2,861
)
 

 

 

 
(2,861
)
Shares surrendered in lieu of tax
(352
)
 

 

 

 
(352
)
Intercompany advances, net
4,106

 
(2,090
)
 
(2,016
)
 

 

Net cash provided by (used in) financing activities
76,093

 
(2,090
)
 
(2,016
)
 

 
71,987

 
 
 
 
 
 
 
 
 
 
Net change in cash and cash equivalents
31,539

 
(1,330
)
 
(212
)
 

 
29,997

Cash and cash equivalents at beginning of period
65,000

 
14,365

 
40,326

 

 
119,691

Cash and cash equivalents at end of period
$
96,539

 
$
13,035

 
$
40,114

 
$

 
$
149,688