| Results of Operations by Reportable Segment |
The following table represents the results of operations by reportable segment:
|
|
|
|
|
|
|
|
|
|
|
Successor |
|
|
Predecessor |
|
Three Months Ended September 30, |
|
|
Three Months Ended September 30, |
Dollars in thousands |
2019 |
|
|
2018 |
Revenues: (1)
|
|
|
|
|
U.S. rental tools |
$ |
49,256 |
|
|
|
$ |
50,944 |
|
International rental tools |
24,067 |
|
|
|
20,151 |
|
Total rental tools services |
73,323 |
|
|
|
71,095 |
|
U.S. (lower 48) drilling |
14,487 |
|
|
|
4,530 |
|
International & Alaska drilling |
72,273 |
|
|
|
47,770 |
|
Total drilling services |
86,760 |
|
|
|
52,300 |
|
Total revenues |
160,083 |
|
|
|
123,395 |
|
Operating gross margin: (2)
|
|
|
|
|
U.S. rental tools |
13,446 |
|
|
|
16,588 |
|
International rental tools |
1,925 |
|
|
|
(2,713 |
) |
Total rental tools services |
15,371 |
|
|
|
13,875 |
|
U.S. (lower 48) drilling |
2,505 |
|
|
|
(3,402 |
) |
International & Alaska drilling |
4,392 |
|
|
|
(8,541 |
) |
Total drilling services |
6,897 |
|
|
|
(11,943 |
) |
Total operating gross margin |
22,268 |
|
|
|
1,932 |
|
General and administrative expense |
(5,983 |
) |
|
|
(14,495 |
) |
Loss on impairment |
— |
|
|
|
(43,990 |
) |
Gain (loss) on disposition of assets, net |
(92 |
) |
|
|
9 |
|
Reorganization items |
(211 |
) |
|
|
— |
|
Total operating income (loss) |
15,982 |
|
|
|
(56,544 |
) |
Interest expense |
(7,118 |
) |
|
|
(11,350 |
) |
Interest income |
362 |
|
|
|
23 |
|
Other |
(258 |
) |
|
|
(709 |
) |
Income (loss) before income taxes |
$ |
8,968 |
|
|
|
$ |
(68,580 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Successor |
|
|
Predecessor |
|
Six Months Ended September 30, |
|
|
Three Months Ended March 31, |
|
Nine Months Ended September 30, |
Dollars in thousands |
2019 |
|
|
2019 |
|
2018 |
Revenues: (1)
|
|
|
|
|
|
|
U.S. rental tools |
$ |
102,192 |
|
|
|
$ |
52,595 |
|
|
$ |
127,775 |
|
International rental tools |
46,222 |
|
|
|
21,109 |
|
|
57,563 |
|
Total rental tools services |
148,414 |
|
|
|
73,704 |
|
|
185,338 |
|
U.S. (lower 48) drilling |
26,966 |
|
|
|
6,627 |
|
|
9,167 |
|
International & Alaska drilling |
140,734 |
|
|
|
77,066 |
|
|
157,168 |
|
Total drilling services |
167,700 |
|
|
|
83,693 |
|
|
166,335 |
|
Total revenues |
316,114 |
|
|
|
157,397 |
|
|
351,673 |
|
Operating gross margin: (2)
|
|
|
|
|
|
|
U.S. rental tools |
31,317 |
|
|
|
17,289 |
|
|
30,903 |
|
International rental tools |
2,626 |
|
|
|
(3,581 |
) |
|
(9,402 |
) |
Total rental tools services |
33,943 |
|
|
|
13,708 |
|
|
21,501 |
|
U.S. (lower 48) drilling |
3,485 |
|
|
|
(1,508 |
) |
|
(12,443 |
) |
International & Alaska drilling |
7,831 |
|
|
|
(776 |
) |
|
(17,701 |
) |
Total drilling services |
11,316 |
|
|
|
(2,284 |
) |
|
(30,144 |
) |
Total operating gross margin |
45,259 |
|
|
|
11,424 |
|
|
(8,643 |
) |
General and administrative expense |
(11,593 |
) |
|
|
(8,147 |
) |
|
(28,984 |
) |
Loss on impairment |
— |
|
|
|
— |
|
|
(43,990 |
) |
Gain (loss) on disposition of assets, net |
(145 |
) |
|
|
384 |
|
|
(126 |
) |
Reorganization items |
(1,173 |
) |
|
|
(92,977 |
) |
|
— |
|
Total operating income (loss) |
32,348 |
|
|
|
(89,316 |
) |
|
(81,743 |
) |
Interest expense |
(14,781 |
) |
|
|
(274 |
) |
|
(33,787 |
) |
Interest income |
736 |
|
|
|
8 |
|
|
76 |
|
Other |
(902 |
) |
|
|
(10 |
) |
|
(1,609 |
) |
Income (loss) before income taxes |
$ |
17,401 |
|
|
|
$ |
(89,592 |
) |
|
$ |
(117,063 |
) |
|
|
(1) |
For the six months ended September 30, 2019, our largest customer, ENL, constituted approximately 27.7 percent of our total consolidated revenues and approximately 62.2 percent of our International & Alaska Drilling segment revenues. Excluding reimbursable revenues of $37.1 million, ENL constituted approximately 18.4 percent of our total consolidated revenues and approximately 49.8 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 nine months ended September 30, 2018, our largest customer, ENL, constituted approximately 25.7 percent of our total consolidated revenues and approximately 57.5 percent of our International & Alaska Drilling segment revenues. Excluding reimbursable revenues of $34.6 million, ENL constituted approximately 17.9 percent of our total consolidated revenues and approximately 47.6 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 |
The following table shows the Company’s revenues by geographic region:
|
|
|
|
|
|
|
|
|
|
|
Successor |
|
|
Predecessor |
|
Three Months Ended September 30, |
|
|
Three Months Ended September 30, |
Dollars in Thousands |
2019 |
|
|
2018 |
United States |
$ |
70,887 |
|
|
|
$ |
57,016 |
|
Russia |
45,769 |
|
|
|
30,315 |
|
EMEA & Asia |
22,807 |
|
|
|
23,902 |
|
Latin America |
10,480 |
|
|
|
2,596 |
|
Other CIS |
3,721 |
|
|
|
2,743 |
|
Other |
6,419 |
|
|
|
6,823 |
|
Total revenues |
$ |
160,083 |
|
|
|
$ |
123,395 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Successor |
|
|
Predecessor |
|
Six Months Ended September 30, |
|
|
Three Months Ended March 31, |
|
Nine Months Ended September 30, |
Dollars in Thousands |
2019 |
|
|
2019 |
|
2018 |
United States |
$ |
143,047 |
|
|
|
$ |
66,253 |
|
|
$ |
153,665 |
|
Russia |
88,047 |
|
|
|
49,387 |
|
|
90,378 |
|
EMEA & Asia |
47,794 |
|
|
|
25,133 |
|
|
66,206 |
|
Latin America |
17,275 |
|
|
|
5,482 |
|
|
10,214 |
|
Other CIS |
7,313 |
|
|
|
3,621 |
|
|
9,799 |
|
Other |
12,638 |
|
|
|
7,521 |
|
|
21,411 |
|
Total revenues |
$ |
316,114 |
|
|
|
$ |
157,397 |
|
|
$ |
351,673 |
|
|