Pacific Drilling Announces Third-Quarter 2015 Results
Conference call set 9 a.m. Central time Monday, Nov. 9, 2015
-
EBITDA(a) for the third quarter of $148.2 million
representing a record EBITDA margin(b) of 57.0 percent, and
a record cash flow from operations of $153.9 million
-
Total operating and G&A costs of $111.5 million, a reduction of 9%
from second-quarter 2015 and 16% from third-quarter 2014
-
Amended bank facilities and obtained waivers through end of 2017
-
Exercised our right to rescind Pacific Zonda construction
contract
Pacific Drilling S.A. (NYSE:PACD) today announced net income for
third-quarter 2015 of $41.0 million or $0.19 per diluted share, compared
to net income of $47.1 million or $0.22 per diluted share for
second-quarter 2015 and net income of $48.1 million or $0.22 per diluted
share for third-quarter 2014.
CEO Chris Beckett said, “Our fleet delivered yet another strong
financial quarter with a record cash flow from operations of $154
million on the back of a strong EBITDA of $148 million from our fleet of
five operating and two smart-stacked drillships. On October 29, 2015 we
exercised our right to rescind the construction contract for the Pacific
Zonda due to Samsung’s failure to timely deliver a vessel that
substantially met the criteria required for completion of the vessel in
accordance with the construction contract and its specifications. We
will be seeking a refund of the installment payments we made of
approximately $181 million.”
Chris Beckett continued, “Unfortunately, our strong performance in the
third quarter was overshadowed by the tragic loss of a team member on
the Pacific Santa Ana on October 20, 2015. Our heartfelt
condolences go out to the family of our colleague and those members of
our Pacific Drilling family closely associated with him.”
Third-Quarter 2015 Operational and Financial
Commentary
Contract drilling revenue for third-quarter 2015 was $260.2 million,
which included $21.7 million of deferred revenue amortization, compared
to second-quarter 2015 contract drilling revenue of $273.9 million,
which included $21.5 million of deferred revenue amortization. Contract
drilling revenue decreased quarter over quarter as a result of time lost
due to required repairs to the Pacific Khamsin blowout preventer
during July and August. During the three months ended September 30,
2015, our operating fleet achieved average revenue efficiency of
90.8 percent.
Operating expenses for third-quarter 2015 were $98.3 million, compared
to $110.4 million for second-quarter 2015. Operating expenses for
third-quarter 2015 included $5.4 million in reimbursable costs, $7.7
million in shore-based and other support costs, and $5.8 million in
amortization of deferred costs. Direct rig-related daily operating
expenses, excluding reimbursable costs, averaged $135,100 per rig in
third-quarter 2015, down from an average of $160,400 per rig in
second-quarter 2015. The reduction in direct rig-related daily operating
expenses was primarily the result of fleet-wide cost-control measures
which were implemented during the third-quarter 2015, and the placing
into service on August 25, 2015 of the Pacific Meltem, which is
idle.
General and administrative expenses for third-quarter 2015 were $13.2
million, compared to $13.3 million for second-quarter 2015.
“Costs are well below our historical trends and are close to our run
rate target for the fourth quarter. We have completed our first phase of
cost optimization, but will continue to look for further opportunities
while maintaining our focus on delivering the service quality for which
we are earning a reputation as the industry's preferred ultra-deepwater
drilling contractor,” said CFO Paul Reese.
EBITDA for third-quarter 2015 was $148.2 million, compared to EBITDA of
$149.8 million for second-quarter 2015. EBITDA margin for the quarter
was a record high 57.0 percent, an increase over the prior quarter
EBITDA margin of 54.7 percent. A reconciliation of net income to EBITDA
is included in the schedules accompanying this release.
The increase in interest expense for third-quarter 2015 was primarily
due to lower capitalized interest as a result of placing the Pacific
Meltem into service.
Income tax expense for third-quarter 2015 was $9.3 million, compared to
$12.3 million for the prior quarter. The decrease in income tax expense
was primarily the result of lower pre-tax book income for third-quarter
2015 compared to the prior quarter.
Liquidity and Capital Expenditures
During third-quarter 2015, cash flow from operations was $153.9 million.
Cash balances totaled $151.1 million as of September 30, 2015, and total
outstanding debt was $2.9 billion.
We currently have $500 million of available and undrawn liquidity under
our existing 2013 revolving credit facility, and no forecasted
construction-related capital expenditures.
CFO Paul Reese commented, “Last week, we completed amendments to our
senior secured credit facility and 2013 revolving credit facility which
result in periodic increases in the leverage ratio test level to 5.0x in
the first-quarter 2016 rising to 6.0x in the third-quarter 2016 and
beyond. Among other items, the amendments also replace the projected
debt service coverage ratio with a maximum net debt per rig ratio,
contain certain prohibitions on dividends and share repurchases,
increase the cash sublimit and therefore our liquidity under the 2013
revolving credit facility from $300 million to $500 million, and contain
certain use of proceeds restrictions. The 2014 revolving credit facility
terminated on October 30, 2015.”
Update to Full-Year 2015 Guidance
The following table summarizes our full-year 2015 guidance for certain
items:
Item
|
|
|
Range
|
Average revenue efficiency
|
|
|
93.5% - 95%
|
Operating expenses
|
|
|
$415 million - $435 million
|
General & administrative expenses
|
|
|
$54 million - $56 million
|
Income tax expense as percent of total contract drilling revenue
|
|
|
3% - 3.5%
|
EBITDA
|
|
|
$575 million - $600 million
|
|
|
|
|
The average revenue efficiency range applies to our operating rigs on
contract and includes our expectations for unplanned downtime as well as
planned events such as maintenance. However, revenue efficiency for
individual rigs tends to be volatile on a monthly - and even quarterly -
basis. We will continue to use our Fleet Status Report, which is being
published quarterly, to update our quarterly average revenue efficiency
performance.
Updated schedules of expected amortization of deferred revenue,
depreciation expense, and interest expense for our existing financing
are available in the “Quarterly and Annual Results” subsection of the
“Investor Relations” section of our website, www.pacificdrilling.com.
Please note that our guidance is based on management’s current
expectations about the future, and both stated and unstated assumptions,
and does not constitute any form of guarantee, assurance or promise that
the matters indicated will actually be achieved. Actual conditions and
assumptions are subject to change. The guidance we provide is subject to
all cautionary statements and limitations described under the
“Forward-Looking Statements” section of this press release.
Footnotes
(a)
|
|
|
EBITDA is a non-GAAP financial measure. For a definition of EBITDA
and a reconciliation to net income, please refer to the schedule
included in this release.
|
(b)
|
|
|
EBITDA margin is defined as EBITDA divided by contract drilling
revenue. Management uses this operational metric to track company
results and believes that this measure provides additional
information that consolidates the impact of our operating efficiency
as well as the operating and support costs incurred in achieving the
revenue performance.
|
(c)
|
|
|
Revenue efficiency is defined as actual contractual dayrate revenue
(excluding mobilization fees, upgrade reimbursements and other
revenue sources) divided by the maximum amount of contractual
dayrate revenue that could have been earned during such period.
|
|
|
|
|
Conference Call
Pacific Drilling will conduct a conference call at 9 a.m. Central time
on Monday, November 9, 2015 to discuss third-quarter 2015 results. To
participate in the Nov. 9 call, please dial +1 913-312-6691 or
1-888-240-1251 and refer to confirmation code 4585746 five to 10 minutes
prior to the scheduled start time. The call also will be webcast on www.pacificdrilling.com
and can be accessed by a link posted in the “Events & Presentations”
subsection of the “Investor Relations” section.
An audio replay of the call may be accessed after noon Central time on
Monday, Nov. 9, 2015, by dialing +1 719-457-0820 or 1-888-203-1112, and
using access code 4585746. A replay of the call also will be available
on the company’s website.
About Pacific Drilling
With its best-in-class drillships and highly experienced team, Pacific
Drilling is committed to becoming the industry’s preferred
high-specification, floating-rig drilling contractor. Pacific Drilling’s
fleet of seven drillships represents one of the youngest and most
technologically advanced fleets in the world. For more information about
Pacific Drilling, including our current Fleet Status, please visit our
website at www.pacificdrilling.com.
Forward-Looking Statements
Certain statements and information contained in this press release (and
oral statements made regarding the subjects of this press release,
including the conference call announced herein) constitute
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements typically include words or phrases such as "anticipate,"
“believe,” "could," "estimate," “expect,” "foresee," "intend," "our
ability to," “plan,” "potential," “project,” "should," “will,” “would,”
or other similar words, or negatives of such words, which are generally
not historical in nature. Such forward-looking statements specifically
include statements involving: future operational performance; revenue
efficiency levels; market outlook; future client contract opportunities;
contract dayrate amounts; competition in our industry; estimated
duration of client contracts; backlog; construction, timing and delivery
of newbuild drillships; capital expenditures; cost adjustments; direct
rig operating costs; shore based support costs; general and
administrative expenses; income tax expense; expected amortization of
deferred revenue and deferred mobilization expenses; growth
opportunities and expected depreciation and interest expense for the
existing credit facilities and senior bonds. These forward-looking
statements are based on our current expectations and beliefs concerning
future developments and their potential effect on us. While management
believes that these forward-looking statements are reasonable as and
when made, there can be no assurance that future developments affecting
us will be those that we anticipate. Our forward-looking statements
involve significant risks and uncertainties (many of which are beyond
our control) and assumptions that could cause actual results to differ
materially from our historical experience and our present expectations
or projections. Important factors that could cause actual results to
differ materially from projections include, but are not limited to:
changes in worldwide rig supply and demand, competition and technology;
future levels of offshore drilling activity; our ability to secure new
and maintain existing drilling contracts, including possible
cancellation or suspension of drilling contracts as a result of
mechanical difficulties, performance, market changes or other reasons;
actual contract commencement dates; downtime and other risks associated
with offshore rig operations, including unscheduled repairs or
maintenance, relocations, severe weather or hurricanes; and adequacy of
and access to sources of liquidity. For additional information regarding
factors that could cause our actual results to differ from our projected
results, please see our filings with the Securities and Exchange
Commission (SEC), including our Annual Report on Form 20-F and Current
Reports on Form 6-K. These documents are available through our website
at www.pacificdrilling.com
or through the SEC’s Electronic Data and Analysis Retrieval System at www.sec.gov.
Readers are cautioned not to place undue reliance on forward-looking
statements, which speak only as of the date hereof. We undertake no
obligation to publicly update or revise any forward-looking statements
after the date they are made, whether as a result of new information,
future events or otherwise.
|
PACIFIC DRILLING S.A. AND SUBSIDIARIES
|
|
Condensed Consolidated Statements of Income
|
(in thousands, except per share amounts) (unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
|
|
|
|
|
Three Months Ended
|
|
|
September 30,
|
|
|
|
|
September 30, 2015
|
|
|
June 30, 2015
|
|
|
September 30, 2014
|
|
|
2015
|
|
|
2014
|
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract drilling
|
|
|
|
$
|
260,176
|
|
|
|
$
|
273,895
|
|
|
|
$
|
279,637
|
|
|
|
$
|
817,463
|
|
|
|
$
|
766,057
|
|
Costs and expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses
|
|
|
|
(98,334
|
)
|
|
|
(110,388
|
)
|
|
|
(116,850
|
)
|
|
|
(326,391
|
)
|
|
|
(335,780
|
)
|
General and administrative expenses
|
|
|
|
(13,208
|
)
|
|
|
(13,328
|
)
|
|
|
(16,467
|
)
|
|
|
(42,902
|
)
|
|
|
(42,773
|
)
|
Depreciation expense
|
|
|
|
(61,472
|
)
|
|
|
(57,234
|
)
|
|
|
(50,187
|
)
|
|
|
(175,778
|
)
|
|
|
(142,790
|
)
|
|
|
|
|
(173,014
|
)
|
|
|
(180,950
|
)
|
|
|
(183,504
|
)
|
|
|
(545,071
|
)
|
|
|
(521,343
|
)
|
Operating income
|
|
|
|
87,162
|
|
|
|
92,945
|
|
|
|
96,133
|
|
|
|
272,392
|
|
|
|
244,714
|
|
Other expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
|
(36,361
|
)
|
|
|
(33,227
|
)
|
|
|
(35,626
|
)
|
|
|
(106,297
|
)
|
|
|
(90,256
|
)
|
Other expense
|
|
|
|
(459
|
)
|
|
|
(343
|
)
|
|
|
(870
|
)
|
|
|
(2,853
|
)
|
|
|
(3,270
|
)
|
Income before income taxes
|
|
|
|
50,342
|
|
|
|
59,375
|
|
|
|
59,637
|
|
|
|
163,242
|
|
|
|
151,188
|
|
Income tax expense
|
|
|
|
(9,344
|
)
|
|
|
(12,281
|
)
|
|
|
(11,536
|
)
|
|
|
(23,420
|
)
|
|
|
(30,975
|
)
|
Net income
|
|
|
|
$
|
40,998
|
|
|
|
$
|
47,094
|
|
|
|
$
|
48,101
|
|
|
|
$
|
139,822
|
|
|
|
$
|
120,213
|
|
Earnings per common share, basic
|
|
|
|
$
|
0.19
|
|
|
|
$
|
0.22
|
|
|
|
$
|
0.22
|
|
|
|
$
|
0.66
|
|
|
|
$
|
0.55
|
|
Weighted average number of common shares, basic
|
|
|
|
210,650
|
|
|
|
210,806
|
|
|
|
217,344
|
|
|
|
211,684
|
|
|
|
217,254
|
|
Earnings per common share, diluted
|
|
|
|
$
|
0.19
|
|
|
|
$
|
0.22
|
|
|
|
$
|
0.22
|
|
|
|
$
|
0.66
|
|
|
|
$
|
0.55
|
|
Weighted average number of common shares, diluted
|
|
|
|
210,661
|
|
|
|
211,067
|
|
|
|
217,547
|
|
|
|
211,756
|
|
|
|
217,455
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PACIFIC DRILLING S.A. AND SUBSIDIARIES
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidated Balance Sheets
|
(in thousands, except par value) (unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30,
|
|
|
June 30,
|
|
|
December 31,
|
|
|
|
|
2015
|
|
|
2015
|
|
|
2014
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
|
$
|
151,065
|
|
|
|
$
|
105,268
|
|
|
|
$
|
167,794
|
|
Accounts receivable
|
|
|
|
146,444
|
|
|
|
189,496
|
|
|
|
231,027
|
|
Materials and supplies
|
|
|
|
101,982
|
|
|
|
102,426
|
|
|
|
95,660
|
|
Deferred financing costs, current
|
|
|
|
14,710
|
|
|
|
14,635
|
|
|
|
14,665
|
|
Deferred costs, current
|
|
|
|
12,640
|
|
|
|
16,150
|
|
|
|
25,199
|
|
Prepaid expenses and other current assets
|
|
|
|
21,349
|
|
|
|
27,243
|
|
|
|
17,056
|
|
Total current assets
|
|
|
|
448,190
|
|
|
|
455,218
|
|
|
|
551,401
|
|
Property and equipment, net
|
|
|
|
5,408,315
|
|
|
|
5,429,211
|
|
|
|
5,431,823
|
|
Deferred financing costs
|
|
|
|
35,324
|
|
|
|
39,035
|
|
|
|
45,978
|
|
Other assets
|
|
|
|
29,107
|
|
|
|
32,128
|
|
|
|
48,099
|
|
Total assets
|
|
|
|
$
|
5,920,936
|
|
|
|
$
|
5,955,592
|
|
|
|
$
|
6,077,301
|
|
Liabilities and shareholders’ equity:
|
|
|
|
|
|
|
|
|
|
|
Accounts payable
|
|
|
|
$
|
37,773
|
|
|
|
$
|
51,356
|
|
|
|
$
|
40,577
|
|
Accrued expenses
|
|
|
|
44,123
|
|
|
|
36,514
|
|
|
|
45,963
|
|
Long-term debt, current
|
|
|
|
89,583
|
|
|
|
89,583
|
|
|
|
369,000
|
|
Accrued interest
|
|
|
|
36,174
|
|
|
|
13,333
|
|
|
|
24,534
|
|
Derivative liabilities, current
|
|
|
|
9,315
|
|
|
|
9,545
|
|
|
|
8,648
|
|
Deferred revenue, current
|
|
|
|
58,598
|
|
|
|
66,617
|
|
|
|
84,104
|
|
Total current liabilities
|
|
|
|
275,566
|
|
|
|
266,948
|
|
|
|
572,826
|
|
Long-term debt, net of current maturities
|
|
|
|
2,848,439
|
|
|
|
2,914,994
|
|
|
|
2,781,242
|
|
Deferred revenue
|
|
|
|
72,226
|
|
|
|
84,415
|
|
|
|
108,812
|
|
Other long-term liabilities
|
|
|
|
29,620
|
|
|
|
34,021
|
|
|
|
35,549
|
|
Total long-term liabilities
|
|
|
|
2,950,285
|
|
|
|
3,033,430
|
|
|
|
2,925,603
|
|
Shareholders’ equity:
|
|
|
|
|
|
|
|
|
|
|
Common shares, $0.01 par value per share, 5,000,000 shares
authorized, 232,770 shares issued and 210,686 and 215,784 shares
outstanding as of September 30, 2015 and December 31, 2014,
respectively
|
|
|
|
2,179
|
|
|
|
2,179
|
|
|
|
2,175
|
|
Additional paid-in capital
|
|
|
|
2,377,411
|
|
|
|
2,374,833
|
|
|
|
2,369,432
|
|
Treasury shares, at cost
|
|
|
|
(30,000
|
)
|
|
|
(30,000
|
)
|
|
|
(8,240
|
)
|
Accumulated other comprehensive loss
|
|
|
|
(30,037
|
)
|
|
|
(26,332
|
)
|
|
|
(20,205
|
)
|
Retained earnings
|
|
|
|
375,532
|
|
|
|
334,534
|
|
|
|
235,710
|
|
Total shareholders’ equity
|
|
|
|
2,695,085
|
|
|
|
2,655,214
|
|
|
|
2,578,872
|
|
Total liabilities and shareholders’ equity
|
|
|
|
$
|
5,920,936
|
|
|
|
$
|
5,955,592
|
|
|
|
$
|
6,077,301
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PACIFIC DRILLING S. A. AND SUBSIDIARIES
|
|
Condensed Consolidated Statements of Cash Flows
|
(in thousands) (unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
|
|
|
|
|
Three Months Ended
|
|
|
September 30,
|
|
|
|
|
September 30, 2015
|
|
|
June 30, 2015
|
|
|
September 30, 2014
|
|
|
2015
|
|
|
2014
|
Cash flow from operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
|
$
|
40,998
|
|
|
|
$
|
47,094
|
|
|
|
$
|
48,101
|
|
|
|
$
|
139,822
|
|
|
|
$
|
120,213
|
|
Adjustments to reconcile net income to net cash provided by
operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation expense
|
|
|
|
61,472
|
|
|
|
57,234
|
|
|
|
50,187
|
|
|
|
175,778
|
|
|
|
142,790
|
|
Amortization of deferred revenue
|
|
|
|
(21,655
|
)
|
|
|
(21,483
|
)
|
|
|
(27,278
|
)
|
|
|
(65,827
|
)
|
|
|
(83,324
|
)
|
Amortization of deferred costs
|
|
|
|
5,836
|
|
|
|
5,800
|
|
|
|
12,885
|
|
|
|
20,119
|
|
|
|
39,642
|
|
Amortization of deferred financing costs
|
|
|
|
2,772
|
|
|
|
2,474
|
|
|
|
2,544
|
|
|
|
7,971
|
|
|
|
7,465
|
|
Amortization of debt discount
|
|
|
|
250
|
|
|
|
225
|
|
|
|
227
|
|
|
|
702
|
|
|
|
582
|
|
Deferred income taxes
|
|
|
|
2,799
|
|
|
|
4,014
|
|
|
|
(48)
|
|
|
|
1,306
|
|
|
|
3,380
|
|
Share-based compensation expense
|
|
|
|
2,615
|
|
|
|
2,717
|
|
|
|
2,876
|
|
|
|
8,439
|
|
|
|
7,532
|
|
Changes in operating assets and liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable
|
|
|
|
43,052
|
|
|
|
(23,843
|
)
|
|
|
(26,428)
|
|
|
|
84,583
|
|
|
|
21,787
|
|
Materials and supplies
|
|
|
|
444
|
|
|
|
(2,681
|
)
|
|
|
(9,624)
|
|
|
|
(6,322
|
)
|
|
|
(26,387
|
)
|
Prepaid expenses and other assets
|
|
|
|
3,018
|
|
|
|
(5,199
|
)
|
|
|
(20,952)
|
|
|
|
231
|
|
|
|
(40,370
|
)
|
Accounts payable and accrued expenses
|
|
|
|
10,869
|
|
|
|
(7,523
|
)
|
|
|
30,049
|
|
|
|
(8,058
|
)
|
|
|
21,829
|
|
Deferred revenue
|
|
|
|
1,447
|
|
|
|
1,797
|
|
|
|
37,953
|
|
|
|
3,735
|
|
|
|
108,734
|
|
Net cash provided by operating activities
|
|
|
|
153,917
|
|
|
|
60,626
|
|
|
|
100,492
|
|
|
|
362,479
|
|
|
|
323,873
|
|
Cash flow from investing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital expenditures
|
|
|
|
(41,208
|
)
|
|
|
(44,613
|
)
|
|
|
(115,802
|
)
|
|
|
(143,324
|
)
|
|
|
(749,686
|
)
|
Net cash used in investing activities
|
|
|
|
(41,208
|
)
|
|
|
(44,613
|
)
|
|
|
(115,802
|
)
|
|
|
(143,324
|
)
|
|
|
(749,686
|
)
|
Cash flow from financing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net proceeds (payments) from shares issued under share-based
compensation plan
|
|
|
|
(37
|
)
|
|
|
(377
|
)
|
|
|
(73
|
)
|
|
|
(456
|
)
|
|
|
174
|
|
Proceeds from long-term debt
|
|
|
|
—
|
|
|
|
85,000
|
|
|
|
—
|
|
|
|
265,000
|
|
|
|
360,000
|
|
Payments on long-term debt
|
|
|
|
(66,875
|
)
|
|
|
(122,918
|
)
|
|
|
(1,875
|
)
|
|
|
(478,168
|
)
|
|
|
(5,625
|
)
|
Payments for financing costs
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(500
|
)
|
|
|
(500
|
)
|
Purchases of treasury shares
|
|
|
|
—
|
|
|
|
(5,318
|
)
|
|
|
—
|
|
|
|
(21,760
|
)
|
|
|
—
|
|
Net cash provided by (used in) financing activities
|
|
|
|
(66,912
|
)
|
|
|
(43,613
|
)
|
|
|
(1,948)
|
|
|
|
(235,884
|
)
|
|
|
354,049
|
|
Increase (decrease) in cash and cash equivalents
|
|
|
|
45,797
|
|
|
|
(27,600
|
)
|
|
|
(17,258
|
)
|
|
|
(16,729
|
)
|
|
|
(71,764
|
)
|
Cash and cash equivalents, beginning of period
|
|
|
|
105,268
|
|
|
|
132,868
|
|
|
|
149,617
|
|
|
|
167,794
|
|
|
|
204,123
|
|
Cash and cash equivalents, end of period
|
|
|
|
$
|
151,065
|
|
|
|
$
|
105,268
|
|
|
|
$
|
132,359
|
|
|
|
$
|
151,065
|
|
|
|
$
|
132,359
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA Reconciliation
EBITDA is defined as earnings before interest, taxes, depreciation and
amortization. EBITDA does not represent and should not be considered an
alternative to net income, operating income, cash flow from operations
or any other measure of financial performance presented in accordance
with generally accepted accounting principles in the United States of
America (“GAAP”) and our calculation of EBITDA may not be comparable to
that reported by other companies. EBITDA is included herein because it
is used by management to measure the company's operations. Management
believes that EBITDA presents useful information to investors regarding
the company's operating performance.
|
PACIFIC DRILLING S.A. AND SUBSIDIARIES
|
|
Supplementary Data—Reconciliation of Net Income to Non-GAAP EBITDA
|
(in thousands) (unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
September 30, 2015
|
|
|
June 30, 2015
|
|
|
September 30, 2014
|
Net income
|
|
|
|
$
|
40,998
|
|
|
|
$
|
47,094
|
|
|
|
$
|
48,101
|
Add:
|
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
|
36,361
|
|
|
|
33,227
|
|
|
|
35,626
|
Depreciation expense
|
|
|
|
61,472
|
|
|
|
57,234
|
|
|
|
50,187
|
Income tax expense
|
|
|
|
9,344
|
|
|
|
12,281
|
|
|
|
11,536
|
EBITDA
|
|
|
|
$
|
148,175
|
|
|
|
$
|
149,836
|
|
|
|
$
|
145,450
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20151108005045/en/ Copyright Business Wire 2015
Source: Business Wire
(November 8, 2015 - 1:20 PM EST)
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www.quotemedia.com
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