Pacific Drilling Announces Third-Quarter 2018 Results LUXEMBOURG
-
Pacific Bora commences drilling on contract with Nigerian Agip
Exploration Limited
-
Revenue efficiency of 99.8% for the third quarter yielded revenue
of $56.7 million
-
Company emerged from Chapter 11 on November 19, 2018
-
Company has applied to be relisted on the New York Stock Exchange
Pacific Drilling S.A. (OTC: PACDD) (“Pacific Drilling” or the “Company”)
today reported results for the third quarter of 2018. Net loss for the
third-quarter 2018 was $144.8 million or $6.78 per diluted share,
compared to net loss of $103.7 million or $4.86 per diluted share for
the second-quarter 2018, and net loss of $157.5 million or $7.38 per
diluted share for third-quarter 2017.
Pacific Drilling CEO Bernie Wolford commented, “The Pacific Drilling
team delivered another quarter of excellent operational performance with
third-quarter revenue efficiency of 99.8% and we continued to exercise
strong cost control. We achieved these outstanding results while
providing drilling services in challenging conditions. Pacific Bora
recently commenced drilling operations in Nigeria for Nigerian Agip
Exploration Limited. This contract reflects our substantial experience
in West Africa and our ongoing commitment to providing exceptional
drilling services to world-class clients.”
Mr. Wolford continued, “In addition to our recent contracting and
operational achievements, Pacific Drilling successfully emerged from the
Chapter 11 process on November 19. With our reorganization completed,
Pacific Drilling is much stronger financially and well positioned to
compete in an improving market for offshore drilling services. We
continue to see an increase in the number of tenders as more clients
turn their focus to deepwater projects. Deepwater drilling fixtures
year-to-date are up 25 percent when compared to full-year 2017 with
tenders received up from 28 to 62 for the same periods. We expect this
positive trend will continue in 2019. Our smart-stacked rigs, which
require no material reactivation capital expenditures, are
well-positioned to compete for work commencing in the second half of
2019.”
Third-Quarter 2018 Operational and Financial
Commentary
Third-quarter 2018 contract drilling revenue was $56.7 million, which
included $5.3 million of deferred revenue amortization. This compared to
second-quarter 2018 contract drilling revenue of $66.6 million, which
included $5.9 million of deferred revenue amortization. The decrease in
revenue resulted primarily from a lower number of days under contract
for the Pacific Santa Ana.
During the third-quarter, the Pacific Drilling operating fleet of
drillships achieved revenue efficiency averaging 99.8% compared to 98.7%
for the second-quarter.
Operating expenses were $44.2 million compared to $56.0 million in the
second-quarter 2018. The decrease in operating expenses was primarily
the result of Pacific Santa Ana completing its contract on May 7,
2018.
General and administrative expenses for the third-quarter were $10.9
million, as compared to $12.9 million for the second-quarter 2018.
Adjusted EBITDA(a) for the third-quarter 2018 was $1.6
million, compared to $(2.5) million in the second-quarter 2018.
Interest expense for the third-quarter 2018 was $45.4 million, as
compared to $17.2 million for the second-quarter 2018, primarily due to
higher accrued default interest on the Revolving Credit Facility and
Senior Secured Credit Facility that was paid in accordance with our plan
of reorganization confirmed by the Bankruptcy Court. We did not accrue
interest expense subsequent to November 12, 2017, the petition date, for
the 2017 Senior Secured Notes, the 2020 Senior Secured Notes and the
Senior Secured Term Loan B, as this interest was not treated as an
allowable claim in the Chapter 11 proceedings.
Income tax expense for the third-quarter 2018 was $0.2 million, compared
to $0.5 million for the second-quarter 2018.
Liquidity and Capital Structure
Upon emergence on November 19, 2018, we had approximately $401 million
of cash, including $8.5 million of restricted cash, and excluding escrow
funds set aside to settle professional fees incurred upon or prior to
our emergence from our Chapter 11 proceedings. Total outstanding
principal amount of debt was $1.024 billion.
We plan to adopt fresh-start accounting, which will result in the
Company becoming a new entity for financial reporting purposes on the
effective date of emergence. Upon the adoption of fresh-start
accounting, the Company’s assets and liabilities will be recorded at
their fair values as of the effective date. As a result of the adoption
of fresh-start accounting, the Company’s consolidated financial
statements subsequent to November 19, 2018 will not be comparable to its
consolidated financial statements on and prior to that date. Pro forma
financial information will be provided in our unaudited condensed
consolidated financial statements included in our report to be filed on
Form 6-K for the quarter ended September 30, 2018.
We have applied for our common shares to be re-listed on the NYSE and
hope to have our shares begin trading on the NYSE upon approval.
Pacific Drilling CFO John Boots said, “Following our emergence from
Chapter 11, our balance sheet is substantially improved, with no debt
maturities until late 2023, giving us the financial strength to compete
in the global market. We will be disciplined in our use of cash and
approach to the market as we pursue new contract opportunities.”
Footnotes
(a)
|
|
EBITDA and Adjusted EBITDA are non-GAAP financial measures. For a
definition of EBITDA and Adjusted EBITDA and a reconciliation to net
income, please refer to the schedule included in this release.
Management uses this operational metric to track company results and
believes that this measure provides additional information that
highlights the impact of our operating efficiency as well as the
operating and support costs incurred in achieving the revenue
performance.
|
Conference Call
Pacific Drilling will conduct a conference call at 10 a.m. Central time
on Tuesday, December 4, 2018 to discuss third-quarter 2018 results. To
participate in the December 4 call, please dial 1-855-710-4183 or +1
334-323-0522 and refer to confirmation code 2493233 five to 10 minutes
prior to the scheduled start time. A replay of the call 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, deepwater drilling contractor. Pacific Drilling’s
fleet of seven drillships represents one of the youngest and most
technologically advanced fleets in the world. Pacific Drilling has
principal offices in Luxembourg and Houston. 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 Form 6-K constitute
“forward-looking statements” within the meaning of the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995, and
are generally identifiable by their use of words such as “anticipate,”
“believe,” “could,” “estimate,” “expect,” “forecast,” “intend,” “our
ability to,” “may,” “plan,” “potential,” “predict,” “project,”
“projected,” “should,” “will,” “would”, or other similar words which are
not generally historical in nature. The forward-looking statements speak
only as of the date hereof, and 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.
Our forward-looking statements express our current expectations or
forecasts of possible future results or events, including future
financial and operational performance and cash balances; revenue
efficiency levels; market outlook; forecasts of trends; future client
contract opportunities; contract dayrates; our business strategies and
plans or objectives of management; estimated duration of client
contracts; backlog; expected capital expenditures; projected costs and
savings; and the potential impact of our Chapter 11 proceedings on our
future operations and ability to finance our business.
Although we believe that the assumptions and expectations reflected in
our forward-looking statements are reasonable and made in good faith,
these statements are not guarantees, and actual future results may
differ materially due to a variety of factors. These statements are
subject to a number of risks and uncertainties and are based on a number
of judgments and assumptions as of the date such statements are made
about future events, many of which are beyond our control. Actual events
and results may differ materially from those anticipated, estimated,
projected or implied by us in such statements due to a variety of
factors, including if one or more of these risks or uncertainties
materialize, or if our underlying assumptions prove incorrect.
Important factors that could cause actual results to differ materially
from our expectations include: the global oil and gas market and its
impact on demand for our services; the offshore drilling market,
including reduced capital expenditures by our clients; changes in
worldwide oil and gas supply and demand; rig availability and supply and
demand for high-specification drillships and other drilling rigs
competing with our fleet; costs related to stacking of rigs; our ability
to enter into and negotiate favorable terms for new drilling contracts
or extensions; our ability to successfully negotiate and consummate
definitive contracts and satisfy other customary conditions with respect
to letters of intent and letters of award that we receive for our
drillships; possible cancellation, renegotiation, termination or
suspension of drilling contracts as a result of mechanical difficulties,
performance, market changes or other reasons; our ability to execute our
business plans; the effects of our completed Chapter 11 proceedings on
our future operations; and the other risk factors described in our 2017
Annual Report and our Current Reports on Form 6-K. These documents are
available through our website at www.pacificdrilling.com
or through the SEC’s website at www.sec.gov.
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PACIFIC DRILLING S.A. (DEBTOR IN POSSESSION) AND SUBSIDIARIES
Condensed Consolidated Statements of Operations
(in thousands, except per share information) (unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Nine Months Ended September 30,
|
|
|
|
September 30,
|
|
|
June 30,
|
|
|
September 30,
|
|
|
|
|
|
|
|
|
|
2018
|
|
|
2018
|
|
|
2017
|
|
|
2018
|
|
|
2017
|
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract drilling
|
|
|
$
|
56,673
|
|
|
|
$
|
66,564
|
|
|
|
$
|
82,110
|
|
|
|
$
|
205,306
|
|
|
|
$
|
254,692
|
|
Costs and expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses
|
|
|
|
(44,234
|
)
|
|
|
|
(55,968
|
)
|
|
|
|
(58,925
|
)
|
|
|
|
(164,556
|
)
|
|
|
|
(184,361
|
)
|
General and administrative expenses
|
|
|
|
(10,947
|
)
|
|
|
|
(12,881
|
)
|
|
|
|
(22,076
|
)
|
|
|
|
(41,032
|
)
|
|
|
|
(64,686
|
)
|
Depreciation expense
|
|
|
|
(70,125
|
)
|
|
|
|
(70,070
|
)
|
|
|
|
(69,561
|
)
|
|
|
|
(210,115
|
)
|
|
|
|
(209,055
|
)
|
|
|
|
|
(125,306
|
)
|
|
|
|
(138,919
|
)
|
|
|
|
(150,562
|
)
|
|
|
|
(415,703
|
)
|
|
|
|
(458,102
|
)
|
Operating loss
|
|
|
|
(68,633
|
)
|
|
|
|
(72,355
|
)
|
|
|
|
(68,452
|
)
|
|
|
|
(210,397
|
)
|
|
|
|
(203,410
|
)
|
Other income (expense)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
|
(45,446
|
)
|
|
|
|
(17,211
|
)
|
|
|
|
(51,146
|
)
|
|
|
|
(77,586
|
)
|
|
|
|
(151,545
|
)
|
Write-off of deferred financing costs
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
(30,846
|
)
|
|
|
|
—
|
|
|
|
|
(30,846
|
)
|
Reorganization items
|
|
|
|
(30,599
|
)
|
|
|
|
(13,477
|
)
|
|
|
|
—
|
|
|
|
|
(56,108
|
)
|
|
|
|
—
|
|
Other income (expense)
|
|
|
|
96
|
|
|
|
|
(223
|
)
|
|
|
|
(5,307
|
)
|
|
|
|
466
|
|
|
|
|
(5,540
|
)
|
Loss before income taxes
|
|
|
|
(144,582
|
)
|
|
|
|
(103,266
|
)
|
|
|
|
(155,751
|
)
|
|
|
|
(343,625
|
)
|
|
|
|
(391,341
|
)
|
Income tax expense
|
|
|
|
(201
|
)
|
|
|
|
(478
|
)
|
|
|
|
(1,770
|
)
|
|
|
|
(953
|
)
|
|
|
|
(4,093
|
)
|
Net loss
|
|
|
$
|
(144,783
|
)
|
|
|
$
|
(103,744
|
)
|
|
|
$
|
(157,521
|
)
|
|
|
$
|
(344,578
|
)
|
|
|
$
|
(395,434
|
)
|
Loss per common share, basic
|
|
|
$
|
(6.78
|
)
|
|
|
$
|
(4.86
|
)
|
|
|
$
|
(7.38
|
)
|
|
|
$
|
(16.13
|
)
|
|
|
$
|
(18.56
|
)
|
Weighted average number of common shares, basic
|
|
|
|
21,368
|
|
|
|
|
21,366
|
|
|
|
|
21,332
|
|
|
|
|
21,357
|
|
|
|
|
21,308
|
|
Loss per common share, diluted
|
|
|
$
|
(6.78
|
)
|
|
|
$
|
(4.86
|
)
|
|
|
$
|
(7.38
|
)
|
|
|
$
|
(16.13
|
)
|
|
|
$
|
(18.56
|
)
|
Weighted average number of common shares, diluted
|
|
|
|
21,368
|
|
|
|
|
21,366
|
|
|
|
|
21,332
|
|
|
|
|
21,357
|
|
|
|
|
21,308
|
|
|
PACIFIC DRILLING S.A. (DEBTOR IN POSSESSION) AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(in thousands) (unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30,
|
|
|
June 30,
|
|
|
December 31,
|
|
|
|
2018
|
|
|
2018
|
|
|
2017
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
$
|
199,459
|
|
|
|
$
|
230,871
|
|
|
|
$
|
308,948
|
|
Restricted cash
|
|
|
|
1,032,691
|
|
|
|
|
8,500
|
|
|
|
|
8,500
|
|
Accounts receivable, net
|
|
|
|
34,977
|
|
|
|
|
37,593
|
|
|
|
|
40,909
|
|
Materials and supplies
|
|
|
|
84,299
|
|
|
|
|
85,377
|
|
|
|
|
87,332
|
|
Deferred costs, current
|
|
|
|
11,623
|
|
|
|
|
11,748
|
|
|
|
|
14,892
|
|
Prepaid expenses and other current assets
|
|
|
|
10,214
|
|
|
|
|
11,975
|
|
|
|
|
14,774
|
|
Total current assets
|
|
|
|
1,373,263
|
|
|
|
|
386,064
|
|
|
|
|
475,355
|
|
Property and equipment, net
|
|
|
|
4,456,043
|
|
|
|
|
4,522,148
|
|
|
|
|
4,652,001
|
|
Long-term receivable
|
|
|
|
202,575
|
|
|
|
|
202,575
|
|
|
|
|
202,575
|
|
Other assets
|
|
|
|
26,742
|
|
|
|
|
29,454
|
|
|
|
|
33,030
|
|
Total assets
|
|
|
$
|
6,058,623
|
|
|
|
$
|
5,140,241
|
|
|
|
$
|
5,362,961
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and shareholders’ equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts payable
|
|
|
$
|
14,937
|
|
|
|
$
|
15,134
|
|
|
|
$
|
11,959
|
|
Accrued expenses
|
|
|
|
56,187
|
|
|
|
|
27,467
|
|
|
|
|
36,174
|
|
Debtor-in-possession financing
|
|
|
|
50,000
|
|
|
|
|
—
|
|
|
|
|
—
|
|
Accrued interest
|
|
|
|
32,534
|
|
|
|
|
4,780
|
|
|
|
|
6,088
|
|
Deferred revenue, current
|
|
|
|
19,136
|
|
|
|
|
21,102
|
|
|
|
|
23,966
|
|
Total current liabilities
|
|
|
|
172,794
|
|
|
|
|
68,483
|
|
|
|
|
78,187
|
|
Long-term debt
|
|
|
|
961,091
|
|
|
|
|
—
|
|
|
|
|
—
|
|
Deferred revenue
|
|
|
|
—
|
|
|
|
|
3,353
|
|
|
|
|
12,973
|
|
Other long-term liabilities
|
|
|
|
30,494
|
|
|
|
|
30,039
|
|
|
|
|
32,323
|
|
Total liabilities not subject to compromise
|
|
|
|
1,164,379
|
|
|
|
|
101,875
|
|
|
|
|
123,483
|
|
Liabilities subject to compromise
|
|
|
|
3,084,836
|
|
|
|
|
3,084,807
|
|
|
|
|
3,087,677
|
|
Shareholders’ equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares
|
|
|
|
214
|
|
|
|
|
214
|
|
|
|
|
213
|
|
Additional paid-in capital
|
|
|
|
2,368,070
|
|
|
|
|
2,367,630
|
|
|
|
|
2,366,464
|
|
Accumulated other comprehensive loss
|
|
|
|
(13,915
|
)
|
|
|
|
(14,107
|
)
|
|
|
|
(14,493
|
)
|
Accumulated deficit
|
|
|
|
(544,961
|
)
|
|
|
|
(400,178
|
)
|
|
|
|
(200,383
|
)
|
Total shareholders’ equity
|
|
|
|
1,809,408
|
|
|
|
|
1,953,559
|
|
|
|
|
2,151,801
|
|
Total liabilities and shareholders’ equity
|
|
|
$
|
6,058,623
|
|
|
|
$
|
5,140,241
|
|
|
|
$
|
5,362,961
|
|
|
PACIFIC DRILLING S. A. (DEBTOR IN POSSESSION) AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(in thousands) (unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Nine Months Ended September 30,
|
|
|
|
September 30,
|
|
|
June 30,
|
|
|
September 30,
|
|
|
|
|
|
|
|
|
|
2018
|
|
|
2018
|
|
|
2017
|
|
|
2018
|
|
|
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flow from operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
|
$
|
(144,783
|
)
|
|
|
$
|
(103,744
|
)
|
|
|
$
|
(157,521
|
)
|
|
|
$
|
(344,578
|
)
|
|
|
$
|
(395,434
|
)
|
Adjustments to reconcile net loss to net cash used in operating
activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation expense
|
|
|
|
70,125
|
|
|
|
|
70,070
|
|
|
|
|
69,561
|
|
|
|
|
210,115
|
|
|
|
|
209,055
|
|
Amortization of deferred revenue
|
|
|
|
(5,319
|
)
|
|
|
|
(5,853
|
)
|
|
|
|
(5,487
|
)
|
|
|
|
(17,322
|
)
|
|
|
|
(41,684
|
)
|
Amortization of deferred costs
|
|
|
|
2,976
|
|
|
|
|
4,254
|
|
|
|
|
2,747
|
|
|
|
|
12,237
|
|
|
|
|
8,609
|
|
Amortization of deferred financing costs
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
8,488
|
|
|
|
|
—
|
|
|
|
|
24,889
|
|
Amortization of debt discount
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
321
|
|
|
|
|
—
|
|
|
|
|
940
|
|
Interest paid-in-kind
|
|
|
|
456
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
456
|
|
|
|
|
—
|
|
Write-off of deferred financing costs
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
30,846
|
|
|
|
|
—
|
|
|
|
|
30,846
|
|
Deferred income taxes
|
|
|
|
(661
|
)
|
|
|
|
(646
|
)
|
|
|
|
(37
|
)
|
|
|
|
(3,069
|
)
|
|
|
|
(88
|
)
|
Share-based compensation expense
|
|
|
|
440
|
|
|
|
|
448
|
|
|
|
|
2,032
|
|
|
|
|
1,611
|
|
|
|
|
6,038
|
|
Other-than-temporary impairment of available-for-sale securities
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
6,147
|
|
|
|
|
—
|
|
|
|
|
6,147
|
|
Reorganization items
|
|
|
|
15,393
|
|
|
|
|
2,170
|
|
|
|
|
—
|
|
|
|
|
22,270
|
|
|
|
|
—
|
|
Changes in operating assets and liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable
|
|
|
|
2,616
|
|
|
|
|
11,600
|
|
|
|
|
(223
|
)
|
|
|
|
5,932
|
|
|
|
|
58,261
|
|
Materials and supplies
|
|
|
|
1,078
|
|
|
|
|
846
|
|
|
|
|
2,478
|
|
|
|
|
3,033
|
|
|
|
|
4,188
|
|
Prepaid expenses and other assets
|
|
|
|
2,421
|
|
|
|
|
(458
|
)
|
|
|
|
(104
|
)
|
|
|
|
6,292
|
|
|
|
|
(10,130
|
)
|
Accounts payable and accrued expenses
|
|
|
|
29,751
|
|
|
|
|
(6,294
|
)
|
|
|
|
12,008
|
|
|
|
|
10,712
|
|
|
|
|
17,742
|
|
Deferred revenue
|
|
|
|
—
|
|
|
|
|
932
|
|
|
|
|
(4,348
|
)
|
|
|
|
(481
|
)
|
|
|
|
2,724
|
|
Net cash used in operating activities
|
|
|
|
(25,507
|
)
|
|
|
|
(26,675
|
)
|
|
|
|
(33,092
|
)
|
|
|
|
(92,792
|
)
|
|
|
|
(77,897
|
)
|
Cash flow from investing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital expenditures
|
|
|
|
(4,292
|
)
|
|
|
|
(6,900
|
)
|
|
|
|
(19,338
|
)
|
|
|
|
(15,080
|
)
|
|
|
|
(32,762
|
)
|
Purchase of available-for-sale securities
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
(2,000
|
)
|
|
|
|
—
|
|
|
|
|
(6,000
|
)
|
Net cash used in investing activities
|
|
|
|
(4,292
|
)
|
|
|
|
(6,900
|
)
|
|
|
|
(21,338
|
)
|
|
|
|
(15,080
|
)
|
|
|
|
(38,762
|
)
|
Cash flow from financing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments for shares issued under share-based compensation plan
|
|
|
|
—
|
|
|
|
|
(4
|
)
|
|
|
|
(8
|
)
|
|
|
|
(4
|
)
|
|
|
|
(199
|
)
|
Proceeds from debtor-in-possession financing
|
|
|
|
50,000
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
50,000
|
|
|
|
|
—
|
|
Proceeds from long-term debt
|
|
|
|
1,000,000
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
1,000,000
|
|
|
|
|
—
|
|
Payments on long-term debt
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
(1,875
|
)
|
|
|
|
—
|
|
|
|
|
(146,473
|
)
|
Payments for financing costs
|
|
|
|
(27,422
|
)
|
|
|
|
—
|
|
|
|
|
(939
|
)
|
|
|
|
(27,422
|
)
|
|
|
|
(4,530
|
)
|
Net cash provided by (used in) financing activities
|
|
|
|
1,022,578
|
|
|
|
|
(4
|
)
|
|
|
|
(2,822
|
)
|
|
|
|
1,022,574
|
|
|
|
|
(151,202
|
)
|
Net increase (decrease) in cash and cash equivalents
|
|
|
|
992,779
|
|
|
|
|
(33,579
|
)
|
|
|
|
(57,252
|
)
|
|
|
|
914,702
|
|
|
|
|
(267,861
|
)
|
Cash, cash equivalents and restricted cash, beginning of period
|
|
|
|
239,371
|
|
|
|
|
272,950
|
|
|
|
|
415,559
|
|
|
|
|
317,448
|
|
|
|
|
626,168
|
|
Cash, cash equivalents and restricted cash, end of period
|
|
|
$
|
1,232,150
|
|
|
|
$
|
239,371
|
|
|
|
$
|
358,307
|
|
|
|
$
|
1,232,150
|
|
|
|
$
|
358,307
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA and Adjusted EBITDA Reconciliation
EBITDA is defined as earnings before interest, taxes, depreciation and
amortization. Adjusted EBITDA is defined as earnings before interest,
taxes, depreciation, amortization, other-than-temporary impairment of
available-for-sale securities, write-off of deferred financing costs and
reorganization items. EBITDA and Adjusted EBITDA do 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 U.S. generally accepted accounting
principles (“GAAP”) and our calculation of EBITDA and Adjusted EBITDA
may not be comparable to that reported by other companies. EBITDA and
Adjusted EBITDA are included herein because they are used by management
to measure the Company’s operations. Management believes that EBITDA and
Adjusted EBITDA present useful information to investors regarding the
Company’s operating performance.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PACIFIC DRILLING S.A. AND SUBSIDIARIES
Supplementary Data—Reconciliation of Net Loss to Non-GAAP EBITDA
and Adjusted EBITDA
(in thousands) (unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Nine Months Ended September 30,
|
|
|
|
September 30,
|
|
|
June 30,
|
|
|
September 30,
|
|
|
|
|
|
|
|
|
|
2018
|
|
|
2018
|
|
|
2017
|
|
|
2018
|
|
|
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
|
$
|
(144,783
|
)
|
|
|
$
|
(103,744
|
)
|
|
|
$
|
(157,521
|
)
|
|
|
$
|
(344,578
|
)
|
|
|
$
|
(395,434
|
)
|
Add:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
|
45,446
|
|
|
|
|
17,211
|
|
|
|
|
51,146
|
|
|
|
|
77,586
|
|
|
|
|
151,545
|
|
Depreciation expense
|
|
|
|
70,125
|
|
|
|
|
70,070
|
|
|
|
|
69,561
|
|
|
|
|
210,115
|
|
|
|
|
209,055
|
|
Income tax expense
|
|
|
|
201
|
|
|
|
|
478
|
|
|
|
|
1,770
|
|
|
|
|
953
|
|
|
|
|
4,093
|
|
EBITDA
|
|
|
$
|
(29,011
|
)
|
|
|
$
|
(15,985
|
)
|
|
|
$
|
(35,044
|
)
|
|
|
$
|
(55,924
|
)
|
|
|
$
|
(30,741
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Add:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other-than-temporary impairment of available-for-sale securities
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
6,147
|
|
|
|
|
—
|
|
|
|
|
6,147
|
|
Write-off of deferred financing costs
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
30,846
|
|
|
|
|
—
|
|
|
|
|
30,846
|
|
Reorganization items
|
|
|
|
30,599
|
|
|
|
|
13,477
|
|
|
|
|
—
|
|
|
|
|
56,108
|
|
|
|
|
—
|
|
Adjusted EBITDA
|
|
|
$
|
1,588
|
|
|
|
$
|
(2,508
|
)
|
|
|
$
|
1,949
|
|
|
|
$
|
184
|
|
|
|
$
|
6,252
|
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20181203006024/en/ Copyright Business Wire 2018
Source: Business Wire
(December 3, 2018 - 6:00 PM EST)
News by QuoteMedia
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