DE
|
|
1-4221
|
|
73-0679879
|
(State or other jurisdiction of
Incorporation) |
|
(Commission File
Number) |
|
(I.R.S. Employer
Identification No.) |
Title of each class
|
Trading symbol(s)
|
Name of each exchange on which registered
|
Common Stock ($0.10 par value)
|
HP
|
NYSE
|
Exhibit Number
|
|
Description
|
|
99.1
|
|
|
|
104
|
|
|
Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document
|
|
HELMERICH & PAYNE, INC.
|
|
|
|
|
|
By:
|
/s/ William H. Gault
|
|
Name:
|
William H. Gault
|
|
Title:
|
Assistant Corporate Secretary
|
|
Date:
|
July 28, 2020
|
|
Exhibit 99.1
|
•
|
Reported a net loss of $(0.43) per diluted share; including select items(1) of $(0.09) per diluted share
|
•
|
The Company realigned its financial reporting into three operating segments - North America Solutions, International Solutions and Offshore Gulf of Mexico
|
•
|
Quarterly North America Solutions operating gross margins(2) decreased $98 million to $102 million sequentially, as revenues decreased by $292 million to $254 million and expenses decreased by $194 million to $153 million
|
•
|
The Company took additional actions reducing its cost structure by an additional $25 million annually bringing total cost-savings to over $75 million on an annualized basis
|
•
|
Concurrent with its cost-saving measures the Company incurred a restructuring charge of $15 million
|
•
|
H&P continued its leadership position in drilling automation technology as customers have now drilled more than 300 wells and over 5 million feet utilizing AutoSlideSM
|
•
|
On June 3, 2020, Directors of the Company declared a quarterly cash dividend of $0.25 per share on August 31, 2020 to stockholders of record at the close of business August 17, 2020
|
•
|
The Company ended the quarter with $492 million in cash and short-term investments and no amounts drawn on its $750 million revolving credit facility creating over $1.2 billion in liquidity
|
•
|
$0.02 of after-tax gains pertaining to a non-cash fair market adjustment to our equity investment
|
•
|
$(0.11) of after-tax losses pertaining to restructuring charges
|
•
|
We expect North America Solutions operating gross margins(2) to be between $38-$48 million, inclusive of approximately $12 million of contract early termination compensation
|
•
|
We expect to exit the quarter at between 58-63 contracted rigs, inclusive of approximately 10-15 contracted rigs generating revenue that could remain idle
|
•
|
We expect International Solutions operating gross margins(2) to be between $(2)-$0 million, exclusive of any foreign exchange gains or loses
|
•
|
We expect Offshore Gulf of Mexico rig operating gross margins(2) to be between $5-$7 million
|
•
|
Management contracts are also expected to generate approximately $2 million in operating income
|
•
|
Gross capital expenditures are now expected to be approximately $150 to $165 million. Asset sales include reimbursements for lost and damaged tubulars and sales of other used drilling equipment that offset a portion of the gross capital expenditures and are expected to total approximately $35 million in fiscal year 2020.
|
•
|
General and administrative expenses for fiscal year 2020 are expected to be less than $175 million, excluding any future one-time items
|
•
|
Depreciation is now expected to be approximately $475 million
|
•
|
$0.02 of non-cash after-tax gains related to fair market value adjustments to equity investments
|
•
|
$(0.11) of after-tax losses related to restructuring charges
|
•
|
$0.03 of after-tax gains related to the change in fair value of a contingent liability
|
•
|
$0.13 of after-tax benefits from the reversal of accrued compensation
|
•
|
$(0.09) of non-cash after-tax losses related to fair market value adjustments to equity investments
|
•
|
$(4.03) of non-cash after-tax losses related to the impairment of goodwill, less capable rigs and excess related equipment and inventory
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||||||
|
June 30,
|
|
March 31,
|
|
June 30,
|
|
June 30,
|
||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS
|
2020
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||||||||
Operating revenues
|
|
|
|
|
|
|
|
|
|
||||||||||
Contract drilling services
|
$
|
314,405
|
|
|
$
|
630,290
|
|
|
$
|
684,788
|
|
|
$
|
1,556,093
|
|
|
$
|
2,139,798
|
|
Other
|
2,959
|
|
|
3,349
|
|
|
3,186
|
|
|
9,567
|
|
|
9,642
|
|
|||||
|
317,364
|
|
|
633,639
|
|
|
687,974
|
|
|
1,565,660
|
|
|
2,149,440
|
|
|||||
Operating costs and expenses
|
|
|
|
|
|
|
|
|
|
||||||||||
Contract drilling services operating expenses, excluding depreciation and amortization
|
205,198
|
|
|
417,743
|
|
|
443,114
|
|
|
1,022,270
|
|
|
1,372,426
|
|
|||||
Other operating expenses
|
1,549
|
|
|
1,315
|
|
|
1,414
|
|
|
4,286
|
|
|
4,308
|
|
|||||
Depreciation and amortization
|
110,161
|
|
|
132,006
|
|
|
143,297
|
|
|
372,298
|
|
|
427,917
|
|
|||||
Research and development
|
3,638
|
|
|
6,214
|
|
|
7,066
|
|
|
16,730
|
|
|
21,347
|
|
|||||
Selling, general and administrative
|
43,108
|
|
|
41,978
|
|
|
46,590
|
|
|
134,894
|
|
|
144,604
|
|
|||||
Asset impairment charge
|
—
|
|
|
563,234
|
|
|
224,327
|
|
|
563,234
|
|
|
224,327
|
|
|||||
Restructuring charges
|
15,495
|
|
|
—
|
|
|
—
|
|
|
15,495
|
|
|
—
|
|
|||||
Gain on sale of assets
|
(4,201
|
)
|
|
(10,310
|
)
|
|
(9,960
|
)
|
|
(18,790
|
)
|
|
(27,050
|
)
|
|||||
|
374,948
|
|
|
1,152,180
|
|
|
855,848
|
|
|
2,110,417
|
|
|
2,167,879
|
|
|||||
Operating loss from continuing operations
|
(57,584
|
)
|
|
(518,541
|
)
|
|
(167,874
|
)
|
|
(544,757
|
)
|
|
(18,439
|
)
|
|||||
Other income (expense)
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest and dividend income
|
771
|
|
|
3,566
|
|
|
2,349
|
|
|
6,551
|
|
|
6,861
|
|
|||||
Interest expense
|
(6,125
|
)
|
|
(6,095
|
)
|
|
(6,257
|
)
|
|
(18,320
|
)
|
|
(17,145
|
)
|
|||||
Gain (loss) on investment securities
|
2,267
|
|
|
(12,413
|
)
|
|
(13,271
|
)
|
|
(7,325
|
)
|
|
(50,228
|
)
|
|||||
Gain on sale of subsidiary
|
—
|
|
|
—
|
|
|
—
|
|
|
14,963
|
|
|
—
|
|
|||||
Other
|
(2,914
|
)
|
|
(398
|
)
|
|
(1,599
|
)
|
|
(3,711
|
)
|
|
(1,051
|
)
|
|||||
|
(6,001
|
)
|
|
(15,340
|
)
|
|
(18,778
|
)
|
|
(7,842
|
)
|
|
(61,563
|
)
|
|||||
Loss from continuing operations before income taxes
|
(63,585
|
)
|
|
(533,881
|
)
|
|
(186,652
|
)
|
|
(552,599
|
)
|
|
(80,002
|
)
|
|||||
Income tax benefit
|
(17,578
|
)
|
|
(113,413
|
)
|
|
(32,031
|
)
|
|
(116,853
|
)
|
|
(5,602
|
)
|
|||||
Loss from continuing operations
|
(46,007
|
)
|
|
(420,468
|
)
|
|
(154,621
|
)
|
|
(435,746
|
)
|
|
(74,400
|
)
|
|||||
Income from discontinued operations before income taxes
|
9,151
|
|
|
6,067
|
|
|
7,244
|
|
|
22,675
|
|
|
22,798
|
|
|||||
Income tax provision
|
8,743
|
|
|
6,139
|
|
|
7,306
|
|
|
22,463
|
|
|
23,231
|
|
|||||
Income (loss) from discontinued operations
|
408
|
|
|
(72
|
)
|
|
(62
|
)
|
|
212
|
|
|
(433
|
)
|
|||||
Net loss
|
$
|
(45,599
|
)
|
|
$
|
(420,540
|
)
|
|
$
|
(154,683
|
)
|
|
$
|
(435,534
|
)
|
|
$
|
(74,833
|
)
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic loss per common share:
|
|
|
|
|
|
|
|
|
|
||||||||||
Loss from continuing operations
|
$
|
(0.43
|
)
|
|
$
|
(3.88
|
)
|
|
$
|
(1.42
|
)
|
|
$
|
(4.05
|
)
|
|
$
|
(0.71
|
)
|
Loss from discontinued operations
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Net loss
|
$
|
(0.43
|
)
|
|
$
|
(3.88
|
)
|
|
$
|
(1.42
|
)
|
|
$
|
(4.05
|
)
|
|
$
|
(0.71
|
)
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Diluted loss per common share:
|
|
|
|
|
|
|
|
|
|
||||||||||
Loss from continuing operations
|
$
|
(0.43
|
)
|
|
$
|
(3.88
|
)
|
|
$
|
(1.42
|
)
|
|
$
|
(4.05
|
)
|
|
$
|
(0.71
|
)
|
Loss from discontinued operations
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
Net loss
|
$
|
(0.43
|
)
|
|
$
|
(3.88
|
)
|
|
$
|
(1.42
|
)
|
|
$
|
(4.05
|
)
|
|
$
|
(0.71
|
)
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Weighted average shares outstanding (in thousands):
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic
|
107,439
|
|
|
108,557
|
|
|
109,425
|
|
|
108,185
|
|
|
109,324
|
|
|||||
Diluted
|
107,439
|
|
|
108,557
|
|
|
109,425
|
|
|
108,185
|
|
|
109,324
|
|
|
June 30,
|
|
September 30,
|
||||
CONDENSED CONSOLIDATED BALANCE SHEETS
|
2020
|
|
2019
|
||||
Assets
|
|
|
|
||||
Cash and cash equivalents
|
$
|
426,245
|
|
|
$
|
347,943
|
|
Short-term investments
|
65,787
|
|
|
52,960
|
|
||
Other current assets
|
498,512
|
|
|
714,183
|
|
||
Total current assets
|
990,544
|
|
|
1,115,086
|
|
||
Investments
|
25,280
|
|
|
31,991
|
|
||
Property, plant and equipment, net
|
3,754,206
|
|
|
4,502,084
|
|
||
Other noncurrent assets
|
192,296
|
|
|
190,354
|
|
||
Total Assets
|
$
|
4,962,326
|
|
|
$
|
5,839,515
|
|
|
|
|
|
||||
Liabilities and Shareholders' Equity
|
|
|
|
||||
Current liabilities
|
$
|
242,167
|
|
|
$
|
410,238
|
|
Long-term debt, net
|
480,269
|
|
|
479,356
|
|
||
Other noncurrent liabilities
|
828,751
|
|
|
922,357
|
|
||
Noncurrent liabilities - discontinued operations
|
15,082
|
|
|
15,341
|
|
||
Total shareholders’ equity
|
3,396,057
|
|
|
4,012,223
|
|
||
Total Liabilities and Shareholders' Equity
|
$
|
4,962,326
|
|
|
$
|
5,839,515
|
|
|
Nine Months Ended June 30,
|
||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
|
2020
|
|
2019
|
||||
OPERATING ACTIVITIES:
|
|
|
|
||||
Net loss
|
$
|
(435,534
|
)
|
|
$
|
(74,833
|
)
|
Adjustment for (income) loss from discontinued operations
|
(212
|
)
|
|
433
|
|
||
Loss from continuing operations
|
(435,746
|
)
|
|
(74,400
|
)
|
||
Adjustments to reconcile net loss to net cash provided by operating activities:
|
|
|
|
||||
Depreciation and amortization
|
372,298
|
|
|
427,917
|
|
||
Asset impairment charge
|
563,234
|
|
|
224,327
|
|
||
Restructuring charges
|
3,536
|
|
|
—
|
|
||
Amortization of debt discount and debt issuance costs
|
1,358
|
|
|
1,176
|
|
||
Provision for bad debt
|
4,151
|
|
|
544
|
|
||
Stock-based compensation
|
32,059
|
|
|
25,467
|
|
||
Loss on investment securities
|
7,325
|
|
|
50,228
|
|
||
Gain on sale of assets
|
(18,790
|
)
|
|
(27,050
|
)
|
||
Gain on sale of subsidiary
|
(14,963
|
)
|
|
—
|
|
||
Deferred income tax benefit
|
(122,366
|
)
|
|
(25,503
|
)
|
||
Other
|
(2,891
|
)
|
|
5,356
|
|
||
Changes in assets and liabilities
|
57,086
|
|
|
51,365
|
|
||
Net cash provided by operating activities from continuing operations
|
446,291
|
|
|
659,427
|
|
||
Net cash used in operating activities from discontinued operations
|
(38
|
)
|
|
(56
|
)
|
||
Net cash provided by operating activities
|
446,253
|
|
|
659,371
|
|
||
|
|
|
|
||||
INVESTING ACTIVITIES:
|
|
|
|
||||
Capital expenditures
|
(120,960
|
)
|
|
(403,570
|
)
|
||
Purchase of short-term investments
|
(78,303
|
)
|
|
(71,852
|
)
|
||
Payment for acquisition of business, net of cash acquired
|
—
|
|
|
(2,781
|
)
|
||
Proceeds from sale of short-term investments
|
66,033
|
|
|
68,015
|
|
||
Proceeds from sale of subsidiary
|
15,056
|
|
|
—
|
|
||
Proceeds from asset sales
|
31,200
|
|
|
36,227
|
|
||
Other
|
(50
|
)
|
|
—
|
|
||
Net cash used in investing activities
|
(87,024
|
)
|
|
(373,961
|
)
|
||
|
|
|
|
||||
FINANCING ACTIVITIES:
|
|
|
|
||||
Dividends paid
|
(233,124
|
)
|
|
(235,058
|
)
|
||
Debt issuance costs paid
|
—
|
|
|
(3,912
|
)
|
||
Proceeds from stock option exercises
|
4,100
|
|
|
2,901
|
|
||
Payments for employee taxes on net settlement of equity awards
|
(3,752
|
)
|
|
(6,420
|
)
|
||
Payment of contingent consideration from acquisition of business
|
(4,250
|
)
|
|
—
|
|
||
Share repurchase
|
(28,504
|
)
|
|
—
|
|
||
Other
|
(446
|
)
|
|
—
|
|
||
Net cash used in financing activities
|
(265,976
|
)
|
|
(242,489
|
)
|
||
Net increase in cash and cash equivalents and restricted cash
|
93,253
|
|
|
42,921
|
|
||
Cash and cash equivalents and restricted cash, beginning of period
|
382,971
|
|
|
326,185
|
|
||
Cash and cash equivalents and restricted cash, end of period
|
$
|
476,224
|
|
|
$
|
369,106
|
|
(1)
|
Prior period information has been restated to reflect the transition of the H&P Technologies reportable segment to the North America Solutions reportable segment.
|
|
Three Months Ended
|
|
Nine Months Ended
|
|||||||||||
|
June 30,
|
|
March 31,
|
|
June 30,
|
|
June 30,
|
|||||||
(in thousands)
|
2020
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|||||
North America Solutions Operations
|
27,807
|
|
|
77,146
|
|
|
72,386
|
|
|
164,533
|
|
|
218,648
|
|
International Solutions Operations
|
3,079
|
|
|
2,209
|
|
|
1,483
|
|
|
6,875
|
|
|
7,506
|
|
Offshore Gulf of Mexico Operations
|
8,223
|
|
|
6,770
|
|
|
7,277
|
|
|
24,895
|
|
|
18,534
|
|
|
Three Months Ended June 30, 2020
|
||||||||||||||||||||||
(in thousands)
|
North America Solutions
|
|
Offshore Gulf of Mexico
|
|
International Solutions
|
|
Other
|
|
Eliminations
|
|
Total
|
||||||||||||
Operating revenue
|
$
|
254,434
|
|
|
$
|
37,494
|
|
|
$
|
22,477
|
|
|
$
|
2,959
|
|
|
$
|
—
|
|
|
$
|
317,364
|
|
Intersegment
|
—
|
|
|
—
|
|
|
—
|
|
|
10,384
|
|
|
(10,384
|
)
|
|
—
|
|
||||||
Total operating revenue
|
$
|
254,434
|
|
|
$
|
37,494
|
|
|
$
|
22,477
|
|
|
$
|
13,343
|
|
|
$
|
(10,384
|
)
|
|
$
|
317,364
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Direct operating expenses
|
144,522
|
|
|
26,986
|
|
|
27,333
|
|
|
7,906
|
|
|
—
|
|
|
206,747
|
|
||||||
Intersegment
|
8,141
|
|
|
1,981
|
|
|
262
|
|
|
—
|
|
|
(10,384
|
)
|
|
—
|
|
||||||
Total contract drilling services & other operating expenses
|
$
|
152,663
|
|
|
$
|
28,967
|
|
|
$
|
27,595
|
|
|
$
|
7,906
|
|
|
$
|
(10,384
|
)
|
|
$
|
206,747
|
|
|
Nine Months Ended June 30, 2020
|
||||||||||||||||||||||
(in thousands)
|
North America Solutions
|
|
Offshore Gulf of Mexico
|
|
International Solutions
|
|
Other
|
|
Eliminations
|
|
Total
|
||||||||||||
Operating revenue
|
$
|
1,325,076
|
|
|
$
|
110,828
|
|
|
$
|
120,189
|
|
|
$
|
9,567
|
|
|
$
|
—
|
|
|
$
|
1,565,660
|
|
Intersegment
|
—
|
|
|
—
|
|
|
—
|
|
|
28,927
|
|
|
(28,927
|
)
|
|
—
|
|
||||||
Total operating revenue
|
$
|
1,325,076
|
|
|
$
|
110,828
|
|
|
$
|
120,189
|
|
|
$
|
38,494
|
|
|
$
|
(28,927
|
)
|
|
$
|
1,565,660
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Direct operating expenses
|
808,420
|
|
|
87,285
|
|
|
98,891
|
|
|
31,960
|
|
|
—
|
|
|
1,026,556
|
|
||||||
Intersegment
|
23,809
|
|
|
4,375
|
|
|
743
|
|
|
—
|
|
|
(28,927
|
)
|
|
—
|
|
||||||
Total contract drilling services & other operating expenses
|
$
|
832,229
|
|
|
$
|
91,660
|
|
|
$
|
99,634
|
|
|
$
|
31,960
|
|
|
$
|
(28,927
|
)
|
|
$
|
1,026,556
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||||||
|
June 30,
|
|
March 31,
|
|
June 30,
|
|
June 30,
|
||||||||||||
(in thousands)
|
2020
|
|
2020 (1)
|
|
2019 (1)
|
|
2020
|
|
2019 (1)
|
||||||||||
Operating income (loss)
|
|
|
|
|
|
|
|
|
|
||||||||||
North America Solutions
|
$
|
(25,157
|
)
|
|
$
|
(342,667
|
)
|
|
$
|
(147,015
|
)
|
|
$
|
(315,705
|
)
|
|
$
|
20,514
|
|
International Solutions
|
(9,540
|
)
|
|
(152,469
|
)
|
|
(5,023
|
)
|
|
(158,894
|
)
|
|
9,575
|
|
|||||
Offshore Gulf of Mexico
|
3,013
|
|
|
(3,319
|
)
|
|
5,078
|
|
|
6,022
|
|
|
16,778
|
|
|||||
Other
|
4,389
|
|
|
376
|
|
|
(731
|
)
|
|
3,704
|
|
|
1,988
|
|
|||||
Segment operating income (loss)
|
$
|
(27,295
|
)
|
|
$
|
(498,079
|
)
|
|
$
|
(147,691
|
)
|
|
$
|
(464,873
|
)
|
|
$
|
48,855
|
|
Gain on sale of assets
|
4,201
|
|
|
10,310
|
|
|
9,960
|
|
|
18,790
|
|
|
27,050
|
|
|||||
Corporate selling, general and administrative costs, corporate depreciation and corporate restructuring charges
|
(34,490
|
)
|
|
(30,772
|
)
|
|
(30,143
|
)
|
|
(98,674
|
)
|
|
(94,344
|
)
|
|||||
Operating loss
|
$
|
(57,584
|
)
|
|
$
|
(518,541
|
)
|
|
$
|
(167,874
|
)
|
|
$
|
(544,757
|
)
|
|
$
|
(18,439
|
)
|
Other income (expense):
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest and dividend income
|
771
|
|
|
3,566
|
|
|
2,349
|
|
|
6,551
|
|
|
6,861
|
|
|||||
Interest expense
|
(6,125
|
)
|
|
(6,095
|
)
|
|
(6,257
|
)
|
|
(18,320
|
)
|
|
(17,145
|
)
|
|||||
Gain (loss) on investment securities
|
2,267
|
|
|
(12,413
|
)
|
|
(13,271
|
)
|
|
(7,325
|
)
|
|
(50,228
|
)
|
|||||
Gain on sale of subsidiary
|
—
|
|
|
—
|
|
|
—
|
|
|
14,963
|
|
|
—
|
|
|||||
Other
|
(2,914
|
)
|
|
(398
|
)
|
|
(1,599
|
)
|
|
(3,711
|
)
|
|
(1,051
|
)
|
|||||
Total unallocated amounts
|
(6,001
|
)
|
|
(15,340
|
)
|
|
(18,778
|
)
|
|
(7,842
|
)
|
|
(61,563
|
)
|
|||||
Loss from continuing operations before income taxes
|
$
|
(63,585
|
)
|
|
$
|
(533,881
|
)
|
|
$
|
(186,652
|
)
|
|
$
|
(552,599
|
)
|
|
$
|
(80,002
|
)
|
(1)
|
Prior period information has been restated to reflect the transition of the H&P Technologies reportable segment to the North America Solutions reportable segment.
|
|
July 28,
|
|
June 30,
|
|
March 31,
|
|
Q3FY20
|
||||
|
2020*
|
|
2020*
|
|
2019
|
|
Average
|
||||
U.S. Land Operations
|
|
|
|
|
|
|
|
||||
Term Contract Rigs
|
51
|
|
|
53
|
|
|
90
|
|
|
66
|
|
Spot Contract Rigs
|
13
|
|
|
15
|
|
|
60
|
|
|
23
|
|
Total Contracted Rigs
|
64
|
|
|
68
|
|
|
150
|
|
|
89
|
|
Idle or Other Rigs
|
198
|
|
|
194
|
|
|
149
|
|
|
173
|
|
Total Marketable Fleet
|
262
|
|
|
262
|
|
|
299
|
|
|
262
|
|
|
Q4
|
|
Q1
|
|
Q2
|
|
Q3
|
|
Q4
|
|
Q1
|
|
Q2
|
|||||||
Segment
|
FY20
|
|
FY21
|
|
FY21
|
|
FY21
|
|
FY21
|
|
FY22
|
|
FY22
|
|||||||
U.S. Land Operations
|
50.1
|
|
|
45.5
|
|
|
37.9
|
|
|
31.8
|
|
|
27.5
|
|
|
17.3
|
|
|
13.1
|
|
International Land Operations
|
1.0
|
|
|
1.0
|
|
|
1.0
|
|
|
1.0
|
|
|
1.0
|
|
|
1.0
|
|
|
1.0
|
|
Offshore Operations
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Total
|
51.1
|
|
|
46.5
|
|
|
38.9
|
|
|
32.8
|
|
|
28.5
|
|
|
18.3
|
|
|
14.1
|
|
|
June 30, 2020
|
||||||||||||||
(in thousands, except per share data)
|
Pretax
|
|
Tax
|
|
Net
|
|
EPS
|
||||||||
Net loss (GAAP basis)
|
|
|
|
|
$
|
(45,599
|
)
|
|
$
|
(0.43
|
)
|
||||
Restructuring charges
|
$
|
(15,495
|
)
|
|
$
|
(3,254
|
)
|
|
$
|
(12,241
|
)
|
|
$
|
(0.11
|
)
|
Fair market adjustment to equity investments
|
$
|
2,267
|
|
|
$
|
652
|
|
|
$
|
1,615
|
|
|
$
|
0.02
|
|
Adjusted net loss
|
|
|
|
|
$
|
(34,973
|
)
|
|
$
|
(0.34
|
)
|
|
March 31, 2020
|
||||||||||||||
(in thousands, except per share data)
|
Pretax
|
|
Tax
|
|
Net
|
|
EPS
|
||||||||
Net loss (GAAP basis)
|
|
|
|
|
$
|
(420,540
|
)
|
|
$
|
(3.88
|
)
|
||||
Impairment of goodwill, rigs and related equipment
|
$
|
(563,234
|
)
|
|
$
|
(125,770
|
)
|
|
$
|
(437,464
|
)
|
|
$
|
(4.03
|
)
|
Fair market adjustment to equity investments
|
$
|
(12,413
|
)
|
|
$
|
(2,983
|
)
|
|
$
|
(9,430
|
)
|
|
$
|
(0.09
|
)
|
Reversal of accrued compensation
|
$
|
17,681
|
|
|
$
|
4,038
|
|
|
$
|
13,643
|
|
|
$
|
0.13
|
|
Change in fair value of contingent liability
|
$
|
3,600
|
|
|
$
|
822
|
|
|
$
|
2,778
|
|
|
$
|
0.03
|
|
Adjusted net income
|
|
|
|
|
$
|
9,933
|
|
|
$
|
0.08
|
|