Conference call set 9 a.m. Central time Friday, Aug. 7
-
EBITDA(a) for the second quarter of $149.8 million, a 9
percent increase over the prior year’s second-quarter EBITDA and
representing an EBITDA margin(b) of 54.7 percent
-
Revenue efficiency(c) of 95.5 percent for the second
quarter yielded revenue of $273.9 million, a 5 percent increase over
the prior year’s second-quarter revenue
LUXEMBOURG--(BUSINESS WIRE)--
Pacific Drilling S.A. (NYSE: PACD) today announced net income for
second-quarter 2015 of $47.1 million or $0.22 per diluted share,
compared to net income of $51.7 million or $0.24 per diluted share for
first-quarter 2015. Net income for second-quarter 2014 was $49.9 million
or $0.23 per diluted share.
CEO Chris Beckett said, "Our unique fleet of exclusively modern,
high-specification drillships once again achieved industry-leading
operational and financial results during the quarter. We delivered
revenue efficiency ahead of our targets and costs well below our
historical trends. Our focus on sustainable cost management resulted in
extremely strong EBITDA, despite only five rigs in service during the
quarter. We delivered an EBITDA margin above that of first quarter and
the second-highest in our company's history. We will continue to
optimize our cost structure 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."
Second-Quarter 2015 Operational and Financial
Commentary
Contract drilling revenue for second-quarter 2015 was $273.9 million,
which included $21.5 million of deferred revenue amortization, compared
to first-quarter 2015 contract drilling revenue of $283.4 million, which
included $22.7 million of deferred revenue amortization. Contract
drilling revenue decreased quarter over quarter as a result of the
completion of the drilling contract for Pacific Mistral on Feb.
5, 2015. During the three months ended June 30, 2015, our operating
fleet achieved average revenue efficiency of 95.5 percent.
Contract drilling expenses for second-quarter 2015 were $110.4 million,
compared to $117.7 million for first-quarter 2015. Contract drilling
expenses for second-quarter 2015 included $9.1 million in reimbursable
costs, $7.9 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 $160,400 in
second-quarter 2015, down from an average of $174,200 in first-quarter
2015. The reduction in direct rig-related daily operating expenses was
primarily the result of reducing costs on Pacific Mistral, which
was idle during the quarter, and fleet-wide cost-control measures which
were implemented during the second quarter.
General and administrative expenses for second-quarter 2015 were $13.3
million, compared to $16.4 million for first-quarter 2015. The decrease
was primarily the result of cost-control measures implemented throughout
the second quarter.
EBITDA for second-quarter 2015 was $149.8 million, compared to EBITDA of
$147.3 million for first-quarter 2015. EBITDA margin for the quarter was
54.7 percent, an increase over the prior quarter EBITDA margin of 52.0
percent. A reconciliation of net income to EBITDA is included in the
schedules accompanying this release.
Interest expense for the second quarter was $33.2 million, compared to
$36.7 million for first-quarter 2015. The decrease in interest expense
was primarily due to the full quarter impact of lower average interest
expenses following repayment of our unsecured bonds in the first quarter.
Income tax expense for second-quarter 2015 was $12.3 million, compared
to $1.8 million for the prior quarter. The increase in income tax
expense was primarily the result of a decrease in uncertain tax
positions in first-quarter 2015.
Liquidity and Capital Expenditures
During second-quarter 2015, cash flow from operations was $60.6 million.
Cash balances totaled $105.3 million as of June 30, 2015, and total
outstanding debt was $3.0 billion.
We currently have $550 million of available and undrawn liquidity under
our existing credit facilities, including $300 million under the 2013
revolving credit facility and $250 million under the 2014 revolving
credit facility. We may also have access to an additional $150 million
available under the 2014 revolving credit facility if delivery of the Pacific
Zonda occurs prior to Oct. 31, 2015 and upon entry into a
satisfactory drilling contract.
CFO Paul Reese commented, "Our strong EBITDA delivery has translated
into cash flow from operations of $209 million year to date. We expect
our ongoing cost management process to further strengthen our cash flow
generation thereby providing additional financing flexibility."
During second-quarter 2015, capital expenditures were $44.6 million, of
which $23.5 million related to newbuild rig construction. Capitalized
interest amounted to $12.9 million. The remaining expenditures primarily
related to fleet spares. We estimate the remaining capital expenditures
required to complete construction of our newbuild drillship and develop
spare equipment will be approximately $442.7 million, excluding
capitalized interest. We expect to cover these capital expenditures with
a combination of existing cash balances, future operating cash flows,
and undrawn capacity under existing credit facilities.
Full-Year 2015 Guidance
We reiterate the guidance provided in our company update presentation
dated and posted July 22, 2015:
|
|
|
|
|
|
|
Item
|
|
|
|
Range
|
|
Average revenue efficiency
|
|
|
|
94% - 96%
|
|
Contract drilling expenses
|
|
|
|
$425 million - $450 million
|
|
General & administrative expenses
|
|
|
|
$55 million - $58 million
|
|
Income tax expense as percent of total contract drilling revenue
|
|
|
|
3% - 3.5%
|
|
EBITDA
|
|
|
|
$575 million - $615 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 to update our
quarterly average revenue efficiency performance but will begin
publishing the report on a quarterly basis. Our next Fleet Status Report
will therefore be posted in October 2015.
Updated schedules of expected amortization of deferred revenue,
depreciation expense, interest expense for our existing financing, and
capital expenditures 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
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|
(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.
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|
(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.
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|
|
|
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|
|
(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.
|
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Conference Call
Pacific Drilling will conduct a conference call at 9 a.m. Central time
on Friday, Aug. 7, to discuss second-quarter 2015 results. To
participate in the Aug. 7 call, please dial +1 913-312-0728 or
1-888-211-7311 and refer to confirmation code 8628189 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
Friday, Aug. 7, 2015, by dialing +1 719-457-0820 or 1-888-203-1112, and
using access code 8628189. 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 eight 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. Where any
forward-looking statement includes a statement about the assumptions of
bases underlying the forward-looking statement, we caution that, while
we believe these assumptions or bases to be reasonable and made in good
faith, assumed facts or bases almost always vary from actual results,
and the differences between assumed facts or bases and actual results
can be material, depending on the circumstances. Where, in any
forward-looking statement, our management expresses an expectation or
belief as to future results, such expectation or belief is expressed in
good faith and is believed to have a reasonable basis as and when made.
We cannot assure you, however, that the future result will be achieved
or accomplished. These statements relate to analyses and other
information that are based on forecasts of future results and estimates
of amounts not yet determinable. These statements also relate to our
future prospects, developments and business strategies. 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. All comments concerning our
expectations for future revenue and operating results are based on our
forecasts for our existing operations and do not include the potential
impact of any future acquisitions or dispositions. 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 projected cash flows and other
projections in the forward-looking statements 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;
shipyard rig construction delays due to negotiations, repair,
maintenance or enhancement; actual contract commencement dates; our
ability to favorably revise our current debt covenants; downtime and
other risks associated with offshore rig operations, including
unscheduled repairs or maintenance; relocations, severe weather or
hurricanes; adequacy of and access to sources of liquidity; governmental
action, civil unrest and political and economic uncertainties; impact of
potential licensing or patent litigation; environmental or other
liabilities, risks or losses; governmental regulatory, legislative and
permitting requirements affecting drilling operations; our ability to
attract and retain skilled personnel on commercially reasonable terms;
terrorism, piracy and military action; and the outcome of litigation,
legal proceedings, investigations or other claims or contract disputes.
For additional information regarding known material risk 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)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Six Months Ended
June 30,
|
|
|
|
|
June 30,
2015
|
|
March 31,
2015
|
|
June 30,
2014
|
|
2015
|
|
2014
|
|
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract drilling
|
|
|
$
|
273,895
|
|
|
$
|
283,392
|
|
|
$
|
260,829
|
|
|
$
|
557,287
|
|
|
$
|
486,420
|
|
|
Costs and expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract drilling
|
|
|
(110,388
|
)
|
|
(117,669
|
)
|
|
(107,964
|
)
|
|
(228,057
|
)
|
|
(218,930
|
)
|
|
General and administrative expenses
|
|
|
(13,328
|
)
|
|
(16,366
|
)
|
|
(13,773
|
)
|
|
(29,694
|
)
|
|
(26,306
|
)
|
|
Depreciation expense
|
|
|
(57,234
|
)
|
|
(57,072
|
)
|
|
(46,449
|
)
|
|
(114,306
|
)
|
|
(92,603
|
)
|
|
|
|
|
(180,950
|
)
|
|
(191,107
|
)
|
|
(168,186
|
)
|
|
(372,057
|
)
|
|
(337,839
|
)
|
|
Operating income
|
|
|
92,945
|
|
|
92,285
|
|
|
92,643
|
|
|
185,230
|
|
|
148,581
|
|
|
Other expense
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
(33,227
|
)
|
|
(36,709
|
)
|
|
(28,599
|
)
|
|
(69,936
|
)
|
|
(54,630
|
)
|
|
Other expense
|
|
|
(343
|
)
|
|
(2,051
|
)
|
|
(1,231
|
)
|
|
(2,394
|
)
|
|
(2,400
|
)
|
|
Income before income taxes
|
|
|
59,375
|
|
|
53,525
|
|
|
62,813
|
|
|
112,900
|
|
|
91,551
|
|
|
Income tax expense
|
|
|
(12,281
|
)
|
|
(1,795
|
)
|
|
(12,931
|
)
|
|
(14,076
|
)
|
|
(19,439
|
)
|
|
Net income
|
|
|
$
|
47,094
|
|
|
$
|
51,730
|
|
|
$
|
49,882
|
|
|
$
|
98,824
|
|
|
$
|
72,112
|
|
|
Earnings per common share, basic
|
|
|
$
|
0.22
|
|
|
$
|
0.24
|
|
|
$
|
0.23
|
|
|
$
|
0.47
|
|
|
$
|
0.33
|
|
|
Weighted average number of common shares, basic
|
|
|
210,806
|
|
|
213,627
|
|
|
217,293
|
|
|
212,209
|
|
|
217,208
|
|
|
Earnings per common share, diluted
|
|
|
$
|
0.22
|
|
|
$
|
0.24
|
|
|
$
|
0.23
|
|
|
$
|
0.47
|
|
|
$
|
0.33
|
|
|
Weighted average number of common shares, diluted
|
|
|
211,067
|
|
|
213,686
|
|
|
219,523
|
|
|
212,285
|
|
|
219,377
|
|
|
|
|
|
|
|
|
|
|
|
PACIFIC DRILLING S.A. AND SUBSIDIARIES
|
|
|
|
Condensed Consolidated Balance Sheets
(in thousands, except par value) (unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
2015
|
|
March 31,
2015
|
|
December 31,
2014
|
|
Assets:
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
$
|
105,268
|
|
|
$
|
132,868
|
|
|
$
|
167,794
|
|
|
Accounts receivable
|
|
|
189,496
|
|
|
165,653
|
|
|
231,027
|
|
|
Materials and supplies
|
|
|
102,426
|
|
|
99,745
|
|
|
95,660
|
|
|
Deferred financing costs, current
|
|
|
14,635
|
|
|
14,561
|
|
|
14,665
|
|
|
Deferred costs, current
|
|
|
16,150
|
|
|
19,523
|
|
|
25,199
|
|
|
Prepaid expenses and other current assets
|
|
|
27,243
|
|
|
27,587
|
|
|
17,056
|
|
|
Total current assets
|
|
|
455,218
|
|
|
459,937
|
|
|
551,401
|
|
|
Property and equipment, net
|
|
|
5,429,211
|
|
|
5,433,878
|
|
|
5,431,823
|
|
|
Deferred financing costs
|
|
|
39,035
|
|
|
42,717
|
|
|
45,978
|
|
|
Other assets
|
|
|
32,128
|
|
|
32,965
|
|
|
48,099
|
|
|
Total assets
|
|
|
$
|
5,955,592
|
|
|
$
|
5,969,497
|
|
|
$
|
6,077,301
|
|
|
Liabilities and shareholders’ equity:
|
|
|
|
|
|
|
|
|
Accounts payable
|
|
|
$
|
51,356
|
|
|
$
|
39,291
|
|
|
$
|
40,577
|
|
|
Accrued expenses
|
|
|
36,514
|
|
|
31,438
|
|
|
45,963
|
|
|
Long-term debt, current
|
|
|
89,583
|
|
|
82,500
|
|
|
369,000
|
|
|
Accrued interest
|
|
|
13,333
|
|
|
37,219
|
|
|
24,534
|
|
|
Derivative liabilities, current
|
|
|
9,545
|
|
|
10,067
|
|
|
8,648
|
|
|
Deferred revenue, current
|
|
|
66,617
|
|
|
74,238
|
|
|
84,104
|
|
|
Total current liabilities
|
|
|
266,948
|
|
|
274,753
|
|
|
572,826
|
|
|
Long-term debt, net of current maturities
|
|
|
2,914,994
|
|
|
2,959,678
|
|
|
2,781,242
|
|
|
Deferred revenue
|
|
|
84,415
|
|
|
96,480
|
|
|
108,812
|
|
|
Other long-term liabilities
|
|
|
34,021
|
|
|
28,921
|
|
|
35,549
|
|
|
Total long-term liabilities
|
|
|
3,033,430
|
|
|
3,085,079
|
|
|
2,925,603
|
|
|
Shareholders’ equity:
|
|
|
|
|
|
|
|
|
Common shares, $0.01 par value per share, 5,000,000 shares
|
|
|
|
|
|
|
|
|
|
|
|
authorized, 232,770 shares issued and 210,605 and 215,784
|
|
|
|
|
|
|
|
|
|
|
|
shares outstanding as of June 30, 2015 and December 31,
|
|
|
|
|
|
|
|
|
|
|
|
2014, respectively
|
|
|
2,179
|
|
|
2,175
|
|
|
2,175
|
|
|
Additional paid-in capital
|
|
|
2,374,833
|
|
|
2,372,497
|
|
|
2,369,432
|
|
|
Treasury shares, at cost
|
|
|
(30,000
|
)
|
|
(24,133
|
)
|
|
(8,240
|
)
|
|
Accumulated other comprehensive loss
|
|
|
(26,332
|
)
|
|
(28,314
|
)
|
|
(20,205
|
)
|
|
Retained earnings
|
|
|
334,534
|
|
|
287,440
|
|
|
235,710
|
|
|
Total shareholders’ equity
|
|
|
2,655,214
|
|
|
2,609,665
|
|
|
2,578,872
|
|
|
Total liabilities and shareholders’ equity
|
|
|
$
|
5,955,592
|
|
|
$
|
5,969,497
|
|
|
$
|
6,077,301
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PACIFIC DRILLING S.A. AND SUBSIDIARIES
|
|
|
|
|
|
|
|
|
Condensed Consolidated Statements of Cash Flows
(in thousands) (unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Six Months Ended
June 30,
|
|
|
|
|
June 30,
2015
|
|
March 31,
2015
|
|
June 30,
2014
|
|
2015
|
|
2014
|
|
Cash flow from operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
$
|
47,094
|
|
|
$
|
51,730
|
|
|
$
|
49,882
|
|
|
$
|
98,824
|
|
|
$
|
72,112
|
|
|
Adjustments to reconcile net income to net cash provided by
operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation expense
|
|
|
57,234
|
|
|
57,072
|
|
|
46,449
|
|
|
114,306
|
|
|
92,603
|
|
|
Amortization of deferred revenue
|
|
|
(21,483
|
)
|
|
(22,689
|
)
|
|
(28,038
|
)
|
|
(44,172
|
)
|
|
(56,046
|
)
|
|
Amortization of deferred costs
|
|
|
5,800
|
|
|
8,483
|
|
|
13,547
|
|
|
14,283
|
|
|
26,757
|
|
|
Amortization of deferred financing costs
|
|
|
2,474
|
|
|
2,725
|
|
|
2,343
|
|
|
5,199
|
|
|
4,921
|
|
|
Amortization of debt discount
|
|
|
225
|
|
|
227
|
|
|
182
|
|
|
452
|
|
|
355
|
|
|
Deferred income taxes
|
|
|
4,014
|
|
|
(5,507
|
)
|
|
3,440
|
|
|
(1,493
|
)
|
|
3,428
|
|
|
Share-based compensation expense
|
|
|
2,717
|
|
|
3,107
|
|
|
2,690
|
|
|
5,824
|
|
|
4,656
|
|
|
Changes in operating assets and liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable
|
|
|
(23,843
|
)
|
|
65,374
|
|
|
18,530
|
|
|
41,531
|
|
|
48,215
|
|
|
Materials and supplies
|
|
|
(2,681
|
)
|
|
(4,085
|
)
|
|
(8,427
|
)
|
|
(6,766
|
)
|
|
(16,763
|
)
|
|
Prepaid expenses and other assets
|
|
|
(5,199
|
)
|
|
2,412
|
|
|
(4,818
|
)
|
|
(2,787
|
)
|
|
(19,418
|
)
|
|
Accounts payable and accrued expenses
|
|
|
(7,523
|
)
|
|
(11,404
|
)
|
|
(3,538
|
)
|
|
(18,927
|
)
|
|
(8,220
|
)
|
|
Deferred revenue
|
|
|
1,797
|
|
|
491
|
|
|
8,307
|
|
|
2,288
|
|
|
70,781
|
|
|
Net cash provided by operating activities
|
|
|
60,626
|
|
|
147,936
|
|
|
100,549
|
|
|
208,562
|
|
|
223,381
|
|
|
Cash flow from investing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital expenditures
|
|
|
(44,613
|
)
|
|
(57,503
|
)
|
|
(545,058
|
)
|
|
(102,116
|
)
|
|
(633,884
|
)
|
|
Net cash used in investing activities
|
|
|
(44,613
|
)
|
|
(57,503
|
)
|
|
(545,058
|
)
|
|
(102,116
|
)
|
|
(633,884
|
)
|
|
Cash flow from financing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net proceeds (payments) from shares issued under share-based
compensation plan
|
|
|
(377
|
)
|
|
(42
|
)
|
|
(503
|
)
|
|
(419
|
)
|
|
247
|
|
|
Proceeds from long-term debt
|
|
|
85,000
|
|
|
180,000
|
|
|
360,000
|
|
|
265,000
|
|
|
360,000
|
|
|
Payments on long-term debt
|
|
|
(122,918
|
)
|
|
(288,375
|
)
|
|
(1,875
|
)
|
|
(411,293
|
)
|
|
(3,750
|
)
|
|
Payments for financing costs
|
|
|
—
|
|
|
(500
|
)
|
|
—
|
|
|
(500
|
)
|
|
(500
|
)
|
|
Purchases of treasury shares
|
|
|
(5,318
|
)
|
|
(16,442
|
)
|
|
—
|
|
|
(21,760
|
)
|
|
—
|
|
|
Net cash provided by (used in) financing activities
|
|
|
(43,613
|
)
|
|
(125,359
|
)
|
|
357,622
|
|
|
(168,972
|
)
|
|
355,997
|
|
|
Decrease in cash and cash equivalents
|
|
|
(27,600
|
)
|
|
(34,926
|
)
|
|
(86,887
|
)
|
|
(62,526
|
)
|
|
(54,506
|
)
|
|
Cash and cash equivalents, beginning of period
|
|
|
132,868
|
|
|
167,794
|
|
|
236,504
|
|
|
167,794
|
|
|
204,123
|
|
|
Cash and cash equivalents, end of period
|
|
|
$
|
105,268
|
|
|
$
|
132,868
|
|
|
$
|
149,617
|
|
|
$
|
105,268
|
|
|
$
|
149,617
|
|
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
|
|
|
|
|
June 30,
2015
|
|
March 31,
2015
|
|
June 30,
2014
|
|
Net income
|
|
|
$
|
47,094
|
|
|
$
|
51,730
|
|
|
$
|
49,882
|
|
Add:
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
33,227
|
|
|
36,709
|
|
|
28,599
|
|
Depreciation expense
|
|
|
57,234
|
|
|
57,072
|
|
|
46,449
|
|
Income tax expense
|
|
|
12,281
|
|
|
1,795
|
|
|
12,931
|
|
EBITDA
|
|
|
$
|
149,836
|
|
|
$
|
147,306
|
|
|
$
|
137,861
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20150806006444/en/
Source: Pacific Drilling