DIAMOND OFFSHORE DRILLING, INC.

CIK:0000949039|SEC Filings

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues:
Total revenues	$ 252,886	$ 281,563	$ 527,496	$ 513,584
Operating expenses:
Depreciation	31,698	27,906	63,052	55,812
General and administrative	23,219	16,824	41,796	36,409
Gain on disposition of assets	(7,106)	(1,933)	(3,710)	(3,146)
Total operating expenses	224,605	271,323	477,402	508,303
Operating income	28,281	10,240	50,094	5,281
Other income (expense):
Interest income	1,966	5	3,740	12
Interest expense, net of amounts capitalized	(15,061)	(12,755)	(30,407)	(24,795)
Foreign currency transaction gain (loss)	(13)	(1,968)	218	(3,239)
Other, net	1,605	136	1,534	(17)
Income (loss) before income tax (expense) benefit	16,778	(4,342)	25,179	(22,758)
Income tax (expense) benefit	(7,451)	243,125	(4,240)	268,770
Net income	$ 9,327	$ 238,783	$ 20,939	$ 246,012
Earnings per share, Basic	$ 0.09	$ 2.35	$ 0.2	$ 2.43
Earnings per share, Diluted	$ 0.09	$ 2.29	$ 0.2	$ 2.36
Weighted-average shares outstanding, Basic	102,542	101,487	102,491	101,409
Weighted-average shares outstanding, Diluted	105,088	104,236	104,927	104,091
Contract Drilling [Member]
Revenues:
Total revenues	$ 240,229	$ 264,990	$ 498,999	$ 479,373
Operating expenses:
Contract drilling, excluding depreciation	164,461	212,947	348,665	386,436
Reimbursable Expenses [Member]
Revenues:
Total revenues	12,657	16,573	28,497	34,211
Operating expenses:
Contract drilling, excluding depreciation	$ 12,333	$ 15,579	$ 27,599	$ 32,792

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Operating activities:
Net income	$ 20,939	$ 246,012
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	63,052	55,812
Gain on disposition of assets	(3,710)	(3,146)
Deferred tax provision	(3,752)	(200,658)
Stock-based compensation expense	7,305	8,082
Contract liabilities, net	5,292	(2,707)
Contract assets, net	(1,063)	(1,980)
Deferred contract costs, net	11,032	4,893
Other assets, noncurrent	1,346	2,577
Other liabilities, noncurrent	(587)	16,870
Other	1,691	1,501
Changes in operating assets and liabilities:
Accounts receivable	33,655	(25,996)
Prepaid expenses and other current assets	(6,173)	(6,122)
Current income tax assets	0	(85,266)
Accounts payable and accrued liabilities	(39,982)	3,965
Taxes payable	885	(3,094)
Net cash provided by operating activities	89,930	10,743
Investing activities:
Capital expenditures	(51,342)	(58,953)
Proceeds from disposition of assets, net of disposal costs	7,719	348
Net cash used in investing activities	(43,623)	(58,605)
Financing activities:
Borrowings under revolving credit facility	0	20,000
Repayments under revolving credit facility	0	(15,000)
Principal payments of finance leases	(8,894)	(10,503)
Net cash used in financing activities	(8,894)	(5,503)
Net change in cash, cash equivalents and restricted cash	37,413	(53,365)
Cash, cash equivalents and restricted cash, beginning of period	138,688	97,334
Cash, cash equivalents and restricted cash, end of period	$ 176,101	$ 43,969

Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands

Jun. 30, 2024

Mar. 31, 2024

Dec. 31, 2023

Current assets:

Cash and cash equivalents

$ 165,536

$ 124,457

Restricted cash

10,565

14,231

Accounts receivable

226,383

260,124

Less: allowance for credit losses

^[1]

(5,715)

(5,801)

Accounts receivable, net

220,668

254,323

Prepaid expenses and other current assets

61,600

63,412

Asset held for sale

1,000

Total current assets

459,369

457,423

Drilling and other property and equipment, net of accumulated depreciation

1,139,802

1,156,368

Other assets

84,392

98,762

Total assets

1,683,563

1,712,553

Current liabilities:

Accounts payable

44,294

42,037

Accrued liabilities

164,727

203,336

Taxes payable

33,397

34,817

Current finance lease liabilities

16,525

15,960

Total current liabilities

258,943

296,150

Long-term debt

534,480

533,514

Noncurrent finance lease liabilities

103,742

113,201

Deferred tax liability

19,831

10,966

Other liabilities

95,221

113,871

Commitments and contingencies (Note 7)

Total liabilities

1,012,217

1,067,702

Stockholders’ equity:

Preferred stock (par value $0.0001, 50,000 shares authorized, none issued and outstanding at June 30, 2024 and December 31, 2023)

Common stock (par value $0.0001, 750,000 shares authorized; 103,562 shares issued and 102,596 shares outstanding at June 30, 2024 and 103,189 shares issued and 102,322 shares outstanding at December 31, 2023)

Additional paid-in capital

985,460

978,575

Treasury stock

(9,810)

(8,493)

Accumulated deficit

(304,322)

(325,261)

Accumulated other comprehensive income

Total stockholders’ equity

671,346

$ 659,311

644,851

Total liabilities and stockholders’ equity

$ 1,683,563

$ 1,712,553

[1]

The allowance for credit losses at June 30, 2024 and December 31, 2023 represents our estimate of credit losses associated with our “Trade receivables” and “Current contract assets.” See Note 4 “Financial Instruments and Fair Value Disclosures” for a discussion of our concentrations of credit risk and allowance for credit losses.