HORNBECK OFFSHORE SERVICES INC /LA

CIK:0001131227|SEC Filings

Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenues	$ 52,810	$ 54,036
Costs and expenses:
Operating expenses	41,308	40,394
Depreciation	24,305	24,771
Amortization	4,810	3,611
General and administrative expenses	31,160	11,967
Costs and Expenses, Total	101,583	80,743
Gain on sale of assets	0	26
Operating loss	(48,773)	(26,681)
Other income (expense):
Loss on early extinguishment of debt, net	(4,236)	(71)
Interest income	646	1,114
Interest expense	(20,750)	(19,726)
Other expense	(64)	(87)
Nonoperating Income (Expense)	(24,404)	(18,770)
Loss before income taxes	(73,177)	(45,451)
Income tax benefit	(14,972)	(8,831)
Net loss	$ (58,205)	$ (36,620)
Loss per share:
Basic loss per common share	$ (1.50)	$ (0.97)
Diluted loss per common share	$ (1.50)	$ (0.97)
Weighted average basic shares outstanding	38,801	37,788
Weighted average diluted shares outstanding	38,801	37,788
Vessel Revenues [Member]
Revenues	$ 43,152	$ 45,252
Non-vessel revenues [Member]
Revenues	$ 9,658	$ 8,784

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (58,205)	$ (36,620)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	24,305	24,771
Amortization	4,810	3,611
Stock-based compensation expense	745	975
Loss on early extinguishment of debt, net	4,236	71
Provision for bad debts	21	204
Deferred tax benefit	(11,965)	(8,749)
Amortization of deferred financing costs	1,261	1,836
Amortization of deferred gain	(1,667)	(1,355)
Gain on sale of assets	0	(26)
Changes in operating assets and liabilities:
Accounts receivable	13,928	(4,690)
Other current and long-term assets	(7,320)	(1,501)
Deferred drydocking charges	(6,867)	(9,300)
Accounts payable	(10,403)	4,476
Accrued liabilities and other liabilities	(7,413)	2,845
Accrued interest	8,794	(2,691)
Net cash used in operating activities	(45,740)	(26,143)
CASH FLOWS FROM INVESTING ACTIVITIES:
Costs incurred for OSV newbuild program	0	(3)
Net proceeds from sale of assets	0	26
Vessel capital expenditures	1,517	522
Non-vessel capital expenditures	(38)	(71)
Net cash used in investing activities	(1,555)	(570)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from first-lien term loans	0	29,159
Repurchase of convertible notes	0	(47,310)
Redemption Premium on Extinguishment of Debt	(1,500)	0
Payment of deferred financing costs	(81)	(5,524)
Repayment of senior credit facility	(50,000)	0
Net cash used in financing activities	(51,581)	(23,675)
Effects of exchange rate changes on cash	(1,322)	6
Net decrease in cash, cash equivalents and restricted cash	(100,198)	(50,382)
Cash, cash equivalents and restricted cash at beginning of period	173,626	224,936
Cash, cash equivalents and restricted cash at end of period	73,428	174,554
SUPPLEMENTAL DISCLOSURES OF CASH FLOW ACTIVITIES:
Cash paid for interest		19,507
Cash paid for (refunds of) income taxes	288	(1,338)
Interest Paid, Excluding Capitalized Interest, Operating Activities	11,749
Convertible 1.500 Percent Senior Notes Due 2019
Exchange of notes for term loan	0	20,951
Adjustments to reconcile net loss to net cash used in operating activities:
Loss on early extinguishment of debt, net		(3,600)
Senior Notes 5.875 Percent Due 2020
Exchange of notes for term loan	$ 0	142,629
Adjustments to reconcile net loss to net cash used in operating activities:
Loss on early extinguishment of debt, net		$ (2,400)

Consolidated Balance Sheets - USD ($)
$ in Thousands

Mar. 31, 2020

Dec. 31, 2019

Current assets:

Cash and cash equivalents

$ 58,958

$ 121,490

Accounts receivable, net of allowance for doubtful accounts of $4,008 and $3,987, respectively

51,214

66,995

Other current assets

25,993

20,510

Total current assets

136,165

208,995

Restricted cash

14,470

52,136

Property, plant and equipment, net

2,303,289

2,342,763

Deferred charges, net

36,110

35,915

Right of use assets

23,120

23,492

Other assets

7,105

5,586

Total assets

2,520,259

2,668,887

Current liabilities:

Accounts payable

16,374

30,093

Accrued interest

25,743

16,950

Accrued payroll and benefits

4,612

11,980

Current portion of long-term debt, including deferred net gain of $30,051 and $31,718, net of original issue discount of $2,859 and $3,084, and deferred financing costs of $6,603 and $10,292, respectively

^[1]

1,216,137

1,263,890

Lease liabilities

2,738

2,953

Other accrued liabilities

12,587

11,618

Total current liabilities

1,278,191

1,337,484

Deferred tax liabilities, net

116,560

132,526

Lease liabilities

24,207

24,219

Other liabilities

1,514

2,213

Total liabilities

1,420,472

1,496,442

Stockholders’ equity:

Preferred stock: $0.01 par value; 5,000 shares authorized; no shares issued and outstanding

Common stock: $0.01 par value; 100,000 shares authorized; 39,639 and 38,096 shares issued and outstanding, respectively

396

381

Additional paid-in-capital

767,367

766,779

Retained earnings

350,584

408,789

Accumulated other comprehensive loss

(18,560)

(3,504)

Total stockholders’ equity

1,099,787

1,172,445

Total liabilities and stockholders’ equity

$ 2,520,259

$ 2,668,887

[1]	On March 2, 2020, the Company did not make the interest payment on the 2021 senior notes that was due on such date. As a result of this and cross-default language in its other debt obligations, the Company has determined that all of its debt should be presented as current.