☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 72-1375844 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification Number) |
Large accelerated filer ☐ | Accelerated filer ☒ | |
Non-accelerated filer ☐ (Do not check if a smaller reporting company) | Smaller reporting company ☐ | |
Emerging growth company ☐ |
September 30, 2017 | December 31, 2016 | ||||||
(Unaudited) | |||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 112,836 | $ | 217,027 | |||
Accounts receivable, net of allowance for doubtful accounts of $6,052 and $2,120, respectively | 50,229 | 36,550 | |||||
Other current assets | 13,152 | 16,978 | |||||
Total current assets | 176,217 | 270,555 | |||||
Property, plant and equipment, net | 2,522,042 | 2,578,388 | |||||
Deferred charges, net | 12,760 | 19,077 | |||||
Other assets | 10,169 | 10,255 | |||||
Total assets | $ | 2,721,188 | $ | 2,878,275 | |||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 15,023 | $ | 11,774 | |||
Accrued interest | 13,709 | 14,763 | |||||
Accrued payroll and benefits | 9,275 | 8,596 | |||||
Other accrued liabilities | 10,756 | 10,010 | |||||
Total current liabilities | 48,763 | 45,143 | |||||
Long-term debt, including deferred gain of $19,689 and $0, and net of original issue discount of $7,598 and $31,093 and deferred financing costs of $10,971 and $10,197, respectively | 1,014,031 | 1,083,710 | |||||
Deferred tax liabilities, net | 308,717 | 343,020 | |||||
Other liabilities | 3,996 | 3,406 | |||||
Total liabilities | 1,375,507 | 1,475,279 | |||||
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; 37,028 and 36,467 shares issued and outstanding, respectively | 370 | 365 | |||||
Additional paid-in-capital | 758,690 | 754,394 | |||||
Retained earnings | 574,840 | 637,992 | |||||
Accumulated other comprehensive income | 11,781 | 10,245 | |||||
Total stockholders’ equity | 1,345,681 | 1,402,996 | |||||
Total liabilities and stockholders’ equity | $ | 2,721,188 | $ | 2,878,275 |
The accompanying notes are an integral part of these consolidated statements. |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
(Unaudited) | (Unaudited) | ||||||||||||||
Revenues: | |||||||||||||||
Vessel revenues | $ | 45,637 | $ | 43,670 | $ | 110,825 | $ | 157,170 | |||||||
Non-vessel revenues | 8,029 | 8,257 | 24,346 | 25,250 | |||||||||||
53,666 | 51,927 | 135,171 | 182,420 | ||||||||||||
Costs and expenses: | |||||||||||||||
Operating expenses | 30,082 | 29,375 | 89,385 | 104,134 | |||||||||||
Depreciation | 24,682 | 23,467 | 74,038 | 68,298 | |||||||||||
Amortization | 2,473 | 4,580 | 9,463 | 16,675 | |||||||||||
General and administrative expenses | 12,899 | 9,031 | 36,573 | 30,084 | |||||||||||
70,136 | 66,453 | 209,459 | 219,191 | ||||||||||||
Gain (loss) on sale of assets | (197 | ) | 81 | (178 | ) | 36 | |||||||||
Operating loss | (16,667 | ) | (14,445 | ) | (74,466 | ) | (36,735 | ) | |||||||
Other income (expense): | |||||||||||||||
Gain on early extinguishment of debt | — | — | 15,478 | — | |||||||||||
Interest income | 447 | 401 | 1,312 | 1,164 | |||||||||||
Interest expense | (11,956 | ) | (12,820 | ) | (39,194 | ) | (34,888 | ) | |||||||
Other income (expense), net | 106 | 1,592 | (163 | ) | 2,048 | ||||||||||
(11,403 | ) | (10,827 | ) | (22,567 | ) | (31,676 | ) | ||||||||
Loss before income taxes | (28,070 | ) | (25,272 | ) | (97,033 | ) | (68,411 | ) | |||||||
Income tax benefit | (9,120 | ) | (8,769 | ) | (30,696 | ) | (23,808 | ) | |||||||
Net loss | $ | (18,950 | ) | $ | (16,503 | ) | $ | (66,337 | ) | $ | (44,603 | ) | |||
Loss per share: | |||||||||||||||
Basic loss per common share | $ | (0.51 | ) | $ | (0.45 | ) | $ | (1.80 | ) | $ | (1.23 | ) | |||
Diluted loss per common share | $ | (0.51 | ) | $ | (0.45 | ) | $ | (1.80 | ) | $ | (1.23 | ) | |||
Weighted average basic shares outstanding | 37,013 | 36,338 | 36,794 | 36,205 | |||||||||||
Weighted average diluted shares outstanding | 37,013 | 36,338 | 36,794 | 36,205 |
The accompanying notes are an integral part of these consolidated statements. |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
(Unaudited) | (Unaudited) | ||||||||||||||
Net loss | $ | (18,950 | ) | $ | (16,503 | ) | $ | (66,337 | ) | $ | (44,603 | ) | |||
Other comprehensive income: | |||||||||||||||
Foreign currency translation income (loss) | 2,743 | (908 | ) | 1,536 | 19,770 | ||||||||||
Total comprehensive loss | $ | (16,207 | ) | $ | (17,411 | ) | $ | (64,801 | ) | $ | (24,833 | ) |
The accompanying notes are an integral part of these consolidated statements. |
Nine Months Ended September 30, | |||||||
2017 | 2016 | ||||||
(Unaudited) | |||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||
Net loss | $ | (66,337 | ) | $ | (44,603 | ) | |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |||||||
Depreciation | 74,038 | 68,298 | |||||
Amortization | 9,463 | 16,675 | |||||
Stock-based compensation expense | 5,740 | 6,557 | |||||
Gain on early extinguishment of debt | (15,478 | ) | — | ||||
Provision for bad debts | 3,932 | (719 | ) | ||||
Deferred tax benefit | (33,766 | ) | (21,097 | ) | |||
Amortization of deferred financing costs and deferred gain | 7,013 | 8,131 | |||||
(Gain) loss on sale of assets | 178 | (36 | ) | ||||
Changes in operating assets and liabilities: | |||||||
Accounts receivable | (23,898 | ) | 50,321 | ||||
Other current and long-term assets | 4,062 | 591 | |||||
Deferred drydocking charges | (6,950 | ) | (3,214 | ) | |||
Accounts payable | 11,157 | (8,406 | ) | ||||
Accrued liabilities and other liabilities | 2,697 | (14,073 | ) | ||||
Accrued interest | (1,054 | ) | (1,264 | ) | |||
Net cash provided by (used in) operating activities | (29,203 | ) | 57,161 | ||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||
Costs incurred for OSV newbuild program | (12,363 | ) | (73,198 | ) | |||
Net proceeds from sale of assets | 34 | 506 | |||||
Vessel capital expenditures | (1,299 | ) | (18,706 | ) | |||
Non-vessel capital expenditures | (1,468 | ) | (414 | ) | |||
Net cash used in investing activities | (15,096 | ) | (91,812 | ) | |||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||
Proceeds from first-lien credit facility | 980 | — | |||||
Repurchase of senior notes | (5,057 | ) | — | ||||
Repurchase of convertible notes | (49,631 | ) | — | ||||
Deferred financing costs | (5,636 | ) | (1,102 | ) | |||
Shares withheld for payment of employee withholding taxes | (575 | ) | (450 | ) | |||
Net cash proceeds from other shares issued | 258 | 732 | |||||
Net cash used in financing activities | (59,661 | ) | (820 | ) | |||
Effects of exchange rate changes on cash | (231 | ) | 1,131 | ||||
Net decrease in cash and cash equivalents | (104,191 | ) | (34,340 | ) | |||
Cash and cash equivalents at beginning of period | 217,027 | 259,801 | |||||
Cash and cash equivalents at end of period | $ | 112,836 | $ | 225,461 | |||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW ACTIVITIES: | |||||||
Cash paid for interest | $ | 40,028 | $ | 38,871 | |||
Cash paid for income taxes | $ | 1,044 | $ | 2,688 | |||
SUPPLEMENTAL DISCLOSURES OF NON-CASH FINANCING ACTIVITIES: | |||||||
Exchange of convertible notes for first-lien term loan | $ | 127,096 | $ | — |
The accompanying notes are an integral part of these consolidated statements. |
Standard | Description | Required Date of Adoption | Effect on the financial statements and other significant matters | |||
Standards that have been adopted | ||||||
Accounting Standards Update (ASU) No. 2016-09, "Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting" | This standard simplifies several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, forfeitures and classification of related amounts within the statement of cash flows. | January 1, 2017 | The adoption of this ASU had the following impact on our consolidated financial statements: 1) The Company recorded a $3.2 million adjustment to equity to recognize excess tax deductions related to stock based compensation expense from prior years. The prior period presentation has not been restated. 2) The Company recorded $1.9 million of tax shortfall in its provision for income taxes rather than as a decrease to equity. The prior period presentation has not been restated. 3) The Company recorded $0.6 million related to employee withholding taxes paid as a financing activity in the nine months ended September 30, 2017. The prior year statement of cash flows was restated to reflect $0.5 million related to employee taxes paid. There was no impact on the calculation of earnings per share as all outstanding stock options were anti-dilutive at September 30, 2017. In addition, the Company has elected to continue estimating the forfeitures expected to occur to determine the amount of compensation cost to be recognized in each period. | |||
Standard | Description | Required Date of Adoption | Effect on the financial statements and other significant matters | |||
Standards that have not been adopted | ||||||
ASU No. 2017-04, "Simplifying the Accounting for Goodwill Impairment" | The standard removes Step 2 of the goodwill impairment test, which requires a hypothetical purchase price allocation. A goodwill impairment will now be the amount by which a reporting unit's carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. ASU 2017-04 requires prospective application. Early adoption is permitted for any impairment tests performed after January 1, 2017. | January 1, 2020 | The Company believes that the implementation of this new guidance will not have a material impact on its consolidated financial statements. | |||
ASU No. 2017-01, "Business Combinations" (Topic 805): Clarifying the Definition of a Business | This standard provides guidance to assist entities with evaluating when a set of transferred assets and activities is a business. ASU 2017-01 requires prospective application. | January 1, 2018 | The Company believes that the implementation of this new guidance will not have a material impact on its consolidated financial statements. | |||
ASU No. 2016-16, "Accounting for Income Taxes: Intra-Entity Asset Transfers of Assets Other than Inventory" | The standard requires the recognition of the tax effects of an intra-entity asset transfer in the period in which the transfer takes place. The new guidance does not apply to intra-entity transfers of inventory. ASU No. 2016-16 requires a modified retrospective approach. Early adoption is permitted. | January 1, 2018 | The Company is evaluating the effect of this new standard on its financial statements and related disclosures. | |||
ASU No. 2016-15, "Classification of Certain Cash Receipts and Cash Payments" | The standard clarifies how entities should classify certain cash receipts and cash payments on the statement of cash flows. The new guidance also clarifies how the predominance principle should be applied when cash receipts and cash payments have aspects of more than one class of cash flows. ASU No. 2016-15 requires retrospective application. Early adoption is permitted. | January 1, 2018 | The Company believes that the implementation of this new guidance will not have a material impact on its consolidated financial statements. | |||
ASU No. 2016-13, "Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments" | This standard requires measurement and recognition of expected credit losses for financial assets held. ASU No. 2016-13 requires modified retrospective application. Early adoption is permitted. | January 1, 2020 | The Company believes that the implementation of this new guidance will not have a material impact on its consolidated financial statements. | |||
ASU No. 2016-02, "Leases" (Topic 842) | This standard requires lessees to recognize a lease liability and a right-of-use asset for all leases (with the exception of short-term leases) at the commencement date. ASU 2016-02 requires a modified retrospective application. Early adoption is permitted. | January 1, 2019 | While the Company is continuing to evaluate the effect this new standard will have on its financial statements and related disclosures, it has identified long-term operating leases, which under the new standard, will be treated as capital leases on date of adoption. |
Standard | Description | Required Date of Adoption | Effect on the financial statements and other significant matters | |||
Standards that have not been adopted | ||||||
ASU No. 2014-09, "Revenue from Contracts with Customers" (Topic 606) | This standard requires entities to recognize revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration which the entity expects to be entitled to in exchange for those goods or services. ASU 2014-09 requires retrospective application. | January 1, 2018 | The Company has performed an initial evaluation of this standard and its impact on the financial statements. This included tasks such as identifying contracts, identifying performance obligations and reviewing the applicable revenue streams. In this review, nothing has been identified that would require a significant change in the current accounting for revenue. The Company will continue to review these new requirements including the new revenue disclosure requirements prior to implementation which is expected under the modified retrospective method. |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Net loss | $ | (18,950 | ) | $ | (16,503 | ) | $ | (66,337 | ) | $ | (44,603 | ) | |||
Weighted average number of shares of common stock outstanding | 37,013 | 36,338 | 36,794 | 36,205 | |||||||||||
Add: Net effect of dilutive stock options and unvested restricted stock (1)(2)(3) | — | — | — | — | |||||||||||
Weighted average number of dilutive shares of common stock outstanding | 37,013 | 36,338 | 36,794 | 36,205 | |||||||||||
Loss per common share: | |||||||||||||||
Basic loss per common share | $ | (0.51 | ) | $ | (0.45 | ) | $ | (1.80 | ) | $ | (1.23 | ) | |||
Diluted loss per common share | $ | (0.51 | ) | $ | (0.45 | ) | $ | (1.80 | ) | $ | (1.23 | ) |
(1) | Due to a net loss, the Company excluded from the calculation of loss per share the effect of equity awards representing the rights to acquire 990 and 988 shares of common stock for the three and nine months ended September 30, 2017 and 988 and 974 shares of common stock for the three and nine months ended September 30, 2016, respectively. |
(2) | For the three and nine months ended September 30, 2017 and 2016, the 2019 convertible senior notes were not dilutive, as the average price of the Company’s stock was less than the effective conversion price of such notes. It is the Company's stated intention to redeem the principal amount of its 2019 convertible senior notes in cash and the Company has used the treasury method for determining potential dilution in the diluted earnings per share computation. |
(3) | Dilutive unvested restricted stock units are expected to fluctuate from quarter to quarter depending on the Company’s performance compared to a predetermined set of performance criteria. See Note 6 to these financial statements for further information regarding certain of the Company’s restricted stock grants. |
September 30, 2017 | December 31, 2016 | ||||||
5.875% senior notes due 2020, net of deferred financing costs of $2,286 and $3,025 | $ | 364,656 | $ | 371,975 | |||
5.000% senior notes due 2021, net of deferred financing costs of $3,384 and $4,111 | 446,616 | 445,889 | |||||
1.500% convertible senior notes due 2019, net of original issue discount of $7,579 and $31,093 and deferred financing costs of $1,698 and $3,061 | 90,370 | 265,846 | |||||
First-lien credit facility due 2023, including deferred gain of $19,689 and $0, and net of original issue discount of $19 and $0, and deferred financing costs of $3,603 and $0 | 112,389 | — | |||||
$ | 1,014,031 | $ | 1,083,710 |
Cash Interest Payments | Payment Dates | ||||
5.875% senior notes due 2020 | $ | 10,779 | April 1 and October 1 | ||
5.000% senior notes due 2021 | 11,250 | March 1 and September 1 | |||
1.500% convertible senior notes due 2019 | 747 | March 1 and September 1 | |||
First-lien credit facility due 2023 (1) | 581 | Variable |
(1) | The interest rate on the first-lien credit facility is variable based on the Company's election. The amount reflected in this table is the monthly amount payable based on the 30-day LIBOR interest rate that was elected and in effect on September 30, 2017. Please see further discussion of the variable interest rate below. |
• | an adjusted London Interbank Offered Rate (subject to a 1.00% floor) plus (a) 6.00% during the first year of the New Credit Facility, (b) 6.50% during the second year of the New Credit Facility, (c) 7.00% during the third year of the New Credit Facility, (d) 7.25% during the fourth year of the New Credit Facility, and (e) 7.50% thereafter; or |
• | the greatest of (a) the prime rate announced by The Wall Street Journal, (b) the Federal Funds Effective Rate in effect on such day plus 1/2 of 1%, and (c) the London Interbank Offered Rate plus, 1%, plus, for either (a), (b), or (c), a margin of (i) 5.00% during the first year of the New Credit Facility, (ii) 5.50% during the second year of the New Credit Facility, (iii) 6.00% during the third year of the New Credit Facility, (iv) 6.25% during the fourth year of the New Credit Facility, and (v) 6.50% thereafter. |
September 30, 2017 | December 31, 2016 | ||||||||||||||||||||||
Face Value | Carrying Value | Fair Value | Face Value | Carrying Value | Fair Value | ||||||||||||||||||
5.875% senior notes due 2020 | $ | 366,942 | $ | 364,656 | $ | 239,668 | $ | 375,000 | $ | 371,975 | $ | 270,938 | |||||||||||
5.000% senior notes due 2021 | 450,000 | 446,616 | 226,125 | 450,000 | 445,889 | 301,343 | |||||||||||||||||
1.500% convertible senior notes due 2019 | 99,647 | 90,370 | 78,970 | 300,000 | 265,846 | 216,195 | |||||||||||||||||
First-lien credit facility due 2023 (1) | 96,322 | 112,389 | 96,201 | — | — | — | |||||||||||||||||
$ | 1,012,911 | $ | 1,014,031 | $ | 640,964 | $ | 1,125,000 | $ | 1,083,710 | $ | 788,476 |
(1) | The carrying value of the first-lien credit facility due 2023 includes a deferred gain of $19,689 less original issue discount and deferred financing costs of $3,622. |
Directors | Executive Officers | Certain Managers | |||
Performance-based phantom restricted stock units | X | ||||
Time-based phantom restricted stock units | X | X | |||
Time-based restricted stock units | X | ||||
Fully-vested common stock | X |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Income before taxes | $ | 2,726 | $ | 2,341 | $ | 5,740 | $ | 6,557 | |||||||
Net income | $ | 1,840 | $ | 1,529 | $ | 3,924 | $ | 4,275 | |||||||
Earnings per common share: | |||||||||||||||
Basic earnings per common share | $ | 0.05 | $ | 0.04 | $ | 0.11 | $ | 0.12 | |||||||
Diluted earnings per common share | $ | 0.05 | $ | 0.04 | $ | 0.11 | $ | 0.12 |
September 30, 2017 | December 31, 2016 | ||||||
Accrued lease expense | $ | 5,049 | $ | 4,763 | |||
Deferred revenue | 1,156 | 2,245 | |||||
Other | 4,551 | 3,002 | |||||
Total | $ | 10,756 | $ | 10,010 |
As of September 30, 2017 | |||||||||||||||||||
Parent | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Consolidating | Consolidated | |||||||||||||||
ASSETS | |||||||||||||||||||
Current assets: | |||||||||||||||||||
Cash and cash equivalents | $ | 22 | $ | 103,497 | $ | 9,317 | $ | — | $ | 112,836 | |||||||||
Accounts receivable, net of allowance for doubtful accounts of $6,052 | — | 45,983 | 4,331 | (85 | ) | 50,229 | |||||||||||||
Other current assets | 45 | 12,228 | 879 | — | 13,152 | ||||||||||||||
Total current assets | 67 | 161,708 | 14,527 | (85 | ) | 176,217 | |||||||||||||
Property, plant and equipment, net | — | 2,394,845 | 127,197 | — | 2,522,042 | ||||||||||||||
Deferred charges, net | — | 11,188 | 1,572 | — | 12,760 | ||||||||||||||
Intercompany receivable | 1,715,528 | 644,733 | 41,814 | (2,402,075 | ) | — | |||||||||||||
Investment in subsidiaries | 684,734 | 8,602 | — | (693,336 | ) | — | |||||||||||||
Other assets | 1,743 | 6,096 | 2,330 | — | 10,169 | ||||||||||||||
Total assets | $ | 2,402,072 | $ | 3,227,172 | $ | 187,440 | $ | (3,095,496 | ) | $ | 2,721,188 | ||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||||||
Current liabilities: | |||||||||||||||||||
Accounts payable | $ | — | $ | 13,861 | $ | 1,162 | $ | — | $ | 15,023 | |||||||||
Accrued interest | 13,709 | — | — | — | 13,709 | ||||||||||||||
Accrued payroll and benefits | — | 8,732 | 543 | — | 9,275 | ||||||||||||||
Other accrued liabilities | — | 10,328 | 513 | (85 | ) | 10,756 | |||||||||||||
Total current liabilities | 13,709 | 32,921 | 2,218 | (85 | ) | 48,763 | |||||||||||||
Long-term debt, including deferred gain of $19,689, and net of original issue discount of $7,598 and deferred financing costs of $10,971 | 1,014,031 | — | — | — | 1,014,031 | ||||||||||||||
Deferred tax liabilities, net | — | 302,373 | 6,344 | — | 308,717 | ||||||||||||||
Intercompany payables | 40,432 | 2,176,490 | 193,755 | (2,410,677 | ) | — | |||||||||||||
Other liabilities | — | 3,996 | — | — | 3,996 | ||||||||||||||
Total liabilities | 1,068,172 | 2,515,780 | 202,317 | (2,410,762 | ) | 1,375,507 | |||||||||||||
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; 37,028 shares issued and outstanding | 370 | — | — | — | 370 | ||||||||||||||
Additional paid-in capital | 758,693 | 37,977 | 8,600 | (46,580 | ) | 758,690 | |||||||||||||
Retained earnings | 574,837 | 673,415 | (35,258 | ) | (638,154 | ) | 574,840 | ||||||||||||
Accumulated other comprehensive income | — | — | 11,781 | — | 11,781 | ||||||||||||||
Total stockholders’ equity | 1,333,900 | 711,392 | (14,877 | ) | (684,734 | ) | 1,345,681 | ||||||||||||
Total liabilities and stockholders’ equity | $ | 2,402,072 | $ | 3,227,172 | $ | 187,440 | $ | (3,095,496 | ) | $ | 2,721,188 | ||||||||
As of December 31, 2016 | |||||||||||||||||||
Parent | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Consolidating | Consolidated | |||||||||||||||
ASSETS | |||||||||||||||||||
Current assets: | |||||||||||||||||||
Cash and cash equivalents | $ | 9 | $ | 212,196 | $ | 4,822 | $ | — | $ | 217,027 | |||||||||
Accounts receivable, net of allowance for doubtful accounts of $2,120 | — | 30,846 | 5,704 | — | 36,550 | ||||||||||||||
Other current assets | 15 | 16,176 | 787 | — | 16,978 | ||||||||||||||
Total current assets | 24 | 259,218 | 11,313 | — | 270,555 | ||||||||||||||
Property, plant and equipment, net | — | 2,449,473 | 128,915 | — | 2,578,388 | ||||||||||||||
Deferred charges, net | 2,581 | 15,724 | 772 | — | 19,077 | ||||||||||||||
Intercompany receivable | 1,779,872 | 680,663 | 107,038 | (2,567,573 | ) | — | |||||||||||||
Investment in subsidiaries | 768,718 | 8,602 | (4,283 | ) | (773,037 | ) | — | ||||||||||||
Other assets | 1,744 | 6,239 | 2,272 | — | 10,255 | ||||||||||||||
Total assets | $ | 2,552,939 | $ | 3,419,919 | $ | 246,027 | $ | (3,340,610 | ) | $ | 2,878,275 | ||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||||||
Current liabilities: | |||||||||||||||||||
Accounts payable | $ | — | $ | 11,325 | $ | 449 | $ | — | $ | 11,774 | |||||||||
Accrued interest | 14,763 | — | — | — | 14,763 | ||||||||||||||
Accrued payroll and benefits | — | 8,104 | 492 | — | 8,596 | ||||||||||||||
Other accrued liabilities | — | 8,463 | 1,547 | — | 10,010 | ||||||||||||||
Total current liabilities | 14,763 | 27,892 | 2,488 | — | 45,143 | ||||||||||||||
Long-term debt, net of original issue discount of $31,093 and deferred financing costs of $10,197 | 1,083,710 | — | — | — | 1,083,710 | ||||||||||||||
Deferred tax liabilities, net | — | 337,503 | 5,517 | — | 343,020 | ||||||||||||||
Intercompany payables | 61,715 | 2,264,900 | 245,276 | (2,571,891 | ) | — | |||||||||||||
Other liabilities | — | 3,416 | (10 | ) | — | 3,406 | |||||||||||||
Total liabilities | 1,160,188 | 2,633,711 | 253,271 | (2,571,891 | ) | 1,475,279 | |||||||||||||
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; 36,467 shares issued and outstanding | 365 | — | — | — | 365 | ||||||||||||||
Additional paid-in capital | 754,394 | 37,978 | 4,319 | (42,297 | ) | 754,394 | |||||||||||||
Retained earnings | 637,992 | 748,080 | (21,658 | ) | (726,422 | ) | 637,992 | ||||||||||||
Accumulated other comprehensive income | — | 150 | 10,095 | — | 10,245 | ||||||||||||||
Total stockholders’ equity | 1,392,751 | 786,208 | (7,244 | ) | (768,719 | ) | 1,402,996 | ||||||||||||
Total liabilities and stockholders’ equity | $ | 2,552,939 | $ | 3,419,919 | $ | 246,027 | $ | (3,340,610 | ) | $ | 2,878,275 | ||||||||
Three Months Ended September 30, 2017 | |||||||||||||||||||
Parent | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Consolidating | Consolidated | |||||||||||||||
Revenues | $ | — | $ | 53,564 | $ | 102 | $ | — | $ | 53,666 | |||||||||
Costs and expenses: | |||||||||||||||||||
Operating expenses | — | 27,427 | 2,655 | — | 30,082 | ||||||||||||||
Depreciation | — | 23,355 | 1,327 | — | 24,682 | ||||||||||||||
Amortization | — | 2,245 | 228 | — | 2,473 | ||||||||||||||
General and administrative expenses | — | 12,259 | 640 | — | 12,899 | ||||||||||||||
— | 65,286 | 4,850 | — | 70,136 | |||||||||||||||
Gain on sale of assets | — | (198 | ) | 1 | — | (197 | ) | ||||||||||||
Operating income (loss) | — | (11,920 | ) | (4,747 | ) | — | (16,667 | ) | |||||||||||
Other income (expense): | |||||||||||||||||||
Gain on early extinguishment of debt | — | — | — | — | — | ||||||||||||||
Interest income | — | 351 | 96 | — | 447 | ||||||||||||||
Interest expense | (11,956 | ) | — | — | — | (11,956 | ) | ||||||||||||
Equity in earnings (losses) of consolidated subsidiaries | (6,994 | ) | — | — | 6,994 | — | |||||||||||||
Other income (expense), net | — | (222 | ) | 328 | — | 106 | |||||||||||||
(18,950 | ) | 129 | 424 | 6,994 | (11,403 | ) | |||||||||||||
Income (loss) before income taxes | (18,950 | ) | (11,791 | ) | (4,323 | ) | 6,994 | (28,070 | ) | ||||||||||
Income tax expense (benefit) | — | (9,393 | ) | 273 | — | (9,120 | ) | ||||||||||||
Net income (loss) | $ | (18,950 | ) | $ | (2,398 | ) | $ | (4,596 | ) | $ | 6,994 | $ | (18,950 | ) |
Three Months Ended September 30, 2017 | |||||||||||||||||||
Parent | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Consolidating | Consolidated | |||||||||||||||
Net income (loss) | $ | (18,950 | ) | $ | (2,398 | ) | $ | (4,596 | ) | $ | 6,994 | $ | (18,950 | ) | |||||
Other comprehensive income: | |||||||||||||||||||
Foreign currency translation gain | — | — | 2,743 | — | 2,743 | ||||||||||||||
Total comprehensive income (loss) | $ | (18,950 | ) | $ | (2,398 | ) | $ | (1,853 | ) | $ | 6,994 | $ | (16,207 | ) |
Nine Months Ended September 30, 2017 | |||||||||||||||||||
Parent | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Consolidating | Consolidated | |||||||||||||||
Revenues | $ | — | $ | 123,611 | $ | 11,823 | $ | (263 | ) | $ | 135,171 | ||||||||
Costs and expenses: | |||||||||||||||||||
Operating expenses | — | 80,293 | 9,359 | (267 | ) | 89,385 | |||||||||||||
Depreciation | — | 70,077 | 3,961 | — | 74,038 | ||||||||||||||
Amortization | — | 8,460 | 1,003 | — | 9,463 | ||||||||||||||
General and administrative expenses | 110 | 34,579 | 1,891 | (7 | ) | 36,573 | |||||||||||||
110 | 193,409 | 16,214 | (274 | ) | 209,459 | ||||||||||||||
Gain on sale of assets | — | (180 | ) | 2 | — | (178 | ) | ||||||||||||
Operating income (loss) | (110 | ) | (69,978 | ) | (4,389 | ) | 11 | (74,466 | ) | ||||||||||
Other income (expense): | |||||||||||||||||||
Gain on early extinguishment of debt | 15,478 | — | — | — | 15,478 | ||||||||||||||
Interest income | — | 1,039 | 273 | — | 1,312 | ||||||||||||||
Interest expense | (39,194 | ) | — | — | — | (39,194 | ) | ||||||||||||
Equity in earnings of consolidated subsidiaries | (42,511 | ) | — | — | 42,511 | — | |||||||||||||
Other income (expense), net | — | 3,424 | (3,576 | ) | (11 | ) | (163 | ) | |||||||||||
(66,227 | ) | 4,463 | (3,303 | ) | 42,500 | (22,567 | ) | ||||||||||||
Income (loss) before income taxes | (66,337 | ) | (65,515 | ) | (7,692 | ) | 42,511 | (97,033 | ) | ||||||||||
Income tax expense (benefit) | — | (31,488 | ) | 792 | — | (30,696 | ) | ||||||||||||
Net income (loss) | $ | (66,337 | ) | $ | (34,027 | ) | $ | (8,484 | ) | $ | 42,511 | $ | (66,337 | ) |
Nine Months Ended September 30, 2017 | |||||||||||||||||||
Parent | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Consolidating | Consolidated | |||||||||||||||
Net income (loss) | $ | (66,337 | ) | $ | (34,027 | ) | $ | (8,484 | ) | $ | 42,511 | $ | (66,337 | ) | |||||
Other comprehensive income: | |||||||||||||||||||
Foreign currency translation gain (loss) | — | (149 | ) | 1,685 | — | 1,536 | |||||||||||||
Total comprehensive income (loss) | $ | (66,337 | ) | $ | (34,176 | ) | $ | (6,799 | ) | $ | 42,511 | $ | (64,801 | ) |
Three Months Ended September 30, 2016 | |||||||||||||||||||
Parent | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Consolidating | Consolidated | |||||||||||||||
Revenues | $ | — | $ | 50,798 | $ | 1,467 | $ | (338 | ) | $ | 51,927 | ||||||||
Costs and expenses: | |||||||||||||||||||
Operating expenses | — | 26,282 | 3,414 | (321 | ) | 29,375 | |||||||||||||
Depreciation | — | 22,188 | 1,279 | — | 23,467 | ||||||||||||||
Amortization | — | 4,269 | 311 | — | 4,580 | ||||||||||||||
General and administrative expenses | 36 | 7,542 | 1,468 | (15 | ) | 9,031 | |||||||||||||
36 | 60,281 | 6,472 | (336 | ) | 66,453 | ||||||||||||||
Gain on sale of assets | — | 81 | — | — | 81 | ||||||||||||||
Operating loss | (36 | ) | (9,402 | ) | (5,005 | ) | (2 | ) | (14,445 | ) | |||||||||
Other income (expense): | |||||||||||||||||||
Interest income | — | 259 | 142 | — | 401 | ||||||||||||||
Interest expense | (12,820 | ) | — | — | — | (12,820 | ) | ||||||||||||
Equity in earnings (losses) of consolidated subsidiaries | (3,647 | ) | — | — | 3,647 | — | |||||||||||||
Other income (expense), net | — | (790 | ) | 2,381 | 1 | 1,592 | |||||||||||||
(16,467 | ) | (531 | ) | 2,523 | 3,648 | (10,827 | ) | ||||||||||||
Income (loss) before income taxes | (16,503 | ) | (9,933 | ) | (2,482 | ) | 3,646 | (25,272 | ) | ||||||||||
Income tax benefit | — | (7,279 | ) | (1,490 | ) | — | (8,769 | ) | |||||||||||
Net income (loss) | $ | (16,503 | ) | $ | (2,654 | ) | $ | (992 | ) | $ | 3,646 | $ | (16,503 | ) |
Three Months Ended September 30, 2016 | |||||||||||||||||||
Parent | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Consolidating | Consolidated | |||||||||||||||
Net income (loss) | $ | (16,503 | ) | $ | (2,654 | ) | $ | (992 | ) | $ | 3,646 | $ | (16,503 | ) | |||||
Other comprehensive income: | |||||||||||||||||||
Foreign currency translation loss | — | (3 | ) | (905 | ) | — | (908 | ) | |||||||||||
Total comprehensive income (loss) | $ | (16,503 | ) | $ | (2,657 | ) | $ | (1,897 | ) | $ | 3,646 | $ | (17,411 | ) |
Nine Months Ended September 30, 2016 | |||||||||||||||||||
Parent | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Consolidating | Consolidated | |||||||||||||||
Revenues | $ | — | $ | 171,034 | $ | 9,386 | $ | 2,000 | $ | 182,420 | |||||||||
Costs and expenses: | |||||||||||||||||||
Operating expenses | — | 89,666 | 12,525 | 1,943 | 104,134 | ||||||||||||||
Depreciation | — | 65,040 | 3,258 | — | 68,298 | ||||||||||||||
Amortization | — | 15,671 | 1,004 | — | 16,675 | ||||||||||||||
General and administrative expenses | 148 | 26,978 | 2,901 | 57 | 30,084 | ||||||||||||||
148 | 197,355 | 19,688 | 2,000 | 219,191 | |||||||||||||||
Gain on sale of assets | — | 36 | — | — | 36 | ||||||||||||||
Operating loss | (148 | ) | (26,285 | ) | (10,302 | ) | — | (36,735 | ) | ||||||||||
Other income (expense): | |||||||||||||||||||
Interest income | — | 732 | 432 | — | 1,164 | ||||||||||||||
Interest expense | (34,886 | ) | — | (2 | ) | — | (34,888 | ) | |||||||||||
Equity in earnings (losses) of consolidated subsidiaries | (9,655 | ) | — | — | 9,655 | — | |||||||||||||
Other income | — | (560 | ) | 2,523 | 85 | 2,048 | |||||||||||||
(44,541 | ) | 172 | 2,953 | 9,740 | (31,676 | ) | |||||||||||||
Income (loss) before income taxes | (44,689 | ) | (26,113 | ) | (7,349 | ) | 9,740 | (68,411 | ) | ||||||||||
Income tax benefit | — | (22,803 | ) | (1,005 | ) | — | (23,808 | ) | |||||||||||
Net income (loss) | $ | (44,689 | ) | $ | (3,310 | ) | $ | (6,344 | ) | $ | 9,740 | $ | (44,603 | ) |
Nine Months Ended September 30, 2016 | |||||||||||||||||||
Parent | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Consolidating | Consolidated | |||||||||||||||
Net income (loss) | $ | (44,689 | ) | $ | (3,310 | ) | $ | (6,344 | ) | $ | 9,740 | $ | (44,603 | ) | |||||
Other comprehensive income: | |||||||||||||||||||
Foreign currency translation gain | — | 31 | 19,739 | — | 19,770 | ||||||||||||||
Total comprehensive income (loss) | $ | (44,689 | ) | $ | (3,279 | ) | $ | 13,395 | $ | 9,740 | $ | (24,833 | ) |
Nine Months Ended September 30, 2017 | |||||||||||||||||||
Parent | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Consolidating | Consolidated | |||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 59,674 | $ | (93,378 | ) | $ | 4,501 | $ | — | $ | (29,203 | ) | |||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||||
Costs incurred for OSV newbuild program #5 | — | (12,755 | ) | 392 | — | (12,363 | ) | ||||||||||||
Net proceeds from sale of assets | — | 33 | 1 | — | 34 | ||||||||||||||
Vessel capital expenditures | — | (998 | ) | (301 | ) | — | (1,299 | ) | |||||||||||
Non-vessel capital expenditures | — | (1,451 | ) | (17 | ) | — | (1,468 | ) | |||||||||||
Net cash provided by (used in) investing activities | — | (15,171 | ) | 75 | — | (15,096 | ) | ||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||||
Proceeds from first-lien credit facility | 980 | — | — | — | 980 | ||||||||||||||
Repurchase of senior notes | (5,057 | ) | — | — | — | (5,057 | ) | ||||||||||||
Repurchase of convertible notes | (49,631 | ) | — | — | — | (49,631 | ) | ||||||||||||
Deferred financing costs | (5,636 | ) | — | — | — | (5,636 | ) | ||||||||||||
Shares withheld for employee withholding taxes | (575 | ) | — | — | — | (575 | ) | ||||||||||||
Net cash proceeds from other shares issued | 258 | — | — | — | 258 | ||||||||||||||
Net cash used in financing activities | (59,661 | ) | — | — | — | (59,661 | ) | ||||||||||||
Effects of exchange rate changes on cash | — | (150 | ) | (81 | ) | — | (231 | ) | |||||||||||
Net increase (decrease) in cash and cash equivalents | 13 | (108,699 | ) | 4,495 | — | (104,191 | ) | ||||||||||||
Cash and cash equivalents at beginning of period | 9 | 212,196 | 4,822 | — | 217,027 | ||||||||||||||
Cash and cash equivalents at end of period | $ | 22 | $ | 103,497 | $ | 9,317 | $ | — | $ | 112,836 | |||||||||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW ACTIVITIES: | |||||||||||||||||||
Cash paid for interest | $ | 40,028 | $ | — | $ | — | $ | — | $ | 40,028 | |||||||||
Cash paid for income taxes | $ | — | $ | 463 | $ | 581 | $ | — | $ | 1,044 | |||||||||
SUPPLEMENTAL DISCLOUSURES OF NON-CASH FINANCING ACTIVITIES: | |||||||||||||||||||
Exchange of convertible notes for term loan | $ | 127,096 | $ | — | $ | — | $ | — | $ | 127,096 |
Nine Months Ended September 30, 2016 | |||||||||||||||||||
Parent | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Consolidating | Consolidated | |||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||||||||||
Net cash provided by operating activities | $ | 827 | $ | 54,277 | $ | 2,057 | $ | — | $ | 57,161 | |||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||||
Costs incurred for OSV newbuild program #5 | — | (72,584 | ) | (614 | ) | — | (73,198 | ) | |||||||||||
Net proceeds from sale of assets | — | 506 | — | — | 506 | ||||||||||||||
Vessel capital expenditures | — | (18,282 | ) | (424 | ) | — | (18,706 | ) | |||||||||||
Non-vessel capital expenditures | — | (473 | ) | 59 | — | (414 | ) | ||||||||||||
Net cash used in investing activities | — | (90,833 | ) | (979 | ) | — | (91,812 | ) | |||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||||
Deferred financing costs | (1,102 | ) | — | — | — | (1,102 | ) | ||||||||||||
Shares withheld for employee withholding taxes | (450 | ) | — | — | — | (450 | ) | ||||||||||||
Net cash proceeds from other shares issued | 732 | — | — | — | 732 | ||||||||||||||
Net cash provided by financing activities | (820 | ) | — | — | — | (820 | ) | ||||||||||||
Effects of exchange rate changes on cash | — | 31 | 1,100 | — | 1,131 | ||||||||||||||
Net increase (decrease) in cash and cash equivalents | 7 | (36,525 | ) | 2,178 | — | (34,340 | ) | ||||||||||||
Cash and cash equivalents at beginning of period | 10 | 252,651 | 7,140 | — | 259,801 | ||||||||||||||
Cash and cash equivalents at end of period | $ | 17 | $ | 216,126 | $ | 9,318 | $ | — | $ | 225,461 | |||||||||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW ACTIVITIES: | |||||||||||||||||||
Cash paid for interest | $ | 38,871 | $ | — | $ | — | $ | — | $ | 38,871 | |||||||||
Cash paid for income taxes | $ | — | $ | 484 | $ | 2,204 | $ | — | $ | 2,688 |
Domestic | ||
GoM | 19 | |
Other U.S. coastlines (1) | 7 | |
26 | ||
Foreign | ||
Brazil | 1 | |
Middle East | 1 | |
Other Latin America | 2 | |
4 | ||
Total Vessels (2) | 30 |
(1) | Includes three owned vessels and four managed vessels supporting the military. |
(2) | Excluded from this table are 44 new generation OSVs that were stacked as of September 30, 2017. |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Offshore Supply Vessels: | |||||||||||||||
Average number of new generation OSVs (1) | 62.0 | 62.0 | 62.0 | 61.9 | |||||||||||
Average number of active new generation OSVs (2) | 19.0 | 17.9 | 19.6 | 22.0 | |||||||||||
Average new generation OSV fleet capacity (DWT) | 220,172 | 221,629 | 220,172 | 220,885 | |||||||||||
Average new generation OSV capacity (DWT) | 3,551 | 3,575 | 3,551 | 3,570 | |||||||||||
Average new generation OSV utilization rate (3) | 26.3 | % | 22.0 | % | 22.8 | % | 27.0 | % | |||||||
Effective new generation OSV utilization rate (4) | 85.8 | % | 76.3 | % | 71.9 | % | 76.0 | % | |||||||
Average new generation OSV dayrate (5) | $ | 18,483 | $ | 25,639 | $ | 20,709 | $ | 25,488 | |||||||
Effective dayrate (6) | $ | 4,861 | $ | 5,641 | $ | 4,722 | $ | 6,882 |
(1) | We owned 62 new generation OSVs as of September 30, 2017. Excluded from this data are eight MPSVs owned and operated by the Company as well as four vessels managed for the U.S. Navy. |
(2) | In response to weak market conditions, we elected to stack certain new generation OSVs on various dates since October 2014. Active new generation OSVs represent vessels that are immediately available for service during each respective period. |
(3) | Utilization rates are average rates based on a 365-day year. Vessels are considered utilized when they are generating revenues. |
(4) | Effective utilization rate is based on a denominator comprised only of vessel-days available for service by the active fleet, which excludes the impact of stacked vessel days. |
(5) | Average new generation OSV dayrates represent average revenue per day, which includes charter hire, crewing services, and net brokerage revenues, based on the number of days during the period that the OSVs generated revenues. |
(6) | Effective dayrate represents the average dayrate multiplied by the average utilization rate. |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Components of EBITDA: | |||||||||||||||
Net loss | $ | (18,950 | ) | $ | (16,503 | ) | $ | (66,337 | ) | $ | (44,603 | ) | |||
Interest, net | |||||||||||||||
Debt obligations | 11,956 | 12,820 | 39,194 | 34,888 | |||||||||||
Interest income | (447 | ) | (401 | ) | (1,312 | ) | (1,164 | ) | |||||||
Total interest, net | 11,509 | 12,419 | 37,882 | 33,724 | |||||||||||
Income tax benefit | (9,120 | ) | (8,769 | ) | (30,696 | ) | (23,808 | ) | |||||||
Depreciation | 24,682 | 23,467 | 74,038 | 68,298 | |||||||||||
Amortization | 2,473 | 4,580 | 9,463 | 16,675 | |||||||||||
EBITDA | $ | 10,594 | $ | 15,194 | $ | 24,350 | $ | 50,286 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
EBITDA Reconciliation to GAAP: | |||||||||||||||
EBITDA | $ | 10,594 | $ | 15,194 | $ | 24,350 | $ | 50,286 | |||||||
Cash paid for deferred drydocking charges | (995 | ) | (897 | ) | (6,950 | ) | (3,214 | ) | |||||||
Cash paid for interest | (13,829 | ) | (13,784 | ) | (40,028 | ) | (38,871 | ) | |||||||
Cash paid for taxes | (334 | ) | (446 | ) | (1,044 | ) | (2,688 | ) | |||||||
Changes in working capital | (3,336 | ) | 13,711 | 97 | 45,396 | ||||||||||
Stock-based compensation expense | 2,726 | 2,341 | 5,740 | 6,557 | |||||||||||
Gain on early extinguishment of debt | — | — | (15,478 | ) | — | ||||||||||
(Gain) loss on sale of assets | 197 | (81 | ) | 178 | (36 | ) | |||||||||
Changes in other, net | (100 | ) | (1,573 | ) | 3,932 | (719 | ) | ||||||||
Net cash flows provided by (used in) operating activities | $ | (5,077 | ) | $ | 14,465 | $ | (29,203 | ) | $ | 56,711 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Gain on early extinguishment of debt | $ | — | $ | — | $ | 15,478 | $ | — | |||||||
Stock-based compensation expense | 2,726 | 2,341 | 5,740 | 6,557 | |||||||||||
Interest income | 447 | 401 | 1,312 | 1,164 |
• | EBITDA does not reflect the future capital expenditure requirements that may be necessary to replace our existing vessels as a result of normal wear and tear, |
• | EBITDA does not reflect the interest, future principal payments and other financing-related charges necessary to service the debt that we have incurred in acquiring and constructing our vessels, |
• | EBITDA does not reflect the deferred income taxes that we will eventually have to pay once we are no longer in an overall tax net operating loss carryforward position, as applicable, and |
• | EBITDA does not reflect changes in our net working capital position. |
Three Months Ended September 30, | Increase (Decrease) | ||||||||||||||
2017 | 2016 | $ Change | % Change | ||||||||||||
Revenues: | |||||||||||||||
Vessel revenues | |||||||||||||||
Domestic | $ | 29,788 | $ | 34,978 | $ | (5,190 | ) | (14.8 | ) | % | |||||
Foreign | 15,849 | 8,692 | 7,157 | 82.3 | % | ||||||||||
45,637 | 43,670 | 1,967 | 4.5 | % | |||||||||||
Non-vessel revenues | 8,029 | 8,257 | (228 | ) | (2.8 | ) | % | ||||||||
53,666 | 51,927 | 1,739 | 3.3 | % | |||||||||||
Operating expenses | 30,082 | 29,375 | 707 | 2.4 | % | ||||||||||
Depreciation and amortization | 27,155 | 28,047 | (892 | ) | (3.2 | ) | % | ||||||||
General and administrative expenses | 12,899 | 9,031 | 3,868 | 42.8 | % | ||||||||||
70,136 | 66,453 | 3,683 | 5.5 | % | |||||||||||
Gain (loss) on sale of assets | (197 | ) | 81 | (278 | ) | 100.0 | % | ||||||||
Operating loss | (16,667 | ) | (14,445 | ) | (2,222 | ) | 15.4 | % | |||||||
Interest expense | 11,956 | 12,820 | (864 | ) | (6.7 | ) | % | ||||||||
Interest income | 447 | 401 | 46 | 11.5 | % | ||||||||||
Income tax benefit | (9,120 | ) | (8,769 | ) | (351 | ) | 4.0 | % | |||||||
Net loss | $ | (18,950 | ) | $ | (16,503 | ) | $ | (2,447 | ) | 14.8 | % |
Nine Months Ended September 30, | Increase (Decrease) | ||||||||||||||
2017 | 2016 | $ Change | % Change | ||||||||||||
Revenues: | |||||||||||||||
Vessel revenues | |||||||||||||||
Domestic | $ | 84,355 | $ | 127,102 | $ | (42,747 | ) | (33.6 | ) | % | |||||
Foreign | 26,470 | 30,068 | (3,598 | ) | (12.0 | ) | % | ||||||||
110,825 | 157,170 | (46,345 | ) | (29.5 | ) | % | |||||||||
Non-vessel revenues | 24,346 | 25,250 | (904 | ) | (3.6 | ) | % | ||||||||
135,171 | 182,420 | (47,249 | ) | (25.9 | ) | % | |||||||||
Operating expenses | 89,385 | 104,134 | (14,749 | ) | (14.2 | ) | % | ||||||||
Depreciation and amortization | 83,501 | 84,973 | (1,472 | ) | (1.7 | ) | % | ||||||||
General and administrative expenses | 36,573 | 30,084 | 6,489 | 21.6 | % | ||||||||||
209,459 | 219,191 | (9,732 | ) | (4.4 | ) | % | |||||||||
Gain (loss) on sale of assets | (178 | ) | 36 | (214 | ) | >(100.0) | % | ||||||||
Operating loss | (74,466 | ) | (36,735 | ) | (37,731 | ) | >100.0 | % | |||||||
Gain on early extinguishment of debt | 15,478 | — | 15,478 | 100.0 | % | ||||||||||
Interest expense | 39,194 | 34,888 | 4,306 | 12.3 | % | ||||||||||
Interest income | 1,312 | 1,164 | 148 | 12.7 | % | ||||||||||
Income tax benefit | (30,696 | ) | (23,808 | ) | (6,888 | ) | 28.9 | % | |||||||
Net loss | $ | (66,337 | ) | $ | (44,603 | ) | $ | (21,734 | ) | 48.7 | % |
Total Debt | Effective Interest Rate | Cash Interest Payment | Payment Dates | |||||||||
5.875% senior notes due 2020, net of deferred financing costs of $2,286 (1) | $ | 364,656 | 6.08 | % | $ | 10,779 | April 1 and October 1 | |||||
5.000% senior notes due 2021, net of deferred financing costs of $3,384 (1) | 446,616 | 5.21 | % | 11,250 | March 1 and September 1 | |||||||
1.500% convertible senior notes due 2019, net of original issue discount of $7,579 and deferred financing costs of $1,698 | 90,370 | 6.23 | % | 747 | March 1 and September 1 | |||||||
First-lien credit facility due 2023, plus deferred gain of $19,689, net of original issue discount of $19 and deferred financing costs of $3,603 (2) | 112,389 | 7.24 | % | 581 | Variable | |||||||
$ | 1,014,031 |
(1) | The senior notes do not require any payments of principal prior to their stated maturity dates, but pursuant to the indentures under which the 2020 and 2021 senior notes were issued, we would be required to make offers to purchase such senior notes upon the occurrence of specified events, such as certain asset sales or a change in control. |
(2) | The interest rate on the first-lien credit facility is variable based on the Company's election. The amount reflected in this table is the monthly amount payable based on the 30-day LIBOR interest rate that was elected and in effect on September 30, 2017. Please see note 5 for further discussion of the variable interest rate included within the first-lien credit facility. |
Nine Months Ended September 30, 2017 | Incurred Since Inception | Estimated Program Totals (1) | Projected Delivery Dates (1) | ||||||||||
Growth Capital Expenditures: | |||||||||||||
OSV newbuild program #5 (2) | $ | 5.5 | $ | 1,269.5 | $ | 1,335.0 | 2Q2013-4Q2018 |
(1) | Estimated Program Totals and Projected Delivery Dates are based on internal estimates and are subject to change due to delays and possible cost overruns inherent in any large construction project, including, without limitations, shortages of equipment, lack of shipyard availability, unforeseen engineering problems, work stoppages, weather interference, unanticipated cost increases, the inability to obtain necessary certifications and approvals and shortages of materials, component equipment or skilled labor. All of the above historical and budgeted capital expenditure project amounts for our newbuild program represent estimated cash outlays and do not include any allocation of capitalized construction period interest. Actual and projected delivery dates correspond to the first and last vessels that are contracted with shipyards for construction and delivery under our currently active program, respectively. |
(2) | Our fifth OSV newbuild program consists of vessel construction contracts with three domestic shipyards to build four 300 class OSVs, five 310 class OSVs, ten 320 class OSVs, three 310 class MPSVs and two 400 class MPSVs. As of November 1, 2017, we had placed 22 vessels in service under such program. The remaining two vessels under this 24-vessel domestic newbuild program are currently expected to be placed in service in the third and fourth quarters of 2018. |
Three Months Ended September 30, | Nine Months Ended September 30, | Year Ended December 31, | |||||||||||||||||
2017 | 2016 | 2017 | 2016 | 2017 | |||||||||||||||
Actual | Actual | Actual | Actual | Forecast | |||||||||||||||
Maintenance and Other Capital Expenditures: | |||||||||||||||||||
Maintenance Capital Expenditures | |||||||||||||||||||
Deferred drydocking charges (1) | $ | 1.0 | $ | 0.9 | $ | 7.0 | $ | 3.2 | $ | 9.2 | |||||||||
Other vessel capital improvements (2) | 0.6 | (0.4 | ) | 0.9 | 5.3 | 1.3 | |||||||||||||
1.6 | 0.5 | 7.9 | 8.5 | 10.5 | |||||||||||||||
Other Capital Expenditures | |||||||||||||||||||
Commercial-related vessel improvements (3) | 0.2 | 2.6 | 0.4 | 13.5 | 1.8 | ||||||||||||||
Miscellaneous non-vessel additions (4) | 0.9 | 0.1 | 1.4 | 0.4 | 1.5 | ||||||||||||||
1.1 | 2.7 | 1.8 | 13.9 | 3.3 | |||||||||||||||
Total | $ | 2.7 | $ | 3.2 | $ | 9.7 | $ | 22.4 | $ | 13.8 |
(1) | Deferred drydocking charges for 2017 include the projected recertification costs for 12 OSVs and four MPSVs. |
(2) | Other vessel capital improvements include costs for discretionary vessel enhancements, which are typically incurred during a planned drydocking event to meet customer specifications. |
(3) | Commercial-related vessel improvements include items such as cranes, ROVs, helidecks, living quarters and other specialized vessel equipment, which costs are typically included in and offset, in whole or in part, by higher dayrates charged to customers. |
(4) | Non-vessel capital expenditures are primarily related to information technology and shoreside support initiatives. |
Exhibit Number | Description of Exhibit | ||
3.1 | — | ||
3.2 | — | ||
3.3 | — | ||
3.4 | — | ||
4.1 | — | ||
4.2 | — | ||
4.3 | — | ||
4.4 | — | ||
4.5 | — | ||
4.6 | — | ||
4.7 | — |
Exhibit Number | Description of Exhibit | ||
4.8 | — | ||
4.9 | — | ||
4.10 | — | ||
4.11 | — | ||
4.12 | — | ||
4.13 | — | ||
4.14 | — | ||
4.15 | — | ||
4.16 | — | ||
4.17 | — | ||
4.18 | — |
Exhibit Number | Description of Exhibit | ||
4.19 | — | ||
4.20 | — | ||
4.21* | — | ||
4.22* | — | ||
10.1 | — | ||
10.2 | — | ||
*31.1 | — | ||
*31.2 | — | ||
*32.1 | — | ||
*32.2 | — | ||
*101 | — | Interactive Data File | |
* Filed herewith. | |||
Hornbeck Offshore Services, Inc. | ||
Date: November 8, 2017 | /s/ JAMES O. HARP, JR. | |
James O. Harp, Jr. | ||
Executive Vice President and Chief Financial Officer |
CALL OPTION TERMINATION AGREEMENT dated as of June [ ] 2017 |
Between HORNBECK OFFSHORE SERVICES, INC. and [ ] |
By: | |||
Name: Title: | |||
Hornbeck Offshore Services, Inc. | |||
By: | |||
Name: James O. Harp, Jr. Title: Executive Vice President & CFO |
WARRANT TERMINATION AGREEMENT dated as of June [ ] 2017 |
Between HORNBECK OFFSHORE SERVICES, INC. and [ ] |
By: | |||
Name: Title: | |||
Hornbeck Offshore Services, Inc. | |||
Name: James O. Harp, Jr. Title: Executive Vice President & CFO |
Expiration Date | Number of Warrants | |
Tuesday, January 7, 2020 | [ ] | |
Wednesday, January 8, 2020 | [ ] | |
Thursday, January 9, 2020 | [ ] | |
Friday, January 10, 2020 | [ ] | |
Monday, January 13, 2020 | [ ] | |
Tuesday, January 14, 2020 | [ ] | |
Wednesday, January 15, 2020 | [ ] | |
Thursday, January 16, 2020 | [ ] | |
Friday, January 17, 2020 | [ ] | |
Tuesday, January 21, 2020 | [ ] | |
Wednesday, January 22, 2020 | [ ] | |
Thursday, January 23, 2020 | [ ] | |
Friday, January 24, 2020 | [ ] | |
Monday, January 27, 2020 | [ ] | |
Tuesday, January 28, 2020 | [ ] | |
Wednesday, January 29, 2020 | [ ] |
1. | I have reviewed this Quarterly Report on Form 10-Q of Hornbeck Offshore Services, Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; |
d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions): |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: November 8, 2017 | /s/ Todd M. Hornbeck | |
Todd M. Hornbeck | ||
Chief Executive Officer | ||
(Principal Executive Officer) |
1. | I have reviewed this Quarterly Report on Form 10-Q of Hornbeck Offshore Services, Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; |
d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions): |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: November 8, 2017 | /s/ James O. Harp, Jr | |
James O. Harp, Jr. | ||
Executive Vice President and | ||
Chief Financial Officer (Principal Financial Officer) |
1. | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
2. | Information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
Date: November 8, 2017 | /s/ Todd M. Hornbeck |
Todd M. Hornbeck | |
Chairman, President and Chief Executive Officer |
1. | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
2. | Information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
Date: November 8, 2017 | /s/ James O. Harp, Jr. |
James O. Harp, Jr. | |
Executive Vice President and Chief Financial Officer |
Document and Entity Information - shares |
9 Months Ended | |
---|---|---|
Sep. 30, 2017 |
Oct. 31, 2017 |
|
Document And Entity Information [Abstract] | ||
Entity Registrant Name | HORNBECK OFFSHORE SERVICES INC /LA | |
Entity Central Index Key | 0001131227 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2017 | |
Document Fiscal Year Focus | 2017 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | HOS | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 37,050,416 |
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands |
Sep. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Accounts receivable, net of allowance for doubtful accounts of | $ 6,052 | $ 2,120 |
Debt Instrument, unamortized discount | 7,598 | 31,093 |
Deferred financing costs | 11,804 | 10,197 |
Deferred Gain Loss | $ 20,564 | $ 0 |
Preferred stock par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock shares authorized | 5,000,000 | 5,000,000 |
Preferred stock issued | 0 | 0 |
Preferred stock outstanding | 0 | 0 |
Common stock Par Value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock shares authorized | 100,000,000 | 100,000,000 |
Common stock issued | 37,028,000 | 36,467,000 |
Common stock outstanding | 37,028,000 | 36,467,000 |
Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Revenues: | ||||
Vessel revenues | $ 45,637 | $ 43,670 | $ 110,825 | $ 157,170 |
Non-vessel revenues | 8,029 | 8,257 | 24,346 | 25,250 |
Revenues | 53,666 | 51,927 | 135,171 | 182,420 |
Costs and expenses: | ||||
Operating expenses | 30,082 | 29,375 | 89,385 | 104,134 |
Depreciation | 24,682 | 23,467 | 74,038 | 68,298 |
Amortization | 2,473 | 4,580 | 9,463 | 16,675 |
General and administrative expenses | 12,899 | 9,031 | 36,573 | 30,084 |
Costs and Expenses, Total | 70,136 | 66,453 | 209,459 | 219,191 |
Gain (loss) on sale of assets | (197) | 81 | (178) | 36 |
Operating loss | (16,667) | (14,445) | (74,466) | (36,735) |
Gain on early extinguishment of debt | 0 | 0 | 15,478 | 0 |
Other income (expense): | ||||
Interest income | 447 | 401 | 1,312 | 1,164 |
Interest expense | (11,956) | (12,820) | (39,194) | (34,888) |
Other income (expense), net | 106 | 1,592 | (163) | 2,048 |
Nonoperating Income (Expense) | (11,403) | (10,827) | (22,567) | (31,676) |
Income (Loss) before income taxes | (28,070) | (25,272) | (97,033) | (68,411) |
Income tax benefit | (9,120) | (8,769) | (30,696) | (23,808) |
Net loss | $ (18,950) | $ (16,503) | $ (66,337) | $ (44,603) |
Loss per share: | ||||
Basic loss per common share, Dollars per Share | $ (0.51) | $ (0.45) | $ (1.80) | $ (1.23) |
Diluted loss per common share, Dollars per Share | $ (0.51) | $ (0.45) | $ (1.80) | $ (1.23) |
Weighted average basic shares outstanding | 37,013 | 36,338 | 36,794 | 36,205 |
Weighted average diluted shares outstanding | 37,013 | 36,338 | 36,794 | 36,205 |
Consolidated Statements Of Comprehensive Income (Loss) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Statement of Comprehensive Income [Abstract] | ||||
Net loss | $ (18,950) | $ (16,503) | $ (66,337) | $ (44,603) |
Other comprehensive income: | ||||
Foreign currency translation income (loss) | 2,743 | (908) | 1,536 | 19,770 |
Total comprehensive loss | $ (16,207) | $ (17,411) | $ (64,801) | $ (24,833) |
Basis of Presentation |
9 Months Ended |
---|---|
Sep. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited consolidated financial statements do not include certain information and footnote disclosures required by United States generally accepted accounting principles, or GAAP. The interim financial statements and notes are presented as permitted by instructions to the Quarterly Report on Form 10-Q and Article 10 of Regulation S-X. In the opinion of management, all adjustments necessary for a fair presentation of the interim financial statements have been included and consist only of normal recurring items. The unaudited quarterly financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Annual Report on Form 10-K of Hornbeck Offshore Services, Inc. (together with its subsidiaries, the “Company”) for the year ended December 31, 2016. The results of operations for the three and nine months ended September 30, 2017 are not necessarily indicative of the results that may be expected for the year ending December 31, 2017. Certain reclassifications have been made to prior period results to conform to current year presentation. The consolidated balance sheet at December 31, 2016 has been derived from the audited consolidated financial statements at that date, but does not include all of the information and footnotes required by GAAP for complete financial statements. |
Recent Accounting Pronouncements (Notes) |
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New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
New Accounting Pronouncements, Policy | Recent Accounting Pronouncements The following table provides a brief description of recent accounting pronouncements that could have a material effect on our financial statements:
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Loss Per Share |
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Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings (Loss) Per Share | Loss Per Share Basic loss per common share was calculated by dividing net loss by the weighted average number of common shares outstanding during the period. Diluted loss per common share was calculated by dividing net loss by the weighted average number of common shares outstanding during the year plus the effect of dilutive stock options and restricted stock unit awards. When reporting a net loss, the Company uses weighted average basic shares outstanding to calculate diluted earnings per share. Weighted average number of common shares outstanding was calculated by using the sum of the shares determined on a daily basis divided by the number of days in the period. The table below reconciles the Company’s loss per share (in thousands, except for per share data):
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Property, Plant and Equipment (Notes) |
9 Months Ended |
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Sep. 30, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, Plant and Equipment Asset Impairment Assessment In accordance with ASC 360, the Company periodically reviews long-lived asset valuations when events or changes in circumstances indicate that an asset’s carrying value may not be recoverable. If indicators of impairment exist, the Company assesses the recoverability of its long-lived assets by comparing the projected future undiscounted cash flows associated with the related long-lived asset group over their remaining estimated useful lives. If the sum of the estimated undiscounted cash flows are less than the carrying amounts of the asset group, the assets are written down to their estimated fair values based on the expected discounted future cash flows or appraised values attributable to the assets. The future cash flows are subjective and are based on the Company’s current assumptions regarding future dayrates, utilization, operating expense, G&A expense and recertification costs that could differ from actual results. During the second quarter of 2016, the Company determined that it observed indicators of impairment related to its vessels. This resulted from the rapid deterioration of its second quarter 2016 operating results, as well as the uncertainty regarding future market conditions and the related impact on the Company's projected operating results. As a result, the Company calculated the probability-weighted undiscounted cash flows for its two vessel groups, OSVs and MPSVs, to test for recoverability. After reviewing the results of this calculation, the Company determined that each of its asset groups had sufficient projected undiscounted cash flows to recover the remaining book value of the Company's long-lived assets within such groups. While the Company has not observed any new impairment indicators since the second quarter of 2016, the Company does review and update, as necessary, the assumptions used in determining its undiscounted cash flow projections for each asset group to reflect current market conditions. After reviewing the result of these projections, the Company determined that each of its asset groups has sufficient projected undiscounted cash flows to recover the remaining book value of the Company's long-lived assets within such group. |
Long-Term Debt |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-Term Debt | Long-Term Debt As of the dates indicated, the Company had the following outstanding long-term debt (in thousands):
The table below summarizes the Company's cash interest payments (in thousands):
First-Lien Credit Facility On June 15, 2017, the Company closed on a new $300 million first-lien delayed-draw term loan credit facility by and among the Company, as Parent Borrower, Hornbeck Offshore Services, LLC, or HOS, as Co-Borrower, certain holders of the Company’s outstanding notes, or the Initial Lenders, and Wilmington Trust, National Association, as Administrative Agent and Collateral Agent for the lenders, or the New Credit Facility. The Company concurrently terminated its then-existing $200 million senior secured revolving credit facility, dated February 6, 2015 as subsequently amended, or the Old Credit Facility. The New Credit Facility is guaranteed by the Parent Borrower’s significant domestic subsidiaries other than HOS. The six-year term of the New Credit Facility extended the February 2020 maturity that was applicable under the Old Credit Facility to June 2023. The New Credit Facility enhanced the Company’s financial flexibility by (i) increasing liquidity from the then-applicable borrowing base of $75.0 million under the Old Credit Facility, (ii) extending the maturity date that existed under the Old Credit Facility by over three years, and (iii) eliminating all of the existing financial ratio maintenance covenants and the anti-cash hoarding provision of the Old Credit Facility. The New Credit Facility contains customary representations and warranties, covenants and events of default. The Company can use the amounts it draws under the New Credit Facility for working capital and general corporate purposes, including the acquisition of distressed assets and/or the refinancing of existing debt, subject to, among other things, compliance with certain covenants requiring the Company to maintain access to liquidity (cash and credit availability) of $25.0 million at all times. The minimum liquidity level required for prepayment of the Company’s existing indebtedness and/or certain other restricted payments is $65.0 million. The Company is required to draw on a cumulative basis (i) at least $68.0 million of the delayed-draw commitments under the New Credit Facility by December 31, 2017, (ii) at least $136.0 million of such commitments by December 31, 2018, and (iii) the full amount of the remaining $203.7 million of such commitments by September 1, 2019. The right to borrow any amount of the delayed-draw commitments not drawn by the respective minimum funding dates will be terminated. The New Credit Facility is collateralized by 51 domestic high-spec OSVs and MPSVs, including a security interest in two pending MPSV newbuilds, and associated personalty, as well as by certain deposit and securities accounts, or the Collateral. Subject to the foregoing and certain limitations, the Company’s other assets that do not arise from, are not required for use in connection with, and are not necessary for, the operation of mortgaged vessels are unencumbered by liens, including ten low-spec domestic OSVs and eleven foreign-flagged vessels. Borrowings under the New Credit Facility accrue interest, at the Company’s option, at either:
The Company also has the option, exercisable anytime or from time-to-time during the six-year term of the loan, of paying interest on the New Credit Facility “in-kind” (accruing to the outstanding principal of the loan, or PIK Interest), subject to a 100 basis-point step-up in interest rate and a minimum 3% cash-pay coupon for so long as the Company elects to pay PIK Interest, subject to any and all debt incurrence and permitted lien restrictions then in effect under any outstanding loan agreements or bond indentures as of the time of such increase in principal. The New Credit Facility may be prepaid at (i) 102% of the principal amount repaid if such repayment occurs on or prior to June 15, 2018, (ii) at 101% of the principal amount repaid if such repayment occurs after June 15, 2018 but on or prior to June 15, 2019, and (iii) at par of the principal repaid thereafter. Upon closing the New Credit Facility, $95.3 million of borrowings under such facility were exchanged for $127.1 million in face value of its 2019 convertible senior notes. In accordance with applicable accounting guidance, this debt-for-debt exchange has been accounted for as a debt modification, requiring the Company to defer the $31.8 million gain. Such gain was reduced by $11.1 million of original issue discount that was associated with the 2019 convertible senior notes that were exchanged. The net credit of $20.7 million has been deferred and will be amortized prospectively as a yield adjustment to interest expense over the life of the New Credit Facility. The agreement governing the New Credit Facility and the indentures governing the Company's 2020 senior notes and 2021 senior notes impose certain restrictions on the Company. Such restrictions affect, and in many cases limit or prohibit, among other things, the Company's ability to incur additional indebtedness, make capital expenditures, redeem equity, create liens, sell assets and make dividend or other restricted payments. Convertible Note and Senior Note Repurchases Concurrently with the closing of the New Credit Facility, the Company arranged for the repurchase of $73.3 million of its outstanding 2019 convertible senior notes and $8.1 million of its outstanding 2020 senior notes for an aggregate total of $54.1 million of cash. The Company recorded a gain on early extinguishment of debt of $15.5 million ($10.5 million or $0.29 per diluted share after-tax), which was comprised of a $27.2 million gain on the repurchase of the 2019 convertible senior notes and the 2020 senior notes, offset in part by the write-off of $2.3 million in deal costs and unamortized financing costs related to the credit facilities and $9.4 million of original issue discount, deal costs and unamortized financing costs related to the notes repurchased. The Company estimates the fair value of its 2020 senior notes, 2021 senior notes, 2019 convertible senior notes and New Credit Facility by primarily using quoted market prices. Given the observability of the inputs to these estimates, the Company has assigned a Level 2 of the three-level valuation hierarchy for such outstanding notes. As of the dates indicated below, the Company had the following face values, carrying values and fair values (in thousands):
Capitalized Interest During the three and nine months ended September 30, 2017, the Company capitalized approximately $2.7 million and $7.6 million, respectively, of interest costs related to the construction of vessels. During the three and nine months ended September 30, 2016, the Company capitalized approximately $4.2 million and $14.3 million, respectively, of interest costs related to the construction of vessels. |
Incentive Compensation |
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Incentive Compensation | Incentive Compensation Stock-Based Incentive Compensation Plan The Company’s stock-based incentive compensation plan covers a maximum of 4.95 million shares of common stock that allows the Company to grant restricted stock awards, restricted stock unit awards, or collectively restricted stock, stock options, stock appreciation rights and fully-vested common stock to employees and directors. As of September 30, 2017, the Company has granted awards covering 4.86 million shares of common stock under such plan. During the nine months ended September 30, 2017, the Company granted phantom restricted stock units, time-based restricted stock units and fully-vested common stock as noted in the table below.
The shares to be received under the performance-based phantom restricted stock units are calculated based on the Company's performance compared to two pre-determined criteria, as defined by the phantom restricted stock agreements governing such awards. The actual number of shares that could be received by the award recipients can range from 0% to 150% of the awards granted depending on the Company's performance. During the nine months ended September 30, 2017, the Company granted 341,136 time-based restricted stock units, 394,027 time-based and 454,849 performance-based phantom restricted stock units and 246,999 shares of fully-vested common stock. The fair value of the Company’s performance-based restricted stock units and performance-based phantom restricted stock units, which is the stock price on the date of grant, is applied to the total shares that are expected to fully vest and is amortized over the vesting period, which is generally three years, based on the Company’s internal performance measured against the pre-determined criteria, as applicable. The compensation expense related to time-based restricted stock units and time-based phantom restricted stock units are amortized over a vesting period of up to three years, as applicable, and is determined based on the market price of the Company’s stock on the date of grant applied to the total shares that are expected to fully vest. In addition, all phantom restricted stock units are re-measured quarterly and classified as a liability, due to the settlement of these awards in cash. In addition to the restricted stock units granted in 2017, the Company granted performance-based and time-based restricted stock units and phantom stock units in prior years. During the nine months ended September 30, 2017, the Company issued 561,466 shares, in the aggregate, of common stock due to: 1) vestings of restricted stock units, 2) employee purchases under the Company's Employee Stock Purchase Plan and 3) the issuance of fully-vested common stock. The impact of stock-based compensation expense charges on the Company’s operating results are reflected in the table below (in thousands, except for per share data):
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Commitments and Contingencies |
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Sep. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Vessel Construction The remaining two vessels under the Company's fifth OSV newbuild program are expected to be delivered in 2018. The aggregate cost of this nearly completed 24-vessel newbuild program, before construction period interest, is expected to be approximately $1,335.0 million, of which $4.8 million, and $60.7 million are expected to be incurred in the remainder of 2017 and fiscal 2018 respectively. From the inception of this program through September 30, 2017, the Company had incurred $1,269.5 million, or 95.1%, of total expected project costs. Contingencies In the normal course of its business, the Company becomes involved in various claims and legal proceedings in which monetary damages are sought. It is management's opinion that the Company's liability, if any, under such claims or proceedings would not materially affect the Company's financial position or results of operations. The Company insures against losses relating to its vessels, pollution and third party liabilities, including claims by employees under Section 33 of the Merchant Marine Act of 1920, or the Jones Act. Third party liabilities and pollution claims that relate to vessel operations are covered by the Company’s entry in a mutual protection and indemnity association, or P&I Club, as well as by marine liability policies in excess of the P&I Club’s coverage. The Company provides reserves for any individual claim deductibles for which the Company remains responsible by using an estimation process that considers Company-specific and industry data, as well as management’s experience, assumptions and consultation with outside counsel. As additional information becomes available, the Company will assess the potential liability related to its pending claims and revise its estimates. Although historically revisions to such estimates have not been material, changes in estimates of the potential liability could materially impact the Company’s results of operations, financial position or cash flows. During 2013, the Company commenced the process of assigning the in-country vessel management services for its four vessels then operating in Brazil from a third-party provider to a wholly-owned subsidiary of the Company. As a result, this assignment has been interpreted by local authorities as a new importation of these vessels resulting in an importation assessment. The Company disagrees with this interpretation. During the third quarter of 2015, the Brazilian court ruled in the Company's favor related to these claims and this decision was appealed by local authorities to another court. During the third quarter of 2017, the Brazilian court made a final ruling in the Company's favor relating to the importation of three of the vessels. As of September 30, 2017, no decision has been made on the fourth vessel which could result in an assessment ranging from $0.5 million to $1.0 million. This potential assessment has not been assessed or recorded in the Company's financial statements. While the Company cannot estimate the amounts or timing of the resolution of this matter, the Company believes that the outcome will not have a material impact on its liquidity or financial position. During 2012, a customer, ATP Oil and Gas, Inc., initiated a reorganization proceeding under Chapter 11 of the United States Bankruptcy Code, which in June 2014 was converted to a Chapter 7 case. The Company believes its receivables from ATP, of $4.8 million, are secured under the Louisiana Oil Well Lien Act. A legal challenge related to the Company's liens was raised in the bankruptcy proceedings by parties whose interests are affected by the liens. The Company pursued this claim in Bankruptcy Court and during the first quarter of 2017 a district court judge ruled that the Company's claim is not secured. That ruling has been appealed by the Company. As a result of such ruling, the Company increased its reserve related to this receivable to $4.8 million. |
Other Accrued Liabilities (Notes) |
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Accrued Liabilities, Current [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Liabilities Disclosure | Other Accrued Liabilities Other accrued liabilities include the following (in thousands):
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Condensed Consolidating Financial Statements of Guarantors (Notes) |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Financial Statements of Guarantors | Condensed Consolidating Financial Statements of Guarantors The following tables present the condensed consolidating balance sheets as of September 30, 2017 and December 31, 2016, the condensed consolidating statements of operations and the condensed consolidating statements of comprehensive income (loss) for the three and nine months ended September 30, 2017 and 2016 and the condensed consolidating statements of cash flows for the nine months ended September 30, 2017 and 2016, respectively, for the domestic subsidiaries of the Company that serve as co-borrower and/or guarantors of the Company's 2019 convertible senior notes, 2020 senior notes, 2021 senior notes and the New Credit Facility and the financial results for the Company's subsidiaries that do not serve as guarantors. The co-borrower and/or guarantor subsidiaries of the 2019 convertible senior notes, 2020 senior notes, 2021 senior notes and the New Credit Facility are 100% owned by the Company. The guarantees are full and unconditional and joint and several. The non-guarantor subsidiaries of such notes include all of the Company's foreign subsidiaries. Condensed Consolidating Balance Sheet (In thousands, except per share data)
Condensed Consolidating Balance Sheet (In thousands, except per share data)
Condensed Consolidating Statement of Operations (In thousands)
Condensed Consolidating Statement of Comprehensive Income (Loss) (In thousands)
Condensed Consolidating Statement of Operations (In thousands)
Condensed Consolidating Statement of Comprehensive Income (Loss) (In thousands)
Condensed Consolidating Statement of Operations (In thousands)
Condensed Consolidating Statement of Comprehensive Income (Loss) (In thousands)
Condensed Consolidating Statement of Operations (In thousands)
Condensed Consolidating Statement of Comprehensive Income (Loss) (In thousands)
Condensed Consolidating Statement of Cash Flows (In thousands)
Condensed Consolidating Statement of Cash Flows (In thousands)
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Loss Per Share (Tables) |
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Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Earnings Per Share | The table below reconciles the Company’s loss per share (in thousands, except for per share data):
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Long-Term Debt (Tables) |
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Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Outstanding Long-Term Debt | As of the dates indicated, the Company had the following outstanding long-term debt (in thousands):
The table below summarizes the Company's cash interest payments (in thousands):
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Schedule of Carrying Values and Estimated Fair Values of Debt Instruments | As of the dates indicated below, the Company had the following face values, carrying values and fair values (in thousands):
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Incentive Compensation (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Impact of Stock-Based Compensation Expense Charges | The impact of stock-based compensation expense charges on the Company’s operating results are reflected in the table below (in thousands, except for per share data):
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Other Accrued Liabilities (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued Liabilities, Current [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accrued Liabilities | Other accrued liabilities include the following (in thousands):
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Condensed Consolidating Financial Statements of Guarantors (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Balance Sheet | Condensed Consolidating Balance Sheet (In thousands, except per share data)
Condensed Consolidating Balance Sheet (In thousands, except per share data)
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Condensed Income Statement | Condensed Consolidating Statement of Operations (In thousands)
Condensed Consolidating Statement of Operations (In thousands)
Condensed Consolidating Statement of Operations (In thousands)
Condensed Consolidating Statement of Operations (In thousands)
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Condensed Statement of Comprehensive Income | Condensed Consolidating Statement of Comprehensive Income (Loss) (In thousands)
Condensed Consolidating Statement of Comprehensive Income (Loss) (In thousands)
Condensed Consolidating Statement of Comprehensive Income (Loss) (In thousands)
Condensed Consolidating Statement of Comprehensive Income (Loss) (In thousands)
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Condensed Cash Flow Statement | Condensed Consolidating Statement of Cash Flows (In thousands)
Condensed Consolidating Statement of Cash Flows (In thousands)
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Recent Accounting Pronouncements (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | $ 3,200 | $ 3,200 | ||
Income Tax Expense (Benefit) | $ (9,120) | $ (8,769) | (30,696) | $ (23,808) |
Shares withheld for payment of employee withholding taxes | 575 | $ 450 | ||
Deferred Compensation, Share-based Payments | ||||
Income Tax Expense (Benefit) | $ 1,900 |
Reconciliation of Loss Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | 9 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|||||||
Earnings Per Share [Abstract] | ||||||||||
Net loss | $ (18,950) | $ (16,503) | $ (66,337) | $ (44,603) | ||||||
Weighted average number of shares of common stock outstanding | 37,013 | 36,338 | 36,794 | 36,205 | ||||||
Add: Net effect of dilutive stock options and unvested restricted stock | [1],[2],[3] | 0 | 0 | 0 | 0 | |||||
Weighted average number of dilutive shares of common stock outstanding | 37,013 | 36,338 | 36,794 | 36,205 | ||||||
Loss per common share: | ||||||||||
Basic loss per common share, Dollars per Share | $ (0.51) | $ (0.45) | $ (1.80) | $ (1.23) | ||||||
Diluted loss per common share, Dollars per Share | $ (0.51) | $ (0.45) | $ (1.80) | $ (1.23) | ||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 990 | 988 | 988 | 974 | ||||||
|
Long-Term Debt Cash Interest Payments on Long-Term Debt (Details) - Subsequent Event - USD ($) $ in Thousands |
12 Months Ended | ||||
---|---|---|---|---|---|
Mar. 01, 2018 |
Oct. 01, 2017 |
Dec. 31, 2017 |
|||
Senior Notes 5.875 Percent Due 2020 | |||||
Debt Instrument [Line Items] | |||||
Cash Interest Payments | $ 10,779 | ||||
Senior Notes 5.000 Percent Due 2021 | |||||
Debt Instrument [Line Items] | |||||
Cash Interest Payments | $ 11,250 | ||||
Convertible 1.500 Percent Senior Notes Due 2019 | |||||
Debt Instrument [Line Items] | |||||
Cash Interest Payments | $ 747 | ||||
First-Lien Credit Facility Maturing Twenty Twenty Three | |||||
Debt Instrument [Line Items] | |||||
Cash Interest Payments | [1] | $ 581 | |||
|
Long-Term Debt (Detail) - USD ($) $ in Thousands |
Sep. 30, 2017 |
Dec. 31, 2016 |
|||
---|---|---|---|---|---|
Debt Instrument [Line Items] | |||||
Debt Instrument, unamortized discount | $ 7,598 | $ 31,093 | |||
Debt, carrying value | 1,014,031 | 1,083,710 | |||
Debt Instrument, Face Amount | 1,012,911 | 1,125,000 | |||
Long-term Debt, Fair Value | $ 640,964 | $ 788,476 | |||
Senior Notes 5.875 Percent Due 2020 | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 5.875% | 5.875% | |||
Senior Notes | $ 364,656 | $ 371,975 | |||
Debt Instrument, Face Amount | 366,942 | 375,000 | |||
Long-term Debt, Fair Value | $ 239,668 | $ 270,938 | |||
Senior Notes 5.000 Percent Due 2021 | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | 5.00% | |||
Senior Notes | $ 446,616 | $ 445,889 | |||
Debt Instrument, Face Amount | 450,000 | 450,000 | |||
Long-term Debt, Fair Value | $ 226,125 | $ 301,343 | |||
Convertible 1.500 Percent Senior Notes Due 2019 | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 1.50% | 1.50% | |||
Debt Instrument, unamortized discount | $ 7,579 | $ 31,093 | |||
Senior Notes | 90,370 | 265,846 | |||
Debt Instrument, Face Amount | 99,647 | 300,000 | |||
Long-term Debt, Fair Value | 78,970 | 216,195 | |||
First-Lien Credit Facility Maturing Twenty Twenty Three | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, unamortized discount | 19 | 0 | |||
First-lien credit facility due 2023, including deferred gain of $19,689 and $0, and net of original issue discount of $19 and $0, and deferred financing costs of $3,603 and $0 | 112,389 | [1] | 0 | ||
Debt Instrument, Face Amount | 96,322 | 0 | |||
Long-term Debt, Fair Value | $ 96,201 | $ 0 | |||
|
Incentive Compensation - Additional Information (Detail) |
9 Months Ended |
---|---|
Sep. 30, 2017
shares
| |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share based compensation arrangements by share based payment award equity instruments granted | 4,855,034 |
Performance Based Restricted Stock | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting Period (in years) | 3 years |
Time Based Restricted Stock | Maximum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting Period (in years) | 3 years |
Amended Maximum number of shares available | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock-based incentive compensation plan, maximum number of shares covered | 4,950,000 |
Performance Shares | Minimum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share awards depending on the performance goals | 0.00% |
Performance Shares | Maximum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share awards depending on the performance goals | 150.00% |
Restricted Stock Units (RSUs) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share awards granted in period | 341,136 |
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 561,466 |
Restricted Stock Units (RSUs) | Fully-VestedCommonStock | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share awards granted in period | 246,999 |
Time Based Restricted Stock Units | Restricted Stock Units (RSUs) | Cash Settled Restricted Stock Units | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share awards granted in period | 394,027 |
Performance Based Restricted Stock | Restricted Stock Units (RSUs) | Phantom Share Units (PSUs) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share awards granted in period | 454,849 |
Financial Impact of Stock-Based Compensation Expense (Detail) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Income before taxes | $ 2,726 | $ 2,341 | $ 5,740 | $ 6,557 |
Net income | $ 1,840 | $ 1,529 | $ 3,924 | $ 4,275 |
Earnings per share: | ||||
Basic earnings per common share, dollars per share | $ 0.05 | $ 0.04 | $ 0.11 | $ 0.12 |
Diluted earnings per common share, dollars per share | $ 0.05 | $ 0.04 | $ 0.11 | $ 0.12 |
Commitments and Contingencies - Additional Information (Detail) $ in Millions |
1 Months Ended | 9 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|
Nov. 30, 2011
Program
|
Sep. 30, 2017
USD ($)
Vessel
|
Dec. 31, 2018
USD ($)
|
Dec. 31, 2017
USD ($)
|
Dec. 31, 2013
Vessel
|
|
Unfavorable Regulatory Action | Brazil | |||||
Commitments and Contingencies Disclosure [Line Items] | |||||
Number of Vessels operating in Brazil | Vessel | 4 | ||||
ATP Oil and Gas, Inc | |||||
Commitments and Contingencies Disclosure [Line Items] | |||||
Amount owed by ATP | $ 4.8 | ||||
Amount owed by ATP, reserves | 4.8 | ||||
Minimum | Unfavorable Regulatory Action | Brazil | |||||
Commitments and Contingencies Disclosure [Line Items] | |||||
Loss Contingency, Estimate of Possible Loss | 0.5 | ||||
Maximum | Unfavorable Regulatory Action | Brazil | |||||
Commitments and Contingencies Disclosure [Line Items] | |||||
Loss Contingency, Estimate of Possible Loss | $ 1.0 | ||||
Newbuild program #5 | |||||
Commitments and Contingencies Disclosure [Line Items] | |||||
Number Of Ship Construction Programs | Program | 5 | ||||
Number Of Vessels | Vessel | 2 | ||||
Aggregate cost of OSV newbuild program excluding construction period interest | $ 1,335.0 | ||||
Cost incurred on OSV newbuild program | $ 1,269.5 | ||||
Percentage of total project cost | 95.10% | ||||
Subsequent Event | Newbuild program #5 | |||||
Commitments and Contingencies Disclosure [Line Items] | |||||
Estimated Construction Cost, Year Six | $ 4.8 | ||||
Estimated Construction Cost, Year Seven | $ 60.7 |
Other Accrued Liabilities (Details) - USD ($) $ in Thousands |
Sep. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Accrued Liabilities, Current [Abstract] | ||
Accrued Rent | $ 5,049 | $ 4,763 |
Deferred Revenue | 1,156 | 2,245 |
Other Accrued Liabilities | 4,551 | 3,002 |
Other Accrued Liabilities, Current | $ 10,756 | $ 10,010 |
Condensed Consolidating Financial Statements of Guarantors (Details) - USD ($) $ in Thousands |
Sep. 30, 2017 |
Dec. 31, 2016 |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|---|---|
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | $ 112,836 | $ 217,027 | $ 225,461 | $ 259,801 |
Accounts Receivable, Net, Current | 50,229 | 36,550 | ||
Other Assets, Current | 13,152 | 16,978 | ||
Assets, Current | 176,217 | 270,555 | ||
Property, Plant and Equipment, Net | 2,522,042 | 2,578,388 | ||
Deferred Costs, Noncurrent | 12,760 | 19,077 | ||
Due from Related Parties, Noncurrent | 0 | 0 | ||
Equity Method Investments | 0 | 0 | ||
Other Assets, Noncurrent | 10,169 | 10,255 | ||
Assets | 2,721,188 | 2,878,275 | ||
Accounts Payable, Current | 15,023 | 11,774 | ||
Interest Payable, Current | 13,709 | 14,763 | ||
Employee-related Liabilities, Current | 9,275 | 8,596 | ||
Other Accrued Liabilities, Current | 10,756 | 10,010 | ||
Liabilities, Current | 48,763 | 45,143 | ||
Long-term Debt, Excluding Current Maturities | 1,014,031 | 1,083,710 | ||
Deferred Tax Liabilities, Net, Noncurrent | 308,717 | 343,020 | ||
Due to Related Parties | 0 | 0 | ||
Other Liabilities, Noncurrent | 3,996 | 3,406 | ||
Liabilities | 1,375,507 | 1,475,279 | ||
Preferred Stock, Value, Issued | 0 | 0 | ||
Common Stock, Value, Issued | 370 | 365 | ||
Additional Paid in Capital | 758,690 | 754,394 | ||
Retained Earnings (Accumulated Deficit) | 574,840 | 637,992 | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 11,781 | 10,245 | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 1,345,681 | 1,402,996 | ||
Liabilities and Equity | 2,721,188 | 2,878,275 | ||
Consolidation, Eliminations | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Accounts Receivable, Net, Current | (85) | 0 | ||
Other Assets, Current | 0 | 0 | ||
Assets, Current | (85) | 0 | ||
Property, Plant and Equipment, Net | 0 | 0 | ||
Deferred Costs, Noncurrent | 0 | 0 | ||
Due from Related Parties, Noncurrent | (2,402,075) | (2,567,573) | ||
Equity Method Investments | (693,336) | (773,037) | ||
Other Assets, Noncurrent | 0 | 0 | ||
Assets | (3,095,496) | (3,340,610) | ||
Accounts Payable, Current | 0 | 0 | ||
Interest Payable, Current | 0 | 0 | ||
Employee-related Liabilities, Current | 0 | 0 | ||
Other Accrued Liabilities, Current | (85) | 0 | ||
Liabilities, Current | (85) | 0 | ||
Long-term Debt, Excluding Current Maturities | 0 | 0 | ||
Deferred Tax Liabilities, Net, Noncurrent | 0 | 0 | ||
Due to Related Parties | (2,410,677) | (2,571,891) | ||
Other Liabilities, Noncurrent | 0 | 0 | ||
Liabilities | (2,410,762) | (2,571,891) | ||
Preferred Stock, Value, Issued | 0 | 0 | ||
Common Stock, Value, Issued | 0 | 0 | ||
Additional Paid in Capital | (46,580) | (42,297) | ||
Retained Earnings (Accumulated Deficit) | (638,154) | (726,422) | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 0 | 0 | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (684,734) | (768,719) | ||
Liabilities and Equity | (3,095,496) | (3,340,610) | ||
Parent Company | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 22 | 9 | 17 | 10 |
Accounts Receivable, Net, Current | 0 | 0 | ||
Other Assets, Current | 45 | 15 | ||
Assets, Current | 67 | 24 | ||
Property, Plant and Equipment, Net | 0 | 0 | ||
Deferred Costs, Noncurrent | 0 | 2,581 | ||
Due from Related Parties, Noncurrent | 1,715,528 | 1,779,872 | ||
Equity Method Investments | 684,734 | 768,718 | ||
Other Assets, Noncurrent | 1,743 | 1,744 | ||
Assets | 2,402,072 | 2,552,939 | ||
Accounts Payable, Current | 0 | 0 | ||
Interest Payable, Current | 13,709 | 14,763 | ||
Employee-related Liabilities, Current | 0 | 0 | ||
Other Accrued Liabilities, Current | 0 | 0 | ||
Liabilities, Current | 13,709 | 14,763 | ||
Long-term Debt, Excluding Current Maturities | 1,014,031 | 1,083,710 | ||
Deferred Tax Liabilities, Net, Noncurrent | 0 | 0 | ||
Due to Related Parties | 40,432 | 61,715 | ||
Other Liabilities, Noncurrent | 0 | 0 | ||
Liabilities | 1,068,172 | 1,160,188 | ||
Preferred Stock, Value, Issued | 0 | 0 | ||
Common Stock, Value, Issued | 370 | 365 | ||
Additional Paid in Capital | 758,693 | 754,394 | ||
Retained Earnings (Accumulated Deficit) | 574,837 | 637,992 | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 0 | 0 | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 1,333,900 | 1,392,751 | ||
Liabilities and Equity | 2,402,072 | 2,552,939 | ||
Guarantor Subsidiaries | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 103,497 | 212,196 | 216,126 | 252,651 |
Accounts Receivable, Net, Current | 45,983 | 30,846 | ||
Other Assets, Current | 12,228 | 16,176 | ||
Assets, Current | 161,708 | 259,218 | ||
Property, Plant and Equipment, Net | 2,394,845 | 2,449,473 | ||
Deferred Costs, Noncurrent | 11,188 | 15,724 | ||
Due from Related Parties, Noncurrent | 644,733 | 680,663 | ||
Equity Method Investments | 8,602 | 8,602 | ||
Other Assets, Noncurrent | 6,096 | 6,239 | ||
Assets | 3,227,172 | 3,419,919 | ||
Accounts Payable, Current | 13,861 | 11,325 | ||
Interest Payable, Current | 0 | 0 | ||
Employee-related Liabilities, Current | 8,732 | 8,104 | ||
Other Accrued Liabilities, Current | 10,328 | 8,463 | ||
Liabilities, Current | 32,921 | 27,892 | ||
Long-term Debt, Excluding Current Maturities | 0 | 0 | ||
Deferred Tax Liabilities, Net, Noncurrent | 302,373 | 337,503 | ||
Due to Related Parties | 2,176,490 | 2,264,900 | ||
Other Liabilities, Noncurrent | 3,996 | 3,416 | ||
Liabilities | 2,515,780 | 2,633,711 | ||
Preferred Stock, Value, Issued | 0 | 0 | ||
Common Stock, Value, Issued | 0 | 0 | ||
Additional Paid in Capital | 37,977 | 37,978 | ||
Retained Earnings (Accumulated Deficit) | 673,415 | 748,080 | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 0 | 150 | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 711,392 | 786,208 | ||
Liabilities and Equity | 3,227,172 | 3,419,919 | ||
Non-Guarantor Subsidiaries | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 9,317 | 4,822 | $ 9,318 | $ 7,140 |
Accounts Receivable, Net, Current | 4,331 | 5,704 | ||
Other Assets, Current | 879 | 787 | ||
Assets, Current | 14,527 | 11,313 | ||
Property, Plant and Equipment, Net | 127,197 | 128,915 | ||
Deferred Costs, Noncurrent | 1,572 | 772 | ||
Due from Related Parties, Noncurrent | 41,814 | 107,038 | ||
Equity Method Investments | 0 | (4,283) | ||
Other Assets, Noncurrent | 2,330 | 2,272 | ||
Assets | 187,440 | 246,027 | ||
Accounts Payable, Current | 1,162 | 449 | ||
Interest Payable, Current | 0 | 0 | ||
Employee-related Liabilities, Current | 543 | 492 | ||
Other Accrued Liabilities, Current | 513 | 1,547 | ||
Liabilities, Current | 2,218 | 2,488 | ||
Long-term Debt, Excluding Current Maturities | 0 | 0 | ||
Deferred Tax Liabilities, Net, Noncurrent | 6,344 | 5,517 | ||
Due to Related Parties | 193,755 | 245,276 | ||
Other Liabilities, Noncurrent | 0 | (10) | ||
Liabilities | 202,317 | 253,271 | ||
Preferred Stock, Value, Issued | 0 | 0 | ||
Common Stock, Value, Issued | 0 | 0 | ||
Additional Paid in Capital | 8,600 | 4,319 | ||
Retained Earnings (Accumulated Deficit) | (35,258) | (21,658) | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 11,781 | 10,095 | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (14,877) | (7,244) | ||
Liabilities and Equity | $ 187,440 | $ 246,027 |
Condensed Consolidating Financial Statements of Guarantors Condensed Consolidating Statement of Operations(Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Condensed Income Statements, Captions [Line Items] | ||||
Revenues | $ 53,666 | $ 51,927 | $ 135,171 | $ 182,420 |
Operating Costs and Expenses | 30,082 | 29,375 | 89,385 | 104,134 |
Depreciation | 24,682 | 23,467 | 74,038 | 68,298 |
Amortization of Deferred Charges | 2,473 | 4,580 | 9,463 | 16,675 |
General and Administrative Expense | 12,899 | 9,031 | 36,573 | 30,084 |
Costs and Expenses | 70,136 | 66,453 | 209,459 | 219,191 |
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | (197) | 81 | (178) | 36 |
Operating Income (Loss) | (16,667) | (14,445) | (74,466) | (36,735) |
Gain on Early Extinguishment of Debt | 0 | 0 | 15,478 | 0 |
Investment Income, Interest | 447 | 401 | 1,312 | 1,164 |
Interest Expense | (11,956) | (12,820) | (39,194) | (34,888) |
EquityinEarningsofConsolidatedSubsidiaries | 0 | 0 | 0 | 0 |
Other Nonoperating Income (Expense) | 106 | 1,592 | (163) | 2,048 |
Nonoperating Income (Expense) | (11,403) | (10,827) | (22,567) | (31,676) |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | (28,070) | (25,272) | (97,033) | (68,411) |
Income Tax Expense (Benefit) | (9,120) | (8,769) | (30,696) | (23,808) |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (18,950) | (16,503) | (66,337) | (44,603) |
Consolidation, Eliminations | ||||
Condensed Income Statements, Captions [Line Items] | ||||
Revenues | 0 | (338) | (263) | 2,000 |
Operating Costs and Expenses | 0 | (321) | (267) | 1,943 |
Depreciation | 0 | 0 | 0 | 0 |
Amortization of Deferred Charges | 0 | 0 | 0 | 0 |
General and Administrative Expense | 0 | (15) | (7) | 57 |
Costs and Expenses | 0 | (336) | (274) | 2,000 |
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | 0 | 0 | 0 | 0 |
Operating Income (Loss) | 0 | (2) | 11 | 0 |
Gain on Early Extinguishment of Debt | 0 | 0 | ||
Investment Income, Interest | 0 | 0 | 0 | 0 |
Interest Expense | 0 | 0 | 0 | 0 |
EquityinEarningsofConsolidatedSubsidiaries | 6,994 | 3,647 | 42,511 | 9,655 |
Other Nonoperating Income (Expense) | 0 | 1 | (11) | 85 |
Nonoperating Income (Expense) | 6,994 | 3,648 | 42,500 | 9,740 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 6,994 | 3,646 | 42,511 | 9,740 |
Income Tax Expense (Benefit) | 0 | 0 | 0 | 0 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 6,994 | 3,646 | 42,511 | 9,740 |
Parent Company | ||||
Condensed Income Statements, Captions [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Operating Costs and Expenses | 0 | 0 | 0 | 0 |
Depreciation | 0 | 0 | 0 | 0 |
Amortization of Deferred Charges | 0 | 0 | 0 | 0 |
General and Administrative Expense | 0 | 36 | 110 | 148 |
Costs and Expenses | 0 | 36 | 110 | 148 |
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | 0 | 0 | 0 | 0 |
Operating Income (Loss) | 0 | (36) | (110) | (148) |
Gain on Early Extinguishment of Debt | 0 | 15,478 | ||
Investment Income, Interest | 0 | 0 | 0 | 0 |
Interest Expense | (11,956) | (12,820) | (39,194) | (34,886) |
EquityinEarningsofConsolidatedSubsidiaries | (6,994) | (3,647) | (42,511) | (9,655) |
Other Nonoperating Income (Expense) | 0 | 0 | 0 | 0 |
Nonoperating Income (Expense) | (18,950) | (16,467) | (66,227) | (44,541) |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | (18,950) | (16,503) | (66,337) | (44,689) |
Income Tax Expense (Benefit) | 0 | 0 | 0 | 0 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (18,950) | (16,503) | (66,337) | (44,689) |
Guarantor Subsidiaries | ||||
Condensed Income Statements, Captions [Line Items] | ||||
Revenues | 53,564 | 50,798 | 123,611 | 171,034 |
Operating Costs and Expenses | 27,427 | 26,282 | 80,293 | 89,666 |
Depreciation | 23,355 | 22,188 | 70,077 | 65,040 |
Amortization of Deferred Charges | 2,245 | 4,269 | 8,460 | 15,671 |
General and Administrative Expense | 12,259 | 7,542 | 34,579 | 26,978 |
Costs and Expenses | 65,286 | 60,281 | 193,409 | 197,355 |
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | (198) | 81 | (180) | 36 |
Operating Income (Loss) | (11,920) | (9,402) | (69,978) | (26,285) |
Gain on Early Extinguishment of Debt | 0 | 0 | ||
Investment Income, Interest | 351 | 259 | 1,039 | 732 |
Interest Expense | 0 | 0 | 0 | 0 |
EquityinEarningsofConsolidatedSubsidiaries | 0 | 0 | 0 | 0 |
Other Nonoperating Income (Expense) | (222) | (790) | 3,424 | (560) |
Nonoperating Income (Expense) | 129 | (531) | 4,463 | 172 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | (11,791) | (9,933) | (65,515) | (26,113) |
Income Tax Expense (Benefit) | (9,393) | (7,279) | (31,488) | (22,803) |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (2,398) | (2,654) | (34,027) | (3,310) |
Non-Guarantor Subsidiaries | ||||
Condensed Income Statements, Captions [Line Items] | ||||
Revenues | 102 | 1,467 | 11,823 | 9,386 |
Operating Costs and Expenses | 2,655 | 3,414 | 9,359 | 12,525 |
Depreciation | 1,327 | 1,279 | 3,961 | 3,258 |
Amortization of Deferred Charges | 228 | 311 | 1,003 | 1,004 |
General and Administrative Expense | 640 | 1,468 | 1,891 | 2,901 |
Costs and Expenses | 4,850 | 6,472 | 16,214 | 19,688 |
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | 1 | 0 | 2 | 0 |
Operating Income (Loss) | (4,747) | (5,005) | (4,389) | (10,302) |
Gain on Early Extinguishment of Debt | 0 | 0 | ||
Investment Income, Interest | 96 | 142 | 273 | 432 |
Interest Expense | 0 | 0 | 0 | (2) |
EquityinEarningsofConsolidatedSubsidiaries | 0 | 0 | 0 | 0 |
Other Nonoperating Income (Expense) | 328 | 2,381 | (3,576) | 2,523 |
Nonoperating Income (Expense) | 424 | 2,523 | (3,303) | 2,953 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | (4,323) | (2,482) | (7,692) | (7,349) |
Income Tax Expense (Benefit) | 273 | (1,490) | 792 | (1,005) |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ (4,596) | $ (992) | $ (8,484) | $ (6,344) |
Condensed Consolidating Financial Statements of Guarantors Condensed Consolidating Statement of Comprehensive Income (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Condensed Statement of Income Captions [Line Items] | ||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ (18,950) | $ (16,503) | $ (66,337) | $ (44,603) |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment | 2,743 | (908) | 1,536 | 19,770 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | (16,207) | (17,411) | (64,801) | (24,833) |
Consolidation, Eliminations | ||||
Condensed Statement of Income Captions [Line Items] | ||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 6,994 | 3,646 | 42,511 | 9,740 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment | 0 | 0 | 0 | 0 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 6,994 | 3,646 | 42,511 | 9,740 |
Parent Company | ||||
Condensed Statement of Income Captions [Line Items] | ||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (18,950) | (16,503) | (66,337) | (44,689) |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment | 0 | 0 | 0 | 0 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | (18,950) | (16,503) | (66,337) | (44,689) |
Guarantor Subsidiaries | ||||
Condensed Statement of Income Captions [Line Items] | ||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (2,398) | (2,654) | (34,027) | (3,310) |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment | 0 | (3) | (149) | 31 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | (2,398) | (2,657) | (34,176) | (3,279) |
Non-Guarantor Subsidiaries | ||||
Condensed Statement of Income Captions [Line Items] | ||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (4,596) | (992) | (8,484) | (6,344) |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment | 2,743 | (905) | 1,685 | 19,739 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $ (1,853) | $ (1,897) | $ (6,799) | $ 13,395 |
Condensed Consolidating Financial Statements of Guarantors Condensed Consolidating Statement of Cash Flows (Details) - USD ($) $ in Thousands |
9 Months Ended | |||
---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net Cash Provided by (Used in) Operating Activities | $ (29,203) | $ 57,161 | ||
Costs Incurred For Offshore Supply Vessels Newbuild Program | (12,363) | (73,198) | ||
Proceeds from Sale of Property, Plant, and Equipment | 34 | 506 | ||
Payments to Acquire Property, Plant, and Equipment | (1,299) | (18,706) | ||
Payments to Acquire Other Property, Plant, and Equipment | (1,468) | (414) | ||
Net Cash Provided by (Used in) Investing Activities | (15,096) | (91,812) | ||
Proceeds from first-lien credit facility | 980 | 0 | ||
Repurchase of senior notes | (5,057) | 0 | ||
Repurchase of convertible notes | (49,631) | 0 | ||
Deferred financing costs | (5,636) | (1,102) | ||
Shares withheld for payment of employee withholding taxes | (575) | (450) | ||
Net cash proceeds from other shares issued | 258 | 732 | ||
Net Cash Provided by (Used in) Financing Activities | (59,661) | (820) | ||
Effect of Exchange Rate on Cash and Cash Equivalents | (231) | 1,131 | ||
Cash and Cash Equivalents, Period Increase (Decrease) | (104,191) | (34,340) | ||
Cash and Cash Equivalents, at Carrying Value | 112,836 | 225,461 | $ 217,027 | $ 259,801 |
Cash paid for interest | 40,028 | 38,871 | ||
Income Taxes Paid | 1,044 | 2,688 | ||
Exchange of convertible notes for first-lien term loan | 127,096 | 0 | ||
Consolidation, Eliminations | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net Cash Provided by (Used in) Operating Activities | 0 | 0 | ||
Costs Incurred For Offshore Supply Vessels Newbuild Program | 0 | 0 | ||
Proceeds from Sale of Property, Plant, and Equipment | 0 | 0 | ||
Payments to Acquire Property, Plant, and Equipment | 0 | 0 | ||
Payments to Acquire Other Property, Plant, and Equipment | 0 | 0 | ||
Net Cash Provided by (Used in) Investing Activities | 0 | 0 | ||
Proceeds from first-lien credit facility | 0 | |||
Repurchase of senior notes | 0 | |||
Repurchase of convertible notes | 0 | |||
Deferred financing costs | 0 | 0 | ||
Shares withheld for payment of employee withholding taxes | 0 | 0 | ||
Net cash proceeds from other shares issued | 0 | 0 | ||
Net Cash Provided by (Used in) Financing Activities | 0 | 0 | ||
Effect of Exchange Rate on Cash and Cash Equivalents | 0 | 0 | ||
Cash and Cash Equivalents, Period Increase (Decrease) | 0 | 0 | ||
Cash and Cash Equivalents, at Carrying Value | 0 | 0 | 0 | 0 |
Cash paid for interest | 0 | 0 | ||
Income Taxes Paid | 0 | 0 | ||
Exchange of convertible notes for first-lien term loan | 0 | |||
Parent Company | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net Cash Provided by (Used in) Operating Activities | 59,674 | 827 | ||
Costs Incurred For Offshore Supply Vessels Newbuild Program | 0 | 0 | ||
Proceeds from Sale of Property, Plant, and Equipment | 0 | 0 | ||
Payments to Acquire Property, Plant, and Equipment | 0 | 0 | ||
Payments to Acquire Other Property, Plant, and Equipment | 0 | 0 | ||
Net Cash Provided by (Used in) Investing Activities | 0 | 0 | ||
Proceeds from first-lien credit facility | 980 | |||
Repurchase of senior notes | (5,057) | |||
Repurchase of convertible notes | (49,631) | |||
Deferred financing costs | (5,636) | (1,102) | ||
Shares withheld for payment of employee withholding taxes | (575) | (450) | ||
Net cash proceeds from other shares issued | 258 | 732 | ||
Net Cash Provided by (Used in) Financing Activities | (59,661) | (820) | ||
Effect of Exchange Rate on Cash and Cash Equivalents | 0 | 0 | ||
Cash and Cash Equivalents, Period Increase (Decrease) | 13 | 7 | ||
Cash and Cash Equivalents, at Carrying Value | 22 | 17 | 9 | 10 |
Cash paid for interest | 40,028 | 38,871 | ||
Income Taxes Paid | 0 | 0 | ||
Exchange of convertible notes for first-lien term loan | 127,096 | |||
Guarantor Subsidiaries | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net Cash Provided by (Used in) Operating Activities | (93,378) | 54,277 | ||
Costs Incurred For Offshore Supply Vessels Newbuild Program | (12,755) | (72,584) | ||
Proceeds from Sale of Property, Plant, and Equipment | 33 | 506 | ||
Payments to Acquire Property, Plant, and Equipment | (998) | (18,282) | ||
Payments to Acquire Other Property, Plant, and Equipment | (1,451) | (473) | ||
Net Cash Provided by (Used in) Investing Activities | (15,171) | (90,833) | ||
Proceeds from first-lien credit facility | 0 | |||
Repurchase of senior notes | 0 | |||
Repurchase of convertible notes | 0 | |||
Deferred financing costs | 0 | 0 | ||
Shares withheld for payment of employee withholding taxes | 0 | 0 | ||
Net cash proceeds from other shares issued | 0 | 0 | ||
Net Cash Provided by (Used in) Financing Activities | 0 | 0 | ||
Effect of Exchange Rate on Cash and Cash Equivalents | (150) | 31 | ||
Cash and Cash Equivalents, Period Increase (Decrease) | (108,699) | (36,525) | ||
Cash and Cash Equivalents, at Carrying Value | 103,497 | 216,126 | 212,196 | 252,651 |
Cash paid for interest | 0 | 0 | ||
Income Taxes Paid | 463 | 484 | ||
Exchange of convertible notes for first-lien term loan | 0 | |||
Non-Guarantor Subsidiaries | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net Cash Provided by (Used in) Operating Activities | 4,501 | 2,057 | ||
Costs Incurred For Offshore Supply Vessels Newbuild Program | 392 | (614) | ||
Proceeds from Sale of Property, Plant, and Equipment | 1 | 0 | ||
Payments to Acquire Property, Plant, and Equipment | (301) | (424) | ||
Payments to Acquire Other Property, Plant, and Equipment | (17) | 59 | ||
Net Cash Provided by (Used in) Investing Activities | 75 | (979) | ||
Proceeds from first-lien credit facility | 0 | |||
Repurchase of senior notes | 0 | |||
Repurchase of convertible notes | 0 | |||
Deferred financing costs | 0 | 0 | ||
Shares withheld for payment of employee withholding taxes | 0 | 0 | ||
Net cash proceeds from other shares issued | 0 | 0 | ||
Net Cash Provided by (Used in) Financing Activities | 0 | 0 | ||
Effect of Exchange Rate on Cash and Cash Equivalents | (81) | 1,100 | ||
Cash and Cash Equivalents, Period Increase (Decrease) | 4,495 | 2,178 | ||
Cash and Cash Equivalents, at Carrying Value | 9,317 | 9,318 | $ 4,822 | $ 7,140 |
Cash paid for interest | 0 | 0 | ||
Income Taxes Paid | 581 | $ 2,204 | ||
Exchange of convertible notes for first-lien term loan | $ 0 |
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