Ireland | 001-36504 | 98-0606750 |
(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
Weststrasse 1, 6340 Baar, Switzerland | CH 6340 |
(Address of principal executive offices) | (Zip Code) |
N/A | ||||
(Former Name or Former Address, if Changed Since Last Report) |
Item 2.02 | Results of Operations and Financial Condition. |
Item 7.01 | Regulation FD Disclosure. |
Item 9.01 | Financial Statements and Exhibits. | |
(d) | Exhibits | |
Exhibit Number | Exhibit Description | |
News Release dated July 27, 2018, announcing results for the second quarter ended June 30, 2018. |
Weatherford International plc | |
Date: July 27, 2018 | |
/s/ Christoph Bausch | |
Christoph Bausch | |
Executive Vice President and Chief Financial Officer |
![]() | News Release |
• | Segment operating income improved by 73% sequentially and by 195% on a year-over-year basis. |
• | The annualized impact of recurring transformation benefits improved to $192 million – an increase of 78% compared to first quarter 2018 and representing 19% of our transformation target. |
• | A definitive agreement was signed to sell Weatherford’s land drilling rig business in Saudi Arabia, Kuwait and Algeria for cash proceeds of $287.5 million. |
• | Weatherford’s Magnus™ push-the-bit rotary steerable system was successfully launched and completed jobs in multiple countries. |
• | An alliance with Valiant Artificial Lift Solutions was formed to jointly commercialize electrical submersible pumps (ESPs). |
• | Weatherford sold its 50% interest in the Sunita Hydrocolloids Inc. joint venture in July 2018. |
• | The business received award letters for contract extensions in Algeria, Colombia, Egypt, India, Iraq, Kuwait, Mexico and Saudi Arabia. |
• | The fleet achieved the lowest amount of nonproductive time during rig moves since 2016. |
• | 10 rigs have operated without a recordable incident for periods ranging from 1 to 17 years. |
Three Months Ended | Change | ||||||||||||||||||||||
(In Millions) | 6/30/2018 | 3/31/2018 | 6/30/2017 | Sequential | YoY | ||||||||||||||||||
Western Hemisphere | |||||||||||||||||||||||
Revenues | $ | 769 | $ | 756 | $ | 678 | 2 | % | 13 | % | |||||||||||||
Segment Operating Income (Loss) | $ | 50 | $ | 24 | $ | (51 | ) | 108 | % | 198 | % | ||||||||||||
Segment Operating Margin | 6.5 | % | 3.2 | % | (7.5 | ) | % | 330 | bps | 1,400 | bps | ||||||||||||
Eastern Hemisphere | |||||||||||||||||||||||
Revenues | $ | 679 | $ | 667 | $ | 685 | 2 | % | (1 | ) | % | ||||||||||||
Segment Operating Income (Loss) | $ | 19 | $ | 16 | $ | (22 | ) | 19 | % | 186 | % | ||||||||||||
Segment Operating Margin | 2.8 | % | 2.4 | % | (3.2 | ) | % | 40 | bps | 600 | bps |
• | Weatherford was awarded a 5-year contract worth $300 million by a major operator in Argentina. The contract entails fracturing, coiled tubing, wireline, completions and testing services. |
• | Weatherford was awarded a 5-year contract worth $270 million to provide multiple product line services for a major operator in Colombia. The contract includes services for fracturing, coiled tubing, wireline, fishing, re-entry, tubular running, completions and testing, among others. |
• | Indications of demand for Weatherford’s RotaFlex® long-stroke pumping units in the U.S. for the second half of 2018 are double the rate of deliveries we made during the first half of the year. |
• | Several U.S. operators in major basins signed new software contracts with Weatherford. One of the contracts engaged Weatherford to install ForeSite® production optimization software on approximately 26,000 wells. |
• | Weatherford has increased integrated project activity for development wells in Mexico, with services ranging from drilling to completions. In one offshore well, Weatherford reduced the expected operational time by 22 days, equal to $2 million, by deploying proven technologies, including two RipTide® drilling reamers and the Microflux® control system. |
• | In an onshore oil well in Mexico, the Weatherford Magnus™ rotary steerable system increased the rate of penetration, which improved the drilling time by approximately 50%. |
• | In a cased-hole well in Colombia, Weatherford used the shallow-angle QuickCut™ casing-exit system to complete a sidetrack, which saved 7.5 hours of rig time compared to window-milling estimates. The sidetrack enabled reaching total depth without drilling a new well, which saved the customer approximately $2 million. |
• | Weatherford commercially deployed the recently launched WFXØ® openhole gravel-pack system for an offshore project in Brazil. The system was configured to perform a multizone acid job from a single point, and oil production increased by 32%. |
• | Weatherford delivered managed pressure drilling (MPD) technologies that mitigated risks in a gas-well drilling campaign in the Middle East. The technologies enabled drilling the well sections to total depth despite the ultranarrow window and high-pressure, high-temperature conditions. Compared to conventional drilling methods, MPD reduced the average drilling time by 15 days. |
• | In two wells in the Middle East, Weatherford supplied completions and cementing equipment, including the SwageSet VØ™ packoff stage tool. The 13 3/8-inch tool size proved successful in its first two runs and the seal eliminated casing-to-casing annular gas migration. |
• | Weatherford marked its return to the Kuwait liner-hanger business by securing a sizable contract. As a result of the awards, Weatherford will extend traditional field of operations into the deep drilling sector. |
• | Weatherford replaced an incumbent wireline service provider on an onshore oil well in Kuwait. By conveying Compact™ tools through drillpipe, Weatherford secured the requested data with zero nonproductive time. |
• | Working closely alongside the operator, Weatherford devised a completion solution including Maxflo® chrome premium sand screens. The solution maximized reservoir contact for 2,646 feet with the longest 4 1/2-inch Maxflo® sand screen installation in a 5 7/8-inch openhole gas well. |
• | Weatherford was awarded a 3-year contract for tubular running services in 11 wells as part of a critical project for delivering cleaner burning natural gas in Australia. The win can be credited to Weatherford’s leading technology and track record for delivering incident-free operations with low nonproductive time. |
Contacts: | Christoph Bausch | +1.713.836.4615 | |
Executive Vice President and Chief Financial Officer | |||
Karen David-Green | +1.713.836.7430 | ||
Vice President – Investor Relations, Marketing and Communications |
Weatherford International plc | ||||||||||||||||
Condensed Consolidated Statements of Operations | ||||||||||||||||
(Unaudited) | ||||||||||||||||
(In Millions, Except Per Share Amounts) | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
6/30/2018 | 6/30/2017 | 6/30/2018 | 6/30/2017 | |||||||||||||
Revenues: | ||||||||||||||||
Western Hemisphere | $ | 769 | $ | 678 | $ | 1,525 | $ | 1,411 | ||||||||
Eastern Hemisphere | 679 | 685 | 1,346 | 1,338 | ||||||||||||
Total Revenues | 1,448 | 1,363 | 2,871 | 2,749 | ||||||||||||
Operating Income (Loss): | ||||||||||||||||
Western Hemisphere | 50 | (51 | ) | 74 | (81 | ) | ||||||||||
Eastern Hemisphere | 19 | (22 | ) | 35 | (81 | ) | ||||||||||
Segment Operating Income (Loss) | 69 | (73 | ) | 109 | (162 | ) | ||||||||||
Corporate Expenses | (34 | ) | (33 | ) | (70 | ) | (66 | ) | ||||||||
Restructuring and Transformation Charges | (38 | ) | (31 | ) | (63 | ) | (106 | ) | ||||||||
Other Charges, Net | (70 | ) | (8 | ) | (88 | ) | (25 | ) | ||||||||
Total Operating Loss | (73 | ) | (145 | ) | (112 | ) | (359 | ) | ||||||||
Other Income (Expense): | ||||||||||||||||
Interest Expense, Net | (152 | ) | (138 | ) | (301 | ) | (279 | ) | ||||||||
Bond Tender and Call Premium | — | — | (34 | ) | — | |||||||||||
Warrant Fair Value Adjustment | 10 | 127 | 56 | 65 | ||||||||||||
Currency Devaluation Charges | (11 | ) | — | (37 | ) | — | ||||||||||
Other Income (Expense), Net | (7 | ) | 8 | (15 | ) | 15 | ||||||||||
Net Loss Before Income Taxes | (233 | ) | (148 | ) | (443 | ) | (558 | ) | ||||||||
Income Tax Provision | (26 | ) | (17 | ) | (58 | ) | (50 | ) | ||||||||
Net Loss | (259 | ) | (165 | ) | (501 | ) | (608 | ) | ||||||||
Net Income Attributable to Noncontrolling Interests | 5 | 6 | 8 | 11 | ||||||||||||
Net Loss Attributable to Weatherford | $ | (264 | ) | $ | (171 | ) | $ | (509 | ) | $ | (619 | ) | ||||
Loss Per Share Attributable to Weatherford: | ||||||||||||||||
Basic & Diluted | $ | (0.26 | ) | $ | (0.17 | ) | $ | (0.51 | ) | $ | (0.63 | ) | ||||
Weighted Average Shares Outstanding: | ||||||||||||||||
Basic & Diluted | 997 | 990 | 995 | 989 |
Weatherford International plc | |||||||||||||||||||
Selected Statements of Operations Information | |||||||||||||||||||
(Unaudited) | |||||||||||||||||||
(In Millions) | |||||||||||||||||||
Three Months Ended | |||||||||||||||||||
6/30/2018 | 3/31/2018 | 12/31/2017 | 9/30/2017 | 6/30/2017 | |||||||||||||||
Revenues: | |||||||||||||||||||
Western Hemisphere | $ | 769 | $ | 756 | $ | 759 | $ | 767 | $ | 678 | |||||||||
Eastern Hemisphere | 679 | 667 | 731 | 693 | 685 | ||||||||||||||
Total Revenues | $ | 1,448 | $ | 1,423 | $ | 1,490 | $ | 1,460 | $ | 1,363 | |||||||||
Three Months Ended | |||||||||||||||||||
6/30/2018 | 3/31/2018 | 12/31/2017 | 9/30/2017 | 6/30/2017 | |||||||||||||||
Operating Income (Loss): | |||||||||||||||||||
Western Hemisphere | $ | 50 | $ | 24 | $ | (35 | ) | $ | 3 | $ | (51 | ) | |||||||
Eastern Hemisphere | 19 | 16 | (48 | ) | (10 | ) | (22 | ) | |||||||||||
Segment Operating Income (Loss) | 69 | 40 | (83 | ) | (7 | ) | (73 | ) | |||||||||||
Corporate Expenses | (34 | ) | (36 | ) | (36 | ) | (28 | ) | (33 | ) | |||||||||
Restructuring and Transformation Charges | (38 | ) | (25 | ) | (43 | ) | (34 | ) | (31 | ) | |||||||||
Other Charges, Net | (70 | ) | (18 | ) | (1,579 | ) | (1 | ) | (8 | ) | |||||||||
Total Operating Loss | $ | (73 | ) | $ | (39 | ) | $ | (1,741 | ) | $ | (70 | ) | $ | (145 | ) | ||||
Three Months Ended | |||||||||||||||||||
6/30/2018 | 3/31/2018 | 12/31/2017 | 9/30/2017 | 6/30/2017 | |||||||||||||||
Product and Service Line (a) Revenues: | |||||||||||||||||||
Production | $ | 394 | $ | 381 | $ | 408 | $ | 381 | $ | 335 | |||||||||
Completion | 303 | 294 | 339 | 320 | 301 | ||||||||||||||
Drilling and Evaluation | 341 | 358 | 349 | 347 | 331 | ||||||||||||||
Well Construction | 410 | 390 | 394 | 412 | 396 | ||||||||||||||
Total Product and Service Line Revenues | $ | 1,448 | $ | 1,423 | $ | 1,490 | $ | 1,460 | $ | 1,363 | |||||||||
Three Months Ended | |||||||||||||||||||
6/30/2018 | 3/31/2018 | 12/31/2017 | 9/30/2017 | 6/30/2017 | |||||||||||||||
Depreciation and Amortization: | |||||||||||||||||||
Western Hemisphere | $ | 56 | $ | 60 | $ | 80 | $ | 89 | $ | 92 | |||||||||
Eastern Hemisphere | 84 | 86 | 109 | 108 | 111 | ||||||||||||||
Corporate | 4 | 1 | 1 | 2 | 1 | ||||||||||||||
Total Depreciation and Amortization | $ | 144 | $ | 147 | $ | 190 | $ | 199 | $ | 204 |
(a) | Production includes Artificial Lift Systems, Stimulation and Testing and Production Services. Completions includes Completion Systems, Liner Systems and Cementing Products. Drilling and Evaluation includes Drilling Services, Managed Pressure Drilling, Surface Logging Systems, Wireline Services and Reservoir Solutions. Well Construction includes Tubular Running Services, Intervention Services, Drilling Tools and Rental Equipment and Land Drilling Rigs. |
Weatherford International plc | ||||||||||||||||||||
Reconciliation of GAAP to Non-GAAP Financial Measures | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
(In Millions, Except Per Share Amounts) | ||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||
6/30/2018 | 3/31/2018 | 6/30/2017 | 6/30/2018 | 6/30/2017 | ||||||||||||||||
Operating Loss: | ||||||||||||||||||||
GAAP Operating Loss | $ | (73 | ) | $ | (39 | ) | $ | (145 | ) | $ | (112 | ) | $ | (359 | ) | |||||
Restructuring and Transformation Charges (a) | 38 | 25 | 31 | 63 | 106 | |||||||||||||||
Impairments, Asset Write-Downs and Other (b) | 70 | 18 | 8 | 88 | 25 | |||||||||||||||
Operating Non-GAAP Adjustments | 108 | 43 | 39 | 151 | 131 | |||||||||||||||
Non-GAAP Adjusted Operating Income (Loss) | $ | 35 | $ | 4 | $ | (106 | ) | $ | 39 | $ | (228 | ) | ||||||||
Loss Before Income Taxes: | ||||||||||||||||||||
GAAP Loss Before Income Taxes | $ | (233 | ) | $ | (210 | ) | $ | (148 | ) | $ | (443 | ) | $ | (558 | ) | |||||
Operating Non-GAAP Adjustments | 108 | 43 | 39 | 151 | 131 | |||||||||||||||
Bond Tender and Call Premium (c) | — | 34 | — | 34 | — | |||||||||||||||
Warrant Fair Value Adjustment | (10 | ) | (46 | ) | (127 | ) | (56 | ) | (65 | ) | ||||||||||
Defined Benefit Pension Plan Gains (d) | — | — | (20 | ) | — | (40 | ) | |||||||||||||
Currency Devaluation Charges (e) | 11 | 26 | — | 37 | — | |||||||||||||||
Non-GAAP Adjustments Before Taxes | $ | 109 | $ | 57 | $ | (108 | ) | $ | 166 | $ | 26 | |||||||||
Non-GAAP Loss Before Income Taxes | $ | (124 | ) | $ | (153 | ) | $ | (256 | ) | $ | (277 | ) | $ | (532 | ) | |||||
(Provision) Benefit for Income Taxes: | ||||||||||||||||||||
GAAP Provision for Income Taxes | $ | (26 | ) | $ | (32 | ) | $ | (17 | ) | $ | (58 | ) | $ | (50 | ) | |||||
Tax Effect on Non-GAAP Adjustments | (1 | ) | — | (3 | ) | (1 | ) | (7 | ) | |||||||||||
Non-GAAP Provision for Income Taxes | $ | (27 | ) | $ | (32 | ) | $ | (20 | ) | $ | (59 | ) | $ | (57 | ) | |||||
Net Loss Attributable to Weatherford: | ||||||||||||||||||||
GAAP Net Loss | $ | (264 | ) | $ | (245 | ) | $ | (171 | ) | $ | (509 | ) | $ | (619 | ) | |||||
Non-GAAP Adjustments, net of tax | 108 | 57 | (111 | ) | 165 | 19 | ||||||||||||||
Non-GAAP Net Loss | $ | (156 | ) | $ | (188 | ) | $ | (282 | ) | $ | (344 | ) | $ | (600 | ) | |||||
Diluted Loss Per Share Attributable to Weatherford: | ||||||||||||||||||||
GAAP Diluted Loss per Share | $ | (0.26 | ) | $ | (0.25 | ) | $ | (0.17 | ) | $ | (0.51 | ) | $ | (0.63 | ) | |||||
Non-GAAP Adjustments, net of tax | 0.10 | 0.06 | (0.11 | ) | 0.16 | 0.02 | ||||||||||||||
Non-GAAP Diluted Loss per Share | $ | (0.16 | ) | $ | (0.19 | ) | $ | (0.28 | ) | $ | (0.35 | ) | $ | (0.61 | ) | |||||
GAAP Effective Tax Rate (f) | (11 | )% | (15 | )% | (12 | )% | (13 | )% | (9 | )% | ||||||||||
Non-GAAP Effective Tax Rate (g) | (22 | )% | (21 | )% | (8 | )% | (21 | )% | (11 | )% |
(a) | Represents severance, transformation and facility exit costs in 2018. |
(b) | Represents long-lived asset impairments, other asset write-downs and inventory charges, partially offset by gains on purchase of the remaining interest in a joint venture, property sales and a reduction of a contingency reserve on a legacy contract in 2018. |
(c) | Represents a bond tender and call premium on the tender offer redemption of our 9.625% senior notes. |
(d) | Represents the supplemental executive retirement plan gain that was reclassified from Operating Non-GAAP Adjustments to non-operating Other Income (Expense), Net upon retrospective adoption of the new pension accounting standards in the first quarter of 2018. |
(e) | Represents currency devaluations of the Angolan kwanza and Venezuelan bolivar. |
(f) | GAAP Effective Tax Rate is the GAAP provision for income taxes divided by GAAP income before income taxes and calculated in thousands. |
(g) | Non-GAAP Effective Tax Rate is the Non-GAAP provision for income taxes divided by Non-GAAP income before income taxes and calculated in thousands. |
Weatherford International plc | ||||||||||||||||||||
Reconciliation of GAAP to Non-GAAP Financial Measures - EBITDA | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
(In Millions, Except Per Share Amounts) | ||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||
6/30/2018 | 3/31/2018 | 6/30/2017 | 6/30/2018 | 6/30/2017 | ||||||||||||||||
Net Loss Attributable to Weatherford | $ | (264 | ) | $ | (245 | ) | $ | (171 | ) | $ | (509 | ) | $ | (619 | ) | |||||
Net Income Attributable to Noncontrolling Interests | 5 | 3 | 6 | 8 | 11 | |||||||||||||||
Net Loss | (259 | ) | (242 | ) | (165 | ) | (501 | ) | (608 | ) | ||||||||||
Interest Expense, Net | 152 | 149 | 138 | 301 | 279 | |||||||||||||||
Income Tax Provision | 26 | 32 | 17 | 58 | 50 | |||||||||||||||
Depreciation and Amortization | 144 | 147 | 204 | 291 | 412 | |||||||||||||||
EBITDA | 63 | 86 | 194 | 149 | 133 | |||||||||||||||
Other (Income) Expense Adjustments: | ||||||||||||||||||||
Warrant Fair Value Adjustment | (10 | ) | (46 | ) | (127 | ) | (56 | ) | (65 | ) | ||||||||||
Bond Tender and Call Premium | — | 34 | — | 34 | — | |||||||||||||||
Currency Devaluation Charges | 11 | 26 | — | 37 | — | |||||||||||||||
Other (Income) Expense, Net | 7 | 8 | (8 | ) | 15 | (15 | ) | |||||||||||||
Restructuring and Transformation Charges | 38 | 25 | 31 | 63 | 106 | |||||||||||||||
Impairments, Asset Write-Downs and Other | 70 | 18 | 8 | 88 | 25 | |||||||||||||||
Adjusted EBITDA | $ | 179 | $ | 151 | $ | 98 | $ | 330 | $ | 184 |
Weatherford International plc | ||||||||||||||||||||
Selected Balance Sheet Data | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||
6/30/2018 | 3/31/2018 | 12/31/2017 | 9/30/2017 | 6/30/2017 | ||||||||||||||||
Assets: | ||||||||||||||||||||
Cash and Cash Equivalents | $ | 415 | $ | 459 | $ | 613 | $ | 445 | $ | 584 | ||||||||||
Accounts Receivable, Net | 1,167 | 1,100 | 1,103 | 1,236 | 1,165 | |||||||||||||||
Inventories, Net | 1,143 | 1,225 | 1,234 | 1,752 | 1,728 | |||||||||||||||
Assets Held for Sale | 489 | 369 | 359 | 935 | 929 | |||||||||||||||
Property, Plant and Equipment, Net | 2,273 | 2,580 | 2,708 | 3,989 | 4,111 | |||||||||||||||
Goodwill and Intangibles, Net | 2,837 | 2,968 | 2,940 | 2,575 | 2,527 | |||||||||||||||
Liabilities: | ||||||||||||||||||||
Accounts Payable | 754 | 809 | 856 | 815 | 837 | |||||||||||||||
Short-term Borrowings and Current Portion of Long-term Debt | 295 | 153 | 148 | 391 | 152 | |||||||||||||||
Long-term Debt | 7,634 | 7,639 | 7,541 | 7,530 | 7,538 | |||||||||||||||
Shareholders’ Equity: | ||||||||||||||||||||
Total Shareholders’ Equity (a) | (1,312 | ) | (898 | ) | (571 | ) | 1,384 | 1,524 |
(a) | On January 1, 2018, we adopted the accounting standard related to taxes on intra-entity transfers of non-inventory assets on a modified retrospective basis and the impact from this adoption was to record the previously recorded prepaid taxes as an adjustment to retained earnings. In addition we also adopted the revenue recognition accounting standard and recorded the cumulative effect of the changes made to our consolidated balance sheet as an adjustment to retained earnings. |
Weatherford International plc | ||||||||||||
Net Debt (a) | ||||||||||||
(Unaudited) | ||||||||||||
(In Millions) | ||||||||||||
Change in Net Debt for the Three Months Ended 6/30/2018: | ||||||||||||
Net Debt at 3/31/2018 (a) | $ | (7,333 | ) | |||||||||
Operating Loss | (73 | ) | ||||||||||
Depreciation and Amortization | 144 | |||||||||||
Capital Expenditures for Property, Plant and Equipment | (39 | ) | ||||||||||
Capital Expenditures for Assets Held for Sale | (9 | ) | ||||||||||
Proceeds from Sale of Assets | 38 | |||||||||||
Acquisition of Intangibles | (4 | ) | ||||||||||
Increase in Working Capital (b) | (121 | ) | ||||||||||
Other Financing Activities | (4 | ) | ||||||||||
Accrued Litigation and Settlements | (15 | ) | ||||||||||
Income Taxes Paid | (19 | ) | ||||||||||
Interest Paid | (99 | ) | ||||||||||
Other | 20 | |||||||||||
Net Debt at 6/30/2018 (a) | $ | (7,514 | ) | |||||||||
Change in Net Debt for the Six Months Ended 6/30/2018: | ||||||||||||
Net Debt at 12/31/2017 (a) | $ | (7,076 | ) | |||||||||
Operating Loss | (112 | ) | ||||||||||
Depreciation and Amortization | 291 | |||||||||||
Capital Expenditures for Property, Plant and Equipment | (68 | ) | ||||||||||
Capital Expenditures for Assets Held for Sale | (18 | ) | ||||||||||
Proceeds from Sale of Assets | 50 | |||||||||||
Acquisition of Intangibles | (7 | ) | ||||||||||
Other Financing Activities | (14 | ) | ||||||||||
Increase in Working Capital (b) | (166 | ) | ||||||||||
Accrued Litigation and Settlements | (23 | ) | ||||||||||
Income Taxes Paid | (66 | ) | ||||||||||
Interest Paid | (273 | ) | ||||||||||
Other | (32 | ) | ||||||||||
Net Debt at 6/30/2018 (a) | $ | (7,514 | ) | |||||||||
Components of Net Debt (a) | 6/30/2018 | 3/31/2018 | 12/31/2017 | |||||||||
Cash | $ | 415 | $ | 459 | $ | 613 | ||||||
Short-term Borrowings and Current Portion of Long-term Debt | (295 | ) | (153 | ) | (148 | ) | ||||||
Long-term Debt | (7,634 | ) | (7,639 | ) | (7,541 | ) | ||||||
Net Debt (a) | $ | (7,514 | ) | $ | (7,333 | ) | $ | (7,076 | ) |
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