(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
(Address of principal executive offices) | (Zip code) |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ |
Item 2.02. Results of Operations and Financial Condition. | ||
On February 27, 2023, Noble Corporation plc (the “Company”) issued a press release announcing its condensed consolidated financial results for the quarter ended December 31, 2022. A copy of such press release is included as Exhibit 99.1 and will be published in the “Investors” section on the Company’s website at www.noblecorp.com. | ||
Pursuant to the rules and regulations of the Securities and Exchange Commission, the press release is being furnished and shall not be deemed to be “filed” under the Securities Exchange Act of 1934. |
Item 7.01. Regulation FD Disclosure. | ||
On February 27, 2023, the President and Chief Executive Officer of Noble Corporation plc (NYSE: NE), Robert W. Eifler, together with other executive officers, plan to announce Noble Corporation plc's earnings for the quarter ended December 31, 2022 via teleconference, which will be open to the public and broadcast live over the internet. A copy of the slide presentation used in connection with the teleconference is attached as Exhibit 99.2 and is incorporated by reference into this item. Pursuant to the rules and regulations of the Securities and Exchange Commission, the slide presentation is being furnished and shall not be deemed to be “filed” under the Securities Exchange Act of 1934. |
Item 9.01. Financial Statements and Exhibits. | |||||
(d) Exhibits | |||||
EXHIBIT | |||||
NUMBER | DESCRIPTION | ||||
Exhibit 99.1 | |||||
Exhibit 99.2 | |||||
Exhibit 104 | Cover Page Interactive Data File – the cover page XBRL tags are embedded within the Inline XBRL document. |
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. |
NOBLE CORPORATION plc | |||||||||||||||||||||||
Date: | February 27, 2023 | By: | /s/ Robert W. Eifler | ||||||||||||||||||||
Robert W. Eifler | |||||||||||||||||||||||
President and Chief Executive Officer |
PRESS RELEASE | ![]() |
Successor | |||||||||||||||||
(stated in millions, except per share amounts) | Three Months Ended Dec 31, 2022 | Three Months Ended Sep 30, 2022 | Three Months Ended Dec 31, 2021 | ||||||||||||||
Total Revenue | $ | 623 | $ | 306 | $ | 208 | |||||||||||
Contract Drilling Services Revenue | 586 | 289 | 192 | ||||||||||||||
Net Income | 135 | 34 | 123 | ||||||||||||||
Adjusted EBITDA* | 157 | 97 | 12 | ||||||||||||||
Adjusted Net Income (Loss)* | 61 | 41 | (26) | ||||||||||||||
Basic Earnings Per Share | 1.02 | 0.48 | 1.85 | ||||||||||||||
Diluted Earnings Per Share | 0.92 | 0.41 | 1.70 | ||||||||||||||
Adjusted Diluted Earnings (Loss) Per Share* | 0.41 | 0.50 | (0.35) | ||||||||||||||
* A Non-GAAP supporting schedule is included with the statements and schedules attached to this press release and can be found at www.noblecorp.com. |
Successor | ||||||||||||||
Three Months Ended December 31, 2022 | Three Months Ended December 31, 2021 | |||||||||||||
Operating revenues | ||||||||||||||
Contract drilling services | $ | 585,849 | $ | 192,451 | ||||||||||
Reimbursables and other | 36,743 | 15,727 | ||||||||||||
622,592 | 208,178 | |||||||||||||
Operating costs and expenses | ||||||||||||||
Contract drilling services | 366,386 | 182,589 | ||||||||||||
Reimbursables | 27,332 | 14,255 | ||||||||||||
Depreciation and amortization | 69,770 | 24,704 | ||||||||||||
General and administrative | 29,877 | 14,537 | ||||||||||||
Merger and integration costs | 56,752 | 11,006 | ||||||||||||
Gain on sale of operating assets, net | (87,125) | (189,080) | ||||||||||||
Hurricane losses and (recoveries), net | (4,641) | 12,909 | ||||||||||||
458,351 | 70,920 | |||||||||||||
Operating income (loss) | 164,241 | 137,258 | ||||||||||||
Other income (expense) | ||||||||||||||
Interest expense, net of amount capitalized | (19,384) | (8,107) | ||||||||||||
Gain on bargain purchase | — | (2,174) | ||||||||||||
Loss on extinguishment of debt, net | (8,716) | — | ||||||||||||
Interest income and other, net | 9,599 | 3,455 | ||||||||||||
Income before income taxes | 145,740 | 130,432 | ||||||||||||
Income tax provision | (10,778) | (6,996) | ||||||||||||
Net income | $ | 134,962 | $ | 123,436 | ||||||||||
Per share data | ||||||||||||||
Basic: | ||||||||||||||
Basic earnings per share | $ | 1.02 | $ | 1.85 | ||||||||||
Diluted: | ||||||||||||||
Diluted earnings per share | $ | 0.92 | $ | 1.70 | ||||||||||
Successor | Predecessor | ||||||||||||||||||||||
Period from | Period from | ||||||||||||||||||||||
Twelve Months | February 6, 2021 | January 1, 2021 | |||||||||||||||||||||
Ended | through | through | |||||||||||||||||||||
December 31,2022 | December 31, 2021 | February 5, 2021 | |||||||||||||||||||||
Operating revenues | |||||||||||||||||||||||
Contract drilling services | $ | 1,332,841 | $ | 708,131 | $ | 74,051 | |||||||||||||||||
Reimbursables and other | 81,006 | 62,194 | 3,430 | ||||||||||||||||||||
1,413,847 | 770,325 | 77,481 | |||||||||||||||||||||
Operating costs and expenses | |||||||||||||||||||||||
Contract drilling services | 897,096 | 639,442 | 46,965 | ||||||||||||||||||||
Reimbursables | 64,427 | 55,832 | 2,737 | ||||||||||||||||||||
Depreciation and amortization | 146,879 | 89,535 | 20,622 | ||||||||||||||||||||
General and administrative | 82,177 | 62,476 | 5,727 | ||||||||||||||||||||
Merger and integration costs | 84,668 | 24,792 | — | ||||||||||||||||||||
Gain on sale of operating assets, net | (90,230) | (185,934) | — | ||||||||||||||||||||
Hurricane losses and (recoveries), net | 60 | 23,350 | — | ||||||||||||||||||||
1,185,077 | 709,493 | 76,051 | |||||||||||||||||||||
Operating income (loss) | 228,770 | 60,832 | 1,430 | ||||||||||||||||||||
Other income (expense) | |||||||||||||||||||||||
Interest expense, net of amount capitalized | (42,722) | (31,735) | (229) | ||||||||||||||||||||
Bargain purchase gain | — | 62,305 | — | ||||||||||||||||||||
Loss on extinguishment of debt, net | (8,912) | — | — | ||||||||||||||||||||
Interest income and other, net | 14,365 | 10,945 | 399 | ||||||||||||||||||||
Reorganization items, net | — | — | 252,051 | ||||||||||||||||||||
Income before income taxes | 191,501 | 102,347 | 253,651 | ||||||||||||||||||||
Income tax provision | (22,553) | (365) | (3,423) | ||||||||||||||||||||
Net income (loss) | $ | 168,948 | $ | 101,982 | $ | 250,228 | |||||||||||||||||
Per share data | |||||||||||||||||||||||
Basic: | |||||||||||||||||||||||
Basic earnings per share | $ | 1.99 | $ | 1.61 | $ | 1.00 | |||||||||||||||||
Diluted: | |||||||||||||||||||||||
Diluted earnings per share | $ | 1.73 | $ | 1.51 | $ | 0.98 |
Successor | Predecessor | |||||||||||||||||||
Period from | Period from | |||||||||||||||||||
Twelve Months | February 6, 2021 | January 1, 2021 | ||||||||||||||||||
Ended | through | through | ||||||||||||||||||
December 31, 2022 | December 31, 2021 | February 5, 2021 | ||||||||||||||||||
Cash flows from operating activities | ||||||||||||||||||||
Net income | $ | 168,948 | $ | 101,982 | $ | 250,228 | ||||||||||||||
Adjustments to reconcile net income to net cash flow from operating activities: | ||||||||||||||||||||
Depreciation and amortization | 146,879 | 89,535 | 20,622 | |||||||||||||||||
Amortization of intangible asset and contract liabilities | (5,352) | 51,540 | — | |||||||||||||||||
Gain on sale of operating assets, net | (90,230) | (185,934) | — | |||||||||||||||||
Gain on bargain purchase | — | (62,305) | — | |||||||||||||||||
Reorganization items, net | — | — | (280,790) | |||||||||||||||||
Changes in components of working capital | ||||||||||||||||||||
Net changes in other operating assets and liabilities | 60,740 | 56,798 | (35,508) | |||||||||||||||||
Net cash provided by (used in) operating activities | 280,985 | 51,616 | (45,448) | |||||||||||||||||
Cash flows from investing activities | ||||||||||||||||||||
Capital expenditures | (174,319) | (154,411) | (14,629) | |||||||||||||||||
Cash acquired in stock-based business combination | 166,607 | 54,970 | — | |||||||||||||||||
Proceeds from disposal of assets, net | 381,026 | 307,324 | 194 | |||||||||||||||||
Other investing activities | 2,458 | — | — | |||||||||||||||||
Net cash provided by (used in) investing activities | 375,772 | 207,883 | (14,435) | |||||||||||||||||
Cash flows from financing activities | ||||||||||||||||||||
Issuance of debt | 350,000 | — | 200,000 | |||||||||||||||||
Borrowings on credit facilities | 220,000 | 40,000 | 177,500 | |||||||||||||||||
Repayments of credit facilities | (220,000) | (217,500) | (545,000) | |||||||||||||||||
Repayments of debt | (627,323) | — | — | |||||||||||||||||
Debt issuance costs | (641) | — | (23,664) | |||||||||||||||||
Compulsory purchase payment | (69,924) | — | — | |||||||||||||||||
Other financing activities | (19,884) | 730 | (1) | |||||||||||||||||
Net cash used in financing activities | (367,772) | (176,770) | (191,165) | |||||||||||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | 288,985 | 82,729 | (251,048) | |||||||||||||||||
Cash, cash equivalents and restricted cash, beginning of period | 196,722 | 113,993 | 365,041 | |||||||||||||||||
Cash, cash equivalents and restricted cash, end of period | $ | 485,707 | $ | 196,722 | $ | 113,993 |
Successor | ||||||||||||||
December 31, 2022 | December 31, 2021 | |||||||||||||
ASSETS | ||||||||||||||
Current assets | ||||||||||||||
Cash and cash equivalents | $ | 476,206 | $ | 194,138 | ||||||||||
Accounts receivable, net | 468,802 | 200,419 | ||||||||||||
Prepaid expenses and other current assets | 106,782 | 61,089 | ||||||||||||
Total current assets | 1,051,790 | 455,646 | ||||||||||||
Property and equipment, at cost | 4,163,205 | 1,555,975 | ||||||||||||
Accumulated depreciation | (181,904) | (77,275) | ||||||||||||
Property and equipment, net | 3,981,301 | 1,478,700 | ||||||||||||
Other assets | 201,773 | 139,096 | ||||||||||||
Total assets | $ | 5,234,864 | $ | 2,073,442 | ||||||||||
LIABILITIES AND EQUITY | ||||||||||||||
Current liabilities | ||||||||||||||
Current maturities of long-term debt | $ | 159,715 | $ | — | ||||||||||
Accounts payable | 290,690 | 120,389 | ||||||||||||
Accrued payroll and related costs | 76,185 | 48,346 | ||||||||||||
Other current liabilities | 140,508 | 79,659 | ||||||||||||
Total current liabilities | 667,098 | 248,394 | ||||||||||||
Long-term debt | 513,055 | 216,000 | ||||||||||||
Other liabilities | 447,626 | 108,421 | ||||||||||||
Total liabilities | $ | 1,627,779 | $ | 572,815 | ||||||||||
Commitments and contingencies | ||||||||||||||
Total shareholders’ equity | 3,607,085 | 1,500,627 | ||||||||||||
Total liabilities and equity | $ | 5,234,864 | $ | 2,073,442 |
Average Rig Utilization | |||||||||||||||||
Successor | |||||||||||||||||
Three Months Ended | Three Months Ended | Three Months Ended | |||||||||||||||
December 31, 2022 | September 30, 2022 | December 31, 2021 | |||||||||||||||
Floaters | 76 | % | 78 | % | 68 | % | |||||||||||
Jackups | 87 | % | 82 | % | 71 | % | |||||||||||
Total | 81 | % | 80 | % | 70 | % | |||||||||||
Operating Days | |||||||||||||||||
Successor | |||||||||||||||||
Three Months Ended | Three Months Ended | Three Months Ended | |||||||||||||||
December 31, 2022 | September 30, 2022 | December 31, 2021 | |||||||||||||||
Floaters | 1,320 | 792 | 751 | ||||||||||||||
Jackups | 1,201 | 606 | 622 | ||||||||||||||
Total | 2,521 | 1,398 | 1,373 | ||||||||||||||
Average Dayrates | |||||||||||||||||
Successor | |||||||||||||||||
Three Months Ended | Three Months Ended | Three Months Ended | |||||||||||||||
December 31, 2022 | September 30, 2022 | December 31, 2021 | |||||||||||||||
Floaters | $ | 303,734 | $ | 285,362 | $ | 195,812 | |||||||||||
Jackups | 118,089 | 118,209 | 96,087 | ||||||||||||||
Total | $ | 215,751 | $ | 212,958 | $ | 150,620 | |||||||||||
Successor | Predecessor | |||||||||||||||||||||||||||||||
Period from | Period from | |||||||||||||||||||||||||||||||
Three Months | Twelve Months | Three Months | February 6, 2021 | January 1, 2021 | ||||||||||||||||||||||||||||
Ended | Ended | Ended | through | through | ||||||||||||||||||||||||||||
December 31, 2022 | December 31, 2022 | December 31, 2021 | December 31, 2021 | February 5, 2021 | ||||||||||||||||||||||||||||
Numerator: | ||||||||||||||||||||||||||||||||
Basic | ||||||||||||||||||||||||||||||||
Net income (loss) | $ | 134,962 | $ | 168,948 | $ | 123,436 | $ | 101,982 | $ | 250,228 | ||||||||||||||||||||||
Diluted | ||||||||||||||||||||||||||||||||
Net income (loss) | $ | 134,962 | $ | 168,948 | $ | 123,436 | $ | 101,982 | $ | 250,228 | ||||||||||||||||||||||
Denominator: | ||||||||||||||||||||||||||||||||
Weighted average shares outstanding - basic | 131,924 | 85,055 | 66,635 | 63,186 | 251,115 | |||||||||||||||||||||||||||
Dilutive effect of share-based awards | 3,334 | 3,334 | 3,180 | 3,180 | 5,456 | |||||||||||||||||||||||||||
Dilutive effect of warrants | 9,117 | 8,489 | 2,852 | 1,262 | — | |||||||||||||||||||||||||||
Dilutive effect of compulsory purchase | 2,893 | 729 | — | — | — | |||||||||||||||||||||||||||
Weighted average shares outstanding - diluted | 147,268 | 97,607 | 72,667 | 67,628 | 256,571 | |||||||||||||||||||||||||||
Per share data | ||||||||||||||||||||||||||||||||
Basic earnings per share | $ | 1.02 | $ | 1.99 | $ | 1.85 | $ | 1.61 | $ | 1.00 | ||||||||||||||||||||||
Diluted earnings per share | $ | 0.92 | $ | 1.73 | $ | 1.70 | $ | 1.51 | $ | 0.98 |
Reconciliation of Adjusted EBITDA | ||||||||||||||||||||||||||||||||||||||
Successor | Predecessor | |||||||||||||||||||||||||||||||||||||
Three Months Ended | Three Months Ended | Twelve Months Ended | Three Months Ended | Period from February 6, through | Period from January 1, through | |||||||||||||||||||||||||||||||||
December 31, | September 30, | December 31, | December 31, | December 31, | February 5, | |||||||||||||||||||||||||||||||||
2022 | 2022 | 2022 | 2021 | 2021 | 2021 | |||||||||||||||||||||||||||||||||
Net Income | $ | 134,962 | $ | 33,585 | $ | 168,948 | $ | 130,432 | $ | 102,347 | $ | 253,651 | ||||||||||||||||||||||||||
Income tax provision | 10,778 | 13,072 | 22,553 | — | — | — | ||||||||||||||||||||||||||||||||
Interest expense, net of amounts capitalized | 19,384 | 7,943 | 42,722 | 8,107 | 31,735 | 229 | ||||||||||||||||||||||||||||||||
Interest income and other, net | (9,599) | (3,235) | (14,365) | (3,455) | (10,945) | (399) | ||||||||||||||||||||||||||||||||
Depreciation and amortization | 69,770 | 24,868 | 146,879 | 24,704 | 89,535 | 20,622 | ||||||||||||||||||||||||||||||||
Amortization of intangible assets and contract liabilities | (41,877) | 8,170 | (5,352) | 14,413 | 51,540 | — | ||||||||||||||||||||||||||||||||
Loss on extinguishment of debt | 8,716 | 196 | 8,912 | — | — | — | ||||||||||||||||||||||||||||||||
Professional services - tax refund success fee | — | — | — | — | 4,679 | — | ||||||||||||||||||||||||||||||||
Professional services - corporate projects | 43 | 400 | 723 | 711 | 5,847 | — | ||||||||||||||||||||||||||||||||
Merger and integration costs | 56,752 | 9,338 | 84,668 | 11,006 | 24,792 | — | ||||||||||||||||||||||||||||||||
Gain on sale of operating assets, net | (87,125) | 354 | (90,230) | (189,080) | (185,934) | — | ||||||||||||||||||||||||||||||||
Hurricane losses and (recoveries), net | (4,641) | 1,896 | 60 | 12,909 | 23,350 | — | ||||||||||||||||||||||||||||||||
Gain on bargain purchase | — | — | — | 2,174 | (62,305) | — | ||||||||||||||||||||||||||||||||
Reorganization items, net | — | — | — | — | — | (252,051) | ||||||||||||||||||||||||||||||||
Adjusted EBITDA | $ | 157,163 | $ | 96,587 | $ | 365,518 | $ | 11,921 | $ | 74,641 | $ | 22,052 |
Reconciliation of Income Tax Benefit (Provision) | ||||||||||||||||||||||||||||||||||||||
Successor | Predecessor | |||||||||||||||||||||||||||||||||||||
Three Months Ended | Three Months Ended | Twelve Months Ended | Three Months Ended | Period from February 6, through | Period from January 1, through | |||||||||||||||||||||||||||||||||
December 31, | September 30, | December 31, | December 31, | December 31, | February 5, | |||||||||||||||||||||||||||||||||
2022 | 2022 | 2022 | 2021 | 2021 | 2021 | |||||||||||||||||||||||||||||||||
Income tax benefit (provision) | $ | (10,778) | $ | (13,072) | $ | (22,553) | $ | (6,996) | $ | (365) | $ | (3,423) | ||||||||||||||||||||||||||
Adjustments | ||||||||||||||||||||||||||||||||||||||
Gain on sale of operating assets | 2,255 | — | 866 | — | — | — | ||||||||||||||||||||||||||||||||
Amortization of intangible assets and contract liabilities | 9,471 | (1,716) | 1,800 | — | — | — | ||||||||||||||||||||||||||||||||
Hurricane losses and (recoveries), net | — | (398) | (562) | — | — | — | ||||||||||||||||||||||||||||||||
Reorganization items, net | — | — | — | — | — | 2,500 | ||||||||||||||||||||||||||||||||
Discrete tax items | (17,525) | (10,628) | (45,139) | (1,150) | (20,416) | (1,692) | ||||||||||||||||||||||||||||||||
Total Adjustments | (5,799) | (12,742) | (43,035) | (1,150) | (20,416) | 808 | ||||||||||||||||||||||||||||||||
Adjusted income tax benefit (provision) | $ | (16,577) | $ | (25,814) | $ | (65,588) | $ | (8,146) | $ | (20,781) | $ | (2,615) |
Reconciliation of Net Income (Loss) | ||||||||||||||||||||||||||||||||||||||
Successor | Predecessor | |||||||||||||||||||||||||||||||||||||
Three Months Ended | Three Months Ended | Twelve Months Ended | Three Months Ended | Period from February 6, through | Period from January 1, through | |||||||||||||||||||||||||||||||||
December 31, | September 30, | December 31, | December 31, | December 31, | February 5, | |||||||||||||||||||||||||||||||||
2022 | 2022 | 2022 | 2021 | 2021 | 2021 | |||||||||||||||||||||||||||||||||
Net income | $ | 134,962 | $ | 33,585 | $ | 168,948 | $ | 123,436 | $ | 101,982 | $ | 250,228 | ||||||||||||||||||||||||||
Adjustments | ||||||||||||||||||||||||||||||||||||||
Amortization of intangible assets and contract liabilities | (32,406) | 6,454 | (3,552) | 14,413 | 51,540 | — | ||||||||||||||||||||||||||||||||
Professional services - tax refund success fee | — | — | — | — | 4,679 | — | ||||||||||||||||||||||||||||||||
Professional services - corporate projects | 43 | 400 | 723 | 711 | 5,847 | — | ||||||||||||||||||||||||||||||||
Merger and integration costs | 56,752 | 9,338 | 84,668 | 11,006 | 24,792 | — | ||||||||||||||||||||||||||||||||
Gain on sale of operating assets, net | (84,870) | 354 | (89,364) | (189,080) | (185,934) | — | ||||||||||||||||||||||||||||||||
Hurricane losses and (recoveries), net | (4,641) | 1,498 | (502) | 12,909 | 23,350 | — | ||||||||||||||||||||||||||||||||
Gain on bargain purchase | — | — | — | 2,174 | (62,305) | — | ||||||||||||||||||||||||||||||||
Loss on extinguishment of debt | 8,716 | — | 8,912 | — | — | — | ||||||||||||||||||||||||||||||||
Reorganization items, net | — | — | — | — | — | (249,551) | ||||||||||||||||||||||||||||||||
Discrete tax items | (17,525) | (10,628) | (45,139) | (1,150) | (20,416) | (1,692) | ||||||||||||||||||||||||||||||||
Total Adjustments | (73,931) | 7,416 | (44,254) | (149,017) | (158,447) | (251,243) | ||||||||||||||||||||||||||||||||
Adjusted net income (loss) | $ | 61,031 | $ | 41,001 | $ | 124,694 | $ | (25,581) | $ | (56,465) | $ | (1,015) | ||||||||||||||||||||||||||
Reconciliation of Diluted EPS | ||||||||||||||||||||||||||||||||||||||
Successor | Predecessor | |||||||||||||||||||||||||||||||||||||
Three Months Ended | Three Months Ended | Twelve Months Ended | Three Months Ended | Period from February 6, through | Period from January 1, through | |||||||||||||||||||||||||||||||||
December 31, | September 30, | December 31, | December 31, | December 31, | February 5, | |||||||||||||||||||||||||||||||||
2022 | 2022 | 2022 | 2021 | 2021 | 2021 | |||||||||||||||||||||||||||||||||
Unadjusted diluted EPS | $ | 0.92 | $ | 0.41 | $ | 1.73 | $ | 1.70 | $ | 1.51 | $ | 0.98 | ||||||||||||||||||||||||||
Adjustments | ||||||||||||||||||||||||||||||||||||||
Intangible contract amortization | (0.22) | 0.08 | (0.04) | 0.20 | 0.76 | — | ||||||||||||||||||||||||||||||||
Professional services - tax refund success fee | — | — | — | — | 0.07 | — | ||||||||||||||||||||||||||||||||
Professional services - corporate projects | — | — | 0.02 | 0.01 | 0.08 | — | ||||||||||||||||||||||||||||||||
Merger and integration costs | 0.39 | 0.12 | 0.87 | 0.15 | 0.37 | — | ||||||||||||||||||||||||||||||||
Gain on sale of operating assets, net | (0.59) | — | (0.92) | (2.60) | (2.75) | — | ||||||||||||||||||||||||||||||||
Hurricane losses and (recoveries), net | (0.03) | 0.02 | (0.01) | 0.18 | 0.35 | — | ||||||||||||||||||||||||||||||||
Gain on bargain purchase | — | — | — | 0.03 | (0.92) | — | ||||||||||||||||||||||||||||||||
Loss on extinguishment of debt | 0.06 | — | 0.09 | — | — | — | ||||||||||||||||||||||||||||||||
Reorganization items, net | — | — | — | — | — | (0.97) | ||||||||||||||||||||||||||||||||
Discrete tax items | (0.12) | (0.13) | (0.46) | (0.02) | (0.30) | (0.01) | ||||||||||||||||||||||||||||||||
Total Adjustments | (0.51) | 0.09 | (0.45) | (2.05) | (2.34) | (0.98) | ||||||||||||||||||||||||||||||||
Adjusted diluted EPS | $ | 0.41 | $ | 0.50 | $ | 1.28 | $ | (0.35) | $ | (0.83) | $ | — |
Reconciliation of Free Cash Flow | ||||||||||||||||||||||||||||||||||||||
Successor | Predecessor | |||||||||||||||||||||||||||||||||||||
Three Months Ended | Three Months Ended | Twelve Months Ended | Three Months Ended | Period from February 6, through | Period from January 1, through | |||||||||||||||||||||||||||||||||
December 31, | September 30, | December 31, | December 31, | December 31, | February 5, | |||||||||||||||||||||||||||||||||
2022 | 2022 | 2022 | 2021 | 2021 | 2021 | |||||||||||||||||||||||||||||||||
Net cash provided by operating activities | $ | 171,179 | $ | 73,507 | $ | 280,985 | $ | 27,588 | $ | 51,616 | $ | (45,448) | ||||||||||||||||||||||||||
Capital expenditures | (65,084) | (29,710) | (174,319) | (36,661) | (154,411) | (14,629) | ||||||||||||||||||||||||||||||||
Free cash flow | $ | 106,095 | $ | 43,797 | $ | 106,666 | $ | (9,073) | $ | (102,795) | $ | (60,077) |
-V/7'6N9_LZ:P-G_9]M>/.L,,1%RD;HR*> QS\K*">5_(T6>D3IJ@%T+XLE
M])0QK U,>0,YW$CYP. U59FU+3S&KE0)MQ4' ^
M3C/XT :U% O&X$>YQGG'M5#^T]2_LWS//F\S^S?,W;><>9CS,?WMG/2@
M#L/M$1N3;;QYP02%.^TG&?S!JC"+'3;J\:2Z)GDVRS-,W122J]@ ."!7-W%Q
M%;WFHRZ7J$DZ+8Q9F$QF,8,IWD,<\A26QVHFGA@O=4DTV_DG1;2V D\\R[29
M6R Y)/0],]Z .VHKE+AK@1ZG??;+D2VVH)'"HE(14S'E2O0@[CUSUXQ4,5W]
MI\3&UDU$I/#?,64WQ021[2518@02 0I) /TR#^5<) UCN4*WDL_V:5I&B9D(\Y@27; !SA^!P!D''2LG4Y))IYXWN9(HH]0
MM%RC!< JO4_4U+->SI=W%O\ :VBMFU*.![@$92,VRL.X"A\>Y )_ 4 :VU=V[ SZXHP/05B7LYEU]K2>_>SMX[99
M8]CA/-8LP;DCG: O'^USVJC+JTCZW;/;SR+$]\;5XY)E^;:&5L1@9 R,Y)S^
M!H ZC8I!!48/48I)#&D;/)M"*-S%N@QWKD]/U&=DTVY&IR3W$]V\$MN2I&P%
M\_*!D%0 <_XU#_:TMU)NBGD-K>V-Q*(Y9E=@, J=H'R=2,9^O(H [$R0M;^:
MS)Y.W>7)&W;USGTIGVRUW$?:(L@J/OC^+[OY]O6N2BO)+;3K86NHO'
M!7\Z!>6K6QN1
:5GN%N(TV+E#\R,#NR3@8YZGI0!K6%_'J$
]FDBA+EXP2V5QT=T_FC5CZ8\&GZA?31V,UO;7<\,<"^3Y>XE<$
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MQ+ .1GBRQ4_,B_/T(X/7
M."1^-G1:9I^H:RK+:
MEK$6($:E&1=WF-G@XY_49H Z6BN#:&]N+:P_M&5XT;3(0DDMK+*R38.\C:P*
MR?=Y//IT-=)J\ DT2&.XN6!4H6
MF7%M%=P&&=-\9()7..AR/U KC&@0VNE*D:Q:>MLRR++9R.JS_)]Y5*D'&<$\
M=>]63I;3B=;EI[ORM(B$4KHZ;I,R_-@\A_N^XS[T =?17'SV-Y;0'^S8YDN9
M])D,C#.7F!3!)/\ 'R^#UJ(6;-I]U]DG16@7 &Z-\8"@ U(CK(BNC!E89!'0BN1>U5KV_MHH/MC7"7&Z5H'22(G)"LQX9<\+
MTXQU'-1R?9WTVQLXK%5A^S%MTEI(_P"]P 4"C&&[Y)^G>@#LA*AE:(.OF*H8
MKGD YP?T/Y4R"WBME=84VAW:1AGJS')/YFN0MK><2BX:!QJD^BPBWF>,Y\\+
M)NRV.#RNZ)
M+K5TBM9!$M@DD"J6P)CYN67_ &_E3D<]/6JU[;W=QJ$INK@V[O'";68VDDK)
M\HSL*L K;LY!'(QG(H [0* 20 ">I]:1)4D+A'5BC;6 /0X!P?P(KE;G3V:/
M5+SR9C=IJ"&!_FW*N8\[?;[V<=>5)&>?PI9)4B4-(ZJ"P4$G'). /Q) KE'"V-WKDYTXM
M=S>6RJ(V(*,B*YW*.0#N) YXJBUF'M[L/;^991WEK,HCM71-NX!V5"2<8'./
MK0!W=(% S@ 9.3CO7&W%M++J\^9_LP,D)L9/L