(State or other jurisdiction of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
Title of each class | Trading symbol(s) | Name of each exchange on which registered |
Exhibit Number | Description | ||
99.1 | |||
104 | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document |
HELMERICH & PAYNE, INC. | ||
By: | /s/ William H. Gault | |
Name: | William H. Gault | |
Title: | Assistant Corporate Secretary | |
Date: | November 19, 2020 |
Exhibit 99.1 |
• | The Company ended the quarter with $577 million in cash and short-term investments and no amounts drawn on its $750 million revolving credit facility culminating in over $1.3 billion in liquidity |
• | H&P expects its first quarter of fiscal 2021 North America Solutions rig count to exit at approximately 90 rigs up over 30% during the quarter |
• | Reported a fiscal fourth quarter net loss of $(0.55) per diluted share; including select items(1) of $0.19 per diluted share |
• | Quarterly North America Solutions operating gross margins(2) decreased $63 million to $39 million sequentially, as revenues decreased by $105 million to $149 million and expenses decreased by $43 million to $110 million |
• | H&P's leadership position in automated directional drilling technology continues as AutoSlide® commercial deployments accelerated despite a significantly declining rig market with some notable operators implementing this technology on 100% of their wells in multiple basins |
• | On September 9, 2020, Directors of the Company declared a quarterly cash dividend of $0.25 per share payable on December 1, 2020 to stockholders of record at the close of business on November 13, 2020 |
• | $0.20 of after-tax gains pertaining to the sale of industrial real estate property |
• | $(0.01) of after-tax losses pertaining to a non-cash fair market adjustment to our equity investment and restructuring charges |
• | We expect North America Solutions operating gross margins(2) to be between $40-$50 million, inclusive of approximately $1 million of contract early termination compensation |
• | We expect to exit the quarter at between 88-93 contracted rigs, inclusive of approximately 0-2 contracted rigs generating revenue that could remain idle |
• | We expect International Solutions operating gross margins(2) to be between $(5)-$(7) million, exclusive of any foreign exchange gains or loses |
• | We expect Offshore Gulf of Mexico rig operating gross margins(2) to be between $5-$7 million |
• | Management contracts are also expected to generate approximately $1-2 million in operating income |
• | Gross capital expenditures are expected to be approximately $85 to $105 million; roughly one-third expected for maintenance, roughly one-third expected for skidding to walking conversions and roughly one-third for corporate and information technology. Asset sales include reimbursements for lost and damaged tubulars and sales of other used drilling equipment that offset a portion of the gross capital expenditures and are expected to total approximately $20 million in fiscal year 2021. |
• | Depreciation is expected to be approximately $430 million |
• | Research and development expenses for fiscal year 2021 are expected to be roughly $30 million |
• | General and administrative expenses for fiscal year 2021 are expected to be approximately $160 million |
• | $0.20 of after-tax gains pertaining to the sale of industrial real estate property |
• | $(0.00) of after-tax losses related to restructuring charges |
• | $(0.01) of non-cash after-tax losses related to fair market value adjustments to equity investments |
• | $0.02 of non-cash after-tax gains related to fair market value adjustments to equity investments |
• | $(0.11) of after-tax losses related to restructuring charges |
• | $0.03 of after-tax gains related to the change in fair value of a contingent liability |
• | $0.10 of after-tax gains related to the sale of a subsidiary |
• | $0.13 of after-tax benefits from the reversal of accrued compensation |
• | $0.20 of after-tax gains pertaining to the sale of industrial real estate property |
• | $(0.06) of non-cash after-tax losses related to fair market value adjustments to equity investments |
• | $(0.11) of after-tax losses related to restructuring charges |
• | $(4.03) of non-cash after-tax losses related to the impairment of goodwill, less capable rigs, predominantly consisting of U.S. non-super-spec rigs, and excess related equipment and inventory |
Three Months Ended | Year Ended | ||||||||||||||||||
September 30, | June 30, | September 30, | September 30, | ||||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS | 2020 | 2020 | 2019 | 2020 | 2019 | ||||||||||||||
Operating revenues | |||||||||||||||||||
Drilling services | $ | 205,621 | $ | 314,405 | $ | 645,759 | $ | 1,761,714 | $ | 2,785,557 | |||||||||
Other | 2,646 | 2,959 | 3,291 | 12,213 | 12,933 | ||||||||||||||
208,267 | 317,364 | 649,050 | 1,773,927 | 2,798,490 | |||||||||||||||
Operating costs and expenses | |||||||||||||||||||
Drilling services operating expenses, excluding depreciation and amortization | 162,518 | 205,198 | 430,778 | 1,184,788 | 1,803,204 | ||||||||||||||
Other operating expenses | 1,491 | 1,549 | 1,072 | 5,777 | 5,382 | ||||||||||||||
Depreciation and amortization | 109,587 | 110,161 | 134,887 | 481,885 | 562,803 | ||||||||||||||
Research and development | 4,915 | 3,638 | 6,121 | 21,645 | 27,467 | ||||||||||||||
Selling, general and administrative | 32,619 | 43,108 | 49,812 | 167,513 | 194,416 | ||||||||||||||
Asset impairment charge | — | — | — | 563,234 | 224,327 | ||||||||||||||
Restructuring charges | 552 | 15,495 | — | 16,047 | — | ||||||||||||||
Gain on sale of assets | (27,985 | ) | (4,201 | ) | (12,641 | ) | (46,775 | ) | (39,691 | ) | |||||||||
283,697 | 374,948 | 610,029 | 2,394,114 | 2,777,908 | |||||||||||||||
Operating income (loss) from continuing operations | (75,430 | ) | (57,584 | ) | 39,021 | (620,187 | ) | 20,582 | |||||||||||
Other income (expense) | |||||||||||||||||||
Interest and dividend income | 753 | 771 | 2,607 | 7,304 | 9,468 | ||||||||||||||
Interest expense | (6,154 | ) | (6,125 | ) | (8,043 | ) | (24,474 | ) | (25,188 | ) | |||||||||
Gain (loss) on investment securities | (1,395 | ) | 2,267 | (4,260 | ) | (8,720 | ) | (54,488 | ) | ||||||||||
Gain on sale of subsidiary | — | — | — | 14,963 | — | ||||||||||||||
Other | (1,673 | ) | (2,914 | ) | (546 | ) | (5,384 | ) | (1,596 | ) | |||||||||
(8,469 | ) | (6,001 | ) | (10,242 | ) | (16,311 | ) | (71,804 | ) | ||||||||||
Income (loss) from continuing operations before income taxes | (83,899 | ) | (63,585 | ) | 28,779 | (636,498 | ) | (51,222 | ) | ||||||||||
Income tax benefit | (23,253 | ) | (17,578 | ) | (13,110 | ) | (140,106 | ) | (18,712 | ) | |||||||||
Income (loss) from continuing operations | (60,646 | ) | (46,007 | ) | 41,889 | (496,392 | ) | (32,510 | ) | ||||||||||
Income from discontinued operations before income taxes | 7,905 | 9,151 | 10,050 | 30,580 | 32,848 | ||||||||||||||
Income tax provision | 6,222 | 8,743 | 10,763 | 28,685 | 33,994 | ||||||||||||||
Income (loss) from discontinued operations | 1,683 | 408 | (713 | ) | 1,895 | (1,146 | ) | ||||||||||||
Net income (loss) | $ | (58,963 | ) | $ | (45,599 | ) | $ | 41,176 | $ | (494,497 | ) | $ | (33,656 | ) | |||||
Basic earnings (loss) per common share: | |||||||||||||||||||
Income (loss) from continuing operations | $ | (0.57 | ) | $ | (0.43 | ) | $ | 0.38 | $ | (4.62 | ) | $ | (0.33 | ) | |||||
Income (loss) from discontinued operations | 0.02 | — | (0.01 | ) | 0.02 | (0.01 | ) | ||||||||||||
Net income (loss) | $ | (0.55 | ) | $ | (0.43 | ) | $ | 0.37 | $ | (4.60 | ) | $ | (0.34 | ) | |||||
Diluted earnings (loss) per common share: | |||||||||||||||||||
Income (loss) from continuing operations | $ | (0.57 | ) | $ | (0.43 | ) | $ | 0.38 | $ | (4.62 | ) | $ | (0.33 | ) | |||||
Income (loss) from discontinued operations | 0.02 | — | (0.01 | ) | 0.02 | (0.01 | ) | ||||||||||||
Net income (loss) | $ | (0.55 | ) | $ | (0.43 | ) | $ | 0.37 | $ | (4.60 | ) | $ | (0.34 | ) | |||||
Weighted average shares outstanding (in thousands): | |||||||||||||||||||
Basic | 107,484 | 107,439 | 108,896 | 108,009 | 109,216 | ||||||||||||||
Diluted | 107,484 | 107,439 | 108,950 | 108,009 | 109,216 |
September 30, | September 30, | ||||||
CONSOLIDATED BALANCE SHEETS | 2020 | 2019 | |||||
Assets | |||||||
Cash and cash equivalents | $ | 487,884 | $ | 347,943 | |||
Short-term investments | 89,335 | 52,960 | |||||
Other current assets | 386,108 | 714,183 | |||||
Total current assets | 963,327 | 1,115,086 | |||||
Investments | 31,585 | 31,991 | |||||
Property, plant and equipment, net | 3,646,341 | 4,502,084 | |||||
Other noncurrent assets | 188,368 | 190,354 | |||||
Total Assets | $ | 4,829,621 | $ | 5,839,515 | |||
Liabilities and Shareholders' Equity | |||||||
Current liabilities | $ | 219,136 | $ | 410,238 | |||
Long-term debt, net | 480,727 | 479,356 | |||||
Other noncurrent liabilities | 797,855 | 922,357 | |||||
Noncurrent liabilities - discontinued operations | 13,389 | 15,341 | |||||
Total shareholders’ equity | 3,318,514 | 4,012,223 | |||||
Total Liabilities and Shareholders' Equity | $ | 4,829,621 | $ | 5,839,515 |
Year Ended September 30, | |||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | 2020 | 2019 | |||||
OPERATING ACTIVITIES: | |||||||
Net loss | $ | (494,497 | ) | $ | (33,656 | ) | |
Adjustment for (income) loss from discontinued operations | (1,895 | ) | 1,146 | ||||
Loss from continuing operations | (496,392 | ) | (32,510 | ) | |||
Adjustments to reconcile net loss to net cash provided by operating activities: | |||||||
Depreciation and amortization | 481,885 | 562,803 | |||||
Asset impairment charge | 563,234 | 224,327 | |||||
Restructuring charges | — | ||||||
Amortization of debt discount and debt issuance costs | 1,817 | 1,732 | |||||
Provision for bad debt | 2,203 | 2,321 | |||||
Stock-based compensation | 36,329 | 34,292 | |||||
Loss on investment securities | 8,720 | 54,488 | |||||
Gain on sale of assets | (46,775 | ) | (39,691 | ) | |||
Gain on sale of subsidiary | (14,963 | ) | — | ||||
Deferred income tax benefit | (157,555 | ) | (44,554 | ) | |||
Other | (200 | ) | (3,295 | ) | |||
Changes in assets and liabilities | 160,625 | 95,900 | |||||
Net cash provided by operating activities from continuing operations | 538,928 | 855,813 | |||||
Net cash used in operating activities from discontinued operations | (47 | ) | (62 | ) | |||
Net cash provided by operating activities | 538,881 | 855,751 | |||||
INVESTING ACTIVITIES: | |||||||
Capital expenditures | (140,795 | ) | (458,402 | ) | |||
Purchase of short-term investments | (134,641 | ) | (97,652 | ) | |||
Payment for acquisition of business, net of cash acquired | — | (16,163 | ) | ||||
Proceeds from sale of short-term investments | 94,646 | 86,765 | |||||
Proceeds from sale of subsidiary | 15,056 | — | |||||
Proceeds from sale of marketable securities | — | 11,999 | |||||
Proceeds from asset sales | 78,399 | 50,817 | |||||
Other | (550 | ) | — | ||||
Net cash used in investing activities | (87,885 | ) | (422,636 | ) | |||
FINANCING ACTIVITIES: | |||||||
Dividends paid | (260,335 | ) | (313,421 | ) | |||
Debt issuance costs paid | — | (3,912 | ) | ||||
Proceeds from stock option exercises | 4,100 | 3,053 | |||||
Payments for employee taxes on net settlement of equity awards | (3,784 | ) | (6,418 | ) | |||
Payment of contingent consideration from acquisition of business | (8,250 | ) | — | ||||
Payments for early extinguishment of long term debt | — | (12,852 | ) | ||||
Share repurchase | (28,505 | ) | (42,779 | ) | |||
Other | (446 | ) | — | ||||
Net cash used in financing activities | (297,220 | ) | (376,329 | ) | |||
Net increase in cash and cash equivalents and restricted cash | 153,776 | 56,786 | |||||
Cash and cash equivalents and restricted cash, beginning of period | 382,971 | 326,185 | |||||
Cash and cash equivalents and restricted cash, end of period | $ | 536,747 | $ | 382,971 |
Three Months Ended | Year Ended | ||||||||||||||||||
SEGMENT REPORTING (in thousands, except operating statistics) | September 30, | June 30, | September 30, | September 30, | |||||||||||||||
2020 | 2020 | 2019 (1) | 2020 | 2019 (1) | |||||||||||||||
NORTH AMERICA SOLUTIONS | |||||||||||||||||||
Operating revenues | $ | 149,304 | $ | 254,434 | $ | 558,938 | $ | 1,474,380 | $ | 2,426,191 | |||||||||
Direct operating expenses | 110,048 | 152,663 | 355,830 | 942,277 | 1,532,576 | ||||||||||||||
Research and development | 4,828 | 3,459 | 5,918 | 20,699 | 25,164 | ||||||||||||||
Selling, general and administrative expense | 10,916 | 13,533 | 15,818 | 53,714 | 66,179 | ||||||||||||||
Depreciation | 101,941 | 102,699 | 120,988 | 438,039 | 504,466 | ||||||||||||||
Asset impairment charge | — | — | — | 406,548 | 216,908 | ||||||||||||||
Restructuring charges | (232 | ) | 7,237 | — | 7,005 | — | |||||||||||||
Segment operating income (loss) | $ | (78,197 | ) | $ | (25,157 | ) | $ | 60,384 | $ | (393,902 | ) | $ | 80,898 | ||||||
Revenue days | 5,945 | 8,101 | 18,765 | 49,003 | 81,805 | ||||||||||||||
Average rig revenue per day | $ | 23,951 | $ | 27,975 | $ | 26,218 | $ | 26,589 | $ | 26,167 | |||||||||
Average rig expense per day | 17,348 | 15,412 | 15,394 | 15,730 | 15,243 | ||||||||||||||
Average rig margin per day | $ | 6,603 | $ | 12,563 | $ | 10,824 | $ | 10,859 | $ | 10,924 | |||||||||
Rig utilization | 25 | % | 32 | % | 68 | % | 47 | % | 67 | % | |||||||||
INTERNATIONAL SOLUTIONS | |||||||||||||||||||
Operating revenues | $ | 23,996 | $ | 22,477 | $ | 48,353 | $ | 144,185 | $ | 211,731 | |||||||||
Direct operating expenses | 25,157 | 27,595 | 43,119 | 124,791 | 157,856 | ||||||||||||||
Selling, general and administrative expense | 733 | 1,129 | 1,399 | 4,565 | 5,624 | ||||||||||||||
Depreciation | 897 | 996 | 8,042 | 17,531 | 35,466 | ||||||||||||||
Asset impairment charge | — | — | — | 156,686 | 7,419 | ||||||||||||||
Restructuring charges | 683 | 2,297 | — | 2,980 | — | ||||||||||||||
Segment operating income (loss) | $ | (3,474 | ) | $ | (9,540 | ) | $ | (4,207 | ) | $ | (162,368 | ) | $ | 5,366 | |||||
Revenue days | 452 | 988 | 1,598 | 4,605 | 6,426 | ||||||||||||||
Average rig revenue per day | $ | 45,986 | $ | 19,642 | $ | 28,199 | $ | 29,116 | $ | 31,269 | |||||||||
Average rig expense per day | 42,816 | 21,589 | 22,722 | 23,066 | 21,626 | ||||||||||||||
Average rig margin per day | $ | 3,170 | $ | (1,947 | ) | $ | 5,477 | $ | 6,050 | $ | 9,643 | ||||||||
Rig utilization | 15 | % | 34 | % | 56 | % | 40 | % | 55 | % | |||||||||
OFFSHORE GULF OF MEXICO | |||||||||||||||||||
Operating revenues | $ | 32,321 | $ | 37,494 | $ | 38,468 | $ | 143,149 | $ | 147,635 | |||||||||
Direct operating expenses | 27,711 | 28,967 | 32,148 | 119,371 | 114,306 | ||||||||||||||
Selling, general and administrative expense | 72 | 1,248 | 1,004 | 3,365 | 3,725 | ||||||||||||||
Depreciation | 3,090 | 3,004 | 2,499 | 11,681 | 10,010 | ||||||||||||||
Restructuring charges | (8 | ) | 1,262 | — | 1,254 | — | |||||||||||||
Segment operating income | $ | 1,456 | $ | 3,013 | $ | 2,817 | $ | 7,478 | $ | 19,594 | |||||||||
Revenue days | 460 | 455 | 552 | 1,922 | 2,163 | ||||||||||||||
Average rig revenue per day | $ | 45,254 | $ | 49,654 | $ | 43,072 | $ | 45,145 | $ | 37,478 | |||||||||
Average rig expense per day | 37,591 | 34,702 | 35,612 | 37,410 | 28,663 | ||||||||||||||
Average rig margin per day | $ | 7,663 | $ | 14,952 | $ | 7,460 | $ | 7,735 | $ | 8,815 | |||||||||
Rig utilization | 63 | % | 63 | % | 75 | % | 66 | % | 74 | % |
Three Months Ended | Year Ended | ||||||||||||||||||
September 30, | June 30, | September 30, | September 30, | ||||||||||||||||
(in thousands) | 2020 | 2020 | 2019 | 2020 | 2019 | ||||||||||||||
North America Solutions | $ | 6,915 | $ | 27,807 | $ | 66,966 | $ | 171,455 | $ | 285,614 | |||||||||
International Solutions | 3,224 | 3,079 | 3,291 | 10,099 | 10,797 | ||||||||||||||
Offshore Gulf of Mexico | 5,548 | 8,223 | 7,899 | 30,436 | 26,433 |
Three Months Ended September 30, 2020 | |||||||||||||||||||||||
(in thousands) | North America Solutions | Offshore Gulf of Mexico | International Solutions | Other | Eliminations | Total | |||||||||||||||||
Operating revenue | $ | 149,304 | $ | 32,321 | $ | 23,996 | $ | 2,646 | $ | — | $ | 208,267 | |||||||||||
Intersegment | — | — | — | 7,974 | (7,974 | ) | — | ||||||||||||||||
Total operating revenue | $ | 149,304 | $ | 32,321 | $ | 23,996 | $ | 10,620 | $ | (7,974 | ) | $ | 208,267 | ||||||||||
Direct operating expenses | 104,742 | 25,567 | 24,760 | 8,940 | — | 164,009 | |||||||||||||||||
Intersegment | 5,306 | 2,144 | 397 | 127 | (7,974 | ) | — | ||||||||||||||||
Total contract drilling services & other operating expenses | $ | 110,048 | $ | 27,711 | $ | 25,157 | $ | 9,067 | $ | (7,974 | ) | $ | 164,009 |
Year Ended September 30, 2020 | |||||||||||||||||||||||
(in thousands) | North America Solutions | Offshore Gulf of Mexico | International Solutions | Other | Eliminations | Total | |||||||||||||||||
Operating revenue | $ | 1,474,380 | $ | 143,149 | $ | 144,185 | $ | 12,213 | $ | — | $ | 1,773,927 | |||||||||||
Intersegment | — | — | — | 36,901 | (36,901 | ) | — | ||||||||||||||||
Total operating revenue | $ | 1,474,380 | $ | 143,149 | $ | 144,185 | $ | 49,114 | $ | (36,901 | ) | $ | 1,773,927 | ||||||||||
Direct operating expenses | 913,162 | 112,852 | 123,651 | 40,900 | — | 1,190,565 | |||||||||||||||||
Intersegment | 29,115 | 6,519 | 1,140 | 127 | (36,901 | ) | — | ||||||||||||||||
Total contract drilling services & other operating expenses | $ | 942,277 | $ | 119,371 | $ | 124,791 | $ | 41,027 | $ | (36,901 | ) | $ | 1,190,565 |
Three Months Ended | Year Ended | ||||||||||||||||||
September 30, | June 30, | September 30, | September 30, | ||||||||||||||||
(in thousands) | 2020 | 2020 | 2019 (1) | 2020 | 2019 (1) | ||||||||||||||
Operating income (loss) | |||||||||||||||||||
North America Solutions | $ | (78,197 | ) | $ | (25,157 | ) | $ | 60,384 | $ | (393,902 | ) | $ | 80,898 | ||||||
International Solutions | (3,474 | ) | (9,540 | ) | (4,207 | ) | (162,368 | ) | 5,366 | ||||||||||
Offshore Gulf of Mexico | 1,456 | 3,013 | 2,817 | 7,478 | 19,594 | ||||||||||||||
Other | 699 | 4,389 | 1,388 | 4,403 | 3,375 | ||||||||||||||
Segment operating income (loss) | $ | (79,516 | ) | $ | (27,295 | ) | $ | 60,382 | $ | (544,389 | ) | $ | 109,233 | ||||||
Gain on sale of assets | 27,985 | 4,201 | 12,641 | 46,775 | 39,691 | ||||||||||||||
Corporate selling, general and administrative costs, corporate depreciation and corporate restructuring charges | (23,899 | ) | (34,490 | ) | (34,002 | ) | (122,573 | ) | (128,342 | ) | |||||||||
Operating income (loss) | $ | (75,430 | ) | $ | (57,584 | ) | $ | 39,021 | $ | (620,187 | ) | $ | 20,582 | ||||||
Other income (expense): | |||||||||||||||||||
Interest and dividend income | 753 | 771 | 2,607 | 7,304 | 9,468 | ||||||||||||||
Interest expense | (6,154 | ) | (6,125 | ) | (8,043 | ) | (24,474 | ) | (25,188 | ) | |||||||||
Gain (loss) on investment securities | (1,395 | ) | 2,267 | (4,260 | ) | (8,720 | ) | (54,488 | ) | ||||||||||
Gain on sale of subsidiary | — | — | — | 14,963 | — | ||||||||||||||
Other | (1,673 | ) | (2,914 | ) | (546 | ) | (5,384 | ) | (1,596 | ) | |||||||||
Total unallocated amounts | (8,469 | ) | (6,001 | ) | (10,242 | ) | (16,311 | ) | (71,804 | ) | |||||||||
Income (loss) from continuing operations before income taxes | $ | (83,899 | ) | $ | (63,585 | ) | $ | 28,779 | $ | (636,498 | ) | $ | (51,222 | ) |
November 19, | September 30, | June 30, | Q4FY20 | ||||||||
2020* | 2020* | 2020* | Average | ||||||||
U.S. Land Operations | |||||||||||
Term Contract Rigs | 57 | 54 | 53 | 54 | |||||||
Spot Contract Rigs | 25 | 15 | 15 | 11 | |||||||
Total Contracted Rigs | 82 | 69 | 68 | 65 | |||||||
Idle or Other Rigs | 180 | 193 | 194 | 197 | |||||||
Total Marketable Fleet | 262 | 262 | 262 | 262 |
Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | ||||||||||||||
Segment | FY21 | FY21 | FY21 | FY21 | FY22 | FY22 | FY22 | |||||||||||||
U.S. Land Operations | 57.1 | 54.3 | 37.2 | 28.3 | 21.2 | 14.2 | 10.3 | |||||||||||||
International Land Operations | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | |||||||||||||
Offshore Operations | — | — | — | — | — | — | — | |||||||||||||
Total | 58.1 | 55.3 | 38.2 | 29.3 | 22.2 | 15.2 | 11.3 |
Three Months Ended September 30, 2020 | |||||||||||||||
(in thousands, except per share data) | Pretax | Tax | Net | EPS | |||||||||||
Net loss (GAAP basis) | $ | (58,963 | ) | $ | (0.55 | ) | |||||||||
Fair market adjustment to equity investments | $ | (1,395 | ) | $ | (307 | ) | $ | (1,088 | ) | $ | (0.01 | ) | |||
Restructuring charges | $ | (552 | ) | $ | (122 | ) | $ | (430 | ) | $ | — | ||||
Gain on the sale of real estate property | $ | 27,200 | $ | 5,989 | $ | 21,211 | $ | 0.20 | |||||||
Adjusted net loss | $ | (78,656 | ) | $ | (0.74 | ) |
Three Months Ended June 30, 2020 | |||||||||||||||
(in thousands, except per share data) | Pretax | Tax | Net | EPS | |||||||||||
Net loss (GAAP basis) | $ | (45,599 | ) | $ | (0.43 | ) | |||||||||
Restructuring charges | $ | (15,495 | ) | $ | (3,254 | ) | $ | (12,241 | ) | $ | (0.11 | ) | |||
Fair market adjustment to equity investments | $ | 2,267 | $ | 652 | $ | 1,615 | $ | 0.02 | |||||||
Adjusted net loss | $ | (34,973 | ) | $ | (0.34 | ) |
Fiscal Year Ended September 30, 2020 | |||||||||||||||
(in thousands, except per share data) | Pretax | Tax | Net | EPS | |||||||||||
Net loss (GAAP basis) | $ | (494,497 | ) | $ | (4.60 | ) | |||||||||
Impairment of goodwill, rigs and related equipment | $ | (563,234 | ) | $ | (125,770 | ) | $ | (437,464 | ) | $ | (4.03 | ) | |||
Restructuring charges | $ | (16,047 | ) | $ | (3,534 | ) | $ | (12,513 | ) | $ | (0.11 | ) | |||
Fair market adjustment to equity investments | $ | (8,720 | ) | $ | (1,920 | ) | $ | (6,800 | ) | $ | (0.06 | ) | |||
Gain on the sale of real estate property | $ | 27,200 | $ | 5,989 | $ | 21,211 | $ | 0.20 | |||||||
Reversal of accrued compensation | $ | 17,681 | $ | 4,038 | $ | 13,643 | $ | 0.13 | |||||||
Gain on the sale of a subsidiary | $ | 14,963 | $ | 4,205 | $ | 10,758 | $ | 0.10 | |||||||
Change in fair value of contingent liability | $ | 3,100 | $ | 683 | $ | 2,417 | $ | 0.03 | |||||||
Adjusted net loss | $ | (85,749 | ) | $ | (0.86 | ) |