|
07.02.2023 22:15:00
|
Nabors Announces Fourth Quarter 2022 Results
HAMILTON, Bermuda, Feb. 7, 2023 /PRNewswire/ -- Nabors Industries Ltd. ("Nabors" or the "Company") (NYSE: NBR) today reported fourth quarter 2022 operating revenues of $760 million, an increase of approximately 10%, compared to operating revenues of $694 million in the third quarter of 2022. The net loss attributable to Nabors shareholders for the quarter was $69 million, or $7.87 per share. This compares to a loss of $14 million, or $1.80 per share, in the third quarter. The fourth quarter results included a non-cash charge of $36 million, or $3.98 per share, related to mark-to-market treatment of Nabors' warrants. The third quarter results included a non-cash gain for the warrants of $34 million, or $3.74 per share. Excluding the impact of the Nabors warrants on each quarter's results, the net loss improved sequentially by $15 million. Fourth quarter adjusted EBITDA was $230 million, a 21% increase compared to $191 million in the previous quarter.
Anthony G. Petrello, Nabors Chairman, CEO and President, commented, "Our fourth quarter performance and financial results were impressive. Once again, all segments contributed to strong sequential growth. Total adjusted EBITDA was the highest quarterly level since 2015. The U.S. Drilling segment drove most of our growth, highlighted by unprecedented daily margins in the Lower 48 market. Daily margin and adjusted EBITDA also improved in our International segment. In Drilling Solutions, growth accelerated with the annual adjusted EBITDA run rate surpassing $120 million, as gross margin set another record at nearly 53%. Rig Technologies had its best quarter in seven years.
"In the Lower 48, we successfully repriced the majority of our rigs during the quarter. As a result, daily rig revenue increased by more than $3,500. Almost all of that increase flowed through to daily gross margin, which improved by nearly $3,500, to $14,600, an all-time high. Notwithstanding this growth, leading edge daily revenue in this market remains substantially higher than our fourth quarter average.
"In our International segment, SANAD deployed its second newbuild rig, of the initial five awards, late in the quarter. The remaining three units are expected to commence operations by the third quarter. In addition, SANAD has been awarded five more newbuild rigs, bringing the total awarded to date to 10. Deployment of this second tranche of five is expected to begin around the end of 2023 at the earliest. We also reactivated an existing rig in Saudi Arabia, and in Papua New Guinea our advanced rig contributed a full quarter at its operating rate.
"Revenue in our Drilling Solutions segment accelerated in the fourth quarter. Adjusted EBITDA increased by 18% sequentially, driven by growth across most product lines. NDS revenue on our U.S. rigs, third-party U.S. rigs, and International rigs all saw double-digit growth in the quarter.
"In our Rig Technologies segment, all product lines contributed to the increase in segment EBITDA. The most significant increases were in aftermarket parts, and rentals.
"Demonstrating our commitment and progress supporting the energy transition, Nabors was awarded the Energy Transition Award – Upstream at the 24th Annual Platts Global Energy Awards in December. Our strategy has taken shape since we announced it a year ago. We have deployed multiple energy transition solutions on our rigs, as well as on third party units. Also, we are developing advanced technologies focused on responsible hydrocarbon production, hydrogen, and carbon."
Segment Results
The U.S. Drilling segment reported $144.1 million in adjusted EBITDA for the fourth quarter of 2022, a 26% increase from the prior quarter. Nabors' average Lower 48 rig count, at 95, increased by three rigs. Daily adjusted gross margin in the Lower 48 market averaged $14,600, 31% higher than the prior quarter.
International Drilling adjusted EBITDA totaled $88.8 million, a 3% increase from the prior quarter. Improved performance across Latin America and in Saudi Arabia drove the growth. The International rig count averaged 75.7, up one rig sequentially. Daily adjusted gross margin for the fourth quarter averaged $14,902, up $313 from the prior quarter.
Drilling Solutions adjusted EBITDA increased sequentially by 18% to $30.3 million. Growth was strong across most product and service categories, notably Managed Pressure Drilling, Casing Running, and Performance Tools.
In Rig Technologies, adjusted EBITDA increased by 57% to $7.6 million in the fourth quarter. Revenue increased by 24% sequentially, to $62.8 million, mainly due to higher aftermarket sales, reflecting increased rig and equipment utilization across the industry.
Adjusted Free Cash Flow
Adjusted free cash flow totaled $101 million in the fourth quarter, primarily driven by higher financial results across all segments, strong collections, and disciplined capital spending. For the full year, adjusted free cash flow was $154 million. Capital expenditures for the fourth quarter totaled $103 million, including $16 million supporting the SANAD newbuilds. Full-year capital expenditures totaled $382 million, of which $91 million was for SANAD newbuilds.
At the end of the fourth quarter, net debt was $2.085 billion, a $75 million reduction compared to the third quarter.
William Restrepo, Nabors CFO, stated, "We benefitted from strong financial performance in the fourth quarter across all of our segments. U.S. Drilling delivered continued increases in pricing, as well as higher rig count. At the same time our International business continued its steady upward progression with more growth expected over the coming quarters, as activity across the globe expands from its current levels and dayrates have started to increase. Our low-capital-intensity businesses grew briskly during the quarter with both Drilling Solutions and Rig Technologies exceeding their quarterly targets.
"In the Lower 48, dayrate increases were significant as we repriced nearly two-thirds of the fleet. Our revenue per day average for the fleet reached $32,000. There's still plenty of room to run as we reprice our fleet to the current leading edge dayrates.
"We intend to capitalize on this environment to further improve our capital structure and reduce leverage. We are already seeing the impact our cash flow generation and debt reduction has had on the cost of our debt, with interest rate spreads compressing significantly over the last quarter. For 2023, we estimate we will generate adjusted free cash flow exceeding $400 million. We intend to allocate our cash flow primarily to debt reduction and we expect to close the year with net debt of approximately $1.7 billion."
Outlook
Nabors expects the following metrics for the first quarter 2023:
U.S. Drilling
- An increase in average Lower 48 rig count of one rig vs. the fourth quarter average
- Lower 48 adjusted gross margin per day of approximately $16,100 - $16,300
- A $2 to $3 million decrease in adjusted EBITDA for Alaska and U.S. Offshore combined, mainly due to two Alaska rigs going on standby rate
International
- Rig count up approximately one to two rigs vs. the fourth quarter average
- Adjusted gross margin per day approximately in line with the fourth quarter
Drilling Solutions
- Adjusted EBITDA up by approximately 6% above the fourth quarter level
Rig Technologies
- Adjusted EBITDA approximately in line with the fourth quarter
Capital Expenditures
- Capital expenditures of $150 million, of which approximately $45 million supports SANAD newbuilds
- Capital expenditures for the full year 2023 of $490 million, including $180 million for SANAD and an incremental $20 million for sustaining capex on the higher rig count
Adjusted Free Cash Flow
- Adjusted free cash flow for the full year 2023 to exceed $400 million
Mr. Petrello concluded, "Our fourth quarter results capped a year of significant achievement. We reached noteworthy milestones across the company. Looking into 2023, the momentum from higher dayrates, newbuild deployments in Saudi Arabia, greater penetration of our advanced performance solutions, the start of expanding activity in international markets, and broader recognition of our decarbonization initiatives sets us up for a strong 2023."
About Nabors Industries
Nabors Industries (NYSE: NBR) is a leading provider of advanced technology for the energy industry. With presence in more than 20 countries, Nabors has established a global network of people, technology and equipment to deploy solutions that deliver safe, efficient and responsible energy production. By leveraging its core competencies, particularly in drilling, engineering, automation, data science and manufacturing, Nabors aims to innovate the future of energy and enable the transition to a lower-carbon world. Learn more about Nabors and its energy technology leadership: www.nabors.com.
Forward-looking Statements
The information included in this press release includes forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934. Such forward-looking statements are subject to a number of risks and uncertainties, as disclosed by Nabors from time to time in its filings with the Securities and Exchange Commission. As a result of these factors, Nabors' actual results may differ materially from those indicated or implied by such forward-looking statements. The forward-looking statements contained in this press release reflect management's estimates and beliefs as of the date of this press release. Nabors does not undertake to update these forward-looking statements.
Non-GAAP Disclaimer
This press release presents certain "non-GAAP" financial measures. The components of these non-GAAP measures are computed by using amounts that are determined in accordance with accounting principles generally accepted in the United States of America ("GAAP"). Adjusted operating income (loss) represents income (loss) from continuing operations before income taxes, interest expense, investment income (loss), and other, net. Adjusted EBITDA is computed similarly, but also excludes depreciation and amortization expenses. In addition, adjusted EBITDA and adjusted operating income (loss) exclude certain cash expenses that the Company is obligated to make. Net debt is calculated as total debt minus the sum of cash, cash equivalents and short-term investments.
Adjusted free cash flow represents net cash provided by operating activities less cash used for capital expenditures, net of proceeds from sales of assets. Management believes that adjusted free cash flow is an important liquidity measure for the company and that it is useful to investors and management as a measure of the company's ability to generate cash flow, after reinvesting in the company for future growth, that could be available for paying down debt or other financing cash flows, such as dividends to shareholders. Management believes that this non-GAAP measure is useful information to investors when comparing our cash flows with the cash flows of other companies.
Each of these non-GAAP measures has limitations and therefore should not be used in isolation or as a substitute for the amounts reported in accordance with GAAP. However, management evaluates the performance of its operating segments and the consolidated Company based on several criteria, including Adjusted EBITDA, adjusted operating income (loss), net debt, and adjusted free cash flow, because it believes that these financial measures accurately reflect the Company's ongoing profitability and performance. Securities analysts and investors also use these measures as some of the metrics on which they analyze the Company's performance. Other companies in this industry may compute these measures differently. Reconciliations of consolidated adjusted EBITDA and adjusted operating income (loss) to income (loss) from continuing operations before income taxes, net debt to total debt, and adjusted free cash flow to net cash provided by operations, which are their nearest comparable GAAP financial measures, are included in the tables at the end of this press release. We do not provide a forward-looking reconciliation of our outlook for Segment Adjusted EBITDA, Segment Gross Margin or Adjusted Free Cash Flow, as the amount and significance of items required to develop meaningful comparable GAAP financial measures cannot be estimated at this time without unreasonable efforts. These special items could be meaningful.
Investor Contacts: William C. Conroy, CFA, Vice President of Corporate Development & Investor Relations, +1 281-775-2423 or via e-mail william.conroy@nabors.com, or Kara Peak, Director of Corporate Development & Investor Relations, +1 281-775-4954 or via email kara.peak@nabors.com. To request investor materials, contact Nabors' corporate headquarters in Hamilton, Bermuda at +441-292-1510 or via e-mail mark.andrews@nabors.com
NABORS INDUSTRIES LTD. AND SUBSIDIARIES | |||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) | |||||||||||
(Unaudited) | |||||||||||
Three Months Ended | Year Ended | ||||||||||
December 31, | September 30, | December 31, | |||||||||
(In thousands, except per share amounts) | 2022 | 2021 | 2022 | 2022 | 2021 | ||||||
Revenues and other income: | |||||||||||
Operating revenues | $ 760,148 | $ 543,539 | $ 694,136 | $ 2,653,766 | $ 2,017,548 | ||||||
Investment income (loss) | 9,194 | 156 | 4,813 | 14,992 | 1,557 | ||||||
Total revenues and other income | 769,342 | 543,695 | 698,949 | 2,668,758 | 2,019,105 | ||||||
Costs and other deductions: | |||||||||||
Direct costs | 457,184 | 347,238 | 432,311 | 1,666,004 | 1,286,896 | ||||||
General and administrative expenses | 59,031 | 54,422 | 57,594 | 228,431 | 213,559 | ||||||
Research and engineering | 13,911 | 10,223 | 13,409 | 49,939 | 35,153 | ||||||
Depreciation and amortization | 168,841 | 167,955 | 169,857 | 665,072 | 693,381 | ||||||
Interest expense | 44,245 | 44,570 | 43,841 | 177,895 | 171,476 | ||||||
Other, net | 58,124 | 10,170 | (25,954) | 127,099 | 106,729 | ||||||
Total costs and other deductions | 801,336 | 634,578 | 691,058 | 2,914,440 | 2,507,194 | ||||||
Income (loss) from continuing operations before income taxes | (31,994) | (90,883) | 7,891 | (245,682) | (488,089) | ||||||
Income tax expense (benefit) | 26,161 | 18,393 | 12,352 | 61,537 | 55,621 | ||||||
Income (loss) from continuing operations, net of tax | (58,155) | (109,276) | (4,461) | (307,219) | (543,710) | ||||||
Income (loss) from discontinued operations, net of tax | - | 13 | - | - | 20 | ||||||
Net income (loss) | (58,155) | (109,263) | (4,461) | (307,219) | (543,690) | ||||||
Less: Net (income) loss attributable to noncontrolling interest | (10,911) | (4,414) | (9,322) | (43,043) | (25,582) | ||||||
Net income (loss) attributable to Nabors | (69,066) | (113,677) | (13,783) | (350,262) | (569,272) | ||||||
Less: Preferred stock dividend | - | - | - | - | (3,653) | ||||||
Net income (loss) attributable to Nabors common shareholders | $ (69,066) | $ (113,677) | $ (13,783) | $ (350,262) | $ (572,925) | ||||||
Amounts attributable to Nabors common shareholders: | |||||||||||
Net income (loss) from continuing operations | $ (69,066) | $ (113,690) | $ (13,783) | $ (350,262) | $ (572,945) | ||||||
Net income (loss) from discontinued operations | - | 13 | - | - | 20 | ||||||
Net income (loss) attributable to Nabors common shareholders | $ (69,066) | $ (113,677) | $ (13,783) | $ (350,262) | $ (572,925) | ||||||
Earnings (losses) per share: | |||||||||||
Basic from continuing operations | $ (7.87) | $ (14.60) | $ (1.80) | $ (40.52) | $ (76.58) | ||||||
Basic from discontinued operations | - | - | - | - | - | ||||||
Total Basic | $ (7.87) | $ (14.60) | $ (1.80) | $ (40.52) | $ (76.58) | ||||||
Diluted from continuing operations | $ (7.87) | $ (14.60) | $ (1.80) | $ (40.52) | $ (76.58) | ||||||
Diluted from discontinued operations | - | - | - | - | - | ||||||
Total Diluted | $ (7.87) | $ (14.60) | $ (1.80) | $ (40.52) | $ (76.58) | ||||||
Weighted-average number of common shares outstanding: | |||||||||||
Basic | 9,101 | 7,950 | 9,099 | 8,898 | 7,605 | ||||||
Diluted | 9,101 | 7,950 | 9,099 | 8,898 | 7,605 | ||||||
Adjusted EBITDA | $ 230,022 | $ 131,656 | $ 190,822 | $ 709,392 | $ 481,940 | ||||||
Adjusted operating income (loss) | $ 61,181 | $ (36,299) | $ 20,965 | $ 44,320 | $ (211,441) | ||||||
NABORS INDUSTRIES LTD. AND SUBSIDIARIES | ||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||
December 31, | September 30, | December 31, | ||||
(In thousands) | 2022 | 2022 | 2021 | |||
(Unaudited) | ||||||
ASSETS | ||||||
Current assets: | ||||||
Cash and short-term investments | $ 452,315 | $ 425,070 | $ 991,488 | |||
Accounts receivable, net | 327,397 | 302,963 | 287,572 | |||
Other current assets | 220,911 | 237,873 | 222,749 | |||
Total current assets | 1,000,623 | 965,906 | 1,501,809 | |||
Property, plant and equipment, net | 3,026,100 | 3,100,293 | 3,348,498 | |||
Other long-term assets | 703,131 | 702,356 | 675,057 | |||
Total assets | $ 4,729,854 | $ 4,768,555 | $ 5,525,364 | |||
LIABILITIES AND EQUITY | ||||||
Current liabilities: | ||||||
Trade accounts payable | $ 314,041 | $ 290,167 | $ 253,748 | |||
Other current liabilities | 282,349 | 268,999 | 271,480 | |||
Total current liabilities | 596,390 | 559,166 | 525,228 | |||
Long-term debt | 2,537,540 | 2,585,517 | 3,262,795 | |||
Other long-term liabilities | 380,529 | 344,702 | 343,120 | |||
Total liabilities | 3,514,459 | 3,489,385 | 4,131,143 | |||
Redeemable noncontrolling interest in subsidiary | 678,604 | 683,005 | 675,283 | |||
Equity: | ||||||
Shareholders' equity | 368,956 | 439,241 | 590,656 | |||
Noncontrolling interest | 167,835 | 156,924 | 128,282 | |||
Total equity | 536,791 | 596,165 | 718,938 | |||
Total liabilities and equity | $ 4,729,854 | $ 4,768,555 | $ 5,525,364 | |||
NABORS INDUSTRIES LTD. AND SUBSIDIARIES | ||||||||||||
SEGMENT REPORTING | ||||||||||||
(Unaudited) | ||||||||||||
The following tables set forth certain information with respect to our reportable segments and rig activity: | ||||||||||||
Three Months Ended | Year Ended | |||||||||||
December 31, | September 30, | December 31, | ||||||||||
(In thousands, except rig activity) | 2022 | 2021 | 2022 | 2022 | 2021 | |||||||
Operating revenues: | ||||||||||||
U.S. Drilling | $ 332,845 | $ 192,310 | $ 297,178 | $ 1,100,614 | $ 669,656 | |||||||
Canada Drilling | - | - | - | - | 39,336 | |||||||
International Drilling | 317,577 | 271,069 | 306,355 | 1,199,282 | 1,043,197 | |||||||
Drilling Solutions | 71,307 | 51,776 | 61,981 | 243,349 | 172,473 | |||||||
Rig Technologies (1) | 62,803 | 46,920 | 50,496 | 195,129 | 149,273 | |||||||
Other reconciling items (2) | (24,384) | (18,536) | (21,874) | (84,608) | (56,387) | |||||||
Total operating revenues | $ 760,148 | $ 543,539 | $ 694,136 | $ 2,653,766 | $ 2,017,548 | |||||||
Adjusted EBITDA: (3) | ||||||||||||
U.S. Drilling | $ 144,142 | $ 69,249 | $ 114,486 | $ 420,264 | $ 249,951 | |||||||
Canada Drilling | 56 | 223 | (9) | 13 | 14,497 | |||||||
International Drilling | 88,838 | 73,168 | 85,922 | 328,454 | 283,312 | |||||||
Drilling Solutions | 30,336 | 19,559 | 25,612 | 98,699 | 59,433 | |||||||
Rig Technologies (1) | 7,561 | 3,842 | 4,818 | 14,699 | 8,349 | |||||||
Other reconciling items (4) | (40,911) | (34,385) | (40,007) | (152,737) | (133,601) | |||||||
Total adjusted EBITDA | $ 230,022 | $ 131,656 | $ 190,822 | $ 709,392 | $ 481,940 | |||||||
Adjusted operating income (loss): (5) | ||||||||||||
U.S. Drilling | $ 68,293 | $ (12,587) | $ 37,776 | $ 108,506 | $ (76,492) | |||||||
Canada Drilling | 56 | 223 | (9) | 13 | 2,893 | |||||||
International Drilling | 1,750 | (5,749) | (907) | (879) | (40,117) | |||||||
Drilling Solutions | 24,800 | 12,930 | 20,099 | 77,868 | 32,771 | |||||||
Rig Technologies (1) | 6,118 | 1,493 | 3,412 | 8,906 | 158 | |||||||
Other reconciling items (4) | (39,836) | (32,609) | (39,406) | (150,094) | (130,654) | |||||||
Total adjusted operating income (loss) | $ 61,181 | $ (36,299) | $ 20,965 | $ 44,320 | $ (211,441) | |||||||
Rig activity: | ||||||||||||
Average Rigs Working: (7) | ||||||||||||
Lower 48 | 95.1 | 74.7 | 92.1 | 90.0 | 65.6 | |||||||
Other US | 7.0 | 6.0 | 7.7 | 7.2 | 5.3 | |||||||
U.S. Drilling | 102.1 | 80.7 | 99.8 | 97.2 | 70.9 | |||||||
Canada Drilling | - | - | - | - | 6.5 | |||||||
International Drilling | 75.7 | 71.4 | 74.6 | 74.2 | 67.9 | |||||||
Total average rigs working | 177.8 | 152.1 | 174.4 | 171.4 | 145.3 | |||||||
Daily Rig Revenue: (6),(8) | ||||||||||||
Lower 48 | $ 32,719 | $ 21,739 | $ 29,190 | $ 27,826 | $ 21,436 | |||||||
Other US | 72,497 | 77,833 | 70,661 | 71,333 | 81,641 | |||||||
U.S. Drilling (10) | 35,447 | 25,911 | 32,380 | 31,037 | 25,909 | |||||||
Canada Drilling | - | - | - | - | 16,693 | |||||||
International Drilling | 45,616 | 41,239 | 44,658 | 44,311 | 42,100 | |||||||
Daily Adjusted Gross Margin: (6),(9) | ||||||||||||
Lower 48 | $ 14,599 | $ 7,161 | $ 11,165 | $ 10,678 | $ 7,367 | |||||||
Other US | 36,592 | 47,734 | 38,034 | 37,062 | 50,953 | |||||||
U.S. Drilling (10) | 16,107 | 10,179 | 13,232 | 12,625 | 10,605 | |||||||
Canada Drilling | - | - | - | - | 6,927 | |||||||
International Drilling | 14,902 | 13,172 | 14,589 | 14,257 | 13,474 | |||||||
(1) | Includes our oilfield equipment manufacturing activities. | |||||||
(2) | Represents the elimination of inter-segment transactions related to our Rig Technologies operating segment. | |||||||
(3) | Adjusted EBITDA represents net income (loss) before income (loss) from discontinued operations, net of tax, income tax expense (benefit), investment income (loss), interest expense, other, net and depreciation and amortization. Adjusted EBITDA is a non-GAAP financial measure and should not be used in isolation or as a substitute for the amounts reported in accordance with GAAP. In addition, adjusted EBITDA excludes certain cash expenses that the Company is obligated to make. However, management evaluates the performance of its operating segments and the consolidated Company based on several criteria, including adjusted EBITDA and adjusted operating income (loss), because it believes that these financial measures accurately reflect the Company's ongoing profitability and performance. Securities analysts and investors use this measure as one of the metrics on which they analyze the Company's performance. Other companies in this industry may compute these measures differently. A reconciliation of this non-GAAP measure to net income (loss), which is the most closely comparable GAAP measure, is provided in the table set forth immediately following the heading "Reconciliation of Non-GAAP Financial Measures to Net Income (Loss)". | |||||||
(4) | Represents the elimination of inter-segment transactions and unallocated corporate expenses. | |||||||
(5) | Adjusted operating income (loss) represents net income (loss) before income (losses) from discontinued operations, net of tax, income tax expense (benefit), investment income (loss), interest expense and other, net. Adjusted operating income (loss) is a non-GAAP financial measure and should not be used in isolation or as a substitute for the amounts reported in accordance with GAAP. In addition, adjusted operating income (loss) excludes certain cash expenses that the Company is obligated to make. However, management evaluates the performance of its operating segments and the consolidated Company based on several criteria, including adjusted EBITDA and adjusted operating income (loss), because it believes that these financial measures accurately reflect the Company's ongoing profitability and performance. Securities analysts and investors use this measure as one of the metrics on which they analyze the Company's performance. Other companies in this industry may compute these measures differently. A reconciliation of this non-GAAP measure to net income (loss), which is the most closely comparable GAAP measure, is provided in the table set forth immediately following the heading "Reconciliation of Non-GAAP Financial Measures to Net Income (Loss)". | |||||||
(6) | Rig revenue days represents the number of days the Company's rigs are contracted and performing under a contract during the period. These would typically include days in which operating, standby and move revenue is earned. | |||||||
(7) | Average rigs working represents a measure of the average number of rigs operating during a given period. For example, one rig operating 45 days during a quarter represents approximately 0.5 average rigs working for the quarter. On an annual period, one rig operating 182.5 days represents approximately 0.5 average rigs working for the year. Average rigs working can also be calculated as rig revenue days during the period divided by the number of calendar days in the period. | |||||||
(8) | Daily rig revenue represents operating revenue, divided by the total number of revenue days during the quarter. | |||||||
(9) | Daily adjusted gross margin represents operating revenue less direct costs, divided by the total number of rig revenue days during the quarter. | |||||||
(10) | The U.S. Drilling segment includes the Lower 48, Alaska, and Gulf of Mexico operating areas. | |||||||
NABORS INDUSTRIES LTD. AND SUBSIDIARIES | ||||||||||||||
(In thousands) | ||||||||||||||
Three Months Ended December 31, 2022 | ||||||||||||||
U.S. | Canada | International | Drilling | Rig | Other | Total | ||||||||
Adjusted operating income (loss) | $ 68,293 | $ 56 | $ 1,750 | $ 24,800 | $ 6,118 | $ (39,836) | $ 61,181 | |||||||
Depreciation and amortization | 75,849 | - | 87,088 | 5,536 | 1,443 | (1,075) | 168,841 | |||||||
Adjusted EBITDA | $ 144,142 | $ 56 | $ 88,838 | $ 30,336 | $ 7,561 | $ (40,911) | $ 230,022 | |||||||
Three Months Ended December 31, 2021 | ||||||||||||||
U.S. | Canada | International | Drilling | Rig | Other | Total | ||||||||
Adjusted operating income (loss) | $ (12,587) | $ 223 | $ (5,749) | $ 12,930 | $ 1,493 | $ (32,609) | $ (36,299) | |||||||
Depreciation and amortization | 81,836 | - | 78,917 | 6,629 | 2,349 | (1,776) | 167,955 | |||||||
Adjusted EBITDA | $ 69,249 | $ 223 | $ 73,168 | $ 19,559 | $ 3,842 | $ (34,385) | $ 131,656 | |||||||
Three Months Ended September 30, 2022 | ||||||||||||||
U.S. | Canada | International | Drilling | Rig | Other | Total | ||||||||
Adjusted operating income (loss) | $ 37,776 | $ (9) | $ (907) | $ 20,099 | $ 3,412 | $ (39,406) | $ 20,965 | |||||||
Depreciation and amortization | 76,710 | - | 86,829 | 5,513 | 1,406 | (601) | 169,857 | |||||||
Adjusted EBITDA | $ 114,486 | $ (9) | $ 85,922 | $ 25,612 | $ 4,818 | $ (40,007) | $ 190,822 | |||||||
Year Ended December 31, 2022 | ||||||||||||||
U.S. | Canada | International | Drilling | Rig | Other | Total | ||||||||
Adjusted operating income (loss) | $ 108,506 | $ 13 | $ (879) | $ 77,868 | $ 8,906 | $ (150,094) | $ 44,320 | |||||||
Depreciation and amortization | 311,758 | - | 329,333 | 20,831 | 5,793 | (2,643) | 665,072 | |||||||
Adjusted EBITDA | $ 420,264 | $ 13 | $ 328,454 | $ 98,699 | $ 14,699 | $ (152,737) | $ 709,392 | |||||||
Year Ended December 31, 2021 | ||||||||||||||
U.S. | Canada | International | Drilling | Rig | Other | Total | ||||||||
Adjusted operating income (loss) | $ (76,492) | $ 2,893 | $ (40,117) | $ 32,771 | $ 158 | $ (130,654) | $ (211,441) | |||||||
Depreciation and amortization | 326,443 | 11,604 | 323,429 | 26,662 | 8,191 | (2,947) | 693,381 | |||||||
Adjusted EBITDA | $ 249,951 | $ 14,497 | $ 283,312 | $ 59,433 | $ 8,349 | $ (133,601) | $ 481,940 | |||||||
Adjusted EBITDA by segment represents adjusted income (loss) plus depreciation and amortization. | ||||||||||||||
NABORS INDUSTRIES LTD. AND SUBSIDIARIES | |||||||||||
NON-GAAP FINANCIAL MEASURES | |||||||||||
RECONCILIATION OF ADJUSTED GROSS MARGIN BY SEGMENT TO ADJUSTED OPERATING INCOME (LOSS) BY SEGMENT | |||||||||||
(Unaudited) | |||||||||||
Three Months Ended | Year Ended | ||||||||||
December 31, | September 30, | December 31, | |||||||||
(In thousands) | 2022 | 2021 | 2022 | 2022 | 2021 | ||||||
Lower 48 - U.S. Drilling | |||||||||||
Adjusted operating income (loss) | $ 58,299 | $ (25,474) | $ 25,551 | $ 68,317 | $ (119,000) | ||||||
Plus: General and administrative costs | 4,977 | 4,609 | 4,798 | 18,960 | 17,890 | ||||||
Plus: Research and engineering | 1,637 | 1,065 | 1,652 | 6,539 | 3,736 | ||||||
GAAP Gross Margin | 64,913 | (19,800) | 32,001 | 93,816 | (97,374) | ||||||
Plus: Depreciation and amortization | 62,768 | 68,994 | 62,583 | 256,907 | 273,638 | ||||||
Adjusted gross margin | $ 127,681 | $ 49,194 | $ 94,584 | $ 350,723 | $ 176,264 | ||||||
Other - U.S. Drilling | |||||||||||
Adjusted operating income (loss) | $ 9,994 | $ 12,887 | $ 12,225 | $ 40,189 | $ 42,508 | ||||||
Plus: General and administrative costs | 324 | 513 | 343 | 1,357 | 2,122 | ||||||
Plus: Research and engineering | 166 | 105 | 157 | 594 | 408 | ||||||
GAAP Gross Margin | 10,484 | 13,505 | 12,725 | 42,140 | 45,038 | ||||||
Plus: Depreciation and amortization | 13,081 | 12,844 | 14,127 | 54,852 | 52,805 | ||||||
Adjusted gross margin | $ 23,565 | $ 26,349 | $ 26,852 | $ 96,992 | $ 97,843 | ||||||
U.S. Drilling | |||||||||||
Adjusted operating income (loss) | $ 68,293 | $ (12,587) | $ 37,776 | $ 108,506 | $ (76,492) | ||||||
Plus: General and administrative costs | 5,301 | 5,122 | 5,141 | 20,317 | 20,012 | ||||||
Plus: Research and engineering | 1,803 | 1,170 | 1,809 | 7,133 | 4,144 | ||||||
GAAP Gross Margin | 75,397 | (6,295) | 44,726 | 135,956 | (52,336) | ||||||
Plus: Depreciation and amortization | 75,849 | 81,838 | 76,710 | 311,759 | 326,443 | ||||||
Adjusted gross margin | $ 151,246 | $ 75,543 | $ 121,436 | $ 447,715 | $ 274,107 | ||||||
Canada Drilling | |||||||||||
Adjusted operating income (loss) | $ 56 | $ 223 | $ (9) | $ 13 | $ 2,893 | ||||||
Plus: General and administrative costs | (17) | 175 | 9 | 24 | 1,711 | ||||||
Plus: Research and engineering | - | - | - | - | 115 | ||||||
GAAP Gross Margin | 39 | 398 | - | 37 | 4,719 | ||||||
Plus: Depreciation and amortization | (1) | (1) | - | 2 | 11,604 | ||||||
Adjusted gross margin | $ 38 | $ 397 | $ - | $ 39 | $ 16,323 | ||||||
International Drilling | |||||||||||
Adjusted operating income (loss) | $ 1,750 | $ (5,749) | $ (907) | $ (879) | $ (40,117) | ||||||
Plus: General and administrative costs | 13,368 | 12,058 | 12,599 | 51,505 | 44,993 | ||||||
Plus: Research and engineering | 1,542 | 1,357 | 1,558 | 5,903 | 5,560 | ||||||
GAAP Gross Margin | 16,660 | 7,666 | 13,250 | 56,529 | 10,436 | ||||||
Plus: Depreciation and amortization | 87,089 | 78,918 | 86,830 | 329,335 | 323,431 | ||||||
Adjusted gross margin | $ 103,749 | $ 86,584 | $ 100,080 | $ 385,864 | $ 333,867 | ||||||
Adjusted gross margin by segment represents adjusted operating income (loss) plus general and administrative | |||||||||||
costs, research and engineering costs and depreciation and amortization. | |||||||||||
NABORS INDUSTRIES LTD. AND SUBSIDIARIES | |||||||||||
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO NET INCOME (LOSS) | |||||||||||
(Unaudited) | |||||||||||
Three Months Ended | Year Ended | ||||||||||
December 31, | September 30, | December 31, | |||||||||
(In thousands) | 2022 | 2021 | 2022 | 2022 | 2021 | ||||||
Net income (loss) | $ (58,155) | $ (109,263) | $ (4,461) | $ (307,219) | $ (543,690) | ||||||
(Income) loss from discontinued operations, net of tax | - | (13) | - | - | (20) | ||||||
Income (loss) from continuing operations, net of tax | (58,155) | (109,276) | (4,461) | (307,219) | (543,710) | ||||||
Income tax expense (benefit) | 26,161 | 18,393 | 12,352 | 61,537 | 55,621 | ||||||
Income (loss) from continuing operations before income taxes | (31,994) | (90,883) | 7,891 | (245,682) | (488,089) | ||||||
Investment (income) loss | (9,194) | (156) | (4,813) | (14,992) | (1,557) | ||||||
Interest expense | 44,245 | 44,570 | 43,841 | 177,895 | 171,476 | ||||||
Other, net | 58,124 | 10,170 | (25,954) | 127,099 | 106,729 | ||||||
Adjusted operating income (loss) (1) | 61,181 | (36,299) | 20,965 | 44,320 | (211,441) | ||||||
Depreciation and amortization | 168,841 | 167,955 | 169,857 | 665,072 | 693,381 | ||||||
Adjusted EBITDA (2) | $ 230,022 | $ 131,656 | $ 190,822 | $ 709,392 | $ 481,940 | ||||||
(1) Adjusted operating income (loss) represents net income (loss) before income (losses) from discontinued operations, net of tax, income tax expense (benefit), investment income (loss), interest expense, and other, net. Adjusted operating income (loss) is a non-GAAP financial measure and should not be used in isolation or as a substitute for the amounts reported in accordance with GAAP. In addition, adjusted operating income (loss) excludes certain cash expenses that the Company is obligated to make. However, management evaluates the performance of its operating segments and the consolidated Company based on several criteria, including adjusted EBITDA and adjusted operating income (loss), because it believes that these financial measures accurately reflect the Company's ongoing profitability and performance. Securities analysts and investors use this measure as one of the metrics on which they analyze the Company's performance. Other companies in this industry may compute these measures differently. | ||||||||||
(2) Adjusted EBITDA represents net income (loss) before income (loss) from discontinued operations, net of tax, income tax expense (benefit), investment income (loss), interest expense, other, net and depreciation and amortization. Adjusted EBITDA is a non-GAAP financial measure and should not be used in isolation or as a substitute for the amounts reported in accordance with GAAP. In addition, adjusted EBITDA excludes certain cash expenses that the Company is obligated to make. However, management evaluates the performance of its operating segments and the consolidated Company based on several criteria, including adjusted EBITDA and adjusted operating income (loss), because it believes that these financial measures accurately reflect the Company's ongoing profitability and performance. Securities analysts and investors use this measure as one of the metrics on which they analyze the Company's performance. Other companies in this industry may compute these measures differently. | ||||||||||
NABORS INDUSTRIES LTD. AND SUBSIDIARIES | |||||||||
RECONCILIATION OF NET DEBT TO TOTAL DEBT | |||||||||
December 31, | September 30, | December 31, | |||||||
(In thousands) | 2022 | 2022 | 2021 | ||||||
(Unaudited) | |||||||||
Long-term debt | $ 2,537,540 | $ 2,585,517 | $ 3,262,795 | ||||||
Less: Cash and short-term investments | 452,315 | 425,070 | 991,488 | ||||||
Net Debt | $ 2,085,225 | $ 2,160,447 | $ 2,271,307 | ||||||
NABORS INDUSTRIES LTD. AND SUBSIDIARIES | |||||||
RECONCILIATION OF ADJUSTED FREE CASH FLOW TO | |||||||
NET CASH PROVIDED BY OPERATING ACTIVITIES | |||||||
(Unaudited) | |||||||
Three Months Ended | Year Ended | ||||||
December 31, | September 30, | December 31, | |||||
(In thousands) | 2022 | 2022 | 2022 | ||||
Net cash provided by operating activities | 199,989 | 138,950 | $ 501,089 | ||||
Add: Capital expenditures, net of proceeds from sales of assets | (98,682) | (103,591) | (346,732) | ||||
Adjusted free cash flow | $ 101,307 | $ 35,359 | $ 154,357 | ||||
Adjusted free cash flow represents net cash provided by operating activities less cash used for capital expenditures, net of proceeds from sales of assets. Management believes that adjusted free cash flow is an important liquidity measure for the company and that it is useful to investors and management as a measure of the company's ability to generate cash flow, after reinvesting in the company for future growth, that could be available for paying down debt or other financing cash flows, such as dividends to shareholders. Adjusted free cash flow does not represent the residual cash flow available for discretionary expenditures. Adjusted free cash flow is a non-GAAP financial measure that should be considered in addition to, not as a substitute for or superior to, cash flow from operations reported in accordance with GAAP. |
View original content:https://www.prnewswire.com/news-releases/nabors-announces-fourth-quarter-2022-results-301741207.html
SOURCE Nabors Industries Ltd.
Der finanzen.at Ratgeber für Aktien!
Wenn Sie mehr über das Thema Aktien erfahren wollen, finden Sie in unserem Ratgeber viele interessante Artikel dazu!
Jetzt informieren!
Nachrichten zu Nabors Industries Ltd.mehr Nachrichten
| Keine Nachrichten verfügbar. |
Analysen zu Nabors Industries Ltd.mehr Analysen
ETF-Sparplan
Oskar ist der einfache und intelligente ETF-Sparplan. Er übernimmt die ETF-Auswahl, ist steuersmart, transparent und kostengünstig.